REGISTERED COMPANY 'uL11BER. 01007353 {EnglAlld XDd M'ales) REGISTERED CHARtTY NLlBER. 508775 Re ort of the Trustees and Consolid#ted Financial Statements for the I'e&r Ended 31st Au ust 2024 for Humber5ide En ineeriD Trainin Association Limited Sadofskys Siatutori, Auditors Princes House Illright Street Hull East Yorkshire Itu2 8HX
Humberside En ineerin Trainin .4s50eiation I.imited Contents of the Consolidated Financial Statements for the ear ended 31 st .4u ust 2024 Page Report of the Trustees 1 10 13 Report of the Independent Auditors 14 10 16 Consolidated Statement of Financial Activities 17 Consolidated Balance Sheet Comp#ny Balance Sheet 19 Consolidated Cash Flow Statement 20 Notes to the Con501idated Cash Flow Statement 21 Notes to the Con501idated Financial Statements 22 10 30
Humberside En ineerin Trainin .45$0ciation Liinited ort of the Trustees for the l'ear eiTrded 31st ust 2024 The trustees who dre also directors of the charil). for the purposes of Ihc Companies Act 2006, present their report with the financial statements of the group for the year ended 31st August 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing iheir account.s in accordance N'iih the Financial Reporting Standard applicable in the UK and Republic of Jreland {FRS 102) (effective l January 2019). REFERENCE AND ADMIN'ISTRATIVE DETAILS Registered C.ompan!' number 01007353 (England and IValc%} Registered Charit}, nUber 508775 Registered office 27-31 Dansom Lane Hul HU8 7LA Trustees I C, Palmer - Chair R M Swain T Moiiershead E J Greenfield D J Oliver M R Brunton {appointed 1919123) B Houston (appoinled 19,'9123) J M Wells (appL)inled 3014124) Mrs K A Johnson (appoinied 2317124) Mrs K Robinson (appointed 2317124) S T Dearing (appointed 23;'71?4) M T Daubne), (resigned 1913124) L S Fretter (resigned 2914124) Company Secretar), l Elliott -4uditors Sadofsk J s statuto.. Auditors Prince% House Ivrighi Street Hull East York.qhire HU2 8HX Solicitors Bridge Nlcfarland l Marina Court Hull Fttll 2AZ Page I
Humber5ide En ineerin Trainin .I$4oci2tion Limited ort of the Trustees for the 'e#r ended 3 1st Au ust 2024 Expertise, experience, capAbilities of IIET A HETA 1.4 a not-for-profil Charilj 'Group Training Association established in 1967 u,hich noii, operates from .1 wholly owiied siles, Dansom Lane (Hull), Pioneer Park {Grimsb)') and Foxhills (SLunihorpe) to serve emplovers across the Humber Region that operate in the engineering, manufacturing and process industries. The GTA model still exists in name but in real terms the company operate8 as a commercially focused but not for profit training provider with a FE,'Charilable ethos that serves our learners and employers lo ensure we deliver training and eduLation that will meet the skills needs of Ihc region. Governance is provided by a group of Trusiees who meet six times per year. HF.TA QUentI}I employs around 80 people across the three siles W'ith a turnover in excess of approx. £7m pa. Our real estate is wholly owned. HETA currently tiains and assesses around 600 Engineei'ing learners pei s'eal across levels 3, 4 & 5 and delivers 'in-work' training for adults to over 350 client companies across the Yorkshire and Humber region. HETA also delivers training contracts for employers who have multiple sites across the UK. OBJECTIN'ES AND ACTIN'ITIES To advance the Iheoretieal and practical education and training of persons engaged or intending lo be engaged in the engineering industrv. The HET.4 I'isioD is" To be the leadin ineerin custotner re uiretnents. trainin roi'ider deliverin exce tional hi ualitv trginin that continuall meets We will provide trainees wilh the qualifications, skills and w'orkplace experience required to obtain sustained employmcnt and abilities to respond to thc changes across our core industries. HETA will be guided by and follow the following 6 strategic aims; A. To maintain the work required to be an Ofsted giaded provider rated Good or Good with Outstanding features. B. To be the engineering training 'Proi'ider of c.hoice across the Humber region designing and delivering high quality skills training. C. To reduce our reliance of publi¢ fundiiig in the pursuit of commercial income whilst maximising existing ESFA contract valucs. D. To reduce our level of debt and incTease our cash reserves. E. To be an 'Employer of Choice" and to create a positive 'orkIng environment that generates, encourages and proniozes equalil!, of OpportnitY for all staff and that is creative and entrepreneurial that will enable the business to grow.. F. To monitor the skills needs across the Humber region and respond lo meet that demand. Page 2
Humberside En ineerin Trainin -4ssociation Limited ort of the Trustees for the i".ear ended .31st .4u ust 2024 OBJECTII'ES AND ACTII'ITIES - continued 11.'e Ivill be driTren to acl)ieN'e the folloiTring top level Key Performance Indicators. Increase growth in tumover in line w'ith the overall Ihree-year financial plan. Deliver an annual surplus lo re-invest in the business of no less than 5 % per annum. Maintain a Self_Asse$5ed Grade of al least Good (2) with Outstanding features. Agrce and achicve annual targets for recruitmentlretention and Qualification Achievement Rates (QAR) that are 't11 above national benchmarks. Maintain and incre2%e our market share of Advanced Apprenticeships using ESFA annual data lo agree targets and measure our perfomiance. STRIICTURE, GOVERN.4NCE AND MATr4AGEIIqEfiT Charit). con51itution The compaii). is liinitcd by guarantee. It was incorporated on 7th April 1971 undcr the c.ompanies Acts 1948 and 1967 and is governed bv its memorandum and Articles of Association as amended September 1980, April, 1995 aiid May 2021. A funher amendment was approved by the HETA Board ofirusiees in Juls, 2024. Recruitment and appointment of new truslees HET A aims lo develop and mainEain a dii'erse group of individuals that w'ill support the aim of the compan. Trustees are dentified and recruited based on skill set and expericnce. No one is entitled lo act as a Trustee whcther on appointment or on any Icappointmenl until he or she has expressly acknowlcdged, in whatever aY the Trustee decide, his or her acceptance of the office of Truslee and Member. The appointment of a Trusiee must not cause the number of Trustees lo exceed any nuinber fixed as the maximum number of Trustees. The latest Articles of Association make clear Feference lo the period of lime that Trustees Th'ill be appointed for. The latest amendment to the Articles of Association now ShOS that the maximum number of Trustees has been increased lo 15 pcople. Organisational structure The Board Ineet six limes during the year. The meetings were concluded using a 'hybrid' model over both video conferencing and face to face. This model provided members with a more efficient way to meet and increased participation. HETA is managed by the Director5 (Tn2Stecs) with da>'_to-dav responsibilitv delegated to the c.hief Executive who is appointed by the Board. The da!, to da!, slralegic and operational management of HETA was carried out by the Seiiior (strategic) Leadership Team (SLT) u.'liicli during 2023-24, consisted of the folloing teain mcinbcr Cliief ExeCuti.e Deputv Cliief Executive Human Resource5 llana(Fer Operations .MAnager He#d of Qu#litTr' and Curriculum DeTr'elopment (with effect from August 2024) Page 3
