Chvlty r•gistrntlon number 1163134 THE BLACKWOOD ENGINEERING TRUST ANNUAL REPORT AND UNAUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 THE BLACKWOOD ENGINEERING TRUST CONTENTS Pag• TrustO88 reF*Jt In(kp•ndont •x8mlnerf$ Tewt stat¢m•nl oltlwrKifjJ Blanc8 8hg¢1 Note$ to the ststemonts 8-13 THE BLACKWOOD ENGINEERING TRUST TRUSTEES REPORT FOR THE YEAR ENDED 30 APRIL 2024 The truste￿ Fffes8nt thglr mport and accowlts forth8 yw onded 30WI 2024. The financial ststsm￿ts have been pr•par&1 in accudance *ilh the aceojntkng 8el in nolo 1 to Iho flnantyal State￿nts and cC￿npty wrth lh• tgovernir¥J docJJmentl. the ChariUe8 Act 2011 and 'Ac£ounlNJ and R$portry by Chariiies.. Stst•n*nl of ReCA)Mw￿Trd0￿ Practic• applkabk lo tharitbs PTeparfng Ih*r a¢¢ounl$ In 8¢¢ordance whh tha Fina￿1&1 Standard applKobkn In th• UK and Republic of lfylaTrJ IFRS 1021" leffectivo 1 January 20191. ObJ•cllvH and a¢tlvl¢l The 818ckwood Englna•riThJ Trust ct4e(*¥e advandng tho oducauon of gen9rn1ty bon8fltkng chlldren and young peopk In need by reason of povaty. stho88 or dwbility in th• UK, Belgium, China gnd Indla. The Trusl 1$ tOts1￿ ffnanced by conlributKJn8 from 818thvood EngIr￿￿n9 Ltd vrtth th• approval of the Directors and prlncipal shareholder. the company makes moftlhty cc￿tribUll0nS and as such will h8vg Ilmltod resourc8s and we ￿11 th¢relore alffl to prlorfvse our donth.ons as lollJw3: . ChBntsbl8 org8ni58t￿ In Blath￿d En9Ai••rh)g opwats kn th• UK. Chkna •nd around Ihe workt. . Proiocls that benefft chthjm wN¢h hav• lituo tun¢*ng frun $lat(rttyy bodkn. Proio¢ts for ¢hlldren largdy run by voluntary LYgAni￿￿oft8 Proh8Cts h•lping $ick, dlsatAed ond ¢Xphg￿d ¢hlldron. In both Chlno Ind1• foc￿ our donabons on a small number of tharflabl• CKgaftSs8tlJr￿ that mo•t our crfterla. ènsuring thot we have maxlmum knpact on th• ehildron we are h￿￿ng. tt Is our Intgnticffi to ￿n￿nue to dev8k)p a lontrlwm rdalknnship *lth tha8• (ryanwll¢xffj through rwlar donatiom. A¢hl•v•m•nts and p•rfornbanc• thjring th• y•ar lo 30 Aprfl 2024, tho Irust provld8d grants to IndlvklualB aThJ orgwls•tkns lotalllng £95,878 {2023'. £107.3601 In furt￿rence of its Ch•rItAb￿ obJth8. FINncl•l r•¥l•w Th• trust receNed £74,(M)0 12023.. £60.LN)01 In donakn In tho poriod and pald out wnts lotalllng £95.878 12023.. £107.3601. The trust has r8slrfct8d rn8erMs of £32,361 {2023.' £54.448} whkh wll be In ffiJtuM r￿￿$ In furtheranco of its Obl￿t￿•S. Tho ¢h•rfty trusi8èS have g￿en con￿d81¥ti¢Tr to ￿ rn8jof rfsks to vthlch th• tharity is oxpos•J and $8b"$fiod thernstrlv￿ thal FKOC8thras ar• est8blish￿l in order to manag• Ihoso ￿sk8. Wé undetBland that t￿1• Is 8 dopendw on BI**1￿￿>1 ErwJlneèrkng LIMit￿ as an Inc￿ne gour￿. Blackwoc4J EngSn••rirKJ Limlt8d 1$ 8 ¥ucc8ssful buSIn￿ aThJ th• 8k4¢kn*)d EngIr￿n￿g Tvust has rthv become part ol Blackwoe4J En9ineering rrththty budgeted overheads. Thèrè i* dose ￿*￿Ilt￿ng and r￿•Af of Bbckwoc4J Engkneerfng Ltd ffinandal Ststements and rash now proJ8cVons. We do not fcyesee al thls Ilme th¥1 fvnding from Blacknvood Englneering Ltd ￿11 be an Iswe rf in tha ftrtLrn thè fundirwJ did need to reduce, w& would