CTS Ltd
Statement of Financial Activities (including an income and expenditure account) For the Year Ended 31 March 2023
| Restricted | Unrestricted | ||||
|---|---|---|---|---|---|
| funds | Funds | 2023 Total | 2022 Total | ||
| Notes | £ | £ | £ | £ | |
| Incoming Resources | |||||
| Incoming Resources from Generating Funds; | |||||
| Voluntary Income | 2 | - | 45,190 | 45,190 | 209,179 |
| Activities for Generating funds | 3 | - | 577,737 | 577,737 | 515,090 |
| Other Incoming Resources | 4 | - | 10,750 | 10,750 | 38,131 |
| Children In Need | 23,631 | - | 23,631 | 43,903 | |
| Total Incoming Resources | 23,631 | 633,677 | 657,308 | 806,303 | |
| Resources Expended | |||||
| Purchases | - | 7,625 | 7,625 | 539 | |
| Staff Costs & Trainee Allowances | 6 | 29,547 | 267,764 | 297,311 | 329,377 |
| Tutor & Programme Costs | 8 | - | 151,782 | 151,782 | 110,820 |
| Establishment Costs | - | 34,273 | 34,273 | 31,332 | |
| Motor and Travelling Expenses | - | 3,480 | 3,480 | 7,104 | |
| Legal and Professional Fees | - | 1,435 | 1,435 | 495 | |
| Telephone & Subscriptions | - | 6,426 | 6,426 | 4,853 | |
| Other Office Expenses | - | 17,499 | 17,499 | 16,316 | |
| Depreciation and Impairment | - | 9,228 | 9,228 | 10,855 | |
| CSR Cards | - | 26,186 | 26,186 | 36,695 | |
| Bank Charges | - | 1,728 | 1,728 | 1,660 | |
| Advertising | - | 3,139 | 3,139 | 5,009 | |
| Audit | - | 3,240 | 3,240 | 3,240 | |
| Total Resources Expended | 29,547 | 533,805 | 563,352 | 558,295 | |
| Net incoming/(outgoing) resources for the year/Net income/(expense) for the year |
(5,916) | 99,872 | 93,956 | 248,008 | |
| Total Funds Brought Forward | 22,655 | 932,696 | 955,351 | 707,342 | |
| Total Funds Carried Forward | 16,739 | 1,032,568 | 1,049,307 | 955,350 |
The statement of financial activities includes all gains and losses in the year and therefore a separate statement of total recognised gains and losses has not been prepared.
All of the above amounts are classed as continuing activities.
The notes on pages 13 to 20 form an integral part of the financial statements.
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SCC - Chartered Accountants and Statutory Auditors
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CTS Ltd STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023
| Non-Current Assets Plant, Property & Equipment 10 Current Assets Receivables 11 Cash and Cash Equivalents Payables Amounts falling due within one year 12 Net Current Assets Net Assets Represented by: Ordinary Share Capital Unrestricted Funds Restricted Funds |
£ £ 2,836 118,572 969,880 1,088,452 41,930 1,046,522 1,049,358 52 1,032,567 16,739 1,049,358 2023 |
£ £ 12,064 84,833 893,374 978,207 34,869 943,338 955,402 52 932,695 22,655 955,402 2022 |
|---|---|---|
The financial statements were approved by the Board on 27 June 2023 and signed on their behalf by:
__ ______ Sam Walker Leo Quinn Secretary Chairman
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CTS Ltd NOTES TO THE FINANCIAL STATEMENTS
1. Accounting Policies
The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable entities financial statements.
1.1 Basis of accounting
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on a going concern basis under the historical cost convention and in accordance with 'Accounting and Reporting by Charities; Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
1.2 Cash Flow Statement
The charitable entity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.
1.3 Incoming resources
All incoming resources are included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:
Voluntary income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.
Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.
Grants, including grants for the purchase of fixed assets, are recognised in full in the Statement of Financial Activities in the year in which they are receivable.
