IRIS Accounts Production v24.3.2.46 Other Company accounts True false Pounds 1.8.23 31.7.24 31.7.24 FY FRS 102 Audited Small companies regime for accounts Full Charities SORP true true true true true false true false false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022627302023-07-31022627302024-07-31022627302023-08-012024-07-31022627302022-07-31022627302022-08-012023-07-31022627302023-07-3102262730ns0:CharitableCompanyLimitedByGuarantee2023-08-012024-07-3102262730ns15:PoundSterling2023-08-012024-07-3102262730ns11:FRS1022023-08-012024-07-3102262730ns11:Audited2023-08-012024-07-3102262730ns11:SmallCompaniesRegimeForAccounts2023-08-012024-07-3102262730ns11:FullAccounts2023-08-012024-07-3102262730ns11:CharitiesSORP2023-08-012024-07-3102262730ns16:EnglandWales2023-08-012024-07-3102262730ns11:RegisteredOffice2023-08-012024-07-3102262730ns0:Trustee12023-08-012024-07-3102262730ns0:Trustee22023-08-012024-07-3102262730ns0:Trustee32023-08-012024-07-3102262730ns0:Trustee42023-08-012024-07-3102262730ns0:Trustee52023-08-012024-07-3102262730ns0:Activity82023-08-012024-07-3102262730ns0:TotalUnrestrictedFundsns0:Activity82023-08-012024-07-3102262730ns0:Activity8ns0:TotalRestrictedIncomeFunds2023-08-012024-07-3102262730ns0:Activity82022-08-012023-07-3102262730ns0:TotalUnrestrictedFunds2023-08-012024-07-3102262730ns0:TotalRestrictedIncomeFunds2023-08-012024-07-3102262730ns0:TotalUnrestrictedFunds2023-07-3102262730ns0:TotalRestrictedIncomeFunds2023-07-3102262730ns0:TotalUnrestrictedFunds2024-07-3102262730ns0:TotalRestrictedIncomeFunds2024-07-3102262730ns10:WithinOneYear2024-07-3102262730ns10:WithinOneYear2023-07-3102262730ns10:AfterOneYear2024-07-3102262730ns10:AfterOneYear2023-07-310226273012023-08-012024-07-3102262730ns10:OwnedOrFreeholdAssetsns10:LandBuildings2023-08-012024-07-3102262730ns10:PlantMachinery2023-08-012024-07-3102262730ns10:FurnitureFittingsToolsEquipment2023-08-012024-07-3102262730ns10:ComputerEquipment2023-08-012024-07-310226273022023-08-012024-07-310226273032023-08-012024-07-3102262730ns10:OwnedAssets2023-08-012024-07-3102262730ns10:OwnedAssets2022-08-012023-07-3102262730ns0:TotalUnrestrictedFundsns0:Activity82022-08-012023-07-3102262730ns0:Activity8ns0:TotalRestrictedIncomeFunds2022-08-012023-07-3102262730ns0:TotalUnrestrictedFunds2022-08-012023-07-3102262730ns0:TotalRestrictedIncomeFunds2022-08-012023-07-3102262730ns10:OwnedOrFreeholdAssetsns10:LandBuildings2023-07-3102262730ns10:PlantMachinery2023-07-3102262730ns10:FurnitureFittings2023-07-3102262730ns10:ComputerEquipment2023-07-3102262730ns10:FurnitureFittings2023-08-012024-07-3102262730ns10:OwnedOrFreeholdAssetsns10:LandBuildings2024-07-3102262730ns10:PlantMachinery2024-07-3102262730ns10:FurnitureFittings2024-07-3102262730ns10:ComputerEquipment2024-07-3102262730ns10:OwnedOrFreeholdAssetsns10:LandBuildings2023-07-3102262730ns10:PlantMachinery2023-07-3102262730ns10:FurnitureFittings2023-07-3102262730ns10:ComputerEquipment2023-07-3102262730ns10:BetweenOneTwoYears2024-07-3102262730ns10:BetweenOneTwoYears2023-07-3102262730ns10:BetweenTwoFiveYears2024-07-3102262730ns10:BetweenTwoFiveYears2023-07-3102262730ns10:BetweenOneFiveYears2024-07-3102262730ns10:BetweenOneFiveYears2023-07-3102262730ns10:MoreThanFiveYears2024-07-3102262730ns10:MoreThanFiveYears2023-07-3102262730ns10:AllPeriods2024-07-3102262730ns10:AllPeriods2023-07-3102262730ns10:Secured2024-07-3102262730ns10:Secured2023-07-31
REGISTERED COMPANY NUMBER: 02262730 (England and Wales)
REGISTERED CHARITY NUMBER: 700763
























