L.1093 JOINT INDIISTRY BOARD FOR THE ELECTRJCklL CONTRACTING INDUSTR Y riiRTHER EDUCATIO, FUND INANC.IAL STATF.NILN'IS IIOR THE YIAM EN'DED 31 DE(:E%I IBER 2024 Registered Charit). No: 313242 Berringer5 LLP ChartEred A¢countsnt5 and Regi5ler¢d Audilor Lygon House 50 Lnndon Road Bromley
,IOIINT INDiISTRY BOARD FOR'I'HE ELECTRICAL COTr*TRAC-riN'G INDI,'STRI' bllRT14F.R LDIICATION FIITID CONTEIITS OF I'IIE FINANCIAL STA TEIENTs ror the )'car ended 31 DeCeber 2024 Page Report of the 'frllstees Ind¢ptndent F.x&miners Rcp()rt Staitment of Financial ACti•tiCS Bilance Sheet Notes to the Finaneial Sthiements Invtsimcnt Portfolio 10- 12
JOIYL T Ih'DLISTRY BOARD FOK THE ILECTRICAI. CON'TK4CTITr4G INDITSTRY FUR'fiiER EDIICA TIOPI FIIND ANNII,II. REPOR'I. OF 'TIIE I'R[TSTEE5 for the year ended JI DecemheT 2024 Th¢ trustees pres¢nt their repoTt tog¢iher with (hc financial statements of the charity for the year endcd 31 IkcLTnb¢r 2024. The financial stalerncnts l)ai'e been preparcd in accordancc iviih (he 8¢counting p(?licies sci out on page 8. Truslce5 R. Clarke J. Burrow5 (Resigned November 2024) N. Smiih IECA Representotivc) (Apwinled Nuveb¢r 20241 C. Jon(s IECA R¢prc5enidtll'¥ (Appointed .%eplember 20241 Charity Number 313242 Addr¢5S Unit 2 White Oak squ Lndon Road Sw'gnle K¢ni BR8 7AG Indcpendent E¥aminers B¢IngerS LLP Lygon 14ousc 501.ondon Road Bromle Kent BRI 3RA Bankcrs Barclays 91 High tet Sidcup Kenl DA14 6DH Investment Managers Brewin Dolphin Ltd 12 Srnilhfi¢ld Street LA)ndon ECIA 9BD Pagc I
JOINT Ih'DIISTRY RO¢lRTr FOR THE ELECTRICAL CONTRACTJliG INDLI.STR FLIRTIIER EDUCATION FUND ANP'll,IL REPORI. OF THE TRI:,STF.ES for the year ended 31 Decemr 2U24 I'hc TTUSte¢s hereb), prescnt iheir annual report and audited financial slalements Df thc charati, tor the }'ear cnded 31 Detetnber 2024. The Truste&s have adopkd the provisions of RertIng by Charities: Stalement of Kccomm¢nded Praciice appliLablc lo charities preparing iheir accounts in accordanTr i¥ith the Finaneial Rep(Trrting Standard applie8blc in ihe U and R¢public of Ireland (FRS 102) {etTecliiie l January 2019). The Joint Industry Board for the Eleclrical Contracting Induslrv Further Educdion Fund is a rcgislered charity. (No. 313242) and the name 'aS cFwiged via resolution on lh¢ 22 Septemb¢r 2010. The chwity W&8 set up bj a tru51 deed on 31 Dernber 1952 and nended on 2 July 1958, 19 August 1970. 22 September 2010 and 27 Fcbruary 2017. Appoin¢mertt of Iru$tees Truste¢s are fomially aprK)inted by the Joint Industry Board (JIB) Nation¥Jl 13oard. There is no iinic limit on the length of service. Organisational 5tructsr¢ &nd r¢l#ted partie5 Undcr an amendment io the original In)st d¢cd, raised on 19th Au8U5t 1970, the JIB offers truste¥ship and administration ol. th¢ fund. This is done through (h¢ National Board. The Nfttional Board has sei up a Board of 'fruslees comprising of tm'o ECA and two Unite members with secretarial services provided by the JIB Secretary. The Truslees me¢1 &( least twice a year. Charitmblc activiti& The purposc of the charil" 15 to further education and trAining for employec5 cover¢d under th¥ Jlt4 Arment and lo Ihe wid¢r induslry. Applicants must be JIB gradcd operativcs participating in Ihe Bcnefiis Scheme. JIB rcgisiercd apprentices OT unemployed operdliNes Ispecific eli8ibility criteria is listed