2023-03-31-accounts - The Electrical Safety Council

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	PAGE
	NO.
LEGAL AND ADMINISTRATIVE INFORMATION	I-2
CHAIR'S STATEMENT	J
CHIEF EXECUTTVE OFFICER'SREVIEV/	4-5
DIRECTORS'REPORT	6-19
INDEPENDENT AUDITOR'SREPORT	20-23
CONSOLIDATED STATEMENTOFFINANCIAL	24
ACTIVITIES
BALANCESHEETS	25
CONSOLIDATED STATEMENTOFCASHFLOWS	26
CHARITYSTATEMENTOFCASH FLOWS	27
ACCOUNTINGPOLICIES	28-3r
NOTES TO THECONSOLIDATEDFINANCIAL	3t-43
STATEMENTS

AChaplin	Chair to6July2022
SFrost	Chairfrom 6Júy2022
A Williams
PHide	Resigned26May2022
SBounoua
EHudson
T Connelly
AWells
ABoissett
KHusselbee	Resigned6October 2022
ADamirchi	Resigned14September 2022
R Olszewski
MDesmond	Appointed12September 2022
NHussey	Appointed12 September2022
PNeville	Appointed12 September 2022
R Bhalinge	Appointed 6Jrúy2023
RGosling	Appointed 6Jrúy2023
RVagdia	Appointed6 July 2023
Senior Staffand	Officers-Charity
LesleyRudd JenniferTrim	Chief ExecutiveOfficer CompanySecretary

Senior StaffandOffic	ers-TradineSubsidiaries
ESFEnterprisesLtd MSibley KParker ROrton EHudson	FinanceDirector Non-Executive Director NonExecutiveDirector NonExecutiveDirector	Resigned8June2022 Resigned 9June2022 Appointed8June2022
ESC PartnershipsLtd SFrost	Non-Executive Director	Resigned7October20
EHudson	NonExecutiveDirector
PNeville JTrim	Non-Executive Director Non-Executive Director	Appointed12 Septembe

ElectricalSafetyFirstsocialmediastatsbetween1April2022 and 31March2023
Channel ImpressionsEngagements(tikes,repliesoretweets,linkclicks)
Twitter 2,246,5369,586 Facebook/ lnstagram730,0746,127 Linkedln 170,34010,825 Total 3,146,95026,538

(incorporatingConsolidat	ed Inco	me¡ndExpenditure Ac	c	ount )
						2023	2022
	Unrestricted Notecharity",iírft:ïfr. Funds					.ïiä:	åiä:
		f,,'000	f,,'000			f,'000	f,,'000
INCOMEFROM:
Investment Income-Investments	5	500			3l	531	354
Investment Income-Properties		470				470	521
OtherTrading activities-ShareofprofrtsinJoint Ventures	t2			6,012		6,012	4,740
IncomefromCharitableActivities		62				62	9
TOTALINCOME		1,032		6,043		7,075	5,624
EXPENDITURE ON:
Raisingfunds
Discontinued tradingoperations					3	3	5
InvestmentManagementCosts		t4				t4	27
FundraisingCosts		63				63	12
Subtotal- RaisingFunds	4	11			J	80	104
CharitableActivities
InstallationSafety		799				799	624
ProductSafety		1,301				1,301	1,003
Grants andDirect		293				293
Research		152				t52	90
Subtotal- Charitable activities	4	2,545				2,545	1,717
Other Expenditure	4	38				38	129
TOTALEXPENDITURE		2,660			3	2,663	1,950
Net Investment(Losses)/Gains-lnvestments	t2	(772)				(772)	588
Net Investment(Losses)/Gains-Property		78				78	(78)
NetInvestment Gain-ReclassihcationofProperty							139
NetInvestment(Loss)fromImpairmentofProperty							(350)
NET(EXPENDITURE)/INCOME		(2,322)		6,040		3,718	3,973
ActuarialGain/(Loss) onPensionScheme	r7	(3,000)				(3,ooo)	5,950
(Loss)fromnon-recognitionofPension Asset	t7	2,200				2,200	(11,800)
Transferof GiftAid		5,1l5		(s,1	15)
NETMOVEMENT INFUNDS		1,993		925		2,918	(t,877)
TotalFundsat1 April2022						28,358	30,235
TotalFundsat3lMarch2023						3L,276	28,358

