Impact Training Nl Limited Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 45.867 1,331.533 74.589 6.607 991 1,099,432 46,858 2,430,965 74,589 6,607 562,171 2,175,839 84,828 1,555 Total income 1,458,596 1,100,423 2,559,019 2,824,393 Expenditure Expenditure on charitable activities Total expenditure 9,10 1,198.218 1,248,449 2,446,667 2,296,876 1.198.218 1,248,449 2,446,667 2,296,876 Net income 260.378 (148,026) 112,352 527,517 Transfers between fijnds {3,353) 3.353 Net movement in funds 257.025 (144,673) 112,352 527,517 Reconciliation of funds Total funds brought forward as previously reported Prior year adjustment Total funds brought forward as restated Total funds carried fonNard 5.610,554 157,721 5,768,275 4,082,746 1,158,012 5,240,758 5.610,554 157,721 5,768,275 5,867,579 13,048 5,880,627 5,768,275 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activrties. The notes on pages 27 to 41 fom) part of these financial statements. 24
Impact Training Nl Limited Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 16 2.423,830 17 1.893.631 2,509,659 1,836,887 4,317.461 4,346,546 Current assets Debtors Cash at bank and in hand 18 185,396 1,439,819 492,396 1,037,980 1,625,215 1,530,376 Creditors: amounts falling due within one year Net current assets 19 62,049 1,563,166 108,647 1,421,729 Total assets less current liabilities 5,880,627 5,880,627 5,768,275 Net assets 5,768,275 Funds of the charity Restricted funds Unrestricted fijnds 13,048 5.867,579 157,721 5,610,554 5,768,275 Total charity funds 22 5.880,627 These financial statements were approved by the board of trustees and authorised for issue on 18 September 2024, and are signed on behalf of the board by: Ls- Mr lan Jamison Trustee Mr vllIaM Hutchinson Trustee The notes on pages 27 to 41 fom) part of these finanGial statements. 25
Impact Training Nl Limited Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net income 112,352 527,517 Adjustments for Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued income 99,550 {6,607) 1,678 (12.480) 63,800 (1,555) 1,739 Changes in." stocks Trade and other debtors Trade and other creditors 500 (96,423) 52,867 548,445 307,000 (34,118) 467,375 Cash generated from operations Interest paid Interest received {1.678) 6.607 (1,739) 1,555 Net cash from operating acttvities 472.304 548,261 Cash flows from investing activities Purchase of tangible assets Proceeds from sale of tangible assets Purchases of other investments {13,721) (31,129) 97 (56,744) (558,433) {70,465) (589,465) Net cash used in investing activities Net increasel(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 401,839 1.037,980 (41,204) 1,122,150 1.439,819 1.080,946 The notes on pages 27 to 41 fomi part of these financial statements. 26
Impact Training Nl Limited Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 16 Lanark Way. Belfast, BT13 3BH. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment propertjes measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes. restricted incorne funds or endowment funds. 27
Impact Training Nl Limited Notes to the Financial Ststements (contlnued) Year ended 31 March 2024 Accounting policFes (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The ft)Ilowing specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts 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 rf unspent, in which case it may be regarded as restricted. 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 statement of financial activities to which it relates- expenditure on raising fvnds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable acts-vities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 28
Impact Training Nl Limited Notes to the Financial Ststsments (continued) Year ended 31 March 2024 Accounting policies f¢ontinued) Tangible assets (continued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Freehold property JACS Fixtures and fittings Motor vehicles Equipment 20Yo straight line 12°/a Straight line 12°/o Straight line 20°/fj Straight line 20°A straight line Investments Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment propety is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliabty measurable on an on-going basis. Investments in associates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date. the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort. the cost model will be adopted. Dividends and other distributions reiVed from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. 29
Impact Training Nl Limited Notes to the Financial Statements fcontlnued) Year ended 31 March 2024 Accounting policies (continued) Investments in joint ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisits'on. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Iwlhere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment tests'ng, when it 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 to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are inttially recognised at the amount receivable or payable including any related transackn'on costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 30
