Charity registration number.. 273978 The BMTA Trust {A Charitable Incorporated Organisationl Annual Report and Finanaal Statements for the Year Ended 30 June 2024
The BMTA Trust Contents Reference and Administrative Dgtails Trustees, Report 2105 Independent Examinerfs Report Statement of Financial Actml$ Balance Sheet Notes to the Financial Ststemenls 91015
The BMTA Trust Reference and AdmInIstrave Detalls Trust88S A D H Pearson H A Burrows SGMCaffyn D J Evans Irelired 91h November 20241 D K Garratt {appointed 24th July 20241 K Humby S G James DEMain Trust Secretary J R Dolphin Offlcg Addrgss 27 Old Gloucester Street London WC1 N 3AX Charity Regiytratlon Number 273978 Bankers CAF Bank Limitsd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ Investment Advlsorn JM Finn & Co 25 Copthall Avenue, London EC2R 7AH Indgpendent Examlners Ward Williarns B8lgrave House 3943 Monument Hill Weybridge Surrey Iff13 8RN Page 1
The BMTA Trust Trustees, Report (Contlnuad) The Trustees present the annual repi)rt togèthèr wth th8 financial statements and Indepgnd¢nt examinerfs report of the charfty for the year ended 30 June 2024. Obl¢ctlves and actlvStleg ObJe¢ts andalms Thè principal ath'vily of the charity is that of a charitable trust Ithe"Trusl") which gives wèlfare grants. The re8u118 for the yè8r and Ihe financial posillon at the year-end wore considered satisfactory by the Twslees. The following extract from the Memorandum of Associatk)n glves an explanation of the objects ol the Trust. °Thè obj6cts for which Ihe AssoGiatlon 1$ Bstablished are to r8lieve pgrson$ who poor. neody. inc8pacilalgd, inffm7 orolhoThvisg in nec888itous Gim818neS and the voivgs, widows, husbands, Widow8, pats, Ghildrgn or t)thord8pendents of such PeOn8 woth prnfence lorpersons who ar6 &mployed An th8 Motor Trade orMolorlndu8try.' In 2024, the Trust'5 focu8 remains on this group and has Invoe grant givlng forwelfare to those employed In or retired from the aulornolive indEJslry. In addition, the Trust is actively seeking to dèvelop ts gTant giwng 8Ctiwties lo indude training grants lo young people seeking to enter the athomollve Industy and those seeklng lo acquire new skills. Thè Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidaneè on public benefit when vien9 th8 Trust's aims and objectSves in planning future activities and setting the grant making policy for the year. The Trust's investment policy aims lo produee 8 sustainable Income and maintain the real valye of the investments in accordancè with the Trustee Investments Act 1961. Reserves are retained lo erisura that these ob5ective3 ¢8n bè met. There have been no m*eri81 changes in policy Since the la81 Twslees, Report. Public benellt Th8 Trustees confirm Ihal they havè complied with the reqU1mntS of section 17 of the Charities Act 2011 lo have due regard lo the public benefrt guidance published by the Charity Commison for England and Wales. Grant making pollcl•s The Trust's Development and Grants Manager I'DGMI reviews all applleations r8caived for the Trustees, considerallon and decisions made at Council meellngs. Applications from mtslor vehicle apprentices who are studying al Further Education fFE'I Colleges and indivlduals seeking to develop new skills applicable lo the automotive induslry continues lo be the main afea for development. Funding 18 provided lo support, inter alia. course costs, tools. and travel costs to and from work or educational estalshents. Grants are also considered for older employees within the automoliva industry seeking to change career or develop their skills. Followng tha decision of the Trustees in 2022123 to revise the basis ¢n which it pn)vides financial support for welfare lo individuals connected to the aulomolive industry, The Trust has conllnued ils relationship for CndIng these cases through Ben (another charity dedicated lo supportlng people in the automotlve industry). At each Coundl meeting. thè Trustees deternine a flxed amount of grant to be provided to Ben and receive a rèport from Ben as to they have applied this fundlng lo weffare cases that have receid, reviewed and approved. Achievements and p8rfomiance Ouring the year, the DGM has continued lo conl8¢t staff at FE Colleges. motor training ¢enlres and motor industy associallons to assist in helping rdentify individuals who need financial help. Page 2