Humberside En ineerin Trainin Association Limited ort of the Trustees 'ear ended 31 st .4u ust 2024 for the STRUCTURE, GOIIERNANCE AND MAN'AGEIIIENT- continued In turn, the SLT is supported bj an experienced and very able manageinent teatn.. Health and SafetN illanAger 2 x Centre (curriculum) l¥lanagers Field Team Ilqanager Curriculum l.IMnager Higher Education IT Support Il#nager lanagement Accountant .4dministration Manager Teaching And LeArlling Improvement.VJanager Sale5 aDd hlarketing Manager *Fron7 September 1" 2023, Ihe post of Head of Sales aHd Markeling ceased io exist.folloHying the resignation of the posl lioldei. and Yesponsibilityfor this department 17a.g bee17 laken over by the Sales and Markeling Managey. The Management of Risk HET A has adopted a Busii)ess Risk Register (BRR) and the Board will receive updates on each area of risk to assess the appropriateness and robustness of the controls being deployed lo mitigate risk. The BRR is reviewed periodically by the anagement team and at board meetings by the Trustees. Policv on Reserves The eharit), will aim lo hold, non-commitled. end of year cash reserves of not less than 50 /0 and not more than 150 /0 of the total annual staff and contractor einployinent Costs. The reserves policj. reinains a kcy aspect of financial hcalih, bul the Trusleeg continue lo revieTh this annually. This formula ,117 enable the dircctors and management of HETA adequate eontingeney funds to deal with significant varialions of year-to-year business activity. ,41 the Balance Sheet dale the unrestricted cash reserves represented 250/0 (2023.. 390/0) of the )wear's emploN'menl costs {including subconiract inslruclors and excluding HA TA apprcnticts). The board approved the reserves dropping below the target in ord¢i' to finance the construction of the new cenlre ai Grimsb),. The need to vacate our previous (rented) premises at Stallingborough (Griinsb}'} and the strong desire to create a higher quality, 21" century lean]ing and working environment was a driving lorce behind ihe new build project nientioned above. For context, the construction phase probabl), started al the ivorst possible time post pandemic and a war in Ukraine. Material costs ere high, and price contiliLlitv 'aS unpredictable added to by labour shortages Thhich lcd to higher contractor prices. Combinii)g all this H'ith the fact that the UK M'as in a 'funding hiatus, and thal no addiiional capital grants were ai'ailable: this meant that the build project financed from both bank borrowings and reserves. Whilst the reserves polic! exists, the board of Tiustees approved that this can be flexible in ordei to achieve the project cornpletion. Re£erves for 2024-25 and 2025-?6 are forecast to be at ??O/ii and 3 80/0 respectivelv and rising in subsequent N'ears taking HL T A back "ithIn the luleraiiLes allowed in the reserves poliL. HF.T A has a nuinber of strategic aims of whiLh one relaies lo lei'els of debt: 'To i'educc our leiiel ofdebi and inci'ease our cash resei'ves" The current reserve.s reflect the fact that the Board have chosen to 'oi'erpa) on monthlv capital paN'ments that will see the oi'erall debi le.el reduced. T.0 building loan.% are scheduled to be paid off in December 2024 and July 2025. Page 4
Humberside En ineerin Trainin A550ciation Lin]ited ort of the Trustees 'ear ended 31 st Au ust 2024 for the KEY ACHIEIIEMENTS .4ND PERFORNIANCE Ineome Diversification It is important that HETA follo.$ a plan to divei4ify income and noi be solely reliant oil the core funding from the Deparlmenl of Education. Our commercial training courses have grow'n sleadil}' with the expansion of our sales and marketing function. It is important to note in addition lo commercial sales, that this team drives the reLruitment process for both our Level 3 funded programmes 2nd our Higher National education programmes that are mainly fee pa)'ing rather than goernment funded. Combining both income streams demonstrates a rnodest but healtliy year on Vear increase. Out of Area Recruitmetjt HETA continues lo recriiil learners froin outside of the Huinber region. In 2023-24, we were successful in atlra¢ling emplo)'ers and their learners from Wesl and South Yorkshire, London and the South East of England. This pattern is continuing into 2024_25. -4rmed Force5 HETA has been a si(5nalory of tlic Arined Forces Covenant sincc 2022 and folloTh'ing a successful application, 'C have now secured the next level up as a Sili'er AH'ard holder. This follows a reN'i¢w of actii'ilies, policies and procedures and the abilil! lo demonstrate that we support the UK Arnied Forces Lommunitj.. The Aiilled Foices cO.enant is a promise that together we acknowledge and understand that those w.ho ser&'e or have served in the Armed Forces, and tlieir families, including the beieaved, should be treated with fairness and respect in the communiticg: economy, and societ! ihev seive 1th Ilieir lives. hit s-//ww ...armed[or¢eScoVenanl. ov.uk/aboul-the-coveiiantl HETA has been actively engaged with the armed forces to raise awarenes5 of engineering careers for veterans transitioning lo civilian life. We provided Infornialion, Advice, and Guidance {IAG} at ke}, events, including the C.atterick Amiy B&se, Manchester and London Veterans UK Roadshows, and atiended events for cadets at Leeonfield Barracks. These initialives highlighted the transferable skills veterans bring to the engineering sector and showcased the opportunities available to them. Our dedication to SUPPOTting tlie armed forces eommunil}' was reLognised with the prestigious Silvcr Armed Forces c.ovenant AThard, reflecting our commitment to fostering career pathw'ays for those who have served. Ofsted December 2023 saw HETA receive a full inspection from Ofsted-the previous inspection ivas in 2017. The outcome 'aS graded as Good-this matched the previous inspection grade. For more detailed inforn)ation then please follow this link lo read the full in.%pection report.. hti S'.iifi le%.01sttd. FOV.uk('I'lililLI50?_481_32 Oi'erall effectiN'eness Good l-lit qualilw ol eduLalion-Good BehalOUr and atliiudes- Good Personal development- Good Leadership and management- Good Education progTrammes lor >'oung people- Good Apprenticeships- Good Page 5
Iluniberside En ineerin Traiiiin AssoeiAtion Limited ort of the Trustees 'ear ended 31 st .4u ust 2024 for the KEY ACIIIEIIEMENTS AND PERFORII.4NCE- continued Funding and Fundraising Activities Income streams al HETA are structured in sueli a way to provide some deLJree of financial Security and suslainabilily that allows us to reinvcst iii the best leaching and learning facilities and working conditions for stafr. In simple terms we aim to maintain four strand5 of revenue generation. Contracied funding from the Department for Education lo support the delivery of funded programmes including Apprenticesl)ips and Traineesliips. Higher Education that is paid foi b), employers to delIer the Higher National Certificate and Diploma. Commercial training courses to upskill those alread)w in the labour market paid for bv employers and individuals. Additional grant funding from different sources designed to fund new provision, acquisition of new equipment, traiiiing resources and discrete intervcntions to support J'oung people. HETA has continued to deliver a significant number ol Iraining and education programmes lo our different client groups that have generated income to support the continued growth of the charity. These include. Leiel 3 &. 4 ApprentiCe5hips to both 16-18 and 19+ learners - £5,039k Stud! Programme (l-rainceships) for unsponsored learners £220k IIE programines- £521k Adult upskilling courses for those already operating in the laboui market £906k Othcr income stieams - £723k Overill income year on vear is. £7,409k 2023-24 against £6,241k 2022-23 In delivering these various activities: the compans, has generated an operating surplus of £915k- an income uplift of 190/0 )'ear on ycar-this reflects the strength in how our income streams Iiave bccn diversified. This surplus all0..S for continued investment in the current and future activities of the C.harity', Investtnent in new #ssets for the }'ear M'as £698k. Page 6