Impact Training Nl Limited Notes to the Financial Statements (conlinued) Year ended 31 March 2024 Accounting policies (continued) Financial instruments (continued) Vvhere investments in shares are publicly traded or their fair value can otheNise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging re5ationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impaiment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans 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 will lead to a reduction in future payments or a cash refund. Imien contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees 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. Llmited by guarantee Impact Training is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member. or within one year after he or she ceases to be a member. 31
Impact Training Nl Limited Notes to the Financial Statements (continued) Year ended 31 March 2024 Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations and fundraising Donated Asset 45,867 991 46,858 45,867 991 46,858 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations and fundraising Donated Asset 3,738 558,433 3,738 558,433 562,171 562,171 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 DEL TFS grant LEMIS JAC grant CFSP Jobstart Schools training CIT Employability Project Joinery project ISCYP Hub income Action Renewables Independent training GS Employability & Worklessness Programme Community Foundation Grant Elevate 22123 PHA Business Eye Fund- CFNI CLEAR BCC Bridges to Prog l Across the Line CDHN- Elevate Fit for a King Evening Enterprises PHA 1,325,739 397.688 551,161 14,874 3.611 1,723,427 551,161 14,874 3,611 56,883 56,883 575 575 4,910 4,910 39,750 39,750 18,245 5,000 4,720 18,245 5,000 4,720 309 7,500 309 7,500 1.099,432 1.331.533 2,430,965 32
Impact Training Nl Limited Notes to the Financial Statsments (Continued) Year ended 31 March 2024 Charitable activities (c¢>ntinued) Unrestricted Funds Restricted Total Funds Funds 2023 DEL TFS grant LEMIS JAC grant CFSP Jobstart Schools training CIT Employability Project Joinery project ISCYP Hub income Action Renewables Independent training GS Employability & Worklessness Programme Community Foundation Grant Elevate 22123 PHA Business Eye Fund - CFNI CLEAR BCC Bridges to Prog l Across the Line CDHN - Elevate Fit for a King Evening Enterprises PHA 1.115,168 344,576 561,012 24,688 1,207 1,459,744 561,012 24,688 1,207 7,263 44,195 3,257 650 1,049 10,196 2,707 34,750 4,000 3,000 6,121 12,000 7,263 44,195 3,257 650 1,049 10,196 2,707 34,750 4,000 3.000 6.121 12.000 1,137,583 1,038,256 2,175,839 Other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Management fees Rent receivable Refunds receivable Room hire 42,000 40,703 2,125 42,000 40,703 2,125 71,354 2,615 620 71,354 2,615 620 74,589 74,589 84.828 84,828 Investment income Unrestricted Total Funds Unrestricted Totsl Funds Funds 2024 Funds 2023 Interest re1vable - gross 6.607 6,607 1,555 1,555 33
Impact Training Nl Limited Notes to the Financial Statements (continued) Year ended 31 March 2024 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Charitable Activities Support costs 1.098,645 99,573 1,248.449 2,347,094 99,573 1.198,218 1,248.449 2,446,667 Unrestricted Funds Restricted Total Funds Funds 2023 Charitable Activities Support costs 1.249,931 103,254 943,691 2,193,622 103,254 2,296,876 1,353.185 943,691 10. Expenditure on charitable activities by fund type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Charitable Activities Governance costs 2.347,094 57,092 42,481 99.573 2,404,186 42,481 2.446,667 2.268,783 28,093 2.347,094 2,296,876 11. Analysis of support Analysis of Support Costs Total 2024 Total 2023 Staff costs Premises General office Finance costs Governance costs 36,544 12,646 6,224 1,678 42,481 36,544 12.646 6.224 1.678 42,481 50,798 15,847 6,775 1,739 28,093 99,573 99.573 103,252 12. Net income Net income is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 99.550 63,800 34
Impact Training Nl Limited Notes to the Financial Statements (continued) Year ended 31 March 2024 13. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 7.540 7,188 14. Staff 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 1,331.196 119,051 68,976 1,259,538 122,140 64,144 1,445,822 1,519,223 The average head count of employees during the year was 48 {2023'. 44). The average number of full-time equivalent employees during the year is analysed as follows: 2024 No. 2023 No. Impact Training Job Assist Centre 29 19 31 13 48 44 The number of employees whose remuneration for the year fell within the following bands, were: 2024 2023 No. No. £60,000 to £69.999 Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £129,407 (2023.'£116,128). 15. Trustee remuneration and expenses The trustees were not paid or received any other benefits from employment neither where they reimbursed expenses during the year. 35
