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← Snipef Education & Training Trust

2025-07-31-accounts

Charity Number SC008020

SNIPEF EDUCATION and TRAINING TRUST

REPORT and FINANCIAL STATEMENTS

For the year ended 34 July 2025

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SNIPEF EDUCATION and TRAINING TRUST For the year ended 31 July 2025

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||||||| |---|---|---|---|---|---| |Contents|Page| |Reference and Administrative Information|1| |Report|of|the|Trustees|2-5| |Independent Auditor’s|Report|6-8| |Statement|of|Financial|Activities|9| |Statement of Financial|Position|10| |Statement of Cash|Flows|11| |Notes|to the financial|statements|12|-|16|

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SNIPEF EDUCATION AND TRAINING TRUST

REFERENCE AND ADMINISTRATIVE INFORMATION

Trustees

G Baxter (retired 06/06/2025) J Doherty R Gibb (appointed 06/06/2025) D Sharp S Craig

Senior Management Staff F Hodgson

Bankers Bank of Scotland 20 - 22 Shandwick Place Edinburgh EH2 4RN Auditor CT Audit Limited Chartered Accountants and Statutory Auditor 61 Dublin Street Edinburgh EH3 6NL

Investment Advisor Rathbones 10 George Street Edinburgh EH2 2PF Registered Office Bellevue House 22 Hopetoun Street Edinburgh EH7 4GH Charity Number $C008020

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SNIPEF EDUCATION AND TRAINING TRUST

REPORT of the TRUSTEES

For the year ended 31 July 2025

The Trustees present their report and the audited financial statements for the year ended 31 July 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and Accounting and Reporting by Charities: Statement of Recommended Practice applicableapplicable into thecharities UK andpreparingRepublictheirof ireland.accounts in accordance with the Financial Reporting Standard

Objectives and activities

The Trust was established for the benefit of the community in Scotland and Northern Ireland by the advancement of the science and practice of Plumbing and allied sciences with a view to improving the health of the community and contributing to public safety.

The objectives of the Trust are to:

The Trust has a range of means of achieving these objectives, combining them to best effect. In addition to the regular grant payments and awards the Board identifies each year any particular training needs within the industry and will aim to help support these needs in whatever way it can.

Grant making policy

The Trustees intend to continue to maintain a policy during the ensuing year of providing grants for educational and training purposes in accordance with the objectives of the Trust.

Achievements and performance

During the year to 31 July 2025 there were a number of grants claimed.

Grants

The following grants were made during the year: -

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SNIPEF EDUCATION AND TRAINING TRUST

REPORT of the TRUSTEES (Contd.)}

For the year ended 31 July 2025

employed by a range of organisations including plumbing and heating contractors, building contractors and local authorities. The competition consisted of a pipework and lead work exercise as well as a multiple-choice question and answer paper.

Financial review

Results

Income from dividends and interest for the year to 31 July 2025 totalled £20,409 (2024: £21,989).

Expenditure during the year to 31 July 2025 consisted of grants totalling £82,957 (2024: £36,379) and other expenses totalling £35,155(2024: £26,613). There were also gains on investments for the year of £14,046 (2024: gains of £25,552).

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Management fee A small management fee is paid annually to SNIPEF Management Ltd to cover administrative, overhead and computer management costs incurred on the Trust’s behalf. In addition, a charge is made for the staff time involved in processing and reviewing grants and the financial administration of the Trust. For the year to 31 July 2025, the management fee totalled £5,521 (2024: £3,433) and the salary recharge was £18,696 (2024: £12,586).

Investment policy

All monies belonging to the Trust may be invested as follows: -

Reserves policy The policy of the Trustees is, wherever possible, to operate the Trust within the income arising out of its capital and other income earned during the year. The Trustees can however, when particular areas of need are identified, permit the reduction of reserves through the funding of appropriate grants. At 31 July 2025, the Trust had a total balance of £573,055 consisting of the balance on the General Reserve of £503,100 and Investment Reserve of £69,955. If is anticipated that while financial markets continue to be unsettled and returns from investments do not reach expected levels then reserves may be used to fund shortfalls in income.

