REGISTERED COMPANY NUMBER: 01428827 ffllgland and W81¢s) REGISTERED CHARITY NUMBER: 510035 Report ofthe Trnstees and UThaudittd Financial Statements for the Year Ended 31 Marcb 2025 for Warrington TrniTring Trust Ltd
W8rriRgton Trgining Trust Ltd Contents of the fiDaDei*l Statemetsts for the Yegr Ended 31 March 2025 Pthge Report of tbe Trnstees I to 4 Independent Examiner's Report Statement of Financial Actiyities B31aDce Sheet 7 to 8 Cash Flow Ststement Notes to tbe Cash Flow StateJneTrt 10 Notes to the Fin3Dcial St3tements 11 to 23
Warrillgton Training TThst Ltd (Registered Dumber: 01428827) Report of the Trustees for the Ye*r ETrded 31 Mareb 2025 The trustees who are also directors of the charity for th¢ PUTP05¢S of the Cotnpallies Act 2006. present their report with the fmancial Statements of the charity for the year ended 31 Marcb 2025. The tn]stees have adopted the provisions of Accounting and Reporting by chlties.. serneDt of Recommended Practice applicabl¢ to charities preparing their accounts in aecordance with the Financial Reportmg Standard applicable in the UK and Republi¢ of Ireland (FRS 102) {effective I January 2019). ORIECTIVES AND AcfiviTIL Objectives and aims The objects of the ciwity are to relieve and prevent poverty occasioned by un¢ll10yrnCllt or other causes among yowig persons resident within ten miles of Golden Gate warringtO and to provide education and vocational training for young unernployed persons who ar¢ so resident. Th¢ relief of unemploymenL in particular but not exclusively, by provision of affordable, easy aecess accommimlation to encowage business siart-up and development within the Warrington area. The charity operates under the name Warrington BUsinS PaTk. SignifJ¢anl activities Currently. the charity is meeting its objects through granting small one-off ts aIIKiimting to £21,320. As part of our work with new start-up Companies, we provide information on grants and services available to them lo ¥4id with their gromth. Public benefit We have referred to the guidan¢e contained in the Clwity Con]mission's geneTal guidance on public benefit when reviewing our aim and objectives and ID planning our future activities. In particulor, th¢ tNstees consider how planned activities will ontribute to th¢ aims Ènd objectives they have set. Volunteers The charity. currently does not have any input from volunt¢¢rs. ACHIEVEMENTS AND PERFORMAf4cE Charitable aetivities The charity continues to make concessionary grants to busines5 In order to initiare tsaining and emplo)qnent within the area, subject to cashflow. In the year concessionary rents given totalled £7.320. To date the charity ha5 helped over 375 different organisatii)ns to start up and generale ernploym¢nt within the Warrington area. In addition, the Tn]slees are delighted to ¢onfJrrn they have DIll1ned their suppM)rt of other local Charities through the provision of accommi)daiion and facilities on site. Agai &5SiSting these clwities in providing supported employment for thos¢ with disability, rnental health and mobility issues. Each year, the Board reviews the aims, objectives and activities of the Charity. This review cover5 the last 12 months and our achievements in that period. The review look5 ai the success oleach activity and the benefits gained by those groups of people we are set up to help. The review also helps us ensure our airn, obje£tives and activities remained focused on our stated purposes. After of a full review of the r]nancial p)sition of the Cbarity. with deep regrei the Trustees and B03rd decided to sell the propety they own, known as Warrington Business Park. This h&5 not been an Y decisio and was a decision not taken lightly. To that end, the Park w&8 Put on the open market and a contracl completed on the 29th Mah 2025 to sell the It]vesttnent Propety to Urban Regen Limited. Investment performanee The 1'rustees confirni that the itlvesttnent in the fabric of the Business PaTk continues in order to develgp the necessary retUTnS in order for the Clwity to meeis its charitable objectives. The programme of Work to replace the windows has now been completed after delays due to Covid IkdoW. Page I
Warrillgton Trnining Trust Ltd {Regtered Dumber: 0142882D Rtport ofthe Trnstees for the Year Ended 31 M8rcb 2025 FINANCIAL REVIEW Principal funding Sources The Business Park has been established to provid¢ an investtnellt rebjrn for the charity generdting net fimds and allowing the Tnjstees the opportunity to supw)rt start up businesses aDd other charities through concessionary rents. Investment policy and objectives The Management Committtt has considered the most appropriat¢ l1¢Y for investing funds and has found that the use of bank deposit aceoullts and inyestment in the Business Park gives the opport]Jnity incorne and flexibility. The investment property is secured with a mortgag¢ provided by The Charities Aid Foundation Bank {CAF Bank). In the opinion of the Trustees CAF Bank offered the most competttive and