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2023-03-31-accounts

REGISTERED COMPANY NUMBER: 01428827 (England and Wales) REGISTERED CHARITY NUMBER: 510035

Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Warrington Training Trust Ltd

Warrington Training Trust Ltd

Contents of the Financial Statements for the Year Ended 31 March 2023

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Cash Flow Statement 9
Notes to the Cash Flow Statement 10
Notes to the Financial Statements 11 to 24

Warrington Training Trust Ltd (Registered number: 01428827)

Report of the Trustees for the Year Ended 31 March 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the charity are to relieve and prevent poverty occasioned by unemployment or other causes among young persons resident within ten miles of Golden Gate Warrington, and to provide education and vocational training for young unemployed persons who are so resident. The relief of unemployment, in particular but not exclusively, by provision of affordable, easy access accommodation to encourage business start-up and development within the Warrington area.

The charity operates under the name Warrington Business Park.

Significant activities

Currently, the charity is meeting its objects through granting small one-off grants amounting to £6,646. As part of our work with new start-up companies, we provide information on grants and services available to them to aid with their growth.

Public benefit

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Volunteers

The charity, currently does not have any input from volunteers.

STRATEGIC REPORT

Achievement and performance

Charitable activities

The charity continues to make concessionary grants to business in order to initiate training and employment within the area, subject to cashflow. In the year concessionary rents given totalled £6,646. To date the charity has helped over 350 different organisations to start up and generate employment within the Warrington area.

In addition, the Trustees are delighted to confirm they have maintained their support of other local charities through the provision of accommodation and facilities on site. Again, assisting these charities in providing supported employment for those with disability, mental health and mobility issues.

Each year, the Board reviews the aims, objectives and activities of the Charity. This review covers the last 12 months and our achievements in that period. The review looks at the success of each activity and the benefits gained by those groups of people we are set up to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes.

After holding our own in occupancy during the past few years in a difficult and changing economic climate, 2022/23 has been another year of consolidation.In 2022 we had been able to attract some extra tenants to replace those left over the previous two years, this has slowed in the 2023 year and as a result there has been a reduction in the discretionary grants given to start up companies.

In keeping with our charitable aims, we have continued to support local business start-ups and individuals through our rentals at the Business Park.

Page 1

Warrington Training Trust Ltd (Registered number: 01428827)

Report of the Trustees for the Year Ended 31 March 2023

STRATEGIC REPORT Achievement and performance

Investment performance

The Trustees confirm that the investment in the fabric of the Business Park continues in order to develop the necessary returns in order for the Charity to meets its charitable objectives. The programme of work to replace the windows has now been completed after delays due to Covid lockdown.

Financial review

Principal funding sources

The Business Park has been established to provide an investment return for the charity generating net funds and allowing the Trustees the opportunity to support start up businesses and other charities through concessionary rents.

Investment policy and objectives

The Management Committee has considered the most appropriate policy for investing funds and has found that the use of bank deposit accounts and investment in the Business Park gives the opportunity to maximise income and flexibility.

The investment property is secured with a mortgage provided by The Charities Aid Foundation Bank (CAF Bank). In the opinion of the Trustees CAF Bank offered the most competitive and constructive financial package along with the necessary support and understanding of the operations of a charity.

The charity also holds a any surplus funds in a bank deposit accounts and also hold units in M&G Charifund.

Reserves policy

Unrestricted reserves held at the 31 March 2023 are £951,306, however, as fixed assets are held at that date, with a written down value of £1,795,704, the freely available cash is £nil, and the Unrestricted Fund is in deficit of £844,398. This deficit comprises of loans relating to the property of £733,866, other loan of £42,855 and pension liability of £64,000 leaving £3,677 as the residual deficit.

The Trustees have established a policy whereby any unrestricted funds, not committed or invested in tangible fixed assets, are to be invested so that the charity will be able to meet the expected capital and running cost for the next 12 months of approximately £450,000. The development work in the year, which has been included as an exceptional item of the detailed SOFA, has been funded by obtaining an addition loan in prior years.