THEEL BALANCE	ECTRICA SHEETS	LSAFETYCOUNCIL ASAT31MARCH2023	LSAFETYCOUNCIL ASAT31MARCH2023
	Note	Group Charitv 2023 2023		GroupCharitv 2022 2022
		¿'000	f,'000	f,'000	f,'000
FIXEDASSETS:
TangibleAssets-used	10	4,734	4,734	4,939	4,838
TangibleAssets - investment properties	1l	783	783	705	705
Investments	t2	12,070	12,070	12,844	12,844
InvestmentsinJoint Ventures	t2	6.012		5.313
		23,599	17,587	23,70018,387
CURRENT ASSETS:
Debtors	13	256	256	79	79
Cash atBankandinHand		8,002	5,821	5,006	3,055
		8,258	6,077	5,085	3,134
CT]RRENTLIABILITIES:
Amounts FallingDueWithinOne Year	t4	581	1,289	427	1,139
NET CURRENT ASSETS(LIABILITIES)		7,677	4,788	4,658	1,995
TOTALASSETS LESSCURRENT LIABILITIES:		31,21622,375		28,35820,382
DEF'INEDBENEFITPENSION SCHEMEASSET /(LIABILITÐ	t7
		31,27622,375		28,35820,382
RESERVES
UNRESTRICTEDINCOMEFUNDS		31,27622,375		28,35820,382
PENSIONRESERVE	l7
TOTALRESERVES		3t0276	22,375	28,35820,382

ONSOLDATED STATEMENTOF	CASH FL	OWSF'OR	THEYEAR	ENDED3l	M	ARCH
				TOTAL
				FUNDS		PiYR
				2023	FUNDS
				g'000		g'000
Netcash (usedin)operatingactivities(NoteA)				(3,286)		(6,102)
Netcashprovided by investing activities	(NoteB)			6,282		6,761
Cashflowsfromfinancing activities
				2,996		659
AnalysisofNet Fundsf'000	AtIApr 2021	21122 Movement	At3lMar 2022	22t23 Movement	At3lMar 2023
Cash atbankandinhand	4,347	659	5,006 2,996			8,002
CASHFLOW STATEMENTNOTES
A.Netcash usedin operating activities
Netincomeforthereportingperiod				3,718		3,973
Shareof profits inJoint Ventures				(6,012)	(4,740)
Depreciation				138		122
Dividends,interestandrentsfrominvestments				(s3l)		(3s4)
Rentsfromproperties				(470)		(s2l)
Losses/(Gains)oninvestments				694		(2ee)_
Loss on disposalof fixedassets
FRS102Pension operating movement				(800)	(4,350)
(Increase)/Decreaseindebtors				(r77)		(26)
(Decrease)/Increaseincreditors				t54		93
Netcash usedin operating activities				(3,286)	(6,102)
B. Netcashprovidedby investingactivities
Dividends,interestandrentsfrominvestments				531		354
Rentsfromproperties				470		521
Distributions fromJoint Ventures				5,313		5,889
Purchaseofproperty,plant&equipment				(34)
Proceedsfromthesaleofinvestments				2,011		6,578
Purchaseofinvestments				(2,009)	(6,581)
Netcashprovided byinvestingactivities				6,282		6,761

nalysis ofchanses	innetdebt
f,'000	At31MarCashflow	At	3lMar
	2022		2023
Cash	5,006 2,996		8,002
Cashequivalents
Total	5.006 2.996		8.002

CHARITYSTATEMENTOF CA	SH F	LOW	SFORTH	E YEARENDED31M	E YEARENDED31M	ARCH	2023
				TOTAL
				F'UNDSP/YR
					2023	FUNDS
					f,'000		f,'000
Netcash (usedin)operatingactivities(NoteA) Netcashprovidedbyinvestingactivities(NoteB)					(3,287) 6,053 2,766		(6,096) 6,446 350
Analysis of Net Funds f,'000	At1	Apr 2021	2u22 Movement	At3lMar 2022 22t23 Movement		At	3lMar 2023
Cash atbank andinhand	2,705		350	3,055	2,766		5,821
CASHFLOWSTATEMENT NOTES
A. Netcash (usedin)operating activities
Netincomeforthe reportingperiod				(2,322)		(767)
Depreciation				138		122
Dividends,interestand rentsfrominvestments				(s00)		(34e)
Rentsfromproperties				(470)		(s2t)
Losses/(Gains)oninvestments				694		(2ee)
Loss on disposaloffixedassets
FRS102Pension operating movement				(800)		(4,350)
(Increase) /Decreaseindebtors				(r77)		(26)
(Decrease)/Increase increditors Netcashprovided by(usedin)operating activities				150 (3,287)		94 (6,096)
B.Netcashprovidedby investÍngactivities
Dividends,interestand rentsfrominvestments				500		349
Rentsfromproperties				470		521
Giftaidfromtrading activities				5,115		5,579
Purchaseof property,plant&equipment				(34)
Proceedsfromthesaleofinvestments				2,011		6,578
Purchaseofinvestments				(2,009)		(6,581)
Netcashprovidedby investingactivities				6,053		6,446

