STRUCTURE, GOVERNANCE AND MANAGEMENT
The Trustees, who are also directors of the charity for the purposes of the Companies Act, present their Annual Report and the audited financial statements for the year ended 31 March 2025. This report has been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) and in accordance with the Companies Act 2006.
Governing Document
CABWI Awarding Body (CABWI) is a registered charity (with effect from 03 July 2014), constituted as a company limited by guarantee and is therefore governed by its Articles of Association. The company was incorporated on 12 August 1991 and in the event of the company being wound up, members are required to contribute an amount not exceeding £1.
Recruitment and Appointment
Under the Articles of Association, the current Trustees of the charity are the board of directors and members of CABWI Awarding Body. New trustees, directors and members are appointed for a fixed term of three years, after which they may be re-appointed for another fixed term of three years. There is no maximum number of three-year periods which a member may serve.
The Articles of Association also permit the Trustees to appoint Associate Members, who do not vote and have different rights and obligations. There are no current Associate Members of the company.
Trustee Inductions and Training
CABWI has a Board, the members of which are the Company Directors and Charity Trustees, who meet at three-monthly intervals and are responsible for the strategic direction and policy of the charity. The members are drawn from a variety of professional backgrounds bringing diverse skills to the work of the charity.
The Chief Executive Officer also attends the Board Meetings but has no voting rights.
Recruitment for new board members is an on-going activity designed to either replace Trustees that have left the Board or to refresh or introduce new skills to the Board. Board members are supported by access to external advice, resources and training from a range of sources and are encouraged to undertake training and development. The Board has maintained an ongoing review of its operation and roles of members through discussion held during the year.
Organisational Structure
The delegation of day-to-day responsibility for the provision of services rests with the Chief Executive Officer, who ensures that the charity delivers the services specified and that targets are met for all stakeholders.
The charity is constituted to advance education and training, including knowledge-based and competence-based training and assessment, for individuals working in the water and wider utilities industries, and related areas. CABWI awards qualifications, covering vocational skills and knowledge, and approves and monitors assessment centres to deliver and maintain its qualifications. CABWI aims, through its qualifications and accreditation schemes, to provide the opportunity for continuous education to all individuals working in the water and wider utilities industries.
Through its grant making activity our charity promotes learning and development that enables young people, the long term unemployed and ex-offenders to gain additional skills and confidence to enter the labour market. We are flexible funders who support small and medium-sized charities and community organisations to undertake projects that meet our aims. Our funding can be used to cover core costs and/or specific project costs. We aim to work closely with the organisations we support, mutually agreeing goals with clear time scales and visiting projects as part of our monitoring process wherever possible.
During the year CABWI has continued to award its suite of competence-based and knowledge-based qualifications, accredited by Ofqual in England, Qualifications Wales in Wales and CCEA in Northern Ireland, and to award the Street Works Certificates in Excavation and Reinstatement in the Highway and the Street Works Reassessment Scheme, under the New Roads and Street Works Act 1991.
During 2024-2025, CABWI has delivered a further phase of its customer engagement project and has used the results and feedback received to continue to review its products, services, systems and processes, ensuring that they meet its’ stakeholders’ needs and reflect current industry practice, and to enable the effective future delivery of its qualifications and related products through recognised assessment centres.
The main focus of the customer engagement project has been through the annual centre forum attended by representatives from the training centres licensed by CABWI. Other customer engagement has been through visits and online meetings to the licensed centres by the Chief Executive Officer. CABWI have also actively engaged in the promotion of its qualifications and services to enrol new assessment centres.
Activities that took place during the year included:
Continual update and maintenance of our online examination application for Street Works exams. The solution is an android app that works on low-cost tablets, with the ability to take exams with or without Wi-Fi connectivity. Exams are readily available without any pre-ordering or downloading, with results given immediately on completion of the examination. This product continues to give CABWI a competitive advantage over other awarding organisations offering Street Works. Between June 2021 when the app went live and the 31st of March 2025, 562,000 examinations were delivered through the app.
Confirmation of CABWI’s compliance with the General Conditions of Recognition set out by Ofqual, Qualifications Wales and CCEA in line with the regulators’ requirements for annual statements of compliance from each recognised awarding organisation.