Due to the level of debt incurred by the charity, the cashflows within the charity are restrictive with little scope for investments outside the property and investments already held.

Going concern

The trustees consider that the charity is a going concern having reviewed the budgets and cashflows for the next 12 months. The free cash position has always been a concern and the trustees are working to improve the free cash available to enable the charity to carry out the charity's objectives and aims.

Future plans

The Trustees continue to review the investment potential of the Business Park in order to achieve the charitable objectives, providing support and assistance to businesses to initiate training and employment. The Trustees have completed a capital expenditure review and have undertaken significant expenditure in the year on property improvements and enhancements and are looking to maintain a suitable level of capital expenditure in order to maintain the investment value and returns from the property, creating the funds to meet the charitable objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Page 2

Warrington Training Trust Ltd (Registered number: 01428827)

Report of the Trustees for the Year Ended 31 March 2023

The charity is a charitable company limited by guarantee and was set up on 13th June 1979 and last amended 16th December 2008. The charity is governed by its' memorandum and articles of association.

The liability of the members of the Board of Trustees is limited to £1 each.

Recruitment and appointment of new trustees

The method of appointment of Trustees is as follows: seeking nominations from current trustees and members identifies prospective trustees. The prospective trustees are invited to the Business Park for a tour of the current fund raising operation and an introduction to the activities of the charity. The prospective trustees are provided with a copy of CC3a, Responsibilities of a Charity Trustee, and invited to attend the next board meeting. If the prospective trustee decides to stand as a trustee, they will be nominated and elected at the next board meeting, which will be ratified at the next AGM, provided the maximum is not exceeded. One third of the members by rotation retire and offer themselves for re-election. All serving trustees are provided with a copy of CC3, The Essential Trustee: What you need to know, and any further information as issued by the Charities Commission.

Organisation structure

One third of the members by rotation retire and offer themselves for re-election.

The Board of Trustees meets quarterly. Meeting include consideration of the following:

Approval of the strategic plan and annual plan Approval of grant awards Review of progress against the strategic plan, financial results and variation from the financial plan. Identification and management of risk. Evaluation of the impact of the Charity's work.

Induction and training of new trustees

All new and serving trustees are provided with a copy of CC3, The Essential Trustee: What you need to know, and any further information as issued by the Charities Commission.

Key management remuneration

The key management personnel of the charity comprise the trustees and Chief Executive Officer. The total employee benefits of the key management personnel of the charity were £62,110 (2022: £59,540).

Wider network

The Charity works with all areas of the business community along with the public and private sector to meets is charitable objectives.

Related parties

There are currently no related parties.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01428827 (England and Wales)

Registered Charity number

510035

Registered office

Warrington Business Park Long Lane Warrington Cheshire WA2 8TX

Page 3

Warrington Training Trust Ltd (Registered number: 01428827)

Report of the Trustees for the Year Ended 31 March 2023

Trustees

B Dunnett Director & Chief Executive Officer S F Timms Director & Chairman A A Edwards Director P J Shaw Director P Davies Director

Independent Examiner

Voisey & Co LLP Voisey & Co LLP Chartered Accountants 8 Winmarleigh Street Warrington Cheshire WA1 1JW

Solicitors

FDR Law 21 Palmyra Square, Warrington, WA1 1BW.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Warrington Training Trust Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 5 October 2023 and signed on the board's behalf by:

B Dunnett - Trustee

Page 4

Independent Examiner's Report to the Trustees of Warrington Training Trust Ltd (Registered number: 01428827)

Independent examiner's report to the trustees of Warrington Training Trust Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2023.

