Chgdrity Number: NIC 101512 Company Number: Nl 026947 PRtYGVALE TRAININ om An Limlttd b Guarantee TRUSTEF..81 RF. RT AN KAL STAT IMA CH 202
SPRINGVALE TRAINING LLIqITED REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 TABLE OF CONTENTS Page Company Infomation Trustees, Annual Report (Including the Directors, report) 4-10 Independent Auditor's Report to the members 11-14 Ststement of Financial Activitics (including income and expenditure account) 15 Statement of Financial Position 16 Statement of Cash Flows 17 Notes to the Financial Statements 18-25
SPRINGVALE TRAINING LIMITED COMPANY INFORMATION Company registration number N1026947 Cbarity registration number NIC 1015I2 Dir¢etors And trustees Harry Mark Connolly Therese McKernan Brenda Turnbull John McCavana- (Appointed 31 May 2024) Michael O'Hara- (Appointed l November 2024) Seamus O'Prey - (Resigned l June 2024) Secretary Donal McKinney Registered office 200 Springfield Road Belfast BT12 7DR Auditors Jones Peters Registered Auditors Chartered Accountants 6 Church Street Banbridge BT32 4AA Bankers Bank of Ireland 202 Andersonstown Road Belfast BTI19EB Solicitors Edwards & Co. Solicitors 28 Hill street Belfast BTI 2LA
SPRINGVALE TRAINING LIMITED TRUSTEES, ANNUAL REPORT NCLUDING THE DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Report of the Trnstees for the year ending 31 March 2024 The trustees, who are also directors for thc purposes of company law, present their report and the financial ststements of the charity for the year ending 31 March 2024. Chalr's report During thc course of the year our teams havc continued to develop the main programmes that help our students realise their potential from course participation. Youth training schemes hold skgynificant importance for several reasons, contributing to the development of individuals, communitics, and societies as a whole. Training schemes offer added value in many interconnected ways: Skill Development: Our training schemes provide young people with the opportunity to acquire valuable skills that arc essential for future employment. These skills can range from technical and vocational skills to soft skills like communication, teamwork> problem-solving, and time management. I mployability: By equipping young individuals with relevant skills 8nd cxperience, training schemes enhance thcir employability. This helps bridge the gap between education and employment, making it easier for youth to transition into the workforce. Rcdueing Unemployment: Youth unemployment can be a significant challenge. Training schemes address this issue by preparing youn8 people for the job market, increasing their chances of finding employment and thereby reducing the unemployment rate. Empowerment: Training s¢h¢mes empow¢r young individuals by instilling ¢onfid¢nce, self-esteem, and a sense of accomplishment. This empowem]¢nt can positively impact various aspects of their lives, fostering personal growrth and well-bcing. Economic Growth: A skillcd and productive youth population Contribute to economic growth. As young people become better prepared for the workforce, th¢y contribute to incr¢ased productivity, innovation, and overall economic development. Social Inclusion: Youth training schemes promote social inclusion by providing opportuniÉies to disadvantaged or marginalized young individuals who might otherwise be left out of th¢ mainstream job market. This inclusivity helps reduce disparities and promote a more equitable society. Reducing Poverty: By enabling young people to secure gainful employment, training schemes contribute to povety reduction. When young individuals have the means to support themselves, they ar¢ less likely to fall into poverty. Long-tertn Career Success: Training schemes not only prepare young people for immediate employmcnt but also set the foundation for long-lenn career success. The skills and knowledge gained through these programs can help individuals adapt to changing job mark¢t demands and advance in their careers. Social Stability: Providing avenues for skill development and employment helps prevent social unrest and instability that can arise from high levels of youth unemployment. Engaged and employed youth are more likely to contribute positively to their communities.