below). Applications must b¢ for courses over and above what is required under ihc JIB grading 51ructure, although ihere is discreiion paniculayly for unernployed indiv iduals. The objects of the Fund are Ihe promotion of lurth¢r education and odv&n¢¢n)enl of apprenli¢e& croftsmcn. labourers and other ivorkeT5 Iviihin the electrical conlracring industry in such i¥'aJ's Ihai th¢ Trustees ihink fil.. and the ¢slablishmenl gJ)d maintenance by educaiion of & high standard of technical knowledge and craftsmanship in the induslr>'. The C0mIrtee previously dwided lo widen eligibility to unemployed operatives and the individual circuinstances of o applicant are taken into aoUnt when considering an application. Applicant8 arc usually those ivho h()Id CCS wds and l)g1'e regist¢r¢d ivith ECTS un¢mployed or provide other evidence as lo the Slatus unemplo>'ed. ECI8 are the insuran services cornpany that administer the knefit% schenie for JIB member coinpanics and Ilieir operaiivcs. The Committee took the decision lo fund Unemploy opcratives &% they bclievcd that il is al this (imc whcn individuy15 H'ould nced most help in upskilling with the airn of improvinE cmployability. 'l-hc Charity has also undcnaken a very succcssful apprenliee exchange programme with ihc N¢w York JID dnd Elcciro Group in Queensland. Australi whereby a JIB apprentio visi15 Qucensland or Neiv York for d Six week period Bnd an Australian or American &ppreniice spends six Hrek5 Ivorking in Ihc UK. This Iripartiie progrdmTne expanded from th¢ prei'ious Appr¢ntice ExchMge Programmes Il)at began in 2010 dnd Ilicre arc ongoing discussions 10 progress thi5 further. The late51 ¢xchange igan in May 2023 M,hen an apprcniicc frvill tli¢ UK spcni 6 we¢ks M'urking in Quecllsland. In 2019, th¢ Tntslees agrced to increase the level of fijnding per funding year lo £30,000 frvin £20,000. This W&S rollowing irnproved marketing and communications campaigns which had Scen Ihe allocation of funding being exceeikd. Awarenes5 of the charily remlins an is5u¢ despite .suslained activity by the JIB meinbers of sluft to incredse aivarene5S nd activity. As suclL in 2021 lh¢ Trustee5 agrecd to commission an upgradL lo the ELS Card Manager 50ftivare to allo direct communicalion about ihc fuytd to tliose ivho would bc eligible (bascd on iheir ¢n)ploy¢r, Ihc qualilication uploaded to their Portal th¢ir ECS card Siatusl. This reprcsent¢d a n)or¢ direct communieation dpproach for those ¢ligible, mther th8J) the gcneric public morketing which was not proving as CtiVe and far MOTC resource intensive. Page 2
JOINT INDIISTRY BOARD FOR THF. ELECTRICAL CONI'RACI'ING IYDllS'fRI' FURTHLR EDIICATION FUII'D ANNIIAL REPORT OF THE TRII.STEES for the )'ear ended 31 December 2024 The 1 rustees aptx)inlcd inv¢sln)ent managcrs Emd und¢rtook a first rei'iem, ol- its linancial ninis in 2015. 