wnstructive financial package along with the necessary support and understanding of the operdtions of a chariry. The charity also holds a any surplus fimds in a bank deposit a)Unts and also hold units in M&G Chartfitnd. Reserves policy During the year the charity sold the business twk for £1.5m. Th¢ charity h&% repaid all outstsnding loans w)st year end. Unrestricted res¢rYes held at the 31 March 2025 are £585.015. The Trustees have established a policy whereby any unrestricted fid4 not coltmiitted or invested in tangibl¢ fixed &8sets. are to be invested so that the charity will be able to meei the exÈxcted capital and running cost for the next 12 months of approxtmately £450,1)00. Going coneern The trustees consider that the charity is a 80ing concern having reviewed the budgets and cashflows for the n¢xt 12 months. FUTURE PLANS The Board will take the ne 6 months to review the future of the charity. STRUCTURE, GOVERf4ANCE Af4D MANAGEMENT Governing documellt The charity is controlled by its governing docutn¢n4 a deed of MLSL and constittrtes a li11ed cornpany, limited by guarantee, &8 defthed by the Companies Act 26. The charity is a charitsble company limited by garantee and was set up on 13th June 1979 and last amended 16th December 2008. The charity is governed by its, memorandum and article5 of ass(Kiation. The liabiliry of the members of the Board of Trustees is litnit¢d to £1 Recruitment and appointment of new trustees The method of appointment of Trustees is as follows". seeking nominaiions from current trustees and members identifies prospective trustees. The prospective mistees are invited to the B]nesS Park for a tour of the current fLJnd raising operation and an introduction to the activities of the chan"ty. The prospective tTUStee5 are provided with a ¢opy of CC3a, Responsibilities of a Charity Trustee. and invited to attend the next board meeting. If the prospective trllstee decides to stand a5 a trustee, they will be notninated and elected at the nexi meetin& which Mill be ratified at the next AGM, provided the maximum is not exceeded. One thiTd of the rnembeT5 by rotation retire and offer thetnselves for re*lection. All serving trll5tees are PTovided with a copy of CC3. The Esseniial Trustee.. What you need to know. and any fiuth¢r inforniation as issued by the Charities Commission. Page 2
Warrington TT8ining T51 Ltd (Registered llmber: 01428827) Report ofthe Trnstees for the Year Ended 31 Marcb 202$ STRucfuRE. GOVERNANCE AND MANAGEMENT Organisation stru¢ture One thd of the member5 by rotation retire and offer themselves for Te-election. The Board of Truste&8 meets quarterly. Meeting include consideration of the fol]Owll'. Approval of the strategic plan and annual plan Approval of grdllt awards Review of progress against the strategic pla4 financial results and variation from thc financial plan. Identification and management of risk. Evaluation of the impact of the Charitys Work. INduetlon and training of new tru5tee5 All new and serving trll5tees are provided with a copy of CC3. The Fss¢ntial Ttwlee: What you need to know, and any further inf0Mtion as issued by the Charities CommissiotL Key managejnent TemuDer4tiott The key management personnel of the ¢harity comprise the trleeS and Chief Ex¢culive Officer. The total employee benefits of the key matwg¢ment sOnnel of the charity were £63.994 (2023.. £62.110). Wider n¢tWOTk The Charity Works with all areas of the business community along with the pub]ic aDd private sector to m¢¢ts is charitable obj¢ctives. Related parties There are currently no related parties. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company llumber 01428827 (England and Wal¢s) Registered Charity number 510035 Registered offiee waington Business Park Long Lane Warrington Cheshire WA2 8TX Trustees B Dunnett Direcior & Chief Ex¢cutiv¢ Officer S F TiTnms Director & Chairman A A Edwards Director P J Shaw Director P Davies Director Page 3
Warrington Training Trust Ltd (Registered llber. 01428827) Repfrrt of tbe Trustefs for the Year Ended 31 M*reh 2025 REFERENCE AND ADMINISTRATIVE DETAIIS Independent Examiner Lee WaTburton BA FCA Voisey & Co LLP Chartered Accountants 8 Wi]llnarleigh Street Warrsngton Che5hiTe WAI IJW Solicitor5 FDR Law 21 Pa]myra Square, warringto WAI IBW. STATEMENT OF TRUSTEES, RESPONSIBILITIES The tsustees (who are also the directors of Warrington Training Tt Ltd for the purpos¢5 of cofftpany law) are re5ponsibl¢ for preparing the Report of the Trustees and the financial statements in accordance with applicabl¢ law and United Kingdom Accounting Standards {United Kingdom Generaliy Accepted Ac£ounting Practice). Company law requires the trustees to prepare financial statements for each r]nancial yw. Under law, the tntsttts have elected io prepare the fancial staiements in accordance with Unit¢d Kingdom Generally Accepted Accounting PTactice (United Kingdo Accounting Standkrds and applicable law). Under company law the bSIteS M81 noi approve the fmancial