Chgdrity Number: NIC 101512
Company Number: Nl 026947
PRtYGVALE TRAININ
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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
NcLUDI￿G 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
reqUi￿rnents. 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 LI￿TED
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
expendi￿re 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 m￿RCH 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 sTATE￿￿NTs
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