Registered number: 02823181 Charity numbers: 1022991 & SC039039 LANTRA (A Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
LANTRA (A Company Llmited by Guarantee> CONTENTS Page Reference and Administratlve Detalls of the Parent Charitable Company, Its Trustees and Advisers Chalrman's Statement Trustees, Report Independent Auditor's Report on the Financial Statements Consolidated Statement of Financial Activities 4-13 14-17 18 Consolidated Balance Sheet 19 Parent Charitable Company Balance Sheet Consolidated Statement of Cash Flows 20 21 Parent Charitable Company Statement of Cash Flows Notes to the Financial Statements 22 23-44
LANTRA (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE PARENT CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Dr David Llewellyn, Chair William Lyle Andrew Sarah Batten Charles John Henning OBE Martin Redfearn Prof David Roberts Dr Mary Thomson Trefor Owen (appointed 1 July 2023) Helen Taylor (appointed 1 July 2023, resigned 21 June 2024) Euryn Jones (appointed 1 July 2023) Beth Brook (appointed 23 May 2024) Prof John Moverley (appointed 23 May 20241 Richard Clarke (resigned 23 May 2024) Jane Craigie (resigned 23 May 2024) Dr Geoffrey Mackey (resigned 5 May 2023) Peter Rees (resigned 5 May 2023) Company registered number 02823181 Charlty registered number and Scottish Charity number 1022991 and SC039039 Registered offl¢e Lantra House Stoneleigh Park Coventry CV8 2LG Company secretary Robert M Tabor Chief executive officer Marcus Potter Independent auditor Cooper Parry Group Limited Statutory Auditor Cubo Birmingham 3rd Floor Two Chamberlain Square Birmingham B3 3AX Bankers National Westminster Bank plc Royal Priors 59 The Parade Leamington Spa CV32 4ZX Page 1
LANTRA (A Company Limited by Guaranteel REFERENCE AND ADMINISTRATIVE DETAILS OF THE PARENT CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Solicitors Anthony Collins Solicitors 134 Edmund Street Birmingham B3 3ES Commercial Director Robert Tabor Operations Director David Cooke Human Resources Director Rachel Campbell Director of External Relations Corrina Urquhart Page 2
LANTRA (A Company Limited by Guarantee) CHAIR'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 As the land-based sector continues to face challenges on many fronts, including economic uncertainty, labour shortages, climate change, and environmental sustainabilily, it is perhaps more important than ever to ensure that the workforce has the skills needed to work safely, productively, and sustainably. Lantra has a key role to play in addressing these challenges and we remain committed to working in partnership with industry lo.. Understand skills needs and training requirements Altract and retain a diverse and competenl industry workforce Provide relevant high-qualily training and qualifications Encourage and support a Commitment to Lifelong Learning Over the last twelve months, demand for Lantra's training and qualifications has continued lo grow strongly. Our Awarding Organisation certificated over 119,000 individuals during the year, up from 110,000 last year. l am particularly pleased that during the year Lanlra gained full accreditation from Ihe Royal College of Veterinary Surgeons and has begun delivering its new Level 3 Veterinary Nursing qualification and apprenticeship. Excellent progress has also been made on reviewing our portfolio of training in order to include conlenl on sustainabilily and related good practice. We expect to complele Ihis review during 2024-25 when Lantra will also be piloting a new suite of Sustainable Land Management courses. While the uptake of apprenticeships in England remains below pre-reform levels our end-point assessment activity has grown from 1,524 assessments in 2022-23 to 2,001 this year. Elsewhere, Lantra continued to issue apprenticeship certificates for Welsh apprenticeships and Scottish Modern Apprenticeships and retained the Éop- quality rating for this work. The continued strength of Lantra's training and qualifications business has created a platform for expanding our investment in skills, including more work to promote the wide range of exciting land-based careers, as well as undertaking more research lo understand training needs and issues impeding skills development. One example was our research, launched at the Oxford Farming Conference, which identified perceived barriers deterring small farming businesses from taking on apprenlices. As a result of this research Lanlra has developed a Toolkit and other resources to help small businesses employ apprentices and has engaged with Defra and the Department for Education to explore the potential for funded training interventions to address skills gaps. Further investment in skills has been made possible by continued funding from the Scottish and Welsh governments and skills agencies, on whose behalf we have administered £3.3m predominantly to deliver subsidised training programmes for specific target groups. This demonstrates conlinued confidence in Lantra as a trusted delivery partner. I should like to take this opportunity to thank all of the Lantra staff for their passion and professionalism. My thanks also go to Lantra's Board of Truslees, whose dedication and commitment ensures that Lanlra has a clear strategic direction and appropriate oversight and governance. Lantra remains well-placed to help the land-based sector build the skills needed to thrive in the face of rapid change. Dr David Llewellyn Chair Date: IL,08.L* Page 3
LANTRA {A Company Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report, which incorporates the strategic report, wilh the audited financial stalements for the year ended 31 March 2024. Trustees and advisors Details of Trustees and advisors are included on pages 1 and 2. Charity Registration Details Lantra is a registered charity in both England and Wales, and Scotland. Its registration details are as follows.. Charity registration number: Scottish Charity number: 1022991 SC039039 Principal Office Lantra House stoneleigh Park Coventry WanNickshire CV8 2LG Charitable Remit Lantra is a registered charity and is committed to ils charitable objectives, which are to advance the education of the public, carry out educational research and lo disseminate the resulls of that research for the public benefit. We achieve this through working in partnership with employers and other appropriate slakeholders to promote education, to deliver high-quality training, assessment and qualifications Ilhrough the Awarding Organisalion) and by undertaking other work that meets the charitable objectives, where funding is available. Furthermore, our aim for the future is to influence key policy decisions in the land-based and environmental sector through research-driven evidence and engagement with key industry stakeholders. Public benefit The Trustees have considered the Charity Commission's guidan in respect of Public Benefit and have had due regard to the guidance in setting the charity's objectives and activities. In their view the charity meets, in full, Ihe criteria to satisfy the test. Approximately 122,000 individuals benefilted directly from Lantra's activities during the year, and Lantra's training, assessments and qualifications benefit a broad range of individuals and organisation5. Page 4
LANTRA (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial Revlew The financial statements show Lanlra made a surplus of £822,421 (2023.. £712,885). Upskill UK Limited made a profit of £1,022 {2023.' £3,048). Lanlra Awards Limited did not Irade in the 12 months to 31 March 2024. The Group has sufficient assets at the end of the year to meet ils commilments and to support its future plans. Income Total income for the year was £12,376,619 {2023: £11,738,937). This was generated from the provision of education and training seNices to employers £8,827,735 (2023.. £7,426,128}, from grants and contracts secured from Government departments and agencies £3,176,535 (2023: £3,959,583), from investments £40,067 (2023.. £4,715) and from other services provided £332,282 {2023'. £348,511). Lantra does not undertake any fundraising aclivily. All funds have been allocated to support charitable activities including costs associated with awarding and learner support, and general administrative expenditure. Expenditure The Group incurred total expenditure for the year of £11,530,667 (2023.. £10,994,483). Payroll costs continue to be Lantra's largest expenditure. Staffing costs were 480/0 as a percentage of total expenditure (2023: 46./0 Balance Sheet The total reseNes of the Group increased from £5,540,093 at 31 March 2023 to £6,363,536 at 31 March 2024. Reserves policy During the year the Trustees reviewed the level of reserves which are held in order to.. underIte funding of the Charity's activities againsl periods of deficit., Provide initial funding for the development of new seNices', Provide confidence to external funding agencies that the Charity is prudently conlrolled., and Discharge all the Charity's obligalions should it cease operations. Recent figures from the ITB Pension Funds indicate that there is no value at risk, however there is a potential liability arising from the Virgin Media case, which relates to having sufficient documenlation in place. It is not currently possible to estimate the value due to an ongoing legal proceedings. The level of reserves held at 31 March 2024 for the Group was £6,363,536 {2023'. £5,540,093) and for the Lantra company only £6,343,146 (2023.. £5,520,725) as shown in Note 18. There are no reseNes which are in deficil at 31 March 2024. Restricted funds totalled £5,511 (2023.. £11,607). The reseeS policy is reviewed every year to secure Ihe conlinualion of the Charitls activities. A review has been undertaken at year-end and the reserves held are deemed lo be sufficient for the Charity's purposes, laking into account the need to hold reseNes against future developmenls, to finance improvement works at Lantra House and for polential wind-up costs if required. In line wilh the reseNes policy, the Trustees, plan lo continue to build up reseNes to develop investment funds lo support initiatives for the benefit of the sector. Investment policy The investment policy of the Trustees is low risk wilh the aim of securing Ihe real value of assets. The Truslees made a long-term investment in a Total Return Fund during 2018 and another investment in a mulli-asset portfolio during 2022. Lantra continues lo hold these inveslments, however the investment in the Total Return Page 5
