TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestrlcted Unrestricted funds funds general deslgnated 2023 2023 Total Unrestricted Unrestricted funds funds general deslgnated 2022 2022 Total 2023 2022 Notes Income and endowments from: Donations and legacies Other trading activities Investments Other income 54,765 1,121,442 225 1,133 54,765 1,121,442 225 1,133 1,492,362 3,633 1,150 1,492.362 3.633 1.150 Totsl Income 1,497,136 1,497,13S 1,177.565 1,177,565 Expendlture on: Ralsing funds Charitable activit186 18,401 1,208,299 18,401 1,208,299 23,552 1,044,303 23,552 1,044,303 Total expendlturn 1,226,700 1,226.700 1,067,855 1,067,855 Net Income and movement In funds 270,435 270,436 109.710 109,710 Reconclllatlon of fund8: Fund balances at 1 January 2023 1,881,791 30,174 1,911,965 1,772.081 30,174 1.802,255 Fund balances at 31 December 2023 2,162,226 30,174 2,182,400 1,881,791 30,174 1.911,965 The statement of financlal actlvltles Includes all gains and losses recognised in the year. All income and expenditure derive from continuing activibes. 10-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND GROUP BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notss Fixed assets Goodwill Tangible assets 16 14 4,999 1,503,504 1,467,936 1,467,936 1,508,503 Current assets D8btors Cash at bank and In hand 17 284.997 604,218 336.078 223,031 889,216 Credltor8: amounts falllng due wlthin one year 559,109 19 (174,751) (155.647) Net current assets 714,464 403,462 Total assets le88 current Ilabllltla8 2,182.400 1.911,965 Income funds Designated funds Unrestricted funds - general 25 30,174 2,152,226 30,174 1,881,791 2,182,400 1,911,965 The financial statements were appraved by the Trustees on .. Mr Rodney Ferguson Trustee Mr William*GribbW Truste• Company Reglstratlon No. N1026073 11
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND CHARITY BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assots Tangible assets Investments 15 1,487,936 1.503,504 1,467,937 1,503,505 Current assets Debtors Cash at bank and In hand 316,849 572,366 369,497 189,620 889.214 559,117 Cradltors., amounts falllng due wlthln ono year (174,7511 (155.653) Not current assets 714,463 403,464 Total a8sets less currant Ilabilitles 2,182.400 1.906,989 Income funds Deslgnated funds Unrestricted funds - general 26 30,174 2,152,226 30,174 1,876,795 2,182,400 1,908,969 The financial statem•nt8 vrfere approved by the Trustees on .. Mr Rodney Ferguson Trugt•e Mr Vlfilliam Trustee Company Reglstratlon No. N1026073 12-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash Ilows from operating actlvltlos Cash generated frorn operations 29 400,143 37.760 Investlng actlvltlas Purchase of tangible fixed asset8 Proceeds from disposal of tangible flxed assets Investment income received (23,739) (97,181) 1,150 3,633 64,983 225 N•t cash used In Invegtlng activltles 118,9661 (31,953) Nét cash used In flnanclng aetlvltlos Net Increas8 In Cash and cash •qulvalents 381,187 5,807 Ca8h and cash equivalents at beglnnlng of year 223,031 217,224 Cash and cash equlval•nts at end of year 604,218 223,031 13-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accounting estlmates and Judgements In the application of the charity's accounting policies, the trustees are required to make judgernents, estimates and assumptlons about the carrying amount of assets and liabilrties that are not readily apparent from other sources. The estr'mates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlylng assumptions are reviewed on an ongoing basis. Revisions to accountlng estimates are recognlsed in the period in whlch the estimate 18 revised where the revision affects only that perliyj, or in the period of the revision and fLrture periods where the r•vision effects both current and future perlods. Accountlng pollcles Charlty Informatlon Transport Tralning Board for Northern Ireland is a private company Ilmited ty guarantee Incorporated In Northem Ireland. The registered office IS 15 Dundrod Road, Nutts Corner, Crumlin, Co Antrlm, BT29 4SS. 2.1 Accountlng conventlon The financial statements have been prepared in accordance with the Companies Act 2006 and "Accountlng and Reporting by Charits'es: Statement of Recommended Practice applicable