TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Unrestrfcted funds funds general deslgnated 2024 2024 Total Unrestrlcted Unrestrlcted funds funds general designated 2023 2023 Total 2024 2023 Notes Incom? and ondowments from: Donations and legacies Other trading activltles Investments Other Income 29,896 1,654,023 6,219 2,220 29,896 1,664,023 6,219 2,220 37,247 1,455,105 3,633 1,150 37,247 1,455,105 3,633 1,150 Total Income 1,692,368 1,692,358 1,497,135 1,497,135 Expendlture on: Raising fund8 Charitable activitles 19,724 1,352,933 19.724 1,362,933 18,401 1,203,303 18,401 1,203,303 Totsl expendlture 1,372,667 1,372,657 1,221,704 1,221,704 Net Incoma and movement In funds 319,701 319,701 275,431 275,431 Reconclliatlon of funds: Fund balances at 1 January 2024 2,162,226 30,174 2,182,400 1,878,795 30,174 1,906,969 Fund balances at 31 Dacember 2024 2,471,927 30,174 2,502,101 2,152,226 30,174 2,182,400 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 10 TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed a8sets Tangible asset5 Investments 15 16 1,639,175 1,467.938 1,639.176 1,467.937 Curr•nt assets Debtors Cash at bank and In hand 17 260,801 760,866 316.849 572,365 1,011.667 889,214 Credltors: arnounts falllng duo wlthln one year 18 {148,742) (174,751) Net current asset8 862,925 714,463 Total assets Ios8 current Ilabllftles 2,602,101 2,182.400 Income funds Deslgnated funds Unrestricted funds - general 30,174 2,471,927 30,174 2,152,226 2,502.101 2,182,400 These financial statements have been prepared in accordance with the provlsion8 appllcable to companies subject to the small companies reglme. The financial tements were approved by th• Trustees on ......................... Mr Rodney Ferguson Trustee Trustee Company Reglstratlon No. N1026073 11 TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operatlng actlvltles Cash generated from operations 25 401,719 401,701 Investlng actlvltles Purchase of tangible fixed assets Proceeds from disposal of tangible fixed assets Investment income received (231,657) (23,739) 2,220 6,219 1,150 3,633 Net cash used In InvoBting actlvltloj {223,218) {18,956) Nat cash used in flnanclng aGtlvltle8 Nat Incr•age In cash and calh gqulvalents 178,601 382,745 Cash and cash equlvalents at beginning of year 572,368 189,620 Cash and cash equlvalents at end of year 750,866 572,365 12- TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 AcGountlng policies Charlty Informatlon Transport Training Board for Northern Ireland is a private company limited by guarantee incorporated in Northern Ireland. The registered office Is 15 Dundrod Road, Nutts Corner, Crumlin, Co Antrim. BT29 4SS. 1.1 Accountlng convention The financial statements have been prepared in accordance with the Companies Act 2006 and 'Accounting and Reporting by Charits'es.. Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial 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, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financi81 statements have been prnpared under the historlcal cost convention. The pdnclpal accountlng policies adopted are set out below. 1.2 Golng concern At the time of approvlng the finantlal statements, the trustees have a reasonable expectation that the charlty has adequate resources to continue in operational existence for the foreseeable future. Thus Ihe trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charftable funds Unrestricted funds are avallable for use at the discretion of the trustees in furtherance of their charitsble objectives. Designated funds comprise funds which have been set aside at the discretion of thé trustees for specific purposes. The funds conslst of amounts held for firture risks In running the business park as well as potential needs which may arise from having multiple businesses on a busy road way. 1A Income Income is recognised when 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. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relatian to donations received under Gift Aid or deeds of covenant is recognised at the tlme of the donation. 1.5 Expendlture Expenditure is recognised once there is 8 legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. Thè costs of each activity are made up of the total of direct costs and shared costs, induding support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activrty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basls of time spent, and depreciation charges are allocated on the portion of the assefs use. 13- TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policle5 (Continued) Resources expended are included in the Statement of Financial Activltie5 on an accruals basis, inclusive of any VAT which cannot be recovered. Charrtable expendtture comprises those costs inCu￿ed by the charity in the delivery af its activities and services. It indudes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audrt fees and costs linked to the strategic management of the Charity. 