Continued promotion of CABWI’s Third Party Endorsement scheme, which provides endorsement of specific training provided by third party organisations, CABWI continues to increase in the number of applications for this service. The number of endorsed courses now stands at over 350, representing an increase of 10% on the previous year.
A continual improvement to the approach to External Quality Assurance (EQA) that ensures regular visits and sampling activity but reduces some of the administrative burden placed upon the centres. The use of “desk-top reviews” has also been introduced for those centres awarding small numbers of qualifications.
The continuation of specific training, development and coaching for CABWI office staff, to align with their defined roles and responsibilities.
A continual review and update of all qualifications to ensure validity as defined by the Regulators.
A continued focus on growing the revenue attributed to Street Works to improve profitability and counterbalance a decline in the demand for vocational qualifications by the water industry.
The continual successful delivery of our End Point Assessment Solution for Level 3 Water Process Technician Apprenticeship Standard, Water Process Operative Standard, Water Network Operative Standard, Water Industry Treatment Technician Standard and Water Industry Network Technician Standard.
CABWI delivered 220 End Point Assessments to apprentices across a number of water companies.
The creation of a product and service development plan, based on the results of customer feedback, to identify key development priorities.
Participation as an active member of the HAUC (UK) Training and Accreditation Group (TAG) on issues relating to the delivery of Street Works training and qualifications. Membership of TAG includes all of the current Street Works awarding organisations, representatives of local government and utilities organisations, the DfT, RAUC Scotland and the Street Works Qualifications Register.
The addition of 25 new assessment centres predominantly for Street Works.
To fulfil our charitable dimension, we continued to make payments to those charities that had been successful in their applications of the two funds that had been advertised in the previous financial year. The first fund identified 13 charities that were awarded grants ranging between £30,000 and £35,000, with a total fund of £359,000. The second fund identified 14 charities that received grants of between £10,000 and £35,000, with a total fund of £335,000. The total donations made were £694,000. A third fund was launched in January 2024 with a total fund of £400,000. Successful applicants will receive their first instalment in July 2024, with final payments made in January 2025. A fourth fund was launched in January 2025 with successful applicants receiving the first payment in July 2025.
PUBLIC BENEFIT
The principal aspects through which public benefit (as defined in English Charity Law and in keeping with the Company’s status as a Registered Charity), resulted from CABWI’s activity during the year as detailed in the Achievement and Delivery section above. CABWI’s provision of qualifications and services, via its approved network of assessment centres, and the continual monitoring of the centres, enable the charity to fulfil its aims as described in the Articles of Association. Through its current and planned future product and service review and development work, CABWI will continue to ensure that its provision reflects the industry requirements for the water and utilities industries and supports the provision of vocational knowledge and skills to learners of all ages who work in this highly regulated environment, providing benefit to public health and to the sustainability of environmental resources.
The charitable company’s trustees believe they have complied with their duty in section 17(5) of the 2011 Charities Act to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.
ADMINISTRATIVE INFORMATION
Various reference and administrative information is provided in this Annual Report.
The Statement of Financial Activities shows total income for the year of £2,007,316 (2024: £1,701,142), net income of £174,300 (2024: £215,877) and funds at the year-end date stand at £2,434,478 (2024:£2,260,178).
Funds
The charitable company has total accumulated funds of £2,260,178 (2024: £2,044,301).
Assets
At the year-end date, cash at bank is £2,116,528 (2024: £1,974,326) which represents 86.9% (2024: 87.4%) of total funds.
Reserves Policy
The organisation has sufficient reserves to meet its reserves policy (to cover six months’ operating costs which are estimated to be £406,000). The charitable company’s unrestricted funds, represented by net current assets, amounted to approximately £2,431,588 at the year-end date. As an awarding organisation, CABWI has limited tangible fixed assets, and, as such, maintains a reserve in its bank account, to ensure that it has resilience against potential fluctuations in income.
At year end the actual reserves exceeded the six months of operating cost by some £2,025,588. We have formulated plans to spend a substantial portion of this in charitable donations during 25/26 and subsequent years.
In addition to the two existing funds, we launched a new fund in January 2025 with allocated funds of £400,000, awarding grants for 12 months only.
Expenditure has been identified in relation to product, service and IT development and support, for 2024-2025, and, while it is expected that this will be covered largely by the annual income, the Trustees are able to use the excess reserves, over six months’ running costs, to support the planned developments if required.