The BMTA Trust Trustees, Report (Continued) Work commenced on devdoping the Tru8t'5 rnarketing and communications strategy lo attract interest, particulaily from the youngèr gèneration. A redesign of the Tnjsl's website has been commissioned and is èxpected to be Saunehed by the end of the third quartei of 2024. Whilst the Trust website ¢onJnu6s to ba accessed by individuals requiring help land contains contact and grant applicallon detailsl, Th8 Trustees recognise that social medla is the main communica.On channel for young peopl8. This area will therefore conllnue lo be a subject of review and development durfng the ¢oming year. In 2023-24 the lotal number of enquiries received increased lo 20512022-23.. 143). The split of applications behveen those for welfare applicants and those from direct motor industry & appréntice applicants was 81119% 12022-23.. 71r29°Al. A total of 17 direct motor Industry welfare and apprentice enqulrfes did not progres5 due to requ8Sted documentation not being supplled Of no ft&rlhar contact from the applicant. A total of 117 direct applican15 for welfare support were referred to Ben. In respo¢t of 23 completed applications consldered by the Trustees, 312022-23.. 801 welfare awaids and 8 (2022-23.. 8> appr6ntiC6 awards were agreed. The lolal grant support provided, aftèrtsking into account refunds of grants 8nd one grant that was approved but not paid due lo the c(Jndilions of Ihe award not being satisfied. was £63,28612Q22-23'. £97,517). The total number of grants made to Indfvidual benefiaaries (including beneficiaries receiving ¢o-funding through the Trust's relationship with Ben) was 9512022-23.. 55>- This total was split beveen.. Grants to Ben for co-fundlng of 8512022-23-. 78) welfare cases lotalllng £45,WO of which £44.542 Was allocated by Ben12022-23.' £65,572) representing an average of£524 per case (2022-23.. £910 per cas&l', 7 apprenticertrainlng (2022-23.. 61 cases lotalling £5,486 12022-23- £10,205) representing an average of £783 per case12022-23'. £1,701 per casel.. and 3 welfare12022-23'. 11 cases tolalling £2,80012022-23'. £1,SOO) represanling an average of £933 per case12022-23.' £1,500 per case}. In aildlb'on. the Trust provided the following grants in 2023-24.. £10,(N)012022-23: £10.000) to the Ben ChStmaS Familles Project Going concern The financial slalements ha been prepared on a going con¢%m basis. The Trustees assess whether the use of going concem Is appropriate l.e. whether there Is any material uncertainty related lo events or condilions that may cast significant doubt on the ability of Ihe charity tr) continue as a going c4)ncem. The Trustees make this assessment in respect of a period of one year from the dale of approval oflhe flnanLial statements. The net asset position of the Tru8t18 £6.359,294, the majority of which relates lo Investments. with cash resernes held being £233.108. On this bASiS th8 Trustees consider f( appropriate lo prepare the financial statements on a going concem basis. struc1 governance and managemont Nafvr• of governing document Tha Tfust was su¢¢esslulty converted from a charllable company Ilmited by guarantee lo a charitable incorporated organisalion I'CIO,) with èffect from 27" March 2024 and is gov8m8d by its conslilulion. In aOrdanCe Wlth the operation of the law, thè assets and liabilities of the company automatically vested in the CIO al the date of conversion. The financial data presented in these financi81 slalomanl and the Trustees. report for lh8 period prior to the dale of conversion related to the cornpany. The Trust IS fégisler8d as a charity with the Charity Commission. Page 3
The BMTA Trust Trustees, Report (Continued) R8erullmenÉ andappolntment of Trustees Wh8n a vacancy afises on tho Council of Management {IhÉ 'Council'l. any existing Trustees may suggest suitable n8w candidates lo fill th8 vacancy and a decision on the appointmenlls) is made by 8 majority vote of these ¢xisting Trustees. Oryanl84tlonal structure The organisation of the Trust is as follows.. There were seven Ttuslees sotvlng during the finand81 ya8r to 30" June 2024. Tho Trusts&s comprise the Council for the Trust. All Truste8s are inVoed in the decisions conceming cases for as8islan¢e. A minimum ol Ihrae Trustees conslilules the Investment Sub-committee, which makes decisions based on the recomrnendations of the Tru8t'8 Inveslm8nt Advisors. The Sub-C¢Jnmlllee reports to the full Council * meellngs. The TN8t has a Trusl Secretary lo deal with tha financAal and admini81Tallv8 affairs of the charity and a DGM lo deal with applications, submit thern lo the Trustees and implement the Trusle8s' deasions relating lo the award of grants. Flnanelal Instruments Obiectfves amlpolklo$ The charfly's activities expose il lo flnanaal risks, including ¢redil risk. The investment managérs of the investment portfolio SUre that there are sufficient levels of diverslfi¢ation wrthin the portfolio to rnanage these risks