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SNIPEF EDUCATION AND TRAINING TRUST

REPORT of the TRUSTEES (Contd.)

For the year ended 31 July 2025

Principal risks and uncertainties

The Trustees annually review the risks that the Charity faces. They have identified the following as risks which could have impact on the Charity’s activities if not closely monitored and controlled: -

The Trustees will continue to monitor the management procedures currently in place and identify new controls to minimise all risks which could affect the operation of the Charity.

Plans for the future

Aims and objectives for future

The Trustees meet annually to consider matters to be grant-aided and progress is monitored at regular intervals during the year. No major changes in strategy were implemented during the year.

The Trustees continue to support employers and their employees to improve their technical knowledge through grant funding of various training courses. The long-term objective is to educate management and their workforce, improve the health of the community and contribute to public safety.

The Trustees have been working with the Trusts legal advisors during the year with a view to modemising the Trust Deed.

Structure, Governance and Management

Governing document

SNIPEF Education and Training Trust is a charitable trust, number SCO008020, set up undera Deed of Trust executed on 31 October 1985 between SNIPEF Training Services Ltd and the Office Bearers of the Scottish and Northern Ireland Plumbing Employers’ Federation (SNIPEF).

Appointment of Trustees

Membership of the Board of Trustees consists of the Chair and three other Trustees. The Trustees are the Office Bearers of the Scottish and Northern Ireland Plumbing Employers’ Federation (SNIPEF) and are elected and ratified at the SNIPEF AGM to serve a period of four years.

The Trustees can invite a person holding any office to become an ex officio member of the Board and can co-opt persons having special knowledge or experience, provided that the number of co-opted members does not exceed one-third of the total membership of the Board.

The Trustees who served during the year to 31 July 2025 are set out on page 1.

Trustees Induction and Training

The SNIPEF Chief Executive, is responsible for the induction of the SNIPEF Office Bearers (Trustees of SNIPEF Education and Training Trust). A manual has been produced for Office Bearers which sets out the structure and objectives of the organisation and the roles of the Office Bearers. It is intended that this document be updated to include Trustee Responsibilities and outline the broad aims and objectives of the Trust. In addition, new Trustees are given copies of the governing document, the previous years annual report and financial statements and “Guidance for Charity Trustees” publication issued by the Office of the Scottish Charity Regulator.

Organisation The Board has the overall responsibility for the govemance of the Charity and met four times during the year. The Board may invite any person to attend its meetings as an observer but without the power to vote.

The Chief Executive of SNIPEF, Mrs Fiona Hodgson, leads the Management team in the day to day management of the Charity, working within the financial framework, procedures and policy set down by the Board,

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SNIPEF EDUCATION AND TRAINING TRUST

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REPORT of the TRUSTEES (Contd.)

For the year ended 31 July 2025

Key management personnel The Trust does not employee any staff. The Trustees and the Senior Management Staff, make up the key management personnel. The Trustees received no emoluments in respect of their services to the Trust during the year. A charge is made for Senior Management Staff and other SNIPEF Management Ltd staff for the time involved in administering the Trust. This amounted to £18,696 for the year to 31 July 2025 (2024: £12,586). Related parties Please refer to note 10 for details of related parties.