1.6 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 recognised 80 as to write off the cost or valuation of assets less their residual values over their usefijl lives on the followlng bases.. Freehold land and buildings Fixtures and fittings Motor vehicles 20/0 Straight line 12.50A _ 25 % straight line 25¥A straight Ilne The galn or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the staternent of financlal activities. 1.7 Flxed asset Investment8 Fixed asset investments are initialty measured at transaction price excluding transaction costs, and are subsequently measured at falr value at each reporting date. Changes in fair value are recognised in net incomel(expenditure) for the year. Transaction cost8 are &xpensed as incurred. A subsidiary is an entlty controlled by the charity. Control is the power to govern the financial and operatlng policies of the entity so as to obtaln benefts from its activlties. 1.8 Impalrment of flxed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine 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 determine the exlent of the impairment loss {if any). 1.9 Cash and cash 8qulvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments ￿llth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within boffowings in current liabilitie5. 1.10 Financlal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are reGognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Finanaal assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention lo settle on a net basis or to realise the asset and settle the liability simuttaneously. 14- TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcles (Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are Initi8lly measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable withln one year are not amortised. 8aslc flnanclal liablllties Basic financial Ilabilities, including creditors and bank loans are initially recognised at transaction pri￿ unless the arrangement constitutes a financing transactlon, where the debt instrument is me8sur8d at the present value of the future payments discounted at a market rate of interest. Flnancial liabilities classified as payable withln one year are not amort18ed. Debt instruments are subBequently carrled at amortised cost, using the effective interest rate method. Trade creditors are obligation5 ta pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilitie8 if payment Is due withln one year or les8. If not, they are presented as non Nil). 17- TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Support costs Support Governance Costs costs 2024 Support Governance costs costs 2023 Staff c08ts Depreciation Premises costs Office costs Twstee expenses Profe8sional fees Bank charges Bad debts Sundry 190.381 60.418 79,003 12,907 3.243 3.496 1,956 190,381 60,418 79,003 12,907 3.243 3,495 1,966 238,745 59,307 60,746 13,073 833 6,236 4,480 20,102 33,691 238,745 59,307 60,746 13,073 833 6,236 4,480 20,102 33,691 36,832 3S,832 Audlt fees Legal and professional 8,000 28,288 8,000 28,288 8,000 20,146 8,000 20.146 387,235 36.288 423.523 437,213 28,146 485,359 Govern8nce c08ts indudes payments to the auditors of £8,000 (2023- £8,000) for audit fees. 12 Employees The average monthly number of employee5 during the year was: 2024 Number 2023 Number 22 20 Employment costs 2024 2023 Wages and salaries Other pension costs 779,186 39,349 685.126 38,671 818,534 723,797 The number of employees vthose annual remunerdtion was more than £60,000 is as follows: 2024 Number 2023 Number £60,001 to £70,000 £70,001 to £80,000 18- TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Employees (Continued Remuneration of key management personnel The remuneration of key management personnel was as follows.. 2024 2023 Aggregate compensalon 298,898 259,268 13 Taxatlon The charity Is exempt from taxatlon on its activities because all tts income is applled for charttable purposes. 14 Other galns and losses Gainsl(Ios8esl upon.. At 3111212021 Transport Training Board Limited acquired the net assets of Its trading subsidiary and social enterprise Transport Tralning Services (Nl> Llmited. 