COMPANY REGISTRATION NUMBER: 01447612 CHARITY REGISTRATION NUMBER: 511387 Lancaster Training Services Limited Company Limited by Guarantee Financial Statements 31 July 2024 RIV Chartered accountants & statutory auditor Second Floor, Riverside Offices 26 St George's Quay Lancaster LA1 1RD
Lancaster Training Services Limited Company Limited by Guarantee Flnanclal Statements Year ended 31 July 2024 Page Trustees, annual report (incorporating the directols report) Independent auditors report to the members Statement of financial activities (including income and expenditure account) 13 Slatement of financial position 14 Statement of cash flows 15 Notes to the financial statements 16 The following pages do not form part of the flnancial staiemenls Detailed stalemenl of financial activities 28 Notes to the detailed statement ol financial activities 30
Lancaster Training Services Limited Company Llmlted by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 July 2024 The trustees, who are also the direclors for Ihe purposes of company law, present Iheir report and the financial stalements of Ihe charity for the year ended 31 July 2024.
Lancaster Training Services Limited Company Limiied by Guarantee Truslees. Annual Report (Incorporating the Director's Report) (contInU) Year ended 31 July 2024 Reference and administrative details Reglstered charity name Lancaster Training Services Limited Charily regislration number 511387 Company registration number 01447612 Princlpal office and reglstered 5 Penrod Way office Heysham Lancasler LA3 2UZ The tru$t¢g8 Mr R W Little Mr G Sierpinski The Company Secretary and Chief Execulive Officer is Mr M Horabin. to whorn day lo day management of the charity is delegaled. Executive committee each member company is entitled to send a representative to the execulive committee meetings. Such representatives are not trustees. Kidds Transport Limited J & M Collinson Limited Darbyshire & Horabin Limiled {Irading as DCL Transport Lld) Westmorland and Furness Council Lancaster City Council l Quinn (Haulage Contractors) Carrs Billington Limited R W Liltle Esq (chair} S J Bargh Limited Bibbys of Ingleton G.Powell Esq G.Sierpinski Esq (Vice Chairl Auditor Riverside Accounlancy Lancasler Limiled Chartered accountants & slalulory auditor Second Floor. Riverside Offices 26 St George's Quay Lancaster LA1 1RD Bankers Barclays Bank PLC 38 Market Street Lancaster Lancashire LA1 1HR
Lancaster Training Services Limited Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Dlrector's Reporl) (contlnued) Year ended 31 July 2024 Sollcitors Oglethorpe, Sturton & Gillibrand 16 Caslle Park Lancaster LA1 1YG Structure. governance and managom•nt Goveming Document Lancaster Training Services is a charitable company limited by guarantee and has no authorised or issued share capital 12 members, as indicated in a list held at the registered olfice, agree lo contribute £200 each to the assets of the charity in the evenl of a winding up. The Company is governed by ils Mernorandum and Articles of Associalion dated 7 September 1979 as amended by a special resolution daled 13 November 1995. Management of the Charity's affairs is vested in ils executive committee. Appointment of trustee5 The directors and truslees are subject lo re-appointment annually by the members in the Annual General Me8ting. Trustee induction and training Trustees are given such advice and infomiation by the Chief Executive Officer as is necessary lo allow them to carry out their function. Organisation The operation and administration of Ihe charity is controlled by Mr M Horabin, Iraining manager and company secretary. Strategic issues and important business matters including setting the pay and remuneration of the ¢haritWs key managemeni personnel rest wilh the directors and truslees. They are able to use the advice of the executive committee. to which each of Ihe charity's members can send one representative. The Chair of executive meetings is the charitls chaimian. Mr R W Little. During the year the charity employed ong training manaoer, elev8n driving instructors, Seven in-house tutors and five administrative staff.