1.4 Resources expended
Expenditure is recognised on an accrual basis as a liability is incurred.
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CTS Ltd NOTES TO THE FINANCIAL STATEMENTS (Continued)
Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the charity's shop.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.
1.5 Fund Accounting
The charitable entity has two types of funds for which it is responsible at the year-end:
Unrestricted Funds – Funds which are expendable at the discretion of the Trustees in furtherance of the objectives of the charitable entity. In addition, funds may be held in order to finance capital investment and working capital.
Designated Funds – Monies which has been set aside to cover costs for 9 months in the event of a significant and unforeseen future reduction in funding.
Designated Funds total 75% of the current year’s expenditure as follows:
| Designated Funds Purchases Staff Costs & Trainee Allowances Tutor & Programme Costs Establishment costs Motor and travelling expenses Legal and professional fees Telephone & Subscriptions Other office expenses Depreciation and impairment CSR Cards Bank Charges Advertising Audit Total Designated Funds |
£ 5,719 200,823 113,836 25,705 2,610 1,076 4,820 13,124 6,921 19,640 1,296 2,354 2,430 |
|---|---|
| 400,354 |
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CTS Ltd NOTES TO THE FINANCIAL STATEMENTS (Continued)
1.6 Property, Plant and Equipment and Depreciation
Plant, Property and Equipment is stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
Leasehold Improvements - Straight line over lease Fixtures, fittings and equipment - 25% Straight line
1.7 Defined contribution pension schemes
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.
When 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 in finance costs in profit or loss in the period in which it arises.
1.8 Trade and Other Receivables
Trade and other receivables are initially recorded at fair value and thereafter stated at cost less impairment losses for bad and doubtful debts.
1.9 Trade and Other payables
Trade and other payables are initially recognised at fair value and thereafter stated at cost.
1.10 Taxation
No current or deferred taxation arises as the company has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred.
1.11 Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that effect the amounts reported. Management believed that the estimates, assumptions and judgements upon which it relies are reasonable based on the information available at the time that those estimates, assumptions and judgements are made. 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.
2. Voluntary Income
| 2. Voluntary Income | |
|---|---|
| Training for Success | Unrestricted 2023 2022 funds Total Total £ £ £ 56,906 56,906 209,179 |
| 56,906 56,906 209,179 |
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CTS Ltd
NOTES TO THE FINANCIAL STATEMENTS (Continued)
3. Activities for generating funds
| VEP IEP Coalisland Neighbourhood CSR Courses Other Workplace Courses Moving to Success IFI - Personal Youth Development |
Unrestricted Funds 2023 Total 2022 Total £ £ £ 103,066 103,066 17,000 31,500 31,500 20,160 8,618 8,618 42,790 60,732 60,732 80,788 222,396 222,396 130,640 117,837 117,837 114,635 33,588 33,588 109,077 577,737 577,737 515,090 |
|---|---|
4. Other incoming resources
| Misc Income Access NI Government Grants - COVID 19 |
Unrestricted Funds 2023 Total 2022 Total £ £ £ 10,453 10,453 14,262 297 297 99 - - 23,770 10,750 10,750 38,131 |
|---|---|
5. Net incoming resources for the year
| Net incoming resources is stated after charging: Depreciation and other amounts written off tangible fixed assets |
2023 Total 2022 Total £ £ 9,228 10,855 9,228 10,855 |
|---|---|
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CTS Ltd
NOTES TO THE FINANCIAL STATEMENTS (Continued)
6. Staff Costs, Trainee Allowances & Employee Benefits
| Employment Costs Wages and Salaries Pension Costs Trainee Allowances & Other Staff Costs |
2023 2022 £ £ 209,881 220,736 31,824 31,949 55,606 76,692 297,311 329,377 |
|---|---|
No employee received enoluments of more than £60,000 (2022: None).
Number of Employees
The average monthly number of employees (including the trustees) during the year, calculated on the basis of full time equivalents, was as follows:
| Administration Staff 7. Trustees' (Directors) Remuneration |
2023 2022 Number Number 10 10 |
|---|---|
No trustees' received any remuneration in the year (2022: nil).
