The Scottish Electrical Charitable Tralnlng Trust Trustees. report and financial ststements Registered charity number. SC001806 31 December 2024 Th8 S(x)ttish Electrical Charilats￿ Ttainlng Trust Trustees. report and financial statèrnenis 310èCÈmtr￿ 2024 Contents Pag• Trustees 8nd advisers Trustees, report Slalemenl of Trustees. responsits'bltes Independent aLKlilorfs report Stsiemenl of financlal activlties 10 88lance sheet Slalgmenl of cash Ilows 12 Notes lo the financial statements 13-22 The Scottish Ele￿rIc￿l Ch8ritable TrJiThng Tru* TNskes' report and finanoal ststemgnls 31 Dectrrtber 2￿24 Trustees and Advisers Tru8tses Prlncipg10ffi¢• The Walted Gardgn Bush Estale Penicuik Mwllothian EH26 OSE Chl•f Ex•cutiv• {Resigned April 2024) {Arwnl*J April 20241 Audltor HeTrJewn LLty3gie LLP Level 5, The Stamp 10-14 Waierloo Place EdlntryJf9h EH1 %G Vlrgin Bank 83 George Street Edinbufgh EH2 3ES SollcltorB Ltr)d5ays LLP Caledonian Exchange 19A C8nnirKJ Street Edinbur9h EH3 8HE In¥•otm•nt manager# 8trclays Weamh aThJ Ins*stn*tsl MarTragemenl 11 Memlle ()esctnt Edinburgh EH3 7LU The Sujtlish Electrical Charil*)le Tralnlng Twsi Trustees, report and financial statèments 31 D8cerntr￿ 2024 Trustees. Report The Trustees are pleaseil lo prosenl their annual report aFKI audited financial stateM￿ts for the year ended 31 December 2024. oment The Scottlsh Joint Induslry Board I&JIB} lor the &ectrical Contr8ctin9 Industy regulates. in the pubs inte￿51. the enty. condits'ons of se￿￿e, training 8nd education. and the level of skill and safety of apprenti￿S and adult trainees in Scotjand. The SJIB has delegated the management of its training sehemes lo the Scottish EledrKal Charitable Training Trust {SECThI. SECTh,$ sob fUnct￿n is the managemont of the SJl8 Training Schemes. This is caffied out by ensuring that the training requirements are mel and th81 all apprentices and adull trainees are Monito￿d, both on and Off sile. SECTh does Ihis by means of a highly ski118d 188m of Trainin9 Officers, Assessment Cenlre staff and Administrativè Support stsff. SECTh also organise the cdlect￿n and distributs.on ol finanaal assistsnce lor training and as￿$1 employers th their recruitment of apprentlcgs adult trainees. The Scott15h Electn'cal Charitabk Training Trust is constibjied by Trust Deed. In aecordan¢ewrth the Trust's founLling document, Trustees are appoirbled by the Trust's main sponsorg,. SELECT (Trade Associalionl and Unitè the UnKsn (Trade UnK)nl. Each spjnsor appoints three Iru51ee$. The Chlef Executive organises an induction progfamme for new Truste65. wh￿h indudes an explonalion of thè activitses ol the Trust, providing a copy ol the Trust Deed logethgrwith ￿￿'0S ol all slr81egic policy documents. the current risk assessment and the most recent managem&nl and financial accounts. The induclion includes a lour of the SECTT premises. spe¢ff￿ Iraining for Trustee8 IS 8rran9ed as the nèed arlses. The Trustees are responsible for the govem8n¢e and strategic decis￿￿8 and Ihe Chlef Executive18 responsible for day-IrTrday managetrnnl of the TnJ$t's operations. The Ch*f Executive's remuneration has been bgnchmarked against industry salaries ar>d any in¢re05es are in Ilne Yliih thè industry's collective agreement Ilhe SJIB National Working Rulesl. The Trusteès take acwunt of the independent revtews of industy salariès and can make adjustments in ltiie wlh these reviews. Remuneration ol the Finance and Office Mana9er. the Training and Devel¢)pment Manager and the Assessment Cerstre Manager a￿ also berK*marke(l against industy solaries and any increases are glven in line with the industry's collectivè agreement. The Ch￿f ExecutNe has Ihe author¢ty to 9ive merii, or special project increases as approwiate. To ensure that SECTh is able to attract and relain staff. all salaries are benchmark8d 09ain$t"induslry" salaries lo ensure that SECTTS staff are remunerated al the appropriate level. The Ethtrical Charitable Trdining Trust Tmstees. report aNJ financial statements 31 Dectmber 2024 Trusto05' R•port (Gontinued) Risk Mana emont The Trustees regularfy examine and revi*w the mojiy slralegic, b￿ne$s, and operational risks v4hich the charity laces. They have e5t8bli5hed systems to enable wular reports to be produced so that the nttessary steps Can be taken lo manage these risks. K8y risks to SEcrr are: Cess8tK)n of funding by Skills Development S￿tland- trys links into the SECTh reserves policy, th81 there must be adequate fund5 lo ensu￿ Ihal all those in training. should the SDS fundlng cease, can complete their training and become qualified Ethlricians. The SEC￿ Truste8s di8CUS8 8rKI review the investment and str8te9y al 811 quarterty meelirys. Repulatsonal risks, Ihe integrity and credibility ol Ihe Ekclrical Installalion training programmes. SECTh monit￿$ the programmes continually and woths wlh employers and industry parthers lo ensure that the Pfogrammes are fit lor purpose. The desire of some colleges,18d by the Colleges Scoiland Modem Apprentice Working Group, lo contract direct wSth SDS to deliver thè MA in Electrical Instsllation without the invofvemenl of SECTh. SQA Awarding s irbsislence Ihat Onsite w10￿P1￿ Ass•vJment is the principal a$Je6sm?nl method in the sva. The Tnb¥l was e51abli$hed on 7 September 1990. The wrposes of the Trust are.. lal To promote educalw by prowding or assislirvJ with the prowsion of Iraining in all aspKls of electrical and electronic Irades and indtJslr*s, and allwl tr8d8s and industries in Scotland lor young persons. apprentices, persons on Govemmenl training schemes ofwhalevef nature. adults and disabled persons and such other persons as the Iruslees shall in their sole discretion, including without prejudice to the fofesaid generality persons èmpkjyed or intending lo be employed ￿ the industries. {b} To prowde atlwce. counselling. and job expWIer￿ kn trainees. {c) To cary out ary Other charitabk activihes N charilable operations which the Truste8s coll8Kler necessary or desirable in connection h￿th. or anciM8ry to, the af0r￿aid purposes. The Trust receives most of its irKome from Skills Oevewnenl Scoll8nd WIK) give 8 contribution to training for each Modem Apprentu IPMI. The Twsl receives the payments in inslalments over the period of