Humberside En ineerin TrainiD .4ssociation Limited orl of the Trustees "ear ellded 31st Au ust 2024 for tlie KEY ACHIEVEMETrITS AD PERFORMANCE - continued Additional Grallt Funding HETA w'as particularly successful in attracting new grants by participating in a key national initiative from the Department of Education.. LSIPS and l.SIFs Local Skills Improvement Plans-LSIPs w'ere conceived to define and set out the key priorities and changes needed in a local area lo make post 16 techiiical education or training more reSponsie and closeli, aligned to local labour market needs and provide a repre.%entative and coherent emplover vieTh of the skills most nceded lo support local economic growth and boost produclivily, and improve emplovability and progression for learners. The LSIF supports the reforms inlroduccd in the ski115 for obs wliite ei., providing investment in the technical skills system lo betler support the needs of the local labour market and wider economv. The Local Skills Improvement Fund was aligned lo the LSIPS. The fund is being made available to collaborations of FEIPost 16 pioviders to enable them to respond to the priorities in the Local Skills Improvement Plans (LSJPS). The local skills improvement fund (LSIF) was designed lo enable furthei. education providers aLioss a geograpliic area to respond colleclii'el), to the Priorilics in the local ski115 improvement plans (LSIPS). The LSIPS '¢re submitted by the designated employer represenlatii'e bodfv for each area b}, 31 MaTr' 2023. For the Huinber region these were the Hull and Humber c.hamber of Commerce and the Fedcralion of Small Businesses. HETA w'as successful in securing panner place in the LSIF Partnership for both Greater Lincolnshire and Hull and East Yorkshire. As an aelive partner, we secured vital capital and revenue funding totalling £850k-this has allowed us to invest in new equipment that support curriculum developments and an iinproN'ed learner experience. HETA IaS able lo secure additional funding from the LSIF which enabled us to make significant investments in new capital equipment and new curriculum design. -4nn 11 atsons Trust Established In the East Riding of Yorksliire: the Trust is now 300 5.'ears old making il one of the older charities in the United Kingdom and to this day il continues io fulfil the charitable objectives uf its founder Mrs Ann 111 atson. Along with other charitable aiin8, the trust seeks lo make grants for the advancement of education of young p¢ople under 25 'ears in Hull and the Easi Riding of Yorkshire. In 1720: Ann Il'atson's Il'ill established a Trust to improi'e the educalional opportunities of local children to improve their employability and this remains a ke), objective of the Trust to this day. All beneficiarics of a grant must be under 25 vears of age, have lived in Hull or the East Riding of Yorkshire and be either currently attending or have attended a school in that area for al least three years. Funding was used lo support our Traineeships. This group of learners follow a similar path of study to the paid apprentices bul receive no wage other than a small amounl of money to reiinburse Iral'el costs. In 2023124, HF.T A successfull). utilised thc Ann Illat5011 Trust funding to support 14 learners, aLhiek'ing ali incredible l OOO/o progrcssion rate into empln}'menl and apprenticeships with prestigious companies such as Siemens: Reckilts, and Paragon Toolmaking. Page 7
Humber5ide En ineerin Trainill .4ssoeiation Limited ort of the Trustees for the vear ended 31st Au ust 2024 KEY ACHlEITEIETs AND PERFORMANCE- continued The Ann Watson TTUSt h25 pr0cd to be invaliiable to learners: espeLiall}' those from low-income families: providing e%senlidl financial support to oi'ercome barriers such as transport, equipinent: and living costs. This assistance empowers them to foLus on their training, opening doors to life-¢hangiiig7 Opportunities in engineering careers. Among the.se success stories: Kiru lde history as our.fir31.female uplsponsored learner in ihe Fubvicaiion and Weldi17g Depai-InzEPIt, she used the Anii Watson 7r14sI Éo buy a smoll iveldiFig p-Egfoi- hoine 50 She couldpraclise hei- technique. Alfie, noity, thF-jiJing his role ai RL)ckilts, uscd ihL Irusl lo fund a laptop, ei?abling him lo ¢ice/ in hi5 >1.01-k, Trvhile aiiothek- learner relied on Iligfiipidi12gfoi- 1ransportfr0117 the outskiyts of Hiill, Lnsui ing consislent aiiepidaiice and comniilmenl. HETA has established a relationship '1th AIN'T and we are incredibly grateful for the support of the Trust's gtaff and Trustees. During 2023-24, the Ann Watsons Trust made a contribution of £30k. Page 8
Humber5ide En iDeeriii Trainin -4sSOCiAtion Limited ort of the Trustees 'ear end¢d 3 1st .4u us¢ 2024 for the CHARITABLE .4CTIVJTIES Fulfilling our charit#ble ethos - Getting I'oung People into Ivork and working with Schools "HETA is a traillin roi'ider and a Job Broker" TrainesshipsCa.':HF.TA are 8 'cornerstone' programme of teaching and learning and demonstrale our commitment to developing young people and to ensure our client base can access high qualitv job applicants. In 2023-24, HETA continued to .gecure employment for a significant number of young people acting as a recruiter for employers. This approach essentially has Iwo facets-Traineeships {Siud}' Programme.q} and Sponsored Apprenticeships. Study PrograinpNes are a specific funding stream from the Department for Educalion-for ease of understanding HETA continues lo refer to them as "Ti'aineeships" The Traineeship is designed to act as a pathway into employment, an apprenticeship or further learning. The entry criteria and delivery. requircmcnts are flcxiblc. HETA uses the Government'.4 Studs, (Traineeship) Programtnc to widen participation and to ensure small to mediu eniplo)Jers Lan access suitable Apprenticeship candidates M'ithout hal'ing to commit lo paying a H'hole >'ear of -off the job, ages. HETA is no. into the I Ith I'eai of delivering on Iliis programme and lias adopted a model that is regarded as being exemplary, practice which sec.4 j'ouiig people being exposed to both trade aiid emplovability skills with progi'ession into a job. The companv receives a significantly I0er funding amount that is far less than the core funding for an Advanced Apprenticeship. Ille purposell.. deliver a much-enhan¢ed leaming experience that is not covered bl, the fvnding allocation. In shon, ItETA over delivers in order to maxirnise employment opportunities for young people and to ensure that einployers have access io a lalenl pipeline. The following data shoii's the successful outcome for the Traineeship programme ai HETA: 45 out of 47 traineeships went on lo a succe.%sful outcome- 96 /0. 37 out of 47 traineeships went on to an apprenlice5hip 'th HETA _ 790/D Communit fvIarketin &.Su ort Being pan of tlic coininiiiiitS' is l.ital io HETA, reflecting our commitment lo supporting and inspiFing local initiatives. One area was highlighting the 5ynergN' bctwecn sports and engineeriiig-both demanding teamw'ork, precision, and perseverance. e proudly sponsored clubs such as Hull City Ladies, South Cave Under 7s, and Mvlon Warriors, with the Under 7s giving back through cliaritv work with a local foodbank. Additionally, we collaborated il'iih Grimsby NHS on an inspiring project lo repurpose their smoking shelter into art features, Sh0C2s]E the creativilj, and problem-solving al the heart of engineering. These efforts demonstrate our dedication lo fostering communit!, connections and driiwing positive change. Page 9