Risk Management
CABWI maintains a Risk Register which identifies High, Medium and Low risks to the charity and is supported by a Risk Management Policy. The register is maintained by the Chief Executive Officer and reviewed at each quarterly Board meeting by the Trustees. The trustees actively review the major risks which the charity faces on a regular basis and have defined a reserves policy considered appropriate to foreseeable contingent need.
The Board receives and considers regular reports on matters connected with financial performance and operating risk. The trustees have also examined other operational and business risks faced by the charity, including on matters relating to Health and Safety.
Risk is considered whenever decisions are made and in particular, when the business plan for the next financial year is being developed. The Trustees also consider risks by looking at CABWI’s aims over the next five years in accordance with the five-year strategic plan.
As CABWI operates in a highly regulated environment, the majority of risks identified relate to compliance with the regulations and the impact of non-compliance. The other main risk is the provision by CABWI of End Point Assessment Services to apprentices, which is government funded. The Government have announced changes to the way that End Point Assessment will be delivered in the future. Full details of the changes are yet to be released, but they may affect on-going revenue but could also reduce costs.
The Charity plans continuing the general framework of activities indicated above in the forthcoming years subject to satisfactory funding arrangements.
Discussion involving the Board and Chief Executive Officer is ongoing to set out priorities for CABWI in the medium term, which will include:
the development of CABWI’s future products, services and systems based on the identification of priorities from CABWI’s on-going customer engagement programme.
a programme of qualifications review and development for 2025-2026.
the development of new products and services, as required by CABWI’s stakeholders and customers, and according to priorities defined by customers.
the development of activities and initiatives to further support the charitable dimension to CABWI’s programme of work, including the launch of a new fund and discussions with organisations active in the charitable field, to work towards longer-term charitable initiatives.
the ongoing review of the requirements by which CABWI operates in relation to Street Works qualifications.
to continue to leverage our competitive advantage in the provision of Street Works assessment.
To expand our End Point Assessment offering to include and new standards that relate to the water industry.
Charity/Company law requires the Trustees/Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its income and expenditure, for the financial year. In preparing those financial statements, the Trustees/Directors should follow best practice and:
select suitable accounting policies and then apply them consistently.
make judgements and estimates that are reasonable and prudent; and
prepare the financial statements on the going concern basis unless it is inappropriate to assume that the charitable company will continue on that basis.
The Trustees/Directors are responsible for maintaining 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. The Trustees/Directors 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.
Members of the Board
Members of the Board, who are Directors for the purpose of company law and Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out below.
Duties of the Board
Chair:
The Chair for CABWI is responsible for ensuring that there are clear communication channels for all Board Members and the Chief Executive Officer.
For all Board meetings the Chair is responsible for ensuring, that:
all meetings of the Board are properly convened, and proper notice is given.
the rules relating to quorum are followed.
order is kept throughout the meetings and agendas are followed.
resolutions are clearly stated, and decisions are recorded in minutes
Duties of the Chief Executive Officer
CABWI has a Chief Executive Officer who is responsible for implementing the policies adopted by the Board and for the day-to-day operational and financial management of the organisation.
Remuneration policy
Arrangements for setting pay and remuneration of key management personnel are conducted by The Remuneration/Succession Planning Committee. Any recommendation to adjust pay and remuneration is then put to a vote at the next Board meeting.
Approved by the Board and signed on its behalf by:
The trustees (who are also directors of Cabwi Awarding Body for the purposes of company law) are responsible for preparing the Trustees’ Annual Report 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. Under company law the trustees 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 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 these financial statements, the trustees are required to:
select suitable accounting policies and then apply them consistently;
observe the methods and principles in the Charities SORP 2019 (FRS 102);
make judgements and estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable 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 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 auditor is 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 auditor is aware of that information.
Opinion
We have audited the financial statements of CABWI Awarding body (the ‘parent charitable company’) and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the consolidated statement of financial activities, the consolidated and charity balance sheet, the consolidated statement of cash flows, the charity statement of cash flows and notes to the financial statements, including a summary of significant accounting policies 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:
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 responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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.
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 group and parent 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 other information comprises the information included in the trustees' annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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 trustees' report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the directors’ report included within the trustees' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.
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 by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent charitable company’s 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.
As explained more fully in the trustees' responsibilities statement, the trustees, who are also the directors of the parent charitable company for the purpose 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 group and parent 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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so.