'fhis process is reviemtd by the Trustees a Tninimum of onc¢ a )'ear. Gr8nt making poliey All applications are considered and, if succe$5ful, approved by th¢ Further Educalion fund Trusicc Board which consists ofthe Chair Mr Richard J. Clarke (uniun r¢pre5cnlaiivcl and Mr Naihan %ini(h Ènd Mr Cunis Jones (represcnting the ECA). There is one vacancy on thc TruSe Board currcnily IOT a represenlaliv¥ of Unilc the Union. The secre1&¥,. Mr Andrew Rcak'es. is a memkr of the JIB slaff. -I'h¢ limit on ullocations is currenily sei ut a m&¥imum of £30.000 per fnUM &s per th¢ funding year which runs from Isl Jun¢ to 31 st Muy. although this may b¢ incrcased by agrecmenl ol'¢hc TrUse$. l-ho Committe¢ ii'èLS merged wilh the Trustees Board in Decernber 2016 so that th¢ Trustces undert&ke boih th¢ adminislralivc lun¢tions and trusteeship of th¢ Fund. This decision was b&8ed upon a $trUCturIng to faLlor in the Tetircment of a Cornmitlee member and the passing away of onc ofthc Tiuslees. The Fund will pay 75Vp of th¢ course fee5 UP to a mfLNimum dep¢ndent on 11)e Icvel of th¢ qualifi¢aiion. This funding ranges from £750 for Level 3 courses, £l,OOQ for L£vel 4 and 5 courscs 10 £1.250 for l.evel 6 cours¢s. This w&$ inereased of 16th July 2018 from the previous miNimuin of 50a/o of Ihc course lee to a n]])uM of £625. Thcre is list of courses available which have bc¢n a8rced for funding and any courses not cov¢red ar¢ pul lo the Tiuslees for agrccnienl or olhcrwisc. Stringent adrninislrativc checks are mad¢ prior to payTnent. Payment May E¢ madc to the training organisalion. Ihe individual QT the company for reimbursement i¥here eviden¢e is provided. The level of funding and ihe typ¢s of courses that can bc lulldcd for unemployed opcralivc5 is al Ihe discretion ofthc TThslce Biiard. Th¢ Fund M'ill also provide £5,000 in Ihc forni ol. a 8¢hol8rship Grdnl lo an eligible individual undertaking a higher-l¢vel qualifjcation such as & Degrcc ora M&st¢rs Level course in a relevant disciplinc. This funding is call¢d the Poul Corby FJur$Y. To b¢ eligible, individuals should be employed by a JIB mernber company or unemployed and should be graded an Approved Electrician a minimum. Funding is up to £5:OIMTr per ndIng ycar, bur may b¢ split betNvcen multipl¢ appli¢onis if d¢emcd appropriate. Public Benefli The trustees have had r¢gard io Lharity Cominission biuidanco on public beiielit and cortsidLr that the objeciive& uirn and achievemcnts of tli¢ charity dcscribed in th¢ rcport enabl¢ il to me¢1 its duty io the Cliwity Commission per section 17 orth¢ Charities Act 201 I, and to the ben¢fit ofihe public. Finantlal review During ihc year. incorne from inv¢stmenls increayd from £10.382 in 202110 £11,295. Toial distributions for Ihe )'car lolalled £17,271, up from £17,061 in 2023. Invc51mcnts held by Ihe chlty, have E¢en includcd at the markei ialue ai 31 Decembcr 2024. DuTing the y.ear Il)e Charily received a donalion of £55,000 {2023.' £49,134). Irom the Joint Industry Board for the Eleclrical Contracting Industry. Restrv¢J risk M$$esiment Ther¢ is a sufficient level of reserves in placc tu meet the objeeiives ol. Ihe charity and (hey currcnily provid¢ an allocatiun of £30,000 per }ear from the fund for th¢ purFM)s¥ of funding course fees appropriat¢. Th¢ 'frusÉe¢s w'ill nionilor the portfolio and s¢ek specilllist adviLe should il fcel that the portfolio 11ccds lo be investcd lak¢ &dvantage of benefici81 products. SutTicient reserve5 are lo be maintiuned to alloiv the appropriat¢ lev¢ls of alloctttiong lo continu¢ in future years. Rescrvei sland at £684.077 as at 3151 Dccemb¢r 2024 (£612,791 in 2023). Page 3
