Charfty number: 1207327 CONSTRUCTION EAST UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025
CONSTRUCTION EAST CONTENTS Page Reference and administrative details of the Charity, its Trustees and advlsers Trustees. report Independent examinerfs report Statement of financial activities Balance sheet Notes to the financial statements 10-14
CONSTRUCTION EAST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE PERIOD ENDED 30 APRIL 2025 Twstees Robert Graham Panler, Chair (appointed 6 March 20241 Phil Courtier lappointed 6 May 20251 David John Henry lappoinled 6 March 20241 Professor Saul David Humphrey lappoinled 6 March 20241 Jonathan AndW Nelson lappoinled 6 March 2024) Jerene Robyn InNin {appointed 6 March 20241 Stephen Robert Nash lappoinled 6 March 20241 Karf Georg Friedrich Gessner (appointed 6 March 20241 Charity registered number 1207327 Principal office 2nd Floor, East Wing 69- 75 Thorpe R08d Norwich Norfolk NR1 1AU Accountants Larking Gowen LLP Chartered A¢counlanls 1 sl Floor, Prospect House Rouen Road Norwich Norfolk NR1 1RE Page 1
CONSTRUCTION EAST TRUSTEES, REPORT FOR THE PERIOD ENDED 30 APRIL 2025 The Trustees present their annual report together with the financial statements of the Charity for the period 6 March 2024 to 30 April 2025. Objectives and activities a. Policies and oblectlves The charity's core objective is lo understand, influence, improve. and action a sustainable improvement in the awareness of construction careers and the availability of competent construction education in East Anglia. While currently focused on the professions, the charity remains equally committed to the trades, with the long-lerm ambition of achieving equal priority for both sectors. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidan published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB21'. Construction East delivers public benefit by addressing the widely acknowledged skills gap in construction by improving the quality and accessibility of career pathways and education. thereby securing the future competence of the Ioc81 construction workforce and supporting the region's economy. Achievements and performance Main achievements of the Charity The year 2025 was pivotal for Construction East, moving from conceptual planning to implementing direct interventions in construction education. strategic Realisations and Lobbylng A key achievement was successfully bringing the reality of the construction education challenge to the forefront of industry and education discussion. The chaiity's findings include.. The persistence of the 'blinkered vlew. that construction is only for academically weaker students. A lack of appreciation of the challenges and limitations of many existing regional construction courses. A major disconnect between the many skills-researching groups and the actual, praetlcal requirements of the industry. Our engagement with education providers has highlighted that there is 2 significant lack of industry appropriate knowledge, skills and experience in some institutions that has a direct impact on the employability of the students when they leave education. competen within construction professions in relation lo building safely and sustainability are key areas for future generations. Direct Inlervenlions and Educational Partnerships Funded Lecturing Programme: The most significant success was securing funding from the Eastern Builders Federation lo establish a partnership approach with education. This funding Is designed lo bridge the gap behmeen what colleges can pay sessional lecturers and what Industry professionals demand. 2. Implementation wlth City College Norwlch ICCNI: This funded programme was implemented with CCN, initially targeting T-Level dellvery. The model, which pairs an education specialist with a construction specialist for each lecture, is designed lo be transferable and buildable across the Industry. Page 2
CONSTRUCTION EAST TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 APRIL 2025 Achievements and performance Icontinuedl 3. Collaborative Workshops.. 'Bright Futures, Workshop.. Delivered in conjunction with Norfolk Conslrucling Excellence and CCN, this unique event successfully highlighted the breadth of careers available. Industry Workshops- Hosted events wlh each primary profession lo formally gauge understanding and opinion regarding regional edLJcalion. Safety Presentation: Organised a highly successful presentation with Collaborative Reporting of Structural S21ely, in Coniunclion with NFCI. 4. Awareness and Engagement.. Delivered numerous presentations lo Schools, Colleges, and the 'Higher Aspirational, group (including parents) lo directly combat the lack of career awareness. Secured a formal 'Pledge' from many industry leaders, committing them lo the charity's objectives. Liaised closely with Norfolk and Suffolk County Councils, actively conlributillg to the local skills plan. In summary, Construction East has established itself as the aulhorilative volce brlnging the erucial topic of competent construction education lo the forefront of conversation, securing thè funding and partnerships necessary to provide tangible solutions in 2026. Financial review a. Going concern After making appropriate enquiries. the Trustees have 8 reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the fi'nancial