Responsibilities and basis of report

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

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

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

  1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

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

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

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

Voisey & Co LLP The Institute of Chartered Accountants in England and Wales

Voisey & Co LLP Chartered Accountants 8 Winmarleigh Street Warrington Cheshire WA1 1JW

5 October 2023

Page 5

Warrington Training Trust Ltd

Statement of Financial Activities for the Year Ended 31 March 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Concessionary rents given
Other
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
Transfers between funds
20
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
775
131,493
332,018
-
464,286
38,348
6,646
368,005
412,999
-
51,287
729
52,016
891,765
943,781		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
(374)
(374)
(729)
(1,103)
414,327
413,224		 31.3.23
Total
funds
£
775
131,493
332,018
-
464,286
38,348
6,646
368,005
412,999
(374)
50,913
-
50,913
1,306,092
1,357,005		 31.3.22
Total
funds
£
565
135,022
363,534
6,781
505,902
47,794
10,650
415,048
473,492
6,135
38,545
-
38,545
1,267,547
1,306,092

The notes form part of these financial statements

Page 6

Warrington Training Trust Ltd (Registered number: 01428827)

Balance Sheet 31 March 2023

Notes
FIXED ASSETS
Investments
Investments
13
Investment property
14
CURRENT ASSETS
Debtors
15
Cash at bank
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
17
PENSION LIABILITY
21
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
funds
£
-
1,795,704
1,795,704
70,461
37,477
107,938
(220,531)
(112,593)
1,683,111
(675,330)
(64,000)
943,781		 Restricted
funds
£
56,337
343,087
399,424
-
13,800
13,800
-
13,800
413,224
-
-
413,224		 31.3.23
Total
funds
£
56,337
2,138,791
2,195,128
70,461
51,277
121,738
(220,531)
(98,793)
2,096,335
(675,330)
(64,000)
1,357,005
943,781
413,224
1,357,005		 31.3.22
Total
funds
£
55,511
2,138,791
2,194,302
76,347
85,042
161,389
(252,645)
(91,256)
2,103,046
(732,954)
(64,000)
1,306,092
891,765
414,327
1,306,092

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The notes form part of these financial statements

continued...

Page 7

Warrington Training Trust Ltd (Registered number: 01428827)

Balance Sheet - continued 31 March 2023

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on 5 October 2023 and were signed on its behalf by:

B Dunnett - Trustee

The notes form part of these financial statements

Page 8

Warrington Training Trust Ltd

Cash Flow Statement for the Year Ended 31 March 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of fixed asset investments
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 31.3.23
£
76,338
(45,991)
30,347
(1,200)
75
(1,125)
(62,987)
(62,987)
(33,765)
85,042
51,277		 31.3.22
£
112,559
(35,926)
76,633
(1,200)
7
(1,193)
(63,656)
(63,656)
11,784
73,258
85,042

The notes form part of these financial statements

Page 9

Warrington Training Trust Ltd

Notes to the Cash Flow Statement for the Year Ended 31 March 2023

1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

2.

Net income for the reporting period (as per the Statement of Financial
Activities)
Adjustments for:
Losses/(gain) on investments
Interest received
Interest paid
Decrease in debtors
(Decrease)/increase in creditors
Net cash provided by operations
ANALYSIS OF CHANGES IN NET DEBT		 31.3.23
£
50,913
374
(75)
45,991
5,886
(26,751)
76,338		 31.3.22
£
38,545
(6,135)
(7)
35,926
9,027
35,203
112,559
At 1.4.22 Cash flow At 31.3.23
£ £ £
Net cash
Cash at bank and in hand 85,042 (33,765) 51,277
85,042 (33,765) 51,277
Debt
Debts falling due within 1 year (70,155) 5,363 (64,792)
Debts falling due after 1 year (732,954) 57,624 (675,330)
(803,109) 62,987 (740,122)
Total (718,067) 29,222 (688,845)

The notes form part of these financial statements

Page 10

Warrington Training Trust Ltd

Notes to the Financial Statements for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

In the opinion of the Trustees the charity has sufficient resources and funding for the foreseeable future and as a result have prepared the financial statements on a going concern basis.

The charity constitutes a public benefit entity as defined by FRS 102.

The presentation currency of the financial statements is the Pound Sterling (£).

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations, are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants,is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. `

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Government grants

The accrual model has been adopted to recognise government grants in the year and are measured at the fair value of the asset received or receivable. Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

continued...

Page 11

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES - continued

Expenditure

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Governance costs

Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory independent examination and legal fees together with an apportionment of overhead and support costs.

Allocation and apportionment of costs

Due to the nature of the charity, it is not necessary to allocate or apportion costs between activates.

