Company registration number 00038769 (England and Wales)
THE TRADING STANDARDS INSTITUTE
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
THE TRADING STANDARDS INSTITUTE
COMPANY INFORMATION
Directors
Mr J H Herriman
Mr T Gass
Mr J Munro
Mr AG Simpson
Mr U Dholakia
Mr SJ Ruddy
Mr D Stephenson
Mr ID Cottingham
Mrs NL Pasek
Mr PJ Owen
Company number
00038769
Registered office
1 Sylvan Court
Sylvan Way
Southfields Business Park
Basildon
Essex
SS15 6TH
Auditor
Cottons Accountants LLP
Chestnut Field House
Chestnut Field
Rugby
Warwickshire
United Kingdom
CV21 2PD
THE TRADING STANDARDS INSTITUTE
CONTENTS
Page
Directors' report
1
Directors' responsibilities statement
2
Independent auditor's report
3 - 5
Profit and loss account
6
Balance sheet
7
Statement of changes in equity
8
Statement of cash flows
9
Notes to the financial statements
10 - 20
THE TRADING STANDARDS INSTITUTE
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2025
- 1 -

The directors present their annual report and financial statements for the Period ended 31 March 2025.

Principal activities

The principal activity of the company continued to be that of a professional membership organisation.

Directors

The directors who held office during the Period and up to the date of signature of the financial statements were as follows:

Mr J H Herriman
Mr T Gass
Mr J Munro
Mr AG Simpson
Mr B Meredith
(Resigned 1 May 2024)
Mr U Dholakia
Mr SJ Ruddy
Ms T Lindsay
(Resigned 9 October 2024)
Mr D Stephenson
Ms C Levoir
(Resigned 15 September 2025)
Mr ID Cottingham
Mrs NL Pasek
Mr PJ Owen
Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr J H Herriman
Director
23 September 2025
THE TRADING STANDARDS INSTITUTE
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2025
- 2 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THE TRADING STANDARDS INSTITUTE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE TRADING STANDARDS INSTITUTE
- 3 -
Opinion

We have audited the financial statements of The Trading Standards Institute (the 'company') for the Period ended 31 March 2025 which comprise the income and expenditure account, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its deficit for the Period 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the 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.

Emphasis of matter

We draw attention to Note 16 of the financial statements, which describes that subsequent to the balance sheet date, the remaining trading activities and the assets of the company were transferred to Chartered Trading Standards Institute ("CTSI"). Our opinion is not modified in respect of this matter.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' 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 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the directors' r eport for the financial Period for which the financial statements are prepared is consistent with the financial statements; and

- the directors' report has been prepared in accordance with applicable legal requirements.

THE TRADING STANDARDS INSTITUTE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE TRADING STANDARDS INSTITUTE (CONTINUED)
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport. We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors 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 directors 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 directors are responsible for assessing the 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 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.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the industry;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, anti-bribery, employment, environmental and health and safety legislation;

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of factual, suspected and alleged fraud;

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

- maintaining professional skepticism throughout the audit.

THE TRADING STANDARDS INSTITUTE
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE TRADING STANDARDS INSTITUTE (CONTINUED)
- 5 -

To address the risk of fraud through management bias and override of controls, we:

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify unusual transactions;

- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

- investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;