SPRINGVALE TRAIJYING LIMITED TRUSTEES, ANNUAL REPORT NCLUDING THE DIRECTORS, REPOR FOR THE YEI&R ENDED 31 MARCH 2024 Talent Retention: Belfast like msny places face the challenge of 'brain drain, where talented young individuals migrate elsewhere for better opportunities. Effective youth training schemes can encourage out to stay and contribute to the development of their own countries. Investment in Human CApital: Youth training sch¢m¢s repres¢nt an investment in the human capital of an area. When areas invest in the education, training, and development of their youth, we are investing in a brighter futur¢ with a skilled, capable and young workforce. Investing in youth training schemes, apprenticeships, skills development, and promoting positive educational outcomes is an investment not only in individual lives but also in the prosperity and resilience for our whole area. By ensuring that young people have the tools they need to succeed, we pave the way for a brighter future for everyone. Principal Activity Established in 1992, Sprin8vale Training Ltd (STL) has provided trainin8 and employment programmes, and programmes with an emphasis on personal and social development, to young peoplc and adults particularly throughout North and West Belfast for the past 25 years. Objectives and activitie$: Springvale Training is established for the promotion for the public benefit of urban regeneration in Greater Belfast area and further afield by (some or all ofj the following means: l. I th¢ relief of unemployment in such ways as may be thought fit including assistance to find employment. 1.2 thc advancernent of education training or retainingg particularly among unemployed people and providing uncmployed people with work experience. 1.3 the provision of financial assistance, technical assistance or business advice or consultancy in order to provide training and employment opportunities for unemploycd people in cases of financial or other charitsble need through hclp: 1.3.1 in settin8 UP thcir own busincss; 1.3.2 to existing businesses. The Trustees pay due regard to guidance issued by the Charity Commission in deciding what activities the haritable company should undertake. W¢ do this by providing vocational training and educational opportunities under programmes funded by the Departhient for the Economy to assist marginalised youn8 people into work: Our key programmes are: Training for Success (TFS): This government prograrnme provides vocational training to school leavers at Levels l and or 2 in the areas of: plumbing> joinery, electrical, computer technology, digital media, hair and barbering, beauty, catering, and hospitality. Trainees also achieve improved educational outcomes in ICT, literacy, numeracy, ernployment skills and personal and social development. ApprenticeshipsNI: This is a government funded programme for young people aged between 16 and 24, who meet the funding eligibility criteria. Th¢ eligible employee completes a qualification tsilored to their job role and receives accredited industy recognised qualifications at either Level 2 or Level 3. Springvale has been delivering apprenticeships to the wider community for over a decade.
SPRINGVALE TRAINING LtMITED TRUS EES, ANNUAL REPORT NCLUDING THE DIRECTORS, REPOR FOR THE YEAR ENDED 31 MARCH 2024 iii) UK Shared Prosperity Fund Our UKspf programm¢, Youthstsrt, is a twenty-week course targeting economically inactive NEET young people from Belfast's twelve most disadvantaged wards. YouthSL2rt will work with 500 young people from 2024-25. The programme is delivered through four succinct delivery phases to develop the skills of participants and prepare them for work, Phas¢ one focuses on personal development and the reduction of personal barriers to employment. Phase two develops the educational attainment and skill development of young people who will complete qualifications in IT, numeracy, employability and healthy lifestyles. During phase threey participants undertake an employment academy in their chosen field which will include industry specific training. Finally, in phase four? participants will complete a four-week work placement with a local employer. Achlevements and performancc: Training for Success and ApprenticcshipsNI: The company engaged with 139 learners on the Training for Success and Apprenticeship NI programmes. The achievement and outcomes from these programmes in the last twelve months include: o The retention rate in March 2024 for Skills for Life programme is good at 680/0. Thc retention rates in March 2024 for APPNI are 'good' at 62 % for L2 and 830/0 for L3; 0 14 young people progressed onto further education, employmeni or a high¢r level; 360/0 of the above young people found worklprogressed into cmployment; 2 young people achieved a professional and technical qualification with a further 67 young people still working towards this qualificalion; and 40 essential skills qualifications achieved in literacy, numeracy, and ICT. Communities in Transition Thc crnployability element has 70 participants enrolled and 25 have entered employment 8 into further education training and 21 into other employment support programmes. Quality Awards: Springvale Training once again successfully secured ISO 9001.2015 certification. Structure Governance and Management Governing Document Springvale is a company limited by guarantee registered in Northern Ireland. The company is governed by a Memorandurn and Articles of Association. The company's objectives are charitable in nature and it has establishcd charitable status. The charity's activities are managed by the trustees though the Board of TrusteeslDirectors. The sole member of the company is Upper Springfield Development Trust LÉmited and Springvale Training Limited is therefore a charitable subsidiary of USDT.