Lancaster Trainlng Services Limited Company Llmlted by Guaranlee Trustees, Annual Report (Incorporatlng the Dlrector's Report) (contlnued) Year ended 31 July 2024 Risk management The trustees have assessed the major risks to which the charity is exposed. in particular those related lo Ihe operations and finances of Ihe charily, and are satisfied Ihal syslems are in place lo mitigate our exposure lo Ihe major risks. The charitable company is striving lo build up its liquid assels in ils Current location and believes that il is taking ihe necessary sleps to achieve Ihis end. Public benefit The chariiy offers training opportunities to employees of member companies and lo others without reference to age, gender, race. or creed. The same criteria apply to trainees taken on under publicly funded schemes. The aim of the directors and Iruslees is lo provide ils facililies on a no profil no loss basis subj@ct to maintaining a satisfactory ongoing cash flow position. The directors and trustees believe that they have complied with the duty in Section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission. Oblectlves and actlvllles The charity's principal object as set out in the Memorandum of Association is to provide training for persons employed or inlending to be employed in Road Transport activitigs or such other persons employed or intending to be employed in such other activities as may benefit from the training services provided by the Company. The principal activity of the charity during ihe year was Ihe conlinuing provision of transport related training services lo ils members and other outside interests. The charity meets the standards required by the Education & Skills Funding Agency l Ofsted, the govemment body responsible for maintaining the standards of government funded training providers, thus Maintaining ils status as an approved Iraining centre in North Lancashir8 and South Cumbria. Policies adopted to further the objecls of the charily.. Maintaining slrong links with its member companies in order to continue the original principal activty. Conlinuing to be the approved Iraining cenlre for Ihe Educalion & Skills Funding Agency. Achieving high rates of qualification to secure a commensurate level of funding from the Education & Skills Funding Agency. Raising ihe profile of the charity to outside businesses through the wide range of road transport training services provided. Maintaining the standards required by the Education & Skills Funding Agency / Ofsted. To maintain the standards required for 'lnvestors in People,. To maintain links with Nalional bodies which support Ihe Charity in the pursuit of its objectives e.g. Th8 National Logistics Academy. The Road Transport Association.
Lancaster Training Services Limited Company Limited by Guarantee Trustees. Annual Report (Incorporatlng Ihe Dlrector's Report) (conllnuod) Year ended 31 July 2024 Achievements and performance In the financial year Ihe charily had an excess of incoming resources over oulgoing resources of £157,12012023 £90.702)all of which represents unrestricted funds. The principal funding sources are training allowanGe5 received frorn Skills Funding Agency and invoiced courses. The bulk of the charity's assets consisl of tangible fixed assets, all dedicated to the running of the charity. In consequence of the relocation following compulsory purchase of the company's prernises Ihe company had to eslablish 115 business al its Heysham location. The trustees believe thal the company will generate cash resources to allow the future developmenl of the charity's activities. ReseNes Policy The Irustees aim lo mainlain sufficienl reserves lo allow the Company to continue to provide ils training seNices to ils members and to the community. Unrestricted reseeS at 31 July 2024 are comprised as follows: Fixed Asset Reserves Free Fleserves Total £1,153,668 £982,100 £2,135,768 The trustees believe that free reseNes amounting to one half of annual running cosls woukl be appropriate to this charity, the largel level being £700.000. Free reserves now salisfy that level and the trustees will be looking for ways in which the charily's aclivilies can be developed commensurale with financial security. Investment powers and policy The Articles of Association permit the trustees to invest in Ihe name of the charity such part of the funds as they see fit. Pricing policy Pricing policy is such as lo provide members with training facilities at as reasonable a cost as possible. Indemnity insurance Indemnity insurance in respect of the trustees has been provided within a professional indemnity policy. The cost of this insurance amounted to £1.578 (2023: £1,265).
Lancaster Training Services Limited Company Limited by Guarantee Trustees, Annual Report (Incorporating the Direclor's Report) (continued) Year ended 31 July 2024 Financlal review A sumrnary of the results is as follows: 2024 2023 Total incoming resources 1.461.120 1,383,951 Total resources expended 1,304.000 1,293,249 Nel incoming resources for the year 157,120 90.702 Plans for lulur¢ pèriods -Increased take up of Driver Certrficate of Professional Compeience Courses -Increase Apprentice numbers on motor vehicle maintenance programmes -Expansion of comtnercial courses to include initial MOT tester training -more driver licence acquisition with category 'B' car drivers via an automatic electric vehicle Truslees, responslbllltles statemenl The trustees, who are also directors for the purposes of company law, are responsible for preparing the Iruslees, report and the financial slalements in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charty trustees to prepare financial statements for each y8ar which give a true and fair view ol the State of affairs of the charitable company and the incoming resources and application of resourc8s, including the income and expenditure. for that period. In preparing these financial slalemenls, Ihe trustees are required to: select suitable accounting policies and then apply them consistenlly. observe Ihe melhods and principles in the applicable Charilies SORP. make judgments and accounting estimates that are reasonable and prudent.. prepare the financial slalemenls on the going concern basis unless il is inappropriate to presume that the charity will continue in business.
