2023-08-31-accounts - The Engineering Development Trust

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						1-10
	Headline Figures					1
	Engineering Development Trust		(EDT)	CEO Message		2
	Impact at a Glance
	Our Programmes					4-7
	Our Partners					8-10
					11-26
	Performance and Achievements					11-13
	Financial Review					14
	Plans for Future Periods and Scheme Review'					14-19
	Structure, Governance	and Management		.......	.......20-24
	Responsibilities ofthe	Trustees.			,......25-26
					27-30
O 4	FINANCIAL STATEMENTS				31-51
	Statement ofFinancia	I Activities	..... ..........,
	Statement ofFinancial	Position. .
	Statement ofCash Flows.
	Notes to the Financial	Statements			.. 34-5'1
O 5	ACKNOWLEDGMENTS					52

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			2023	2023	2023	2022
		Notes	Unrestricted	Restricted	Total Funds	Total Funds
			f000	f000	f000	f000
INCOME
Donations and Legacies			'I,517.7	187.3	1,705.0	649.7
Charitable Activties			1,194.1		1,'194.1	1295.8
Investments			60.4		60.4	41.9
TOTAL INCOME			f2,772.2	f1873	f2,959.5	E1,987.4
EXPENDITURE
Cost of Raising Funds			186.2		186,2	207.5
Charitable Activties			2,138.9	16.9	2,155.8	1703.6
TOTAL EXPENDITURE			E2,325.1	f16.9	f2,342.0	f1,911.1
Net (Loses)/Gains from Investments			(55.2)		(55.2)	(40.2)
NET (EXPENDITURE)/INCOME AND NET MOVEMENT IN FUNDS			f391.9	6170.4	f562.3	f36.1
RECONCILLIATION	OF FUNDS
Total Funds Brought	Forward		1,052.0		1,052.0	1,015.9
Total Funds Carried	Forward		f1,443.9	f170.4	f1,6143	f1,052.0

s
FOR YEAR ENDED 31AUGUST 2023
Statement ofFinancial Position	for the	Year ended 31August 2023
			2023		2022
	Notes	f000	f000	EOOO	OOOO
FIXEDASSETS
Tangible Fixed Assets	10
Investments			1,823.5		1,478.7
TOTAL FIXEDASSETS			E1,838.0		E1,483.6
CURRENT ASSETS
Debtors	12	212.5		260.8
Cash at Bank and In Hand		292.8		169.1
TOTAL CURRENT ASSETS		E505.3		f429.9
LIABILITIES
Creditors: Amounts falling due within				687.7
one year
NET CURRENT ASSETS/(LIABILITIES)			(90.3)		(257.8)
Provisions	15		(133.4)		(173.8)
TOTAL ASSETSLESSCURRENT LIABILITIES/NET ASSETS			K1,614.3		E1,052.0
CHARITABLE COMPANY FUNDS
Unrestricted Income Funds	19		1,443.9		1,052.0
Restricted Income Funds	20		170.4		0.0
TOTAL CHARITABLE COMPANY FUNDS	18		E1,614.3		E1,052.0

		Notes	2023	2022
			EOOO	f000
CASH FLOWS FROM OPERATING ACTIVTIES
Net Cash provided/(used) in operating activities		28	500.0	(47,6)
CASH FLOWS FROM INVESTING ACTIVTIES
Dividends from investments			60.4	44.2
Interest from investments
(Purchase)/sale ofinvestments			(400.0)	100.0
Purchase ofproperty, plant and equipment			(36.7)	(2A)
NET CASH PROVIDED BYINVESTING ACTIVITIES			(376.3)	141.8
Change in cash and cash equivalents in year			123.7	94.2
Cash and cash equivalents at the beginning	ofthe year		169.1	74.9
CASH AND CASH EQUIVALENTS AT END OF	THE YEAR	27	E292.8	E169.1

Financial Statem	ents,
2. DONATIONS	AND LEGACIES
		2023	2023	2023	2022
		Um estricted	Restricted	Total	Total
		EOOO	f000	f000	f000
Donations and	Legacies	f1,517.7	f187.3	f1,705.0	f649.7