SPRINGVALE TRAINING LIMITED TRUSTEI ES, ANNUAL REPORT NCLUDING THE DIRECTORS, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Trustees, Appointment and Training Th¢ trustees recruit and select new trustees as Set out in the governing document. The Board recruits new trustees with regards to skills, gaps and the potential of the new members to make a real contribution to the harity's overall governance. We predicate trnstecs, appointments on our organisational values and make new members aware of their legal responsibilities under charity and company law. Members, induction pack outlines our Articles of Association, board structure, organisational structure, decision making processes and our overview of finances, Our fomial induction provides new board members with the infomiation and training they need to take up their appointment as effectively as possible. FINANCE, PAY AND REMUNEII4TION Springvale Training Limited operates robust financial procedures in place which the Board regularly review and independently assess. We have clear financial management systems to ensure effective and appropriate use of spend; administering resources cost-effectively, transparently and accountably with clear audit trails. All Board members give their time freely and no trustee received any remuneration during the year. The Board b8SQ the senior stsff team's pay on the NJC Salary Scales as a guide to appropriaie remuneration for a]1 staifpay. Pay levels are currently subject to annual increments or cost of living expenses. ORGANISATIONAL STRUCTURE The Board administcrs the charity and norn]ally meets I I times in the year. As part of its structure the Board opcrates three sub committees: finance, audit and risk. human resources, and remuneration. The Board appoint a chief ex¢¢utive to manage the charity's day to day operations. To ensure cffective daily management the chiefexecutive has delegated authority through the Board's approval for op¢rational matters including finance, employment and direct charitable activities. Risk management Our approach to the management of risk is infonned by the need to ensure that the risks inherent in the pursuit of our objectives are understoi)d, will be manageable if realised, and that appropriate mitigation measures are planned or in place. R¢sponsibility for the management of specific risks is carried by named individuals and groups, but the highest level risks, those that have a direct bearing on the Springvale Training Limited's capacity to achieve its strategic objectives. are managed by the senior management team. The Springvale Training Limited's finance and audit risk committee plays an active role in risk monitoring and have a risk management strategy that comprises: An annual review of the principal risk and uncertainties that the charity tskes; Th¢ establishment of policies, systems and procedures to anticipate risks in the annual review; and The implementation of procedures designed to minimise or manage any potential impact on the charity should those issues materialise.
SPRINGVALE TRAINING LIMITED TRUSTEES, ANNUAL REPORT INCLUDING THE DIRECT RS, REPOR FOR THE YEAR ENDED 31 MARCH 2024 Reputational Risks: The Trustees are conscious of the importance of its reputation as a well run organisation delivering public benefit and have undertaken steps to ensure Springvale Training Limited governance and management structures are robust and giv¢ confidence to all stakeholders and op¢rat¢ in line with our values. Financlal Risks: The organisation exposcs itself to a variety of financial risks. Measures to mitigate this risk includ¢ strong budgetary management and cost control and proactive negotiations with tenants and key stakeholders. Health and SAfety Risk8: The Trustees recognise the importance of safety in all of our services. Springvale Training Limited implements robust systems and structures to ensure all health and safety regulations are complied with. Legal And Regulatory Risks: The charity is required to cornply with a widcr range of legal and regulatory obligations. Policies and procedures are in place to ensure compliance with these obligations, however, there inevitably remains a r¢sidual risk of an operational failure resulting in a breach of these obligations. Insurable Risks: The organisation incurs exposure to employer, public and propety damage liability by virtue of th¢ nature of its operations. While a strong emphasis is placed on hcalth and safety and risk management practices to avoid liability arisin8, insuranc¢ cover is rnaintained to mitigate the finan¢ial impact from suGh events. Perform&ncc Risks: There is a risk that the high quality of our servi¢¢s may not be maintained and we pcrfonn bclow the expectations of our funders as set out in their service level agreements. The trustees monitor p¢rfonnance on an ongoing basis and have implemented annual servi¢¢ audit programmes as well as staff and servic¢ user surveys to provide them with assurance in this regard. Financial Revlew and Results for the Year FinaDeial Review Incxjming resources have increased from £1,991,149 in the year ended 31 March 2023 to £2,299,586 in the year ended 31 March 2024. Resources expcndcd on charitable activities has increased from £2,146,912 to £2,428,116 in the year ended 31 March 2024. As a resulL net outgoing resources amounted to £128,530 for th¢ year ended 31 March 2024 (2023: £155,763). The results for the year are s¢t out in Statement of Financial Activities on page 15 and in the related notes. The company has net assets of £1,027,132 at 31 March 2024 (2023: £1,155,662) as detailed on the Statement of Financial Position on page 16.