each MA'S training. -Sfte Tralnin On-site training SUPPDrt is paid lo employers of apprentices as they progress through the apprentice Ir8ining programme. The training support payments are subj'ect to SEcrr receNif#J SLtffioent funding from Skills Devek)pment Scotland and are currently payatAe lo the employer once the apprenlw is upgraded to the next stsge of the trainirKJ wcoramme. Heritabl• Pro The Tfust owns lh8 SECTh Assessmeni Centre in CaM￿SIang i% used to assess candidates underlakin9 the FICA (Final Integrated CompelerKe Assessment) and Ihe ACA (Advanced Competence Assessm8nt}. The factlity also promdes the opport￿lty to further raise awareness of SECTh and the Thg &thsh Electrical Charrta)le Training Trust Tru5tees' ￿port and financial 5fat?ments 31 Dtrtsmber 2024 Trustees, Rep¢)rt (continued) work of the charity in the West of scolla￿l. The trainthg room thin tho Assessment Centre is regular used by SELECT to deliver scrfne of rts short tsaining COLKse5. Achlev The Trustees are satisfied that SECTT has mel the requirements ofempknyers throughout Scolland with a lotal of 713 app￿ntiCeS and 128 adult trainees reeluited by Ihe end 01 2024. The Crediting Electrotechnieal Competence ICECI SCh￿e attracted 10 registered candidalès and 2 CEC candidates passed the Final Integrated Competence Assessment {FICA} during 2024 This compares wslh 749 apprentices, 139 adult trainees ané 16 CEC candKlates in the prevKJus year. The lolal number of persons in training and managed by SECTT in December 2024 was 3128. The nurnber of electrical onlraclors in Scoll8nd currenlly training apprenlices is 1121. SECTh ensure5 that every company has the opportunity to fecfuit and train apprenli¢e Electriuans. Al app￿ntice$ and adult trainees are classed as Modem Apprentices. they ere pem)anenly employed on PAYE and follow the 8pproved SJ18 Training Prggrammes. The level of r￿T￿lIment over Ihe last few year5 demonstrales th• outstandin9 commitment ol electrical Contra￿[S lo train people for the fLrture I￿11-being of the industry and safety of the publ￿. Also. the number ol applications received demonstrate$ Ihal there is signrficant Interest from young people shing lo beeome Electricians. RecriAlmenl for both parties is aided by Ihe numbef of pr8- apprenlieeship courses lor the eWrical industry ￿l¢ti ère designed and delivered by 8 number of the Approved Centres wilh SEC￿,$ supwt. All apprentices and adult trainees fdl¢)w the M¢Jdem Apprgnticeship bthich culminal88 with ihe gward of a Modem Apprenknceship Certif￿le and a Scottish V¢xational QUalIf￿110n in Ethtri¢al lnstall8ts.on 01 SCQF 7 Installation together wth the SJIB Craft and FICA cef1if￿I6s. Skdls Development Scotl•nd'$ fvnding contribut*)n has r*nained t￿ 8amè f*Y m#InStr￿ apprentic aged 16-20 since 2017118 The ftjnding for aduks has remained Ihe same since 2018119. This funding contribution has delivered l￿ding support for all ekctrbcal apprentices regardless of 898. With three avgilable routes to Eleclrici8n status through Modem Apprenti￿ShiP Iraining. there is an opportunity of open oc¢ess to anyone, irrespeclive of age. vtho wshes lo qLr81fy as an Eleclncian. In addition, SEC has actively encoura9ed adults to train. arKI existing operatives lo upskill. through the different foutes lo EleclricSan slalus. The management arKI adminbstr8lton of training involves o(fv¢rli*ng ￿reer routes in Ihe electr￿81 industry, assessiro Ihe suitsbility of ap￿1¢antS cwculating detads of applicants wtr￿ have mel the minimum stand8rds of employers lor nlerview and wbsequent employment. SECTT contracts wilh 22 Approved Cenlres throughout Scotland lo prowde the off-Ih84ob e￿ment of training, and sources fvnding from Skills Development Scouand as a contrthlion towards Ihe costs of training a Modern Apprentice. SECTT teads the delivery of the cO￿truCtIon and Buift Enwronment Challonge ICABECI. E8c* year. three ttundred S2 pupils and thirty teachers take part in a number of heats an(1 one hundred pupils lake part in the Grand Final. This year. the final was hehj on 6 Febnjary 2024. 11 was an excèllent ovenl and the feedback from leachers. wpils and the challenge pr¢)viders were. as a￿Y$, positive. SEcrr, working ￿￿th The Kj'ng's Trust arKI West College Scouand. Paisley Campus. delivered the Got into Electrical Programme in the summer. Fourteen young people took part in the course. lour of whom were offered places on the Modern ApwentKeship and 1kn￿e went on toioin pre-apprenticeship courses offe￿d by the colkge. Econom•c Cllm The ecA)nomlc climate has once again proven lo be a challenge. The Scottish economy continued to face uncertainty, fvelled by business concems a￿ul recruitment. cosl pressures and price hikes. Despite this, the number of redundanl apprenlices has continued to be low and SECTh. workin9 closely th the SJIB, ¢m￿0YerS and Unite the Unio[7, ha5 been ab￿ to keep apprentices in training. The So)ttish Bbxtrkal Charilabl8 Training Twsi Trustees, report ￿(j finanr4g1 ¥t8tements 31 D8￿mbar 2024 Trustees. Report (continued) Truste8s gre ￿￿eSe￿ with ts lev81 of ￿mm11M￿lt 8nd sUPIKrft that employers show in c￿nI￿Ulng to recTUrt apprentices. The close vthing felalionshsp of SECTh with the SJIB will wntv)ue for th& roroseeable fLrtwe. with Ihe aim of keapir¥J the m￿muM number of apprentic6s in trrining. SECTh wlll alw brok8r aty govèmment grants that wld surrA)rt emr￿0Ye[S and trainin9. There are no restriclK)n8 on Ihè charity's Frfywer lo inve81. Tho inw8tnxnl $trat•gy wa8 inltialty sel w by IhÈ Trusle8s for a pèriod of fve years aThJ Is now few%￿¥ qu8rterfy. The Twstees consider Ihg ifbcome r&]uirements, the risk profile and Ihe nvestrnenl man•Jerfs of the market pro$pect$ in tho medlum 16rm. Specific invèslmant rethietsons apply 10 the porlfolk) to 8vold lobacco and ethicalty hostile companies. This strategy is set Tmthin #n oveoll poly 4thich st81es th31 the fvnd has to b8 invested in wi and medium risk Inv8strn8nls Trmlh a lo ersurtry that capital 8Fw¢ialion of the lurKls exceeds inll8lion over each yoarty period. The Trusi's stratw is revithyed annualty with the investrnenl managor and is discussed al all Trust Meetings. The results lor the Per￿ are set out in lull in Ihe statement offinartial ath'wties on pa9e 