THE ENGINEERING DEVELOPMENT TRUST for the Year ended 31 August 2022 , ERDII 18r wppxJ15 JIPAI TX Connecting young people with industry and inspiring STEM futures •NEDT] • Industrial Cadets www.etrust.org.uk
OUR IMPACT DIVERSITY & INCLUSION oung peop Iversity an access and incluslve opportunltles for all young people. earea eart o we eva ue strive to o erequa 58% of students taking part In EDTS Industrial Cadets Bronze Project were female the UK are eligible f free school meals of students takSng part In EDT. Industrial Cadets Silver Inslght into Unlversity were from ethnic minority groups 49% 40% of students who took part In EDT'S Industrlal Cadet5 Year in Industry Placements were First in Family SC 00 Sta Ing part Industrial Cadet5 Challenger Experiences had above the natlonal average of students on free school meals 33% •>EDT] ¥ Industrial Cadets
| Restated | ||||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Unrestricted | Total | Total | ||||
| Notes | Funds | Funds | Funds | |||
| 6'000 | 6oop | K'000 | ||||
| INCOME | ||||||
| Donations and legacies |
2 | 649.7 | 649.7 | 415.5 | ||
| Charitable activities |
3 | 1,295.8 | 1,295.8 | 1,137.5 | ||
| Investments | 4 | 41.9 | 41.9 | 56.4 | ||
| Other income | 9 | 0.0 | 0.0 | 88.0 | ||
| TOTAL INCOME | 1,987.4 | 1,987.4 | 1,697.4 | |||
| EXPENDITURE | ||||||
| Cost of raising funds | 5 | 207.5 | 207.5 | 282.3 | ||
| Charitable activities |
6 | 1,703.6 | 1,703.6 | 1,775.4 | ||
| TOTAL EXPENDITURE | 1,911.1 | 1,911.1 | 2,057.7 | |||
| Net (losses)/gains | on investments | 11 | (40.2) | (40.2) | 230.0 | |
| NET (EXPENDITURE)/INCOME | AND | |||||
| NET MOVEMENT | IN FUNDS | 36.1 | 36.1 | (130.3) | ||
| RECONCILIATION | OF FUNDS | |||||
| Total funds brought | forward | 1,015.9 | 1,015.9 | 1,146.2 | ||
| Total funds carried | forward | 61,052.0 | 61,052.0 | 51,015.9 |
| Notes | 2022 | 2022 | 2021 | Restated | |
|---|---|---|---|---|---|
| E'000 | E'000 | E'000 | E'000 | ||
| FIXEDASSETS | |||||
| Tangible fixed assets | 10 | 4.9 | 14.1 | ||
| Investments | 11 | 1,478.7 | 1,621.2 | ||
| TOTAL FIXEDASSETS | 1,483.6 | 1,635.3 | |||
| CURRENT ASSETS | |||||
| Debtors | 12 | 260.8 | 364.0 | ||
| Cash at bank and in hand | 169.1 | 74.9 | |||
| TOTAL CURRENT ASSETS | 429.9 | 438.9 | |||
| LIABILITIES | |||||
| Creditors: Amounts falling due within one year 13 |
687.7 | 842.7 | |||
| NET CURRENT ASSETSITOTAL ASSETSLESSCURRENT | LIABILITIES | (257.8) | (403.8) | ||
| Provisions | 15 | (173.8) | (215.6) | ||
| TOTAL NETASSETS | |||||
| 19 | E1,052.0 | E1,015.9 | |||
| THE FUNDS OF THE CHARITABLE COMPANY | |||||
| E1,052.0 | E1,015.9 | ||||
| Unrestricted income funds |
|||||
| TOTAL CHARITABLE COMPANY FUNDS | 20 | E1,052.0 | E1,015.9 |
| Restate | ||||||
|---|---|---|---|---|---|---|
| Notes | 2022 | d 2021 | ||||
| 5'000 | 5'000 | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
| Net cash (used in) operating | activities | 27 | (47.6) | (405.8) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
| Dividends from investments |
48.2 | |||||
| Interest from investments | ||||||
| Proceeds from sale of investments | 100.0 | 200.0 | ||||
| Purchase of property, plant |
and equipment | (2.4) | (0.9) | |||
| NET CASH PROVIDED BYINVESTING | ACTIVITIES | 141.8 | 247.3 | |||
| Change in cash and cash | equivalents | in | the year | 94.2 | (158.5) | |
| Cash and cash equivalents | at the beginning | ofthe year | 74.9 | 233.4 | ||
| Cash and cash equivalents | at the end | of | the year | 28 | 6169.1 | 574.9 |