REPORT OF THE TRUSTEES AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

DERWENT TRAINING ASSOCIATION

DERWENT TRAINING ASSOCIATION

CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2024










Page

Report of the Trustees 1 to 7

Report of the Independent Auditors 8 to 10

Statement of Financial Activities 11

Balance Sheet 12

Cash Flow Statement 13

Notes to the Cash Flow Statement 14

Notes to the Financial Statements 15 to 24

DERWENT TRAINING ASSOCIATION (REGISTERED NUMBER: 02262730)

REPORT OF THE TRUSTEES
For The Year Ended 31 July 2024



The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The purpose of the charity is to provide education and skills training for employers and their employees. Standalone training is also available for individuals who wish to update their skills.

The objectives of the charity are to:
-Remain on the Apprenticeship Provider and Assessment Register (APAR) and contract directly with
both levy and non-levy paying employers in order to deliver training. This has been achieved.
-Achieve above national achievement rates. This has been achieved.
-Remain 'good' in Ofsted inspection. This was obtained in March 2022.
-Maintain the Matrix Quality Standard. Re-accreditation was achieved in 2023.
-Continue to improve the quality of service and provision by teamwork and partnership working.
Continuous improvement achieved with clients reporting a 95% satisfaction rate with Derwent
Training.
-Increase the number of people accessing training via apprenticeships.
-Promote equality of opportunity and diversity to work with under-represented groups and
encourage more females into Apprenticeships. This is ongoing as the engineering industry itself has
some way still to go in achieving equal representation. Derwent Training continues to train
individuals from underrepresented groups but it is solely reliant on who the clients employ.
-Maintain a presence at careers events and other training awareness events with both employers

and potential apprenticeship candidates. Derwent Training attends such events to promote its
training offer.
-Offer a managed flexible approach to the training facilities to support employers and maintain our

position in the training market. Depending on the clients' needs Derwent Training does adapt
delivery to support employers.
-Further develop and expand the range of full cost courses and work with companies to develop
new ideas. Full cost courses are offered to support the needs of clients.

Public benefit
The charity Trustees have had regard to the charity commissions' guidance on public benefit and feel that this can be demonstrated by the aims and objectives listed above and the significant achievements explained in detail later in the report.


DERWENT TRAINING ASSOCIATION (REGISTERED NUMBER: 02262730)

REPORT OF THE TRUSTEES
For The Year Ended 31 July 2024


ACHIEVEMENT AND PERFORMANCE
Charitable activities
Derwent Training Association (Derwent Training) has successfully delivered on it's charitable objectives during the year, whilst returning a profit which will enable future investment in it's facilities.

Derwent Training Association was graded 'good' in its last Ofsted inspection (March 2022). They maintained the Matrix quality standard as well as maintaining direct claim status from the awarding organisations, EAL & Pearson, and obtained Cyber Essentials accreditation. The subcontract with Maritime and Engineering College has ended.

Apprenticeships are offered at levels 3 and 4. New enrolments surpassed the target set in 2023-24. Eighty employers placed apprentices with Derwent Training. Commercial courses were also delivered with the income target surpassed for the year in this income stream.

Derwent Training provides information, advice and guidance to employers and their employees on the best route forward in terms of training. There is a delicate balance to be had in being honest with employers about what Derwent Training can deliver in a set timeframe and signposting employers to other providers for aspects outside of the scope of Derwent Training. Integrity remains important in working with employers.

Derwent Training continues to review the staffing levels and skills needed to deliver the prescribed programmes. New staff have joined the company whilst others have taken up new opportunities elsewhere.