10. Th& r•$u118 lor th8 year indicate 8 net sury4us of £293k12023." r*1 surplus of £768kl 8nd reserves of £7.862k12023.' £7,568kl. There ￿re not gains on iiwesiments ot £346k 12023.. nèt gains of £334k) *thich have rècovered lotss￿ exwrienced in 2022. Siock markets remain volaime wAth r9$p￿t lo intsmaikjnal 8vants and geoK)tililics. ExcludIr￿ the movement on Investments. the TNst m￿e è deflcit on operat￿n5 of£52k 12023.. £433k surF4usl. R•8•1￿5 Pol Thè ¢haritys ¢urr¢nl unro$trtted tree reservtt are £7.51 m, total urre5tricted resepm of £7.eth) less tsngible fixed a6sels of £0.35m. The charity mWnt81r￿ luThJs in 9engr81 the tralnlng of 115 apprenlices and 8dull t￿inee$. vknich Tr￿11 be frJlly uylised In Ihal process. While the lulure Iralning cosls 11 be met frryn funding Jwards In subsequenl financial years. the Tn*l's r86eThe8 policy 8ims lo m8int8in th& reserve8 at 8 level whth wil On8￿ SUPF*NI tewards ecffipK81th of thelr Modem Appranliceship lo be given lo awrenlice$ and adult Irairee$ cunently in trainirF, ¥hould tho prtssenl funding contribution cease. £5.8 mill￿n ol Ih8 r88gNes are hdd in inyestsnents whth 8et lo provide valuab* Ineome stream ol circ8 £0.15m per Bnnurn which enable5 the charity to lowards break even annually. as wel as pmmdiry the pol8nti81 supp(wl lunding ShO￿d il t* required. Th rernairang fr66 re$ar￿ proiid¢ the wthln9 ¢aWI requlranents for the org8nisation. The Trust aim$ lo conlknue lo m8nage thè recruilmenl. ￿tentIOn, aNI tr￿n￿ of ￿)mpet￿rt And safety consC￿lS electrk5ans for the industy. To achteve thi5. links lo the cathrs and ernployvr8 will be maintained, to ensure there are oppor1￿￿1188 for yowBJ people orxl adults lo enter Ihe industry and for employers lo grow their bLtsinesses. The Tnjst will ￿ntinue lo ck)sely trade as50C4alion Ihe Scottish eleclrical indu5ty (SELECT). the Scollish J¢inl Industry Board (SJIBI and Vnsle the Union. In additt*n. there TrMII be continuel moniton.ng of Ir8nlrwJ systems to ensurg the safety of opprenbees. Èdult If•￿thee$. Electrkhens, conrxtors. clents. publt. roval of th• Trusloes. Annual Ro So f8r 8$ esch Trustse is aw8r8. there is no Tdevanl a￿lit infoTmatiDn of whKh the audllor is unaware. Each trustee has tak￿ the appropiiale steps as a trusle¢tQ Fnake themsd4w rnrp ofwth inlorm8lH)n and to estsblish Ihat the 8uditoT is aware ol li. ru 28 May 2025 The Srotti8h Eledrical Charitable Trainlng Trust Trustees. report financial statements 31 December 2024 Statement ol trustees, responslbllltles The IrLtstees are responsibkn for prepariThJ the Trustees. Report and the financial slalemenls in cordance with applicable law and United King¢*sm A￿unting Slandords IUntte(I lQrydom Generolly Accepted Accounting Prath'cel. The law applicable lo charities in Scotl8nd requires the Injslees to p￿pa￿ financial slalements for each financial year, whith give a Irue and fair view of the slate of affairs of the charity and of ils incoming resources Bnd applicatic￿ of resources of ts charity for th* peric¥J. In preparing the finanGial ststemenls. the trustees are requireé lo.- select suitable accounting policies 8nd then ap￿ them consislenvy. observe the methods 2nd pr1w￿S of th8 Charities SORP IFRS 1021.. make jud9emenls arKI estimates that ore reasonable and prudent: State whether appIl￿ble Accounting Standards have been followed. subject to any material departures disdosed 8nd explained ift Ihe fina￿￿81 sts18ments,' and prepare the financÈal statements on the going concem basis unless il is inappropiiale lo presume that the charity will continue in oper81ion. The trustees are responsible lor keeping proper acC￿ntIng records that disclose with reasonable èccuraey at any time the financial position of the charity and lo enable them lo ensure Ihal the finlneial slalemenls comply with the charit￿5 and Trustee Inveslment Iscolland) Act 2005. the Charities Account¥ Iscotlandl Regulat￿n5 2006 (a3 amended) and the provision$ of the Gharty's Conslilulign. They Bre 81s0 responsible lof safeguarding the assets of the charity arKI henoa for takiThJ rgBsongbl8 steps for the preventScm and deleclSon of fraud and other lffegul8ri1￿5. The Iruslees are responsible for the maintenance and Integrity of the charity and financlal inform8tSon included on the charty's websrte. Legislat￿ in the Unrted Kingdom goveming the preparal*)n and dissemination of financial slalements may drffer from legislatson in other jurisdictions. Thè Sa>ttish Electrical Charii8bl8 Training Trust Tru5tees' wptsrt and financiaf gtatLYnents 31 December 2024 Independent auditor's report to the trustees of Thè Scottlsh Eloctrfcal Charitablo Tralning Trust Oplnion We have audited the financial statements of The Scoltish Electrical Charitable Training Trust Ilhe 'charity'l for the year ended 31 December 2024 whith compnse Ihe Statement ol Financial Aclivilies, the Balan￿ Sheet. the Cash Flow Ststemertt and notes lo the fmanual ststements, including a summary of significant a￿ountsng policies. The finan¢i81 ￿pOrting framewoth Ihal has bèen aprAied in iheir preparation is applscable law and United lfj'ngdoffl Acwunling Stsndards. including FRS 102 The Finanrial Reporting Standard opplicable in t￿ UK and RepublK of Ir81ond (United Kingdom Generally Accepted Accounting Pracltco}. In our opinion the financial statements: give a IrLI8 and fair view of the slate of the charitys affairs as at 31 Dec8mb&r 2024 and of ils Sncoming Tesources and appliulion of reswrces l¢X the year then ended,. have been properly prepared in accordance with United Kingdom Generamy Aceeplèd Accounting Practice". and have been prepa￿d in accordance vith Ihe requremenls of the Charities and Trust88 Invèstment (Scollandl Act 2005 and Regulatw 8 01 the charrti.es Accounls (Scollandl RegulBts'ons 2006 las amended). B481• of opinlon We conducted our audll In aeeordance Intemalional Slandards on ALKliting IUKI IISAS IUKI) and applicable law. Our responsibilities under tr￿8 st8ndards are further described in th6 Audilorfs rèsponsibilities lor the audit of the financial statements seclth of our r8lX)rt. We are independent of the harily in acCordar￿ with the ethi￿1 requirements that ar6 r8levant to our aLKlil of the fin8nci81 Slalemenls in the UK. induding the FRC'S Eth￿81 Standard. and we have fijlfilled our olher eth￿￿1 responsibilities in 8ccord8nce wlh these requirements. We beli6ve that the gudrt e￿de￿ wè havè obtained is suffioenl and 8PPTopriate to provide a ba￿S for our opinM)n. Conelu•lon* r•l•tlng tQ golng conc•m In auditing the financial slalemenls, we havo ￿nCluded Ihal the Trustees, use Df tho 99ing concern basis of accounting in the preparation of the financial slalemenls is appropriate. 