nalvsisofchangesin	net debt	net debt
f,'000	At31MarCashflow		At3lMar
	2022		2023
Cash	3,055	2,766	5,821
Cashequívalents
Sub-Total	3,055	2,766	5,821
Loans duein1year	(714)	2	(712)
Total	2,341	2,768	5,109

comprisethe costsofCharity identified by function.	premises, finance, gove	manceand
	2023	2022
	f'000	f,'000
Installationsafety	138	128
Product safety	225	207
Research	26	l9
Fundraising	l3	22
Total	402	376

INVESTMENT INCOME A¡IDINTEREST
		GrouD
	2023		2022
	f'000		f,'000
Bank interest	103		5
Investment income	428		349
	531		354

STAFFCOSTS
		Charitv			GrouD
	2023		2022	2023		2022
	f'000		f'000	f,'000		f'000
Staffcosts
Wagesand salaries	1,011		853	1,011		8s3
Redundancycosts Agencysalaries Social securitycosts	2T 128		50 J tt2	2t 128		50 3 tt2
Pensioncosts	106		92	106		92
Healthcareplan	3		4	3		4
	1,269		l,l14	1,269		l,lL4

tothefollowingbands.Alloftheseemployees wer	eparticipatingin the group personal pensio	nscheme
	2023	2022
f60,001tof70,000	1
f70,001 tof,80,000
f80,001to f,90,000	I	1
f90,001 tof100,000	I	2
f100,000-f110,000	1	I
f110,000-f120,000	1
	5	4

YEARENDED31M	ARCH2023
ETINCOMINGRESOURCES	2023	2022
	f'000	f,'000
TheGroup'snetincoming(outgoing)resources are statedaftercharging(crediting):
AuditfeesParent Subsidiaries Nonauditfeespaid toauditors Depreciationof tangible fixedassets	l7 5 46 138	9 I 38 122
Losson disposaloffrxedassets

GIBLE FIXEDASSETS
Group&Charity	Freehold Landand Buildings	Leasehold Landand Buildings	Office& IT equipment	Computer software	TOTAL
	f'000	Ê'000	f,000	f'000	f,'000
COST
B/fwd	824 5		213		6,037
Additions			34		34
Disposals			(2s)		(2s)
C/fwd	5,824		222		6,046
DEPRBCIATION
B/fwd	1,019		180		1,199
Charge	r00		38		138
Disposals			(2s)		(2s)
C/fivd	1,119		193		1,312
NETBOOK VALUE
Asat3lMarch2022	4,805		JJ		4,838
Asat 31March2023	4,705		29		4,734

NOTES TOTHE CONSOLIDATEDFINANCIAL YEARENDED3lMARCH2023 INVESTMENTS-GROUP	STATEMENTS
Group	2023 f'000	2022 f,'000
Joint Ventures:
AtlApr,l2022	50313	6,462
Shareofprofitfortheyear Less: remitted to the Group	6,012 (5,313)	4,740 (5,889)
At3lMarch2023	6,012	5,313
ShareofJointVenturesrepresentedby:
Fixedassets	1,860	2,019
Currentassets	t3,076	12,293
Creditors	(8,924)	(8,999)
	6,012	5,313
OtherInvestments	2023	2022
	f,'000	f,,000
MarketvalueasatlApnl2022	12,810	12,025
Purchases (atcost)	2,009	6,581
Disposalproceeds	(2,019)	(6,384)
Netinvestmentgains/(losses)	(772)	s88
	12,028	12,810
Cash balancesheldbyinvestmentmanagers	42	34
Marketvalueat3lMarch2023	t20070	12,844
Otherinvestments are representedby:
UKEquities	1,254	1,740
OverseasEquities	6,738	6,963
UKBonds&FixedInterest	904	s38
GlobalBonds&FixedInterest	736	558
HedgeFunds	92	67
PortfolioFunds
Property	552	813
Infrastructure	417	4',t9
Cash funds	6332	842
Commodities	371	438
Others	331	372
Cashsecurities	42	34
Marketvalueasabove	12,070	12,844
InvestmentsTotal(Group)	18.082	18.157
Charity	2023 f,'000	2022 f,'000
Subsidiaries(SeeNote20)
Other Investments	12,070	12,844
InvestmentsTotal(Charity)	12.070	12.844
ESC PartnershipsLtdholds memberrightsinCertsureLLP

