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2022-09-30-accounts

REGISTERED CHARITY NUMBER: 234873

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

THE FIRE SERVICE RESEARCH & TRAINING TST

Murphy Salisbury Limited Chartered Accountants 15 Warwick Road Stratford upon Avon Warwickshire CV37 6YW

THE FIRE SERVICE RESEARCH & TRAINING TST

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

Page
Report of the Trustees 1 to 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Financial Statements 7 to 12
Detailed Statement of Financial Activities 13

THE FIRE SERVICE RESEARCH & TRAINING TST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022

The trustees present their report with the financial statements of the charity for the year ended 30 September 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objectives of the charity are to promote and assist:

The charity's purpose is to support learning, research and the sharing of information and ideas across the UK fire and rescue services by:

Whilst the charity works with other bodies on specific projects, the charity's overall strategy, direction and programme of work remains independent; as set by the trustees.

Public benefit

The trustees will not ally the charity to, or provide commercial advantage to, any commercial organisation or group of commercial organisations. The trustees have regard to the Charity Commission guidance on public benefit and consider the charity's activities and award of grants are for the public benefit.

History

The charity was established in 1940, using funds provided by the insurance sector to encourage study and experiment on fire protection and prevention.

Grant making

The trustees receive requests for funding from institutions and individuals and assess these on the basis of their contribution towards the stated objects of the charity and available financial resources. The charity awards four types of grant:

Further information to assist grant applicants can be found on the charity's website at www.firetrust.info.

Page 1

THE FIRE SERVICE RESEARCH & TRAINING TST

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2022

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the year the trustees continued to consider and approve application for grants which were mostly in the areas related to improved performance by the UK fire service. The trustees approved grants during the year of £17,880 (2021: £134,492). A full analysis of grants awards is provided on note 5 to the financial statements.

Investment performance

The performance of the charity's investment manager, BlackRock Investment Management (UK) Limited, is regularly reviewed by the trustees against appropriate benchmarks. The trustees are satisfied with the current performance and the overall return attained from the charity's investments. The value of investments increased during the year and the BlackRock portfolio had a valuation of £5,780,361 as at 30th September 2022.

FINANCIAL REVIEW

Financial position

The trustees are satisfied with the financial state of affairs of the charity. At the year end the balance on the unrestricted general fund was £233,613 (2021: £236,635). The charity has been impacted by the Covid-19 pandemic but only in relation to the approval of grants commitments which has slowed, due to the research and follow up being much slower than planned.

Principal funding sources

The charity's investment income is solely derived from the funds, as currently invested, with which the charity was endowed on its creation in 1940.

Investment policy and objectives

The trustees' investment objective is to achieve capital growth and a growing level of income. The charity's investments solely comprise a holding in Charifaith, a common investment fund, which seeks to avoid investment in companies with a significant proportion of revenues from armaments, pornography, tobacco, abortion and contraception; thus achieving the trustee's ethical investment policy. Charifaith is a diversified fund with exposure to equities, bonds, low risk absolute return funds, property and cash and is actively managed by a professional fund manager.

Reserves policy

The trustees have regard to the charity's annual income with awarding grants but they consider themselves, neither limited by income receivable in each year, nor bound to apply the whole of the income receivable in each year. Therefore it is the policy of the trustees to maintain sufficient unrestricted general funds to meet their funding commitments and to respond to exceptional applications for grants which may arise from time to time.

FUTURE PLANS

The charity's aims and objectives remain constant and do not change from year to year. However, the way in which the charity manages its affairs will continue to be reviewed during the coming year in order to improve the charity's overall effectiveness and, in particular, facilitate improved grant applications.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

The charity is unincorporated and was established by a declaration of trust dated 27th August 1940.

Recruitment and appointment of new trustees

The declaration of trust originally provided that all trustees be appointed by and hold office and the pleasure of the Secretaries of State for the Home Department and for Scotland, who could also determine the number of trustees from time to time. in 2010 the relevant government departments indicated a wish for the trustees to determine their own appointments of new trustees. Accordingly the declaration of thrust has been amended so that the serving trustees shall determine the appointment of new trustees and that there shall be at least four trustees. In addition, the trustees have determined that at least one trustee shall normally reside in England and Wales; and at least one trustee shall normally reside in Scotland. Trustees are appointed where they have the skills to contribute to the management and development of the charity. Trustees are either serving or retired officials of long standing and seniority in the public or private sector; and have extensive experience of the fire sector and beyond.