88sed on the work we have perfomed, we have not Identified any material uncertainties relats'ng to events or condillons thai, indlvidually or collgclively, may casl signifi¢anl doubl on the charity's ability to ¢ontsnu8 8s a going concem for a period of al lea$1 tsvefve months Irom when Iho financial stat8monts are aulh0ri5ed for Issue. Our responsibilllles and the respon&ts'lilies ol Twslees with respect lo goin9 Cortem ar8 described in Ihe relevant sections ol ths reporL Oth•r Snlorrn•tlon The other infomiawon comprises the information Kxluded in the annual report glher than the financial ststements and our auditorfs report thereon. The truslees are iespon5ible for th8 other informal￿. Our ownion on the financial statements dogs not cover the other infom)alion and we do not express any form of assuranee conclusion the￿on. Cxjr ￿SpOnsibl[itY is to read Ihe other information and, in doing so. consider %thether the other infomation is malerially incor)si51ent wth the financial statements or our knowledge obtained in the course of Ihe audit. or olherwse appears lo be materially misstated. If we identrfy such material inconsistencies or apparent material misstatements, we are required lo determine Ythether this gives rise lo a material misstatement in the financial statemenis Ihemsalves. If, based on the work we have perfomied, we condude that there is a malerial misststement ol this other information. we ar6 required to report that tsth. We have nothing to report in this regard. The s￿ttl$h Ewrul Charitable Tralnlng Trusi Trustees. report atKI financrdl siatem&nt5 31 Oel￿t￿r 2024 Indepgndgnt auditor's report to tho truste•s of Th• Scottish Eloctrkal Charltable Tralning Tr￿t {continu8d) Matters on which w¢ •r• r•quir•d to rèport by gX¢&Ption We have rK)Ihing lo report in respect of the following mattets in ￿l811¢)n lo which the Charities Accounts (Scollandl Regutalions 2￿6 require us to report to you rf. in OLK opinion= The inlomialion given in the truste&s' report is inconsi8t8nt in any material respect wth the financial ststemenls.. or proper accounth'ng records have not been kept. the financial stalemenls are not in agreement th& accounting records 8nd ￿t{Im5,. or we have not received 811 the inf(vmalion and explanations we require lor our audit. Ro8pon¥lbllltlM of Trustws As explained more fully In the Tru51ees' respons*¢ilil*s stslement the truste&$ are rèsponsible for the preparation of Ihe finanoal statements and for beiThJ satisfied Ihal they give a true and fair view, and for Such inlemal control 8s the Injslees determine is necessary lo enable the preparation of financial stslements that are free from material misststemenl. wtsthef due to fraud or efror. In préparing the financkgl st8lement$. the Truste￿ are responsible for assessing the chanty's ¥bilty lo ontsnue as a going eoncem. disclos￿g. as appItt￿e, matters related lo golng concem and using the going concem basis of accounting unl8ss Ihe Trustèes ￿ther intend lo cease ¢Jperalion$ or have no realistic altemalive bul lo do so. Audltorf• responslbllltl•8 lor th• •udlt of tho finan¢l•l stat•m•nts We hav8 b8en 8ppointed as audits￿ under fpeclion 4411Xcl of the Charities and Trustee Inveslmenl IScotl8ndl Act 2¢)05 and reporl in a¢￿dance with the Acl and relevont regulat￿nS made under that Our objeclrves S￿ lo obtain reasonable 8ssurance about vthether Ihe financlal statements as a whol8 are free from material misslalement. wthelher due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not 8 guarantee that an audit conducted in accord8rKe with ISAS {UKI will 8h•rnys deleet a material misstalemenl when it exist5. Misstalements c&n arise from fraud or error and are Cons￿ered malerial if. indwldually or in aggregale, they could reasonably be eXP￿ted to influence the economie decisions of user5 taken on the basls of thesg financial statements. Extsnt tt¥ whlGh th• audlt ¢on$ld•r•d ¢•p•blo of dot•¢tlng irTegular5tb8. Includlng fraud Irregularili8s, including Iraud, are instances of non-compliance with 18ws and regulallons. We design procedures in line with our responsibilities. outli￿ above. lo delect material miss181emenls in respect of irregul8rilies, in¢ludlng fraud. The speufic Fyocedures for this enga98menl and the exlenl ¢0 which thes8 are capab16 of detecting irregularities. including fraud is detailed below.. As p8rt of our planning wocess.. We enquirod of m8n8gemenl the systems and controls the charity has in place. the areas of the financial statements that are mostly susceplible lo risk of trregularilies ond fraud, ar￿ whether there was any known. suspected or alleged trathj. Management informod us that there were no instances of kn¢)wn. Susp￿1Q1 or alleged fraud.. We obtained an uThJerstsnding of the teg81 and reguL410ry fr8m8¥ths ap￿Icable to the chaTIty. We deterrni￿d that the following were most relevanl.. Health and Safety.. employment law (including the Working Time Directive) and Complia￿ wth charity legislation . We considered the In￿ntIveS and opportunities that exist in the charity, including the extent of management bias, whtch present a potontial for irregulaiities and fraud to be pe￿etra18d. and tailored our risk assessment accordingly: and Using our knowledge of the charity, together with the discusstons hekl with managemenl al the plannin9 stage. we fomied 8 conclusion ¢)n the risk of mÈsslalement due to irregulariti85 including fraud and taik)red our procedures according lo this risk assessment. Th¢ Sr#)tti%h E￿*[(81 CharitatAe TralF1￿9 Trust Tnjstees, TepDrt fIn￿la1 $tslWr￿nts 31 Lknmbw 2024 Independollt audltof$ report to th• tru￿¥88 of The Scottlsh EleGtrical Charltable Trèining Trust fconlinued) Thg key prcttdures ￿dertook lo detect iffe9ularttigs including fraud during Ihe ¢tyJrse ol Ihe aLwJit included.. EnoLtiries of m*ogwent atout arry