YEA	RENDED3lMAR	CH2023
13.DEBTORS	Group 2023 f'000	Charity 2023 f'000	Group 2022 f,'000	Charity 2022 f'000
Trade debtors	t74	174
Prepayments Social Security and OtherTaxes	42 40	42 40	5; 2t	58 2l
	255	z5t	79	79

Trade debtors and amountsduefromrelate	d companiesinclu	ded inthe abov	eareheldatam	ortisedcost.
14.CREDITORS	Group 2023 f'000	Charity 2023 f,'000	Group 2022 f,'000	Charity 2022 f'000
Amountsfallingduewithinoneyear Trade creditors Social security and othertaxes Amountdueto subsidiary undertakings Accrualsanddeferred income	139 33 - 409 5E1	139 33 712 405 t2,82	t36 25 266 4n	136 25 714 264 1.139

cancellable operatingleaserentalsarereceiva	bleasfollows:
Notlater thanoneyear Later than oneandnotlater thanfiveyears Later thanfiveyears	Charitv 2023f,000 398 1,592 398	20221000 402 1,592 398	Group 2023f,0002022f000 105 109 ztt 2ll
Total commitment	2.388	2392	320 31ó

iciencylevel.Theschemerules s.	werealso amendedtoallowthe s	chemeto payadmin	istrationa
SchemeAssetlnformation	AllocationPercentage31-Mar-23	AllocationPercentage	31-[{ar'22
Equitysecurities	0y,	0%
Debt securities	72%	53%
Diversifiedfund	16%	33%
Other	tz/o	14%
Total	100%	t00%
Fair valueofSchemeassets(fmillion)		73.8	99.2
Included inthe above:
Valueof entity'sownfinancialinstruments		0	0
ValueofpropertyandotherassetsusedbytheEmployer		0	0

DefïnedBenefitCost - PeriodEnding	DefïnedBenefitCost - PeriodEnding	31-Mar-23	3l-Mar-22
AProflt&L,osr(P&L)
I	Effectofemployeeservice inthecurrentperiod
2	Net interest onnetdefined benefit liability/(asset)	(0.3)	(0.1)
3	Schemeintroductions,changes,curtailmentsand settlements
4	Defined benefitcost recognisedinP&L	(0.3)	(0.1)
5	Costoftermination benefits(l)
6	Administrationcostsincurred durinstheoeriod
7	Cost recognised inP&L	(0.3)	(0.1)
BOtherComprehenslvelncsme(OCÐ
I	Actuarial (gain/lossarising duringperiod	(22.2)	(4.2)
2	Return onSchemeassets(greater)/less thandiscountrate	25.2	(r.7)
3	Changeinirrecoverablesurplus(2)	(2.2)	I1.8
4	RemeasurementeffectsrecognisedinOCI	0.8	5.9
CTotalDeñnedBenefit Cost
1	Cost recognisedinP&L	(0.3)	(0.1)
2	RemeasurementeffectsrecognisedinOCI	0.8	5.9
3	Defined benefit cost	0.5	5.8
DAssnmptionsUsed to Determ¡nellefinedBeneflt Costf)
I	Discountrate	2.7%	2.0%
2	Priceinflation (RPI)	3.8%	3A%
3	Priceinflation(CPI)	3.4%	3.0%
4	Pension increasesforin-payment benefits
	- LPImaximum5olo - LPImaxim'rm2.S%o	3A% aÁo/	3.0% 2.3%
5	Pension increasesfordeferredbenefits	3.4%	3.0%