LANTRA (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Fund was moved to a Charity Assets Trust Fund during the year. There are no other material investments beyond bank deposits and its investments in group companies. The investment policy is reviewed every year taking accounl of the Charity's assets and future cash requirements. Lantra does not make any social investments. Interest rate risk The Charity considers movements in interest rates to be a key financial risk. The Trustees have considered this risk and decided to continue with the approach adopted last year by investing in a Charity Assets Trust Fund along with a multi-asset portfolio to spread the risk. Outlook The plan agreed by Truslees in 2020121 focused on building sustainable income from training and qualifications, while maintaining capability to deliver other skills-related projects where funding is available. Both activities contribute to delivering our charitable objectives. Having reviewed Ihe five-year strategy in 2023 Trustees believe that it remains viable and appropriale. Taxation status Lantra is a registered charity and is therefore exempt from paying corporation tax on its charitable activities and is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore meels Ihe definition of a charitable company for UK corporation tax purposes. Accordingly, the charily is potentially exemption from taxalion in respect of income or capital gains received within categories covered by Part 11, chapter 3 of the Corporation Tax Acl 2010 or Section 256 of the Taxalion of Chargeable Gains Act 1992, to Ihe extent that such income or gains are applied exclusively to charitable purposes. Lantra Awards Limited is dormant and nol expected to trade in the foreseeable future and Upskill UK Limited will pay tax on profits generated in the future. Third party indemnity provision for Trustees Qualifying third party indemnity provision is in place for the benefil of all Trustees of the Charity. Achievements and Performance Attract and retain a dlverse and competent industry workforce In Scotland Ihe work of the Lanlra team, funded by the Agriculture and Rural Economy Directorate of Scottish Government, focuses on promoling positive and rewarding career choices, influencing learning and training provision, and driving investment in learning and skills. During the year the team in Scotland Continued the highly successful 'ALBAS' (the Awards for Land-Based and Aquaculture Skills), showcasing achievements and promoting career opporlunities. Finalists are invited to join the Lantra "Industry Champions" programme where they re1ve personal development in return for acting as careers ambassadors for Iheir industries. They also increased the number of Science, Technology, Engineering and Mathematics (STEM) Ambassadors working in the sector, which helps to better associate these important subjects wilh our sector, in Ihe minds of those choosing a career, and increased their engagement wilh school career events. The promotion of nature-based careers in Scotland is becoming increasingly important, helping to sustain Page 6
LANTRA (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 economic growth in the rural and coastal communities, as well as to protect our natural environment. To this end they also worked with Daydream Believers on the creation of and support for three school courses, Foreslopia" "SolarPunk Island. and "Seastorl, which will creatively engage more young people with learning outdoors and in particular, forestry, food production and Ihe marine environment. The Lantra team in Wales conlinues to support Lifelong Learning and Development through Farming Connecl contracts for agriculture, foreslry and horticulture businesses in Wales. The programmes focus on training and personal development for workers and business owners, while also supporting them wilhin the new post Brexit trading world and preparing farmers to access the new Welsh Government Sustainable Farming Scheme commencing in 2026. Lantra Wales staff have contributed lo the collection of Labour Market Information to help inform a fulure Agriculture Skills Strategy for Wales and have supported the roll out of addilional bilingual Careers information within Ihe Lantra website. Further, our careers website and engagement through our External Affairs activities further helps to raise awareness of roles within the nature-based induslry with the aim of attracting talenl within this workforce. Train people to work safely, productively. and sustainably Lanlra works with partners lo help address skills challenges, reviewing apprenticeships and qualifications in partnership with industry and key agencies, as well as facilitating the development of shorl courses, to enhance productivity in the industry. During the year we released 4 Pilot Producls, 10 new training courses, 3 new qualifications and updated the content of 14 existing products, Ihrough the standard product review process. We also withdrew 18 products so that our CLrstomers Gan understand our product portfolios more easily. This gives us more time and resources to focus upon products that are more meaningful to our customers. Our move into e-learning continued lo pay dividends, with good sales throughout the year. Eleclronic assessment, using an online proctoring solution, continued to be used throughout the year as well. To support delivery through our accredited network, we recruited 71 new instructors, whilst working closely with our existing instructor population to increase the number of days during the year when they are delivering Lantra courses. During the year we launched Ihe use of electronic proof of skills cards (e-cards) with the National Highways Sector Schemes and continued to trial this in our Technical Awards and Qualifications, to dislribute lo learners as part of our expanding digital offering, in addition to the hardcopy versions which are still provided. We began development of a mobile application for instructors to use at the point of assessment. to submit results for certification earlier in the process. Further enhancements were made to our Awarding system, lo improve the customer journey for our Training Providers, as part of ongoing improvement plans. The Lantra team in Scotland continued to work with Scottish Government and Skillseeder lo help increase access to training, through the development of the SkillsHub and the delivery of the Women in Agriculture Training Fund, the Women in Foreslry Training Fund and the Next Generation Practical Training Fund. Lantra saw decline in the volume of projects coming through for the development of National Occupational standards (NOSJ, qualifications and frameworks, commissioned by Skills Development Scotland (SDS) on behalf of the devolved nations. SDS took over the project management and development of qualification Page 7
LANTRA (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 structures and frameworks for Scotland. This year Lantra delivered £32,350 worth of outputs relating lo NOS (Trees & Timberl, and Welsh translations for 2 NOS suites (Incident Management and Fisheries Management). We conlinued lo deliver an End-Point Assessment (EPA) seNice, with 2,001 assessments conducted during the year, an increase from 1,543 the previous year. We conlinued to work with Land Based Assessments Limited (LBAL) to forecast demand, develop assessment malerials and build assessor capacity. Our work in Veterinary Nursing progressed well during the year, with 289 learner registrations in the period. Following audits by Royal College of Veterinary Surgeons (RCVS) on Lantra assessments and processes related to these qualifications, we were awarded full accreditation by RCVS for both Small Animal and Equine pathways of the Level 3 Work Based Diploma in Veterinary Nursing. Encourage and support a commitment to Lifelong Learnlng The content on our careers website was further enhanced during the year to provide relevant information on the roles available and typical careers pathways, along with case studies from existing employees working in these fields. Skills and knowledge requirements are also provided, along with suggested training courses to progress in these careers. The number of visitors to this resource gradually increased during the year. Ongoing social media activity, to promote a culture of lifelong learning and the courses which Lantra offer, continued to increase the number of visitors to the Lantra website seeking training and qualifications. Furthermore, the validily of our training courses expires after five years in the majorily of cases, encouraging learners lo refresh their skills through altendance at an appropriate training course, Iherefore ensuring that learner skills remain current. Our People We achieved the "Gold. accreditation in Investors in People assessment during late 2021. During the year we reached the 'One to Watch" category in the 'Times Best Companies" suNey, with many areas of the business reaching One or Two Star ralings, and areas achieving a Three Slar rating. Quarterly surveys returned staff engagement scores of 830/0, 870/0, 850A and 76 % for each quarter respectively, which is testament to the level of activity completed to ensure high levels of involvemenl and enthusiasm of our employees in their work and workplace. Sustainability The Staff Sustainability Committee organised Entry-level sustainabilily training delivered at our Annual Staff Conference in November 2023 to raise awareness of this topic across the business. A Training Needs Analysis has been developed lo understand our knowledge of sustainability across the business, with a view to informing training to meet identified needs, the results from which are currently being analysed. A draft Sustainability Statement has recently been drafted, inilially driven by requirements for external tender processes and grant applicalions, and a Sustainability Action Plan 15 under development to understand how Lantra will reach our targets for achieving environmental, environmental, and economic sustainability in the future. A programme of building works is also being planned at the Lanlra House Head Office, which includes upgrades that will improve the sustainability credentials of the building. Page 8