FINANCIAL REVIEW
Principal funding sources
Income was generated through a direct contract with the Education and Skills Funding Agency (ESFA) and a subcontracting arrangement with Maritime and Engineering College. The latter has ended and has no discernible impact on income. A loss of the ESFA contract would be a risk to the business, however this is adjudged to be low risk given the performance of the Charity.

Reserves policy
Trustees have examined the charity's requirements for reserves in light of the main risk to the organisation. The Charity holds reserves to ensure

-Long term stability and financial security including meeting working capital requirements
and long-term commitments.
-There is provision for non-recurring projects and investment to improve the public benefit
offered by the Charity.
-Support the Charity to continue activities in periods of less favourable funding due to external
or other economic factors, such as a downturn in the sectors where the clients are based.

Reserves can cover possible emergency repairs to the centre and other expenditure including salaries. The Charity's financial working capital consists of core business funded activity and other funds through projects which vary year on year.

Trustees report the level of free reserves, (that is those funds that are freely available), bridge any gaps between spending on training and money received through full cost courses and grants that provide funding. Short term reserves would be needed to meet the working capital requirements of the charity; approximately £175,000 would cover three months salaries and general running costs. The Trustees have taken steps to maintain monies and reserves exist that safeguard the organisation. The policy is being met.

At 31 July 2024, the charity held reserves of £935,098 (2023: £894,407), all of which was unrestricted. The level of free reserves, that is unrestricted funds less those held in tangible fixed assets, was £195,395 (2023: £164,903).


DERWENT TRAINING ASSOCIATION (REGISTERED NUMBER: 02262730)

REPORT OF THE TRUSTEES
For The Year Ended 31 July 2024


FINANCIAL REVIEW
Going concern
Derwent Training is a well-run Charity with a strong management team let by a competent CEO. The executive team is supported by an appropriately skilled and engaged non-executive Board who provide regular oversight. The organisation has significant cash reserves.

The principal risks to the charity are changes to the source of funding due to changes in Government policy and economic change resulting in a significant reduction in the number of Apprenticeships being offered by local businesses leading to a reduction in the training requirements in the area.

Because Engineering Apprenticeships are undertaken over a four-year period and remain the bulk of the charity's activity, changes to Government Policy would only occur after significant notice, and because the entity has significant cash reserves, the Directors cannot foresee circumstances that would change the Charity's Going Concern basis within the next twelve months.


DERWENT TRAINING ASSOCIATION (REGISTERED NUMBER: 02262730)

REPORT OF THE TRUSTEES
For The Year Ended 31 July 2024


FUTURE PLANS
The regional environment:

The North Yorkshire County Council Plan 2024-2028 identifies as key challenges the development of an appropriately qualified workforce and ensuring that there are clear pathways for all people after education through the promotion of apprenticeships, training, work placements and further education including adult education.

Additionally, there is a clear link between investment in higher level skills and a business' competitive advantage. Businesses need to train their staff to keep pace with technology and ensure increased productivity. Derwent Training offers not only Apprenticeships in engineering but also in leadership and management as well as full cost courses and online training that is a simple yet effective approach to employee development to ensure teams are upskilled. In this way Derwent Training supports developments at a regional and national level to ensure the workforce meets the social and economic need of the country.

The York, North Yorkshire, East Riding and Hull Area Review (2019) identified that the lack of large employers within the region is a challenge and there is limited take up of Apprenticeships by micro-business. New Apprenticeship starts nationally decreased pre-pandemic though there is a slight uptick in overall starts in 2023-24. Some providers struggle to provide a viable offer therefore it is essential to ensure that Apprenticeship delivery structures are financially sustainable and allow progression to and from traditional full-time technical and vocational curriculum and higher education.

The lack of higher level Apprenticeships standards in the Government priority areas contained in the Modern Industrial Strategy, such as in engineering, remains a significant challenge to developing the local economy. Derwent Training is resolved to supporting the development of higher level skills either alone or in partnership with other institutions. It will also work to embed Low Carbon skills and knowledge with its delivery where applicable. There remains a lack of investment in leadership training in York & North Yorkshire and Derwent Training has committed to expanding its delivery in both the engineering as well as the leadership and management curriculum area during the coming year.

Strategic plan:

The Trustees believe Derwent Training is positioned to address the challenges identified regionally and nationally to create opportunities through working in partnership with other providers and employers.