Page 2

THE FIRE SERVICERESEARCH & TRAINING TST REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 21122 organisatio￿l gtrnelu ThB charity is by a Board of Trustees. A 8• is ap￿￿ted by the trLes 4 ¢¢tht for serviKs to adrninistLT day.104ay owatioDS of tk cb8rity. Thc B(MTd ol. Trustees ordinarty mc£ts four tiiyles in each year and also 0￿rateS aTTa￿ements for trustees to I￿ able ts) consi&r a￿1 approvb sraots I￿lwtA ll￿et￿￿5. tn or(kr to monitor the and p[0￿¢&￿ ol. certain WOj￿ts. indiv1th￿l tr￿$ n)ay visit proj￿1 locatio￿8 ￿(tet￿ PFoje¢t t￿lts the y¢ar. tndu¢¢lDD trxlttlngofnew ¢rn8teeB Upon app)EntJJJent new tn]st¢£s arc pmyded Thith a ¢opy of the cJwity'5 dEGlaAti(m of trust. the rno8t reeent audiied fmancial &aicmettts and ¢A)pi¢s of th6 preiryous mill￿s of tru5frrs' meetin85. In addition new tr￿9t£c￿ 8se giiEn briefing by the ￿retary on tbe clwity's p)]i¢ie$ and proLrls&ho￿ paymenl 8md monitoring oF8raELts for the 2¢view of investment p)]icy and inanagement of in￿tments wh￿h they b¢liev¢ proiides adequate ￿G￿rity tor their o¥trations. T1￿ Covid-19 paDdani¢ has led to aTL 8dditional risk ot the Gknity in tems of the certainty of incomc 8eDeratioll and prot¢ction of investtnent a￿15. however due to the si8t]if?o4nt vaIue of the invesllllent ￿rt[0￿0 held the risk 1$ onty rninind and miti8ated hjrthw the use of charity'5 iDV¢s(Tnthrt nTraDa8er, Bia¢kRrKk Inv¢5tm¢D Mana8(#Dmt (UK) Limited. REFERENCE AND ADM1Tr41STRATIVE DETAILS R¢gisttred Charity number 234873 PrlBdpl8ddM The Fire Prot￿tionAs￿￿iatIOn London R￿d morets)n￿.marSh ￿k)￿stErshiTe C71.56 ORH Trn$t¢¢8 Dr R H￿rI￿n AH8y A F L￿gerton-Lyn¢h D Tidbury P Wallkad¢ S McGuirk tndepemdent Ex*mlnET Murphy Salisbury Limit 15 war￿tsk Road Stratforduwn Avon WaNickslJlle CV37 6YW Awroved by ordff of the IK)8rd of trLtst¢¢$ ojk.............. and swwd on its Ixhaifby..

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FIRE SERVICE RESEARCH & TRAINING TST

Independent examiner's report to the trustees of The Fire Service Research & Training Tst

I report to the charity trustees on my examination of the accounts of The Fire Service Research & Training Tst (the Trust) for the year ended 30 September 2022.

Responsibilities and basis of report

As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the Trust's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the Trust as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Mark Bullock Murphy Salisbury Limited Chartered Accountants 15 Warwick Road Stratford upon Avon Warwickshire CV37 6YW

Date: 20 February 2023

Page 4

THE FIRE SERVICE RESEARCH & TRAINING TST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Charitable activities
3
Direct costs
Grant funding of activites
Governance costs
Total
NET INCOME
Other recognised gains/(losses)
Gains/(losses) on revaluation of fixed assets
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
fund
£
173,386
12,000
17,880
11,147
41,027
132,359
-
132,359
236,635
368,994		 Endowment
fund
£
-
-
-
-
-
-
(570,298)
(570,298)
6,350,659
5,780,361		 2022
Total
funds
£
173,386
12,000
17,880
11,147
41,027
132,359
(570,298)
(437,939)
6,587,294
6,149,355		 2021
Total
funds
£
164,909
12,000
134,492
7,397
153,889
11,020
-
11,020
6,576,274
6,587,294

The notes form part of these financial statements

Page 5

2022 Tothl 2021 Totsl UnT¢stricd FI￿￿wmCnt ruThJ fi]nd FIXED ASSETS tThve5tm¢ttss 5,780,361 5.780J61 6.350.659 cinuiE￿ A&SEIS Casbal iw 458.632 458.632 344,801 cRED￿01L falltn8 withm oncyear io (89,638) (89.638) 08,JfO) NET CURRM ASSETS 368.994 368.994 236.635 T(YfAL ASs￿s LLSS CURREI LIABILITIES 5.780J61 6,149J55 6.587294 NET A&srr& 368.994 5.780.361 6,149355 6.587,294 Uorr5tsiBied funds 368,994 5.780.361 236.635 6.350.659 T(YfAL IiINDS 6.149.355 6587294 Tr ruwicial statemeots wete aFPD)V￿ by the &)8Td of Trustrts eThJ thrised for issu¢ wert siwdoD its Irlmlf lry.. A}lry - I'tust¢e

THE FIRE SERVICE RESEARCH & TRAINING TST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

2. INVESTMENT INCOME

Investment income
Interest receivable - trading		 2022
£
172,636
750
173,386		 2021
£
164,877
32
164,909

continued...