stalernenls. Further details regarding the adoption of the going concem basis can be found in the accounting policies. b. Reserves policy The Trustees have established a policy of maintaining reseNes lo cover four months running costs, and eslimaled costs upon closure. As al 30 April 2025, the required level of resetves under this policy was calculated lo be £5,745. The Trustees consider this level appropriate to ensure the charity's financial sustainability wilhoul holding excessive funds. This policy was sel at the inception of the charity and will continue lo be reviewed regularly lo ensure an adequate level of reserves is maintained. As at 30 April 2025, the charity's actual reserves exceeded the target level. This is considered appropriate at this stage, as the charity is still incurring initial costs related lo ils eslablishmenl and ongoing development. Financial Review The period ending 30 April 2025 showed a surplus of £30,247. Total funds al 30 April 2025 are £30,247, which are all unreslricled. The charity had expendable funds of £17,587, being those unrestricted funds not invested in fixed assets. During the period under review, the charity secured a grant of £50,000 and incurred lot21 expenditure of £19,753 in the delivery of ils objectives for the period. The remaining funds will be used in delivering direct inlervenlions and educational partnerships Involving City College Norwich, hosting collaborative industry workshops, and hosting events lo continue building awareness and engagemènt with schools and ColleS in Norfolk. Page 3
CONSTRUCTION EAST TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 APRIL 2025 d. Principal funding The charity's financial position is currently focused on securing and deploying specific project ftjnding. The Norfolk Construction Charitable Trust serves as the primary funder. Thè significant grant secured from the Eastern Builders Federation is earmarked entirely for the 2026 delivery of the industry l education partnership programmè. Structurei governance and management a. Constitution Construction East is constituted 85 8 Charitable Incorporated Organisalion governed by ils Constitution adopted on 06 March 2024. Charitable Objects The object of the CIO is lo advan education for the public benefi't and, in particular, but not exclusively, for persons who are or will be employed in the construction industry by providing or assisting in the provision of funding, learning, training and work placements. b. Methods of appointment or election of Trustees The 8oard of Trustees is intentionally composed of professionals representing key disciplines within the construction sector, specifically Architecture, Civil and Structural Engineering, Building Services, Quantity Surveying, Construction Management, Planning and Building Control, and Building Surveying. New trustees 8re identified through professional nebNorks lo ensure the Board maintains a diverse and aulhorilative voice that reflects industry needs. c. Organisational structure and decision-making policies The charity is governed by the Board of Trustees, which sets the strategy and monitors performance. Operation81 delivery is managed by the Trustees and a network of committed professional volunteers. The primary focus for 2025 was establishing the strategic and delivery partnerships necessary to achieve ils aims. d. Financial risk management The Trustees have reviewed the rnajor risks lo which the charity is exposed and have put in place systems to mitigate those risks. Principal risks identified include.. Funding Dependency.. The overwhelming gratitude lo the Norfolk Construction Charitable Trust highlights a potential reliance on a single primary funder. This is being miligaled by seeking additional, diverse funding streams le.g., Eastern Builders Federation funding for the T-Level programmel. Reputational Risk.. Associating the charity's name with the critique of existing education provisioll. This is miligaled by focusing on collaboration le.g. with City College Norwich) and offering constructive. funded solutions. Volunteer Dependency: Relying on busy professionals to deliver key lecturing support. This is miligaled by the funded programme which offers a fair remuneration bridge, increasing the supply of available, compelenl professionals. Page 4
CONSTRUCTION EAST TRUSTEES. REPORT ICONTINUEDI FOR THE PERIOD ENDED 30 APRIL 2025 Plans for future periods The Board has established a clear set of objectives lo build upon the foundations laid in 2025.. Leadership Transition.. In March 2026, Jerene Invin will assume the role of Chair of the Trustees. 18king over from Rob Panler. Trustee Transition: Jon Nelson and Karl Gessner will slep down as Trustees, and will be replaced by equally committed and compelenl volunteers. Ambassadors: The Charity will rewgnise the many supporters and advocates of Construction East, wlh the role of Ambassadors. Programme Delivery: The existing T-Level cohort al CCN will continue to benefit from the successful coordinated lecturing programme, and the charity will continue lo support CCN'S overall lecturing provision. student Progression= The charity will present a range of viable education offerings in the region to the existing T-Level cohort, focusing on realistic and 8chievable progression pathways. The charity wll explore Further and Higher education opportunities and present this in a simple, coherent manner. Outreach and Profile: The charity website will be further developed, and Construction East will become more visible on Social Medla Plattorms to increase awareness of career opportunities. Long-Term Goal.. To continue lobbying and working towards the long-lerm ambition that all constructlon education in the region is competent and delivered by qualified lecturers, a fundamental requirement under the Building Safety Act. Page 5
