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
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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
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|||||||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|
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|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|
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|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|
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|||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|
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|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||
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||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|
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|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|
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|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|
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|||||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.|
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|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|