and clear instructions have been glven by the Trustees detailing the ac¢gptsble levels of risk they arg willlng to accept when invèsting funds. Crndll rfsk The Trusls principal flnancial assets are bank balancès and cash and investments. The Trusfs credit risk is primarily attributable to its investments. The Investment managers who manage Ihe investment portfollo are advised by tre Trustees of the level of ri8k that Is a¢c8ptable to the Trust. This investment policy is clearly documented. The inveslmenl managers enstjre that a dSvèrsified portfolio is held. reducing 8xposure lo significant laveLs of credit risk. ststèm8nt of Respon$ibllltlo8 The Trustees arg spOnSible for preparlng th8 Trustees. report and thè financial statements in accordance wblh the Charili8s Act 2011, the Charities (Accounts and Reports) Regulations 2008.and observing the methods and principles in the Charities Slalemenl of Racommended Practice fSORP)-. Under the charit A¢1 2011 the Trustees are responsible for keeping adequatè aecounting records that ale sufficient lo show and explain the charitys transactlOll8 and discbse with reasonable 8¢curacy 81 any time the financial position of the charfly. enabling them to prepare Ihg financial slalernents. They arè also responsible for safvguarding the assets of the charity and hence lor tth'ng reasonable steps for the Prv110n and delectbon of fraud and other irregularflles. DlsclosuTe of infomiafjon to the independont oxamlnef The Trustees have decKJed to retsln the Trust's pfev¢ous audil¢xs, Ward Williams. Chartered Accountants as Independent examiners. Each Truste8 has taken steps that they ought lo have taken as a trustee in order lo make Ihemselves aware of any relevant infomiation and to establish that the Charity's independent exarniner is aware of that nformation. The Trustees confirm that Iherg is no relevant information that they know of and of whith they know the independent ex8min8r is unaware. The annual report was approved by the Trustees on 15 January 2025. Page 4
Tho BMTA Trust Trusteos, Report (Contlnuod} Slwd on b•hAlfdts TnJ8taes by". Pag• S
The BMTA Trust Independent Examlnerfs Report To the Members of the BMTA Trust I report to the Iruslees on my examination of the financ1 stslemenls of The BMTA Trust Ilhe charty) lor the year ended 30 June 2024. Responslbllltles and basis of r•port A8 the charity's trustees. you are responsible for the preparation of the accounts in accordan wtth the requirements of the Charities Act 2011 ('Ihe Act.). I report in respect of my examinallon of the Trust's accounts carried out under sedion 145 of the 2011 Act and in carying out my examination, I have followed all the applicable Directions given by the Charty Commission under 8ecti¢)n 14515){bl of tho Act. Independent examsnes statement I have comploled my examination. I confirni that no material matters have come to my attentn in connection with the examination which gives me cause lo believe that in. any material respect.. the accounting records were not kept in accordance with section 130 of the Charities Act.. or the accounts did not accord wtth the accounting records., or the accounts did not comply with the appllcable requirements conceming the form and conlenl of accounts sel out in the Charities (Accounts and Reports) Regu181ions 2008 other than any requirement that the accounts give a 'lrue and faif viewWhh is not a maller considered as part of an independent examination. I have no concems and h8ve come across no other matters in connection with the examination lo which attention should be drawn in this report in order lo enable a Pfoper understanding of the accounts to be reached. Colln Hamllton ACCA Waré Williams Bay Lodge 36 Harefield Road Uxbridge Mlddlesex UB81PH Dated". 201111 Page 6
The BMTA Trust ststement of Financlal Activities for the Year Ended 30 June 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestrictsd funds Total 2024 Total 2023 Note Income and Endowments from: Investment income 199,S33 199533 196,780 Total Income 199,533 199,533 196,780 Expenditure on: Raising funds Charitable actiwtles Other expenditure Total expenditure G8in8llosses on investment assets 136,2731 1103,6831 136.2731 1103,6831 24,600 1164,556) 136,9341 1141,3341 1164,5561 1195,8611 256,476 14 Net incomeldefkil 417,844 417,844 {255,5571 Nel movement in ftjnds 417,844 417,844 1255,557) Raconciliation of funds Total funds brought fotward 5 941450 5 941,450 6,197,007 Total funds carried forward 14 6 3S9 294 6 359,294 5 941450 All of the charitable incorporated organisalion's activities derlve from continuing operations during the atrM)ve two periods. All funds fof the year ended 30 June 2023 were also unfestricted. Page 7