known or suspeGtod instèrbrA$ of nOn￿OMpb.onQe wtth laws arKI regulatltms 8nd fra￿,. Rev¢ewing Board and other tr￿tee or rn8nagemenl meetin9 minutes for dI￿￿$s1On5 of Irregularitses induding fraud., Reading corresKx)n(lence wilh reg￿8t￿8, sthere applicatAe. to determine Ihe extent of compliance.. ChalltsngirYJ as5UrnPtions and ludgemertts made by man8￿Ment in Ih*r s￿nIfic*￿t accounting eslimales, in p&rt￿Ul8r in Welation lo valuation of Investments. a￿1 accrued and delerred Sncom?,. DoGumenling and v8ritw.ng all 99nlficant r8laled paty balanc8S 8nd tsns8cIKJns', Auditing the risk ol management oveffKle 0f¢MtrO￿. I￿uding through lethng ioum816nlries and Othgr adjustrnents for èppropri8lene55.' and R￿lev41n9 the fina￿lar stslemenl dis¢b)su￿ arrfl d818miinirg 8CO)Linbng policies hav been appropri?Idy applied. (￿ing to the inherent Iimltstions of an audil, Ihere is an unavoidable ri8k Ih•i some matert81 mroslalemenls in the finana?I ststements may not be detect￿, even though the audrt 1$ property 8nned aFMI performed In •ccord8rKe wth the ISAS {UKI. instance. th8 lurlhfrr removed non. compliance Is Irom Ihe events and Irans8clror* reflected ift the f￿anCIal stalements, th8 19$$ likely the S￿11101 is to becomè aware of il or to re¢c*3rtize the n¢ndy, in a￿Ordene& wth Sed*)n 4411 Xcl of the Charities and Trustee Inveslmenl IScoil8ndl Act 2005 and Regulation 10 of Charilies A¢¢ounts (Scollandl Regulations 2008 las amendèdl. Our ¥udit work has been undert8ken so Ihat wè mi￿1 stale to the tru¥l•ès those mallers we are required lo staio to them in an avdilor's rèport and for no other purpose. To the lulle$l ¥xtenl permittol by 18w, we do nol wpl or g$sume responsibllity to anyone Other Ihan the charity and lh• chanty's Iwstees as a tM)dy for tsjr audit work, for this report, or the upinions we have lurmed. 30 JLMO 2025 Henderson Lo9gie LLP Chartored Accountants Slatulory Auditor 11-15 Thisye Streel Edinburgh EH2 1DF Hend8150n Loggle LLP i8 ellglble to ￿ 8$ auditor in terms of sedion 1212 of the Ccmpanies Act 2006. The Srx)tt6h EJectric81 Chantable Training Tru$¢ Trustees. report an¢J financi81 statemènts 31 Decem￿￿ 2024 Statement of financlal aclivitles for the year ended 31 Docembor 2024 Total Unrnstrictod 2024 Total Unrestricted 2023 Not•8 Incom• trom: Donations and grants Charitable acliviliès Other tredw￿ adivities Investments 6,672 6,497,625 13.462 150,746 6.195.154 9,888 163,502 Tplal Incom• 6,368.544 6.668,505 EX￿nditUr1 on: Raising funds Charitable &livitr45 (1.194) 11,201} (6.419,7241 (6.233,9181 Total •xp•ndltur• 16.420.9181 16.235,119) N•t galn•l(lo••ul on Inv••lm•nt• 12 345,751 334,532 N•t Incom• b•lng n•t mov•m•nt In fund• 293.377 767,918 Fund bolances brought forward 7.568.196 6.800.280 Fund balanc•# c•rrl•d forward 7,861,575 7.568,198 The Tru51 has not dis¢onlinued exi$ling operations or acquired new Operat*￿5 in the year. 10 The s(￿1￿ E*rical Charitale Tr8iring Trust Trustee$, repty1 and finan(ial Statements 31 Oecernb8r 2024 Balance sh•el as at 31 DeGember 2024 2024 2023 2023 Fix•d as￿t$ Tangible asse15 lnveslml￿19 11 12 351120 5,825,327 334.918 5.381.760 6.177,447 5.71e.676 Currgnl amo1• Siwks Doblor8 Cash al and in harKI 14025 SM,417 2.923.571 17,895 368.463 3,226,523 13 3843,013 3,612.881 Curr•ftt liabSlltié# Crèditors.. amounts falkng due withln ong year 14 (1.758,865 11,761.359) 1,e84,128 1,851.522 N•t •$¥•ts 7MI,575 T,￿,198 Fund• Unrestricled fund$ 15 7.•e1,375 7.*8.198 T¢tsl Funds 7,861.573 7.568,198 ts were consl(lered ty th8 trustees on at their meellng on 28 May 2025 and were ew by 11 The Sixjtttsh Ele￿rIcal Charitable Training Trust Trustees. report and financi81 statements 31 Der￿ber 2024 Statempnl of cash flows for the y•ar end•d 31 D8cernbgr 2024 2024 2024 2023 2023 Cash flows from op•r•ting xtlvltle• Nel income I lexpenditurel {Gainyloss on investments Depreciation ¢harges (Gainyloss on disw)s81 of tsngible fixed assets Decrease in stocks Ilncr6aseYDecfease in debtors {Decreaseylncrease in ¢re(5ilors Income from inveslmenls 293.377 1345,7511 83.374 1,539 2.870 1135,9541 12.4731 {163,502) 767,918 (334,5321 91.310 17.770} 7.887 195,637 247.203 1150,7461 Cash (utllh•d InVg•Mrat•d by op•ratlThJ 4ctlvltl•¥ (266,520) 816.907 C•sh flo￿ Irom Inv•*iing •cllvltl Inlere5t received Dividend income Payments lo acquire tangible fixed asséts Receipts from sales of tangible fixed assets P8ymenls lo acquife investments Receipts from sa￿$ of inveslments Movemènt in cash held for rfrinvestmenl 33.811 129.691 {133,8261 31,709 11,077.$03) 952,062 27.624 21,885 128,861 156,92SI 8.850 12.386.018) 2,208,021 80,416 C•#h {u¢lll••d InVg•noraled by Inv••llng a¢ti¥ftk• {36,432) 5,090 In¢wselldecre8sel in cash and cash équ￿91ents in the year Cash and cash equivolents 81 bw'nning of year {302.9521 821,997 3228,$23 2,404,526 Ca•h •nd cash •qulval•nl8 at •nd of y•¥ 2.923.571 3,226,523 72 The Scottish Ewrical charitab￿ Training Twst Trustees, report and financial slatements 31 De[￿b¥ 2024 Notes to the Ilnancial statements for tho year endod 31 Decern￿r 2024 Accounting poll¢lg$ Th6 Scottish Ele￿rical Charilable TraIn￿g Trust an uninc¢xp)r8ted charity w&th the règistere(I office as noted on page 1. The followng accounting policies have been applie(I consistently in dealing wth the items vthich are conSide￿d material in re18tion to the charty's financl81 statements. Basls of preparatlon The fbnancial slatements have been prepared uThler Ihe historical cosl accounting rules, and in cordance ￿th applicable accovnts.ng stsndards. modifietl for the revalualK>n of investments. The charity is a Public Benerrt Entty and the financLal stalements comply wrth the charity's Conslitulion. the St*emenl of Re￿nn￿nded Piactice {SORP) FRS 102 'Accounting and Reportlng by Charities,, FRS 102, the Charitie5 and Trustee Invaslmenl {ScoUandl kl 2005 and the Charities Accounts {ScollBrxll Regulations 21X)6 las amendad). The financial statsmenls are prepared in £ sterling is funckn'onal currency of thè charity roundetl lo thè nearest pouTrJ. Golng ¢onc•m The financial statèments ore prepared on a going concem basis. The Twsleos believe this is appropriate having looked al Ihe current financial position 8nd future fundin9 prospects. In reaching this judgement, the Trustees have