Derwent Training will work towards securing continued funding for Apprenticeship delivery through new partnership arrangements wherever possible.

The charity recognises both the challenges and opportunities that arise from the change in government and seeks to harness the prospects and mitigate the risks associated with both.

The charity has identified the leadership and management curriculum as an area for development and has recruited a delivery team and is marketing the curriculum to all sectors of industry in the region, with ambitious plans to expand delivery.

Consequently, the charity has set a realistic budget, with tight management maintained around expenditure, that is focused on supporting learner achievement within truthful income figures. Derwent Training continues to enrol all year round rather than just in September to support employers' growth plans as they occur.


DERWENT TRAINING ASSOCIATION (REGISTERED NUMBER: 02262730)

REPORT OF THE TRUSTEES
For The Year Ended 31 July 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Derwent Training Association is a company limited by guarantee and not having share capital. It is governed by its Memorandum and Articles of Association dated 27 May 1988 (amended February 2015). It is registered as a charity with the Charity Commission. The number of members which the company proposes to be registered is unlimited.

Derwent Training cooperates with the EFSA and Department of Education (DfE) in its pursuit of the charitable objectives. It fulfils all requirements of the DfE in order to continue to deliver Apprenticeships.

Recruitment and appointment of new trustees
As set out in the Articles of Association, the chair of the Trustees is nominated by the members of the charitable company. At the Annual General Meeting, one third or nearest number to one third shall retire from office. Directors who have been longest in office since their last election shall retire. Retiring trustees can choose to stand again as a trustee at the AGM and are elected by the Board at that meeting. New potential trustees are approached by the Chair when there is an opportunity to replace a retiring trustee or when a skills gap is identified on the Board. The Chair interviews applicants and the Board votes to elect a candidate to the Board.

Organisational structure
The Board of Trustees, which usually has from 6 up to no more than 10 members, oversees the strategic business planning. A Chief Executive Officer is appointed by the Trustees to manage the day to day operations of the charity. To facilitate effective operations, the Chief Executive Officer has delegated authority, within terms of delegation approved by the Trustees, for strategic and operational matters including finance, employment, and other related activities.

Induction and training of new trustees
New Trustees are invited to a Board meeting and given a copy of the Memorandum and Articles of Association, Self-Assessment Report and ESFA contract performance figures and a copy of the latest budget figures. All Trustees must complete statutory training on Safeguarding and Prevent Duty.

Key management remuneration
The Trustees consider that the Board along with the Senior Leadership Team comprise the key management personnel of the charity and are in charge of directing, controlling, and operating the Trust on a day to day basis. All the Trustees give their time freely and none are remunerated. Details of expenses reimbursed during the year are shown in the notes to the accounts.

The pay of senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the Trustees benchmark against pay levels in other similar organisations in the North of England to ensure that the remuneration is fair and not out of line with that generally paid for similar roles.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
02262730 (England and Wales)

Registered Charity number
700763

Registered office
Hertford Way
York Road Industrial Park
Malton
North Yorkshire
YO17 6YG


DERWENT TRAINING ASSOCIATION (REGISTERED NUMBER: 02262730)

REPORT OF THE TRUSTEES
For The Year Ended 31 July 2024


Trustees
Mr R A Shaw Chairperson
Mr D MacFarlane Vice Chair
Ms A Watson Director
Ms S Edwards Director
Ms L A Thompson Director

Auditors
Fortus Audit LLP
Equinox House
Clifton Park, Shipton Road
York
Yorkshire
YO30 5PA

Bankers
Santander UK
Bridle Road
Bootle
Merseyside
L30 4GB

Chief Executive Officer
C E Gavaghan

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Derwent Training Association for the purposes of company law) 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).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-select suitable accounting policies and then apply them consistently;
-observe the methods and principles in the Charity SORP;
-make judgements and estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-there is no relevant audit information of which the charitable company's auditors are unaware; and
-the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS
The auditors, Fortus Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.