Lancaster Tralning Services Limited Company Llmited by Guarantee Trustees, Annual Report (Incorporating the Dlrector's Report) (¢ontlnuad) Year ended 31 July 2024 The trustees are responsible for keeping adequate accounling records that are sufficient to show and explain the charity's transactions and disclose wilh reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial slatements comply with the Companies Act 2006. They are also responsible lor safeguarding Ihe assets of the charity and hence for laking reasonable sleps for the prevention and detection of fraud and olher irregularities. Auditor Each of the persons who is a trustee at the date of approval of this rep)rt confirms that: so far as they are aware, there is no relevant audit infomiation ol which the charity'5 auditor is unaware; and they have taken all steps thal they ought to have laken as a trustee to mak8 themselves aware of any relevant audit inforrnation and to eslablish that the charty's auditor is aware of that information. Small company provlslons This report has been prepared in accordancg With the provisions applicable to companies entitled to Ihe small companies exernption. The trustees. annual report was approved on 15 November 2024 and signed on behalf of Ihe board of truslees by: Mr R W Little Trustee
Lancaster Training Services Limited Company Limiied by Guarantee Independent Audiior's Report to the Members of Lancaster Tralnlng Servlces Limlted Year ended 31 July 2024 Opinlon We have audited Ihe financial slatements of Lancasler Training Services Limiled (the 'charilY) for the year ended 31 July 2024 which comprise the statement of financial aclivities (including income and expendilure accounl), slatement of financial position, statement of cash flows and the related notes, including a sumtnary of significant accounting policies. The financial reporling framework Ihal has been applied in their preparalion is applicable law and Uniled Kingdom Accounting Standards. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a twe and lair view of the state of the charty's affairs as at 31 July 2024 and of its incoming resources and application of resources. including its income and expenditure, for Ihe year Ihen have been properly prepared in acrdanCe with Unrted Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 21)06. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UKI) and applicable law. Our rgsponsibilities under those standards are further described in the auditor's responsibilities for the audit of the linan¢ial slatemenls section of our report. We are independent of the charity in accordance with the ethical requiremenis ihal are relevant to our audit of the financial slalemenls in the UK, including the FRC'S Elhical Slandard, and we have fullilled our olher ethical responsibililies in accordance wilh these requirements. We believe Ihal Ihe audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relatlng to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concern basis of accounting in Ihe preparation ol the financial statements is appropriate. Based on the worf( we have performed, we have nol idenlrfied any malerial uncertainties relating to evenls or conditions that. individually or collectively. may cast significant doubt on the charity's ability to continue as a going conGem lor a period of at least Iwelve 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 Ihe relevant sections of this report.
Lancaster Trainlng Services Llmited Company Limited by Guarantee Independent Auditor's Report 10 the Members of Lancaster Training Services Limited (contlnuod) Year ended 31 July 2024 Other Informatlon The other information comprises the information included in the annual report, other than the financial statemenls and our auditor's report thereon. The trustees are responsible for the other informalion. Our opinion on the financial stalemenls does nol cover the other information and, except lo the extent otheiSe explicitly stated in our report, we do not express any form of assurance Gonclusion Ihereon. In Gonnection with our audit of the financial statements, our responsibilily is lo read the other infomiation and. in doing so, consider whether the other information is materially inconsistent with Ihe financial slalements or our knowledge obtained in the audil or olherwise appears lo be materially misstated. 11 we idenlify such material inconsistencies or apparenl material misstatements, we are required to delermine whether there is a material misstatement in the financial statements or a material misstatement of the other informalion. If. based on the work we have performed. we conclude Ihat Ihere is a material misslatement of this olher inlormalion, we are required to report that fact. We have nothing to report in this regard. Oplnlons on other matters prescrlbed by the Companles A¢1 2006 In our opinion, based on the work undertaken in the course of the audit: the inlormation given in the trustees. report for the financial year for which the financial statements are prepared is consistent with the f inancial slatements. and the trustees, report has been prepared in accordance with applicable legal requirements. Malters on which we are r8quired to report by exc•plion In the light of the knowledge and understanding of the charity and ils environment obtained in Ihe course of the audil. we have not identified material misstatemenls in Ihe Iruslees, report. We have nothing to report in respect ol the following matters in relation lo which the Companies Act 2006 requires us lo report Io YOLJ if, in our opinion.. adequate accounting records have not been kept. or relums adequate for our audit have not been received from branches nol visited by us. or the linancial statements are not in agreement with the accounting records and relurns. or certain disclosures of trustees, remuneration specified by law are not made.. or we have nol received all Ihe informalion and explanations we require for our audil. or the trustees were not enlilled to prepare Ihe financial statements in accordance with the small companies regime and lake advantage of the small companies, exempiions in preparing the directors, report and from the requirement to prepare a strategic report.