| 2.DONATIONS | AND LEGACIES | Unrestricted | 2022 Total | 2021Total |
|---|---|---|---|---|
| 5'000 | 6'000 | 5'000 | ||
| Donations | 5649.7 | 6649.7 | 5415.5 |
| 3.INCOME FROM CHARITABLE ACTIVITIES | 3.INCOME FROM CHARITABLE ACTIVITIES | Unrestricted | 2022 Total | 2021Total |
|---|---|---|---|---|
| 6'000 | 6'000 | 6'000 | ||
| Experiences | 332.2 | 332.2 | 299.8 | |
| projects | 553.4 | 553.4 | 354.7 | |
| Placements | 213.4 | 213.4 | 375.2 | |
| Industrial Cadets accreditations |
and development | 196.8 | 196.8 | 107.8 |
| 51,295.8 | 51,295.8 | 51,137.5 |
| 4.INVESTMENT | 4.INVESTMENT | INCOME | Unrestricted | 2022 Total | 2021Total |
|---|---|---|---|---|---|
| E'000 | 5'000 | 6'000 | |||
| Dividends | 44.2 | 44.2 | 48.2 | ||
| (Loss)/Profit | on | sale of investments | (2.3) | (2.3) | 8.2 |
| 541.9 | 641.9 | 556.4 |
| Restated | |||
|---|---|---|---|
| 5.COST OF | RAISING FUNDS | 2022 Total | 2021Total |
| 5'000 | 6'000 | ||
| Fundraising | and charity development | 207.5 | 282.3 |
| E207.5 | 6282.3 |
| 6.ANALY | SIS OF EXPEND | ITURE ON CHARIT | ABLE ACTIV | ITIES | |||
|---|---|---|---|---|---|---|---|
| Events | |||||||
| Staff | Tutors | Courses | |||||
| costs | Travel | Recruitment | Supervisors | Workshops | |||
| 6'000 | 5'000 | 5'000 | 5'000 | 6'000 | |||
| Experience | Days | 359.0 | 11.6 | 0.0 | 0.0 | 36.8 | |
| Projects | 430.9 | 11.9 | 0.0 | 0.0 | 53.1 | ||
| Year In Industry | 212.3 | 1.2 | 0.0 | 0.0 | 0.7 | ||
| Industrial | Cadets | 135.5 | 5.1 | 0.0 | 0.0 | 0.6 | |
| 2022 Total | 61,137.7 | 529.8 | 60.0 | 60.0 | 591.2 | ||
| 2021Total | - Restated | 61,198.9 | 50.9 | 50.0 | |||
| Running | Support | Governance | Total | ||||
| costs | functions | costs | expenditure | ||||
| 5'000 | 5'000 | 5'000 | 6'000 | ||||
| Experience | Days | 39.5 | 80.1 | 13.4 | 540.4 | ||
| Projects Year In Industry |
51.8 18.9 |
107.3 32.9 |
13.3 13.4 |
668.3 279.4 |
|||
| Industrial | Cadets | 16.0 | 45.0 | 13.3 | 215.5 | ||
| 2022 Total | 6126.2 | 6265.3 | 553.4 | 51,703.6 | |||
| 2021Total | - Restated | 575.6 | 5436.3 | 654.0 | 51,775.4 |
| General | Total | |||
|---|---|---|---|---|
| Support | Governance | Funds | ||
| E'000 | 6'000 | 6'000 | ||
| Staff costs | 199.0 | 51.5 | 250.5 | |
| Travel | 5.1 | 3.7 | 8.8 | |
| Recruitment | 0.0 | 0.0 | 0.0 | |
| Running costs |
(21.3) | 1.5 | (19.8) | |
| Marketing/Publicity | 2.3 | 0.0 | 2.3 | |
| Depreciation | 11.6 | 0.0 | 11.6 | |
| ICT | 101.3 | 0.0 | 101.3 | |
| Professional | fees | 2.0 | 2.6 | 4.6 |
| Audit fees | 0.0 | 7.5 | 7.5 | |
| 5300.0 | 566.8 | 5366.8 | ||
| Cost offundraising | 34.7 | 13.4 | 48.1 | |
| Expenditure | on charitable | 265.3 | 53.4 | 318.7 |
| activities | ||||
| 6300.0 | 566.8 | 6366.8 | ||
| NET INCOME FOR THE YEAR | ||||
| 2022 | 2021 | |||
| This is stated after charging: | 6'000 | 6'000 | ||
| Operating leases |
53.5 | 51.9 | ||
| Depreciation | 11.6 | 43.0 | ||
| Professional | fees | 4.6 | 9.6 | |
| Audit fees | 7.5 | 7.5 |
| 9.ANALYSIS OF STAFF | 9.ANALYSIS OF STAFF | COSTS,TRUSTEE REMUNERATION | AND EXPENSES AND THE COST OF | AND EXPENSES AND THE COST OF |
|---|---|---|---|---|
| KEY MANAGEMENT | PERSONNEL | Restated | ||
| 2022 | 2021 | |||
| E,'000 | E'000 | |||
| STAFF COSTS | ||||
| Gross salaries and wages | 1,293.8 | 1,322.5 | ||
| Social Security costs | 120.3 | 107.5 | ||
| Pension costs | 159.1 | 176.4 | ||
| Net release of provision | for redundancies | 0.0 | (27.7) | |
| Pension provision for |
