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REGISTERED NUMBER: 05480144 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

TRUSTMARK (2005) LIMITED

TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


TRUSTMARK (2005) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: S E Ayers
Ms L J Drury
R J Saggers
M Tod
B Gregory
C R Pond
Ms E C Harvey
Mrs L C Baxter
Mrs M E Barclay



REGISTERED OFFICE: The Square
Basing View
Basingstoke
Hampshire
RG21 4EB



REGISTERED NUMBER: 05480144 (England and Wales)



SENIOR STATUTORY AUDITOR: Andrew Lane



AUDITORS: CSL Partnership Limited
Statutory Auditors and
Chartered Certified Accountants
238 Station Road
Addlestone
Surrey
KT15 2PS

TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
as restated
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 1,944,287 2,099,811
Tangible assets 5 126,292 185,124
Investments 6 - 75
2,070,579 2,285,010

CURRENT ASSETS
Debtors 7 391,941 712,871
Cash at bank 1,547,303 2,122,722
1,939,244 2,835,593
CREDITORS
Amounts falling due within one year 8 2,340,332 2,739,538
NET CURRENT (LIABILITIES)/ASSETS (401,088 ) 96,055
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,669,491

2,381,065

CREDITORS
Amounts falling due after more than one
year

9

523,697

1,310,000
NET ASSETS 1,145,794 1,071,065

RESERVES
Income and expenditure account 1,145,794 1,071,065
1,145,794 1,071,065

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20 September 2024 and were signed on its behalf by:





S E Ayers - Director


TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Trustmark (2005) Limited is a private not for profit company, limited by guarantee, registered in England & Wales. The Company's registered number & registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents income receivable in furtherance of the objects of the company, and it is stated excluding VAT.

Intangible assets
Included within intangible assets are the following:

Development costs associated with the setting up of the Data Warehouse, the costs of which are being supported by the loan from BEIS (see Going Concern note) and grants from BEIS (see deferred income note). The Data Warehouse is considered to be an asset of the company as it will generate future income and has therefore been capitalised rather than being written off as a cost. The development costs are amortised over 5 years following the Data Warehouse operating satisfactorily. The directors consider the likely useful life of the Data Warehouse to be 5 years as it will generate income over this period before it is required to be significantly updated, and it is for this reason the costs have been capitalised. The capitalised cost is not a realised loss. Internal cost is not capitalised.

Specific development has been amortised over the lower of the life of the scheme the development is supporting or 5 years. Analytics platform development is amortised over 5 years from the date of development.

Website development is amortised over 5 years from the date of the website operating satisfactorily.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - 33% on reducing balance
Fixtures and fittings - 33% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
TrustMark has continued to further grow its capability in the development of services and systems to support Government's drive towards Net Zero a, delivered through Government-funded energy efficiency and de-carbonisation schemes.

The business has continued to build capacity during the period to meet the significant regulatory requirements of these schemes.

The ongoing development of the National Home Improvement Database in support of data capture for Government schemes continues to be a key focus of this year's development investment. The business has commenced its investment into data analytics and thus using the latest developments in AI to ensure that there is proactive support for the industry. The National Home Improvement Database will provide key support to the development of the able-to-pay retrofit market and TrustMark is now working closely with the finance sector to develop these services.
The Directors have considered the requirement to reinvest back into TrustMark based upon the growing need to cater for both energy and non-energy related areas and has committed to continued review of capital investment.

The majority of the TrustMark revenue has been and is currently derived from the various legislated Government Schemes, including ECO4, with TrustMark's required service delivery written into legislation and secured. The year saw strong performance in the ECO 4 scheme and growth relating to the Great British Insulation Scheme.

The change of government lead to some uncertainty in the revenue streams for the business due to the election process. However, at the current time there has been no change in the current schemes that are on-going and the manifestos of the main parties support investment in the sectors that will enable the U.K. to meet its Net Zero target. As a result while the change in political landscape is significant we do not believe that this imminently presents a change to the landscape in which we operate or affects our view of the business continuing as a going concern. We will continue to monitor the situation and invest appropriately to support the government meeting its targets.

The business will look to continue to develop commercial revenue streams to provide sufficient funds and diversification in its revenue base.

Following the balance sheet date the company renegotiated a tranche of their current borrowing. The directors have performed a going concern assessment for a period of 12 months following the date of approval of these financial statements, including cash flow forecasts, which indicate that the company will have sufficient funds to continue as a going concern.

TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 56 (2022 - 47 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 2,981,040
Additions 623,582
At 31 December 2023 3,604,622
AMORTISATION
At 1 January 2023 881,229
Charge for year 779,106
At 31 December 2023 1,660,335
NET BOOK VALUE
At 31 December 2023 1,944,287
At 31 December 2022 2,099,811

5. TANGIBLE FIXED ASSETS
Fixtures
Short and Motor Computer
leasehold fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 7,342 3,466 185,708 87,975 284,491
Additions - - - 25,648 25,648
Disposals (7,342 ) (3,466 ) - - (10,808 )
At 31 December 2023 - - 185,708 113,623 299,331
DEPRECIATION
At 1 January 2023 7,342 3,466 37,540 51,019 99,367
Charge for year - - 42,900 41,580 84,480
Eliminated on disposal (7,342 ) (3,466 ) - - (10,808 )
At 31 December 2023 - - 80,440 92,599 173,039
NET BOOK VALUE
At 31 December 2023 - - 105,268 21,024 126,292
At 31 December 2022 - - 148,168 36,956 185,124

TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2023 75
Disposals (75 )
At 31 December 2023 -
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 75

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade debtors 93,696 93,269
Other debtors 298,245 619,602
391,941 712,871

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
as restated
£    £   
Trade creditors 122,901 312,989
Taxation and social security 287,876 283,975
Other creditors 1,929,555 2,142,574
2,340,332 2,739,538

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
as restated
£    £   
Other creditors 523,697 1,310,000

TRUSTMARK (2005) LIMITED (REGISTERED NUMBER: 05480144)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
as restated
£    £   
Within one year 77,067 17,450
Between one and five years 7,074 -
84,141 17,450

The above commitments at the year-end date were in respect of contract hire agreements for vehicles.

In addition, the company occupies 2 premises. 1 on a rolling lease with 6 month termination following notice being given by either party. The monthly licence fee is £19,952 plus VAT. And another which has 12months outstanding for a monthly fee of £1,621 plus VAT.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Andrew Lane (Senior Statutory Auditor)
for and on behalf of CSL Partnership Limited