SPRINGVALE TRAINING LtfvflTED TRUSTEES, ANNUAL REPORT CLUDING THE DIRECTORS, REPOR FOR THE YEAR ENDED 31 MARCH 2024 Reserves Policy and Going Concern At 31 March 2024 free reserves amounted to £121,522 of which £90,000 has been designated, to cover costs including proposed expenditure on upcoming programmes, redundancy payments and capital refurbishmcnt. On an ongoing basis the trustees believe there are sufficient reserves to meet the nornial working capital requirements of the company and to cover shortfalls in core funding. The trustees have considered management accounts for the 6 months ended 30 September 2024, future financial projections and future funding requirements and have a reasonable expcctation that the charity has adequate resources to continue in operational existence for the foreseeable future and for this reason they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of thc going concern basis can be found in the accounting policies. Plan8 for the future The following arc Sprin8vale's immediate plans: Prepare new Springvale strategic plan 2024 to 2027; Submit tender for the new Training for Life programme; Submit tender for the new AppsNI programme; Secure ownership of the building; Trustees, Responslbility Statement The trnstees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial slatements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Acceptcd Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of lh¢ state of aff&irs of the charitable cornpany and thc incoming rcsources and application of resources, including th¢ income and expenditure, for that period. In pr¢paring these financial statements, the trustees are required to: sclect suitable accounting policies and then apply them consistentlyi observe the method5 and principles in the applicable Charities SORP; make judgements and accounting estimates that are reasonable and prudent. prepare the financial statements on the 80ing concern basis unless it is inappropriate to presume that the charity will continue in business. Th¢ trustees are responsible for keeping adequat¢ accounting records that are sufficient to show and explain the charity'5 transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets or the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
SPRINGVALE TRAINING LIMITED RUSTEES, ANNUAL REPORT NcLUDIG THE DIRECTORS, REPOR FOR THE YEAR ENDED 31 MARCH 2024 Auditor Each of the persons who is a trustee at the date of approval of this report confirnis that: so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; they have taken all steps that they ought to have taken as a trustee to make themselves awar¢ of any relevant audit infonnation and to establish that the charity's auditor is aware of that infonnation. The auditor is deerned to hav¢ been reappointed in accordance with Section 487 of th¢ Companies Act 2006. SMAII company proytsion This report has becn prcpared in accordanc¢ with the provisions applicable to companies entitled to the small companics, exemption. This report was approved by the board on 29 Novembcr 2024 and signed on its behalf by: Brenda TurDbull- Chalr 10
SPRINGVALE TRAINING LIMITFD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPR]NGVALE TRAIfAING LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Opinion We have audited the financial statements of Springvale Training Limited (the 'charity') for the year ended 31 Mar¢h 2024 which comprise the statement of financial activities (including income and expenditure account), statemcnt of financial position, statement of cash flows and the related notes, inGluding a summary of significant accounting poliGi¢s. The financial reporting frarn¢work that has been applied in their preparation is applicable law and the United Kingdom Accounting Standards including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure. for thc year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in arxordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilitics for the audit of the financial statcments section of our report. We are independent of the charitable company in accordanc¢ with thc ethical requirements that are relevant to our audit of the financial stlltements in the UK, including the I,'RC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these reqUirnents. We believe that the audit evidence we havc obtained is sufficient and appropriate to provide a basis for our opinion, Conclusions relating to going concern In auditing the financial statemcnts, we have concluded that the trustees, use of the going concern basis of accounting in the pr¢paration of th¢ fmancial statements is appropriate. Based on the work w¢ have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going conc¢rn are described in the relevant sections of this report. Other information The other inforn]ation comprises the inforniation included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other inforn]ation. Our opinion on the Financial statements do¢s not cover the other inforniation and, except to thc extent otherwise explicitly stated in our repor¢ we do not express any forn] of assurance conclusion thereon. 11