Humberside En ineerill Trainin -4ssociatRon Limited ort of the Trustees 'ear ended 31st Au ust 2024 for the CH.4RITABLE .4CTIVITIES- continued Il'elfare for Lesrners and Staff HETA seeks lo deliver the best possible learning cxi?ericnce for l'oung people, howevcr our aim is to support our learners in a more holistic Inaniiei. This inLludes support and education around physical and mental health. In some cases, 'C proN'ide tinancial support to bulr unifonn, IT kit and 'e manage the travel allowances for Siudy Programmes {Traineeships). A nuinber of tslaff have trained as Mental Health Firsi Aiders and attend update sessions around MH issues 50 we can better support learners. As part of 2 more rounded approach lo the future ..elIbeing of the }ounger learners, HETA self_funds and provides a programme of information, training and ¢ounsellinLF around the issues of,. Diet Alcohol Drugs Mental healih issues- 'e now have mental health 'First Aiders ernbedded on each slte Fitness Team Illorking Communic&tion Skills Safeguarding and the 'Prevenl- (from radicalisationl strategy Our staff are HETA, they are our greatest asset and the investment in finding, reLruiting, training and retaining the best people iemains a cornerstone of the business. Our aim is that the employment condition.s at HETA foi existing and potential staff, is regarded as being good enough to make us all ':Etnplo)'er of Choice" Terni.q of emplovment include. Salai-ies ihal ai-L COFllPetitive lo the educalioii seclor Genernus leave enliileinenl and suppoi-l.for Ihose wilh caFing rcsponsibilities Piivate Healih Cover Contributory pension schepne Life Insurance Salury 3'ucrifice schemes Subszdised cateYiitg.facilitleS The Fecruilmenl market remains a challenge across most business sectors and HETA is no exception. The compan)T IS mindful of nornial 'chiirn' i'la retirements and I'esignations and as such adopted a more proactive approach 10 recruilmenl. By. utilising a rang7e of tactics to recruit and to tn, and SUCLession plan (for retirees) it has been po.%sible to recruit some excellent replatyeinent staff. HO,ever, the increased usc of external recruitmenl ageiiLies has been a necessilj. resulting in Inuch higlier expenditure on recruilmenl fees. 14ETA continues lo inwest in staff development i'la struetured Continuou.% Development Days: online training, teacher training Irom Levels 3 10 5, external eents, w'ebinars elc. The companN' also tFlCS to) balance workloads with home commitments and aims to be a tamilv friendl! employer supporting those with carer responsibilities. Page 10
Humberside En ineerin Trainin Associatioii Liniited ort of the Trustees for the l'ear ended 31 st Ilu USt 2024 CH.4RIT.4BLE .4CTIIIITIES- continued Ijiformation, Adi".iee and Guidance EngAgeent & Outreach activities HETA continues lo proi'ide a range of unfunded acliwitieg to sLhool% around Information, Adi'ice and Guidance (IAG) to )woung people. The data table below provide% detail aboui the actiltieS carried out bN HETA in 2023-24.. Sehool Visils other JAG activities OverAII DeliTr'ered .4ctivilies: 192 School V'isits: 134 College N'isits: 18 Combined School and College Events: 28 Large Event5: 12 The overall aim is to eiigage with schoo15 across the region and beyond going out to South Yorkshire aiid Greater Lincolnshire. In real terms Iliis means a raft of different activities and the examples below give a flavour and diversity of the type of outreach that HETA delivers. Secondary School.. Two Day Eent. Planned and delivered for two Ye groups. Student5 werc tasked with planning and building a Tnarble run made from rec)'cled materials. Students were assigned team.q where each student was assigned a specific role foi the projecl. To start each das,, students ..e[e given an assembly on HET A and appi-cnticeships in general, before being proN'ided '1th a brief of the task. 6th Form College.. Large careers fair h05ting students from other local schools and colleges. Over 700 attendees and 70+ providers present. Hul I Science Festival.. Famil), focused event hosted at Hull University w'ith a hugc vaiiely of STEM related events and activiiies. Ive hosted a practical activit! in the 'Discovery Zone,. Over 2000 tickets allocated for events throughout the day. Skills For Life Apprcnticeship Fair at York Racccourse-. Visited by local schools and colleges as Th'ell as parents visiting with their children later in the evening.. focused solely on apprenticeship pathways. Doncaster Chamber.. 'Opportunities Li.e, Large careers fair hosted for schools across the region to visit and engage 'iih emplo}'crs and trainiiig providers. Grimsbi Job Centrc.- Event for those seeking emplowment or exploring the possibilit!, of a career change lo engage ith emplo J'ers or training providers offering apprenticesliip paihm'ays into a new industry. Civic Centre Ln]mingham'. EN'ent for those seeking emploj'ment or expliiring the possibililN' of a career change to engage '11h emplovers or training providers offering apprentlceship pathw'ays into a new induslry. Skills Humber & East Riding.. Event hosted bv Optimus Education at Hull University lo allow schools from in arc)und the Lily lo engage '1th emplovers: Iraiiiing pro.1derS colleges and universities. Across 2 days we engaged with Y9110 students from a varicty of schools. Hull & Humber Chamber of Commcice.. Took place as part of Humbcr Business Week 2023, focused on gathering local employersliraining providers. Humber Stem Fent.. Event hosted al Craven Park focused on engaging primary school students in STEM aciivities hosted by emplos'ers in STEM and training providers such as Oursel.¢. Mfe iere tasked with creating a 45 minute session for multiple schools throughout the daTr. Students were piovided with a resource paLk, g]en a presenlalion on STEM careers linked io HETA'S Pro.1s1on and iasked with building a racc car fion] Laidboard components. Page 11
Humberside En ineerin Trainin A550ciation Liniited ort of the Trustees 'e2r ended 3 1st Au ust 2024 for the CHARITABLE ACTJVITIES - continued Hull& East Yorkshire Schools & College5 Summer Confeience, a celebration of the career5 education taking place in the region. North East Lincolnshire Skills Fair= Hostcd at Giimsbi Auditoiium and sponsored b} P66. Attended by a large number of schools trom across North East LincolnshiFe, providing them with an opportunity to engage with emplovers, training proi'iders, college.8 and universities. olunteerslvoluuteerillg HETA does not recruit volunteers as part of our core activities, preferring lo use esiablishmenl staff. However the Board of Trustees are all volunteers. 'e do encourage staff to carry out a l'ange of unfunded 'pTO bono, activities. Some staff are Goi'ernors at schools across the region and also work with other charities. The CEO is a member of the Hull and East Yorkshire {HEI') Business, Growth and Skills Hub, Ski115 Boaid and Joini Chair of the HEI, Apprenticeship &Technical Education Ivorking Group and is a member of the Local Skills Improvcmenl Plan (LSIP) Board. Page 12
Humberside En ineerin Trainin Association Liniited ort nf the Trustees 'ear ended .11 st .4u list 2024 for the STA TENIENT OF TRUSTELS, RESPONSIBILITIES The trustees ('hO are also the directors of Humberside Engineering Training Association Limiied for the purposes of companj la) are responsible for preparing the Report of the Trustees and the financial siatements in accordance w'ith applicable law and lJnited Kingdom Accounting Standards (Ilnited Kingdom Generallv Accepted Accounting Practice). Compan), lam. FeqUiFeS the tFUStccs to prepare finanLial statements for cach financial )year M.'hich give a true and fair vicw, of the state of affairs of tlie cliaritable coinpan), and of the incomin¥ resources and application of resources: including the income and expenditure, of the charitable company lor that period. In preparing those financial stalemenls, the tru.%lees are required lo sclcct suitable atLouiiling policies and Iheii appli. them consistenils,; obscriwe the methods and principles iii the C'.haritJ SORP; make judgements and estimates that are reasonable and prudent. slate th,heiher applicable accounting standards have been followed. subjecl lo any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable compan), will continue in business. The trustees are responsible for keeping proper accounting records which disclose ivith reasonable accuracy at any time the financial position of the charitable company and io enable them lo ensure that the financial statements comply witli thc c.ompanies Act 2006. They aTe also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as Ihc trustees are awaTe'. there is no relevant audit information of Ih1¢h the charitable company's auditors are unaware,. and the Iruslee5 haN'e takeii all steps that they oiight to liai'e takcn to tnake themselve.s alare of an). relevant audit inforn)alion and lo establish Ihal the auditors are aware of that information. AUDITORS The auditors: Sadofsk)ws, will be proposed for re-appointment at the forthcoming Annual GcncFal Mecling. Repor Ihel ee4]nCOrporating a strategic report, approved by order of the board of trustees, as the company direcloTS, I.¥IDbY51%............. aiid signed on the board's behalf bv= l L. Paliner - Trustee & C hair Page 13