Lancaster Training Services Limited Company Llmlted by Guarantee Independent Audltor's Report to the Members of Lancaster Training Services Limited (contlnued) Year ended 31 July 2024 Responsibilities of trustees As explained more fully in the Iruslees, responsibilsties statement, the trustees Iwho are also the direclors for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, ancl for such internal control as the trustees determine is necèssary to enable the pr8paration of financial statements that are free from material misstalement, whether due to fraud or error. In preparing Ihe financial slaternents. the trustees are responsible for asse55ing the charity's abilty lo Conlinue as a going concern, disclosing, as applicable, matters related lo going concern and using the going conrn basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alt8rnaliv8 but to do so. Audllorfs responsibilitles for the audlt ol the flnan¢lal statements Our objeclives are to oblain reasonable assurance aboul whether the financial stalements 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 conducted in accordance with ISAS (UK) will always detect a material m isslatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence Ihe 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 responsibililies, outlined above. to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable ol detecting irregularities, including fraud is detailed below.. Fleview of trustees minutes and review of nominal poslings for leoal and professional fees ensured we idenlified any regulatory compliance issues and laws that charity musl follow in Ihe year and to the date of signing the financial statements Enquiry of managernent and those charged with governance around actual, suspected and alleged fraud DLfring the audit we speak to trustees, test the systems and speak to various rn8mbers of the finance function to understand the entity its processes and the nature of trade to a5SlSt in determining if Ihe financial statements are true and fair. Challenging assumpiions made by management in making their significant accounting estimates. Reviewing financial statement disclosure and testing io supportino documenlalion lo assess compliance wilh applicable laws and regulalions 10
Lancaster Training Services Limited Company Limited by Guarantee Independent Audltor's Report to the Members of Lancaster Tralnlng Servlees Limiied (contlnued) Year ended 31 July 2024 As parl of an audil in accordance wilh ISAS (UKI, we exercise professional judgment and rnainlain professional scepticism Ihroughoul the audit. We also: Identify and assess the risks of malerial rnisstatement of the financial statements, whelher due to fraud or error, design and perform audit procedures responsive lo those risks. and oblain auclil evidence Ihal is suff icienl and appropriate to provide a basis for our opinion. The risk of not detecting a malerial misstalement resulling from fraud is higher than for one resulting from error. as Iraud may involve collusion, forgery, intentional omissions, misrepresentalions, or Ihe override of internal control. Obtain an underslanding of internal control relevant lo Ihe audil in order to design audit procedures that are appropriate in the circumslances, but nol for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accountino eslimales and related disclosures made by the trustees. Conclude on the appropriateness of the Irustees. use of the going concern basis ol accounting and. based on Ihe audil evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significanl doubl on the charity's ability lo continue as a going concern. If we conclude that a malerial uncertainly exists. we are required to draw allention in our auditor's report to the relaled disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence oblaine(J up io Ihe dale of our auditorfs report, However, future events or condilions may cause the charity to cease to conlinue as a going concern. Evaluate the overall presentalion. struclure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner Ihat achieves fair presentalion. 11
Lancaster Training Services Limited Company Limlled by Guarantee Independent Audltor's Report to the Members of Lancaster Training Services Llmited {¢ontlnued) Year ended 31 July 2024 We communicate wilh those charged with governance regarding. among other matters, the planned scope and liming of the audit and significant audit lindings, including any significant deficiencies in inlernal control that we idenlify during our audil. Uso of our report This report is made solely lo th8 charity's members, as a body, in accordance with Chapier 3 of Part 16 of Ihe Companie5 Acl 2006. Our audit work has been undertaken so that we might state lo the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullesl extent permitted by law, we do not accept or assume responsibility to anyane other than the charity and the charity's members as a body, for our audit work, lor this report, or for the opinions we have lormed. Lyndsay Nicholson ACA (Senior Stalulory Auditor) For and on behalf of Riverside Accountancy Lancaster Limited Chartered accounlanls & stalulory auditor Second Floor, Riverside Off ices 26 St George's Quay Lancasler LA1 1RD 18 November 2024 12