SPRINGVALE TRAINII¥4G LIMITED INDEPENDENT AUDITORIS REPORT TO THE MEMBERS OF SPRINCVALE TRAINING LIMITED FOR THF YEAR ENDED 31 MARCH 2024 In connection with our audit of the financial statements, our rcsponsibility is to read the other inforn]ation and, in doing so, consider whether the other information is materialLy inconsistent with the financial statements or our knowledge obtsined in the audit or othL'nvise appears to be materially misstated, If we identify such material inconsistencies or apparent material misstatements, we are required to detern]ine whether therc is a material misstatement in the financial statements or a material misstatement of the other inforn]ation. If, based on the work we have p¢rformed, w¢ conclude that there is a material misstatement of this other information, we are required to report that fa¢L We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion bEL5¢d on the work undortak¢n in th¢ courso of th¢ audit; the inforniation given in the trustees, report for the financial year for which the financial statements arc prepared 18 consistent with the financial statements; and • thc trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understandin8 of the company and its environment obtained in the course of the audit, w¢ have not identified mat¢rial misstatements in the trustees, report, We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adcquate accounting records hav¢ not been kep( or returns adequate for our audit have not been receivcd from branches not visited by us; or the financial statements are not in agreement with the accounting re¢ords and returns; or ertain disclosures of trustees, remuneration specified by law arc not made. or we have not received all the information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance with thc small companies, regime and take advantage of the small companies, cxemption in preparin8 the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fijlly in th¢ trustees, responsibilities statement, the trustees, (who are also the directors for the Putposes of company law), are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees detemine is necessary to enable the preparation of financial statements that are free from material misstatemen( whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue &s a going concern. disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 12
SPRINGVALE TRAINING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGVALE TRAINING LIMITED FOR THE YEAR ENDED 31 MARCH 2024 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assurance about whether th¢ financial statements as a whole ar¢ frc¢ from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Extcnt to Ivhieh the audit Ivos capable of detecting irregularitics, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. W¢ identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion. We obtsined an understanding of the legal and regulatory frameworks within which the Charity operates, focusin8 on those laws and regulations that have a direct effect on the deterniination of material amounts and disclosurcs in the financial statements. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statemcnt items. In addition, we considered provisions of other laws and regulations that do not have a direct effcct on the financial statemcnts but compliance with which might be fundamental to the charity's ability to operate or to avoid a matcrial penalty. We also considered the opportunities and incentives Ihat may exist within the charity for fraud. Auditing standards limit the required audit procedur¢s to identify non-compliance with these laws and regulations to enquiry of the directors and othcr management and inspection of regulatory and legal correspondence, if any. We identificd the greatest risk of material impact on thc financial statements from irregularities, including fraud, to be within the timing and completeness of recognition of grdnt and contract income and major donations and th¢ override of controls by management. Our audit procedures to respond to thesc risks included enquiries of management and the Audit Committee about their own idcntification and assessment of the risks of irregularities, testing of a samplo of transactions against the tems of the funding agreements and the requirement of the Charities SORP (FRS102), sample testing on the posting ofjournals, r¢vi¢wing accounting estimates for biases and reading minutes of meetings of those chargcd with governance. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and perforn]ed our audit in accordance with auditing standards. In addition, as with any audit, there remained a higher risk of non- detection of irregularities. as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non•complianc¢ and cannot be expected to detect non-compliance with all laws and regulations. 13