Page 7

THE FIRE SERVICE RESEARCH & TRAINING TST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022

3. CHARITABLE ACTIVITIES COSTS

Grant
funding of
Direct
activities
Support
Costs (see
(see note
costs (see
note 4)
5)
note 6)
Totals
£
£
£
£
Direct costs
12,000
-
-
12,000
Grant funding of activites
-
17,880
-
17,880
Governance costs
-
-
11,147
11,147
12,000
17,880
11,147
41,027
4.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2022
2021
£
£
Secretary's fees
12,000
12,000
5.
GRANTS PAYABLE
2022
2021
£
£
Research and training
17,880
134,492
The total grants payable during the year were as follows:
2022
2021
£
£
Edinburgh Talk Tech
17,880
-
Asian Fire Service Association
-
58,750
Catherine Thompson
-
72,816
Institution of Fire Engineers
-
10,000
The University of Leicester
-
(7,074)
17,880
134,492
6.
SUPPORT COSTS
Governance
costs
£
Research and training
11,147
Support costs, included in the above, are analysed below.
Governance costs
2022
2021
Research and
training
Total
£
£
Auditors' remuneration
2,820
2,646
Secretary's fees
3,000
3,000
Trustee's expenses
2,175
-
Governance review
-
1,751
Other costs
3,152
-
11,147
7,397		 Grant
funding of
Direct
activities
Support
Costs (see
(see note
costs (see
note 4)
5)
note 6)
Totals
£
£
£
£
Direct costs
12,000
-
-
12,000
Grant funding of activites
-
17,880
-
17,880
Governance costs
-
-
11,147
11,147
12,000
17,880
11,147
41,027
4.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2022
2021
£
£
Secretary's fees
12,000
12,000
5.
GRANTS PAYABLE
2022
2021
£
£
Research and training
17,880
134,492
The total grants payable during the year were as follows:
2022
2021
£
£
Edinburgh Talk Tech
17,880
-
Asian Fire Service Association
-
58,750
Catherine Thompson
-
72,816
Institution of Fire Engineers
-
10,000
The University of Leicester
-
(7,074)
17,880
134,492
6.
SUPPORT COSTS
Governance
costs
£
Research and training
11,147
Support costs, included in the above, are analysed below.
Governance costs
2022
2021
Research and
training
Total
£
£
Auditors' remuneration
2,820
2,646
Secretary's fees
3,000
3,000
Trustee's expenses
2,175
-
Governance review
-
1,751
Other costs
3,152
-
11,147
7,397		 Grant
funding of
Direct
activities
Support
Costs (see
(see note
costs (see
note 4)
5)
note 6)
Totals
£
£
£
£
Direct costs
12,000
-
-
12,000
Grant funding of activites
-
17,880
-
17,880
Governance costs
-
-
11,147
11,147
12,000
17,880
11,147
41,027
4.
DIRECT COSTS OF CHARITABLE ACTIVITIES
2022
2021
£
£
Secretary's fees
12,000
12,000
5.
GRANTS PAYABLE
2022
2021
£
£
Research and training
17,880
134,492
The total grants payable during the year were as follows:
2022
2021
£
£
Edinburgh Talk Tech
17,880
-
Asian Fire Service Association
-
58,750
Catherine Thompson
-
72,816
Institution of Fire Engineers
-
10,000
The University of Leicester
-
(7,074)
17,880
134,492
6.
SUPPORT COSTS
Governance
costs
£
Research and training
11,147
Support costs, included in the above, are analysed below.
Governance costs
2022
2021
Research and
training
Total
£
£
Auditors' remuneration
2,820
2,646
Secretary's fees
3,000
3,000
Trustee's expenses
2,175
-
Governance review
-
1,751
Other costs
3,152
-
11,147
7,397		 Totals
£
12,000
17,880
11,147
41,027
2021
£
12,000		 Totals
£
12,000
17,880
11,147
41,027
2021
£
12,000
2022 2021
£ £
17,880
 134,492
2022 2021
£ £
17,880 -
- 58,750
- 72,816
- 10,000
- (7,074)
17,880
 134,492
Governance
costs
£
11,147
2022 2021
Research and
training		 Total
£ £
2,820 2,646
3,000 3,000
2,175 -
- 1,751
3,152 -
11,147 7,397

continued...