- enquiring of management as to actual and potential litigation and claims; and

- reviewing correspondence with HMRC.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the 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 company's members those matters we are required to state to them in an auditor's 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 company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Palmer BSc BFP FCA (Senior Statutory Auditor)
For and on behalf of Cottons Accountants LLP, Statutory Auditor
Chartered Accountants
Chestnut Field House
Chestnut Field
Rugby
Warwickshire
CV21 2PD
United Kingdom
18 November 2025
THE TRADING STANDARDS INSTITUTE
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2025
- 6 -
Period
Year
ended
ended
Continuing
Discontinued
31 March
Continuing
Discontinued
31 December
operations
operations
2025
operations
operations
2023
£
£
£
£
£
£
Turnover
-
115,200
115,200
852,358
-
852,358
Cost of sales
-
(480)
(480)
(64,309)
-
(64,309)
Administrative expenses
-
0
(150,570)
(150,570)
(935,704)
-
0
(935,704)
Other operating income
-
-
-
0
22,376
-
22,376
Operating deficit
-
(35,850)
(35,850)
(125,279)
-
(125,279)
Interest receivable and similar income
-
0
4,973
4,973
9,666
-
0
9,666
Interest payable and similar expenses
-
0
-
0
-
0
64,000
-
0
64,000
Deficit before taxation
-
0
(30,877)
(30,877)
(51,613)
-
0
(51,613)
Tax on deficit
-
0
-
0
-
0
37,162
-
0
37,162
Deficit for the financial Period
-
0
(30,877)
(30,877)
(14,451)
-
0
(14,451)
THE TRADING STANDARDS INSTITUTE
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 7 -
31 March 2025
31 December 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
6
-
0
1,441,825
Investments
7
-
0
103
-
0
1,441,928
Current assets
Debtors
8
3,155
248,742
Cash at bank and in hand
19,011
736,098
22,166
984,840
Creditors: amounts falling due within one year
9
(22,166)
(115,251)
Net current assets
-
0
869,589
Total assets less current liabilities
-
0
2,311,517
Provisions for liabilities
-
0
(79,577)
Net assets
-
0
2,231,940
Reserves
Revaluation reserve
13
-
0
225,981
Income and expenditure account
-
0
2,005,959
Total members' funds
-
0
2,231,940

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 23 September 2025 and are signed on its behalf by:
Mr J H Herriman
Director
Company registration number 00038769 (England and Wales)
THE TRADING STANDARDS INSTITUTE
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2025
- 8 -
Revaluation reserve
Income and expenditure
Total
Notes
£
£
£
Balance at 1 January 2023
225,981
2,131,410
2,357,391
Year ended 31 December 2023:
Deficit
-
(14,451)
(14,451)
Other comprehensive income:
Actuarial gains on defined benefit plans
-
(111,000)
(111,000)
Total comprehensive income
-
(125,451)
(125,451)
Balance at 31 December 2023
225,981
2,005,959
2,231,940
Period ended 31 March 2025:
Deficit and total comprehensive income
-
(30,877)
(30,877)
Distributions paid
-
(2,201,062)
(2,201,062)
Transfers
(225,981)
225,981
-
Balance at 31 March 2025
-
0
-
0
-
0
THE TRADING STANDARDS INSTITUTE
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2025
- 9 -
2025
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
17
118,637
(1,166,883)
Income taxes (paid)/refunded
(79,577)
22,539
Net cash inflow/(outflow) from operating activities
39,060
(1,144,344)
Investing activities
Purchase of tangible fixed assets
(2,991)
-
0
Proceeds from disposal of tangible fixed assets
1,442,830
-
0
Proceeds from disposal of subsidiaries
103
(100)
Proceeds from disposal of investments
-
0
100
Interest received
4,973
9,666
Net cash generated from investing activities
1,444,915
9,666
Financing activities
Dividends paid
(2,201,062)
-
0
Net cash used in financing activities
(2,201,062)
-
Net decrease in cash and cash equivalents
(717,087)
(1,134,678)
Cash and cash equivalents at beginning of Period
736,098
1,870,776
Cash and cash equivalents at end of Period
19,011
736,098
THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Company information

The Trading Standards Institute is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 Sylvan Court, Sylvan Way, Southfields Business Park, Basildon, Essex, SS15 6TH.

1.1
Reporting period

The company has changed its accounting reference date from 31 December to 31 March. These financial statements cover the extended 15 month period ended 31 March 2025. Consequently, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

The reason for the change of accounting reference date was to more closely align with the trading cycle of the company and its fellow group entities.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold property. The principal accounting policies adopted are set out below.