SPRINGVALE TRAIJYING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS SPRINGVALE TRAINING LITED FOR THE YEAR ENDED 31 MARCH 2024 A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uklauditorsresponsibilities. This description fornis part of our Auditor's Report. We also communicated rel¢vant identified laws and rcgulations and potential fraud risks to all audit team rnembers and remained alert to any indications of fraud or non-compliance with Jaws and regulations throughout the audit. As part of an audit in accordanc¢ with ISAS (UK), w¢ exorcise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perforni audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resultin8 from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control rclevant to the audit in order to design audit procedures that arc appropriate in the circumstances, but not for the purpose of expressing an opinion on the effcctiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures madc by the trustees. We communicat¢ with those charged with governance regarding, among other matters, the planned scope and timing of th¢ audit and significant audit findings, including any si8nificant deficiencies in intcmal control that we identify during our audit. Use of our report 'rhis report 15 made solely to the Gharity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members thosc matters we are required to sate to them in an auditor's report and for no other purpose. To the fullest extent perrnitted by law, we do not accept or assume responsibility to an ne other than th¢ charity and the charity's members as a body, for our audit work, for this rcporL or for the on we have fonned. Hughes House 617 Church Street Banbridge BT32 4AA Paul Cum ings (S ior Statutory Auditor) For and on behalf o Jones Peters Chartered Accountants and Statutory Auditors 29 November 2024 14
SPRINGVALE TRAINING LIMITED STATEMEKf OF FINANCIAL ACTIVITIES CLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrficted Restricted Funds Funds 31 March 2024 31 March 2023 Note Income Ineomefrom charilable aclivilies.. Grants and contracts 52 1,211.193 982,910 2,194,103 1,787,816 Activities for generating funds 5b 74,857 74,857 176,196 Other income 5¢ 13 Total Income 67 Expenditure Expenditure on charitable activities 94 2 146 12 Total expenditure 988 167 242811 Net ineomel(expenditure) Rnd net movement in funds for the yerdr (123,273) (5,257) (128,530) (155.763) Reconclliation of funds Total funds brought forward 15 Total funds Carried forwArd 15 The statcment of financial activities includes all gains and losses recognised in the year. All income and expendire derives from continuing activities. The notes 011 PAges 18 to 25 form an integral part of thoge financial statemcnts. 15
SPRINGVALE TRAINING LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2024 Note 3110312024 31103r2023 FIX assets Tangible assets 905,610 930,111 Current assets Debtors Cash at bank and in hand 12 404,607 338,557 424,869 374,567 Creditors: Amounts falling due within one year 13 14 01 Net current qssets Net a3setsl(liabilitl¢s) The funds of the charlty: Unrestrfi¢ted funds 15 1,027,132 1,150,405 Restrlcted funds 15 Total charlty fund5 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board of trustees on 29 November 2024 and signed on its behalf by:. Brenda Turnbull - Trustee John Mccavana - Trustee Registration Number: N1026947 The notes on pages 18 to 25 form an integral part of these financial 5tatemeDts. 16
SPRINGVALE TRAINING LIMITED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 2024 2023 Cash flowg from operntillg activities (Deficit)ISurplus for the financial year (128.530) (155,763) Adju.flmentfor.' Depreciation of tangible assets Interest payabl¢ and similar expenses 52,800 587 45,594 497 Changes in.. Trade and other creditors Trad¢ and other debtors (66,050) (80,539) 18 Cashflow generatedl(used in) from operating activities 13,138 (298,129) Interest paid Net cash inflowl(oufflow) from operating a¢tiviti¢s CAsh flows from investing aetivitles Purchase of tsngible assets Net cash used in investing activities Net (decreasc)lincrease in cash and cash equivalcnt8 Cash and cash equivalents at beginning of year (15,748) (309,937) 45 Cash and cash cquivalents at end of year 17
SPRINGVALE TRAINING LIMITED NOTES TO THK FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 MARCEI 2024 GENERAL INFORMATION The charity is apublic benefit entity and aprivate company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered otTice is 200 Springfield Road, Belfast, B T12 7DR. STATEMENT OF COMPLIANCE These financial statements have been preparcd in complianc¢ 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 Rcpublic of Ireland (FRS 102) (Charities SORP (FRS 201)) and thc Charities Act (Northern Ireland) 2008. Springvale Training Limited meets the definition of a public benefit entity under FRS 102. ACCOUIYTING POLICIES The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout thc year and the preceding year. Basis of prcparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through incomc or expenditure. 'I'he financial statements are prepared in sterling, which is the functional currency of the entity. 3.2 Judgements and key sources of estimation uncertalnty The preparation of the financial statemcnts requires managemcnt to mak¢ judgcments, 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. 3.3 Going concern The charitable group had free reserves of £121,522 and net assets of £1,027,132 at the year end. The ttustees have considered the financial position of the company and the financial budgets and forecasts. In doing so the trustees have also considered the potential finanGial effects from thc changing economic environment for the upcoming 12 months, including the potential impact on ongoing funding and are taking mitigating actions to ensure that th¢ charity and the group will continue to operate. The trustees believe that there are no material uncertainties about the ability of the charity to continue in operational existence and the financial statements have been prepared on a going concern basis. 18
