Electrfcal Training (N.1.) Limited Company Ilm5ted by guarantee Statement of flnancial activities Year ended 31 August 2024 Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Note Income from: Charitable activities Investments 538.082 8,052 538,082 8,052 455,226 11,023 Total Income 546,134 546,134 466,249 Expendlture on.. Charitable activities (682.296) (682,296) (570,7771 Total Expendlture 1682,296) (682,296) (570,777) Nat Income l (expondltur81 Transfer between funds Nat movement in fund8 (136,162) 1136,162 (104,528) {136,162) 1136,162 {104,528) Ro¢onciliation of fund8 Total funds brought forward Total funds carrled forward 977.999 841,837 977,999 841,837 1082,527 977,999 The income and expenditu summary as required to be disclosed by the Companies Act 2006 is included at note 13. The notes on pages 17 to 24 lorm part of these financial statements. Page 13
Electrfcal Training {N,l.) Llmited Company Ilmlted by guarantee Balance sheet 31 August 2024 2024 2023 Note Fixed Assets Tangible assets 10 91,775 116,574 Current assets Debtors Cash at bank and in hand 11 70,876 847.954 918.830 57,266 939 470 996,736 Creditors.. amounts falling due within one year 12 (168.768) (135,311) Net current assets 750,062 861,425 Totsl assets less curront liabllltles 841,837 977,999 Creditors: amounts falling due after more than one year Net assets 841,837 977,999 The funds of the charity Unrestricted funds Restricted funds Total charity funds 14 14 841,837 977,999 841,837 977,999 The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for. (a) ensuring that the company keeps accounting records which cornply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which othepNise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. The notes on pages 17 to 24 form part of these financlal statements. Page 14
Electrical Tralning {N.l.) Limited Company limited by guarantee Balance sheet {continued) 31 August 2024 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. These financial statements Nvere approved by the board and authorised for issue on 28 April 2025, and are signed on behalf of the board by- Ms Charlotte Bamber- Chief Executive Mr Lewis Darragh - Trustee Company registration number: N1032292 The notes on pages 17 to 24 fom) part of these financial statements. Page 15
Electrlcal Tralnlng (N.1.) LimSted Company limited by guarantee ststement of Cash Flows for the year ended 31 August 2024 Note 2024 2023 Net Incomel{Expenditure> Adjustments to reconcile net income/(expenditure) to net cashflows from operating activities Depreciation of tangible fixed assets (Profit)Iloss on disposal of tangible fixed assets Net finance costs (Increase)Idecrease in debtors Increasel(decrease) in creditors Net ca8h Inflow from operating activities 13 (136,162) (104,528) 10 29,909 32 (8,052) (13,610) 20,185 234 (11,023) 9,353 11 42 (94.426) (83,518) Investing actlvltles Interest received Payments to acquire tangible fixed assets Net cash Inflow from investing actlvltles 8,052 11,023 10 2,910 (2,7801 Flnanclng actlvltle8 Interest paid New long-term loans Repayment of long-term loans Net cash Inflowl(outflow) from flnanclng actlvltle$ N6t incroa881{decrease) in cash and cash equlvalent8 Cash and cash equivalents at 1 January Cash and cash equlvalents at 31 December (91,516) 939,470 847,954 (86,2981 1025 768 939,470 Page 16
Electrlcal Tralnlng (N.1.) Limited Company limlted by guarantee Statement of Cash Flows for tho year ended 31 August 2024 General Infonnation The company is a private company limited by guarantee, registered in Northern Ireland. The address of the registered office is Units 57-59. Ballymena Business Centre, 62 Fenaghy Road, Galgorm, Ballymena, Co Antrim, BT42 1 FL. Statement of complianco These financial statements have been prepared under the historical cost convention and in accordance with the Statement of Recommended Practice 'Accounting and Reporting by Charities (SORP 2015),, ssued in July 2014 and the Companies Act 2006 Accountlng policies Basis of preparation The financial statements of this public benefit entity have been prepared under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019) (Charities SORP (FRS102)). the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). and the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £. Golng concem bas18 These financial statements have been prepared on a going concern basis as no material uncertainties exist about the charitable company's ability to continue in operation. At the year end the charity has reserves of £841,837 including cash at bank and in hand of £847,954 providing sufficient reserves to preserve the future operation of the charity and its ability to ensure that liabilities are met as they fall due for the foreseeable future. The trustees plan to ppare detailed projections for future years where incomes should increase from current levels and expenses will be closely monitored to ensure that Electrical Training (Nl) Limited will retum to an annual net income in the medium to long term whilst ontinuing to meet their charitable objectives. Therefore, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. Incoming resources License and fee income represent the total value of services rendered during the period and are recognised when the charitable company has the entitlement to the funds, being when the service is provided. Investment income and sponsorshlp are included in the year in which they are received or can be reliably measured by the charitable company. Tanglble flxed assets Tangible fixed assets are inikn'alty recorded at cost and are subsequently ststed at cost less any accumulated depreciation and impairment losses. Page 17