to charities preparlng their accounts In accordance with the Flnancial Reporting Standard appllcable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from 1 January 2018). The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, whlch is the functional currency af the charity. Monetary amounts In these financial statements are rounded to the nearest £. The financial statements have been prepared under the historlcal cost convention. The principal accounting pollcies adopted are set out below. Consolldatlon As the charity and Its subsidlary undertakings compromise a large group it must prepare consolidated finandal statements to comply wlth charity SORP. 2.2 Golng concarn At the time of approving the flnancial statement8, the trustees have a reasonable expectatlon that the charlty has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the golng concern basis of accounb'ng in preparing the financial ststements. 2.3 Charltable funds Unrestricted funds are avallable for use at the discretion of the Irustees In furtherance of their charitable objectives. Deslgnated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The funds consist of amounts held for future risks in running the business park as well as potential needs which may arise from having multiple busine¢',ses on a busy road way. Restricted funds are subject to specific conditiDn5 by donors as to how they may be used. The fijnds comprlse amounts received in respect of grants to purchase capital equipment. 2.4 Incomlng resources Income is recognised vthen the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. 14-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policles (Continued) Cash donations are recognised on recelpt. Other donations are recognised once the ch8rity has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income tax recoverable In relation to donations received under Gift Ald or deed6 of covenant is recognlsed at the tiTne of the donation, 15-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng pollcles (Continued) 2.6 Resources expended Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settl&ment, and the amount of the obligatlon can be measured rellably. Expenditure Is classified by activity. The costs of each activty are made up of th8 total of direct costs and 8hared costs, Including support C08ts involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contrlbule to more than one aGtivty and 8UPPOrt costs which are not attributable to a slngle activity are apportioned befvieen those actlvlties on a basis onsi5tent with the use of resource6. Central staff costs are allocated on the basis of time spent, and depreaat5on charges are allocated on the portion of the asset's use, Resources expended are inGluded In the Statement of Finandal Actlvities on an accruals basis, induslve of any VAT which cannot be recover8d. Chan'table expenditure comprises those costs Incurred by the group in the dellvery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support thern. Governance costs include those costs associated with meeting the constitutional and statutory requlrements of the group and indude the audit fees and costs linked to the strategic management of the charity. 2.6 Intanglble flxed assets - goodwlll Goodwill arising on consolidation represents the excess of the cost of acqui81tions over the falr value of net assets acquired. It is initially recognised as an asset at cost and 18 subsequently measured at cost less accumulated amortlsatlon and accumulated Impalrment losses. Goodwlll shall be considered to have a finite useful life, and 8ha51 be amortised over a period of 10 years in line with the expected value of the investments. 2.7 Tanglble flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation Is recognSsed 80 as to wrfte off the cost ar valuation of assets1888 their residual values ovar thelr useful lives on the followlng bases: Freehold land and buildlng$ Fixtures and fittings Motor vehicles 2Yo straight line 12.5-33.3% straight line 10-25Oh straight line The galn or IoB8 arising on the disposal of an asset Is determlned as the difference between the sale proceeds and the carrying value of the asset, and is recognised In the statement of financial activities, 2.8 Flxed asset Investments Fixed asset investments are inltially measured at transaction prlce excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net incomel{expenditure) for the year. Transaction cost8 are expensed as incurred. A subsidiary is an entty controlled by the charity. Control is the power to govem the financial and operating policies of the entity so as to obtsin benefits from its activities. 