Trustees’ responsibilities

The Trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice),

The law applicable to charities in Scotland requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements, comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Charity’s Founding Deed. The Trustees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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Approved b fre Trustees and signed on their behalf:
J Dewerty — ige
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D Sharp — Trustee - ~
Date {2 Feb Cua) Zo2w
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INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF SNIPEF EDUCATION AND TRAINING TRUST

Opinion

We have audited the financial statements of SNIPEF Education and Training Trust (the ‘charity’) for the year ended 31 July 2025 which comprise the Statement of Financial Activities, the Statement of Financial Position, Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of lreland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)} and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a year of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

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The other information comprises the information included in the trustees annual report, other than the financial statements and our auditors report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF C T ad SNIPEF EDUCATION AND TRAINING TRUST 6

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charity Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

« we have not received all the information and explanations we require for our audit. Respective responsibilities of Trustees

As explained more fully in the Trustees’ Responsibilities Statement set out on page 5, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal contro! as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Inregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Trust and the industry in which it operates and considered the risk of acts by the Trust which were contrary to applicable laws and regulations, including fraud. These included but were not limited to the Scottish Charity Regulations.

We focused on laws and regulations that could give rise to a material misstatement in the Trust's financial statements. Our tests included, but were not limited to:

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17 February 2026

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SNIPEF EDUCATION AND TRAINING TRUST

STATEMENT of FINANCIAL ACTIVITIES

For the year ended 31 July 2025

Total funds
Unrestricted
Note 2025 2024
£ £
income and endowments from:
Investments:
Dividend income		 20,409 21,989
Total income 20,409 21,989
Expenditure on:
Raising funds:
Investment management fee 4,461 4,033
Charitable activities 2 113,651 58,959
Total expenditure 118,112 62,992
Net (expenditure) before gains and losses on investments (97,703) (41,003)
Net gains/(losses) on investments 14,046 25,552
Netmovement infundsfortheyear (83,657) (15,451)
Reconciliation offunds
Fund balances brought forward 656,712 672,163
Fundbalancescarriedforward 573,055 656,712

The statement of financial activities includes ali gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

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The notes on pages 12 to 16 form part of these financial statements.

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SNIPEF EDUCATION AND TRAINING TRUST

STATEMENT OF FINANCIAL POSITION

As at 31 July 2025

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||||||||| |---|---|---|---|---|---|---|---| |Notes|2025|2024| |£|£|£|£| |Fixed|assets| |Quoted|investments|at|market|value|6|641,910|632,094| |Current|assets| |Sundry|debtors|7|10,202|4,542| |Cash|at|bank|20,019|77,578| |30,221|82,120| |Current|liabilities| |Creditors|due|within|one|year:| |-|SNIPEF|Management|Ltd|40,368|23,361| |- SNIPEF|Training|Services|Lid|50,500|30,879| |-|Other|8,208|3,262| |99,076|57,502| |Net|current|assets|(68,855)|24,618| |Net|assets|573,055|656,712| |Funds| |Unrestricted|funds| |-|General|reserve|8|503,100|586,757| |-|Investment|Reserve|69,955|69,955| |573,055|656,712| |Approved|by the Trustees|and|signed|on|their behaif|by:|)| |D|Sharp|—|Trustee|J|Doherty|— Trustee|

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Date: 1d. felocvars Zola

The notes on pages 12 to 16 form part of these financial statements.

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SNIPEF EDUCATION AND TRAINING TRUST

STATEMENT of CASH FLOWS

As_at 31 July 2025

Notes 2025 2024
£ £
Cash flows from operating activities:
Net cash (used in) operating activities 11 (82,198) (33,018)
Cash flows from investing activities:
Dividends and interest from investments 20,409 21,989
Proceeds from sale of investments 80,579 40,430
Purchase of investments (72,935) (61,892)
increase in cash held as investment (3,414) 24,996
Net cash provided by investing activities 24,639 25,523
Change in cash and cash equivalents in the reporting year (57,559) (7,495)
Cash and cash equivalents at 1 August 77,578 85,073
Cash and cash equivalents at 37 July 20,019 77,578
Analysis of changes in net funds
As at 1 Other non- As at 31
August
2024		 Cashflows cash
changes		 July
2025
£ Rg £ £
Cash and cash equivalents
Cash 77,578 (57,559) - 20,019

The notes on pages 12 to 16 form part of these financial statements

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SNIPEF EDUCATION AND TRAINING TRUST

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NOTES to the FINANCIAL STATEMENTS

For the year ended 31 July 2025

  1. Accounting policies

Basis of accounting

The financial statements have been prepared on the historical cost basis of accounting with the exception of investments which are carried at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice — Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (second edition ~ October 2019) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

SNIPEF Education and Training Trust meet the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Going concern

The financial statements have been prepared on a going concern basis. The Trustees have assessed the Charity’s ability to continue as a going concern and based on the level of expected income and expenditure, have reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing these financial statements.