CONSTRUCTION EAST TRUSTEES. REPORT (CONTINUED) FOR THE PERIOD ENDED 30 APRIL 2025 Statement of Trustees. responsibilities The TrLJslees are responsible for preparing the Trustees, report and the financial statements In accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for each financial period which give a true and fair view of the slate of affairs of the Charity and of ils incoming resources and applicalitsn of resources, including its income and expenditure, for that period. In preparing these financial slatemenls, the Trustees are required lo.. select suitsble accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject 10 8ny materi21 departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless il is inappropriate lo presume that the Charity will continue in business. The Trustees arè responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity IAccounls 2nd Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the b08rd of Trustees and signed on their behalf by.. Robert Graham Panter Chairman Dale.. 2710212026 Page 6
CONSTRUCTION EAST INDEPENDENT EXAMINER'S REPORT FOR THE PERIOD ENDED 30 APRIL 2025 Independent examinerfs report to the Trustees of Construction East I'the Charlty'l I report to the charity Trustees on my examination of the accounts of the Charity for the period ended 30 April 2025. Responsibilities and basis of report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe 2011 Acl'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commi8SlOn under section 14515llbl of the 2011 Act. Independent examinerfs statement l understand that this has been done in order for the accounts to provide a true and fair view in accordan with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. l confirm that no mallers have come lo my attention in connection with the examination giving me cause to believe that in any material respect.. aecounling records were not kept in respect of the Charity as required by section 130 of the 2011 Act," or the accounts do not accord with those records., or the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities IAccounls and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as part of an independent examination. I have no concems and have come across no other matters in connection with the examination lo which allenlion should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the Charity's Trustees those matters l am required to stale to them in an Independent examinerfs report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a kx)dy, for my work or for this report. Signed.. Dated.. 27 February 2026 Christopher Yeates FCA DChA Larking Gowen LLP Chartered Accounlanls Norwich d 1,1. /, Page 7
CONSTRUCTION EAST STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD ENDED 30 APRIL 2025 Unrestricted funds 2025 Total funds 2025 Note Income: Grant Funding 50,000 50.000 Total Income 50,000 50.000 Expenditure on: Consultancy Fee Advertising & Marketing Events 10,695 612 10,695 612 946 33 Entertainment Insurance Legal Expenses Printing & Stationery Subscriptions Accountancy Fee 33 802 802 4,200 61 4,200 61 64 2,340 64 2,340 Total expenditure 19,753 19.753 Other recognised gains: Net movement in funds 30,247 30,247 Reconciliation of funds: Nel movement in funds 30,247 30,247 Total funds carrled forward 30,247 30,247 The Statement of financial activities includes all gains and losses recognised In the period. The notes on pages 10 - 14 form part of these financial slalements. Page 8
CONSTRUCTION EAST BALANCE SHEET AS AT 30 APRIL 2025 2025 Note Flxed assets Intangible assets 12,660 12,660 Current assets Debtors Cash al bank and in hand 3,902 20,593 24,495 Current liabilities Creditors.. amounts falling due within one year 16,9081 Net current assets 17,587 Total assets less current liabilities 30,247 Total net assets 30,247 Charity funds Reslricled funds Unrestricted funds 30,247 Total funds 30,247 The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by". Robert Graham Panter Dale. 2710212026 The notes on pages 10 to 14 form parl of these financial stalemenls. Page 9