statements unles5 they are l$fied thai they give a trne and fair view of the state of affairs of the charitable company and of the incomllig resouTces and application of resources. including the income and expenditure. of the charithble company for that period. In preparing those fll)ancial statements, the trustees are required to select suitable accounting policies and then apply them consistently- observ¢ the methods 2nd principles in the Charilies SORP,. make judgements and estimaS that are reasonable and prudent; prepare the fanCIal statetnent5 on the going concern basis unless it is inappropriare to presume It1 the charitable ornpany will c4)ntinue in business. The trustees are respgnsible for keeping proper accounting Tecords which disclose with reasoDabl¢ accurdcy at any time the fmancial position of the chariiable company and to enable them to ensure that the financial staiements comply with the Cotnpanies Act 2006. They are a150 responsible for safeguarding the assets of the charitable colnpany and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. This report has b¢en prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to sma]I companies. proye by order of the board of tmstees on 18 tkcember 2025 and signed its behalf by". B Dunnett- TTUStee Page 4
Independent EtsmiDer's Report lo tbe Trusttts of Warringtott TraiDing Trust Ltd (Regis¢¢red number: 01428827) IndependeTht examiner's repirt to the trusttts of WarriDgtOD Trnining Trust Ltd {'the Company.) I report to the charity tn]ste¢s on my examimation of the accounts of the Company the year end¢d 31 Mareh 2025. Responsibilities aDd basis of report As the chaTity's trustees of the Company (and aIso its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Cornpanies Act 2006 (Mhe 2006 Ad'l. Having satisfied Tnyself that the accounts of the Company are not required to be alited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitys acc(TrUDts 85 Canied out under Section 145 of the Charities Act 2011 {Mhe 2011 ACY). In CallyiDg out myexamination I have followed the Directions given by the Charity Comlnission under Section 145{5) Ib) of the 2011 ACL Independent exarnirter's statement Since your charl$ gross inco]ne exceeded £250.0 your examiner must be a member of a listed b1. I can confjmi that I am qualified to undertake the examination because l am a metnber of the Instimtr of Chartered Accountants in England and Wale5, which is one of the listed bodies. I have completed my examination. I confirfft that no rnatters have corne to my attentiOD in connection with the examination giving me cause to believe.. accounting records were not kept in respect ofthe Company requir ty Section 386 of the 2(K)6 Act. or the accounts do not accord with tbose records; or the accounts do not ¢ompty with th¢ ac¢ounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a te and fair view which is not a llAtter considered a5 part of an independent examination. or the accounts have not been prepared tn a¢cord8nce with the methcds and principles of the seMent of Re¢omm¢nded Practice for aecouniing and reporting by charities {appltcable to charities preparing their accounts in accordance with the Financial R¢porting Standard applicable in the UK and Republic of Ireland IFRS 102)). I have no con¢erns and have corne across no other matters in connection with the ¢xaTnination to which attention should be drawn in this report in order to enable a proper understhnding of the accounts to be Ched. L£e Warburton BA FCA Voisey & Co LLP Chartered Accountants 8 Winmarleigh Street Warrington Cheshire WAI IJW 18 December 2025 Page 5
Waryington Trnining Trust L¢d Statement of FiDaDcial Activitie5 (Incorporating an Income and Expenditure Account) for tbe Ye4r Ettded 31 Mareh 2025 31.3.25 Total fimds 31.3.24 Total funds Unrestricied fidS Restricted fimds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 827 827 606 Other trading activities Investment income 113.342 304,485 113.342 304.485 113,777 319.473 Totsl 418,654 418.654 433,856 EXPENDITURE ON Charitable aetivities Contessionary rents given Grants paid 7.320 14,000 7,320 14.000 9,374 Other 603,303 603.303 420,545 Total 624,623 624.623 429.919 Net gainsl(loss¢s) on investments 337 337 (636.295) NET INCOMEI{EXPENDITURE) TraN5fers b¢tw¢en funds Other reeognised gain51(105ses) Actiwial gains on defmed benefit schemes (205,969) 416.057 337 (416,057) (205,632) (632.358) 19 66,000 Ntt movement in fund5 210.088 (415.720) (205.632} (566,358) RECONCILIATION OF VUNDS Total funds brought fotivard 374,927 415,720 790,647 1,357,005 TOTAL FUNDS CARRIED FORWARD 585.015 585,015 790,647 The notes forni part of these financial statements Page 6