know in advance ond be 8bl8 to ￿8¢t proactNety. Grants are only awarded rf r1¥￿eY i8 availabkn and rf we wwg to work vAth on-going partn&rs th¥n wants are a ygarty bas(8 eywndr￿re rf oJnmitt&J to kn thance. The trust888 ¢CAwd¥ rewrves are neodgd as thg are for lh8 fuTh benefft of ￿ Charity and thè trust dogs not kn¢ur ￿ adm1nistratil￿ CC6ts. THE BLACKWOOD ENGINEERING TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Tha ¢h81ity18 a registergd Chaiilabla Incaypwated Organwbon wa8 registered wlth Charity Cofflmlsslon on 14 August 2015. ￿ charty'¥ govert dC*￿n￿nI Is CIO Foundathjn CO￿1￿￿. Thè charity has pol￿1•S in pbce for Risk manag9monL Inv¢sIn￿nts. saf&Ju¥dlng vulnwable b8n8ficiarie8. CcY)flicts of int&r•st. Volunteer management. Complaints handhng arvj payiN4 Staff. Truslees are Ihg key managemant ￿lSonn￿ arKI I1￿ do ￿ rgc4iw ￿lary or expen889 through the tru81. The Injst r￿1 omploy staff. THE BLACKWOOD ENGINEERING TRUST TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 APRIL 2024 Reference and admlnhirth• d•t4M• Charlty numb•r: 1163134 Prlnclpal offlc•: T￿￿tA{ImInthatr cjo 81ackwrKrfJ Er¥Jneerlng Lknlt•d Gl8nth*r Indu$tnal Eslate Aberdlknry Gwent NP13 2LN Tru#t• Mr Oomlnic Connor Or Potsf Lkyd Miss R•baLxa Cr(Th*lo Mrs Re￿¢¢& Watkins Mi$$ Katkn LakatO8 Mrs LLW C8roy Mr Mart Gc*Jdir¥J- Rtssy•d 17101r2024 Mrs S*rnh Toln9-ApFolnlod 17K>4r3)24 K•y M*n•q•rn•nt P•r•onn•l Mr Dorninic Connor Dr Peter Lk)yd Miss Rob•cea Mrs Lucy Car•y Mls$ Katlggn Lokat Lucy CharTWon Miss Couth8y MornL*h Ind•p•nd•nt Examln•r. Tr DgTh¥ Lime Tw Cwdrff G81• Bush￿ Pwk Cardiff CF23 Bank•r•: HSBC Mallard Way Llansamlfrt Swansea SA7 OAJ Thè trusleos rewt W88 appfDved by the Bowd d Tru￿•81. Rebecca W•tkl Th18tse Dated.. THE BLACKWOOD ENGINEERING TRUST STATEMENT OF TRUSTEES RESPONSIBILMES FOR THE YEAR ENDED 30 APRIL 2024 Th& trustees are r84)on$itA6 for preparfng tho Twstees Report and th• financtal ststsmants in accordanc8 pplICab￿ law United K￿lM Acc*uNirvJ Stand¥ds {Unhed lQngdom G*)erdly +4£cèpt￿I AcewnliTrJ Practic81. The law appli¢#ble to {*8￿8$ in E￿l￿d arKI Wakn rgqulr•s Ihts tru6ts8s to prapgro 1kn8ncaal Btstom•nts for 8èch flnandol year whlch glve a Irue arKI tslr TrAew ol the slat• ol of the ctharity and of thè i￿OrnIng rosour¢es and pplicatkjn of rèsources of th8 charity lor Ihal ywr. In prnpwng Ihese finandal Statements. the trust￿ or• r•qJred to.. . 8èl¢¢t 8ultable accoLntir•J aThJ then appty them a￿￿ta￿ttr. . objem the m•thods al￿ in the Chartti08 SORP: . mako ludgomonts and 08timate8 that w• w8onabl& pmd•4: - State wh•th¥r awlcabto accounlng $twMJard8 ha¥9 b8on lolh)**d, 8ubSecl to any mat•rbal departw￿ dlsclDe0d and gxpL9ined In th fin￿1 sl•t¢ments.' - propare the financial stat•mont$ on th• b•*$ unl998 tt b Inapp￿￿ri•t0 to presuTh that th• ¢h8rity wlll cothnue in operatkjn. Thg tru810&s #re rO8F0n￿b1• lor keoixng suffia•nt acts)￿11￿9 that drselow with Tea50nablo 8¢¢uracy a18ny liTh the finandal Fwydibon of the charity and enabl8 Ih8m to en8urn th81 Ihè financAal 8tstsN*nls comply with Ihe Cha￿1￿$ Act 2011, th¢ Charlty IAcccyJnts and R•p)rtsl Regulallons 2008 and the provlsbn$ of th• tru8t dead. Th&y are also reSpon￿t40 for saftyuarding th• of Iho chadty and ￿rKe ￿ taklng r•&sonablvJ steps for lh¥ •vontbn and Oete¢kn ol fraud aNI othgr *rowl•rlUoB. THE BLACKWOOD ENGINEERING TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE BLACKWOOD ENGINEERING TRUST I report to the trustees on my examination of the financial statement5 of The Blackwood Engineering Trust (the charity) lor the year ended 30 April 2024. Responsibilities and ba51s of report As the trustees ol the charity you are responsible for the preparab'on of the financial statements in accordance with Ihe requirements ol the Charities Act 2011 Ithe 2011 Acll. I report in respect of my examination ol the charity's financial statements carried out under section 145 of the 2011 Act. In carrying out my 8xamination I h8V8 followed all the applicable Directions given by the Chanty Commisslon under Section 14515llbl of the 2011 Act. Independent examinerfs 5tatemont Your attention is drawn lo the fact thal the charity has prepa￿￿ financSal stalernents in accordance with Accounting and Reporiing by Charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 1021 In prefe￿nCe to the Accounting and Reporting by Charities.. Statement of Recornmended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn. l understand that this has been done in order for financial statements lo provide a true and fair view in accordance with Generally Aocepled Accounting Practice effective for ￿por11n9 periods beginning on or after 1 January 2015, I have Completed my examination. I confim) that no matters have corne to my attention in connection with the examination giving me cause to believe that in any material respect.. 8ccounling records were not 4ept in respecl of the charity as required by Section 130 of the 2011 Act, or the financial statemenis do not accord with those records., or Ihe financial statements ¢Jo not comply with the applicable requirements concerning the form and content of accounts set tsut in the Charities (Account5 and Reports) Regulations 2008 other than any requiremenl Ihat the accounts give a tnje and fair view which is not a mattèr considered as part of 8n independent examination. I hav8 no concems and have corne acr05S no other matters in connection wth the examination to which attention should be drawn in this report In order to enable a proper understanding ol the financial slalements to be reached. Craig Yearsley FCCA AzÈts Audit Services clo I12Èts Ty Dèrw, Limè Trèè Court Cardiff Gate Business Park Cardiff CF23 8AB Uniled Kingdom 19 F8bruary 2025 Dated. THE BLACKWOOD ENGINEERING TRUST STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30APRIL 2024 R•&trl¢t•d Re•tricl•d fuiW$ fvnd8 2024 2023 Not•• 00n8t￿nS and legad•$ 74,(KQ 80,000 Charft8bkg a¢tivitkrys 96,087 107.568 N•t In¢tyn•ll•xp•ndltur•l for th• ywl N•t m•v•m•nt In fund• 122,087) {47,568) Fund balanc8$ at 1 May 2023 102.016 Fund b•lanu• at 30Aprll 2024 32.361 54,448 Th• statrt offlnandal acNIth Indud•s al galns ar*1 bsses rnc¢gn*ed in th• yw. I Incom& and 4xpend￿r6 dorfve from CA)ntkwlThJ THE BLACKWOOD ENGINEERING TRUST