CONSTRUCTION EAST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 General information Construction East is a charity registered in England and Wales, charity registration number 1207327. The principal office is 2nd Floor East Wing, 69-75 Thorpe Road, Norwich, NR1 1 AU. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance wlh the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applie8ble in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. These are the Charity's first financial slalements since registration with Charity Commission on 06 March 2024, and therefore no comparative figures are presented. The financial statements are presented in Sterling (£1 which is the functional currency of the charity and rounded lo the nearest £. Construction East meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy. 2.2 Income All income is recognised once the Charity has enlillemenl lo the income, it 18 probable that the income wll be received and the amaunl of income receivable can be measuTed reliably. Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes bul not expended during the period Is shown in the relevant funds on the Balance sheet. Where income is received in advance of enlillemenl of reipt, ils recognition is deferred and included in creditors as deferred income. Where enlillemenl occurs before income is received, the income is accrued. 2.3 Expenditure Expenditure is recognised once there is a leg81 or constructive obligation to transfer economic benefit lo a third party. il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each 2clivity are made up of the lolal of direct costs and shared costs, including support costs involved in undertaking each aelivily. Direct Costs attributable to a single activity are allocated directly lo that activity. Shared cost8 which contribute to more than one activity and support costs which are not allribulable lo a single activity are apportioned between those activities on a basis consislenl with the use of resources. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. Page 10
CONSTRUCTION EAST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 Accounting policies Icontlnuedl 2.4 Research and development Development costs are capi181ised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the 8lraight- line basis over the anticipated life of the benefits arising from the completed product or project. Deferred research and development costs are reviewed annually. and where future benefits are deemed to have ceased or lo be in doubl, the balan of any related research and development is written off to the Slalemenl of financial activities. 2.5 Intangible assets and amortisation Intsngible assets costing £NIL or more are capilalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisalion and any accumulated impairment losses. Amortisalion is provided on intsngible assets at rates ca5culaled to write off the cost of each asset on a straight-Sine basis over ils expected useful life. Amortisalion is provided on the followng basis.. Development expenditure 10 Q/0 Slraighl-line 2.6 Debtors Trade and other debtors are recognised 81 the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short malurily of three months or less from the date of acquisition or opening of the deposit or similar account. 2.8 Liabilities and provlslons Liabilities are recognised when there is an obligation al the Balance sheet date as a resu1 of a past event, il is probable that a lffinsfer of economic benefit will be required in settlement, and the amount of the selllemenl can be eslimaled reliably. Liabilities are recognised at the amount that the Charity anticipates il will pay lo sellle the debt or the amount it has received as advanced payments for the goods or seNi¢es it musl provide. Provisions are measured 21 the best estimate of the amounts required lo settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Slalement of financial activities as a finance cost. Page11
CONSTRUCTION EAST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 Accounting policies Icontinued) 2.9 Flnancial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially retnised al transaction value and subsequently measured al their selllement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.10 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherarn of the general objectives of the Charity and which have not been designated for other purposes. Income from donations and legacies Unrestrlcted funds 2025 Total funds 2025 Grants 50,000 50,000 Independent examiner's remuneration 2025 Fees payable lo the Charity's independent examiner for the independent examination of the Charity's annual accounts 2,340 Trustees, remuneration and expenses During the period, no Trustees received any remuneration or other benefits. During the period ended 30 April 2025, no TrLJslee expenses have been incurred. Page 12
CONSTRUCTION EAST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 Intangible assets Brand and website Cost Additions 12,660 At 30 April 2025 12.660 Net book value AI 30 April 2025 12,660 Debtors 2025 Due within one year Prepayments and accrued income 3,902 3.902 Credltors: Amounts falling due within one year 2025 Accruals and deferred income 6,908 Page 13
CONSTRUCTION EAST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30 APRIL 2025 Statement of funds Statement of funds - current period Balance at 30 April 2025 Income Expenditure Unrestricted fund8 General Funds - all funds 50.000 119,7531 30,247 10. Summary of funds Summary offunds- current period Balance at 30 Aprll 2025 Income Expenditure General funds 50.000 119,7531 30,247 11. Analysis of net as$ets between funds Analysis of net assets between funds - current period Unrestricted funds 2025 Total funds 2025 Intangible fixed assets Current assets Creditors due within one year 12,660 24,495 16,9081 12,660 24,495 16,9081 Total 30,247 30,247 12. Related party transactions The Charity has not entered into any related party transaction during the period, nor are there any oulslanding balances owing beeern related parties and the Charity al 30 April 2025. Page 14