Th• BMTA Trust Balanco Sheet a8 at 30 June 2024 2024 2023 Flx•d ao•¢ts Investments 10 6,123,076 5,818.982 Curront a••ots Debtors & Preyyments cash.at bank and in hand 11 12 9,163 233 108 242,271 6,722 124 817 131,539 ¢T•dltorn: Amounts falllng du• wlthln ontyy••r 6,053 Nat eurrnnt 488gt* 122,488 Funds of th• Charlty: Unr•strlcted Incom• lundb Unrestrictsd fvnd8 6 359 294 5 941450 Total funth 14 6 359.294 The Inandal statomonts on pages 2 to 15 were approved by the iruats88 and authorised for issue on 15th January 2025 and $igned on their beh8tf by.. Tru3tee P4y8
The BMTA Trust Notes to the Financlal Statements for the Year Ended 30 June 2024 1 Charlty stsths With effect from 27th March 2024, the BMTA Trust successfully converted from a charbtable company incorporated in England and limited by guarantee lo a charitable incorporated organis8lion. The finanaal data pSent8d in these financial 51alament and the Trustees, r&port for the period prior to the dale of conversion related lo the Company. 2 Accountlng pollcles Summary of slgnificant accountlng pollcles and kay accountlng estimates The principal accounting policies applied in the preparation of these financial statements are sel oyl below. These policies have been consistently applied to all the ye818 presented, unless otherwise staled. Statsment of compliance The financial statements have been prepar8d in accordance with Accounting and Reporting by Charities.. Slal8ment of Recommended Practice applicable lo charbties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191- (Charities SORP IFRS 102}I, the Financi81 Reporting Standard applicable in the UK 8nd Republlc of Ireland IFRS 1021. They also comply with the Companies Act 2006 and Charities Act 2011. Ba$ls of preparatlon The 8MTA Trust meets the definition of a public benefit ontty under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction valug unless ¢lhernise staled in the relev8nl accounting policy note$. The financial statements have been preparetl in £'s. whieh is also the functional currency of the BMTA Trust. The values disclosed within the financial statements are not subj8cl lo rounéing. Going concarn The financial slat8ments have been prepared on 8 going concern basi8. The Trustees a$8es8 whetherlhe use of going concem is appropriate i.e. whetherthere are any material uncertainties Telaled lo events or condillons Ihat may cast signrficanl doubl on the ability of the BMTA Trust lo continue as a going concern. The Iruslees make this assessment in respect of a peric of one year from tho date of approval of the financial statements. Income and endowments All income IE recognised once the BMTA Trust ha8 entitlement lo the income, f( is probable that the income will be received, and the amount of the income receivable can be measured reliably. Investmentincome Investment income is recognised on a receivable basis. Expenditure All expenditure is recognised oncè there is a legal or constructNo obligalton to that eXndItUTe, (( is probable settlement is required and the amount can be measured reliab. All costs are allocated lo the applicable expenditure heading that report the aggregate of similar costs lo that category. Vwhere costs cannot be directty attributed lo a particular heading, they have been allocated on a basis consistsnl with the use of resources. Page 9
The BMTA Trust Notes to the Financial Slataments for the Year Ended 30 June 2024 Raising funds The88 are costs incurred in the management of investments. Charitable activltles Charitable expenditure comprise8 those costs incurred by the BMTA Trust in the delivery of ils activities and services for its beneflanes. It includes both costs that can be allocated directly lo such actNiltes and those costs of an indirect nature necessary lo support them. Grants payable Grants payable are payments made lo third parties in the furtherance of the charitable objectives. here the 8MTA Trust gives a grant wth conditions for its payment being a specrfic kevel of service or output to be provided, Such grants are only recognised in the stslement of financial activities once the recipient of the grant h88 provided the specific service or output. Grants payable without perfomianc8 conditions are only recognised in the accounts when a commitment has been made and there are no condllions lo be mel Te181ing lo the grant which remain in the control of charity. Support costs Support costs include central functions and have been allocated to activity Cost categories on a ba8lS consistent with the use of resources. Governan¢o costs These include the costs