Lancaster Training Services Limited Company Limited by Guarantee Statement of Financial Activities (including income and expendilure account) Year ended 31 July 2024 2024 Unrestricled Endowment funds funds Total funds Total funds 2023 Note Income and endowments Charitable activities Other Irading activilies Investment income 1.445,748 9,833 5.539 1,445,748 9,833 5,539 1,365,403 16,599 1,949 Total income 1.461.120 1,461,120 1,383,951 Expendlture Expendilure on charitabla activities Taxation 8.9 1.291.428 11 3,654 1,295,080 1.291.426 3,654 1.295,080 1.293,249 Total •xpendllure 1.293.249 Net Income and net movement In funds 166,040 166,040 90,702 Reconciliatlon of funds Total lunds brought forward Tolal funds carrled forward 1,936,229 42,419 1,978.648 1,887.946 2,102.269 42,419 2,144.688 1.978.648 The slatement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from conlinuing activities. The noles on pages 16 to 26 fonn part ol those flnanclal statements. 13
Lancaster Training Services Limited Company Llmited by Guarantee Statement of Flnanclal Posltlon 31 July 2024 2024 2023 Nole Flxed assels Tangible fixed assets 15 1.152.588 1.193.973 Current assels Slocks Debtors Cash at bank and in hand 16 17 6,100 170,026 1,006.428 1.182.554 4,600 137,031 818,588 960,219 Credilors: amounts falling due within one year Net current assets 18 190,454 992,100 175,544 784.675 Totsl assets less current Ilabllllles 2,144,688 1,978.648 Nel assels 2,144,688 1.978,648 Funds of the charity Endowment lunds Unreslricted funds 42,419 2,102,269 42,419 1 ,936,229 Tol81 charlty funds 20 2,144,688 1,978.648 These financial statements have been prepared in accordance wilh the provisions applicable to companies subjecl to the small companies, regime. These financial slalements were approved by the board of trustees and aulhorised for issue on 15 November 2024, and are signed on behalf of the board by= o,I.J Mr R W Little Trustee The notes on pages 16 to 26 form part of these financlal statements. 14
Lancaster Training Services Limited Company Limlted by Guarantee Statement of Cash Flows Year ended 31 July 2024 2024 2023 Cash flows from operating acllvitles Net income 166,040 90.702 Adjustments lor.. Depreciation of tangible fixed assets Olher interest receivable and similar income Interest payable and similar charges Taxation Accrued expenses 47.183 15,539) 47,501 (1.949) {81 3,654 5,610 Changes in.. Stocks Trade and other debtors Trade and other creditors 11.500} 125,2181 1,523 900 (17.951) 22,743 Cash generated from operations 191,753 141,938 Interest paid Inleresl reiVed Tax paid Net cash froffl operating activities 5,539 (3,6541 193,638 1.949 143,895 Cash Ilows from investing activities Purchase of tangible assets Net cash used in investing activities 15,798} {5,7981 12.8081 {2.808) Net increase In ca8h and cash equivalents Cash and cash oqulvalents at beglnning of year Cash and cash equivalents at end ol year 187,840 818,588 141.087 677.501 1,006,428 818,588 The notes on pag88 16 to 26 form part of these flnanclal stalements. 15
Lancaster Training Services Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2024 General information The charity is a public benefit entity and a private Company limiled by guarantee, registered in England and Wales and a registered chariiy in England and Wales. The address ol the registered office is 5 Penrod Way, Heysham, Lancaster, LA3 2UZ. Stalemenl of compliance These financial stalements have been prepared in compliance wilh FRS 102, 'The Financial Reporting Slandard applicable in the UK and the Republic of Ireland.. the Slatemenl of Recomrnended Practice applicable lo charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charitie5 SORP IFRS 102)) and the Companies Acl 2006. Accountlng policies Basls of preparallon The financial slalemenls have been prepared on the historical cost basis, as modified by the revalualion of certain financial assels and liabililies and investmgnt propertias measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the enlity. Going Concern The accounts show a surplus of £157,120 and Ihere are no material uncertainties regarding going concern. There are also total reserves of over £2.1 m. Therefore in the opinion of the trustees the financial statements should be prepar8d on a going cOnM basis. Support costs Support cosls are those Ihat assisl the work of the charity but do not directly represent charitable activities and include office costs. governance cosls. adminislralive payroll costs. They are incurred directly in support of expenditure on the objects of the charity- Where support cosls cannol be directly attribuled lo particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistenl with use of Ihe resources. Judgements and key sources of eslimalion uncertainty In the application of the charity's accounling policies, Ihe trustees are required to make judgements, estimates and assumptions about the carrying amounl of assets and liabilities Ihal are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other faclors Ihal are considered relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period which Ihe eslimale is ViSed where Ihe revision affecls only that period, or in the period of the revision and future periods where the revision affects b)th current and future periods. 16