BALANCE SHEEr ASAT30APRIL 2024 2024 2023 Current •sMts Cash al bank and in hand 32,381 54,448 Crgditors: amoutth f*lllng duo T*lthln on• y•ar N•t wrrent asB•t3 32,361 In¢¢>m• fund8 Restricted fiJnd8 Unre8tdctod fund 32.361 54,448 32,361 54,448 1É1.2.1.2 Th •ccoun18 w•rn arvo¥*d by Trtotogs on ... R•b•GC• W•lklns Trwts• THE BLACKWOOD ENGINEERING TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2024 A¢¢ountlng Wkl 1.1 A¢¢ountlng conv•nlkn The financiol statements have been prepared in aC￿rdar￿a Wth th? chariws tgoverning ￿¢)￿M￿nI]. tho Chadtles Acl 2011, FRS 102 Ihe Finanaal RskxMtirv4 StandaTd a01cab￿ in the UK and Repu￿￿¢ ot Ir•land' I"FRS 102.1 and the Charftios SORP 'A¢￿unting and Reporting by Charltie$: Statement Rècofflmended Practice applicat4e to charibes preparing their accounts in accudancA thè Flnancial Roporting S¢aThJard applkabl& In th8 UK And Rapublk of Irèland IFRS 1021'18ffoclNe 1 Jantsary 20191. The tharity 18 a Pubk Benefft Entty as t18fingd by FRS 102. The charity has takan ¥thantag• of lh• wovl$kM8 In Ihe SORP for charllS88 Mt to w4>or• a Stalrnl of Cash Fkjws. Thg Itn8n¢lal 8lat•m•nts ar8 prepared in BterNryJ, vthlth Is tho funcllonal ￿rr￿rKY of th& charlty. Mon•tsry 8munt¥ in these finandal 8tatements aro roundod io the £. Tho fin8ndal Btatoments ha¥8 boen prnp•rfjd urder h1$￿1¢81 c¢xt convention. Th• wlndp•l ￿￿u￿tIng policlos adopted are set out b8knv. 1.2 Golng con¢•rn Al Iht of approvNy the fln0￿￿1 8lat•ments. th* tru8tO88 havè a reasonable tsxpoctat￿)n that the charlty has adequatg rg¥our¢gs to c(nbnug In cwabonal •xlstsnce for Ihe frneeobl8 fijturg. Thus tho trLtslees continue to adopt tho 90irwJ eonr*m b8sls d a(xx)un15Tha In prnpadng th• finandal stat•mont8. 1.3 Ch4rlt4bl• fund• Unre$tricled funds ar• avalabl• for al t￿ dL8csollon of th? IJu8le08 kn furthwanco of thoir charftgble obj8cOv•s. Restrfcted funds ar8 $ublo¢t to SF4¢Tfi¢ ¢MdTtith)s by donors as to how tsy mgy bv wd. purp￿8& aThJ uses of th• rostrl¢l•d funds are sot out IA Ihe noles to the Ikw￿l01 gtatw*nts. 1A Incomlng r•sour￿¥ In¢om• is induded In th Slatsment ￿ FInarKa￿ Acbvibos (SOFA) lhffien: . Thè charity havo entillemMt to th• fijnds., ' any perfomance contlrtiorts attac*ed to th• Ilwnl81 ol incomfr have mat or ar• fvlly wtthln the conlrol of the chadty or tts subgdlary: there is suffluent certainty Ihat le￿Ipl of th¢ YKx¥ne18 ￿l5￿je[8d pr(thb￿,. and the aTh￿Trt can be measur•d r•lkqbty. Gr•nts and donatlon• Grants and donath)ns are onW In Ihe SOFA lh& gebW81 rec(*3nthon e11t￿l0 arè met 15.10 to 5.12 FRS 102 SORPI. Donatk¥ns Donations, are recognised wh•n the charity has begn nolified in wrfng of IM)th th& amount and settlement date. In Ihe event that a donallon Lq 8L*Jhd io that Tequil• a level ol perforniance l*fore Ihg charity ss entilkd ￿ the fyjnds. the Incomo is deferrgd arvj not reccsnised until ￿ther Ihose eondthns are lully mel. or the ￿￿lIMent of those C￿d1th)n3 k8 WI￿lY within ts control of the chanty aThl rt Is ¥*ob#bto that those conditions be lulfilted in the wortlng F￿￿. THE BLACKWOOD ENGINEERING TRUST NOTES TO THE FINANCIAL STATEMENTS {coKfiNUED) FOR