JOINT 1,DITS7.R), BOARD FOR THE ELEC'.TRICAL COINTRACI'INC INI)IIS'I'RTr' FIIRTIIER EDIICA'I-ION FIIND Trustee$, Responsibilitie$ tn relation to the FinaDeial statemet for the ye4r ended 31 Dtcembtr 2024 Thc Truslces ore responsiblc for preparing th¢ Rcpori of the Trustees and th¢ linwicial staiements in ac¢oidancc with applicable law and lJniied Kingdoffl Accounting Standllrd5 Iuniled Kingdon) Gcnerall Acccpied AcLounting Pra¢li¢el. The law applicablc to charities in England and Wales requir¢s Ihc trust¢e5 lo preparc financial slotemenls for edch financial year ii'hich give a true and fair view of the slwc of affairs of thc charity and of thc incoming rcsources and application of r¢sourc¢s of the charity for ihat period. In preparing the financial slate¥nents, the 'l'rustees are r¢quired 10.. a) selcct suitable accounting tx>licies and apply them consistenLIfv' b) observe th¢ methods and principles ift the Charities SORP; cl make judgernents and e51imates that are reasonablc and prudent.. d) stale ,hether applicable accounting standards liavL en followcd, subjeLt to any mer1] dcpartures dis¢losLd and explained in the financial statements; e) prepare the financial statements on the goin8 concern b&sis. unless il is inappropriate lo pr¢sum¢ that the charity will ontinue in bu5ines5. The Trustees are responsiblc for keeping s1r1ent aceounling reLrdS that disclos¢ ii'ith I¢anb]e accurV al any lime the financial pusilion ol'th¢ ¢liaTily and to ¢nubl¥ Ihcm lo ensure thai lh¢ financial Slalcmei?Is Lornpll, ii'ith the Charities Aei 2011, the Charity (Accounls and Reports) Regulations 2008 and Ihc provision5 of thc ITU51 dced. They ar¢ also responsibl¢ for safe8uarding th¢ assets of the charity gJ)d hence for taking re&son8ble steps for the preveniioD and d¢leLtion of fraud and oihcr irregulariiies. 'rhe Trustees are responsible for th¢ maintenance and inlcgritv of the charity and financial injorm1On includ¢d on the charity'5 website. Legislation in the United Kingdom gov¢ming th¢ pr¢parulion and dissernination of financial 5tatcmenls znay diif¢r from legislation in othor jurisdictions. Approved by the tTU5tees on... and signed on their behalf by.. R Clarke C Jone5 Page 4
INDEPEIYDENT EXANIINF.RS RF.PORT TO "I'IIE I"RI,'SI'Tr:F.S O JoIT INDIISTR), BOARD foR I'IIE F.LEC'TRIC.AI. C.'ONI"RACTI.NG IP'DIISI'MI' FIIR'I-IIER EDLICA TIOI% FII.NI) I report to ihe charity. tnistees on my cxamination of the a¢counts of the Joini Industr), Board lor Ihc Elerlrical Conir8ciing Industry Further Educaiion Fund for thc >'car ended 31 Decenilxr 2024. Responsibilities and basis uc report As ihe ¢harit} trusiees of the Trust )'ou arc respvnsible for Ihe preparation of ihe a¢counts in accordan 1117 the requirements of thc Charities Act 201 Il'the Act'l. I report in respect of rny examination ofihe Trusle¢'5 accounis corried out under 5cclion 145 ()f the 201 l Act artd in carry'ing out mir exarnination I have followed all ihe applicablc Direciions given by the Charily Coinn)ission iind¢r xction145151{bl of the 2011 ALI. Independent ex&miner'5 Statement I hav¢ compleied Tny examinatiori. I confirni that no rnaterial matters have com¢ to rny att¢nlion in connection M'iih the examination giving me Cause to Ixlieve ihat in any material r¢spect- accountin8 records were not kcpl in rcspect of Ihc Trust required by scction 130 of the Aci: or 2. the account5 do not acwrd with thos¢ r¢cords' or 3. the &c¢ounts do not coll)ply M'ith the applicable requirements conwming the form and contenl