Fixed asset investments

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

Fixtures and fittings - 25% on cost Computer equipment - 25% on cost

Fixed asset investments which are listed on recognised stock exchanges are stated at year end market value. Investments which are unlisted are stated at cost less provisions for reduction in value.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation

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

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

continued...

Page 12

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charitable company operate a defined benefit scheme, this has been a closed scheme since 30 June 1992 The net obligation is calculated by estimating the amount of future benefit that employees have earned in return for their service in the prior periods, discounting that amount and deducting the fair value of any plan assets.

This is a triennial calculation performed by a qualified actuary. When the calculation results in a benefit, the recognised asset is limited to the total of any unrecognised past service costs and the present value of economic benefits available in the form of any future refunds from the plan or future contributions to the plan.

Remeasurement of the net defined benefit liability or asset, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling, are recognised immediately in the statement of financial activities.

The net interest expense on the net defined benefit liability or asset is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then net defined benefit liability or asset, taking into account any changes in the net defined benefit liability or asset during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in the statement of financial activities.

Financial instruments

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

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

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

Basic financial assets

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

Other financial assets

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

Impairment of financial assets

Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

continued...

Page 13

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

1. ACCOUNTING POLICIES - continued

Financial instruments

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

Derecognition of financial assets

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

Employee benefits

The costs of the short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the costs of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2. DONATIONS AND LEGACIES

3.

Other income
OTHER TRADING ACTIVITIES
Cafe income
Photocopying recharge
Other rental income
Post recharge
Electricity recharge
Water recharge
Insurance recharge		 31.3.23
£
775
31.3.23
£
21,590
95
29,880
9,833
25,307
15,463
29,325
131,493		 31.3.22
£
565
31.3.22
£
26,145
215
23,599
9,255
24,935
17,500
33,373
135,022

continued...

Page 14

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

4.
INVESTMENT INCOME
Rents received
Deposit account interest
5.
RAISING FUNDS
Raising donations and legacies
Support costs
Other trading activities
Purchases
Staff costs
Support costs
Aggregate amounts
6.
CHARITABLE ACTIVITIES COSTS
Concessionary rents given		 31.3.23
31.3.22
£
£
331,943
363,527
75
7
332,018
363,534
31.3.23
31.3.22
£
£
2,439
-
31.3.23
31.3.22
£
£
10,887
12,756
17,751
29,035
7,271
6,003
35,909
47,794
38,348
47,794
Grant
funding of
activities
(see note
7)
£
6,646		 31.3.22
£
363,527
7
363,534

Page 15

continued...

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

7. GRANTS PAYABLE

GRANTS PAYABLE
31.3.23 31.3.22
£ £
Concessionary rents given 6,646 10,650
The total grants paid to institutions during the year was as follows:
31.3.23 31.3.22
£ £
Start up concessionary rents given 6,646 10,650
8.
SUPPORT COSTS
Management
£
Raising donations and legacies
2,439
Other trading activities
7,271
Other resources expended
363,450
373,160		 Governance
Finance
costs
£
£
-
-
-
-
2,012
2,543
2,012
2,543		 Totals
£
2,439
7,271
368,005
377,715

9. NET INCOME/(EXPENDITURE)

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

31.3.23 31.3.22
£ £
Other operating leases 10,235 8,691
Independent examiner's fee 2,500 2,500
10. TRUSTEES' REMUNERATION AND BENEFITS
31.3.23 31.3.22
£ £
Trustees' salaries 55,670 52,620
Trustees' social security 3,488 3,827
Trustees' pension contributions to money purchase schemes 2,952 3,093
62,110 59,540

Mr B Dunnett was appointed as a director/trustee on the 16th December 2008. The Charity Commission gave dispensation on 10th December 2008 to allow Mr B Dunnett to continues his employment as business site manager and financial accountant for which he receives an annual salary. The total salary shown above relates to Mr Dunnett for his services as site manager and financial accountant. No other Trustee salaries were paid in the year.

Trustees' expenses

Trustees' expenses
31.3.23 31.3.22
£ £
Trustees' expenses 302 1,035

Page 16

continued...