LANTRA (A Company Limlted by Guarantee) TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Key Performance Indicators In addilion to financial performance metrics, the following key performance indicators are monitored by the charity to measure our success.. Number of learners certificated and End Point Assessments (EPAs>', Number of instructors supporting the training infrastructure- Assurance activity to ensure quality Iraining delivery., Customer satisfaction and number of complaints., Internal processing efficiency., and Staff engagement, absence and lurnover. As described throughout the Trustees, Report, through the monitoring of Ihese indicators the Trustees are satisfied that Lantra is performing strongly. Plans for the future As outlined in our strategy report which was agreed by the Board in March 2024 in order to deliver on Ihis mission it has been agreed thal Lanlra's strategy should focus on the following priorities.. 1. Industry Engagement., 2. Being the Skills Partner of Choice,. 3. Attracting and Retaining Talent for our Industries., 4. Encouraging and Supporting Life-Long Learning., 5. Sustainability,. and 6. Operational Excellence. These activities will principally be paid for through trading income, therefore the scope, pace and sustainability of these elements depends crilically on Ihe availability of surpluses from trading. We are Continuing to improve our relationships and information flows with our instructor and Iraining provider network. while also increasing our delivery Gapacity across our course portfolio. We will shortly be providing all learners with online access to Iheir skills records and electronic skills cards (e- cards) through the same online portal, lo accompany the previously launched e-certificates. Governance and management Governing document The Charity {Lanlra) is a company, limited by guarantee and incorporated on 2 June 1993. 11 has no share capilal. Its Memorandum and Articles of Association were last updated on 7 February 2019. The Charity has two wholly owned subsidiaries, each governed by their own Memorandum and Articles of Association. Lanlra Awards Limited., a charity whose business was transferred into Lantra on 1 July 2011 and is now dormant., and Upskill UK Limited,. a company incorporated on 28 August 2007. to take fonmard commercial opportunities. The term 'Group' refers to the combined activity of Lantra and its subsidiaries. Page 9
LANTRA (A Company LlmSted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Appointment of Trustees Trustees are appointed independently with recruitmenl and selection based on an assessment of the skills and experience needed. This assessment is updated regularly. Recruitment is planned lo repla Trustees as their term of office expires and to fill casual vacancies as they arise. Trustee Induction and training Incoming Trustees receive induction to ensure that they understand the charitable aims and strategic objectives of Ihe Charity as well as the operation of the business and the dulles and responsibilities of a Trustee. Performance of the Board and of individual Trustees is reviewed on an annual basis. Training and developmenl is undertaken lo ensure that knowledge and skills are approprialely maintained. Governance structure The governance structure consists of the main Board supported by the Audit and Quality Committee and the Remuneration Committee. The Board of Trustees is comprised of not less than seven nor more than thirteen competent individuals. Truslees who served during the year were: Dr David Llewellyn (Chair) William Lyle Andrew Sarah Batten Beth Brook (appointed 23 May 2024) Charles John Henning OBE Euryn Jones (appointed 1 July 2023) John Moverley (appointed 23 May 2024) Trefor Owen (appointed 1 July 2023) Martin Redfearn Prof David Roberts Helen Taylor (appointed 1 July 2023, resigned 21 June 2024) Dr Mary Thomson Alicja Blaszczyk (Intern Trustee) Dr Geoff Mackey (resigned 5 May 2023) Peter Rees (resigned 5 May 20231 Richard Clarke (resigned 23 May 2024) Jane Craigie (resigned 23 May 2024) The Board of Trustees meets at least on a quarterly basis to ensure that the Charity is meeting its charitable objectives and remains financially sound. Trustees provide the strategic direction for the Charily and agree operational plans which are implemented by the Executive Team. Trustees regularly monitor strategic and operational performance through regular reports against agreed metrics and targets. The Chief Executive and Senior Staff who seNed during the period were= Marcus Potter (Chief Executive Officer) Robert Tabor (Commercial Director) David Cooke (Operations Director) Rachel Campbell (Human Resources Director) Corrina Urquhart (Director of External Relations) Page 10
LANTRA (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Pay and remuneration of key management The remuneration of all staff including key management is benchmarked using local market data and inflation. Based on this benchmark the key management team receive pay rises in line with all other staff in the Charity. In addition, key management receive a bonus based on the achievement of performance targets set by the Trustees at Ihe beginning of the year. Parameters to the organisational pay review are set by the Remuneration Commiltee which also scrutinises individual pay rises and performance bonuses of key management. During the year an all-staff performance payment to reward staff for Lantra's overall corporate performance was agreed. RTsk management and internal control The Trustees, through the Audit and Quality Committee, undertake a regular review of risks to ensure that appropriate measures are in place to control and mitigate them. The risk register is reviewed quarterly by the Audit and Quality Committee. The Board and the Audit and Quality Committee consider any risks which may arise as a result of new activities or areas of work being considered by the Charity. Lanlra seeks lo maintain a sound system of internal control to Safeguard assets and resources and support the achievemenl of ils charitable objectives. Our internal control processes have been in place for the whole of the year ending 31 March 2024 and are designed to manage risks rather than eliminate them. Lantra's system of internal control involves an ongoing process to identify and evaluate the nature and extent of the main risks which could affecl achievement of our objectives, and to manage them efficiently, effectively and economically. Key features of the system of internal control are.. Procedures for identifying the organisation's key risks in relation lo its objectives: Review and mainlenance of the internal control strategy and risk management policy., Involvement of all senior managers to identify, assess and control risks, including consideralion of risks at management meetings-The allocation of risk ownership., The use of internal audit and quality systems compliant with ISO 9001'.2015', produreS for ensuring that aspects of risk management and internal control are regularly reviewed and reported on., Systems for ensuring compliance with specific regulations or procedures laid down by key external parties- The Audil and Quality Committee reviews the systems and procedures in place against the risk schedule to provide guidance to the Executives., and The main risks and associated mitigation plans are reviewed by the Board on a quarterly basis. The key risks facing the organisation are.. 1. Insufficient delivery capacltylGoverage- Vet Nursing Providers Miti ation lan.. Receiving approval from RCVS has helped to mitigate this risk initially, along with efficient and effective delivery of the Vel Nursing qualification lo build the Lantra brand in Ihis specialist area. Further activity is planned to bring new centres onboard for the future, managed through relationship development and a sales pipeline, along with ongoing general brand awareness in the relevant industries. 2. Loss of Project FundSngs Miti ation lan.. This is mitigated through competent delivery of existing work, careful review of costing, along with quality bid writing and peer review from internal colleagues.. Page11