ort of the Inde endent Auditors to the LNlember5 of Iluniberside F.n ineerin Trainin -4ssociation Limited Opinion We have audiled the financial statements of Humberside Engineering Training Association Limited (the 'parenl charity,) and its subsidiaries (together comprising the 'Lharitable group ) for the J'ear ended I I st August 2023 'hICh coinpri.%e the Consolidated Statetnent c)f FiiianLial Aciivilies. the Consolidated Balance Sheet. the Consolidaled Cash Flow Statement and notes 10 the finaiiLial statements, inlluding a summary of significant accounting policies. The finaiicial reporting fraMe.0[k that has beeii applied in Ihcii preparation is applicable law, and United Kingdom Accounting Standards (United Kingdoin Generally Accepted Accounting Practice). En our opinion the financial stalemenls.. give a true and fair K'iew of the state of the charitable group's and pai'ent charitv's affairs as at 31 st August 2023 and of the group's incoming resources and application of resourccs, including its income aiid expenditure, for ihe year then ended., have been properly prepared in accordance with United Kingdom Generall), Accepted Accounting Practice,. and have been prepared in accordance with the requiremenls of the Companies Act 2006. Basis for opinion le conducted our audii in acuordance with Jnlernalional Standards on Auditing (IJK) (ISAS (IJK}) and applicable law. Our re4ponsibililies under those standards are further described in the Auditors, responsibilities lor the audit of the financial 5taleinenls section of our report. We are indepeiident of the charitable cotnpan!. in accordance with the ethical requirements that arc rcleN'anl lo our audit of the financial staiements in the UK, including the FRC'S Ethical Standard, and e have fulfilled oui. other ethical responsibilities in accordance ..Ith these requirements. We believe that the audit evidence we have obtained is sufficieiit and appropriatc to p[0.1dC a basis foi our opinion. Conclusions relating to going concerll In auditing tlie fiiiancial slatemenls: 'e hae concludcd that thc trustees, use of the going concern basis of aecounling in the prcparation of the fiiiancial staiemenls is appropriate. Based on the work we have perfornied, Th'e hae not identified anv material uncertainties relating lo events or Londitions that: individuall). or collectivels,, may cast significant doubt on the charitable coinpany's abilit). to Continue as 8 going concern for a period of at least twelve months from when the financial slalemenls are authoriqed for issue. Our respon5ibililie5 and the respon5ibililies of the Iruslees with respeci io going concern are described in the relevant sections of this report. Other information The trustees are responsible for tlie other iiiformation. The other infomjation Lomprises Ihe infomialion included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, excepi io the exieni otherwise explicitly stated in our rq)ort, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inf0rn1ation and, in doing so, consider ..hether the other intorination is Inaterially inconsislent with the financial siatemenls or our knO..ledge obtained in the audit or otherw ise appears to be materiallv Ini%4taled. If 'e identifv such material inconsistencies or apparent material mi%51alemeni%, we are required lo determine wliether this gil'es rise to a material niisstateinent in the financial slateillcnts themselves. If, based on the work we hae peiformed, we conclude that there is a material misstatement of this other iiiformation, we are required lo report that fact. We havc nothing lo report in this regard. Opinions on other matters preseribed bv the Companie5 Act 2006 Jn our opinion. based on the i¥ork undertaken in the course of the audit: the inforinalion given in the Report of tlie TFUStees for the financial year for which the financial statements are prepared is consistent '1th the financial sialemenls.. and the Report of the Trustccs has been prepared in accordance with applicable legal requirements. Page 14
ort of the Inde endent .4uditors to the Ilembers of Iliiniberside En iiieerin Trainin A550ciation Litnited Illatters on Trvhieh Ive are required to report bv exception In the light of the knO,ledge and undtrstaiiding of the charitable coinpan J. and its environment obtained in the course of the audii, we have not identified material misstatements in the Report of the Trustees. 11¢ havc nothing to report in respect of the following matters where the C.ompanics Act 2006 reqiiires us to report to )'ou if, in our opinion- adequate aceounling records have not been kept or returns adequate for OUT audit have not been received from branches not i.siled by us; or the financial slalements are nol in agreement with the accounting rebords and relums; or certain disclosuies of trustees, remuneTalion specified by law are not made,. or 'e hai'e not received all the inforination and explanatioiis 'e r¢quire for our audit. Respollsibilities of trustees As explained more full}, in the Stalemenl of Trustees, Reqponsibililies, the Iruslees {ii,ho are also the directors of the charitable Lompany for the purposes of Lompany law) are responsible for the preparation of the financial statements and foi being satisfied that thev give a true and fair view, and for such internal control as the trustees determine is necessary lo enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial statcmcnts, the tn]stees are responsible for assessing the charitable company's abilit}, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accouiiting unless the trustees either intend to liquidate the charitable company or to cease operations: or have no realistic alternative but to do so. Our responsibilities for the audit of the financial statements Our objectives are lo obtain reasor]able assurance about ,he1her the financial slatemenls as a whole are free from material misstalemenl: whether due to fraud or error, and to issue a Report of the Jndependenl Auditors that includes our opinion. Reasonable assurance is a high level of assurance, bul is noi a guarantee that an audit conducted in accordance with ISAS (UK} will alwal's dctccl a material misstatCTnent when it exists. Misstalemenis can arise froin fraud or error and are considered material if. individually or in the aggregate, IheN' ¢ould reasonabl), be expected lo influence the eLonomic decisions of users lakeii on the basis of Ihesc financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is deiailed below: Our approach to idenlifving and assessing the risks of material misstatement in respect of irregularities, including fraud and non-Lornpliance with laws and regulations: was as follow's- the engagement pllrtner ensured that the engageinenl leam collectivel! had the appropriate competence, Capabilities and skills to identif). or recognise non-compliance w ith applicable law's and regulations:. we identified the laii's and regulations applicable to the compans. through discussions with directors and other Inanagement, and from our commercial knowlcdge and experience of the charitable 5CCtor', we focused on specific law.s and regulations ilhich considered ma!-. have a direct material effect on the financial statements or the operations of Ilie compan),, including the Companies ALI 2006, LIK tax legislation: and data protection, anli-bribery,, employment, environinental, htalth and safety legis12tion along w ith industrs, specific regulation% and requirements. 'e assessed tlie extent of cotnpliance '1th the laws and regulations identified above through n]aking enquiries of management and inspecting legal correspondence,. and -idenlified laws and regulations were communicated 'ithIn the audit team regularly and the team remained alert lo instances of non-compliance throughout the audit. We assessed the susceptibilit J, of the company's financial staletnents to material mi55tateincnt, including obtaining an understanding of how, fraud might occur, bv.. making enquirie.s of management as to 'here they ¢on5idered there was susceplibilily lo fraud, their knoivledge of actual, suspectcd and alleged fraud., and considering the internal controls in placc to mitigate risks of fraud and non-cornpliance '1th laws and regulations. Page 15