DERWENT TRAINING ASSOCIATION (REGISTERED NUMBER: 02262730)

REPORT OF THE TRUSTEES
For The Year Ended 31 July 2024


This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 15 January 2025 and signed on its behalf by:





Mr R A Shaw - Trustee

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DERWENT TRAINING ASSOCIATION


Opinion
We have audited the financial statements of Derwent Training Association (the 'charitable company') for the year ended 31 July 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the charitable company's affairs as at 31 July 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company 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 charitable company's ability to continue as a going concern for a period 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
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DERWENT TRAINING ASSOCIATION


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements
Our objectives are 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 a Report of the Independent Auditors 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.

Irregularities, 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 obtained an understating of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2016) and the relevant tax compliance regulations in the UK.

We understood how the charitable company is complying with those frameworks by making enquires through review of board minutes and discussions with those charged with governance.

We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered thee was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understandings, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
DERWENT TRAINING ASSOCIATION


Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Frances Howard FCA (Senior Statutory Auditor)
for and on behalf of Fortus Audit LLP
Equinox House
Clifton Park, Shipton Road
York
Yorkshire
YO30 5PA

15 January 2025

DERWENT TRAINING ASSOCIATION

STATEMENT OF FINANCIAL ACTIVITIES
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT)
For The Year Ended 31 July 2024

2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Charitable activities 3
Education and training 921,301 - 921,301 935,690

Investment income 2 20,043 - 20,043 9,121
Total 941,344 - 941,344 944,811

EXPENDITURE ON
Charitable activities 4
Education and training 900,653 - 900,653 866,234

NET INCOME 40,691 - 40,691 78,577


RECONCILIATION OF FUNDS
Total funds brought forward 894,407 - 894,407 815,830

TOTAL FUNDS CARRIED FORWARD 935,098 - 935,098 894,407

DERWENT TRAINING ASSOCIATION (REGISTERED NUMBER: 02262730)

BALANCE SHEET
31 July 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 11 739,703 729,504

CURRENT ASSETS
Debtors 12 109,781 99,696
Cash at bank and in hand 411,675 391,232
521,456 490,928

CREDITORS
Amounts falling due within one year 13 (89,430 ) (99,846 )

NET CURRENT ASSETS 432,026 391,082

TOTAL ASSETS LESS CURRENT LIABILITIES 1,171,729 1,120,586

CREDITORS
Amounts falling due after more than one
year

14

(236,631

)

(226,179

)

NET ASSETS 935,098 894,407
FUNDS 19
Unrestricted funds 935,098 894,407
TOTAL FUNDS 935,098 894,407

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 15 January 2025 and were signed on its behalf by:





Mr R A Shaw - Trustee

DERWENT TRAINING ASSOCIATION

CASH FLOW STATEMENT
For The Year Ended 31 July 2024

2024 2023
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 83,069 118,297
Interest paid (27,661 ) (27,515 )
Net cash provided by operating activities 55,408 90,782

Cash flows from investing activities
Purchase of tangible fixed assets (41,936 ) (15,892 )
Interest received 20,043 9,121
Net cash used in investing activities (21,893 ) (6,771 )

Cash flows from financing activities
Loan repayments in year (13,072 ) (12,750 )
Net cash used in financing activities (13,072 ) (12,750 )

Change in cash and cash equivalents in
the reporting period

20,443

71,261
Cash and cash equivalents at the
beginning of the reporting period

391,232

319,971
Cash and cash equivalents at the end of
the reporting period

411,675

391,232

DERWENT TRAINING ASSOCIATION

NOTES TO THE CASH FLOW STATEMENT
For The Year Ended 31 July 2024


1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024 2023
£    £   
Net income for the reporting period (as per the Statement of
Financial Activities)

40,691

78,577
Adjustments for:
Depreciation charges 31,740 30,525
Interest received (20,043 ) (9,121 )
Interest paid 27,661 27,515
Increase in debtors (10,085 ) (18,426 )
Increase in creditors 13,105 9,227
Net cash provided by operations 83,069 118,297


2. ANALYSIS OF CHANGES IN NET FUNDS

At 1.8.23 Cash flow At 31.7.24
£    £    £   
Net cash
Cash at bank and in hand 391,232 20,443 411,675
391,232 20,443 411,675

Debt
Debts falling due within 1 year (37,115 ) 23,524 (13,591 )
Debts falling due after 1 year (226,179 ) (10,452 ) (236,631 )
(263,294 ) 13,072 (250,222 )
Total 127,938 33,515 161,453