Income recognition

All income is included in the Statement of Financial Activities when the Trust is entitled to the income, itis probable that the income will be received and the amount can be measured reliably. The following specific policy is applied to investment income:

Investment income, including all associated income tax recoveries, is recognised when receivable and the amount can be measured reliably by the Trust. Dividends are recognised once the dividend has been declared and notification received of the amount due.

Donations and contributions are recognised once the Trust has entitlement to the donation, it is certain that the donation will be received and the monetary value of the donation can be measured with sufficient reliability.

investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequentiy measured at their fair value as at the balance sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year.

The Trust does not acquire put options, derivatives or other complex financial instruments.

The main form of financial risk faced by the Trust is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised and unrealised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.

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SNIPEF EDUCATION AND TRAINING TRUST NOTES to the FINANCIAL STATEMENTS

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For the year ended 31 July 2025

  1. Accounting policies - continued

Resources expended

All expenditure is included on an accruals basis and is recognised where there is a legal or constructive obligation to pay for expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Expenditure has been charged direct to charitable activities or raising funds.

e Charitable activities comprise grants payable by the Charity, governance and support costs. ¢« Costs of raising funds comprise solely investment manager's fees. Support costs are those costs incurred directly in support of the expenditure on the objects of the charity.

Included within Support costs are Governance costs, which are those incurred in connection with setting and monitoring the strategic direction of the charity and compliance with constitutional and statutory requirements.

Grants

Grants payable are payments made to third parties in furtherance of the charitable objects of the Trust and reflect amounts paid and payable in the year. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the grant. Grant awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the Trust.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid net of any discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors are recognised where the company has a 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 or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The company only has financial assets and financial 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.

Fund accounting

Unrestricted funds are funds which can be used in accordance with the charitable objects at the discretion of the trustees. The nature and purpose of each fund is explained in note 8.

Irrecoverable VAT

The Trust is not registered for VAT and accordingly irrecoverable VAT is charged against the category of resources expended to which it relates.

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SNIPEF EDUCATION AND TRAINING TRUST

NOTES to the FINANCIAL STATEMENTS

For the year ended 31 July 2025

2. Expenditure on charitable activities 2025 2024
£ £
Grants as detailed in the Report of the Trustees 82,957 36,379
Support costs (note 3) 30,694 22,580
113,651 58,959
3. Support costs 2025 2024
£ £
Salary recharge SNIPEF Management Ltd 18,696 12,586
Management and computer management fee SNIPEF Management Ltd 5,524 3,433
Bank charges and miscellaneous 138 202
Govemance costs — auditor's fees 3,275 3,410
Insurance 364 1,119
Legal Fees 2,700 1,830
30,694 22,580

4, Salary costs and remuneration of key management personnel

There were no employees during the year (2024: Nil). The Trustees and the Senior Management Staff of SNIPEF Management Ltd make up the key management personnel.

No remuneration was paid to the Trustees (2024: ENil).

No Trustees received any relmbursements of expenses during the year (2024: ENil).

A charge is made for Senior Management Staff and other SNIPEF Management Ltd staff for the time involved in administering the Trust. This amounted to £18,696 for the year to 31 July 2025 (2024: £12,586).

5, Auditor’s remuneration

The auditor's remuneration constituted an audit fee, excluding VAT, of £2,729 (2024: £2,842).