LANTRA {A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 3. Cyber Attack Miti ation lan.. Ensuring the latest preventative technology and knowledge is in place throughout the organisalion, along with technical tesling lo understand our levels of resilience provide Lanlra with the necessary control. Health and safety Lantra has an identified Health and Safety Officer and a network of health and safety representatives across the organisalion to maintain standards. Health and safety are regularly reported on and reviewed both by management and by the Board of Trustees. Scottish Activity The Office of Scottish Charity Regulator (OSCR) requires certain additional information to be provided regarding Lanlra's operation in Scotland, which is laid out in the paragraphs below. The aims and objectives of Lantra in Scolland are consistenl with those for the rest of the UK. Lantra operates across all four countries of the UK, with key functions and support services provided from our head office. Lantra's team in Scotland undertakes a range of activities to support skills development in the land-based and aquaculture sector, including promotion of careers, celebrating the achievements of land-based learners {e.g. at the Royal Highland Show and Land-Based and Aquaculture Learner of the Year Awards), and employer engagemenl to promote the benefits of training and development and to influence skills policies and funding. Lantra received £1,010,093 funding from Scottish institutions and incurred £918,749 of costs locally. These cosls exclude support from non-scotland-based staff. The Charity Governance Code The Board of Trustees reviewed and discussed Ihe Charity Governance Code and consider Lantra to be compliant with all seven principles of the Code. The Board agreed its five-year stralegic plan for 2020-25 which sets Out our clear purpose, vision and values. To ensure we deliver against these objectives we crealed a series of key performance indicators and monitor performance against these at our Board meetings. These KPIS measure the effectiveness of the organisation on both, an operational and a values basis. The Board is committed lo adopting values and creating a culture which helps the organisation achieve its charitable purpose and created a network of value ambassadors lo drive our values throughout the organisation. All our decisions are based on sound management information and are reviewed againsl our risk schedule. The Trustees are recruited for their skills and experience as well as their areas of specialism. Recruilment is undertaken against a skills and knowledge matrix and each Board meeting has a feedback session to enable the Board to identify learning and development opportunities in terms of Board effectiveness. The Board regularly has attendance by non-Trustees to assist in open and transparenl communication. Use of Volunteers The Charity is supported by the work of a significant number of volunteers who freely provide their time to attend steering and advisory groups. In addition, businesses make their time freely available lo help provide research information and assist in the development of occupational standards and frameworks and training courses. Page 12
LANTRA IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees. responslbllities The Trustees (who are also Directors of Lantra for the purposes of company law) are responsible for preparing the Trustees. Annual Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Truslees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Charitable Company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company and Group for that period. In preparing these financial stalemenls, the Trustees are required to.. Select suitable accounting policies and then apply them consistently., Observe the methods and principles in the Charity's SORP 2019 (FRS 102)., Make judgements and accounting estimates thal are reasonable and prudent., State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial stalements., and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charilable Company and the Group will continue in business. 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 slatements comply with the Companies Act 2006. They are also responsible for safeguarding the assels of the Charilable Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees confirm that.. So far as each Trustee is aware, there is no relevant audit information of which the Charitable CoMpanS auditors are unaware., and The Trustees have taken all steps thal they ought to have taken to make Ihemselves aware of any relevant audit information and to establish that the auditors are aware of that information. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charilable Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Auditors After conducting the Lantra 5-year Audit Tender process in November 2022 Cooper Parry Group Limited were selected lo continue in office and are willing to continue for Ihe upcoming years. Approved by order of the members of the board of Trustees and signed on their behalf by.. Dr David Llewellyn Chair Date.. l & . o&. LLF Page 13
LANTRA (A Company Llmlted by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANTRA Opinion We have audited the financial statements of Lantra {Ihe 'Parent Charitable Company,) and its subsidiaries (Ihe 'Group') for the year ended 31 March 2024 which comprise the Consolidated Slatement of Financial Activities, the Consolidated Balance Sheet, the Parent Charitable Company Balance Sheet, the Consolidated Statement of Cash Flows, the Parent Charitable Company Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework Ihat 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. (Uniled Kingdom Generally Accepted Accounling Practice). In our opinion Ihe financial statements: give a true and fair view of the state of the Group's and of the Parent Charitable Company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance wilh the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 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 Audilols responsibilities for the audil of the financial stalements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevanl lo our audit of the financial statements in the United Kingdom, including Ihe Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that Ihe 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 relaling to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the Parent Charilable Companvs ability lo continue as a going concern for a period of al 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. Page 14
LANTRA (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANTRA (CONTINUED) Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditorfs Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does nol 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 olher information and, in doing so, consider whether the other information is malerially inconsistent with the financial statements or our knowledge obtained in the Course of the audit, or otherwise appears lo be materially misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whelher this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, 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. Oplnlon 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 including the Strategi¢ Report for the financial year for which the financial statements are prepared is consistenl with the financial statements. the Trustees, Report and the Strategic Report have been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of our knowledge and understanding of the Parent Charitable Company and its environment obtained in the course of the audit, we have nol identified material misstatements in the Truslees, Report including the Slrategic Report. We have nothing to report in respect of Ihe following matters in relation lo which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion: the Parent Charitable Company has nol kept adequale and sufficient accounting records, or returns adequate for our audit have not been received from branches not visiled by us., or the Parenl Charitable Company financial slatemenls 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. Page 15
LANTRA (A Company Limited by Guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANTRA (CONTINUED) ResponsSbilities of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees (who are also the directors of the Parent Charitable Company for the purposes of company law) are responsible for Ihe 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 preparalion of financial slatemenls that are free from material misstatement, whether due to fraud or error. In preparing the financial slatements, the Trustees are responsible for assessing the Group's and the Parent Charilable 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 the Parent Charitable Company or to cease operations, or have no realistic alternalive but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 44{1)(c) of the Charities and Trustee Investment (Scotlandl Act 2005 and under the Companies Acl 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 thal an audit conducled in accordance wilh ISAS (UK) will always detect a material misstatement when il exisls. Misstalements 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.. Our assessment focLtsed on key laws and regulations the Group and Parent Charitable Company has to comply with and areas of the financial statements we assessed as being more susceptible lo mislatemenl. These key laws and regulations included but were not limited lo compliance with the Companies Act 2006, Charities Act 2011, Charities and Trustee Investmenl (Scotland) Act 2005, Education Act 2011, taxation legislation, data protection, anti-bribery and employment legislation. We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following.. obtaining an understanding of the legal and regulatory framework applicable to the Group and Parent Charitable Company and how the Group and Parent Charitable Company are complying with that framework, including an agreement of financial statement disclosures lo underlying documentation and other evidence- obtaining an understanding of the Group and Parent Charitable Company's control environment and how the Group and Parent Charitable Company have applied relevant control procedures, through discussions with Trustees and other management and by performing walklhrough testing over key areas., obtaining an LFnderslanding of the Group and Parent Charilable Compan$ risk assessment process, including the risk of fraud. reviewing meeting minutes of those charged with governance throughout the year., and performing audit lesting to address the risk of management override of controls, including testing journal Page 16
(A Company Limited by Guarantee)
LANTRA
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LANTRA (CONTINUED)
entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
Whilst considering how our audit work addressed the detection of irregularities, we also considered the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's Report.