DERWENT TRAINING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 July 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102,
have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by
Charities: Statement of Recommended Practice applicable to charities preparing their accounts in
accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland
(FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting
Standard applicable in the UK and Republic of Ireland', the Charities Act 2011 and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that the actual outcomes could differ from those estimates. There are no judgements made that have a significant effect on the amounts recognised in the financial statements

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities.
These costs have been allocated to expenditure on charitable activities.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Freehold property - 2% on cost
Plant and machinery - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on cost

Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010
and therefore it meets the definition of a charitable company for UK corporation tax purposes.
Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains
received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section
256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are
applied exclusively to charitable purposes.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

DERWENT TRAINING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising are recognised in the statement of financial activities.

Interest-bearing loans
Interest-bearing loans are measured initially at fair value less attributable transaction costs. Subsequently to initial recognition, loans are stated at amortised cost with any difference between the amount initially recognised and redemption value being recognised in the statement of financial activities, together with any interest and fees payable, using the effective interest method.

Cash at bank and in hand
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts.

Staff costs
Short-term employee benefits are recognised as an expense in the period in which they are incurred.

2. INVESTMENT INCOME
2024 2023
£    £   
Deposit account interest 20,043 9,121


DERWENT TRAINING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


3. INCOME FROM CHARITABLE ACTIVITIES
2024 2023
Activity £    £   
Training fees Education and training 912,964 927,726
Employer contributions Education and training 8,172 7,789
Miscellaneous income Education and training 165 175
921,301 935,690

4. CHARITABLE ACTIVITIES COSTS
Direct Support
Costs (see costs (see
note 5) note 6) Totals
£    £    £   
Education and training 798,241 102,412 900,653

5. DIRECT COSTS OF CHARITABLE ACTIVITIES
2024 2023
£    £   
Staff costs 471,710 464,364
Water rates 491 448
Insurance 11,568 9,939
Light and heat 23,026 14,000
Telephone 6,150 5,993
Stationery, printing and postage 10,416 7,696
Sundries 4,621 5,745
Workshop tools, consumables and training materials 44,052 33,318
Registration fees 59,498 69,683
Equipment leasing 5,446 6,321
Motor vehicle leasing 3,986 5,159
Repairs and renewals 17,867 27,525
Computer expenses 42,514 51,864
Professional fees 3,031 -
Staff training 31,992 9,074
Staff recruitment 42,957 20,369
Licences and subscriptions 7,731 6,010
Clothing costs 624 1,035
Cleaning expenses 10,561 6,992
798,241 745,535


DERWENT TRAINING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


6. SUPPORT COSTS
Governance
Management Other costs Totals
£    £    £    £   
Education and training 62,165 31,739 8,508 102,412

Support costs, included in the above, are as follows:
2024 2023
Education
and Total
training activities
£    £   
Travelling expenses 7,445 5,324
Advertising 18,217 19,031
Bookkeeping - 6,790
Professional fees 8,759 23,104
Interest payable and similar charges 27,744 27,515
Depreciation of tangible fixed assets 31,739 30,525
Auditors' remuneration 6,960 6,870
Auditors' remuneration for non audit
work

1,548

1,540

102,412 120,699

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2024 2023
£    £   
Auditors' remuneration 6,960 6,870
Auditors' remuneration for non audit work 1,548 1,540
Depreciation - owned assets 31,737 30,525

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 July 2024 nor for the year ended 31 July 2023.


Trustees' expenses

There were no trustees' expenses paid for the year ended 31 July 2024 nor for the year ended 31 July 2023.



DERWENT TRAINING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


9. STAFF COSTS

2024 2023
£ £
Wages and salaries 395,699 357,006
Social security costs 35,245 32,597
Sub contractors 18,927 65,190
Other pension costs 10,303 9,571
460,174 464,364

Termination benefits of £Nil were paid during the year (2023: £12,400).

The average monthly number of employees during the year was as follows:

2024 2023
Charitable activities 11 11

The number of employees whose employee benefits (including employer national insurance contributions, but excluding employer pension costs) exceeded £60,000 was:

20242023
£60,001 - £70,00011

The cost of key management personnel for the year was £153,689 (2023 - £146,820).

