REGISTERED COMPANY NUMBER: 02670451 (England and Wales)

REGISTERED CHARITY NUMBER: 1007188

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

INSULATION ENVIRONMENTAL TRAINING TRUST

LIMITED

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

12

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 December 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 charity was established to promote and advance, for public benefit, the education and training of persons employed or intending to be employed in the thermal insulation industry and other related industries, both in the UK and elsewhere. This includes research into matters relating to training for employment in the thermal insulation and other related industries and to publish and disseminate any useful results of such research for the public benefit and is in accordance with Charity Commission guidance on public benefit.

Significant activities

The activities of the charity include the donations of funds to the Thermal Insulation Contractors Association for the purchase of training equipment for the training of apprentices and operatives in the thermal insulation industry and the undertaking of end point assessments and industry competency assessments for the Thermal Insulation Contractors Association and its members.

Public benefit

The Trustees have had regard to the guidance issued by the Charity Commission on public benefit and believe that they are acting accordingly.

Grantmaking

The charity achieves its objectives by making grants as and when required to the Thermal Insulation Contractors Association who uses the funds to invest in new equipment and facilities for use in the training of apprentices in the thermal insulation and related industries as and when required.

Achievement and performance

Charitable activities

The charity has undertaken end point assessments for the Thermal Insulation Contractors Association (TICA) and its members on a not for profit basis. In prior years it has made grants to TICA for the benefit of its apprentices and it intends to continue to make grants in the future.

Investment performance

The charity earned £8,397 (2023: £8,591) of interest on its cash deposits during the year.

Financial review

Financial position

The charity holds £334,945 (2023: £323,448) of funds at bank. Of this £196,840 (2023: £181,117) is held in deposit accounts with 12 months notice. The charity will continue to invest its funds as prudently as possible and seek to fund new charitable projects in the training of apprentices in the thermal insulation industry.

Principal funding sources

The principal funding sources this year have arise from the provision of end point assessments for the Thermal Insulation Contractors Association and interest earned on cash deposits. The performance of these has been shown in detail in the charity achievements and performance statement above. Although deficits have been made in recent years,, the reserves are still very positive given the current economic conditions.

Investment policy and objectives

There is no formal investment policy for the charity but the trustees have acted to maximise investment income by investing in short term treasury deposits which earn a greater rate of interest with little risk involved. The trustees seek to maximise returns on investment income whilst ensuring minimal risk.

Reserves policy

The charity has no formal reserves policy but will continue to allow the cash funds to grow and donate reserves as and when required.

Future plans

The charity will continue to invest its funds as prudently as possible and seek to fund new charitable projects in the training of apprentices in the thermal insulation industry.

Structure, governance and management

Governing document

The company is governed by the Memorandum and Articles of Association incorporated on the 11th December 1991, amended by special resolutions on 4th December 2012 and 7th October 2019.

The company is a limited company, limited by guarantee, as defined by the Companies Act 2006. In the event of the company being wound up all members, or within one year after ceasing to be a member, are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

The recruitment and appointment of new trustees is governed by the IETTL Chair and its members to appoint the board of trustees from within the industry and wider stakeholders.

Organisational structure

The charity is controlled by the Board of Trustees. Certain trustees of the charity are also members of the board of the Thermal Insulation Contractors Association. Decisions are made directly by the board of the IETTL Trustees. The day to day management of the charity has been delegated to the Responsible Officer.

Induction and training of new trustees

The induction and training of new trustees is undertaken by the IETTL Chair with support and guidance from the TICA CEO. A new trustee would usually be appointed upon the departure of an existing trustee at the discretion of the IETTL Board. There is no formal training for new trustees as duties are not complex but new trustees would be chosen with adequate knowledge and experience of the thermal insulation and related industries and the role of trustees within a registered charity.

Related parties

The Thermal Insulation Contractors Association has the power to appoint a member to the board of trustees by nomination from the members by election at the Annual General Meeting.

Reference and administrative details

Registered Company number

02670451 (England and Wales)

Registered Charity number

1007188

Registered office

TICA House

34 Allington Way

Yarm Road Business Park

Darlington

Co. Durham

DL1 4QB

Trustees

J G Soady

L J Bowes

A J Naylor

M Cockin

L Craig-Braddock (resigned 24/12/24)

Company Secretary

L Freeland

Independent Examiner

Mitchell Gordon LLP

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

Company status

The company is recognised by the Employment Department as an Industry Training Organisation for the Thermal Insulation Industry in the United Kingdom. As such it is supported by the recognised employers' association and trade unions for the industry, namely the Thermal Insulation Contractors Association, General Boilermakers (GMW Section) and Transport and General Workers Union.