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6. Fixed asset investments 2025 2024
£ £
Movement in fixed asset listed investments:
Market value at
1 August 2024		 632,094 610,076
Disposal proceeds (80,579) (40,430)
Additions at cost 72,935 61,892
Movement in cash 3,414 (24,996)
Net gain/(loss) on revaluation 14,046 25,552
Market value at 31 July 2025 641,910 632,094
Historicalcost 569,658 585,451

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SNIPEF EDUCATION AND TRAINING TRUST

NOTES to the FINANCIAL STATEMENTS

For the year ended 31 July 2025

6. Fixed asset investments (continued)

Included within the market value of £641,910 is £9,049 cash (2024: £5,633).

All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

The significance of financial instruments to the ongoing
financial sustainability of
the Trust
is
considered in the Report of the Trustees.
The main risk to the Trust from financial instruments lies in the combination of uncertain investment
markets and volatility in yield. The Trust is reliant on dividend yield to finance its work and this leads
to a greater exposure to intemational companies, the values of which, together with their yield are
exposed to exchange rate risk when converting the holdings into sterling.
The default rate on fixed interest securities due to corporate failures is expected to improve with a
strengthening economy. The high current demand for high quality corporate bond and government
stock continues to depress the yield.
Liquidity risk is anticipated to be low as all assets are traded and the commitment to intervention by
central banks and market regulators has continued toprovide
for orderly trading in the markets and so
their ability
to buy and
sell quoted
equities and stock
is anticipated
to continue. The Trust's
investments are mainly traded in markets with good liquidity and high trading volumes. The Trust has
no material investment holdings in markets subject to exchange controls ortrading restrictions.
The Trust manages these investment risks by retaining expert advisors and operating an investment
policy that provides for a high degree of diversification of holdings within investment asset classes
that are quoted on recognised stock exchanges. The Trust does not make use of derivatives and
similar complex financial instruments as
it takes the view that investments are held for their longer-
term yield.
7. Sundry debtors
-
nt
2025
2024
£
£
Accrued investment income
-
3,813
Other debtors
10,202
729
10,202
4,542
Investment
General
8. Movements in funds
Reserve
Reserve
£
£
Balance at 1 August 2024
69,955
586,757
Deficit foryear before investment gains and losses
-
(97,703)
Unrealised and realised gains/(losses}
-
14,046
Balance at 31 July 2025
69,955
503,100
Balance at 1 August 2023
43,823
628,340
Deficit foryear before investment gains and losses
-
(41,003)
Unrealised and realised gains/(losses)
26,132
(580)
Balanceat31July2024
69,955
586,757

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SNIPEF EDUCATION AND TRAINING TRUST

NOTES to the FINANCIAL STATEMENTS

For the year ended 34 July 2025

8. Movements in funds (continued)

Unrestricted Funds

The General Reserve comprises those funds which the Trustees are free to use in accordance with the charitable activities of the Trust.

The Investment Reserve represents the unrealised appreciation on investments.

9. Taxation

The Trust is a registered Charity and does not trade fortax purposes. [tis not liable to corporation tax on its results for the year.

10. Related party transactions

The Trustees of SNIPEF Education and Training Trust are directors of SNIPEF Management Ltd and SNIPEF Training Services Ltd.

Transactions in the year with SNIPEF Management Ltd are shown in note 3. Balances outstanding at the year end are shown in the balance sheet.

11.
Reconciliation
of net movement in funds to net cash flow
from operating activities 2025 2024
£ £
Net movement in funds
(GainsVlosses on investments		 (83,657)
(14,046)		 (15,451)
(25,552)
Deduct dividends and interest income (20,409) (21,989)
increase/(decrease) in debtors (5,660) 705
Increase/(decrease)
in creditors		 41,574 29,269
Net cash (used in) operating activities (82,198) (33,018)
12. Financial instruments 2025 2024
£ £
Assetsmeasuredatfairvaluethroughprofit&loss 641,910 632,094

Assets measured at fair value through profit and loss comprise investments

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