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

11. STAFF COSTS

31.3.23
£
Wages and salaries
99,464
Social security costs
5,137
Other pension costs
4,865
109,466
The average monthly number of employees during the year was as follows:
31.3.23
Management
1
Administrative
1
Café staff
2
4
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000
31.3.23
£60,001 - £70,000
1
12.
TANGIBLE FIXED ASSETS
Fixtures
and
Computer
fittings
equipment
£
£
COST
At 1 April 2022 and 31 March 2023
10,337
14,589
DEPRECIATION
At 1 April 2022 and 31 March 2023
10,337
14,589
NET BOOK VALUE
At 31 March 2023
-
-
At 31 March 2022
-
-		 31.3.22
£
105,531
6,197
5,006		 31.3.22
£
105,531
6,197
5,006
116,734
31.3.22
1
1
2
4
was:
31.3.22
-
Totals
£
24,926
24,926
-
-
24,926
-
-

continued...

Page 17

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

13. FIXED ASSET INVESTMENTS

MARKET VALUE
At 1 April 2022
Additions
Revaluations
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022
There were no investment assets outside the UK.
Cost or valuation at 31 March 2023 is represented by:
Valuation in 2023
14.
INVESTMENT PROPERTY
FAIR VALUE
At 1 April 2022
and 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Unlisted
investments
£
55,511
1,200
(374)
56,337
56,337
55,511
Unlisted
investments
£
56,337
£
2,138,791
2,138,791
2,138,791

Included in investment property is freehold land valued at £712,930 (2022 - £712,930).

The directors have considered the valuation of the investment property and following a review undertaken with the assistance of external professional advisors are of the opinion that the valuation shown in the financial statements reflects the minimum current open market value of the property subject to tenancies.

continued...

Page 18

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

15.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income
16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts (see note 18)
Trade creditors
Social security and other taxes
VAT
Other creditors
Accruals and deferred income
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans (see note 18)
The bank loan carries interest at 3.00% above base and is charged on a monthly basis.
18.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
Amounts falling due between two and five years:
Bank loans - 2-5 years
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal		 31.3.23
£
21,288
49,173
70,461
31.3.23
£
64,792
72,255
3,881
13,118
37,695
28,790
220,531
31.3.23
£
675,330
31.3.23
£
64,792
67,639
229,775
377,916		 31.3.22
£
32,662
43,685
76,347
31.3.22
£
70,155
93,084
3,624
14,374
44,280
27,128
252,645
31.3.22
£
732,954
31.3.22
£
70,155
72,311
281,057
379,586

continued...

Page 19

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

19. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£ £
Bank loans 740,122 803,109

CAF Bank holds fixed and floating charges over the investment property of the company at Warrington Business Park, Long Lane, Warrington.

Included within bank loans and overdrafts is a balance of £42,855 relating to a Covid Bounce Back Loan from NatWest Bank which is repayable over 10 Years from November 2021 at an interest rate of 2.5%.

20. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
Capital fund
Training fund
TOTAL FUNDS		 At 1.4.22
£
891,765
356,342
57,985
414,327
1,306,092		 Net
movement
in funds
£
51,287
-
(374)
(374)
50,913		 Transfers
between
funds
£
729
-
(729)
(729)
-		 At
31.3.23
£
943,781
356,342
56,882
413,224
1,357,005

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

Unrestricted funds
General fund
Restricted funds
Training fund
TOTAL FUNDS		 Incoming
resources
£
464,286
-
464,286		 Resources
expended
£
(412,999)
-
(412,999)		 Gains and
Movement
losses
in funds
£
£
-
51,287
(374)
(374
(374)
50,913		 Gains and
Movement
losses
in funds
£
£
-
51,287
(374)
(374
(374)
50,913
50,913

continued...