2.9 Impalrn)ent of fixed assets At each reporting end date, the tharity reviews the carrying amounts of its tangible and intangible assets to detemiine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiine the exient of the impaimient loss (if any). 16-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 AGcountlng policies (Contlnued) 2.10 Cash and cash •quivalents Cash and cash equivalents indude cash in hand, deposits held at call vlith banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowngs in current liabilities. 2.11 Flnanclal Instruments The charity has elected to apply the provlsions of Section 11 'Basic Fln8nclal Instruments, and Section 12 'other Financial In8truments18sues' of FRS 102 to all of its finanaal instrumenls. Flnancial instDJments are recognised In the charity's balance Sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with th8 net amounts presented in the financial 8tstement8, when there is a legally enforceable right to set off the recognised amounts and there is an Intentlon to settle on net basls or to realise the asset and settle the liability simultaneously. Baslc Ilnanclal assets Basic financi81 assets, which include debtorB and cash and bank balances, are inltially measured at transaction price Including transaction costs and are subsequently caffied at amortised cost uslng the effective interest method unless the arrangement constitutes a flnancing transaction, where the transaction Is measured at the present value of the future receipts discounted at a market rate of interest. Flnanclal a8sets classified as receivable within one year are not amortised. Baslc 17nancial Ilabllltles Baslc financial liabilitles, including creditors and bank loans are Inltlally recognised at transaction price unle88 the arrangement constitutes a financing transacts'on, where the debt instrument is measured at the present value of the future payments discounted at a market rate of Interest. Flnanclal liabilitie8 classlfied as payable within one year arè not amortised. Debt Instruments are subsequently carrled at amortised cost, using the effectlve Interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in th• ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Sf not, they are presented as non-current liabilities. Trade creditors are recognised initially at transactfjon price and subsequently measured at amortised cost using the effective interest method. Der•cognition of flnancial Ilabllltles Financlal liabilities are derecognised when the charlty's contractual obllgations expire or are discharged or cancelled. 2.12 Employee benefits The cost of any unused holiday entitlement is recognised In the perlod in which the employee's services are raceived. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefrts. 2.13 Retlrement bgneffts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 17-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Grants Total Unrestricted funds general 2022 2023 Capital grant 54.766 Tradlng actlvltles 2023 2022 Rental income Membership subscriptions and sponsorships whlch are In substance a payment for good8 and Vjrvlces Other income rrs incoTne 290.298 130,760 1,167,064 7,763 37,247 982,919 7,763 1,492,362 1,121,442 Other Income Unrestrlct•d Unrestrlcted funds funds 2023 2022 N•t gain on disposal of tangible fixed assets 1,160 1,133 Interest recelvabl• 2023 2022 Interest re1vable 3,633 225 18-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Net movement in funds 2023 2022 The net movement in funds is statad after charglngl(crediting)'. Fees payable for the audit of the charity's financial statements Depreciation of owned tanglble fixed assets Profit on disposal of tangible fixed assets Amorti8ats'on of intangible assets 8,000 69.307 {1,160) 4,999 17,786 65,378 (1,133) 5.000 Expendlture on rnl•lng funds Unrostrlcted