SPRINGVALE TRAINING LIMtTED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 mRCH 2024 Fund accounting (i) Unrestricted funds are availabl¢ for us¢ at the disor¢tion of the trustees to further any of the harity's purposes. (li) Designated funds are unrestricted funds earniarked by the trustees for particular future project or commitment. (iii) Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the t¢nns of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. Incoming resources All ipcoming resources are included in the ststement of financial activities when entitlement has p&8sed 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 following specific policies ar¢ applied to particular cat¢gori¢s 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 mcasure reliably, in which case the value is derived from the Gost to the donor or the estimated resalc value. Donated facilities and services are recognised in thc accounts when received if the value can be reliably measured. No amounts are included for the contribution ofgeneral volunteers. income from contracts for the supply of serviccs is recognised wilh the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requircment for it to b¢ spent on a particular purpose and returned if unspcnt, in which case it may be regardcd as restricted. 3.6 Resources expended Expcnditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovercd, and is classified under headings of the statement of financial activities of which it r¢lates: expenditure on raising fjjnds includes the costs of all fundraising activities, events, non- charitable trading activities, and th¢ sal¢ of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activilies that further its charitable aims for the benefit of its ben¢ficiari¢s, including those support costs and costs relating to the governance of the charity apportioned to charÉtable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activkties. All costs are allocated to expenditure categorAes reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contributc to on a reasonable. justTfiable and coincident basis. 19
SPRINGVALE TRAINING LIMITED OTES TO THE FtNANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tallgible fixed assets Tangible fixed asscts are stated at cost less accumulated depreciation and accumulated impairnient. Cost includes cost directly attributable to making asset capable of operating &s intended. 3.8 Depreciation Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset on a straight line basis over its expected useful life as follows: Long leasehold property Office equipment rixtures and fittings Computer equipment Motor vehicl¢s Straight line Straight line Straight line Straight line Straight line Financial iDStruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recogniscd at transaction value and subsequently measured at their settlement valu¢ with the exception of bank loans which are subsequently measured at amortised cost using the effective intercst method. 3,10 Defined contribution penslon sehemes The pension costs charged in the financial statements represent the contribution payable by the cornpany during the year. LEGAL STATUS OF THE COMPANY Springvale Training Limited is a company limtted by guarantee and accordingly does not have a share capital. The solc member of the company is Upper Springfield Development Trust Limited and USDT is considered to be the parent company of Springvale Training Limited. USDT has undertaken to contribute such amount as may be required Dot exceeding £1 to the assets of the charitable company in the event of it being wound up while it is & member or within one year if it ceases to be a member. 20
SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMFNTS FOR THE YEAR ENDED 31 MARCH 2024 COME Unrestricted Restricted 3110312024 3110312023 Funds Funds Total Funds Total Funds 5a. Income from grants and eontrActs APPNI 306,682 855,823 42.951 353,923 349,633 1,209,746 227,296 1,178,275 124,353 75,160 159,355 23,377 Training for Success UK Community Renewal Fund Communities in Transition Youth Start Department for Communities Belfast City Council 36,598 72,591 482,228 31,217 109,189 482,228 31,217 Income from grants and contracts was £2,194,103 (2023: £1,787,816) of which £982,910 (2023: £626,385) was restricted and £1,211,193 (2023: £1,161,431) was unrestricted. Unro$trleted Rcytrlcted 3110312024 3110312023 Funds Funds TotAI Funds Totgl Funds 5b. Activitie8 for generating funds Generated Funds 176 196 Income from generated funds was £74,857 (2023: £176,196) and was unrestricted in both years. Unrestricted Restricted 3110312024 3110312023 Funds Funds Total Funds Tot41 Funds 5¢. Other income Government grants released to the SOFA Other income in the year amounted to £30,626 (2023: £27,137) of which all unrestricted. 21