Net	BalanceSheetPosition-Period Ending	BalanceSheetPosition-Period Ending	3l-Mar-23	3l-Mar22
A	Development ofNetB¡lanceSheetPosidon
	I	Defined benefit obligation(DBO)ofScheme	64.2	87.4
	2	Fairvalueofassets(FVA) ofScheme	73.8	99.2
	3	Sumlus/(deficit)ofScheme	9.6	I1.8
	4	Irrecoverablesurplus(effect ofassetceiling)	(e.6)	(11.8)
	5	Net defined benefitassel(liability)	0.0	0.0
B	Reconclll¡fionof NetB¡lanceSheetPosltio¡
	I	Net defined benefit asset/(liability)at endofpriorperiod	0	1.5
	2	Effectofemployeeservice inthecurrentperiod
	3	Netinterestonnetdefined benefit asset/(liability)	0.3	0.1
	4	Remeasurement effectsrecognised inOCI	(0.8)	(5.e)
	5	Schemeintroductions,changes,curtailmentsand
	6	Employercontributions	0.5	4.3
	7	Benef,rtspaiddirectlybytheEmployer
	8	Transferpayments
	9	Netdefìnedbenefìt asset/(liability)atendofcurrentperiod	0.0	0.0
C	AsrrmptÍonsandDatesUsedforMeasurements(3)
	1	Discountrate	4.8%	2.7%
	2	Priceinflation(RPI)	3.5%	3.8%
	3	Priceinflation(CPI)	3.1%	3A%
	4	Pension increasesforin-payment benefits
		- CPI maximum5olo	3.1%	3A%
		- CPI maximum2.5olo	2.3%	2.4%
	5	Pension increasesfordeferredbenefits	2.9%	3A%
	6	Schemeparticipantcensusdate	31-Mar-20	3l-Mar-20

Changes	in reported benefit obligations&assets- Period Ending	3l-Mar-23	31-Mar-21
AChangeilllefinedBenef,t Obligation @BO)(lncl¡dingURB)
I	DBOatendofpriorperiod	87.4	93.3
2	Effectofemployee service inthecunent period
3	Interestcost onthe DBO	z-)	1.8
4	RemeasurementoftheDBO	(22.2)	(4.2)
5	Schemeintroductions,changes,curtailmentsand settlements
6	Schemeparticipants'contributions
7	Benefits paidfromSchemeassets	(3.3)	(3.s)
8	Benefits paiddirectlybytheEmployer
9	Taxespaid
l0	Acquisitions
II	Divestitures
12	Termination benefits
l3	DBOat endofcurrentperiod	64.2	87.4
BChangeinSche,meAssets
I	Fair value ofassetsat endofpriorperiod	99.2	94.8
2	Interest income onSchemeassets	2.6	1.9
3	Retum onSchemeassetsgreater/(less)thandiscountrate	(25.2)	1.7
4	Schemeintroductions,changes,curtailmentsand settlements
5	Employercontributions	0.5	4.3
6	Schemeparticipants'contributions
7	Benefits paidfromSchemeassets	(3.3)	(3.5)
8	Administrativecostspaid
9	Taxes paid
10	Acquisitions
II	Divestitures
12	Fairvalueofassetsat endofcurrentperiod	73.8	99.2
CReturnonSchemeAssets
I	Totalretum onSchemeassets	(22.6)	3.6

		CertsureLLP
	2023	2022
	f,'000	f'000
ChargedbyESC
Rent	468	467
Staffrecharges
Charged to ESC- Reimbursableexpenses	23	22
Charged to ESFEnterprisesLtd-SupportServices

GROUPUNDERTAKINGS Thefollowingweretheprincipalsubsidiariesandjointventuresduringthe inthe consolidatedfinancialstatementsforthewholeyear.	year,and haveallbeenincluded
Countryof Subsidiaries(&cos ttseReeistration)Incorporation Classofshare	Parent Company's Interest Direct Indirect
trlESFEnterprisesLimitede2st3t62)GreatBritain Ordinary	100%
tzlESC PartnershipsLtdioazttzoe¡GreatBritain Ordinary	100%
Financialinformation fortheyearand at theyearend isshown below:
Company t'000at31March2023 f,'000forvearended 31March2023
AssetsLiabilitiesFunds TurnoverExoenditure Profit/lloss)
ESF EnterprisesLimited 71847r4-2(2)
ESC PartnershipsLtd 8,187-8,187-1(927)
Countryof JointVentures IncorporationClassofshare	Parent Company's Interest Direct Indirect
1r¡CertsureLLP(oc:zssts) UK	75%