Use of our report
This report is made solely to the Parent Charitable Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the Parent Charitable Company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the Parent 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 Parent Charitable Company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Glen Bott (Senior Statutory Auditor) for and on behalf of Cooper Parry Group Limited Statutory Auditor Cubo Birmingham 3rd Floor Two Chamberlain Square Birmingham B33AX
Date:
Cooper Parry Group Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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LANTRA (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Charitable activities.. Awarding and Learning Grants and other Government conlracts 23 8,827,712 8,827,735 7,426,128 3,176,535 332,282 40,067 3,176,535 332,282 40,067 3,959,583 348,511 4,715 Other seNices provided Investments Total income 23 12,376,596 12,376,619 11,738,937 Expendlture on: Raising funds Charitable activities 8,921 11,515,627 8,921 11,521,746 6,119 10,994,483 Total expenditure 6,119 11,524,548 11,530,667 10,994,483 Net lexpenditure)lincome before net losses on Snvestments Net losses on investments {6,096) 852,048 (22,5091 845,952 (22,5091 744,454 (28,521) 14 Net movement in funds {6,096} 829,539 823,443 715,933 Reconciliation of funds: Total funds brought forward Net movement in funds 19 11,607 (6,096) 5,528,486 829,539 5,540,093 823,443 4,824,160 715,933 Total funds Carried fonNard 5,511 6,358,025 6,363,536 5,540,093 All activities during the year are classed as continuing. The Charity has taken advantage of section 408 of the Companies Act 2006 to not publish its own Slatement of Financial Activities. The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 23 to 44 form part of these financial stalements. Page 18
LANTRA IA Company Limited by Guaranteel REGISTERED NUMBER: 02823181 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investments 13 14 894,122 2,262,031 632,773 2,274,536 3,156,153 2,907,309 Current assets Debtors Cash at bank and in hand 15 22 2,837,853 1,972,245 1,897,830 2,070,808 4,810,098 3,968,638 Creditors.- amounts falling due within one year 16 {1,602,715) (1,335,854) Net current assets 3,207,383 2,632,784 Total assets less current liabilities 6,363,536 5,540,093 Total net assets 6,363,536 5,540,093 Charlty funds Restricted funds Unrestricted funds 18 18 5,511 6,358,025 11,607 5,528,486 Total funds 6,363,536 5,540,093 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Dr Davld Llewellyn Chair Date.. (L. oe. L The notes on pages 23 to 44 form part of these financial statements. Page 19
LANTRA (A Company Limlted by Guarantee> REGISTERED NUMBER: 02823181 PARENT CHARITABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Investmenls 13 14 894,122 2,262,133 632,773 2,274,638 3,156,255 2,907,411 Current assets Debtors Cash at bank and in hand 15 22 2,837,853 1,956,596 1,897,828 2,057,230 4,794,449 3,955,058 Creditors.. amounts falling due within one year 16 (1,607,558) (1,341,744} Net current assets 3,186,891 2,613,314 Total assets less current liabllitles 6,343,146 5,520,725 Total net assets 6,343,146 5,520,725 Charity funds Restricted funds Unrestricted funds 18 18 5,511 .337,635 11,607 5,509,118 Total funds 6,343,146 5,520,725 The Parent Charitable Company's net movement in funds for the year was £822,421 (2023.. £712,885). The Truslees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by= Dr Davld Llewellyn Chair Date: IL.0S,LY The notes on pages 23 to 44 form part of these financial stalements. Page 20
LANTRA (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operatlng activities Net cash used in operating activities 21 269,407 412,909 Cash flows from investing actlvities Inleresl and dividends received Purchase of fixed assets 40,067 4,716 (408,0371 (253,503) 180 13 Proceeds from sale of tangible fixed assets Net cash used in investing activities 1367,9701 {248,607) Cash flows from flnancing actlvlties Net cash provided by financing activities Change in cash and cash equlvalents in the year Cash and cash equivalents at the beginning of the year (98,563) 2,070,808 164,302 1,906,506 Cash and cash equivalents at the end of the year 22 1,972,245 2,070,808 The notes on pages 23 to 44 form part of these financial slatements Page 21
LANTRA (A Company Llmlted by Guarantee) PARENT CHARITABLE COMPANY STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operating activities Net cash used in operating activities 21 258,234 397,987 Cash flows from investing activities Interest and dividends received Purchase of fixed assets Proceeds from sale of tangible fixed assets 49,169 9,640 (408,037) (253,503) 180 13 Net cash used in investing activities (358,868) (243,683) Cash flows from financing activitie5 Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year (100,6341 2,057,230 154,304 1,902,926 Cash and cash equivalents at the end of the year 22 1,956,596 2,057,230 The notes on pages 23 to 44 form part of these financial statements Page 22
LANTRA (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information Lantra is a private limited company, limited by guarantee and incorporated and registered in England and Wales. Its company registration number is: 2823181. It is domiciled in England. The Registered Office is Lantra House, Stoneleigh Park, Coventry, CV8 2LG. Accounting polTcies 2.1 Basis of preparation of financlal statements The financial stalements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charilies preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Lantra meets the definition of a public benefit enlily under FRS 102. The financial statements have been prepared under the historical cost convention except thal certain investments are held at market value. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statemenls of Ihe Parent Charitable Company and ils subsidiary undertakings. The results of Ihe subsidiaries are consolidated on a line by line basis. The financial statements are prepared in Sterling (£), which is Lantra's functional currency and are rounded to the nearest whole pound. The Parent Charitable Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statemenl of Financial Activities in Ihese financial statements. The financial statements have been prepared in accordance with all applicable laws and regulations for both, charities and companies. 2.2 Going concern The financial stalements have been prepared on a going concern basis. Lantra is considered to be a going concern on the basis that the group has sufficient assets at the end of the year lo meet ils commitments and to support its future plans. Page 23
LANTRA (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continued) 2.3 Incoming Resources All income is recognised when the Charity is legally entitled to it, after any performance condilions have been met, the amounts can be measured reliably, and it is probable that the income will be received. The following policies are applied to the specific categories of income.. Income from grants and government contracts Grants and donations are recognised in the Statement of Financial Activities when the Charity becomes entitled to receipt, when receipt is probable and when the value can be reliably quantified. Grants and conlracts that have performance related conditions are recognised in the Stalement of Financial Activities when performance conditions are satisfied. Deferred income is recognised in the balance sheet when the Charity has received income in advance of performance related conditions being met. Grants receivable for capital expenditure are maintained in a restricted fund to which depreciation of the relevant asset is charged. Interest and investment income Interesl and investment income is accounted for when receivable by the Charily. 2.4 Resources Expended All expenditure is accounted for on an accruals basis as a liability is incurred and has been classified under headings that aggregate all costs related lo the category. Direct staff costs and overheads are allocated between charitable aclivities on the basis of estimated time spent on each project. Support costs are those incurred directly in support of expenditure on the objects of the Charity. Governance Costs are those incurred in connection with administration of the Charity and compliance with statutory requiremenls, Support costs are allocated in proportion to the staff numbers incurred on the Charity's various activities. Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. 2.5 Tangible fixed assets and depreciation Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impaiment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition are included in the measurement of cost. Page 24