1.3
Turnover

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recover able.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold property
2% straight line
Fixtures and fittings
25% reducing balance
Computers
33% straight line
Office equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in surplus or deficit.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 12 -
1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in surplus or deficit, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through surplus and deficit, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in surplus or deficit.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in surplus or deficit.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in surplus or deficit in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 15 -
3
Auditor's remuneration
2025
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
2,130
22,700
For other services
All other non-audit services
-
0
42,973
4
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2025
2023
Number
Number
Total
6
25
5
Discontinued operations
Transfer to sole member

On 1st April 2024 the company transferred the entirety of its operations to its sole member, Chartered Trading Standards Institute (company number RC000879). The transfer was effected at net book value, accordingly no profit or loss on disposal has been recognised. The transfer has been treated as a distribution in specie and is recognised within equity.

6
Tangible fixed assets
Freehold property
Fixtures and fittings
Computers
Office equipment
Total
£
£
£
£
£
Cost or valuation
At 1 January 2024
1,521,177
142,328
45,897
83,194
1,792,596
Additions
-
0
-
0
2,991
-
0
2,991
Transfers
(1,521,177)
(142,328)
(48,888)
(83,194)
(1,795,587)
At 31 March 2025
-
0
-
0
-
0
-
0
-
0
Depreciation and impairment
At 1 January 2024
101,901
142,328
45,897
60,644
350,770
Depreciation charged in the Period
578
-
0
-
0
1,409
1,987
Transfers
(102,479)
(142,328)
(45,897)
(62,053)
(352,757)
At 31 March 2025
-
0
-
0
-
0
-
0
-
0
Carrying amount
At 31 March 2025
-
0
-
0
-
0
-
0
-
0
At 31 December 2023
1,419,275
-
0
-
0
22,550
1,441,825
THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
6
Tangible fixed assets
(Continued)
- 16 -

Land and buildings with a carrying amount of £1,196,012 were revalued to £1,475,000 in 2018, on the basis of market value.

The revaluation surplus is disclosed in note 13. The surplus was eliminated upon the transfer of assets to Chartered Trading Standards Institute.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

Freehold property
2025
2023
£
£
Cost
-
1,450,245
Accumulated depreciation
-
(320,167)
Carrying value
-
1,130,078
7
Fixed asset investments
2025
2023
£
£
Shares in group undertakings and participating interests
-
0
103
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 January 2024
103
Disposals
(103)
At 31 March 2025
-
Carrying amount
At 31 March 2025
-
At 31 December 2023
103
THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 17 -
8
Debtors
2025
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
49,344
Amounts owed by group undertakings
-
0
89,013
Other debtors
3,155
110,385
3,155
248,742
9
Creditors: amounts falling due within one year
2025
2023
£
£
Trade creditors
-
0
13,390
Amounts owed to group undertakings
21,820
38,541
Taxation and social security
-
0
15,952
Other creditors
346
47,368
22,166
115,251
THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 18 -
10
Retirement benefit schemes
2025
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
19,783
(7,309)

The company operates a defined contribution pension scheme. The assets of the scheme are held separately for those of the company in an independently administered fund.

Defined benefit schemes

Certain former employees of the company were members of the Local Government Pension Scheme (the LGPS).

The LGPS is a defined benefit statutory scheme administered in accordance with the Local Government Pension Scheme Regulations 2013 and currently provides benefits based on career average revalued earnings. Full details of the benefits are as set out in the Regulations and summarised on the LGPS website (www.lgpsregs.org/) and the Fund's membership booklet (www.lgpsmember.org/).

The Pension Fund Committee oversees the management of the Fund whilst the day-to-day fund administration is undertaken by a team within the administering authority (Essex County Council). Where appropriate, some functions are delegated to the Fund's professional advisers.