Lancaster Training Services Limited Company Limited by Guarantee Notes lo the Flnanclal siatemenls (conllnuod) Year ended 31 July 2024 Aceountlng pollcles {conllnu8d) Income lax The taxation expense represenls Ihe aggregale amount of current and deferred tax recognised in the reporting p8riod. Current tax is recognised on taxable income or expenditure for the current and past periods. Current tax is measured al the amounts of tax expected to pay or recover using the tax rates and laws that have been enacled or substantively enacled at the reporting date. Delerred tax is recognised in respect of all timing differences al the reporting dale. Unrelieved tax losses and other deferred tax assets are rocognised to the extent Ihat it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred lax is measured using the tax rates and law that have been enacled or substantively enacted by the reporting date Ihat are expected to apply to the reversal of the timing difference. Fund accounllng Unrestricted funds are available for use al Ihe discretion of the Iruslees to further any of the charity's purposes. Designated lunds are unreslricled funds eamarked by the trustees for parlicular lulure projecl or commitment. Reslricled funds are subjected to restrictions on their expendilure declared by the donor or Ihrough the terms of an appeal, and lall into one of two sub-classes: restricted income funds or endowment funds. Incomlng resources All incoming resources are included in the slalemenl of financial activities when entitlement has passed to the charity. it is probable thal the economic benefits associated with the Iransaclion will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular calegories ol income: inwme Irom donations or grants is recognised when there is evidence of entillemenl to the gift. receipt is probable and its amount can be measured reliably. legacy income is re¢ognised when receipt is probable and enlitlemenl is established. income from donated goods is measured al Ihe fair value of Ihe goods unless this is impractical to measure reliably, in which case Ihe value is derived from Ihe cosl lo the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the valu8 can be reliably measured. No amounts are included for the contribution of general volunleers. income from contracls for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspenl, in which case it may be regarded as restiicted. 17
Lancaster Training Services Limited Company Llmited by Guarantee Notes to the Flnanclal Statements (ContIn) Year ended 31 July 2024 Accounting policies (continued) Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statemenl of financial activities to which il relates= expendilure on raising funds includes the costs of all fundraising activities. events. non- charitable trading activilies. and the sale of donated goods. expendilure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating to the governance of the charity apportioned lo charitable activities. other expenditure includes all expencliture that is neither related lo raising funds for the charity nor part of ils expenditure on charilable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single aclivity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Oporating leases Lease payments are recagnised as an expense over the lease term on a straight-line basis. The aggregale benefit of lease incentives is recognised as a reduction to expense over the lease term. on a Slraight-line basis. Tanglble assels Tangible assets are initially recorded at cost, and subsequenlly slated al cost less any accumulated depreciation and impairrnent losses. Any tangible assets carried at revalued arnounls are recorded at the fair value at the dale ol revaluation less any subsequent accumulaled depreciation and subsequent accumulated irnpairmenl losses. An increase in the carrying amount of an asset as a result ol a revaluation, is recognised in other recognised gain5 and losses, unless it reverses a charge for impairmenl thal has previously been recognised as expenditure within the statement of financial activities. A decrease in Ihe carrying amount of an asset as a result of revalualion. is recognised in other recognised gains and losses. except to which il offsels any previous revaluation gain, in which case the loss is shown wilhin olher recognised gains and losses on the statement of financial activities. Deprecialion Depreciation is calculated so as to write off the cost or valuation of an asset, less ils residual value, over the useful economic lif8 of that asset as follows: Freehold propety Plant and machinery 1 •/• Straight line 25% straighl line 18
Motor vehicles Equipment 25°/0 slraight line 15 /0 slraighl line 18
Lancaster Training Services Limited Company Llmlled by Guarantee Notes 10 the Financial Statements {¢ontlnu8d) Year ended 31 July 2024 A¢counling policies (conHnued) Impairment of flxed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being eslimated where such indicators exist. Where the carrying value exceeds Ihe recoverable amount, the asset is impaired accordingly. Prior impaimienls are also reviewed for possible reversal al each reporting date. For the purposes of impairment testing, when il is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit lo which the asset belongs. The cash-generating unit is Ihe smallesl identifiable group of assets that includes the asset and generales cash inflows that largety independent of the cash inflows from olher assels or groups of assets. For impairrnent testing of goodwill. the goodwill acquired in a business combination is. frotn the acquisition date. allocated to each of Ihe cash-generating units that are expected to benefit from the synergies of the combination. ieSpeCtive of whether other assels or liabilities of the charity are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling price less cosls lo complete and sell. Cosl includes all costs of purchase, costs of conversion and other costs incurred in bringing ihe slock to its present location and condilion. 19