considered a period of al least 12 monlhs from the dale of approv81 of the financial statements and have not identified any mal&i81 uncgrtainties in r8spe¢l of going concem In that period. In¢om• Income Is recognised when the tharity has enliuemènt to funds. any perforniance conditions attached lo the income hove been mel, il is probable that the income will received, and the amount can be meawrod rdiabty. Inve8tm¢nl Income 55 recoonis6d when receivalle and the amount can be m8asured reliably by the charity,. this i¥ nomi8lly upon notifraii¢)n ol the incclne paid or payable. Exp•ndltur• Expenditure is recognised onee Ihere is a legal crf consiructive obligation lo rnake a payment to a third pafty, il is probable that Sett￿ment will be required and the amount of Ihg obligation an be measured reh'abty. Diwl costs hav8 been allocal8d diroctly to the relevant 8XP8nditure ¢aleg¢)ry. Some support costs are allo¢ate(J directly to relevont expendilure categories the remainder apportioned betr*èn the vorious elements of Charitab￿ expendrture on a pro rata basis. Support costs ￿late to the adminislTalive costs of running Ihe charity ar￿ are allocaled to charitable aclivrlies 8ccordingly. They include govemanee costs which are those costs Invo￿1n9 the public occounlability of t charity and Ils compl18f￿e regulations and good practice and include the Costs of slalulory audrt and legal fees. logetheT With the costs of twstees, meetings. IM)ere VAT is applicable on costs 11 is not recoverable. Employee beneffts The cost of any unused holKlay entilknnl is recognised in the period in which the empk>yee'8 se￿iCeS are receive¢J. RedLFndancy aTrJ twmination payments ar8 recogniwf immediatety as an expense when the charity is demonsts3bfy committed to terminate the employment of an employee or to Provide lemiination L*nefits. 13 The S(ottish Ele(Xri¢al Charitable Training Trust TrustèÈs' ￿pOrt and financial ststem8nts 31 Dacernber 2024 Notes to the financial slat•monts for tho year ended 31 Decembor 2024 Accountlng poll¢l•s (continued) Flxed assets Ther8 is no de minimis lifflil for capitslisation of assets. All assets are hekl 81 cost. Deprecration is provided by the Tfusl lo vrrite off the cost of tsngIb￿ fixed assets by equal instslments over their estimated usefvl econorn￿ lives Bs follows". Premises and imwovements )lor vehicles Office lurnitUTe and eqvipmenl Computing equipment 50 years Stra￿h1 line 5 years str8ighl line 5 years strawJht line 3 years strawJht line The gain or loss arising on the dispos81 of an assel Is detgmiined 85 the difference between th6 sale prrKeeds and Ihe carryiThJ value of lh6 asset. and is recognised in the stalement of financlal activilig8. Investments and Investment Incom• Investments are a form of bas￿ financ481 instrument and are inlli81ty recognised 8t their Iransacllon value and subsequenlty measured al their fair value at the balance sheel dale by refèren¢e lo the Slock Exchange mid prices. Realised and unrealised gains and losses are charged or credited in the statement oi financial actiwlies. The main form of financial risk faced by the Trust is that of volatility in the investm8nl mafkels duo lo wider econom￿ eonditions. Inve$lmenl Incom8 is re- invested. Inveslmènl inwne is rewgntsed %then receipt i8 probabkn. Stock Stock is st8led at the lower of cost and nel realisable value. Debtors Otherdeblors are reeognisod at the settlement amountd￿. Prepayments are value(l at the arnounl prepald nét of any Ir8de th'scounls due. C•sh Cash al bank and in harKI includes cash and hwJhty liquid short-lerrn investments wlh a maturity of three months or less frc¥n the dale ol wuisilion or Op￿￿n9 of the dew)sil or sirnllar account. redltots andprovislons Creditors and wovisrons are recognised %thgre trje charity has a pr￿ent obligation resurting from a past event that wll probably result in a transfer of funds lo a thiril party and the 8mounl due lo sewe the obligalion can be measurefj or eslimaled reliabty. Creditors and provi&'on$ ar8 normally recognised at their settlement amount after allowing for any trade di￿OUnt8 duè. Fln•n¢hl Instrum•nts The Trust only has financial assets and financial liabilities of 8 kind that qualify as basic financial instrumerts. Basic financi￿ instruments are initially recognised al transaction value and subsequenyy measu￿d al their Sett￿meNt value. The Trust has no tomplex financial inslruments. Taxatlon The Trust is rerdognised by HM Revenue & Customs as a charity for the pu￿$$e$0f Ihe Corporation Tax Act 2010. part 11 and is eX￿pt from In￿Me ond ￿rpora￿On tax on its charitsble activities. 14 The Scottish Electrical Charitsblè Training Tnjst Trustees. report and financaal statements 31 Dwmbef 2024 Notes to tho financlal statoments for the year onded 31 De¢ern￿r 2024 Accountlng pollcl•s (Contint￿l) Definéd bonfrfftpensl¢>n scheme The charity is a member ol a defined benefit pension scheme which is Closed to future members provides b8nefi15 on final penSk)n#b￿ pay. The assets of the scheme a￿ held separatety from Ihe charity. The Charity is unable to idenb.fy its share of the undedying asse15 and liabilities of the scheme on a consislenl and [eèsOnab￿ basis. Empkjyer current pension conlriblribulion5 aro charged lo th6 Slalemenl ol Fina￿lat Acts'vilies in the period lo %thich Ihey reLale. D•fln•d ¢onfrlbullon pension s¢h•m• The charity also p8rticipales in a defined eontribulKJn pension Scheme for employees who joined after 2014 %thich provides benefits based on contribulions. Employer LYJntrfbulions are charged lo the Ststement of FInar￿la1 Activit￿3 in the period lo wh￿h they relate. Op•rntlnq hasoj opefath.ng lease rent8ls are tharged lo the Slalement of Fin8nckg1 Actiwties on a stralghl-linè bBsis over the period of the lease. Funds Reslricled f￿d$ are fvnds subiect to specific requiremenls. vthich m8y be declared by Ihe donor or used only. on or with their authority. Reslficled Funds may ba reslricled income funds vthich ar8 expendable al the dIS￿lI0n of the truslees in the fijrtherance of 8 parbcular asFecI of thè obj8cls of the Trust or may be ¢apilaJ lunds. thre Ihe assets are required lo be invested or retained for actual use rather Ih8n expènded. Judgem•nts In apptylng accountlng pollclv4 