CTS Ltd
Statement of Financial Activities (including an income and expenditure account) For the Year Ended 31 March 2024
| Restricted | Unrestricted | ||||
|---|---|---|---|---|---|
| funds | Funds | 2024 Total | 2023 Total | ||
| Notes | £ | £ | £ | £ | |
| Incoming Resources | |||||
| Incoming Resources from Generating Funds; | |||||
| Voluntary Income | 2 | - | 19,788 | 19,788 | 45,190 |
| Activities for Generating funds | 3 | - | 402,498 | 402,498 | 577,737 |
| Other Incoming Resources | 4 | - | 39,264 | 39,264 | 10,750 |
| Children In Need | 25,350 | - | 25,350 | 23,631 | |
| Total Incoming Resources | 25,350 | 461,550 | 486,900 | 657,308 | |
| Resources Expended | |||||
| Purchases | - | 4,253 | 4,253 | 7,625 | |
| Staff Costs & Trainee Allowances | 6 | 27,210 | 250,643 | 277,853 | 297,311 |
| Tutor & Programme Costs | 8 | - | 175,708 | 175,708 | 151,782 |
| Establishment Costs | - | 31,197 | 31,197 | 34,273 | |
| Motor and Travelling Expenses | - | 8,361 | 8,361 | 3,480 | |
| Legal and Professional Fees | - | 828 | 828 | 1,435 | |
| Telephone & Subscriptions | - | 6,126 | 6,126 | 6,426 | |
| Other Office Expenses | - | 33,382 | 33,382 | 17,499 | |
| Depreciation and Impairment | - | 2,736 | 2,736 | 9,228 | |
| CSR Cards | - | 24,323 | 24,323 | 26,186 | |
| Bank Charges | - | 1,483 | 1,483 | 1,728 | |
| Advertising | - | 3,413 | 3,413 | 3,139 | |
| Audit | - | 3,960 | 3,960 | 3,240 | |
| Total Resources Expended | 27,210 | 546,412 | 573,622 | 563,352 | |
| Net incoming/(outgoing) resources for the year/Net income/(expense) for the year |
(1,860) | (84,862) | **(86,722) ** | 93,956 | |
| Total Funds Brought Forward | 16,739 | 1,032,567 | 1,049,306 | 955,351 | |
| Total Funds Carried Forward | 14,879 | 947,705 | 962,584 | 1,049,307 |
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 2024
| 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 |
£ £ 100 102,850 896,629 999,479 36,943 962,536 962,636 52 947,705 14,879 962,636 2024 |
£ £ 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 |
|---|---|---|
The financial statements were approved by the Board on 25 June 2024 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:
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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
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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 4. Other incoming resources Misc Income Access NI |
Unrestricted Funds 2024 Total 2023 Total £ £ £ 43,932 43,932 103,066 15,333 15,333 31,500 49,952 49,952 8,618 53,834 53,834 60,732 164,305 164,305 222,396 75,143 75,143 117,837 - - 33,588 402,498 402,498 577,737 Unrestricted Funds 2024 Total 2023 Total £ £ £ 39,099 39,099 10,453 165 165 297 39,264 39,264 10,750 |
|---|---|
5. Net incoming resources for the year
| Net incoming resources is stated after charging: Depreciation and other amounts written off tangible fixed assets |
2024 Total 2023 Total £ £ 2,736 9,228 2,736 9,228 |
|---|---|
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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 |
2024 2023 £ £ 190,745 209,881 31,919 31,824 55,189 55,606 277,853 297,311 |
|---|---|
No employee received enoluments of more than £60,000 (2023: 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 | 2024 2023 Number Number 8 10 |
|---|---|
7. Trustees' (Directors) Remuneration
No trustees' received any remuneration in the year (2023: nil).
8. Tutor & Programme Costs
| Tutor Costs Programme Costs |
2024 2023 £ £ 107,045 92,148 68,661 59,634 175,707 151,782 |
|---|---|
9. Share Capital
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Authorised - 52 Ordinary Shares of £1 each | 52 | 52 |
| Alloted & Fully Paid - 20 Ordinary Shares of £1 each | 20 | 20 |
| Unpaid - 32 Ordinary Shares of £1 each | 32 | 32 |
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SCC - Chartered Accountants and Statutory Auditors
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CTS Ltd NOTES TO THE FINANCIAL STATEMENTS (Continued)
10. Plant, Property & Equipment
| Cost At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book values At 31 March 2024 At 1 April 2023 |
Leasehold Improvements Fixtures, Fittings and Equipment Total £ £ £ 135,876 229,562 365,438 - - - 135,876 229,562 365,438 135,876 226,726 362,602 - 2,736 2,736 135,876 229,462 365,338 - 100 100 - 2,836 2,836 |
|---|---|
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 2024 the NBV of Fixtures & Fittings is £100 (2023: £2,836).
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 |
2024 2023 £ £ 6,690 117,287 96,160 1,285 102,850 118,572 |
|---|---|
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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 |
2024 2023 £ £ - - 8,853 3,973 28,089 37,957 36,943 41,930 |
|---|---|
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 2024 as represented by: Plant, Property and Equipment Current Assets Current Liabilities |
Unrestricted Funds Restricted Funds Total Funds £ £ £ 100 - 100 984,600 14,879 999,479 (36,943) - (36,943) 947,757 14,879 962,636 |
|---|---|
14. Unrestricted Funds
| Total Free Reserves | At 1 April 2023 Incoming Resources Outgoing Resources Capital Purchases At 31 March 2024 £ £ £ £ £ 1,032,568 461,550 546,412 - 947,706 |
|---|---|
As per Trustees Report, unrestricted funds/free reserves are used for the ongoing funding of CTS Ltd.
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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 £37,307 (2023: £36,497). 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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