Electrical Trainlng (N.1.) Limlted Company Ilmited by guarantee Notes to the Financlal Statements (contlnued) 31 August 2024 Depreclatlon Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value. over the useful economic life of that asset as follows: Property & propety improvements Fixtures, tools, and computer equipment Motor Vehicles 15% _ 330/a dUcIng balan and straight line 15Yo- 330A reducing balance and straight line 250h reducing balance If thera Is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the dePlatiOn is revised prospectively to reflect the new estimates. Taxation There is no liability to taxation due to the charitable ststus. Expenditure All expenditure is accounted for on an accruals basis and has been classifEd under headings that aggregate all costs related to that category. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them, including the costs associated with the governance arrangements of the charity and are primarily associated with constitutional and statutory requirements. All costs are allocated betsveen the expenditure categories of the SOFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity a allocated directly, others are apportioned on an appropriate basis e.g. floor areas or per capita, stsff costs by the time spent and other costs by their estimated usage. Irrecoverable VAT All resources expended are classified under activity headings that aggregate all costs related to the ategory. Irrecoverable VAT is charged against the category of resources expended for which it was incurred. Fund Accountlng The company has various types of funds for which it is responsible, and which require separate disclosure. These are as follows.. (i) Restricted funds Donations received which are designated by the donor for specific purposes. Such purposes are within the overall aim of the organisation. Unrestricted funds Funds which are expendable at the discretion of the company in furtherance of the objects of the charity. Financlal Instruments The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Cash and Cash Equivalents Cash and cash equivalents comprise cash at bank. short-temi deposit accounts and cash in hand. Pag8 18
Electrlcal Tralnlng (N.1.) Limited Company Ilmited by guarantse Notss to the Financial Statements (continued) 31 August 2024 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Croditors Creditors and provisions are recognised where the charity has 8 present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured and estimated reliably. Penslons Ernployees of the charity are entitled to join a defined contribution pension scheme. The charity contribution is restricted to the contributions disclosed in Note 9. The costs of the defined contribution scheme are included within associated staff costs and allocated to direct charitable activities and support costs and charged to unrestricted funds of the charity. The contributions to the fund are invested separately from the Company's assets. Judgements and key sources of estlmation uncertalnty The following judgements including those involving estimates have been made in the process of applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.. Depreciation method and asset useful lives The estimates and assumptions are reviewed on an Onoing basis considering the current and future market conditions. Incoming resource8 Irorn charltable activltles Unrestr5cted Funds Restrlcted Funds Total Funds 2024 Total Fund5 2023 Fees receÈved Other income 538,082 538,082 454,726 500 538.082 538,082 455,226 Investment Income and Interest recelvable Unrestrlcted Funds Restricted Funds Total Funds 2024 Total Funds 2023 Bank interest received 8,052 8,052 11,023 8.052 8,052 11,023 Page 19
Electrical Tralning (N.l.l Llmlted Company Ilmited by guarantee Notes to tho Financlal Statements (continued) 31 August 2024 Resources expended Costs dlrectly allocated to activities Unrestrlcted Funds Restricted Funds Total 2024 Total 2023 Charitable expenditure Materials and licence fee Marking fees & training Exams and lecturing expenses Sparksafe direct costs Staff costs Accountancy and audit fees Support costs 32,139 50,557 77.508 48,759 95,476 10,080 367,777 32,139 50.557 77,508 48,759 95.476 10,080 367,777 24.494 61,349 32,172 39,912 81,947 4,800 326,103 682,296 682,296 570,777 Unrestrlcted Funds Restricted Funds Total 2024 Total 2023 Support CO8ts allocated to activities Staff costs staff training Rent Rates and water rates Insuran Light and heat Repairs and renewals Postage and stationery Advertising Telephone Computer costs Motor expenses Travelling Consultancy fees Bank charges Sundry expenses Charitable Donation Subscriptions Depreciation Loss on disposal of fed assets 180,516 635 32,883 11,898 17,354 6.344 14,057 6,861 7,055 6,594 23,612 4,263 3,588 5,250 8,522 4,531 180,516 635 32.883 11,898 17,354 6,344 14,057 6,861 7,055 6,594 23,612 4,263 3,588 5,250 8,522 4,531 163,294 8,769 33,406 11,471 12,902 6,912 4,548 6,356 5,192 6,118 21,831 2,360 6,207 2,276 6,991 1,324 100 5,627 20,185 234 3.873 29.909 32 3,873 29,909 32 367,777 367.777 326,103 Page 20