SPRINGVALE TRAINING LIMITED NOTES TO THE FTNANCIAL STATEIMENTS FOR THE YEAR NDED 31 MARCH 2024 EXPENDITURE Unrestricted Restricted 3110312024 3110312023 Funds Funds Total Funds Totsl Funds Charitable activities Staff costs Premises costs Depreciation Other operating costs Programme Delivery Governance costs (see note 7) 1,039,691 210,892 52,800 587 81,142 S4 347,963 1,387,654 210,892 52,800 587 721,346 1,196,418 181,351 45,594 497 681,931 640,204 Expenditure on charitable activilies was £2,428,116 (2023: £2,146,912) of which £988,167 (2023: £772,930) was restricted and £ 1,439,949 (2023: £1,373,982) was unrestricted. ANALYSIS OF GOVERNANCE COSTS Unrestrict¢d Restrlcted 3110312024 3110312023 Funds Fund5 Total Funds Total Funds AccountancylAuditJConsultancy fees Legal and professional fees 17,940 17,640 10,335 NET INCOMING RFSOURCES FOR THE YEAR 3110312024 3110312023 This is stated after Gharging: D¢preciation Audit fees ANALYSIS OF STAFF COSTS AND TRUSTEE REMUNERATION 3110312024 3110312023 Stsff costs Social security costs 1,290,375 1,113.479 No employee had employee benefits in excess of £60,000 (2023: Nil). During the year no trustees received any remuneration (2023: Nil) or any benefjts in kind (2023: Nil). 22
SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. STAFF NUMBERS The average number of full-tim¢ equivalent employees during the year were as follows:. 3110312024 3110312023 Number of stsff I I. TANGIBLE FIXED ASSETS Long Lcasehold Office Fixtures Equipmentl Motor Property Equipment and fittings Computer Vehieles Total Cost At l April 2023 Additions At 31 March 2024 875,000 138,793 136,620 359,547 23 882 42 22,137 30 1,532,097 13 73 Dcpreclation At l April 2023 Charged during the year At 31 March 2024 42,500 17500 138,695 124,197 274,457 22,137 601,986 J2&L55 305 097 Net book value At 31 March 2024 At 31 March 2023 The basis by which depreciation is calculated are stated in note 3.8. The long leasehold property is statcd at fair value, in accordance with Royal Institution of Chartered Survcyors (RICS) 'Red Book Global Standards,. The propety was valued at 31 March 2022 by Osborne King, Commercial Propety Consultants. The trustees are satisfied that the valuation is still appropriate at 31 March 2024. 12. DEBTORS 3110312024 3110312023 Trade debtors Accrued income Prepayments 397,867 215,487 115,864 23
SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. CREDITORS: Amounts falling due wlthin one year 3110312024 3110312023 Trade creditors Other creditors Accruals and Deferred Income Deferred er¢dit government grants Social Security and Other T&xes 61,254 8,460 131,131 80,450 22,262 10,763 31,715 84,276 14. FINANCIAL INSTRUMENTS All financial instrumcnts have been recorded at their transaction price. No other financial instruments exist other than those included ID debtors and creditors. 15. ANALYSIS OF CHAIUTABLE FUNDS Analysi5 of movements In restricted and unrestricted funds Balance at IneomiDg l April 2023 Resources Outgolng Resour¢es BAIAnce at 31 March 2024 Total Unrestricted funds Total Restricted Funds Total Funds 1,150,405 1,316,676 982 910 1,439.949 988 167 1,027,132 Analysis of movements in restrACted and unrestrlcted funds- prevlous year Balanee at l April 2022 Incoming Resoureeg Outgoing Resources BAlanee at 31 March 2023 Total Unrestricted Funds Total Restricted Funds Total Funds 1,159,623 151802 1,364,764 626 385 1,373,982 772 930 1,150,405 24
SPRINGVALE TRAtNING LIMITED NOTES TO THE FINANCIAL sTATENTs FOR THE YEAR ENDED 31 MARCH 2024 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS UDrestricted Funds Restricted Funds 31 March 2024 Totsl Analysis of net assets Fixed assets Net current assetsl(liabilities) 905,610 121522 905,610 121522 Unrestricted Funds Restrictcd Funds 31 Mareb 2023 Total Fixcd assets Net current assetsl(liabilities) 930,111 220 294 40 930,111 225 551 17. CORPORATION TAXATION The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of ihc Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its haritable objects. 18. CONTINGENT LIABILITY A contingent liability exists to repay grants received should c¢rtain conditions not be fulfilled by the charitable company. In the opinion of the trustees the terms of the letters of offer have been, or will be, Complied with and no liability is expected to occur. 19. RELATED PARTY TRANSACTIONS Upper Springfield Development Trust Lirnited (USDD is the sol¢ member and is considered to b¢ parent company of Springvale Training Limited. Rental payments made by USDT Limited to Springvale Training Limited during the period amounted to £12,357 (2023: £42,479). Management charges paid to USDT amounted to £16,640 (2023: £15,600). As at 31 March 2024 no monies (2023: NtL) were owed by Springvale Training Llmited to Upper Springfield Development TNst Limited. 25