Warringtott Trnining Trust Ltd IRegistrred number: 01428827) Bal*ntt Sbeet 31 March 202S 31.3.25 Total fvnds 31.3.24 Total fimds Unrestricted Restricted fvnds fijllds Notes FIXED ASSETS Investments Investments Investment property 12 13 60,033 1,500,000 1,560,033 CURRENT ASSETS tkbtors Cash at bank 14 .531.285 35,360 1.531,285 35,360 108,369 8,174 1.566,645 1,566.645 116,543 CREDITORS Atnounts falling due within one year 15 (983.630) (983,630) (264,646) NET CURRENT ASSETS 583,015 583.015 (148,103) TOTAL ASSETS LESS CURRENT LIABILITIES 583,015 583,015 1,411,930 CREDITORS Atnounts falling due after more than one year 16 (623283) PENSION ASSET 20 2,0 2,000 2.000 NET ASSETS 585.015 585,015 790,647 FUNDS Unrtstricted fijnds Restricted funds 19 585,015 374,927 415.720 TOTAL FUiYDS 585,015 790.647 The charitable company is entiiled to exemption from audit under Section 477 ofthe Companies Act 2(K)6 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial state¢ts for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 21)06. The notes fom) part of these financial statements Page 7 continued.-
Warrington Trnining Trust Ltd (Regigtered number. 01428827) B4laDCt Sbeel- continued 31 March 2025 The tswstees acknowledge their responsibiliti¢s for (a) ensuring that the charitable company keeps accountAng records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing fllwicial statements which giv¢ a tw¢ and fair view of the sl*¢ of affairs of the charitable cOpaThY as at the end of each fmancial year and of its swplus or deficit for each fmancial year in accordan¢¢ with the requiretnents of Se¢tions 394 and 395 and which othenvise comply wrth the requirements of the Companies Act 2(H)6 relating lo financial ststements. so as applicable to the charitable comykny. {b) These fmancial staternents have been prepared in accordance with the provision5 applicable to charitable Companies subject to th¢ small companies regime. The fjnallcial statements were approved by the Board of Trustees and authorised for issue on 18 December 2025 and were on its behalf by.. B Dunnett- Tru5t¢¢ S F Timms- Trustee The notes forni part of these financial statetnents Page 8
Warrington TraiDing Trnst Ltd Cash Flow Ststement for the Year Ended 31 Mareh 2025 31.325 31.3.24 Notes Cash flows fTOTh oper8ting sctivitifs Cash generated from operdtions Interest paid (1,398.767) (72,624) 77.852 (61,431) Net cash (used inyprovided by op¢rdtÈng activities {1,471.391) 16,421 Cash nows from investing activities Purch&%e of fLxed asset invesunents Sale of tangible fixed assets Sale of fixed asset investments Sale of investtnent property Interest received (1,2) 21 60.370 I,5.1m)0 27 123 Net cash provided byl(used in) investing activities 1,5fA).418 (1,077) Cash flows from financing activities Loan repaymenis in year (61.841) (58,447) Net cash used in fmancing a¢livities (61.841) (58.447) Change in cash and cash equivalents ID the reporting period Cash and eash equivaknts at the beginning of the reportillg peri1 27.186 (43,103) 8,174 51,277 Cash and cash eqllivalents at the end of the reporting period 35.360 8,174 The notes fomi pan of these financial stAtetn¢nts Page 9
Warrington TrailliTrg Trust Ltd Notes to the Cash Flow StateMet for the Year Ended 31 March 2025 RECONCILIATiof4 OF TrIET EXPENDrruRE TO NET CASH FInW FROM OPERATING AcfiviTIES 31.3.25 31.3.24 Net expenditure for the reporting period (as per Ibe Ststement ol Financial Aetivities) Adju5trnenls for: IGainyIosses on investtnents Profit on disposal of ftted wets Interest received Int¢r¢st paid Increase in debtors Increase in creditors {205,632) {632,358) (337) (21) (27) 72.624 (1.422,916) 157,542 636,295 {123) 61,431 (37.908) 50,515 Net cash (used inyprovided by oper8tions (1,398,767) 77,852 ANALYSIS OF CHANGES Ir4 NET DEBT At 1.4.24 Cash flow At 31.3.25 Net eash C35h at bank 8.174 27.186 35,360 8.174 27.186 35,360 Debt Debis fallirtg dlle within l year Debts falling due after l year (58.392) (623.283) (561,442) 623.283 (619,834) (681.675) 61,841 {619,834) Total (673.501) 89.027 (584,474) The notes forn) part ofthese financial statements Page 10
WgrTington Trainillg Trust Ltd Notes to the FinaDcÉal Statements for the Year Ended 31 Marcb 2025 ACCOUNTING POLICIES Basis of preparing tbe finAnek21 ststemeDts The f]nancial statelnents of the charitable company. which is a public betsefft entity under FRS 102, have b¢¢n prepared in accordance with the Charities SORP (FRS 102) 'Accounting aDd Rew)rting by chlties.. Statement of Recommended Practice applicable to charities preparing their accounts in cOrdanCe with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeaive l January 2019),, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK aDd Republic of Ireland, and the Companies Act 2006. The fll)ancial ststements have been prepared under the histori¢a] wsl Conventio with the exception of investsnents which are included markei value, &8 modified by the revaluation of c¢rtain assets. In the opinion of the Trustees the ¢harity has sufficient resources and fiJndi]]g for the foreseeable future and as a result have prepared the fllmncial Sments on a going concern basis. The charity constitutes a public benefit entity as defined by FRS 102. The presentation ¢urr¢ncy of the financial gtttternents is the Pound Sterling (£). Income All income is recognised in the Siatement of Financtal AtYitieS once the chartty has elltiilement to the fiujds. 