Electrical Tralnlng (N.1.) Limlted Company limlted by guarantee Notes to the Financlal Statements (contlnued) 31 August 2024 Net Outgolng Resources Net Outgoing Resources is stated after charging: 2024 2023 Depreciation of fixed assets Non-audit fees Audit fees 29,909 2,880 7,200 20,185 4,800 Informatlon on directors and employees 2024 2023 Staff costs Wages and salaries Social security costs Pension costs 250,665 20,432 4,895 222,799 17,502 4,940 275,992 245,241 The average number of employees during the year was made up as follows: Chief Executive Administration and 5UPPOrt The charity trustees received no remuneration or expenses in the course of their work during the year. The emoluments of employees were as follows: £0- £60,000 During the year payments to key management personnel totalled £48,996 (2023.. £48,998). Pension scheme Deflned contrlbution scheme The company operates a defined contribution pension scheme. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,895 (2023." £4,940). At the year end there was £3,510 (2023: £nil) due to be paid. Page 21
Electrical Training (N.1.) Limitsd Company limlted by guarantee Notes to the Flnancial Statements (continued) 31 August 2024 10. Tangible assets Property & Fixtures, tools, Property and computer Improvements equipment Motor vahlcles Total Cost or valuatlon: At 1 September 2023 Additions Disposals At 31 August 2024 192.670 360.377 5.142 540 364.979 42,310 595,357 5,142 540 599,959 192,670 42,310 Depreclation: At 1 September 2023 Charge for the year Eliminated on disposal At 31 August 2024 180,320 1,188 272,045 24,748 508 296,285 26.418 3,973 478,783 29,909 508 508,184 181,608 30.391 Net book value: At 31 August 2024 At 31 August 2023 11,162 12.350 68,694 88,332 11,919 15,892 91,775 116,574 11. Debtors 2024 2023 Debtors Prepayments and accrued income 35,393 16,913 70,876 57,266 12. Credltors: amounts falling due wlthln ono year 2024 2023 Trade creditors Accruals and deferred income Taxation and social security 18,233 141.491 17,677 112,033 168,768 135,311 Included in accruals and deferred income is deferd income totalling £126,256 (2023." £100,954). This inclijdes £86,447 (2023." £67.890) of deferred income in relation to courses which are paid in advance. It also includes £39,809 (2023: £33,064) of deferred incorrE in relation to licences which are paid in advance for a period of 1 year. Page 22
Electrical Tralnlng (N.1.) Llmited Company Ilmited by guarantee Notes to the Financlal Statements (contlnued) 31 August 2024 13. Income and Expenditure Summary 2024 2023 Gro88 Income 546,134 466,249 Resources Expendlture Charitable activities 1682,296) (682.296) (570.777) (570,7771 (Deflclt) for the year (136,162) {104,528j The above reflects the Income and Expenditure account as required by the Companies Act 2006 as opposed to Ihat required under the Statement of Recommended Practice as detailed on page 13. Total income comprises £546,134 (2023.. £466,249) for unStricted funds and £Nil (2023.. £Nil) for restricted funds. A detailed analysis of income is provided in the Statement of Financial Activities and notes 4-5. Detailed analysis of the expenditure is provided in the Ststement of Financial Activities and note 6. The Income and Expenditure Summary is derived from the Statement of Financial Activities on page 13 which together with the notes to the accounts on pages 17- 24 provides full information on the movements during the year on all funds of the charity. 14, Summary of Funds Reconciliatlon Opening balance Income Expenditure Transfers Closing balance Unrestrlctsd funds General 977,999 977,999 546.134 546,134 682,296 (682,296) 841,837 841,837 Restricted funds Restricted funds 977,999 546,134 (682.296) 841,837 15. Capltal Commitments The company has no capital commitments at the year£nd (2023: _ £Nil). Page 23
Electrical Training IN.1.) Limited Company limited by guarantee Notes to the Financial Statemants (continued) 31 August 2024 16. Transactions wlth Directors and Related Parties No director emoluments were paid during the year (2023 - £Nil). There were no transactions during the year in which any director or related party had an interest requiring disclosure. 17. Legal Status of Charity The charity is a private company limited by guarantee. not having share capital. incorporated in Northern Irelsnd. It is registered with the Charity Commission for Northern Ireland and is aCpIed by HMRC as having tax-exempt status. Page 24