USS (note 26) | (41.8) | 215.6 | |
| E1,531.4 | E1,794.3 | |||
| 2022 | 2021 | |||
| E'000 | E'000 | |||
| OTHER INCOME | ||||
| Coronavirus Job Retention Scheme grants |
EO.O | E88.0 |
| The average number ofemployees | during the year was: | 47 | |
|---|---|---|---|
| Equivalent full-time |
42 | 42 |
| The | number | of higher paid employees | over E60,000was |
|---|---|---|---|
| In the band E100,000-E110,000 | |||
| E90,000-6100,000 | |||
| E80,000-E90,000 | |||
| E70,000-E80,000 | |||
| E60,000-E70,000 |
| Software | Computer | Office | ||
|---|---|---|---|---|
| &Website | Equipment | Equipment | ||
| 6'000 | 6'000 | 6'000 | ||
| Cost | ||||
| At 31August 2021 | 300.5 | 142.4 | 18.7 | 461.6 |
| Additions | 1.3 | 1.1 | 2.4 | |
| Disposals | ||||
| As at 31August 2022 | 300.5 | 143.7 | 19.8 | 464.0 |
| Depreciation | ||||
| At31August 2021 | 293.4 | 139.7 | 14.4 | 447.5 |
| Additions | 5.7 | 2.4 | 3.5 | 11.6 |
| Disposals | ||||
| As at 31August 2022 | 299.1 | 142.1 | 17.9 | 459.1 |
| Net BookValues | ||||
| As at 31August 2022 | 51.4 | 61.6 | 51.9 | 54.9 |
| As at 31August 2021 | 57.1 | 62.7 | 64.3 | 614.1 |
| 11.INVESTMENTS | 11.INVESTMENTS | ||||||
|---|---|---|---|---|---|---|---|
| 2022 | 2021 | ||||||
| E'000 | E'000 | ||||||
| Market Value | |||||||
| CCLA Charities | Common | Investment Fund |
1,292.6 | 1,457.1 | |||
| CCLA Charities | Property | Fund | 186.1 | 164.1 | |||
| Market Value at the end | ofthe financial year | E1,478.7 | E1,621.2 | ||||
| Reconciliation | of Movement in Market |
Value | of Investments | ||||
| Market value at the start ofthe financial year | 1,621.2 | 1,583.0 | |||||
| Sale ofinvestment at Market Value (September 2021) Loss on sale of investment (September 2021) Net (loss)/gain on revaluation of investments at the end ofthe financial year |
(100.0) (2.3) (40.2) |
(200.0) 8.2 230.0 |
|||||
| Market Value atthe end | ofthe financial year | E1,478.7 | E1,621.2 | ||||
| 2022 | 2021 | ||||||
| E'000 | E'000 | ||||||
| Cost | |||||||
| CCLA Charities | Common | Investment | Fund | 847.2 | 911.2 | ||
| CCLA Chadities | Property | Fund | 134.5 | 134.5 | |||
| Cost atthe end ofthe financial year | E981.7 | E1,045.7 | |||||
| 2022 | 2021 | ||||||
| 12.DEBTORS | E'000 | E'000 | |||||
| Trade debtors | 211.5 | 245.0 | |||||
| Other debtors | and prepayments | 49.3 | 119.0 | ||||
| E260.8 | E364.0 |
| 13.CREDITORS: Amounts falling due within |
13.CREDITORS: Amounts falling due within |
one year | 2022 | 2021 |
|---|---|---|---|---|
| 6'000 | 6'000 | |||
| Trade creditors VAT Taxation and Social Security Pension scheme contributions Deferred income (note 14) Accruals |
262.6 31.9 22.2 8.9 311.1 51.0 |
231.6 37.1 17.1 6.9 361.8 188.2 |
||
| 5687.7 | 5842.7 | |||
| 14.MOVEMENTS IN DEFERRED INCOME |
2022 | 2021 | ||
| 6'000 | 6'000 | |||
| Deferred income at 1September 2021 | 361.8 | 293.7 | ||
| Deferred income released during the year Income received during the year and deferred |
(361.8) 311.1 |
(293.7) 361.8 |
||
| Deferred income at31August 2022 | 5311.1 | 5361.8 | ||
| Restated | ||||
| 2022 | 2021 | |||
| 15.PROVISIONS | 6'000 | 6'000 | ||
| Provision at1September 2021 | 5215.6 | 60.0 | ||
| Provision to reflect deficit recovery agreement | - USS | 0.0 | 215.6 | |
| Discount rate adjustment | (27.8) | 0.0 | ||
| Deficit contributions paid in the year - USS |
(14.0) | 0.0 | ||
| Provision at31August 2022 | 5173.8 | 6215.6 | ||
| 16.FINANCIAL INSTRUMENTS |
2022 | 2021 | ||
| 5'000 | 5'000 | |||