			2023	2023	2023	2023
			Unrestricted	Restricted	Total		Total
			f000	f000		f000	f000
Income from Charitable	Activities
Experiences						304.8	332.2
Projects						484.8	553.4
Placements			250.9			250.9	213.4
Industrial Cadets Accreditations Development		and	153.6			153.6	196.8
			f1,194.1		f1,194.1 f1,295.8
				EDT IANNUAL		REPORT	I PAGE 38

estment inco	me was unrestricted for	both years.	both years.
		2023		2023	2023	2022
		Unrestricted		Restricted	Total	Total
		EOOO		EOOO	EOOO	EOOO
Investment	Income
Dividends					9.5	44.2
Profit/(Loss)	on SaleofInvestments				50.9	(23)
					E60.4	E41.9
COST OF RAISING FUNDS
		2023		2023	2023	2022
		Unrestricted	Restricted		Total	Total
		EOOO		f000	f000	EOOO
Fundraising Development	and Charity	186.2			186.2	207.5
		186.2			186.2	207.5

		Staff Costs	Staff Costs	Travel	Recruitment	Events Courses Workshops	Tutors Supervisors
			f000	f000	f000	f000	f000
Experience	Days		448.1	23.7	4.5	67.4	0.0
projects			443,6	12.3	4.4	74.0	0.0
Year In Industry			183.8	2.9	1.4	0.7
Industrial	Cadets		133.7	7.4	'!.0	3,1	0.0
2023Total		E1,209.2		f46.3	f11.3	f145.2
2022Total		f1,137.7		f29.8	f0.0	f91.2	f0.0
				Running	Support	Governance	Total
				Costs	Functions	Costs	Expenditure
				f000	f000	f000	f000
Experience	Days			45.0	175.3	15.5	779.5
projects				533	1843	155	787.4
Year In Industry				75.6	68.6	15.5	348.5
Industrial	Cadets			24.5	55.2	15.5	240.4
2023Total				f198.4	f483.4	f62.0	f2,155.8
2022Total				f126.2	f265.3	f53.4	f1,703.6

		General Support	Governance	Total Funds	Basis of Apportionment
		EQOO	EOOO	f000
Staff Costs		251.2	48.3	299.5	Time/Usage
Travel		9.8	5.0	14.8	Usage
Pension Provision		(40)		(4.0)	Usage
Running Costs		61.6	1.2	62.8	Usage
Marketing/Publidty		33.6	0.0	33.6	Usage
Depreciation		7.3	0.0	7.3	Usage
ICT		121.9	0.0	121.9	Usage
Professiona	I Fees	2.0	0.0		Usage
Audit Fees		0.0	7.5		Governance
		E4834	E62.0	E545.4

This is stated	This is stated	after
charging;				2022
			EOOQ	EQQO
Operating	Leases		57.1	53.5
Depreciation			27.1	11.6
Professional		Fees	2.1	4.6
Audit Fees			7.5	7.5

				2023Total	2022 Total
				f000	f000
STAFF COSTS
Gross Salaries and Wages				1,404.5	1,293.8
Social Security Costs				129.6	120.3
Pension Costs				167.4	159.1
Pension Provision for USS (Note	26)			(40.5)	(41.8)
				E1,661.0	E1,531.4
				2023	2022
The average number ofEmployees		during the year:		43	44
Equivalent full-time				40	42
The number of high paid employees			over 660kwas:
In the band f100,000 - f110,000
In the band f90,000-f100,000
In the band f80,000 - E90,000
In the band f70,000-f80,000
In the band 660,000 - f70,000
The employee benefits ofhigher	paid		employees:	E9.9k	E9.5k
				2023	2022
Trustee renumeration throughout		the year		EO	EO
Trustees may claim for reimbursement			ofexpenses
incurred whilst discharging their	role		as a trustee.
During the year 9Trustees claimed		travel expenses		E1.6	E1.4

	Software and Webslte	Computer Equipment	Office Equipment	Total
	f000	f000	f000	f000
At 31stAugust 2022	300,6		19.8	464.1
Additions			0.3	36.'7
Disposals
At 31stAugust 2023	300.6	180.1	20.1	500.8
Depreciation
At 3'I st August 2022	299.2	142.1	17.9	459.2
Provided for the year	14	23.8	1.9	27.1
At31stAugust 2023	300.6	165.9	19,8	486.3
Net BookValues
At 31stAugust'2023		f14.2	E0.3	E14.5
At31stAugust 2022	E1.4	K1.6	K1.9	E4.9