LANTRA (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting pollcles (continued) 2.5 Tangible flxed assets and depreciation (continued) Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimaled useful lives, using the straight-line method. Depreciation is provided on the following basis.. Long leasehold premises Office equipment Office Furniture Sofvjare and website developmenl 40/0 per annum 200/0 to 33 % per annum 200/0 per annum 330/0 per annum 2.6 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheel dale, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments, in the Consolidated Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairmenl. 2.7 Debtors Trade and other debtors are recognised al the seltlemenl amount after any trade discounl offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.8 Credltors Trade and other creditors are recognised at the settlement amount due after any trade discounts offered. Accruals are valued at the amount accrued nel of any trade discounts due. 2.9 Financial Instruments The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other deblors and creditors, loans from banks and other third parties, loans to related parties. Financial assels thal are measured al cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities. Financial assets that are measured at fair value are valued based on valuations obtained at the year end. The fair value of the Gash has been determined with reference to the bank statements and reconciling items at the year end. Page 25
LANTRA IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continued) 2.10 Retirement benefits - Pension Scheme The Charity participates in the ITB Pension Funds, a defined benefit scheme, which is externally funded and has ils own direct contribution stakeholder pension. The fund is valued at leasl every 3 years by a professionally qualified independent acluary with the rates of Gonlribution payable being determined by the Trustees on the advice of the actuary. The scheme operates as a pooled arrangement. As a consequence, no share of the underlying assets and liabilities can be directly attributed to the Charity. In these circumstances, contributions are accounted for as if the scheme was a defined contribution scheme based on actual contributions paid Ihrough the year with the amount charged to the Statements of Financial Activities in respect of pension costs and other post-retirement benefils being the contributions payable in Ihe year. 2.11 Redundancy Costs The costs of making employees redundant are recognised in the period in which the redundancy is communicated to the employee. In cases where the redundancy is communicated prior to the year end but the employee does not leave until after the year end, the full costs of the redundancy are accrued. 2.12 Leased assets Rentals paid under operating leases are charged to income on a straight-line basis over the term of the lease. Operating leases are where the risks and rewards of ownership remain with the lessor. 2.13 Restricted funds Lantra receives some restricted income which can only be used for specified purposes as stated by the funder. Each type of restricted fund is accounted for and separately identified in the accounts. 2.14 Unrestricted funds Unrestricted funds are incoming resources received or generated for charitable purposes and are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 2.15 Judgements in applying acGountlng policies and key sources of estimation uncertainty In preparing the Financial Statemenls, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, logether with expectations of future events Ihat are believed to be reasonable under the circumslances. Aclual results in the future could differ from such estimates. In relation to government contract income where we also have deferred income overlapping the financial year end, the income recognised matches the direct costs and any remaining conlract funds are not recognised until the contract is complete. Accruals are moslly based on post year end events and depreciation rates are sel based on industry norms and are consistent year on year. Page 26
LANTRA IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of grants and other Government contracts Unrestricted Unrestricted funds funds 2023 2024 Other Government contracts Olher Skills Development Scotland Contracts 3,144,185 3,905,733 3 176535 3 959 583 Other services provided Unrestricted Unrestrlcted funds funds 2023 2024 Apprenticeship certification Room hire Skills Manager sales Consultancy Other 34,028 24,819 228,374 45,061 35,516 24,525 234,694 53,698 78 332 282 348511 Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 nlerest & dividends receivable 40,067 40,067 4,715 Page 27
LANTRA IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of total resources expended Support costs Direct costs Staff costs Total 2024 Total 2023 Charitsble Actlvlties: Awarding and Learning Grants and Contracts Other seNices provided Total 3,173,113 1,822,617 59,494 5 055 224 3,097,205 1,058,145 1,404,169 5 559 $19 532,965 6,803,283 189,699 3,070,461 184,339 1,648,002 907 003 11521746 5,784,732 3,866,604 1,343,147 10 994483 Staff costs have been allocated to activities based on the estimated lime spent by staff members on those activities. Support costs have been allocated based on estimated time spent by staff members on those activities. Total expenditure in the year was £11,521,746 (2023.. £10,994,483) with £11,515,627 unrestricted (2023.. £10,975,306) and £6,119 restricted (2023.. £19,177). Support Costs Other serv5ces provided Awarding & Grants & Learning Contracts 2024 2023 Support Costs Repairs & Maintenance Depreciation IT & Telephone Rent & Rates General office Governance costs (see below) Total 18,345 83,422 130,260 73,483 198,535 6,530 29,693 46,363 26,155 70,665 6,219 31,094 45,369 28,279 141,394 89,095 44,156 220,779 252,634 24,909 124,547 107,982 67,300 336,500 341,846 532 965 189 699 184339 907 003 932 970 Page 28
LANTRA (A Company Llmlted by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Other seniices provided Awarding & Grants & Learning Contracts 2024 2023 Governance Costs Audit & Account Prep. fees Bad debts Meeting and Board cosls other Professional Fees 12,877 (2,910) 4,008 14,945 4,583 (1 ,036) 1,427 5,319 7,990 {987) 1,359 5,114 25,450 (4,933) 6,794 25,378 22,451 58,811 6,426 8,356 Total Governance Costs Cosls are allocated based on the slaff allocated to each activity. Auditor's remuneration 2024 2023 Fees payable to the Parent Charitable Company's auditor for the audit of the Parenl Charilable Companls annual accounts Fees payable to the Parent Charitable Company's auditor in respect of.. Audit of subsidiary accounts Accounts preparation for Parent Charitable Company's Corporation tax relurn preparation 16,500 13,750 1,975 3,975 1,650 1,750 3,500 2,800 Page 29
LANTRA (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs Group 2024 Group 2023 Company 2024 Company 2023 Salaries and wages Social security costs Pension costs Restructuring costs 4,589,090 454,813 215,772 5,052 4,188,344 409,631 177,518 14,072 4,589,090 454,813 215,772 5,052 4,188,344 409,631 177,518 14,072 5,264,727 368,698 173,906> 4,789,565 5,264,727 4,789,565 Travellsubsistence Value of Benefit in Kind 311,158 (93,739) 368,698 (73,906) 311,158 (93,739) 5,559,519 5,006,984 5,559,519 5,006,984 The costs and liabilities in relation to the defined contribution pension scheme are allocated beeen activities on the same basis as staff costs. Direct staff costs including pensions are allocated directly lo the activities thal the staff work on, based on the estimated time that the employees have worked on the projects. Support staff pension costs are allocated in-line with all support costs. Restructuring costs of £5,052 {2023-. £14,072) including redundancy costs of (£3,197) (arising from the reversal of previously over-accrued redundancy costs) {2023- £11,717) and £8,249 (2023.. £2,355) of settlement costs were incurred during the year. At the balance sheet date £nil <2023: £11.717) was accrued in relation to redundancy payments that had been agreed bul not paid. The average number of persons employed by the Group and Parent Charilable Company during the year was as follows: Group 2024 Group 2023 Company 2024 Company 2023 No. Government Conlracts Awarding and Learning Central Services 28 81 36 73 24 28 81 29 36 73 29 24 38 133 138 133 Page 30