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 WTiting of both the amount and settlement dale. In the event that a donation is subjeci to condilions that require a level of rf0nnance before the ¢tlty is entitled to the funds, Ihe income is deferred and not recognised unlil eÉther those conditions are fijlly met, or the fulfilment of those conditio]ts is wholly within the control of the chartty and it is probable that thos¢ conditions will be lfilled in the reporting period. Incom¢ from gov¢rnm¢nl and other grants, whether 'c4)ital' grants w 'revenue' grdnts.is recognised when the charity has entiilement to the funds. any perforniance conditions attached to the grants have been Mel it is probable that the income will be received and the amount can be mwured reliablyand is not deferred. For le¥acie5, entitlement is taken as the earlier of the date on which eitheT'. the charity is aware that probate has been granted. the estat¢ h&5 beeTt finalised and notificaiion has been made by the executorfs) to thc Trust thal a distribution will be made. or when a distribution is received from the estste. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliabty and the charity has been notified of the executor's inieniion to make a distribuiion. Where legacie5 have been notified to the clwity, or the charity is aware of the granting of probate, and the criteria for income recognition have not Eten rneL then the legacy is a treated as a contingent asset and disclosed if material. Interest on ndS held on deposit is included when receivable and the a01 can be measured reliably by the charity,. this is nom)ally upon noiificlOn of the interest paid or payable by th¢ Bank. Covernrntnt gr*Thts The a¢¢rual model has been adopted to Tecognise govemment grdnts in the year and are measured at the fair value of the asset received or receivable. Where a grant becomes repayable it 15 rec(Enis¢d 85 a liability when the repayment me¢ts the definition of a liability. Expenditure Liabilsties are recognised as expenditure as siK)n as there is a legal or Consirnctive obligation comtnitting the charity to that expenditure, it Is probable that a transfer of econo1¢ benefits will be required in settlement and the amount of the obligation can be Tneasured reliably. Expendiwre is accounted for on an a¢¢nlS basis and ha5 been classified under headings that aggregate all cost related to the category. Where costs cannoi be directly attributed to panicular headings they have been allocated to activitie5 on a basis consistent with the use of resources. Pagell continued...
Warringtott Training Trust Ltd Notes to the Financial Statemettts- tontinlled for the Year Ellded 31 March 2025 ACCOUNTING POLICIES- eolltinued Expenditure Expendilure on charitabl¢ activiti¢5 includes the costs incurred by th¢ charity to ellable it to fulfil its Core operation& - Other ¢xpendtti]re represents those itrms not falling into any oth¢r hdi]I8. Grants offered subject to conditions whi¢h hav¢ not been met * the Yearet dat¢ are noted 18 a commiiment but not aTU¢d a5 exp¢nditUTe. CoverThanee eosts Governance costs cotnpri5e all costs involving the public aOuntablI1ty of the charity and its compliance with regulation and good practice. These ¢05ts include costs related io staiutory Indendent examination ond legal fees together with an apportionment of ovethead and support Costs. Allocation and apportionment of costs Due to the nature of the charity, it is not necessary to alloc*e or app)rtion Costs between activates. Fixed att investments Depreciation is provided at the following annual rates in order to lte oifeach t8set over its estimated useful life. Fixtur¢5 and fittings Computer equipment 25Q/o on cost 250/fj On C05t Fixed asset inve5ttnents which are listed on tecognised stock exchanges ate stated ai year end rnatket value. Investhients which are unlisted are stsled at cost less provisions for reduction in value. Investment property InY¢sttnent property is Shown at most recent valu10n. Any aggr¢gate surplus or deficit arising froTn changes in fair value is recognised in the Statement of Financial Activities. Taxation The Charity is exempt from corporaiion tax on its charitable activities. Fund 3ccouRtiThg Unrestricted fvnds ¢an be used in accoTdance with the charithble objel¥e5 at the discretion of the trustee%. Restricted filnds can only be used for particular remricted PUTPOS¢S within the objects of the charity. Restrictions arise when specified by the donor or when fid$ ar¢ raised for P1¢Iar re5tri¢t¢d Pr>SeS. Further explanation of the nature and PUTpose of each fijnd is included in th¢ notes to the fmancial statements. Pension costs and other post-retiremeni benefits The charitable company opeTaies a defined contribution pension scheme. Contributions payable to ihe charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Page 12 coniinued...