Unre8trtcted fvnds lunds 2023 2022 Fundral8lng and publlclty Advertl8lng 18,401 23,552 Charltsble actlvltie• 2023 2022 Staff costs Subcontractor and other staff costs Consumable and computer running costs Apprenticeship employer8 incentive Heat and light Motor expenses Subscriplions and course fees Sundry expenses Canteen costs Charitable expenditure heading 13 485,052 399,694 6.419 42,326 14.908 116,536 11,679 31,058 6,673 23,294 67,473 13,314 124,946 7,029 25,334 2,883 737,944 640,674 Share of support costs (see note 11) Share of govemance costs (see note 11) 437,210 33,145 380,728 22,901 1,208,299 1,044,303 10 Trustees The total amount of expenses re1mlr8ed to the trustees during the year was £nil (2022 - £241) and none of the trustees received payments (2022 - 2). No trustee received remuneration from the charity or its group undertakings in the year (2022 - nil). 19-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Support cost8 Support Governance costs costs 2023Support costs Govemance 2022 Stsff cost8 Depreciatlon Premlses costs Office expenses Trustee expenses Professional fees Bank charg•8 Bad debts Sundry 238,745 59,307 60,746 13,073 833 6,236 4,480 20,102 33,688 238,746 84,306 60,746 13,073 833 6,236 4,480 20,102 33,688 218,076 65,378 58,618 218,078 70,378 58,618 4,999 5.000 3,155 8,328 4,197 3,155 8,328 4,197 22,976 22,976 Audit fees Legal and professional 8,000 20,146 8,000 20,146 17,786 115 17,786 115 437,210 33,146 470,355 380.728 22,901 403,629 12 Employees Nurnber of omploy• The average monthty number of employees during the year was.. 2023 Numbar 2022 Number 20 17 Employment costs 2023 2022 INages and salaries Other pension costs 685,126 38.671 582,902 34,868 723,797 617,770 The number of employees whose annual remuneration was £60.000 or more was: 2023 Number 2022 Number £60,000 to £70,000 13 Taxatlon The company is a registered charity and consequently no tax is payable in the year. No tax is payable by the subsidiary undertaking due to the availability of tsx losses brought forward. -20-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Tanglbh fixed assets- Group Freehold land Flxtures and Motor vehicles and buildkngs Total Cost At 1 January 2023 AddItiS 1,730,995 86,144 10,689 72,450 13,050 1,889,589 23,739 At 31 Dttember 2023 1,730,995 96,833 85,500 1,913,328 Depr•¢latlon and ImpalMnt At 1 January 2023 Depreciation charged In the year 325,984 25.749 32,061 14,901 28,040 18,657 386,085 59,307 At 31 December 2023 351.733 46,962 46,897 445,392 Carrylng amount At 31 December 2023 1,379,262 49,871 38,803 1,467.936 At 31 December 2022 1,405,011 54,083 44,410 1,503,504 16 Tanglble flxed assets - Charlty Fr•ehold land Flxturns and Motor vehlcleB and bulldlng• flttlngs Tot•1 Cost At 1 January 2023 Additions 1,730,995 86.144 10,689 72,450 13,050 1,889,589 23,739 At 31 December 2023 1,730,995 96,833 85,500 1,913,328 Depreclatlon and Impalrment At 1 January 2023 Depreciation charged in the year 325,984 25.749 32,061 14,901 28,040 18,657 386,085 59,307 At 31 December 2023 351,733 46,962 46.697 445,392 CarrySng amount At 31 December 2023 1.379,262 49,871 38,803 1,467.936 At 31 December 2022 1,405,011 54,083 44,410 1,503,504 21
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Intangible fixed assets - Group Goodwlll Cost At 1 January 2023 and 31 DeGember 2023 49,999 Amortlsatlon and Impalrment At 1 January 2023 Amortisation charged for the year 45,000 4,999 At 31 December 2023 49,999 Carrylng amount At 31 December 2023 At 31 December 2022 4,999 17 Debtor8 - Group 2023 2022 Amounts falllng due wlthln one year: Trade debtors Other debtors Prepayments and accrued income 98,838 172,937 13,222 86,581 229,568 19,929 284,997 336,078 18 Debtor8 . Charlty 2023 2022 Amounts falllng due wlthln one year. Trade debtors Other debtors Prepayment8 and accrued income 80,837 222,790 13.222 84,290 265,277 19,930 316,849 369,497 19 Credltors: amounts falllng due wlthln one year- Group 2023 2022 Notes Other taxation and social security Deferred income Trade creditors other ueditors Accwals and deferred income 39,796 19.236 64,857 10,458 40.404 42,090 11,248 71.404 22 20,959 174.751 155,647 -22-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Creditors: amounts falling due