							2023Total	2022Total
							OOOO	f000
Market Value
CCLA Charities	Common	Investment			Fund		1,673.7	1,292.6
CCLA Charities	Property	Fund					149.8	186.1
Market Value	at the end of		the Financial			Year	E1,823.5	E1,478,7
Reconciliation	of Movement in Market				Value	ofInvestments
Market Value at start ofthe financial				year			1,478.7	1,621.2
Sale efInvestment at Market			Value	(Sept. 2022)				(100.0)
Purchase ofInvestment							400.0
Loss ofsale of	investment	(Sept. 2022)						(2.3)
Net (loss)/gain ofthe financial	on revaluation year		ofinvestments			at the end	(55.2)	(40.2)
Market Value	at the end	ofthe Financial Year					E1,823.5	E1,478.7
							2023Total	2022 Total
							EOOO	EOQO
Cost
CCLA Charities	Common Investment			Fund			847.2	847.2
Additions							400.0
							1,247.2	847.2
CCLA Charities	Property Fund						'134.5	134.5
Cost at the end ofthe Financial Year							E1,381.7	f981.7
DEBTORS
							2023Total	2022Total
							f000	EOOO
Trade Debtors							940A	21'l.5
Other Debtors	and Prepayments						72.1	49.3
							E212$	E260.8

13.CREDITORS -AMOUNTS	FAL	LING DUE WITHIN O	NE YEAR
			2023Total	2022Total
			f000	EOOO
Trade Creditors			167.7	262.6
VAT			1.2	31.9
Taxation and Social Security			25,6	22.2
Pension Scheme Contributions			8.7	8.9
Deferred Income (Note 14)			214.8	311.1
Accruals			'177.6	51.0
			E595.6	6687.7
14. MOVEMENTS IN DEFERRED INCOME
			2023Total	2022 Total
			f000	f000
Deferred Income at 1 September			311.1	361.8
Deferred Income released	during the year		(311.1)	(361.8)
income received during the year and deferred			214.8	311.1I
Deferred Income at 31August			E214.8	f311.1
5. PENSION PROVISION
			2023Total	2022Total
			EOOO	EOOO
Provision at 1 September			173.8
Discount rate adjustment			(26.4)	(27.8)
Deficit contributions paid in	the	year - USS	(14.0)	(14.0)
Provisions at 31August			E133A	E173.8
6. FINANCIAL INSTRUMENTS
			2023Tota I	2022 Total
			EOOO	f000
Financial Instruments measured		at the amortised
cost comprise the following:
Financiai assets that are debt instruments
(Trade Debtors)			140.4	2'I1.5
Financial liabiiities that are debt instruments
(Creditors)			203.2

								2023	2022
								Total	Total
								EOOO	EOOO
Premises		Licences	to occupy expiring		between		1-5years	14.6	20.7
Office Equipment			-expiring	between	1-5	years		1.3	2.4
								E15.9	E23.1
18. ANALYSIS		OF NET	ASSETS BETWEEN		FUNDS
				2023			2023	2023	2022
				General		Restricted		Total	Total
				Funds			Funds	Funds	Funds
				EOOO			f000	EOOO	EOOO
Tangible	Fixed Assets			14.5				14.5	4.9
Investments				1,823.5				1,823.5	1,478.7
Current Assets				334,9			170.4	505.3	429.9
Currrent	Liabilities			(595,6)				(595.6)	(687.7)
Provisions				(133,4)				(133.4)	(173.8)
Total Funds				E1,443.9			E170A	K1,614.3	E1,052.0

Unrestricted Funds comprise	Unrestricted Funds comprise	those funds which trustees are free	those funds which trustees are free	those funds which trustees are free	to use in accordance with	to use in accordance with
the charitable objects.	Restricted		Funds are funds	which have been given by a donor for
particular purposes and projects.
			014)922	Incom ing Resources	0utgoin Resources
			EOOO	EOOO	f000	f000
Analysis ofMovements		in
Unrestricted Funds
General Funds			1,052.0	2,522.2	2,380.3	1,193.9
Designated Funds				250.0		250.0
Total Unrestricted	Funds		61,052.0	E2,772.2	E2,380.3	f.1,443.9
Analysis ofMovements		in
Restricted Funds
Fund 1				100.0		100.0
Fund 2				87.3	16.9	70.4
Total Restricted Funds				F187.3	E16.9	E170.4
Total Funds 20.RESTRICTED FUNDS			E1,052.0	E2,959.5	E2,397,2	K1,614.3

				2023	2022
Discount	rate (BoEforward		rate)	5.11)4	3.7%
Average	annual	pensionable	salary growth	396	396

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		2023Total	2022 Total
		E000	E000
Net (Expenditure)/Income forthe year (as per the Statement ofFinancial Activities)		562.3
Adjustments for:
Depreciation Charges		27.1	11.6
Loss /(Gain) on Investments		55.2	40.2
Dividends from Investments		(604)	(44 2)
Loss/(Gain) from Sale ofInvestments		0.0	2.3
Decrease/(Increase) in Debtors		48.3	103.2
(Decrease) in Creditors 8 Provisions		(132.5)	(196.8)
Net cash Provided by/(Used activities	in) operating	f500,0	(E47.6)

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