Page 8

THE FIRE SERVICE RESEARCH & TRAINING TST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 September 2022 nor for the year ended 30 September 2021.

During the year, the trustees neither received or waived any emoluments (2021: - £nil).

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 September 2022 nor for the year ended 30 September 2021.

During the year 3 trustees (2021: 0) received reimbursements totalling £2,175 (2021:£nil) of travelling and other expenses.

8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Investment income
164,909
EXPENDITURE ON
Charitable activities
Direct costs
12,000
Grant funding of activites
134,492
Governance costs
7,397
Total
153,889
NET INCOME
11,020
RECONCILIATION OF FUNDS
Total funds brought forward
225,615
TOTAL FUNDS CARRIED FORWARD
236,635
9.
FIXED ASSET INVESTMENTS
MARKET VALUE
At 1 October 2021
Revaluations
At 30 September 2022
NET BOOK VALUE
At 30 September 2022
At 30 September 2021
Endowment
fund
£
-
-
-
-
-
-
6,350,659
6,350,659		 Total
funds
£
164,909
12,000
134,492
7,397
153,889
11,020
6,576,274
6,587,294
Listed
investments
£
6,350,659
(570,298)
5,780,361
5,780,361
6,350,659

continued...

Page 9

THE FIRE SERVICE RESEARCH & TRAINING TST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022

9. FIXED ASSET INVESTMENTS - continued

There were no investment assets outside the UK.

Cost or valuation at 30 September 2022 is represented by:

Valuation in 2022
Cost
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors
MOVEMENT IN FUNDS
At
1.10.21
£
Unrestricted funds
Unrestricted funds
236,635
Endowment funds
Endowment funds
6,350,659
TOTAL FUNDS
6,587,294
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
Unrestricted funds
173,386
(41,027)
Endowment funds
Endowment funds
-
-
TOTAL FUNDS
173,386
(41,027)		 2022
£
88,388
1,250
89,638
Net
movement
in funds
£
132,359
(570,298)
(437,939)
Gains and
losses
£
-
(570,298)
(570,298)		 Listed
investments
£
(570,298)
6,350,659
5,780,361
2021
£
106,916
1,250
108,166
At
30.9.22
£
368,994
5,780,361
6,149,355
Movement
in funds
£
132,359
(570,298)
(437,939)

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

11. MOVEMENT IN FUNDS

continued...

Page 10

THE FIRE SERVICE RESEARCH & TRAINING TST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022

11. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At
1.10.20
£
Unrestricted funds
Unrestricted funds
225,615
Endowment funds
Endowment funds
6,350,659
TOTAL FUNDS
6,576,274
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
Unrestricted funds
164,909
TOTAL FUNDS
164,909
A current year 12 months and prior year 12 months combined position is as follows:
At
1.10.20
£
Unrestricted funds
Unrestricted funds
225,615
Endowment funds
Endowment funds
6,350,659
TOTAL FUNDS
6,576,274		 Net
movement
in funds
£
11,020
-
11,020
Resources
expended
£
(153,889)
(153,889)

Net
movement
in funds
£
143,379
(570,298)
(426,919)		 At
30.9.21
£
236,635
6,350,659
6,587,294
Movement
in funds
£
11,020
11,020
At
30.9.22
£
368,994
5,780,361
6,149,355

continued...

Page 11

THE FIRE SERVICE RESEARCH & TRAINING TST

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 SEPTEMBER 2022

11. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
Unrestricted funds
Endowment funds
Endowment funds
TOTAL FUNDS		 Incoming
resources
£
338,295
-
338,295		 Resources
expended
£
(194,916)
-
(194,916)		 Gains and
Movement
losses
in funds
£
£
-
143,379
(570,298)
(570,298)
(570,298)
(426,919)

12. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 September 2022.

Page 12

THE FIRE SERVICE RESEARCH & TRAINING TST

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 SEPTEMBER 2022

INCOME AND ENDOWMENTS
Investment income
Investment income
Interest receivable - trading
Total incoming resources
EXPENDITURE
Charitable activities
Secretary's fees
Grants to institutions
Support costs
Governance costs
Auditors' remuneration
Governance review
Trustee's expenses
Secretary's fees
Other costs
Total resources expended
Net income		 2022
£
172,636
750
173,386
173,386
12,000
17,880
29,880
2,820
-
2,175
3,000
3,152
11,147
41,027
132,359		 2021
£
164,877
32
164,909
164,909
12,000
134,492
146,492
2,646
1,751
-
3,000
-
7,397
153,889
11,020

This page does not form part of the statutory financial statements

Page 13