THE YEAR ENDED 30 APRIL 2024 Accountlng pollcl•s Icontlnuedl 1.5 R•soure•s •xp•nd•d Expenditure is rec4Jgnis4d th8re is 8 ￿gaI or c4>nstru¢tfve to make a payThnt to a Ihlrd party. It 18 probabfe that settkm&nl ¥•iM be wuir&J and th• amount ol tho r**lW'on con bg moawJred reliably. Expenditure i8 dasSI￿ undor the fdlowing ￿￿VIty Grant• p•yabl• wlthout perfomwnc• condlllon• hera th¢r¢ are ())ndit￿6 attachin9 to the grant that enth the donor dMrity to rgalBUcxlty avoid th& cornmitm&nt. a liability lor Ihe fijll Obl￿9t￿ musl be reccsnised. Thèrg h8B been no offsetting ol 8s8•ts liaknlth. LY I￿rn9 exp￿808, unL8us r•q￿red or pgrmRtod by th• FRS 102 SORP or FRS 102. 1.0 G••h and ¢￿h •qulv•b•nts Cash and cash equivaknts Indud8 &qsh in hand, d•Fthit• held at c41 wllh bgnb, oth•r Shorble￿ Ilqukl Investments vAth orwnal maturth8 01 I1￿ montfo ¢x1888. bank ovordrafts. Bonk overdraft8 awe sh(Mn within borrowiw in wrenl Ikgbilliles. 8•41¢ fln•n¢W Basie flnan¢lo1 asse18, whkh debtry8 8rLI ¢a8h and bank balan¢8s. or• inltlalty ma$ur•d •t transadion w¢• in¢ludlng trBnsacth)n costs and 8r• subwuenty carrled at gmortlsod co81 u51ng the eff8dv& Interest m¢thoJ unle88 the arTanpm•nt ￿n$ll1vIeS a flnandrvJ transg¢tbn. where the tran8aCtlon 1$ In8A8ured al th* pre6ent value ol futufg rec•lpts dMyJnt￿I at a m•rk•t rat• ol IntW08t. Flnandal 88tst8 d88sW 88 rwivable wlthln one yg8r org fy)18rn(xD3ed. B•$k fln•n¢l•l Il•bllftl•s Bosk finBnc4AI118ts'1ities, indudlThJ credltors bank inibany r•c*JonW at tranBacth)n prlcg unl•88 the arrang•m•nl ¢on8Utule8 0 fknanclng transaction. debt inslNThnt Is measured at the pms•nl Value of th? fuiure pa￿ents dl8countsd at ¥ markot of IntergsL Finan¢lal liabilth'es da8￿fied os p8yabl6 Ihln ono year are not amortis•d. D•bl Instrum￿ts wo 3￿U¢n￿ at wnortl8ad cosL using thè ¢ff•¢tNe Interegt Ta¢9 mothod. Trnde CTvdttoTS are c4>lwJatKYffj to w ft>r goc#JB or 8•Th1c4s that ha¥• bo￿ a1)4u￿8d in th• or¢In￿ Courno of opemtions from suppliers. Arrb)unts payable ar• das$￿￿￿ 88 ￿rrent I1*xl￿eS If payTh•nt is due within one year or ￿ss. If not, thgy are pr•s¢nltd as ￿n-c￿￿1t liobill*. Trade creditors are recognijed tr￿tIallY at Iranyaction pric8 and 8ub¥•qu¢nty measwod al amorlw ¢4st the offecb've inter8St method. Financial lialNlrfieB aro dorgcn of Ch8rgg•bl• Galns 1992 10 the extent that these are applied to it8 dbarttabb objects. R•strl¢t•d fund* The funds of the charity wKhJde rnstrlct8d fvnds ¢ryolrwJ foltrwkng ungxpend&S b8l•nco8 of O)nattons aTrJ grants hekl on t￿t for Bpecth ￿rpO￿8. ov•m•nt In fvnd• Mov•m•nt In lund• •l•n¢• ai •xp•nd•d JO Aprll 2024 l Mly 1022 BL9d[￿l￿(l Englneering 102.016 80.IXKI {107.5881 74,000 I￿,087) 32,381 Amtysls of n•t as$•ts b•tw••n funds Funds 2024 Funds 2023 Fund balarths at 30Aprll 2ff24 arn repr*￿￿ ty. Curr¥nl a8setslOlabllttSesl 32.361 54.448 32.361 54.448 12- THE BLACKWOOD ENGINEERING TRUST NOTES TO THE FINANCIAL STATEMENTS (coKfiNUED) FOR THE YEAR ENDED 30 APRIL 2024 10 R•lat•d yrty trnnMct1¢￿S The only related paty tranSadi0￿ arè tho ¢kn8lion8 from Blgckwotsd Englnaarlng Linlted to tho trust who are Ilnked thrthoh commn dlrgthr& 13-