LANTRA (A Company Limited by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs (contlnued) The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. Group 2024 Group 2023 In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £90,001- £100,000 In the band £100,001- £110,000 In the band £110,001- £120,000 In the band £130,001- £140,000 In the band £150,001- £160,000 The number of higher paid staff to whom retirement benefits are accruing is 10 (2023.. 3). The total remuneration paid to key management personnel for their services provided to the Charity was £582,348 (2023: £491,664). Key management personnel comprise of the trustees and the Chief Execulive and Senior Staff as detailed on pages 1 and 2. 10. Trustees, remuneration and expenses During Ihe financial year and in accordance with the Memorandum and Articles of Association of the Charity the sum of £nil was paid to Heather Peck (2023= £7,292) and £12,500 was paid to David Llewellyn (2023.. £5,208) for consultancy services which the Chair provided lo the Board during the year. Heather Peck served as Chair during the year until 31 October 2022 and David Llewellyn served as Chair from 1 November 2022. This year the Charity paid no other Trustees for additional work undertaken in line with its Articles of Association (2023.. no remuneralion was paid to any other Trustees). Pension contributions worth £nil were made on behalf of the Chair (2023: £nil). Pension contributions worth £nil were made on behalf of any other Trustee (2023.. £nil). During the year ended 31 March 2024, expenses totalling £8,335 were reimbursed or paid directly to 13 Trustees12023'. £8,526 to 14 Trustees) for meeting and Iravel expenses. 11. Support of volunteers The Charily is supported by the work of a signficant number of volunteers who freely provide their lime to attend to steering and advisory groups. In addition, businesses make their time freely available to help provide research information and assist in Ihe development of occupational standards and frameworks and training courses. It is difficult to put a value on this contribution. Page 31
LANTRA (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Net income attrlbutable to the parent company The entity has taken exemption from presenting its own profit and loss account under section 408 of Companies Acl 2006. The net income dealt with in the financial statements of the parent company is £822,421 (2023.. £712,885). 13. Tangible fixed assets Group and Company Long leasehold premises Software and Office website equipment development Office furniture Total Cost or valuation At 1 April 2023 Additions Disposals 514,055 102,950 4,672 2,536 293,568 36,687 {24,038) 622,271 265,864 1,434,566 408,037 (24,0381 Al 31 March 2024 617,005 7,208 306,217 888,135 1,818,565 Depreciation Al 1 April 2023 Charge for the year On disposals 325,398 20,351 2,162 996 205,628 51,101 {24,038) 268,605 74,240 801,793 146,688 {24,0381 At 31 March 2024 345,749 3,158 232,691 342,845 924,443 Net book value At 31 March 2024 271,256 4,050 73,526 545,290 894,122 At 31 March 2023 188,657 2,510 87,940 353,666 632,773 Page 32
LANTRA (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Fixed asset Snvestments Listed investments Group At 1 April 2023 Additions Disposals Revaluations Movement in capital account 2,274,538 1,483,738 {1,501,026) (22,5091 27,290 At 31 March 2024 2,262,031 Investments in subsidiary LSsted Gompanies investments Total Parent Charitable Company At 1 April 2023 Additions Disposals Revaluations Movement in capital account 102 2,274,538 2,274,640 1,483,738 1,483,738 (1,501,026) (1,501,026) 122,509) 122,509) 27,290 27,290 At 31 March 2024 102 2,262,031 2,262,133 Page 33
LANTRA (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Fixed asset investments (contlnued) Principal subsidiaries The following were subsidiary undertakings of the Parent Charitable Company.. Company PrincSpal activity number Names Class of shares Holding Upskill UK Limited 06352816 The development and Ordinary supply of IT solutions based on individual and business competency Dormant 100% Lantra Awards Limited 03567982 Ordinary 1000 The registered office of each of the above subsidiary undertakings is Lantra House, Stoneleigh Park, Coventry, CV8 2LG. The financial results of the subsidiaries for the year were- Names Income Expenditure Profitl{Loss) I Surplusl (Deficit) for the year Net assets Upskill UK Limited Lantra Awards Limited 20,822 (19,800) 1,022 (136,054) During the year ended 31 March 2018 Lantra invested in a total relurn fund seeking long term growth, the original inveslment of £1,000,000 was valued at £1,216,721 at 31 March 2024. At 31 March 2024 the fund represented 540/0 of the lotal listed investments market value. During Ihe year ended 31 March 2022 Lantra invested in a mulli-asset portfolio seeking long term growth, the original investment of £1,000,000 was valued at £1,045,310 at 31 March 2024. None of the individual assets held within Ihe portfolio at 31 March 2024 exceeded 5 /0 of the total listed investments market value. Page 34
LANTRA (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due within one year Trade debtors other debtors Accrued income Prepaymenls 2,313,433 13,506 221,852 289,062 1,645,553 7,282 32,061 212,934 2,313,433 13,506 221,852 289,062 1,645,553 7,280 32,061 212,934 2,837,853 1,897,830 2,837,853 1,897,828 16. Creditors: Amounts falling due within one year Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors Amounls owed to group undertakings Other taxation and social security other creditors Deferred income Accruals 708,053 464,322 707,349 9,169 332,789 1,162 291,959 265,130 464,321 9,089 287,704 687 342,194 237,749 332,789 1,160 291,959 268,754 287,704 685 342,194 240,949 1,602,715 1,335,854 1,607,558 1,341,744 Group deferred income comprises contract income received in advance of contract outpulsl milestones being delivered. This figure is calculated based on actual outputs al the year end compared to cash received and includes any provisions to allow for non-delivery by the conclusion of the project timetable. Deferred income includes £4,900 from Welsh Government for various projecls (2023.. £59,530), £49,184 (2023.. £149,311) for end point assessments invoiced in advance and other deferred income of £237,875 from Scottish Governmenl for various projecls {2023'. £124,752). Page 35
LANTRA {A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Group 2024 Group 2023 Company 2024 Company 2023 Deferred income al 1 April 2023 Resources deferred during the year Amounts released from previous periods 342,194 2,491,042 342,194 2,491,042 291,959 217,577 291,959 217,577 (342,194) (2,366,425) {342,194) (2,366,425) 291,959 342,194 291,959 342,194 17. Financial instruments Group 2024 Group 2023 Company 2024 Company 2023 Financial assets Financial assets measured al fair value through profil or loss Financial assets that are debt instruments measured at amortised cosl 1,972,245 2,070,808 1,956,596 2,057,230 2,548,791 1,684,896 2,548,791 1,684,894 4,521,036 3,755,704 4,505,387 3,742,124 Group 2024 Group 2023 Company 2024 Company 2023 Financial Ilabilities Financial liabilities that are debt instruments measured at amortised cost 1,310,756 993,660 1,315,599 999,550 Financial assets measured at fair value through profit or loss comprise of cash al bank and in-hand. The fair value of the cash has been determined with reference to the bank statements an reconciling items at the year end. Financial assets that are debt instruments measured at amortised cost comprise trade debtors, other debtors and accrued income. Financial liabilities that are debt instruments measured at amortised cost consisls of trade credilors, other creditors, other taxation and social securily, and accruals. Page 36
LANTRA (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl {Losses} Income Expendlture Designated funds Property reseNe 750,000 750,000 Unrestricted funds Unrestricted funds 5,528,486 12,376,596 {11,524,548> 1750,000) (22,509) 5,608,025 Total Unrestricted funds 5,528,486 12,376,596 {11,524,548) (22,509) 6,358,025 Restricted funds Frank Parkinson Trust Animal Care Lead Body R2 Instructor Levy 400 (400) 4,408 1,080 5,719 23 4,431 1,080 {5,719) 11,607 23 16,119) 5,511 Total of funds 5,540,093 12,376,619 (11,530,667) (22,509) 6,363,536 Page 37
LANTRA {A Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statement of funds (continued) Statement of funds - prior year Balance at 31 March 2023 Balance at l April 2022 Transfers Inlout Gainsl {Lossesl Income Expenditure Designated funds Property reseNe Unrestricted funds 4,803,396 11,728,917 (10,975,306) (28,521) 5,528,486 Total Unrestricted funds 4,803,396 11,728,917 (10,975,306) (28,521) 5,528,486 Restricted funds Frank Parkinson Trust Animal Care Lead Body R2 Instructor Levy 800 (400> 400 4,388 1,080 14,496 20 4,408 1,080 5,719 10,000 (18,777) 20,764 10,020 {19,177) 11,607 Total of funds 4,824,160 11,738,937 (10,994,483) (28,521) 5,540,093 Page 38