1 S Tanglble fixad assets Freohold land Flxiur•s and Motor vohicle• And bulldlngs flttingl Tot41 Cost At 1 January 2024 Addltion8 1,730,995 141.155 96,833 32,211 85,500 58,291 1,913,328 231,657 At 31 December 2024 1.872,150 129,044 143.791 2,144,986 D6preclatlon and Impaliment At 1 January 2024 Depreciakn'on charged in the year 351,733 26.272 46,962 17,440 46,697 17,706 445,392 60,418 At 31 December 2024 377,005 64,402 64,403 505,810 Carrying amount At 31 December 2024 1,495.146 64,642 79,388 1,639,175 At 31 December 2023 1,379,262 49,871 38,803 1,467,936 16 Flxed asset investments 19- TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Fixed asset investments (Contlnued) Investments Cost or valuation At 1 January 2024 & 31 December 2024 Carrylng amount At 31 December 2024 At 31 Decambèr 2023 2024 2023 Investment8 comprise: Noto8 Investment8 in subsidiary 23 17 Debtorn 2024 2023 Amounts falllng due wlthln one year: Trade debtors other debtors Prepayments and accrued income 62,066 182,506 18,231 80,837 222,790 13,222 260,801 318.849 18 Credttors: amounts falllng due wlthln one year 2024 2023 Notes other taxatlon and soclal security Deferred income Trade creditors other creditors Accrua15 845 23,158 68.739 9.871 46.129 39,796 19,236 64,857 10,458 40,404 20 148.742 174.751 19 Retlrement benefit schemes 2024 2023 Defined contrlbution schemes Charge to profit or loss in respect of defined contribution schemes 39,349 38,671 -20- TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Retirement beneflt scheme$ (Contlnued) The charity operates a defined contr11￿tIOn pension scheme for all qualifying employees. The assets af the scheme are held separately from those of the charity in an independently administered fund. 20 Deferred Incomè 2024 2023 Other deferred income 23,168 19,236 Deferred Income is included in the flnanclal statements as follovA'. 2024 2023 Deferred income is included within.. Current liabilities 23,158 19,238 Movem8nts in the year.. Deferred income at 1 January 2024 Resources deferred in the year 19,236 3,922 11,248 7,988 Deferred income at 31 December 2024 23,168 19,236 21 Analygls of net assets between funds Unrestricted Designatod funds funds 2024 2024 Total Unr&stricted Designated funds funds 2023 2023 Total 2024 2023 Fund balances at 31 December 2024 are represented by: Tangible assets Investments Current assetsl(liabilities) 1,639.175 1,639,176 1,467,936 1,467,936 832,761 30,174 862,925 684,289 30,174 714,463 2,471,927 30,174 2.502,101 2,152.226 30,174 2,182.400 Designated fund5 are set aslde to deal with future risks in running the business park and any potential needs from having multiple businesses operating on a busy roadway. 22 Related party transactions Transport Training Services (Nll Ltd 'rrs' is a wholly owned subsidiary and social enterprise for the charity. There was income of £162,900 (2023 - £119,434) from the subsidiary, and expenditure of £200,665 {2023 £104,898). There was a debtor balance of £12,087 (2023 - £49,859) at the year end. 21 TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 23 Subsldiarle5 At 3111212021 Transport Training Board Limited acquired the net assets of it5 trading subsidiary and social enterprise Transport Training Services (Nl) Limited and from 2022 the accounts represent the activity of both entits'es. Transport Training Board Limited sllll holds the sole share of rrs and this Is carried in investments. Details of the charity's subsidiary at 31 December 2024 are as follows: Name of undertaklng Reglstered offlce Nature of buslness Class of 8hares held ./• Held Dlrect Indlrect Transport Training Servlces 15 Dundrod INI) Ltd Road, Crumlin, Co. Antrim, BT29 4SS Provision of training services Ordlnary ghare capital 100.00 24 Operatlng laaJ? commltments Lg98or The operating lease8 rapresent rentsl of premises to third parties. The leases are all for long terms, are cancellable and the Charlty has the right of forfelture for any assets on the land in the event of cancellatlon. Rentsls are adjusted routinely wth respect to RPI. 25 Cash g•n8rated from operations 2024 2023 Surplus for the year 319,701 275,431 Adjustments for.. Investment income recognlsed in slatement of financial activities Gain on disP05al of tanglble fixed assets Depreciation and impairment of tangible fixed assets (8,219) 12,220) 60,418 (3,633) (1,150) 59,307 Movements In worklng capital: Decrease in debtors {Decrease)lincrease in creditors Increase in deferred income 56,048 (29,9311 3,922 52,648 11,110 7,988 Cash generated from operatlons 401,719 401,701 26 Analysls of changes In net fund5 The charity had no material debt during the year. -22-