Warrington TrniniDg Trust Ltd Notes to the Financial Ststernents- continued for the Year Ended 31 March 2025 ACCOUNTIf4G POLICIES- eontinued Pension costs other post-retlremet bener The charitable company 0rat¢ a defined benefit scheme. this has been a closed scheme since 30 June 1992 The n¢t obligation 15 calculated by estimating the amount of fijbjre benefit that ¢rnpl(ryees have eamed in return for their service in the prior periods, discountitig amount and deducting the fair value of any plan assets. This is a triennial calculation perforrned by a qualified actuary. WheD the ca]culation results in a benefic the recognised asset is limited to the ioral of any unrecolIsed pam service costs and the present value of economic benefits available in the fom of any firture refunds frorn the p]an QT firtU contributions to the plan. Remeasurement of the net defined benefit liabllity or which comprise acti]arial gains and losses, the return on plan assets (excluding tllterest) at)d the effect of the &8set ceilin& are wised immediately in the staternent of financial activities. The net interest expense on the net defined benefit liability or asset is detrrmined by applying the discowit rate used to measuTe the defined benefit obltgation the beginning of the annual wi(xl to the then nei defmed benefit liability or asset, tsking into account any changes in the nei defined benefit liability or asset during th¢ period a5 a result of contributions and benefit payments. Net inter1 expen alld other ewIS relafyj to defll)ed benefit plan5 are recognised in the ststement of fmancial activities. Financial instruments The company has elected io apply the provisions of Section I l aS1¢ Flllancial Instruments. and Sedion 12 '0ther Financial Instruments Issues, of FRS 102 all of its fiDan¢ial in5tn]m¢nts. Finan¢ial instruments are r¢cognis¢d in the compan$ slatement of finallcial position when the company becom¢5 paty to the contrdctual provisions of the instnunent. Financial assets and liabilities are offseL with th¢ net alnounts presented in the f]nancial ststements, when there is a legally enforceable right to set off the reColSed amounts and there is an intention to settle on a net basis or to rcalise th¢ net asset and settle the liability sitnultaneously. Basic financial g4s5ets Basic financial assets. which include debiors ajjd cash and bank balan are initially rnea5ured at transaction price including transaction costs and are subsequently caTtied at amortised costs using the effective interest method unle55 the arrangement constitutes a fmancing transaction, where the transaction is m&isured at the present value of the future receipts discounted at a rnarket rate of interesi. Financial assets C1]fIed as receivable within one year are not amortised. Other financial assets Other fancial sets, including investments in equity instnmients th1¢h are not 5ubsidiarie5, associates or joint ventures. are initially measured at fair value, which is nornially the transaction price. Such assets subsequently earried at fair value and the changes in fair value are recognised in profit or loss. except that investments in equity instruments that ar¢ not publically traded and whole fair values cannot be tne&qured reliably are measured at cost less impaimient. ImpairtNent of financial assets Financial assets, other ihan those held at fair value through profit or loss, are assessed for IndilorS of impainnent at each reporting end date. Page 13 continued...
WgrringtOD Tts1]8 Trnst Ltd Nottts to the Fillthneial Statements- continued for the Year Ended 31 Marcb 2025 ACCOUNTING POIJCIES- Co(]lled Financial instruments Financial assets are impaired where there is objective evtdence thaL as a re5uI¢ of one or more events that occutTed after the initial r¢cog)ition of the fuwicial &5seL th¢ ¢stimated firture flows have been affected. If an hssei is impaire the impairnient loss is the difference between the ¢arying alnount and the presenl value of the eslirllated cash flows discounted ai the et'S original effeciive interest ra*. The impainn¢nt10ss LS recolsed in profit or loss. Der£cognitioTr orfinancial assets Financial assets are derecognised only when the contracwal rights to the ¢a5h IIow5 from the asset expire or are settled, or when the cornpany transfers the financial &t and substantially all the risks and reward5 of ownerghip to another entity, or if some significant risks and rewords of ownership are tetsined but control of the asset has transferred io another pary that is able to sell the asset in its entirery to an UTw¢lated third party. Employee benefits The eosts of the short-ternj employtt benefits are recognised as a liability and an expense, unless those costs are required to be recogni5ed as part of the costs of stock or fixed a8sets. The cost of any unused holiday entitiemeni is recognised in the period in which the employee's service5 are received. Terniination benefits are Tecognised immediately as an expense when the company is demorstrably committed to t¢Tmlltste the employment of an ¢mploye£ or to provide teTminatiOD benefits. DONATIONS AND LEGACIES 31.3.25 31.3.24 OtheT income 827 606 OTHER TRADING AcfivITIES 31.3.25 31.3.24 Cafe income Photocopying recharge Other rentsl income Post recharge Electricity rechSe Water recharge Insurance rwharge 107 224 34.653 8,858 22,956 17,495 29,484 24,595 9.641 31,740 18.784 28,470 113.342 113,777 Page 14 continued...
Warrington Training Trust Ltd Notes to the Financial Ststements- continued for the Year Knded 31 March 2025 INVESTMENT INCOME 31.3.25 31.3.24 Rents received Deposit account interest 304.458 27 319,350 123 304.485 319,473 CHAIUTABLE AcfivITIES COSTS Grant fifftding of activities (see note 6) Concessiotwy rents given Grants paid 7,320 14,000 21.320 GRANTS PAYABLE 31.3.25 31.3.24 Concessionary rents given Grdnts paid 7,320 14,000 9,374 21,320 9,374 The total grdnts paid to institutions during the year was as follow5: 31.3.25 31.3.24 Start up concessionary rent5 given Local charities 7,320 14.000 9,374 21.320 9,374 Page 15 continued...