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.
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:
the senior statutory auditor 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 group through discussions with Trustees and other management, and from our knowledge and experience of the sector;
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 group, including health and safety and data protection laws:
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and trustees; 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 group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;
making enquiries of management and trustees as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
To address the risks of fraud through management bias and override controls, we:
performed analytical procedures to identify any unusual or unexpected relationships;
tested journal entries to identify unusual transactions;
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;
reading the minutes of meetings of those charged with governance
enquiring of management as to actual and potential litigation and claims.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 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 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 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.
Trading income
Investment income
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
CABWI Awarding Body is a private company limited by guarantee incorporated in England and Wales. The registered office is Haigh & Co, Grange Cottage, Fulham Lane, Womersley, Doncaster, DN6 9BW.
The financial statements have been prepared in accordance with the charitable company's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). The charitable company is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Group financial statements
The financial statements consolidate the results of the charity and its wholly owned subsidiary CABWI Awarding Body Trading Limited on a line-by-line basis. A separate Statement of Financial Activities, and income and expenditure account, for the charity itself are not present because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006 and paragraph 397 of the SORP.
At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future, and that no material uncertainties exist. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. There are no restricted funds this year or last year.
Income from charitable activities and trading activities, which includes fees and other income, is recognised when receivable and accounted for when earned. Income received in advance is treated as deferred income, until such time it is earned.
Investment income is included when receivable.
Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
All support and governance costs are allocated to charitable activities.
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Website, database and App costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits. They are amortised on a straight line basis over the anticipated life of the benefits arising from the completed product or project.
Furthermore, all intangible assets are reviewed annually and where future benefits are deemed to have ceased or be in doubt, the net book amount is immediately written off to the SoFA.
Amortisation 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:
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
The charity capitalises expenditure on tangible fixed assets when the cost exceeds a level considered appropriate for capitalisation and the asset has a useful life of more than one year. In the absence of a formally defined capitalisation threshold, decisions are made on a case-by-case basis, taking into account the nature and value of the expenditure. Items not capitalised are charged to the Statement of Financial Activities in the year of acquisition. Capitalised assets are initially measured at cost and subsequently stated at cost less accumulated depreciation and any impairment losses, in accordance with the Charities SORP (FRS 102).
At each reporting end date, the charitable company reviews the carrying amounts of its tangible and intangible 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).
Cash and cash equivalents 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 current account positive balances.
The charitable 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 charitable company's balance sheet when the charitable 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, 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.
Basic financial liabilities, including creditors and bank loans 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 payments 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 operations from suppliers. Amounts 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.
Financial liabilities are derecognised when the charitable company’s contractual obligations expire or are discharged or cancelled.
The charity is an exempt charity within the meaning of Schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
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 charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.
In the application of the charitable company’s accounting policies, the trustees 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.
Advertising & marketing
Conference costs
Bad debt
Consultants and external verifiers
Travel and subsistence costs amounting to £2,392 (2024 - £707) were reimbursed to 3 (2024 - 4) trustees.
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £2,020 (2024 - £2,621).
The charity has no restricted funds.
Income
Expenditure
Income
Expenditure
Income
Expenditure
Income
Expenditure
At the reporting end date the charitable company and group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The remuneration of key management personnel was as follows:
Gift aid donations are received from the subsidiary company. During the year amounts receivable from CABWI Awarding Body Trading Limited totalled £1,312,589 (2024: £1,011,825).
Paul Byrne is a Director of Federation of Awarding Bodies. During the year expenditure of £3,253 (2024: £1,368) was incurred with the Federation.
Included within the consolidated financial statements are the results and assets and liabilities of the following fully owned subsidiary of the charitable company.
The investments in subsidiaries are all stated at cost. At the balance sheet date the charity had a £1 investment in in its subsidiary (2024: £1). The group held no other investments in the current or prior year.
The financial information of this subsidiary company is set out below:
31 March 2025
Turnover £1,956,189
Cost of Sales (£420,640)
Administrative costs (£244,847)
Interest £21,887
Profit for the year £1,312,589
Distribution to parent charity under gift aid (£1,312,589)
Total Assets £1,501,596
Total Liabilities (£1,501,595)
Capital and Reserves £1
The charitable company and group had no debt during the year.