Scheme cessation

Following an extended period of the scheme being in a deficit position, changes in stock market performance meant that the scheme was in a surplus position at 31/12/2023. At this point, the Board made the decision to limit the risk to the Institute of pension fund volatility, which at one point in 2018 meant a pension deficit of £3.037 million, and consulted on closing the LGPS. Specific arrangements were made to support the sole member of the scheme who agreed to the changes and the Board made the decision to settle any outstanding figure, noting that the market conditions were favourable.

The LGPS was closed with a final settlement figure of £199k and the Institute no longer carries the pension fund volatility risk. The settlement figure was derived based upon an actuarial valuation prepared by Barnett Waddingham LLP, an independent firm of actuaries. For the purposes of a scheme cessation, the actuarial valuation is prepared using assumptions that are more prudent than an on-going basis due to all future risk being transferred from the employer to the Fund. Under a full cessation approach, as no other employer is responsible for the residual liabilities and therefore no employer is available to cover the cost of any future underfunding, it is appropriate to use a discount rate that is more prudent than the ongoing funding basis. This is to reduce the risk that insufficient funds are collected to pay for the residual liabilities.

It should also be noted that, as a multi-employer scheme, an "asset ceiling" applies to the LGPS, such that there was no prospect of the Institute having an unconditional right to a refund or benefit from future contribution reductions on any surplus that might arise on the scheme.

THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 19 -
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2023
Balances:
£
£
Accelerated capital allowances
-
9,830
Revaluations
-
69,747
-
79,577
2025
Movements in the Period:
£
Liability at 1 January 2024
79,577
Transfer on disposal
(79,577)
Liability at 31 March 2025
-

12
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £5.

13
Revaluation reserve
2025
2023
£
£
At the beginning of the Period
225,981
225,981
Transfer to retained earnings
(225,981)
-
0
At the end of the Period
-
0
225,981

The revaluation reserve represents cumulative surpluses arising on the revaluation of freehold property, less a provision for deferred taxation.

14
Financial commitments, guarantees and contingent liabilities

The company is part of a group Value Added Tax (VAT) registration scheme. As such the company is liable for the group VAT liability. At the period end there was a VAT liability due of £79,682 (31/12/2023: £21,365) under this scheme.

THE TRADING STANDARDS INSTITUTE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2025
- 20 -
15
Related party transactions

The company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.

16
Parent company

The sole member of The Trading Standards Institute is Chartered Trading Institute, a Royal Charter company registered under number RC000879. Its registered office is 1 Sylvan Court, Sylvan Way, Southfields Business Park, Basildon, Essex, SS15 6TH.

17
Cash generated from/(absorbed by) operations
2025
2023
£
£
Deficit for the Period after tax
(30,877)
(14,451)
Adjustments for:
Taxation charged/(credited)
-
0
(37,162)
Finance costs
-
0
(64,000)
Investment income
(4,973)
(9,666)
Depreciation and impairment of tangible fixed assets
1,987
47,839
Pension scheme non-cash movement
-
(47,000)
Movements in working capital:
Decrease in debtors
245,586
59,683
Decrease in creditors
(93,086)
(1,102,126)
Cash generated from/(absorbed by) operations
118,637
(1,166,883)
18
Auditor's liability limitation agreement

Upon appointment of Cottons Accountants LLP as auditors, the Company entered into a limitation liability agreement with the auditors and t i is was approved by resolution on 23rd September 2025. Liability is limited to the lesser of 20 times the audit fee or £90,000 In accordance with section 537 of CA06, the effect of the limitation liability agreement is to limit the auditor's liability to less than such amount as it fair and reasonable, as determined by that section, the agreement shall have effect as if it limited the liability to such amount as if fair and reasonable, as so determined.

The agreement limited the liability owed to the Company by the auditors in respect of any negligence, default or breach of duty, or breach of trust, occurring in the course of the audit of the accounts for the period ending 31st March 202 5.

The agreement does not limit liability for any instance of fraud or dishonesty on behalf of the auditor or ay other liability that cannot be excluded or restricted by applicable laws or regulations.

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