Page 20

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement
At 1.4.21
in funds
£
£
Unrestricted funds
General fund
870,271
32,410
Restricted funds
Capital fund
356,342
-
Training fund
40,934
6,135
397,276
6,135
TOTAL FUNDS
1,267,547
38,545
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
505,902
(473,492)
Restricted funds
Training fund
-
-
TOTAL FUNDS
505,902
(473,492)
A current year 12 months and prior year 12 months combined position is as follows:
Net
movement
At 1.4.21
in funds
£
£
Unrestricted funds
General fund
870,271
83,697
Restricted funds
Capital fund
356,342
-
Training fund
40,934
5,761
397,276
5,761
TOTAL FUNDS
1,267,547
89,458		 Transfers
between
funds
£
(10,916)
-
10,916
10,916
-
Gains and
losses
£
-
6,135
6,135
Transfers
between
funds
£
(10,187)
-
10,187
10,187
-		 At
31.3.22
£
891,765
356,342
57,985		 At
31.3.22
£
891,765
356,342
57,985
414,327
1,306,092
Movement
in funds
£
32,410
6,135
38,545
At
31.3.23
£
943,781
356,342
56,882
38,545
At
31.3.23
£
943,781
356,342
56,882
413,224
1,357,005

continued...

Page 21

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

20. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Training fund
TOTAL FUNDS		 Incoming
resources
£
970,188
-
970,188		 Resources
expended
£
(886,491)
-
(886,491)		 Gains and
Movement
losses
in funds
£
£
-
83,697
5,761
5,761
5,761
89,458		 Gains and
Movement
losses
in funds
£
£
-
83,697
5,761
5,761
5,761
89,458
89,458

21. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit scheme, the assets of which are held in a separate trustee administered fund. Contributions are paid into the scheme in accordance with the recommendations of an independent actuary on the basis of triennial valuations. The fund was closed to new entrants and benefit accrual with effect 30th June 1992.

The latest triennial actuarial valuation was carried out on 1st July 2020. The Trustees are currently taking professional and legal advise in respect of the scheme and have appointed a new actuary in order to complete the valuation and provide advise to the Trustees on alternative strategies.

Assumptions

Assumptions
July 2020 July 2017
Asset Value Market Value Market Value
Pre retirement discount rate 2.6% 3.9%
Post retirement discount rate 0.6% 1.9%
Retail price inflation 2.8% 2.7%
Consumer price inflation 2.3% 2.2%
Pension increases in payments 3% 3%
Pension revaluation in deferment 2.3% 2.2%

Assets (Employer)

£
Funds at Market Value 114,000
Net current assets 6,000
Total 120,000
Technical provisions

continued...

Page 22

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

21. EMPLOYEE BENEFIT OBLIGATIONS - continued

Deferred Pensioners
65,000		 Deferred Pensioners
65,000		 Deferred Pensioners
65,000
Pensioners
119,000
Surplus / (Deficit)
 (64,000
)
Funding Level 65%
Analysis of the movement in the benefit net asset during the period
£'000s
Surplus / (shortfall) at previous valuation (42)
Interest on surplus/shortfall brought forward (3)
Investment out performance 3
Contributions 9
Cash commutation 4
ARP write off 3
Change in market conditions (39)
Change to SFP 1
Surplus / (shortfall) at present valuation on sample assumption (64.0
)

To eliminate the shortfall the Trustees and company have agreed that contributions will be paid by the company at the rate of £3,072pa (payable in monthly instalments) until 30th June 2038. The company is currently is in line the timetable agreed. In addition the company will pay any professional fees and administration costs relating to the management of the scheme.

Defined Contribution Scheme

The charity operates a defined contribution scheme. The assets of which are held separately from the assets of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £5,006 (2021: £4,963)

22. RELATED PARTY DISCLOSURES

Related party disclosures are made in note 11 and 25 of the accounts.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Board of Trustees.

continued...

Page 23

Warrington Training Trust Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2023

24. KEY MANAGEMENT PERSONNEL

The key management personnel of the charity comprise the trustees and Chief Executive Officer. The total employee benefits of the key management personnel of the charity,including pension contributions were £62,110 (2022: £59,540).

25. FUNDS

Capital Fund

Monies received as part of the original development of the business park.

Training Fund

Monies received to help with the training needs of the residents of Warrington.

Page 24