and key ol o•tlmatlon unc•rtalnty In thè application of the Trust'$ accounting policies, the Irustees ar6 rgquired lo make judgements, estimates 8nd èssumptions about the carrying amount ol assels and liabilities that 8ro not re8dlly 8PP8renl from other sources. Thè eslimoles and associated assumptions are based on hlslorical experience an(J other lactors Ihal are consKJered lo be relevant. Actual results may differ from Ihe8e estimates. In preporing these financ¢al stslements. ihe trustees have made the lollowng judgements." Deiermine whether leases entered into by the charity 85 8 lessor are opefaling or finance leases. These decisions d8pend on an 8Ssessment of thether the risks 8nd rewards of ovmership have been Iransfefyed from the kgssor lo lessee on a laasfrty-lease basis. Tangible fixed assets are depreciated over a penod to reflecl their estimated useful lives. The applieabrfity of tho assumed lives is rewewed amually. takirwj into aceount factor8 8u¢h as physical condition. maintenance and obsdescence. Fixed gssets are ￿59 assessed as lo whether Ihefe are indicat¢ys of impairment. Thls assessment invofves ewdefalK)n of Ihe economlc viability of the PU￿se for whtch the 8ssel is used. 15 The Scottk%h ElectrirA Charitable Trainiro Trust Tntst•es' report aniJ finanual ststements 31 Deeernbar 2024 14otes to Ihe flnanclal statements for the year ended 31 DeGember 2024 Income from donatlons and grants 2024 2023 Scottish Joint Industry Board 6.672 6.672 Incom• from charltabla •ctlvlii•¥ 2024 2023 Skills Develcymenl S¢olland - FurKfing corttribulions Employers, funding FICA, ACA and CEC fees 6,109.873 3.901 81,380 6,368.620 4,581 124,424 6.195,154 6,497,625 Inct)mo trom Inv••trn•nts 2024 2023 Interest rec8Svable Dividend income 33,811 129,691 21,885 128.861 163,502 150.746 Exwndltur• on ral•lng tund• 2024 2023 Investment management costs 1,201 Exp•ndlturn on Charttab￿ actfvlll•s 2024 2024 Dlw•ct Support co¥ts ¢o$ts 2024 Total C￿t9 2023 Dire osts 2023 Support costs 2023 Total costs Empknyertrain￿ supwrt 1226.790 116,043 1.342,833 1.290,833 87.738 1.378.571 coll￿ 18Ès 2205,835 208,651 2.414.486 2.274.855 154.623 2,429,478 Assess￿nt ￿tre ￿Sts 403,313 38.150 441.463 426,027 28,957 454,984 Apprentice c4)sts 638.098 60.358 698,456 574.533 39,051 613.S84 T¥ainiry officers. costs 1,390,918 131.568 1.522.480 1.270.916 86,385 1,357.301 5.864.954 554.770 6.419,724 5.837.164 3￿,754 6.233.918 16 The Scottish Electrical Charitablè TraIr￿n9 Trust Twstè85' report and fK)ancial 5tstements 31 December 2024 Notes to the financial stalements for the year endad 31 December 2024 Support 2024 2023 Staff Costs Travel and subsistence Premises Office equipment costs Office supplies Proles5ional fe8S Depreeialion Govemance costs Inole 9} 388,751 618 68,391 23.658 11,602 38.675 S.647 17.427 240,619 795 68,436 12.499 10,362 38,941 10.228 14.874 554,769 396,754 Gov•rnanc• Gosts 2024 2023 AudrtOfS' remuneralion Other exlemal review ￿$18 Cost oftru8l¢e'$ meglings 13.000 2,675 1,752 12.050 2,410 414 17.427 14.874 10 Tr￿100¥ l Employ••s The trustees rèceived Tr) remuneralion. be￿IS or reimbursemènt of expenses during th6 c￿r￿n1 or prior year. The 8ver8ge numtw of persons employed during the year. anatysed by category. w8s as follows: 2024 2023 Administration Trainlng 17 14 18 15 31 The full.lime equivalent r￿￿ter of ￿p￿e$ was 31 33 17 The Sujuish Eledrical Charitsble Training Trust TfUStees' and financial statements 31 Decarnber 2024 Notes to Ihe financlal statements for tho yaar ended 31 December 2024 10 Employ¢•s (contlnuedl The average payroll costs of these persons were as fdlowts.. 2024 2023 Wages and salaries Social security ¢ost$ Pension costs - Defined contribU￿n scheme 1.462,178 175.906 173,020 1.282,891 153,972 142.336 1011,104 1,579.199 Remuneration of key manogement persoftnel 387,660 283.747 Number of empkjyees employee tenefts (ex￿￿11Th9 emk4oyer pension ￿$1s) in excess of £60.OCQ: 2024 2023 No. £60.001- £70,000 £70.001- £80,000 Terrninotion payments iotslling £74.219 v•￿ paid out in lh8 year (2023.. ril}. 11 T•nglbl• fix•d a•••ts Offl¢• fumltur• M4)tor Computlng & t••t v•hlclM •quipment •qulpm•nt Pr•mlJ•• & Imwov•m•nt8 Total Al start of year Add￿'onS Disposals 246.5C¥) 362.492 112.615 1125,417) 76.458 19,546 122,3411 276,720 962.170 1,665 133,826 {12,290) 1160,0481 Al erKI ol year 246.5 349.690 73.663 266,095 935.948 DeprnGlatlon At start of year Charge for year Disposals 139.8 4,931 156,934 65.084 192.764) 68.233 9.353 {21,746) 262,191 627,254 4.006 83,374 {12.290) (126,8001 At gr￿ of year 144.827 129,254 55.840 253,907 583.828 N•t book v•lu• At 31 Dgc•mber 2024 101,673 17,823 12.188 352,120 Net book value Al 31 December 2023 I￿.604 205.558 8.225 14.529 334.916 18 The Scrtsh Electrical Chariiable Traiiung Trust Trusttes. report and financial ststemants 31 Dècémb8r 2024 Notes to the financial statements for the year onded 31 DeCem￿r 2024 12 Fix•d assat InY•8tm•nts Quot￿ Inv•stm•nts 2024 2023 Fair value at beginrnng of y88r Less cash held for reinvestment 5,381,760 {128,2251 4,949.647 1208.947) 5.253.535 4.740,700 1.077.503 2,386.018 1952,062) 12,208,021) 345,751 334,532 306 Additions at cost Disposals proceeds Nel investmenl gainslllos5es) Other cash movements S.724,727 100,600 5,253,535 128,225 Add ca$h held lor reinvestment FaSr value al end of year 5,825,327 5,381,760 Historical cost al end of year 5.386.374 5,215.839 Th8 main risk to the Trust from finan¢i81 instruments l*s in th8 crynbination ol un¢ertain investment markets and volalilty 10 grovrth. The Trusl's investment strategy 1$ to ensure caprtal growth of funds in excess ol inflation each yeor and as suth the porrfolio is invested in low lo medium risk stocks. Llquidlty risk is anlicipaled lo to low as all 8ssels are traded in markets with good IKiuidty and high Irading volumes and this is expected lo continue. The Twst manages these investment risks by retoining 0X￿rt advisors lo manage ils investment portfolio. The investh)ent policy is reviewed annually lo ensure thè protèclion of the re81 value of the F<*rtfolKJ in Ihe longer lemi. 19 The S(ottish Bectrical Charitable Training Trust Trustees. report and financi31 staternents 31 December 2024 Notes to the financlal stalemfrnts for the year ¢nded 