ort of tlie Iiide endent Audilors to the Illeinbers of Humberside Eiiuiiieerin TrainÉn .4ssociation Linlited To addTess the risk of fraud through management bias and oN'erride of controls, we.. performed analvlical procedures to idenliflw anli unusual or unexpected relationships., tested jouriial entries to identifv, unusual transaciions,. asses.qed M,hethci' judgements and assumptions made in delern)ining the accounting estimate.5 sel out in note 2 were indicalii'e of potential bias: and inve%tigated the ratioiialc behind .significani or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited io= agreeing financial statemeni disLlosures to underli ing sUPPOrting docuinentation- reading the minutes of Ineetings of Ih05c chaFged wlth governance,. enquiring of management as to actual and potential litigation and claims; and reviewing correspondence with HMRC.. relevant regulators, and the compan J s legal advisoF.%. There are inherent limitation in our audit procedures described above. The more removed that laws and regulations are from financial traiisactions, the less likely il is Ihat 'e 'aUld become a,are of non-compliance. Auditing standards also limit the audit proccdurcs required lo identif), non-compliance with laS and regulations to enquiry of the directors and other managernenl and the inspection of regulatory and legal correspondence, if any. Material mifstatements that arise due to fraud can be harder lo detect than those that arise from error as they mav involve deliberate concealment or Collusion. A further dc%cription ()f our responsibilities for the audit of the financial stalements is located oli Ilie Financial Reporting C.ouncil's website at wii'w.frc.org.uLaudilor51esponsibilities. This desoriplion forms part of our Report of the Independent Auditors. Use of our report This report is madc solely to the charitable company's memberq, as a body. in accordance with c.hapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we miglit slate lo the chariiable company's members those matters we are required lo slaie lo them in an auditors, report and for no other purpose. To the fLillest extent permitted b J laiv, we do not accept or assuine responsibility to anOne other than the charitable company and the charitable companN S members as a bod)., for our audit ivork, for this report, or for the opinions we hae formed. Alan Bi. ehurst (Senior Siatulory Auditor) for and on behalf of Sadofsk)'s Siatuli)rJ" Audiiors Prince£ House Illrighi Sireel SADOFSKYS Limited Chartered Accountants PrinS House, Wright Street, Hull HU2 8HX Tel 01482 228488 East Yorkshire HU2 8HX Date: Page 16
Humberside En ineerin Trainin Association Lin)ited Consolidated Statement of Fingncial Activities for the l'ear ended 31st .4uuust 2024 2024 2023 Unrestricted Unrestricted fullds funds Notes 1Tr4COME .4ND ENDOITrMEP4TS FROIII Donalions and legacies Charitable ACtii'itie5 Appreiilice Ti'ainiiig 4,219,852 597,625 906,068 4,286,942 -380,450 877,802 HNC & HND Adult Training Investment income Other iiicome 19,383 667,721 19.621 676,387 Total 7,410,649 6,241,202 ExPEDll fuRE ON Charitable actiltieS Apprenlice Training HNC & HND Adult Training Work with Schools 4,976,549 531,029 988,317 4,283,139 437.408 1,060,068 Total 6,495,895 5,780,615 NET 1c.omE 914,754 460,587 REC0,C.1LIATION OF FUNDS Total funds brought forward 7,447,531 6,986,944 TOTAL FLNDS CARRIED FORII.4RD 8,162 285 7,447 531 COI%TJYITING OPER.4TIONS All income and expenditure ha% arisen from continuing operations. FUTr*D .4CC0LT'TI_'G All income and cxpenditurc relate.4 to unrestricted funds. The notes forn) part of these financial staiements Page17
Huml)erside Eli iiieerin Trainin Association Limited Con501idated Balance Sheet 31st.4uousl 2024 2024 2023 U nrestricted Ilnreslricled funds funds Notes FIXED .4SSETS Tangible asseis 11441527 11273710 C.IIRREN'T ASSETS Debiors Cash at bank 915J85 937,674 800,332 1,367,550 1,853,059 2.167,882 CREDITORS Amounts falling due within one year 14 (1,176,202) (1,371,197) ri'ET CI',RRENT ASSETS 676,857 796,685 TOTAL ASSETS LESS CURRENI. LI.4BILITIES 12,118,384 12,070,395 CREDITORS Ainounls falling due after more than one )'ear 15 (3,756,099) (4,622,864) NET ASSLTS 8,362,285 7,447,531 FuDs Unresiricled funds 19 8,362,28> 7,447,531 TOTAL Fuf4DS 7,447,531 The financial statements were approved b!., the Board of Trustees and auihorised for issue on and w'ere signed on its behalf by.. 1£.103.1.2r I C. Palmer- Truslee,'Direclor The notes form part of these financial statements Page 18
Humberside En ineeriii Trainin .4ssnciation Limited Com Balance Sheet 31st.4u ust 2024 An 2024 2023 Unrestricted Unrestricted funds funds Not¢s FIXF.D .4SSETS Tangiblc a%sel% Invcstments 11,441,527 11,273,710 12 11,441,528 11,273,711 C.URRENT ASSETS Debtor Cash at bank 13 939,686 860J66 895,398 1,180,975 1,800,052 2,076,373 CREDITORS Amounts falling due within one s.'ear 14 (1,133,111) (1,311,228) NET CURREINT ASSETS 666,941 765,145 TOT.4L .4SSETS LESS cuRRE'T LIABILITIES 12,108,469 12,038,856 CREDITORS Ainounls falling due after more than one J'ear (3,756,099) 14,622,864) NET ASSETS 8,352,370 7,415,992 FufsDS Ilnreslricted funds 19 8,352,370 7,415,992 TOTAL FI',NDS 8,352,-170 7,415,992 The financial 5tatemcnts were approved by the Board of Trll.teeS and authorised for issue on and ere signed on ils behalf by.. I C Palmer - TrusleeiDirec or The notes form part of these financial %lalements Page 19
Humberside En ineerin Trainin A550Cilltion Limited Consolidated c.ash Flow Statement for tlie lear ended 31st Au ust 2024 2024 2023 Note.% Casb flows from operating activities c.ash generated from operations Interest paid 1,438,458 4.38,700) 1,617,766 239,-359} Net cash providcd by opcrating activities 999,748 1,378,407 Cash flows from investing actii'ities Purchase of tangible fixed assets Sale of tangible fixed assets Inleresl received (697,834) (5,774.325) 1.099 19.621 Nct cash (used in)/providcd bv investing activities 678,451) 5,753,605} C2sh flows from financing activitie5 New loans in s'ear Loan repa)'In¢nts in year 3,700.000 122,801 751183) Nel cash provided by/(used in) financing activities 751 183) 3,577,199 Change in cash and cash equivalents in the reporting period Cash Alid ciish equiTralents at the beginning of the reporting period (429,876) (797,999) 1,367,$50 2,165,549 CA5h and cash eqiIiTralentS at the end of the reporting period 937,674 1,367,550 The notes forni part of these financial slalemenl Page 20