Lancaster Training Services Limited Company Limlted by Guarantee Notes to Ihe Flnanclal siatements fwJtlnu8d) Year ended 31 July 2024 Accountlng pollcle8 (contlnued) Flnancial instruments A financial asset or a financial liabilty is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. unless the arrangemenl ¢onslitules a financing transaction, where il is recognised at the present value of Ihe future paymenls discounted at a market rate of interest for a similar debt instrurnent. Current assets and current liabililies are subsequently measured al the cash or other consideration expected to be paid or received and not discounted. Debl instruments are subsequently measured al amortised cosl. Financial assets that are measured at cost or amortised cost are reviewed lor objective evidence ol impairment al the end of each reporting date. If there is objective evidence of impairment, an impaimient loss is rgcognised under the appropriate heading in the slatemenl of financial activtties in which the initial gain was recognised. For all equity inslrumenls regardless of significance. and other financial assels that are individually significanl, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped an Ihe basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the exlenl that the reversal does not result in a carrying amount of Ihe financial asset that exceeds what the carwng amounl would have been had Ihe impairment noi previously been recognised. Defined conlrlbullon plang Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will18ad to a reduction in fulure payments or a cash refund. When conlribulions are not expected to be settled wholly wilhin 12 months ol the end of the reporting date in which the ernployees render the related service. the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises, Llmlted by guarantee Lancaster Training Services Limited is a charitable company limit8d by guarantee and has no authorised or issued share capital. 12 members as indicated in a list held al the Registered Office agree to contribule £200 each to the assets of the charity in the ev8nt ol a winding up. 20
Lancaster Training Services Limited Company Limited by Guarantee Notes to the Financlal Stalements (conti) Year ended 31 July 2024 Charltabl• activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Training allowances Course fees 655.682 790.066 655,682 790,066 417.041 948.362 417.041 948.362 1.445.748 1,445,748 1.365,403 1.365,403 Other Ir8dlng actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Membership fees Miscellaneous income 250 9.583 250 9.583 250 16,349 250 16.349 9.833 9,833 16,599 16.599 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interesl receivable 5,539 5.539 1,949 1,949 Expenditure on charitable activilies by fund type Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Training cosls Support costs 1,278,425 13.001 1,278,425 13.001 1,285,034 8,215 1,285,034 8.215 1.291.426 1,291.426 1,293,249 1,293,249 Expgnditure on charitable activilies by activily type Aclivities undertaken direclly Support cosls Total funds 2024 Tolal fund 2023 Training costs 1,278,425 13,001 1,291,426 1,293,249 21
Lancaster Training Services Limlted Company Limited by Guarantee Notes lo the Financlal Statements (contlnued) Year ended 31 July 2024 10. Analysis of support costs Audit and accountancy Total 2024 Total 2023 Finance costs 13,001 13,001 8,215 11. Taxation Malor eomponents of tax expense 2024 2023 Current lax: UK current tax expense Taxation 3,654 3,654 The charity's non primary income has exceeded Ihe £80,000 Ihreshold and therefore the excess has become chargeable to corporalion tax. Reconciliation of lax expense The lax assessed on the income for the year is lower than {2023'. lower than) the slandard rate of corporalion tax in the UK of 191.12023: 199/). 2024 2023 Income before taxation 169,694 90.702 Income by rate of lax Adjustment to tax charge in respect of prior periods Effect of income exempi from lax Tax on income 29,853 1,654 127,853) 3.654 17,233 (17,233) 12. Net income Net income is stated alter ¢hargingl(creditingl-. 2024 2023 Depreciation of tangibl8 fixed assels 47,183 47,501 22
Lancaster Training Services Limited Company Limited by Guarantee Notes to Ihe Financial Statemenls (contlnu8d) Year ended 31 July 2024 13. Stalf costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 752,339 66,905 58,668 748,941 63,502 55.427 877,912 867,870 The average head count of employees during the year was 26 (2023.. 261. The average number of full-time equivalenl employees during the year is analysed as follows: 2024 No. 2023 Management and administration Operations staff 16 16 20 20 The number of employees whose remuneration for the year fell within the following bands, were: 2024 2023 No. £70.000 to £79,999 14. Trustee remuneration and expenses No trustee received any Muneration from the charity during either of Ihe Iwo financial years. Travel expenses reimbursed to trustees amounted to £3.675 (2023 - £1.7881. During the year the Charity paid £77.011 (2023 £60,956) in remuneralion lo key management personnel. 23