31 DOG•mber 2024 13 D•btors 2024 2023 Trade debt Olher debtors Prepayments and accrued income 8.105 1,737 494.575 5,889 5.915 356.659 504,417 368.463 14 Cr•dll¢x• 2024 2023 Tr8de credito Collegè fees Accruals Fees received In advance Social security and other loxes Oiher creditors Funds held on behall of others" 64,976 814.818 80B.188 1S,720 44.276 60,173 921.367 719,791 7,349 39.067 3,447 10,165 10,909 1.758.885 1.761.359 ' These fur￿$ are held N) respècl of Ihe c0nstrL￿t10n and Built Enmronmenl Challenge ICABECI. CABEC is a partnership of likeminded institutions. Socloi skills councils. training facilitators and industry. Its aim is lo high1￿h1 ¢8reer opportuniltes available wlhin the construction. enoineering Bnd building servi￿$ industries lo young people in a full and ehallenging way. 11 does so by ￿)lding a competition for 13-14-ye8rdds wh￿h is primarily sponsored by local interested parties. £10,165 {2023.' £9,209J of ftjnds were hekd al th6 Start of the period of which £6.75612023.' £6,544) were Spent during the period and a fvrther £7,50012023.' £7,500) were receivèd in th8 period. The balènce of furKls avaijablg 01 £10.909 (2023.. £10,165) remains at the yèar end. F••8 r•c•lv•d In *dvanc• Deferred irKome a11 January 2024 Resources deferred during the year Amounls released from previous years 7.349 15,720 (7,3491 Oeferrgd income at 31 December 2024 15,720 Fees received in athance are re-5it fees receive(l in advance of Ihe rtrsit dale. 20 The Scottish Electri¢31 Charitable Training Tw8t Tru5tees' report and financial statements 31 Dec4mt*r 21Y24 N(Aes to th• financial statements for the yoar ended 31 Docember 2024 15 Funds 2024 Opening b#lan¢è Galnsl Closlng Ilosso$) Tran8hrn balance In¢offl8 EXp•ndI￿re Unr••trl¢t•d General 7.568.198 6,368,544 {6,420,9181 345,751 7,861,575 Total Funds 7,568.198 6,368,544 16,420,918) 345,751 7.861.575 2023 Oponlng balan Galnsl Closlng {l¢>Me¥) Transf•r¥ balanrA Incom• Exp•ndltur• Unr•8trlct•d General 6,800.280 6,668.s)S 16,235.119) 334,532 7,568,198 Totsl Funds 6.800,280 6,668,S)5 {6.235,119> 334.532 7.568,198 16 Commltm•nt• The Twst has total minimum luluffj commilments under operab'ng189s8S 8¥ follows.. 2024 2023 Operating leases whth expir•'. Less than onè year Two lo five years Due over 5 years 74.206 289,480 77.093 279,877 48,715 363.666 405,685 Opgr8ting lease payments of £71,897 {2023.' £71.89n were pald in the year. Futur• eommftm•nts The Tru51 has entered into commitments in respect of training assistsnce provided 19 9pprenli¢o5 and empkjyets throughout the duration ol the apprenticeship. The commitment al the balanc8 sh88t dale is eslimaled lo be in the region of £5 million. These costs are treated as liabilities of fvlure periods lo which they are h'me related and will be fmanced by speGrfic fundtng cortrtribLrtlons or other income receNable in those wiods. 21 The Scottish EleLlrical charitab￿ Trairyw Trust Tr￿198$. r¢wrt and fiELancial statements 31 December 2024 Notés to th• financial Statements for the year ended 31 December 2024 17 Penslon Gosts Tho Tr*Jst participatÉs in the rrB Pens*)n Funds Schemes. The Defined Benefit SthBme w8S cIos8d to new oniraTrts In 2012 and In 2014 Tnjst i0￿ed the Defln&d ContributlDn sC￿m8 of Ihe IT8 Pension Funds for new ￿rMan￿nI mèmb8ts ol staff. The Defined Ben&fit Scheme provldes benefits bas8d on flnal p￿￿Ion8b￿ sal8ry. The total Defir￿d Conlrtbutlon pèngon chargè lor Ihe year was £173,02012023.' £142,336). The amounts othstandin9 for th8 Defin6d ContributK>n Scheme for the year end w￿e £Thl12023.' £nlll. An achjarlal vakjallon is CBrrl8d out every thrée years for the defined benefit scheme. thé ratas of contribution payable and the pension ¢DSt belng detemined on the ad￿￿ of the actuarles. The lalesl actuarial valualrt)n of the Open Fund was al 31 March 2022 by a professionally qUalif￿d dependent acluary using Ihe'proiecled unit method. an(1 revealed a surplus of £24.8 million. No empkJyers had negatsve employer pots and the schedule of conlribulH)ns from 1 January 2024 required rK) addilK)nal employer Contribut￿)n$. The nexl valuats'on wim be at 31 March 2025. The Trust's defined benefits $chem• s a multl-empk)ygr scheme as d?fin8d ty FRS 102. The Trusl'3 acluar*s rAnnol easity syatety Klenlrfy arKJ value Tru$l'8 Share ol und•rtying assets and liabilities in respect of the scheme. contrthlK)ns payable by th8 Trust lo the fijnd are disclosed al￿Ve. In the period January to December 2024 efflptoyees pad contributsons 015% into the defr"n8d oontribution stheme. Whi￿ SECTh paKI empbyer conlritrNJlions of 10U/g. 18 Flnanclal In8trum•nts 2024 2023 Corrylng •mount ol flnan¢lo1 Equty inslrurnert meogured al fair value through profil ond loss 5025,327 5,381,760 Equity inslDJments rneosured * IBir Ihrough profit and103s com[￿omIseS listed inveslrnents. 19 Relat•d partlt• As noted ￿1th1n the trustees report, toth SELECT and UNITE are represented on the Board of Trustees #nd are conS￿ered related pths on thai basis. SJIB delegate the managgmgnt of training schemès to the charlty and as SLth. are also ecffj8Ktsed a ￿lated party. During the ya¥, the charily receNed services totaling £6.000 12023.. £6.000) from SELECT and £6,OC(J 12023,. £6,000) Iroffl UNITE for ￿su11#ncY advKe to enable thé charity lo oper8le in maeling the dema￿1& of the Industry The balar￿e due lo SELECT at the ye8rerKJ w85 £6,￿oI2023.. £15,688J and balance due lo UNITE al the year*ThJ was £3.50012023.. £3,XWI. £63,59)12023,. £63.550) of rent was also paid lo SELECT in Ihe year. In &cordarKe with the Trust's f¢)unding documént e&h of Ihese org8nis8lions appoints three trustees During year, Ihe charity incurred registralitsn fees arnounling lo £168.800 {2023 - £192.0001 from SJIB and al Ihe year eNI this amtyjnl was outstsnding. One ofthe trustees. 15 8lso the dweclor of ￿￿1c￿l Contrathrs, 8 CC4nP8ny ich vras a￿ded on-si ranry sulwrt 01 £1,500 {2023.' £￿}1 by lh8 Tr￿1 in respect of 9pP￿nIt¢S. employ￿￿Trt duriNJ t￿ yew. The suprKJrt to ev￿ employer in ￿etim to an 9pP￿ntiee is the same throughout Scot18rd. The ori. sile tr8lnlng suppc*t structrjre and value is 8pproved 8nnualy by the tnjslees. 20 Ultknato ¢ontrollln9 Party The charity Trs eonstfittstéd by Trust Deed Is Control￿ by Èlected trustees.