ol'acLounts s¢1 oul in the Charities (Accounts and Reports) Regulalions 2008 olher than any requirement th81 the accounis give a 'irue And fair vi¢iv' which is not a matter considered as part of independent ex8minion. I have no concerns and have come across no uiher maner& in conneclion with the exan)inHlion io which attention should be drawn in ihis report in order io enable a propcr understanding ol. Ilic uccounls lu reÉi¥liid. Paul Allan BSULSL FLA B¢rringers I,LP Chart¢red Accounlanls Lygon Flouse io London Road rjromley Kent BRI 3RA 1g-IK41L Page S
JOINI. INDIISTRY BO.IRD FOR I'IIE ELECI'RJC.AI. CONT114cfiNG INDI';STRI' FIIRTHER EDIICATIONI FllIN'D STATF.MLIYT OF FIINANCIAL ACI'IVITIES for the year endtd 31 December 2024 2024 2023 Notcs INCOME A'D ENDOWMENTS FRO,M: Invcslmenls Donations Receivcd 1129.5 .S.5JMKJ 10,382 49,334 Totsl 59.716 EXPENDITURE OIN: Charitabl¢ 4ctivities Awwd5 Trusiees insurance Committe¢ expcnses Apprentice Exchange Costs Bank Fee5 17,271 17.061 550 36 4,582 15 Raising fundg Inv¢slm¢nt Management 2.481 2.187 I'otal 20.$116 24.395 Net intomtl(expendilurel 35,321 Oiher recogniied ggins (IA)5sesl/gFJins on invc51ment &$5CIS Realis¢d UnTealiscd 14981 15994 15241 18.J96 25,496 18.07? Net movement in fund5 71,2116 53.393 RECONCILl2lTION OF FIJNDS: Total funds brought fornard 612,791 559.398 l fitAI fund¥ carried forn'&rd 684,077 612.791 Page 6
JOINT IIN DUSTRY BOARD FOR THE ELECTRICAL COYTRACI'ING INDLISTRI. FIIR'fiiER F.DI,:CA'fioiN FiIND BALANC.E SIIEET 31 Decernbcr 2024 2024 Noie5 2023 FIXED ASSETS Investment portfolio ai markei value Page 10-12 522.749 460.774 cURRE.f ASSETS Cash at bank on deposit 151406 C.URRENT LIABILITIES Sundry creditors 'ET CLIRRENT ASSETS 14 TOI'AL ASSETS LESS CURRENT LIABILITIES: 612791 ACCLI.MIILA TED FIIND The financial slatmenis were approved by the Bowd of Trustees on... by.. and Nrrc signed lis behall, R. Clarke C. Jon¢s PaEe 7
JOINT INDIISTRI, BOARD I',OR TIIE ELECTRICAL CON'TRACttNCJ INDITSI"RI' FURTHF.R EDUCATION FIIN'D NOTES TO 'fiiE FIN'trli)TCIAI, S'I'ATENIEJN'TS for the year ended 31 December 2024 I. ACCOIINTING POLIC.IES Basis Df accounting The finAncial slalemcnls of ihe charity. Ivhich is a public benefit entity under FRS 102, have bccn prepat¢d in accordance ivith th¢ Charities SORP (FRS 102)'Accounting and Rewrting b!. Chariiies.. St&l¢ment of Recoinmended Practice applicable 10 charities preparing Iheir aL'counts in aceordancc with the Finela111cP0rtLng Standard applicable in the UK and Rcpublic of Ireland IFRS 102) (elyeaive l January 2019). Financial Reporting Siandard 102 1.he Fingmcial Reporting StBndard applicabl¢ in the UK and Republic of Ireland, and lh¢ Charities Act 2011. The financial stalen)cnts have b¢vn prepar¢d under the hislorical cost convention. as modified by the revalualion of certain &8sets. Funds All tunds are unrestrictcd and comprise thos¢ am()unls that the I'ruslees are free to use in accordunce i¥ith ihc charitable objectives. Incoming resources All income is rewgni5ed in the Sialernenl of Financial Aciivilics oncc the ch8Jity has entiilemenl lo th¢ funds, il is probable Ihal che income will be receiv¢d and the amnunl can b¢ rneUTed reliably. Resource$ expendtd Liebiliti¢s arc recognised as expenditure &8 soon as thor¢ is a legal or conslru¢live obli88lion coniniilling the charity to Ihal