Warrittgton Trnining Trust Ltd Notes to the Financial Sta¢ements- continued for the Year EDded 31 March 2025 SUPPORT COSTS Governance ¢05ts Managemellt Finance Totsls Other resources expended 593.883 1,606 7,814 603.303 NET INCOMEI(EXPENDTfuRE) Nel incom41(expenditure) is Stated after ¢horgingl(creditiDg)". 31.3.25 31.3.24 Other operating leases Surplus on di5P05al of fixed assets Independent ¢xamin¢Vs fr¢ 3.084 {21) 2,900 3,091 2,500 TRUSTEES, REMuf4ERATION AND BENEFITS 31.3.25 31.3.24 TNstees' salaries Trustees, social security Trustees. pension contributions to money purchase 5cheme5 76,739 5,982 3.378 57,713 3,067 3,214 86,099 63.994 Mr B Dunnett was appointed as a directorltrustee on the 16th Dec£tnber 28. The Charity Commission gave dispensation on 10th Decetnber 2(M)8 10 allow Mr B Dutu)en to continues his emplo)rynent as business site maDager and financial accountst for which he receives an annual salary. The total salary shown above Telates to Mr Dunnett for his services as site manager and fmancial accounwit. No other Tn]ste£ salaries were paid in ihe year. Trustees, expenses 31.3.25 31.3.24 Tn(ees, expenses 353 10. STAFF COSTS 31.3.25 31.3.24 Wages and salaries Social security costs Other pension costs 115,175 8,383 4.986 86,519 4.577 4,943 128,544 96,039 Page 16 continued.-.
WarriDgloll Tr8inillg Trust Ltd Notes to the FiD*nrial Ststernents- contillued ror the Year Ended 31 March 2025 io. STAFF COSTS- contlDUtd The averdg¢ monthly number of e]nployees during the year was a% follows: 31.3.25 31.3.24 Management Athninistrative The nutnber of employees whose employee benefits (excluding employei peLsion costs) exceeded £60,000 was: 31.3.25 31.3.24 £60,001- £70,000 ii. TANGIBLE FIXED AETs FtKtures Computer equipment fittings Totals COST Ai l April 2024 and 31 March 2025 10,337 14,589 24,926 DEPRECIATION At l April 2024 and 31 March 2025 10,337 14,589 24,926 NET BOOK VALUE Ai 31 March 2025 At 31 March 2024 12. FIXED ASSET INVESTMENTS Unlisted investsn¢nts MARKET VALUE At l April 2024 Disposals 60,033 (60,033) At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 Mah 2024 60,033 There were no investtnent assets outside the UK. Page 17 continued...
Warrington TraiDiDg Trust Ltd Notes to the FittaDeial Statemefjts- CODtin¥ed for the Year Ended 31 March 2025 13. INVESTMENT PROPERTY FAIR VALUE At l April 2024 DissaI$ 1.500.000 (1,500,000) At 31 March 2025 NET BOOK VALUE At 31 March 2025 At 31 March 2024 1,500,000 Ineluded in investm¢nt property is freehold land va]ued at £712,930 (2024 - £712,930). The directors have cottsidered the valuation of the investtnent proEW and foll¢Nryng 2 review undertaken with the sistance of external professional advisoTS are of the opinion that the valuation should b¢ WTitten down to £1.5m.The property has been sold in the year for this value. 14. DEBTORS: AMOUNTS FALLIf4G DUE wrrHIN ONE YEAR 31.3.25 31.3.24 Trade debtors Other debtors Prepayments and accrued income 18.943 1,500,022 12,320 28.563 79,806 1,531,285 108,369 15. CREDITORS: AMOUPUS FALLING DUE WITHIN ONE YEAR 31.3.25 31.3.24 Bank loans and overdtaft% {see note 17) Trade creditors Social security and other tsxes VAT Other creditors Accruals and deferred income 619,834 178,947 15.663 3,815 57.366 108,005 58,392 130,725 3.312 10,507 38,880 22,830 983,630 264.646 Page 18 continued...
warrigtOn TraiDing Trust Ltd Notes to tbe Finaneial Statements- eontinued for th¢ Year Ended 31 March 2025 16. CREDITORS: AMOUNTS FALLtNG DUE AFfER MORE THAN ONE YEAR 31.3.25 31.3.24 Bank loans (see note 17) 623,283 The bank loan carries interest at 3.OIP/o above base and is charged on a monthly b&8iS. 17. LOANS An analysis of the marurity of loans is given below: 31.3.25 31.3.24 Amounts falling due within one y¢ar on dernand: Bank loans 619.834 58,392 Amounts falling betsyttn one and two yeaT5: Bank loans- 1-2 years 76,968 Amounts falling due between two and five year5: Bank loans- 2-5 years 243,309 Amounts falling due in more than five years: Repayable by tnstalments.. Bank loans more 5 y by instal 303,006 i& SECURED DEBTS The following secured debts are included wtthin creditors: 31.3.25 31.3.24 Bank loans 619,834 681,675 CAF Bank holds fixed and floating charges over the investment propety of the company at waington Business Park. Long Lane, Warrington. In¢luded within bank loans and overdrdfts is a balance of £37.640 re]ating to a Covid Bounce Back Loan from Natwest Bank which is repayable over 10 Year5 from November 2021 & an inierest rate of 2.5 %. Page 19 continued...
