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..
unde￿rIte 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 rese￿eS 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 re￿1ve 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',
pro￿dureS 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..
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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 CoMpan￿S
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. 

Page 17 



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 be￿een
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 re￿ip1S 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 re￿iVed 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.
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