expendilure, it is probablc that & transfer of ¢conomic benefiis wjll IK required in sclllement wid Ihc niouni of ihe obligation can be mc&sured reliably. Expendilure is aceounled for on an accrua15 b&5is and has been classified under headings that aggregate all cost relaled lo the category. Fixed assf t Invesirnenls F'ixed asset invesmenls are iniiially recognised ol Ihcir transaction valuc and are subsequcnilj me2sured al th¢ir fair value lrnarket V8lue) os at the balance sheet d8le. The Siateineni of Financial Aclivilic5 inclu(le.q Ihc nel gains and losses arising on rcvalualion and disposals Ihroughout the year. The main forn7 of financial risk faced by th¢ charity ig the volttlility of the investment rnarkets due to wider ¢conomic conditions. The ini'eslmenls h¢ld by the charity are managed by independeni investn)¢nt manager on Ihe bchalf of the trustces. Realised giins losses All gains amd losscs are taken lo Ihe Stai¢rnenl of Financial Activities as ihcy Srisc. R¢alis¢d gains and losses on investments ar¢ calculatcd &8 the differenc¢ between sales pro¢eed und opening carryin8 value Ipuch&se dale if IAt¢il. Unreali5ed gain5 and losses are calculated are calttulal¢d as the difference beeen the markvl value at IhL y¢ar end and opening carrying value lor purchasc dai¢ if later}. SiznifIc&nt judgements and estimaies The prcparÈtion of the financial st&l¢ments requires manageThcnl to Inake ju(lecments, estimates and assumption5 that aife¢l the amounts reported for &sscls and liahilities as at the balance shcei dale and the amounts rewjrted for r¢venu¢s and expenditures during Iheyear. However, the nature of ¢stiiMation means thai actual outcomes ¢ould differ from Ihosc estimates. The Irustees do not considcr that Iherg 18 a sigiiificant risk ofcausing a material adjustment to the Carry'ing amounts of assets and liabilitles M.Ithin the n¢At financial period. Going concern It 15 Ihe trustees, opinion thal the compan}. 15 a going ¢onLern for the foresceable futuJE. Cash Hnd ea5h equivalents C&sh cash equival¢nls include cash in hat)d and dewsits held at call wiih bank5. Page 8
JOINT IN'DliSTRY BOARD FOR I'IIE ELECTRICAL CONTR4cfiNG JNDLISTRI, FIIRTHER EDITCA T10, FUN'D NOTES TO THE FINANCIAL S'I'ATEMEI'TS for the year ended 31 December 2024 ACCOIINI'ING POLICIES {eont.} Creditors Short term cr¢ditors are measured at the Iransaciion price. nther financial liabilities. including bank lodns, arc Incasured initiallv at fair N'alue, nel of transaction costs, und arc rneasured subsequenil). al ttmortised cosi using thc etr¢ctive interest method. TAXA TJON The fund is not subject lo l&xalion, and therefore United Kingdom tax on iniercst rcceived is recovemble. INCOIllE 2U24 2023 Dividends re1V 11,295 10,382 95 CREDITORS 2024 2023 Other creditors 5A29 5,389 ACCIII¥IIILATED FUND 2024 2023 BalAnce al l Januari, 2023 Surplus for the ye GainsllLosses) orj revaluation of inv¢slments 612,791 559.398 35..721 18.072 25,496 Balance &t 31 Deccmkr 2023 684 077 612791 RELA TED PARTY TRANSACTIONS At the 31st De¢¢mb¢r 21124 the fund oH'¢d £39 12023.. £NIL) lo rhc J(?int IndLtsir)' Board for il?c Elcclri¢al Contracting Industry. The Joint Industry Board for the Electrical Coniracting Industry. donatcd £55.00012D22.' £49.334) lo the charity. Pd8e 9
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