LANTRA (A Company Limited by Guarantee} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Statement of funds {continued) The Frank Parkinson Trust contributed funds towards building costs. Animal Care Lead Body funds provide support for the keeping of animals in educational establishments. R2 provide funds to support the promotion of the arboriculture professional skills register to Ihe industry. The instructor levy is a course fund levy established to help new instructors cover the cost of skills assessment. It is aimed to help overcome barriers lo recruitment and will be used lo pay for.. Training and development costs for new instructors in certain specified skills Supporting providers lo mentor new instructors Funding instru¢lional lechniques courses Trustees approved a transfer of £750,000 (2023.. £Nil) into the designated funds for the newly established Property reserve. The property reserve will be used to fund the cosls of future building works. 19. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Gainsl {Lossesl Income Expendlture Designated funds General funds Restricted funds 750,000 5,528,486 12,376,596 {11,524,548) (750,000) 11,607 23 (6,119) 750,000 (22,509) 5,608,025 5,511 5,540,093 12,376,619 111,530,667) {22,5091 6,363,536 Summary of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Gainsl (Losses) Income Expenditure General funds Restricted funds 4,803,396 11,728,917 (10,975,306) 20,764 10,020 (19,177) (28,521) 5,528,486 11,607 4,824,160 11,738,937 (10,994,483) (28,521) 5,540,093 Page 39
LANTRA (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Analysis of net assets between funds Analysls of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 894,122 894,122 2,262,031 2,262,031 4,804,587 4,810,098 (1,602,715) (1,602,715) 5,511 Total 5,511 6,358,025 6,363,536 Analysis of net assets between funds - prlor period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assels Fixed assel investments Current assets Creditors due within one year 400 632,373 632,773 2,274,536 2,274,536 3,957,431 3,968,638 (1,335,854) (1,335,854) 11,207 Total 11,607 5,528,486 5,540,093 Page 40
LANTRA {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. ReconcSllation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Company 2024 Company 2023 Net income for the period (as per Statement of Financial Activities) 823,443 715,933 822,421 712,884 Adjustments for: Depreciation charges Loss on investments Dividends, interests and rents from inveslmenls Loss on the sale of fixed assets Decreasel{increase) in deblors Increasel(decrease) in Creditors Inveslment income and management charges paid via investmenl account 146,688 22,509 89,479 28,521 146,688 22,509 89,479 28,521 (40,067) (4,715) 970 (940,023) 1,796,133 266,861 (2,213,412) 149,1691 (9,6391 970 1940,025} 1,796,135 265,814 (2,220,364) (10,004) 110,004) Net cash provided by operating activities 269,407 412,909 258,234 397,986 22. Analysis of cash and cash equivalents Group 2024 Group 2023 Company 2024 Company 2023 Cash in hand 1,972,245 2,070,808 1,956,596 2,057,230 Total cash and cash equivalents 1,972,245 2,070,808 1,956,596 2,057,230 23. Analysis of changes In net debt At 1 Aprll 2023 Cash flows At 31 March 2024 Cash at bank and in hand 2,070,808 {98,563) q,972,245 2,070,808 (98,563) 1,972,245 Page 41
LANTRA (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. Contingent IlabS1Sties The Group has been in receipt of significant income from a variety of grant making bodies in recent years and takes all reasonable steps to ensure it complies with the terms attached to Ihe reip1S of all such income. However, the Truslees recognise that this is a complex area and there is always a risk that some funding could become repayable as a result of an inspection by these bodies. It is not possible to estimale the value, if any, or liming of any such repaymenls. 25. Capital commitments Group 2024 Group 2023 Company 2024 Company 2023 Contracted for but not provlded in these financSal statements Acquisition of tangible fixed assets 174,444 79,362 174,444 79,362 26. Pension commStments Under the definitions set out in FRS 102, the ITB Pension Funds is a multi-employer pension scheme. Lantra is unable to identify its share of the underlying assets and liabilities of the scheme. Accordingly Lantra has taken advantage of the exemplion in FRS 102 and has accounted for its contributions to the scheme as if it were a defined benefit contribution scheme. Lantra has set out below the information available on the surplus in Ihe scheme and the implications for Lantra in terms of anticipaled contribution rales. The pension cost is assessed every three years in accordance with the advice of an independent qualified actuary LFsing Ihe projected unil valuation method. The objective of this melhod is to maintain a fund that is expected to be sufficienl to meet the expected outgoings in respect of all benefits accrued to the date of Ihe valuation. The latest actuarial valuation of the scheme was as at 31 March 2022. The assumptions that have the most significant effect on Ihe valuation are as follows.. Pre-reliremenl discount rate Post-retirement discount rate Rate of price inflalion Gill Yield Curve + 0.15 % Gill Yield Cutve + 0.15% Implied by gilt curves The assets in the scheme and the expected rale of return were: Market value of assets at date of last valLtation Surplus in scheme £543.9 million £24.8 million Page 42
LANTRA (A Company Limited by Guarantee> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 27. Operating lease commitments At 31 March 2024 the Group and the Parenl Charitable Company had commitmenls to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Company 2024 Company 2023 Not laler than 1 year Later than 1 year and not later than 5 years Later Ihan 5 years 215,094 508,059 4,902,776 191,548 432,045 4,979,576 215,094 508,059 4,902,776 191,548 432,045 4,979,576 5,625,929 5,603,169 5,625,929 5,603,169 The following lease payments have been recognised as an expense in the Statement of Financial Activities.. Group 2024 Group 2023 Company 2024 Company 2023 Operating lease rentals 223,734 201,148 223,734 201,148 28. Guarantee Lantra is a Company limited by guarantee. The members of the Company have each agreed to contribute £1 to the assets of the Company in the event of it being wound up. As at 31 March 2024 Ihere were 12 members {2023.' 11 members) of Lantra. Page 43
LANTRA IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 29. Related party transactlons During the year Upskill UK Limited, a 100% owned subsidiary, made sales lo Lantra totalling £20,822 (2023.. £21,941 }, additionally Lantra made saleslrecharges to Upskill UK Limited totalling £9,721 (2023.. £6,925) an amount of £9,169 (2023: £9,089) was outstanding lo Upskill UK Limitedlowed by Lantra. Lantra also charged interest of £9,102 (2023.. £4,924) lo Upskill UK Limited on the outstanding inter- company loan of £156,543 (2023= £156,543). All inter-company transactions are charged according to the SeNice Contract Ihat is in place between the two entities. Details of the balances and transactions with the Directors and Trustees are disclosed in Note 10. Income of £105,494 (2023.. £88,869) was received from Ringlink Services Limited, a company that J Craigie is a Director of. As al 31 March 2024 £9,021 (2023.. £9,681) was outstanding from Ringlink Services Limited. Expenditure of £21,724 {2023'. £53,029) was incurred from Ringlink SeNices Limited. £4,780 was owing to Ringlink at the year end (2023: £nil). Income of £81,385 (2023.. £50,681) was reiVed from SRUC, a company that J Craigie and M Thompson are Directors of. As at 31 March 2024 £13,646 (2023.. £13,170} was outstanding from SRUC. Expenditure of £23,492 (2023- £7,983) was incurred from SRUC. £nil was owing to SRUC at the year end (2023.. £550). Income of £42,477 (2023.. £39,640) was received and expenditure of £374 (2023.. £nil) incurred, from Eastec UK Ltd, a company Ihat S Batten works as a freelance trainer for, bul othewise does not have significant control over. As at 31 March 2024 £4,480 (2023- £4,061) was outstanding from Eastec UK Ltd. Income of £229 (2023: £229) was received from Countryside Learning Scotland, a company that M Thomson is a director of and expenditure of £ni (2023: £250) was incurred from Countryside Learning Scotland. No amounts were outstanding at the year-end {2023'. £nil). Expenditure of £nil {2023'. £1,410) was incurred from Janglebean Ltd, a company Ihat J Craigie is a Director of. No amounts were outstanding at the year-end (2023.. £nilJ. Page 44