Humbcrside Eli ineerin Traillin .4sso¢iation Limited Notes to the Consulid*ted Cash Flow Statement f'or the 'ear ended 31 st .4u ust 2024 RECONCILIATiofi OF NET INcolE TO NET CASH FLOM,. FROM OPERATING ACTIIIITIES 2024 2023 rset inconie for the reporting period (as per the Coiisolidated Statement of Financial .4ctivities) -4dju5ttDents for: Depreciation charges Jnleresl receii'ed Interest paid (In¢rease)Idecrease in debtor5 Increasel(decrease) in creditors 914,754 460,587 530,017 (19,383) 438,700 {115,053) {310,577) 339,037 (19,621) 239,359 159,971 438,433 Net cash provided by operations 1,438,458 1,617,766 ANAL¥SIS OF CHANGES Ifi, NET FUfiDS/(DEBT} At 119123 Cash flow At 3118124 Net cash Cash al bank 1367 550 429 876 937 674 1,367,550 429 876) 937 674 Debt Debis falling due w ithin l Vear Debts falling due after l }'ear (271,184) (4,622,864) (115,582) 866,765 (386,766) (3,756,099) (4,894,048) 751,183 (4,142,865) Total 3 526 498) 321,307 (3,205,191) The note£ forin part of these financial statemenis Page21
Humberside En ineerin Traini Association Limited Notes to the Con501idated Financial St#temellts for the veAr ended 31st .4uaust 2024 ACCOUNTING POLICIES Basis of prepAring the financial statements Tl)e financial slalemenls of the charitable compans,, which is a public bcnefit entitv under FRS 102, have been prepared in accordance Th'ith the ChaFltie% SORP {FRS 102} 'Accounling and Reporting b), C'harities.. Statement of Recoinincnded Practice applicable lo charities preparing their accounts in aLcordance '7th the Financial Reporting Standard applicable in the UK and Republic of beland IFRS 102} (effective l January 2019}', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companie5 Act 2006. The financial Statements have been prepared under the historiual cosl COn'entiOn, 1th the excepiion of ini'eslments which are included al market value. Basis of consolidation The group financial statements consolidate the financial statements of the charity and ils subsRdiarv undertaking, Humbersidc Apprentice Training Agenc). Liinited, al 31, August 2024 using acquisition aceouiiling. Income Income from resources from charitable actiTrities Incoming resources from charitable activities excludes value added lax. Where incotne resources are dependent upon the Charity delivering a service, the income is not iecognised until the service is delivered. Donaitions Donations and gifis are included in full in the Stalemenl of Financial Activities w'hen receivable. Grants Grants and allowances receivable are accounted for as income in the year in which entiilemenl arises. Cjifts Gifts in kind are valucd by Icfcrence to the cquivalenl commercial cost of acquiring such assets or services. Expenditure Liabililies are recognised as expenditure as soon as there is a legal or constructive obligation commilling the charity lo that expenditure, il is probable Iliat a transfer of economic benefits w ill be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an ac¢i'uals basis and has been classified under headings Ihat aggregate all cost related to the category,. Where costs cannot be directly attributed to particular headings IheN' have been allocated lo activilie.q on a basis consisleni with the use of resources. -4llocatioll and apportionmellt of cost5 Expenses directl}, associated w'ith the delivery. of training are charged as direct charitable expenses and split between tho£e relating lo unrestricted and those relating to I'estricted funds. Depreciation is split between reslricled and unrestricted funds bN' reference to the charge arising on each speeific asset. Employees are categorized as either direcily involved in training or administration and related costs apportioned aLLording1. Staff tiine spent delIerIng projects which are subject 10 restricted funding is recharged from unrestricted funds ai agreed hourl). rates. Direct cost.s not capable of being altribuled lo an). indii'idual class of activit J. are apportioned according lo le relative income of each activity. Suppori costs are appi)rtioned according to the amount of direct cost associated witli each Class of aclii'it!,. Governance costs reflect the fitralegic and compliance costs of the charitrrf including an all0.ane ror Ihe Chief ExeLUti¥'e's time spent on such matters. Page 22 continued...
Hutnberside Ell ineeri Trainin Association Liniited Notes to the Consolidated Finaneial Statements - Continued for tl)¢ eAr oi)d¢d 31 si Au ust 2024 ACCOUNTINC POLICIES_ continued Tangible fixed assets Depreciation is provided al the following annual rates in order to Th'rite off eacl) asset over its estimated useful life. Freehold property Plant and Inachinery Fixlures and fillings Compulei equipment 200/0 on cost, l O lo on cost and 20/0 on cost I 00/0 on cost 10/0 on cost 20 10 on cost Taxation As a registered charity, the Company is gellerall), exempt from Corporation Tax, bul not from VAT. The company accounts for IIAT in accordance with the regulations relevant lo the nature of the supplies which is makes. Anj. irrecoverable V A T is shO.n separatel! Is an expense. Fund 2ccountlnE Incoining rc50UILes for services where, upon full performance of the service: anj. surplus Can be retained and used for general purposes arc classified as unrestrictcd, whcrcas if any surplus is receivablc b}, thc donor then the resources are classed as rcstricted. Leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis 0er the period of the lease. Rents pa5'able and receii'able under operating leases arc charged lo the SOFA on a straighi line basis over the period of the lease. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension SLheme. Contributions pas'able lo the Lharitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. INIIESTIIqETriT INCOIIqE 2024 2023 Other income Deposit account interest 667,721 19,383 676,387 19,621 687,104 696,008 Page 23 continued...
Huinberside Ei) in¢eriii Trainin Association Limited Notes to the Consolid&ted Financial Statements - continued for the i ear ended 31st .4u USt 2024 INCOlE FROM CHAIUTABLE ACTIVITIES 2024 2023 Activity Apprentice Training Apprentice Trainiiig HNC & HND HNC. &, HND Apprenticeship fees ESFA fuiiding ESFA funding HNC income Adult training Passport 418,684 4,801.169 76,700 520,925 897,048 9,020 464,187 3,822,755 29,500 350,950 849,892 27,910 Adult Traiiiing Adult Training 6,723,546 5.545,194 CHARITABLE ACTII'ITIES COSTS Support costs (sec note 6) Direct Costs 2024 Totals -4pprentice Training 3,450,871 -160,910 671.367 J,525,678 170,119 316,950 4,976,-$49 $31,029 988,317 EINC & HND Adult Training 4 483,148 2,012,747 6,495,895 SLPPORT COSTS Hiiinan Management Finance resources AppFenticc Training HNC. & HND Adult Trainiiig 175,044 19,518 436,874 48.712 582,370 64.937 120 984 ?30,925 576 344 768,291 Governance costs Other 2024 Totals Apprentice Training HNC & HND Adult Training 278.777 31,086 57,91.S 52,613 5,866 10,930 1,525,678 170,119 316,950 367,778 2 012 747 Page 24 continued...
Humberside En iiieerin Trainin Association Limited Note5 to the Con501idated FinAncial Statements - continued for the l'ear ended 31st .4u U5t 2024 NET INCOMEI(EXPENDITURE) Net income, (expenditure) is stated after charging/(crediling)- 2024 2023 Auditors, remuneration Depreciation ow'ned assets Other operatingF leases 11,916 530,017 10,4.50 339,037 140.000 TRUSTEES, RENIUIYERATEofi AP4D BENEFITS There were no trustees, remuneration or other benefits for the yeai ended 31st August 2024 nor for the year ended 31 sl August 2023. Trustees, expenses TraN'el and subsistence expenses tolalling £620 '¢re paid to the trustees during the year (2023.. £61). STAFF COSTS 2024 2023 Wages and salaries Social securitSW C05ts Other pension costs 3J32,116 289,726 46.1017 3,173,014 260,699 416,616 4,084,859 3,850,329 The awerage monthly number of emploTrees during the vear was as follows-. 2024 202.3 Manageinent Administration I'r<iining and .siipport Apprentices-HATA 12 61 14 58 12 86 89 Thc average number of einployees during the year is ba.sed on Full Time Equivalents. The number of employees ivhose enjployee benefits {excluding emplo}'er pension costs) exceeded £60,000 wa.s.. 2024 2023 £60.001- £70.000 £70.001- £80.000 £80,001 - £90,000 Page 25 continued...