WarriDg¢on Tr4ining Trust Ltd Notes to the FinaDeial StatemeDts- tontinued for the Year Ended 31 March 2025 19. MOVEMENf IN FUNDS Net movement in ffimds Transfets between Ojnds At 31.3.25 Ai 1.4.24 Ullrestrieted funds General frd 374,927 (205.969) 416.057 585,015 Restricted funds Capital fund Training fijnd 356,342 59,378 (356,342) (59,715} 337 415.720 337 (416,057) TOTAL FUNDS 790.647 (205.632) 585,015 Net 0VeMent in funds, included ill the above are as follows: Incoming Resources expended Gains and losses Movement in ndS UDrestricted funds General fund 418.654 (624,6231 {205,969) Restricted funds Traitiing fid 337 337 TOTAL FUNDS 418,654 (624,623) 337 {205,632) Comp#rati¥¢s for movement in funds Nel ovement in fvnd5 At 31.3.24 At 1.4.23 Unrestrieted funds General fi]nd 943,781 (568,854) 374,927 R¢5tri¢ted funds Capital fund Training fid 356.342 56,882 356,342 59,378 2,496 413224 2,496 415,720 TOTAL FUNDS 1,357,005 (566,358) 790,647 Page 20 continued...
WarringtOD Trnining Trust Ltd Notes to the Financial Ststements- contittued lor the Year Ended 31 M*reh 2025 19. MOVEMENT IN FUNDS- Continued Comparntive net movernent in fi]nds, included in the above are as follows.. Incorning Resources Gains and resources expended losses Movement in funds Unrestricted funds General fiwd 433.856 (429.919) (572,791) {568.854) Restricted funds Training fund 2,496 2,496 TOTAL FUNDS 433.856 (429,919) (570,295) (566,358) A current year 12 months and prior year 12 months combined position is as follo. Net move]nent in fimds Trdnsfrrs between funds At 31.3.25 Ai 1.423 Unrestricted funds Generdl fund 943.781 (774.823) 416.057 585,015 Restricted fuDds Capital fund Training fimd 356,342 56,882 (356,342) (59,715) 2,833 413,224 2.833 {416,057) TOTAL FUNDS I,357,)5 (771,990) 585.015 A current year 12 tnonths and prior year 12 months combined net rnovetnellt tn fijnds. included in the above are as follows= Incoming TOUr(eS Rcsources expended Gains and losses Movetnent in funds Unrestricted fllnds General fijnd 852.510 (1,054,542) (572.791) (774,823) Restricted funds Training 2,833 2,833 TOTAL FUNDS 852.510 (1,054,542) (569,958) (771,990) Page21 continued...
Warrington Training Trust Ltd Notes to the FiTraDcig1 StstemeTrts- ntinued for the Year Ended 31 fvfarch 2025 20. EMPLOYEE BENEFIT OBLIGATIONS The company operdies a defmed benefit scheme. the assets of which are held in a separate tntee athninistered fid. Contributions are paid into the scheme in accordance with the recornrnendaiions of an independent actuary on the basis of triennial va]uations. The fi]nd was closed to new entrants and benefit awTual with effect 30th June 1992. The latest triertnial actuarial valuation was caTried otrt on 30th June 2023. The Tnjstees are cuentlY taking professional and legal advise in respect of the schelne and hav¢ appointed a new acw in order to complete the valuatign and provide advise to the TCeS on altern1Ve sirategies. Asstsmptions June 2023 July 2020 Market Value Market Value 6.4V 2.60/0 4.4/ 0.6D/ 3.40/ 2.80/ts 2./ Asset Value Pr¢ retirement discount rdte Post retirement discoLmt rate Retail price inflation Consurtjer price inflation Pension increases in paymenL% Pension revaluation in d¢f¢rm¢nt 3/0 2.30/0 Assets (Employer) Funds at Market Value Net current assets 99.000 5.000 Total 114000 Technieal provi5ion% Deferred Pensioners 34,000 Pensiorters 68,000 Surplus l (Deficit) Funding Level 102 /. Analysi5 of the movement in the benefit net asset during the period £'OOOs (64) 13) (20) 10 (41 74 SuTplus l (Shortfall) al previous valuation Interest on surpluslshortfall brought forward Investment wider perforn)ance ContributlOll5 Inflaiion Change in market conditions Change io SFP Page 22 continued...
WarriDgtoll Training Trust Ltd Notes to the Finaneial Statements- eontinued for the Year Ended 31 Marcb 2025 20. EMPLOYEE BENEFIT OBLIGATIONS- eolltilled Surplus l (shortfall) at present valuation on sample UmPtion The company will pay any professional fees and athninisir3tion costs rel*in8 to the management of the scheme. Defined Contribution Sthtme The chariry operates a defined contribution %herne. The Sets of which aTe held separately frorn the &%sets of the charity in an independently administered fund. The pension cost charye represents contributions payabl¢ by the charity to the fund ond atnounted to £4,986 (2024.. £4,943). 21. RELATED PARTY DISCLOSURES R¢lated party disclosures are Dude in not¢ 10 WKI 24 of the accounts. 22. ULTIMATE corfrROLLING PARTY The ultimate controlling party is the Board of Tnjstees. 23. KEY MANAGEMENT PERSONNEL The key management personnel of the charity comprise the tru5tee% and Chief Executive Officer. The totsl employee benefits of the key management rSonnel of the charity,in¢luding nSIOn contributions were £89,452 {2024.' £63.994). 24. FUNDS Capital Fund Monies received as part of the original development of the business park. TrninRng Fund Monies Teceived lo help wth the training needs of the residents of Warritigion. Page 23