attTibulable to the BWA Trusvs compliance with con81itulional and statutory requirements, including independent examination, strategic management and Trustee's meetings and reimbursed expense8. Taxatlon The BMTA Trust is considered to Pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore r( meets the definition of a charitable entity foi UK corporation lax purposes. Accordingly, the BMTA Trust is potentially exempl from laxalion in respect of in¢om8 or capital gains received within categories covgred by Ch8pl8r 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Charge8ble Gains Act 1992, to the extent that such income or gains are applied gxcIusNely lo charitable purposes. Flxed asset investments Frxed 8ssel inve8tmenls, other than programmg related investments, ale included al market value at the balance sheet dale. Realised gains and losses on investments are calculated as the differenca betsveen sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Flnancial Activities In the Perad of disposal. Unrealised gain8 and losses rapresent the movement in mark81 values during the year and a credited or charged to the Statement of Financkgl Activities based on the market value at the year end. Cash and Cash &qulvalents ash and cash equivalents comprise cash on hand 8nd call deposits, and other short-tem highly liquid investments th81 are readi convertible to a known amount of cash and ar¢ subject lo an insignificant risk of change in value. Fund structure Unreslri¢ted income fvnds are general fvnds that gre available for use at the Trustees, discretion in furtherance of the objectives of the BMTA Trust. Page 10
The Bf44TA Trust Notes to the Financial Statements for the Year Ended 30 June 2024 Flnanclal Instruments The BMTA Trust only has financial asse15 and financial liabilities of a kind that qualify 88 basic financlal instrurnents. Basic financial instruments are initially recognised al transaction value and subsequently measijred at their settlement value. 3 Investment Income Unrestrlcted funds Total 2024 Total 2023 General Inlgrest Other income from fixed asset investments 7,139 7,139 192,394 199,533 7,495 189285 196,780 199 533 4 Expendlturo on r41slng funds Unrestrlctei1 funds Total 2024 Total 2023 General Other investment management C0818.' Adminislratbn of the investments 36,273 36,934 5 Expendlture on charltablg aGtlvltlos Unrestrict8d funds Total 2024 Total 2023 General Gran15 expended Development & Grant Manager 63,286 63,286 97,517 43,817 141334 103 683 103683 6 Other expendlturg Uniostrlcted funds Total 2024 Total 2023 General Note Independent examination of the flnancial statements Audit of the financi818talemenls Trustees. expenses Other resources expended 2,714 2,714 5,700 715 11,178 945 20,941 24,eOO P898 11
The BMTA Trust Notes to the Flnancial Statements for the Year Ended 30 June 2024 7 Grant4naklng Analysts of grants Grants to Indlvlduals 2024 2023 Analysls Giants expended 95 grant5 were paid lo individuals12023.. 851 and one grant of £10.00012023.' 1 grant of £10,000) was paid lo an organisation. All grants expended were ef(her for indniidu81 welfare or apprenlicenraining support purposes. Not Incomlngloutgolng resources Net outgoing resources for the year include.. 2024 2023 Fee for independent examination of the financial stslements Audit fees 2,714 Trustees, remunoratlon and expen8e8 The expenses patd to the Trustees con818led of reimbursement for Iravelling costs for Trustees. meeting5. No Trustees, nor any persons connected wlh them, have received any remuneration from the charity during the yoar. Pagé 12
The BMTA Trust Notes to the Flnanclal Statements for the Year Ended 30 June 2024 10 Flxed asset Invostments 2024 2023 other investments 6,123.07S 5,818.962 Other investments Ll$ted Investments Cost or Valuatlon At 1 July 2023 Revaluation Additions Disposals At 30 June 2024 5,818,962 157,697 1,088,648 920,231 6,123.076 Net book value At 30 June 2024 At 30 Jung 2023 8,123,076 5,818.962 The rnarkel value of the listed investments as 8130 June 2024 was £6,123,07612023 - £5,818,21. At thé year4ftd 38.50h12023: 29.65Yo) of the charity's portfolio was held in overseas inveslmenls. 11 Debtors 2024 2023 Aecrued Interest Receivable 6,722 12 Cash and ¢a$h equlvalents 2024 2023 Cash at bank Short-lefm dep081t8 19,863 213245 233,108 21,104 103.713 124 817 13 Credltors: amounts folllng due wlthln one year 2024 2023 Accruals 9,051 Pa 13
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The BMTA Trust Notes to tho Flnan¢Sal Statements for the Year Ended 30 June 2024 15 Related party transactlons There wer8 no related party transactions in the year. Page 15