Humberside Eli ineerin Traiiiin Associalion Limited Notes to the ConsolidAted FinanciAI StAtement5 - continued lor the l'ear ended .11 st .4u ust 2024 io. 'ET IT+4COIIqING RESOITRC.ES OF PARENT COMP.4J'I' As perniitted b), paiagraph .197 of the SORP: the Statement of Financial Actil'ilies of the parent charit). 1% not presented in these financial qtatements. The parent's nel inuoming resources for the year ended 31, August 2024 tolalled £936,378 (2023.. £468,960). Page 26 continued...
Humberside En ineerin Trainin Association LimRted Notes to the C011501idRted Financial Statements - continued for the i.'egr ended 31 st ust 2024 ii. TANGIBLE FIXED ASSETS Group and Charity Fixtures and ritlings Frechold property Plant and machinery Computer equipment Totals COST At l st September 2023 Additions Disposals 10,601,636 137,179 2,004,330 357,107 329,•31 684,017 188,513 (227,086) 13,619,514 697,834 (227,086} At 31 st Aiigust 2024 10,738,81 2,361,437 344,566 645 444 14,090,262 DEPRECIAT10Tr4 Al I st September 2023 c.harge for )Jear Eliminated on disposal 673,124 225,028 1,016,173 184,574 187,136 26,248 469,371 94,167 227 086) 2J45,804 530,017 227 086) At 31 si August 2024 898,152 1,200,747 21.3,384 336,452 2,648,735 NLT BOOK IIALUE At 31 st August 2024 9,840,663 1,160,690 131,182 11,441,527 At 31 sl August 2023 9,928,512 988.157 142,395 214 646 11,273,710 12. FIXED ASSEI" IIVESTTrIENTS Shares in grc)up undertakings Charity IARKET IIALifE Ai 1.41 Septeinber 2023 and 31 sl August 2024 NET BOOK V.4LUE Al 31 sl August 2024 At 31 st August 2023 There were i)0 investment asseis outside the UK. The company's investments at the balance sheet date in the share capital of comp211ies include the following.. Ilumber .4pprentice Training A(vency Limited (10234302) RLgsj.slcFed Offiie.. United Kingdom Nature of bu.siness.' Trading This investment Fepresenls l 00 % of the voting equil J, in.4lruments of the subsidiary. Page 27 continued..
Humberside Ln ineerin Associatinn Limited Notes to the CoJisolidAted Financial Statement5 - continued fur the 'ear ended 31 st Au ust 2024 13. DEBTORS: ANqOLT,Ts F.4LLING DIIE II'ITHIN OP*'E YE.4R Group Charity 2024 2023 2024 2023 Trade debtors Ainoui)l.s owed by group undertakings Prepa}'menls 721,559 657,055 706,773 49,147 183 766 650,293 112,737 132,368 193 826 143 277 915 385 800 332 939 686 895.398 14. CREDITORS: .4MOITNTS FALLING DUE M'ITH1Tr4 ONE YEAR Group Charity 2024 2023 2024 2023 Bank loans and overdrafts (see note 16) 1.rade creditors Amounts owed to gFOUP undertakings Siicial securilN' and other taxes Accrued expenses 386,766 230J43 271,184 609,502 386,766 230,343 271,184 609,502 115,973 443 120 54.101 436,410 114,988 401014 52,815 377,727 I J76202 1371,197 1 133 111 1,311.228 15. CREDITORS: AMOUNTS FALLING DiIE AFTER MORE THAP4 ONE YE.4R Group and Charity 2024 2023 Bank loans (see note 16) 3 756 099 4,622,864 16. LO.4NS An analysis of the maturit)w of loans is given below.. Group and c.harity 2024 2023 Amounts falling due within onc year on dcmand.. Bank loans 386,766 271.184 Amounts falling due betw'een tw'o and five years.. Bank loans - 2-5 5.ears 1,089,883 1,113,354 Amounts falling due in more than five years.. Bank loans - more than 5 year 2,666.216 3,509.510 The103ns are repajable by monthls, instalmenls and are over a ten vear.s or tifteen year period. The first loan coinmcnLed in August 2014 and is over a tenn of ten >'ears. Interest is charged at 3.000/0 over bank base raie. Page 28 continued...
Humberside Eli iiiecrill I'rainin .4ssociation Liiiiited Notes to the Consolidated Finaiicial Statements - continued ror tlie l'ear ended 31 st us¢ 2024 16. LOAP+lS - contined Tlie second loan commenced in June 2017 and is over a term of fifteen years. Inleresi is charged al 3.00 /0 over bank base rate. l-he third loan commenced in April 202B and is over a telln of fifteen )'ears. Interest is charged al 2.25 /0 over bank base rate. All loan interest is charged directly to expenses as Incued. 17. LEASING AGREEIIENTS Minimum lease pavments under non-caiicellable operating leases lall due as follows= Group and Chxritv 2024 2023 liihin one year 140,000 Leases are negotiated oi'er arIOuS tenns lo suit the requirements at that timc. Break clauses are included wherever appropriate and Ihe above liabilit5, ha5 been calculated Irom the balanie sheet dale to eitlier the end of the lease of the first break clause, whicliever is earlier. 18. SECURED DEBTS The following secured debts are included within creditors.. Group and Charity 2024 2023 Bank loans 4,142.865 4 1494,048 The loans are secured by charges over the chariiy's freehold land and buildings. 19. i¥ION'EI¥IETr*'T IN FUNDS Net movement in funds At 3118124 At 119123 Unrestricted fuDd5 General fund 7,447,511 916,284 8,363,815 TOTAL Tr"UNDS 7 447,531 916,284 8,363,815 Page 29 continued...
Humberside En ineerin Tri)inin As50Cilltion Limited Notes to the Financial Statements contiiiued for tlie l'ear elided 315t Au(J115t ?024 19. IOTrTELWIE'T IN FiiNDS- continued Net movement in funds, included in the above are as follows.. Incoming resource Resources expeiided Movement in funds Ilnrestricted funds General fuiid 7,410,649 (6,495,895) 914,754 TOTAL FUNDS 7,410,649 (6,49S,895) 914,754 20. PENSION cOlMIT11ETs The Compan! operates a group personal pensions scheme. The assets of the scheme are held by indepcndent managers. Contributions into the .scheme duriiig the veal amounted lo £420:385 (2023.. £378,611). There iwere no amounts prepaid at the balance sheet date. Contributions outstanding al the balance sheet dale lotalled £35,427 (2023.. £34,739}. 21. RELATED PARTY DISCLOSLTRES Debtor and creditor balanccs .]lhi the charit)w's subsidiarv company are shown in notes 13 & 14. All balances are iiiteresl free and repayable on demand. During the year key management personncl remuneration of £318,76.5 (2023.. £370,913) was paid. During the year the compan}, obtained legal services from a firm of solicitors in ,hICh one of the charil! s Iruslees is partner. The transaction aS conducted on an arm's Icngth basis for a total consideration of £4,950 (2021.. £15,891). Due process and declaration of interests was followed. There are no further related party transactions that require lo be disclosed. 22. I,DEl14ITy IP*'SIIRANCE The compan)I's insuranee premiums include Indemnit insurance to protect both the c.harity and the Trustees. Page 30