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 21 August 2025 and signed on its behalf by:

L J Bowes - Trustee

Independent examiner's report to the trustees of Insulation Environmental Training Trust Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2024.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

K M Gordon, FCCA

Mitchell Gordon LLP

43 Coniscliffe Road

Darlington

Co. Durham

DL3 7EH

21 August 2025

31/12/24

31/12/23

Unrestricted

Restricted

Total

Total

funds

fund

funds

funds

Notes

£

£

£

£

Income and endowments from

Donations and legacies

-

20,000

20,000

-

Other trading activities

2

90,600

-

90,600

71,400

Investment income

3

8,397

-

8,397

9,023

Total

98,997

20,000

118,997

80,423

Expenditure on

Raising funds

Other trading activities

141,489

-

141,489

45,869

141,489

-

141,489

45,869

Other

25,204

-

25,204

22,328

Total

166,693

-

166,693

68,197

NET INCOME/(EXPENDITURE)

(67,696

)

20,000

(47,696

)

12,226

Reconciliation of funds

Total funds brought forward

299,451

-

299,451

287,225

Total funds carried forward

231,755

20,000

251,755

299,451

31/12/24

31/12/23

Unrestricted

Restricted

Total

Total

funds

fund

funds

funds

Notes

£

£

£

£

Fixed assets

Tangible assets

7

4,209

-

4,209

126

Current assets

Stocks

8

13,014

-

13,014

-

Debtors

9

3,200

-

3,200

3,278

Cash at bank

314,946

20,000

334,946

323,447

331,160

20,000

351,160

326,725

Creditors

Amounts falling due within one year

10

(103,614

)

-

(103,614

)

(27,400

)

Net current assets

227,546

20,000

247,546

299,325

Total assets less current liabilities

231,755

20,000

251,755

299,451

NET ASSETS

231,755

20,000

251,755

299,451

Funds

11

Unrestricted funds

231,755

299,451

Restricted funds

20,000

-

Total funds

251,755

299,451

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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 21 August 2025 and were signed on its behalf by:

L J Bowes - Trustee

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' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared under the going concern basis of accounting.

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.

Tangible fixed assets

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

Training equipment

-

33% on cost

Computer equipment

-

33% on cost and 5 years on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. The funds held by the charity are unrestricted general funds which can be used in accordance with the charitable objectives at the discretion of the trustees.

2.	OTHER TRADING ACTIVITIES

31/12/24

31/12/23

£

£

EPA income

90,600

71,400

3.	INVESTMENT INCOME

31/12/24

31/12/23

£

£

Deposit account interest

8,397

8,591

Miscellaneous income

-

432

8,397

9,023

4.	NET INCOME/(EXPENDITURE)

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

31/12/24

31/12/23

£

£

Depreciation - owned assets

631

636

5.	TRUSTEES' REMUNERATION AND BENEFITS

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

Trustees' expenses

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

6.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

funds

£

Income and endowments from

Other trading activities

71,400

Investment income

9,023

Total

80,423

Expenditure on

Raising funds

Other trading activities

45,869

45,869

Other

22,328

Total

68,197

NET INCOME

12,226

Reconciliation of funds

Total funds brought forward

287,225

Total funds carried forward

299,451

7.	TANGIBLE FIXED ASSETS

Training

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 January 2024

680

1,886

2,566

Additions

4,295

419

4,714

At 31 December 2024

4,975

2,305

7,280

DEPRECIATION

At 1 January 2024

680

1,760

2,440

Charge for year

477

154

631

At 31 December 2024

1,157

1,914

3,071

NET BOOK VALUE

At 31 December 2024

3,818

391

4,209

At 31 December 2023

-

126

126

8.

STOCKS

31/12/24

31/12/23

£

£

Stocks

13,014

-

9.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Prepayments

3,200

3,278

10.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/12/24

31/12/23

£

£

Trade creditors

12,221

-

Other creditors

86,948

23,448

Accrued expenses

4,445

3,952

103,614

27,400

11.	MOVEMENT IN FUNDS

Net

Transfers

movement

between

At

At 1/1/24

in funds

funds

31/12/24

£

£

£

£

Unrestricted funds

General fund

299,451

(49

)

(67,647

)

231,755

End Point Assessment

-

(67,647

)

67,647

-

299,451

(67,696

)

-

231,755

Restricted funds

SIG donation for apprentice accomodation

-

20,000

-

20,000

TOTAL FUNDS

299,451

(47,696

)

-

251,755

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

8,397

(8,446

)

(49

)

End Point Assessment

90,600

(158,247

)

(67,647

)

98,997

(166,693

)

(67,696

)

Restricted funds

SIG donation for apprentice accomodation

20,000

-

20,000

TOTAL FUNDS

118,997

(166,693

)

(47,696

)

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1/1/23

in funds

funds

31/12/23

£

£

£

£

Unrestricted funds

General fund

287,225

2,918

9,308

299,451

End Point Assessment

-

9,308

(9,308

)

-

287,225

12,226

-

299,451

TOTAL FUNDS

287,225

12,226

-

299,451

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

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

9,023

(6,105

)

2,918

End Point Assessment

71,400

(62,092

)

9,308

80,423

(68,197

)

12,226

TOTAL FUNDS

80,423

(68,197

)

12,226

12.	RELATED PARTY DISCLOSURES

During the year, the Charity incurred the following transactions with Thermal Insulation Contractors Association (TICA), a related party by virtue of its ability to control the appointment of Trustees.

31/12/24

31/12/23

EPA income recharged

90,600

71,400

Wages recharged

42,798

4,965

Expenses recharged

16,501

16,597

Amounts owed to TICA

86,948

23,448

All amounts are recharged with no mark up or charge.

No interest is charged on amounts owed and the balance is repayable on demand.