8. Tutor & Programme Costs
| Tutor Costs Programme Costs 9. Share Capital Authorised - 52 Ordinary Shares of £1 each Alloted & Fully Paid - 20 Ordinary Shares of £1 each Unpaid - 32 Ordinary Shares of £1 each |
2023 2022 £ £ 92,148 90,127 59,634 20,693 151,782 110,820 2023 2022 £ £ 52 52 20 20 32 32 |
|---|---|
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CTS Ltd
NOTES TO THE FINANCIAL STATEMENTS (Continued)
10. Plant, Property & Equipment
----- Start of picture text -----
Fixtures,
Leasehold Fittings and
Improvements Equipment Total
£ £ £
Cost
At 1 April 2022 135,876 229,562 365,438
Additions - - -
At 31 March 2023 135,876 229,562 365,438
Depreciation
At 1 April 2022 135,876 217,498 353,374
-
Charge for the year 9,228 9,228
At 31 March 2023 135,876 226,726 362,602
Net book values
At 31 March 2023 - 2,836 2,836
-
At 1 April 2022 12,064 12,064
----- End of picture text -----
Tangible fixed assets are made up of Leasehold Improvements and Fixtures & Fittings. Leasehold property has been fully depreciated and Fixtures & Fittings is depreciated at 25% on a straight-line basis. At the 31st March 2023 the NBV of Fixtures & Fittings is £2,836 (2022: £12,064).
The Leasehold Property is owned by Coalisland & District Development Association Ltd and rented to CTS Ltd. The agreement is set to expire on 1[st] November 2048.
11. Receivables
| Trade Receivables Other Receivables |
2023 2022 £ £ 117,287 83,504 1,285 1,329 118,572 84,833 |
|---|---|
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CTS Ltd
NOTES TO THE FINANCIAL STATEMENTS (Continued)
12. Payables: amounts falling due within one year
| Trade Payables Other Taxes and Social Security Accruals and Deferred Income |
2023 2022 £ £ - - 3,973 4,763 37,957 30,106 41,930 34,869 |
|---|---|
Within deferred income there is £24,489 that has been transferred into CTS Ltd's bank account from another charity, Coalisland Residents & Community Forum. This will be spent on matters relating to the objectives of that charity and will be released to the income and expenditure account as it is spent.
13. Analysis of Net Assets
| Fund balances at 31 March 2023 as represented by: Plant, Property and Equipment Current Assets Current Liabilities |
Unrestricted Funds Restricted Funds Total Funds £ £ £ 2,836 - 2,836 1,071,713 16,739 1,088,452 (41,930) - (41,930) 1,032,619 16,739 1,049,358 |
|---|---|
14. Unrestricted Funds
| Total Free Reserves | At 1 April 2022 Incoming Resources Outgoing Resources Capital Purchases At 31 March 2023 £ £ £ £ £ 932,696 633,677 533,805 - 1,032,568 |
|---|---|
As per Trustees Report, unrestricted funds/free reserves are used for the ongoing funding of CTS Ltd.
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SCC - Chartered Accountants and Statutory Auditors
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CTS Ltd NOTES TO THE FINANCIAL STATEMENTS (Continued)
15. Contingent Liabilities
Grants received could be repayable in certain circumstances as set out in the letters of offer.
16. Related Party Transactions
Richard Thornton is the chief executive of CTS Ltd & CDDA. During the year the compensation paid to key management personnel amounted to £36,497 (2022: £32,679). Richard Thornton also invoiced CTS Ltd during the financial year for reimbursement of expenses of £1,239 of which was paid in full leaving a closing balance of £Nil.
The trustees were not paid or reimbursed any expenses during the year.
17. Controlling Interest
The Trustees (Committee of Management) are considered to be the charity's ultimate controlling party.
18. Going Concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
19. Company Limited by Guarantee
52 Shares are in issue to the initial subscribers when the company was formed.
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.
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