Lancaster Training Services Limited Company Limlted by Guarantee Noies to the Financial Statements (contlnued) Year ended 31 July 2024 15. Tangible fixed assets Freehold Plant and property machinery Motor vehicles Equipment Totsl Cost At 1 August 2023 Additions Disposals At 31 July 2024 DepCIatIOn At 1 August 2023 Charge for Ihe year Disposals At 31 July 2024 Carrying amount At 31 July 2024 At 31 July 2023 1,282,127 330,766 1,741 152,622) 279,885 327,917 115,978 2,056,788 4,057 5.798 {14.9901 167,612) 105,045 1,994,974 1,282,127 327.917 162.766 10,222 297.509 19,302 152.622) 264,189 294,268 14.087 108,272 3.572 114,9901 96.854 862.815 47.183 167,6121 842.386 172,988 308.355 1.109.139 15.696 19,562 8,191 1.152.588 7,706 1,193,973 1.119.361 33.257 33,649 16. Stocks 2024 2023 Raw rnalerials and consumable5 6,100 4,600 17. Deblors 2024 2023 Trade debtors Prepaymenls and accrued income 96,724 73,302 72,250 64,781 170.026 137,031 18. Credltors: amounts falling du8 wlthln one year 2024 2023 Trade creditors Accwals and deferred income Social security and other taxes 33,240 116,487 40,727 19,049 103,100 53,395 190,454 175,544 24
Lancaster Training Services Limited Company Limited by Guarantee Notes lo the Flnanclal Statements (eonllnued) Year ended 31 July 2024 19. Ponsions and other post retirement benefits Deflned conlrlbutlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £58,66812023.' £55,427). 20. Analysis of charltable funds Unreslrlcled funds Al 1 August 202 Al Income Expenditure 31 July 2024 General funds 1,936,229 1,461,120 11,295,080) 2,102,269 At 1 Augusl 202 At Income Expenditure 31 July 2023 General funds 1,845,527 1,383,951 11,293,249) 1.936,229 Endowment funds At 1 August 202 Al Income Expenditurg 31 July 2024 Endowment fund 42.419 42.419 At 1 Augusl 202 At Income Expenditure 31 July 2023 Endowment lund 42,419 42,419 25
Lancaster Training Services Limited Company Limlted by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 21. Analysls ol net assets between funds Unrestricted Endowment Total Funds Funds Funds 2024 Tangible fixed assets Currenl assets Creditors less than 1 year Net assels 1,110,169 1.182.554 {190.454) 2,102,269 42,419 1,152,588 1.182,554 {190.454) 2.144,688 42,419 Unrestricted Endowment Total Funds Funds Funds 2023 Tangible fixed assels Current assels Creditors less than 1 year N81 assets 1,151,554 960,219 (175,5441 1.936,229 42,419 1.193.973 960,219 {175,5441 1,978.648 42,419 22. Analysls of changes in net debt Al At 1 Aug 2023 Cash flows 31 Jul 2024 Cash at bank and in hand 818,588 187,840 1,006,428 23. Operatlng lease commitments The total future rninirnum lease payments under non-cancellable operaling leases are as lollows: 2024 2023 Not later than 1 year 286 286 26
Lancaster Training Services Limited Company Limited by Guarantee Management Information Year ended 31 July 2024 The following pages do nol form part of tha financial stalemontg.
Lancaster Training Services Limited Company Limited by Guarantee Detailed Slatemeni of Financial Actlvltles Year ended 31 July 2024 2024 2023 Income and endowments Charllable activities Training allowances Course fees 655.682 790.066 417,041 948.362 1,445,748 1.365,403 Othèr tradlng activilies Membership fees Misc8llaneous income 250 9.583 250 16.349 9,833 16.599 Investment Income Bank inleresl receivable 5,539 1,949 Total income 1,461,120 1,383,951 28
Lancaster Training Services Limited Company Llmlted by Guaranlee Detalled Statement of Financial Activitles (contlnued) Year ended 31 July 2024 2024 2023 Expenditure Expenditure on charitable activities Wages and salaries Employerfs NIC Pension costs Rates and water Lighl and heal Repairs and rnaintenance Insuran Other establishment Motor vehicle expenses Vehicle leasinglhire Other motorltravel costs Legal and professional fees Telephone Other office costs Depreciation Other interest payable and similar charges Bad debts Teaching course expenditure ADR course fees Sundry 752,339 66,905 58,668 10,425 (3,1351 13,273 15,839 11,525 88.872 4,158 6.685 17,327 4,177 26,093 47,183 748,941 63.502 55,427 9.404 (1521 13,639 15,198 9,350 123,639 4,078 5.382 8,796 3,235 21,313 47.501 {8) 76 125.192 11,029 27,707 553 125,146 10,110 35,283 1.291,426 1,293.249 Taxallon Current laxation chargelcredil 3,654 Total expendllure 1.295.080 1,293,249 Nel income 166.040 90.702 29
Lancaster Training Servlces Limited Company Limited by Guarantee Notes lo the Detailed Statemeni of Financial Activities Year ended 31 July 2024 2024 2023 Expenditure on charitable activitles Tralning costs Actlvitles undertaken direclly Direct charitable activity 1 wageslsalaries Direct charitable acliviiy 1 employerfs NIC Dirgct charitable activity 1 pension cosls Direct charitable activity 1 rales & water Direct charitable activity 1- light & heal Direct charitable activity 1 repairs & maintenance Direct charitable aclivity 1 insurance Direct charitable activity 1 cleaning Direct charitable activity 1 motor vehicle expenses Direcl charitable activity 1- bank charges Direct charitable activity 1 - compuler costs Direcl charitable activity 1- legal and professional fees Direct charilable activity 1- telephone Direct charilable aGtivty 1 other office costs Direct charitable activlty 1 deprecialion Direct charilable activily 1 other interest payable and similar charges Direcl charitable activity 1 bad debts Direcl charitable activity 1 - teaching course expenses Direct charttable activity 1 - ADR course fees DireGI Gharitable activity 1 - sundry 752.339 66,905 58.668 10,425 (3,1351 13,273 15,839 11,525 88,872 4,158 6,685 4.326 4.177 26,093 47,183 748.941 83,502 55,427 9,404 (1521 13,639 15.198 9,350 123.639 4,078 5,382 581 3,235 21,313 47,501 (81 76 125.192 11,029 27,707 553 125,146 10.110 35.283 1.278.425 1,285,034 Support costs Support charitable activiiy 1 legal and professional fees 13,001 8,215 Exp•ndlture on charltable activities 1,291,426 1,293,249 30