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
fund funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Charitable activities
Education and training 935,690 - 935,690

Investment income 9,121 - 9,121
Total 944,811 - 944,811

EXPENDITURE ON
Charitable activities
Education and training 866,234 - 866,234

NET INCOME 78,577 - 78,577


RECONCILIATION OF FUNDS
Total funds brought forward 815,830 - 815,830

TOTAL FUNDS CARRIED FORWARD 894,407 - 894,407

DERWENT TRAINING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


11. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 August 2023 745,000 455,961 144,242 199,088 1,544,291
Additions - 35,279 - 6,657 41,936
At 31 July 2024 745,000 491,240 144,242 205,745 1,586,227
DEPRECIATION
At 1 August 2023 104,300 401,754 116,280 192,453 814,787
Charge for year 14,900 9,583 3,017 4,237 31,737
At 31 July 2024 119,200 411,337 119,297 196,690 846,524
NET BOOK VALUE
At 31 July 2024 625,800 79,903 24,945 9,055 739,703
At 31 July 2023 640,700 54,207 27,962 6,635 729,504

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 59,089 65,412
Prepayments 50,692 34,284
109,781 99,696

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 13,591 37,115
Trade creditors 44,484 38,324
Social security and other taxes 9,428 8,129
Other creditors 2,590 2,425
Accruals and deferred income 19,337 13,853
89,430 99,846


DERWENT TRAINING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans (see note 15) 236,631 226,179

15. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year on demand:
Bank loan 13,591 37,115
Amounts falling between one and two years:
Bank loan 14,301 37,115
Amounts falling due between two and five years:
Bank loan 15,844 91,251
Amounts falling due in more than five years:

Repayable by instalments:
Bank loan 206,486 97,813

16. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024 2023
£    £   
Within one year 20,269 10,826
Between one and five years 45,046 14,748
In more than five years 65,315 -
130,630 25,574

17. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 250,222 263,294

The bank facilities are secured by a legal charge on the company's land and buildings.

The bank facilities are secured by a legal charge on the company's land and buildings.
A bank loan amounting to £226,990 is repayable by instalments ending December 2043 and attracts interest of 11.75%.


DERWENT TRAINING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


18. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2024 2023
Unrestricted Restricted Total Total
fund funds funds funds
£    £    £    £   
Fixed assets 739,703 - 739,703 729,504
Current assets 521,456 - 521,456 490,928
Current liabilities (89,430 ) - (89,430 ) (99,846 )
Long term liabilities (236,631 ) - (236,631 ) (226,179 )
935,098 - 935,098 894,407

19. MOVEMENT IN FUNDS
Net
movement At
At 1.8.23 in funds 31.7.24
£    £    £   
Unrestricted funds
General fund 894,407 40,691 935,098

TOTAL FUNDS 894,407 40,691 935,098

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 941,344 (900,653 ) 40,691

TOTAL FUNDS 941,344 (900,653 ) 40,691


Comparatives for movement in funds

Net
movement At
At 1.8.22 in funds 31.7.23
£    £    £   
Unrestricted funds
General fund 815,830 78,577 894,407

TOTAL FUNDS 815,830 78,577 894,407

DERWENT TRAINING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


19. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 944,811 (866,234 ) 78,577

TOTAL FUNDS 944,811 (866,234 ) 78,577

A current year 12 months and prior year 12 months combined position is as follows:

Net
movement At
At 1.8.22 in funds 31.7.24
£    £    £   
Unrestricted funds
General fund 815,830 119,268 935,098

TOTAL FUNDS 815,830 119,268 935,098

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 1,886,155 (1,766,887 ) 119,268

TOTAL FUNDS 1,886,155 (1,766,887 ) 119,268

20. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined contribution scheme for the benefit of certain employees, the assets of the scheme are held separately from those of the company, being invested with insurance companies.

The charge for the year represents all contributions made by the company of £10,303 (2023 £9,571).


DERWENT TRAINING ASSOCIATION

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 July 2024


21. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 July 2024 or the year ended 31 July 2023.

22. COMPANY STATUS

The charity is a private company limited by guarantee. The members of the company are the trustees named on page one and in the event of the charity being wound up the liability of the guarantee is limited to £5 per member.