| Financial instruments measured at amortised |
cost comprise the following: | |||
| Financial assets that are debt instruments Financial liabilities that are debt instruments |
(Trade Debtors) (Creditors) |
211.5 313.6 |
245.0 419.8 |
| The charitable company |
The charitable company |
is committed | is committed | to | to | payments | after the year | after the year | after the year | ended 31August 2022 | ended 31August 2022 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| under non-cancellable | operating leases |
which expire | as follows: | 2022 | 2021 | ||||||||
| 6'000 | 5'000 | ||||||||||||
| Premises - Licences to |
occupy expiring | between | one | and | five years | 20.7 | 37.3 | ||||||
| Office equipment - expiring |
between | one and five | years | 2.4 | 1.3 | ||||||||
| 523.1 | 538.6 | ||||||||||||
| 18.RECONCILIATION OF RESTATED |
FUNDS | 2021 | |||||||||||
| 5'000 | |||||||||||||
| Net income/(expenditure) | as per original | accounts | 31August 2021 | 85.3 | |||||||||
| Prior Year adjustment | - pension provision USS (note |
26) | (215.6) | ||||||||||
| Restated net income/(expenditure) | E(130.3) | ||||||||||||
| Total funds as per original | accounts | 31 | August 2021 | 61,146.2 | |||||||||
| Restated total funds | 31August 2021 | 51,015.9 | |||||||||||
| Restated | |||||||||||||
| 19.ANALYSIS OF NET ASSETS BETWEEN FUNDS | 2022 | 2022 | 2021 | ||||||||||
| General | Total | Total | |||||||||||
| Funds | Funds | Funds | |||||||||||
| E,'000 | 6'000 | 8'000 | |||||||||||
| Tangible fixed assets Investments |
4.9 1,478.7 |
4.9 1,478.7 |
14.1 1,621.2 |
||||||||||
| Current assets | 429.9 | 429.9 | 438.9 | ||||||||||
| Current liabilities |
(687.7) | (687.7) | (842.7) | ||||||||||
| Provisions | (173.8) | (173.8) | (215.6) | ||||||||||
| Total Funds | 51,052.0 | 51,052.0 | 51,015.9 | ||||||||||
| Restated | |||||||||||||
| At | Incoming | Outgoing | At | ||||||||||
| 20.ANALYSIS OF CHARITABLE FUNDS | 01.09.21 | resources | resources | 31.08.22 | |||||||||
| 6'000 | 6'000 | E'000 | 6'000 | ||||||||||
| Analysis of Movements |
in | Unrestricted | Funds | ||||||||||
| General Funds |
1,015.9 | 1,987.4 | 1,951.3 | 1,052.0 | |||||||||
| Total Unrestricted Funds/Total Funds |
51,015.9 | 61,987.4 | 51,951.3 | 51,052.0 |
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Discount | rate (BoEforward | rate) | 3.7~/o | 1.49~/o | |
| Average | annual pensionable |
salary growth | 3~/o | 3~/o | |
| The deficit recovery contributions | paid in the year amounted | to 614k. |
| 27.RECONCILIATION | 27.RECONCILIATION | OF | NET INCOME/ EXPENDITURE TO NET CASH FLOW | Restated | |
|---|---|---|---|---|---|
| FROM OPERATING ACTIVITIES | 2022 | 2021 | |||
| 6'000 | 6'000 | ||||
| Net (expenditure)l | income for the year | ||||
| (as per the | Statement | of Financial Activities) | 36.1 | (130.3) | |
| Adjustments | for: | Depreciation charges |
11.6 | 43.0 | |
| Loss on disposal ofasset | 0.0 | 0.0 | |||
| Loss/(gain) on investments |
40.2 | (230.0) | |||
| Dividends from investments |
(44.2) | (48.2) | |||
| Loss/(gain) from sale of investments |
2.3 | (8.2) | |||
| Decrease/(Increase) in debtors |
103.2 | (93.3) | |||
| (Decrease) in creditors | (196.8) | 61.2 | |||
| Net cash (used in) | operating activities |
5(47.6) | 6(405.8) |
| 2022 | 2021 | ||
|---|---|---|---|
| 28. | ANALYSIS OF CASH AND CASH EQUIVALENTS | 6'000 | 6'000 |
| Cash at bank and in hand | 169.1 | 74.9 | |
| Total cash and cash equivalents | 6169.1 | 674.9 |