wfthln one year - Charity 2023 2022 Other taxation and social security Deferred income Trade creditors Other creditors Accruals and deferred Inc1• 39,798 19,236 64,857 10,458 40,404 42.096 11.248 71.404 22 20,959 174,751 155,653 21 Retlrement benefft schemes 2023 2022 Deflned contrlbutlon schemes Charge ta profit or loss in respect of deflned contrlbution schemes 38,671 34.868 The charity operates 8 defined contributlon pension Scheme for all qualifylng employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 22 Deferred Income 2023 2022 Arising from Course fees received in advance 19,236 11,248 23 Analysls of net asséts betwaen funds Unrestrlcted Unrn¥trlcted funds funds general deslgnated 2023 2023 Total 2023 At 31 December 2023: Tangible assets Current assetsl(liabilities) 1N67.936 684.290 1,467,936 714,464 30,174 2,152,226 30,174 2,182,400 -23-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Analysls of net assets between fund8 (Contlnued) Unrestricted Unr88trlcted funds funds general designated 2022 2022 Total 2022 At 310ecarnber 2022.. Intangible fixed assets Tangible as5et5 Current asset51(Ilabilitie8) 4,999 1,503,504 373,288 4,999 1,503,504 403,462 30,174 1,881,791 30,174 1,911,965 24 Unrestrlctsd funds The unrestrlcted funds of the charity compri8e the unexpended balances of donations and grants whiGh are not subject to speciflc condltlons by donors and grantors as to how they may be usgd. These Include deslgnated funds which have been set aside out of unrestricted funds by the trusteas for spe¢lfic purpose8. At31 December 2023 At 1 January 2023 Incomlng resources Rasources expended Ganeral funds 1,881,791 1,497,136 11,226,700) 2,162,226 Prevlous year: At 1 January 2022 Incomlng re¥ource8 Re8ourc•s expended At31 December 2022 General funds 1,772,081 1,177,565 (1,067.855) 1,881,791 -24-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 25 Unrestrlcted funds - de51gnated These are unrestricted funds which are material to the charity's activities. At 1 January 2023 At31 December 2023 30,174 30,174 Prevlous year: At 1 January 2022 At31 December 2022 30,174 30,174 26 Related party transactlons Transport Training Services (Nl) Ltd 'ThS' is a wholly owned subsidiary and Social enterprise for the charity. There was income of £119,434 (2022 - £403,223) from the subsldiary, and expenditure of £104,898 {2022 - £367,901). There was a debtor balance of £49,859 (2022- £35,323) at the year end. 27 Oporatlng lease commltments Lesgor The operats'ng leases represent rental of premises to third partles. The leases are all for long terms. are cancellable and the Charity has the right of forfeiture for any assets on the land in the event of cancellation. Renta15 are adjusted routs'nely wrth respect to RPI. 28 SuIdIary These financial statements are group charity financial 8tatements for Transport Tralning Board for Northern Ireland. At 3111212021 Transport Training Board Llmlted acquired the net assets of its trading subsidiary and social enterprise Tr8nsport Training Services INI) Limited and from 2022 the accounts represent the activity of both ents'tses. Tran8POrt Training Board Limited still holds the sole share of TTS and thls Is Caled in investments. Details of the d)arity's subsidiary at 31 December 2023 are as follows: Name of undertaklng Reglsterad office Nature of buslness Class of % Held shares held Dlrect Indlrect Transport Training Services 15 Dundrod (Nl) Ltd Road, Crumlin, Co. Antrim, BT29 4SS Provision of training Services Share capital 100.00 -25-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 29 Cash generated from operations 2023 2022 Surplus forthe year 270,435 109,710 Adjustments far: Investment income recognised In statement of financlal activities Galn on disposal of tangible fixed assets Amortisation and Impairment of intangible assets Depreciats"on and Impairment of tangible fixed assets {3.633) 11,160) 4.999 59,307 (225) (1,133) 5,000 65,378 Movements in working capital: Decrea6el(increa8e) in debtors Increase in credltors Increasel(decreasel In deferred Income 51,081 11,116 7,988 (103,477} 26,031 {63,524) Cash generatsd from op•ratlons 400,143 37,760 30 Analysls of changes In not lund8 The charity had no material debt durlng the year. -26-