Impact Training Nl Limited Notes to the Financial Statements {continuedJ Year ended 31 March 2024 16. Tangible fixed assets Freehold Plant and Fixtures and property machinery fittings Motor vehicles Equipment Total Cost At 1 Apr 2023 Additions 2,859,695 8.183 6.042 137,317 6,890 20,940 68,181 3,094,316 789 13,721 At 31 Mar 2024 2,859,695 14.225 144,207 20,940 68,970 3,108,037 Depreciation At 1 Apr 2023 Charge for the year 458,426 4.590 65,242 20,940 35,459 584,657 65,952 1,778 18,026 13,794 99,550 At 31 Mar 2024 524,378 6,368 83,268 20,940 49,253 684,207 Carrying amount At 31 Mar 2024 2,335,317 7,857 60,939 19,717 2,423,830 At 31 Mar 2023 2,401,269 3,593 72.075 32,722 2,509,659 17. Investments Investment properties Cost or valuation At 1 April 2023 Additions 1,836,887 56,744 At 31 March 2024 1,893,631 Impairment At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 1,893,631 At 31 March 2023 1,836,887 All investments shown above are held at valuation. 36
Impact Training Nl Limited Notes to the Financial Statements (continued) Year ended 31 March 2024 17. Investments (ntinued) Investment properties Investment properties comprise-. 1. 236-242 Shankill Road, Belfast 2. 1 Merkland Place, Belfast 3. Unit 1.unit 2 and 14 Lanark Way. Belfast. The fair value of the investment property has been arrived at on the basis of a valuation carried out in February 2022 by Rea Estates, who are not connected with the company. The valuation was made on an open market value. 18. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 49,746 31,141 104,509 185,396 277,832 19,556 195,008 492,396 19. Creditors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 18,815 10,764 23.346 9,124 85,403 23,244 62,049 108,647 20. Deferred income 2024 2023 At 1 April 2023 Amount released to income 1,158,012 (1,158,012) At 31 March 2024 21. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £68.976 (2023.. £64,144). 37
Impact Training Nl Limited Notes to the Financial Statements (continuedj Year ended 31 March 2024 22. Analysis of charitable funds Unrestricted funds At 1 Apr 2023 Prior year At Income Expendtture Transfers adjustments 31 Mar 2024 General funds Designated Fund Share Capital Revaluation Reserve 5,298.127 1.458,596 {1.145,380) (3,353) 5,607,990 11 312.416 (52,838) 5,610,554 1.458,596 (1.198,218) {3,353) 259,578 5,867,579 At Prior year At 1 Apr 2022 Income Expenditure Transfers adjustments 31 Mar 2023 General funds Designated Fund Share Capital Revaluation Reserve 3,060,693 1,786,137 (1.321.832) 615,117 1.158,012 5,298,127 398.000 (398.000) 343.769 (31.353) 3,802.462 1,786.137 (1,353.185) 217,128 1,158,012 5.610,554 312,416 Restricted funds At 1 Apr 2023 Prior year At Income Expenditure Transfers adjustments 31 Mar 2024 DEL TFS Grant LEMIS (JAC) Greater Shankill Partnership Jobstart CIT Employability Project GS Employability and Worklessness Programme Community Foundation Elevate PHA CFNI- Business Eye Fund Clear Belfast City Council Digital Hardship Fund Redundancy costs Donations Fit for a King CFSP PHA - Mental Health Support 397,687 (400,943) 551.161 (672,518) 3,256 121.357 3.611 (3.611) 15.270 56.883 (72.153) 39,751 5.000 (44,158) (5,712) 37 712 1,133 2,805 12,000 {1,133) (2,805) (20,546) 18,245 9,699 991 4,720 14,874 (991) (4,817) (14,874) 97 7,500 {4,188) 3,312 157,721 1,100,423 (1,248.449) 3,353 13.048 38
Impact Training Nl Limited Notes to the Financial Statements fcontinuedj Year ended 31 March 2024 22. Analysis of charitable funds (continued) At l Apr 2022 Prior year At Income Expenditure Transfers adjustments 31 Mar 2023 DEL TFS Grant LEMIS (JAC) Greater Shankill Partnership Jobstart CIT Employability Project GS Employability and Worklessness Programme Community Foundation Elevate PHA CFNI- Business Eye Fund Clear Belfast City Council Digital Hardship Fund Redundancy costs Donations Fit for a King CFSP PHA - Mental Health Support 344,576 (357.274) 12,698 561.012 (439.655) 121,357 24.688 1.207 (31,305) (1,207) 6,617 6,768 44.195 (35,693) 15,270 2,707 34,750 4,000 (2,707) (30,306) (3,288) 4,444 712 3,000 6,121 12,000 (1,867) (5.873) 1,133 2.805 12.000 2,557 34,516 239,000 (34.516) (239,000) 280,284 1,038,256 (943.691) (217,128) 157,721 Transfers have taken place during the year from unrestricted ndS to restricted to cover deficits which have arisen. Transfers have taken place in the prior year to remove redundancy costs of £239,000 to unrestricted funds as the funds are available for any use, no restrictions are in place for the usage of this. Furthermore, transfers have taken place from unrestricted funds to restricted funds for DEL TFS grant, Greater Shankill Partnership and Clear in the year to cover any deficit in the restricted funds. 39
Impact Training Nl Limited Notes to the Financial Ststements (contlnuedj Year ended 31 March 2024 23. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 2,423,830 1,893,631 1.612,167 (62,049) 5.867,579 2,423,830 1,893,631 1,625,215 (62,049) 5,880,627 13,048 13,048 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assets 4,346,546 4,346,546 1,372,655 (108,647) 5,610,554 157.721 1,530,376 {108,647) 5,768,275 157,721 24. Ethical standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 25. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 26. Contingencies A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied wtth and no liability is expected. 27. Analysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 1,037,980 401.839 1,439,819