Charity Number: NIC 101512 Company Number: NI 026947 SPRINGVALE TRAINING LIMITED
SPRINGVALE TRAINING LIMITED REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 TABLE OF CONTENTS Page Company Information 3 Trustees' Annual Report (including the Directors' report) 4-10 Independent Auditor's Report to the members 11-14 Statement of Financial Activities (including income and expenditure account) Statement of Financial Position 16 Statement of Cash Flows 17 Notes to the Financial Statements 18-25 2
• SPRINGVALE TRAINING LIMITED COMPANY INFORMATION Company registration number Charity registration number Directors and trustees Secretary Registered office Auditors Bankers Solicitors NI 026947 NIC 101512 Harry Mark Connolly Therese McKernan John McCavana - (Appointed 31 May 2024) Michael O'Hara - (Appointed 1 November 2024) Seamus O'Prey - (Resigned 1 June 2024) Donal McKinney 200 Springfield Road Belfast BT12 7DR Jones Peters Registered Auditors Chartered Accountants 6 Church Street Banbridge BT32 4AA Bank of Ireland 202 Andersonstown Road Belfast BT11 9EB Edwards & Co. Solicitors 28 Hill Street Belfast BT1 2LA 3
• SPRINGVALE TRAINING LIMITED TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Report of the Trustees for the year ending 31 March 2025 The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ending 31 March 2025. Chair's report During the course of the year our teams have continued to develop the main programmes that help our students realise their potential from course participation. Youth training schemes hold significant importance for several reasons, contributing to the development of individuals, communities, 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 are essential for future employment. These skills can range from technical and vocational skills to soft skills like communication, teamwork, problem-solving, and time management. • Employability: By equipping young individuals with relevant skills and experience, training schemes enhance their employability. This helps bridge the gap between education and employment, making it easier for youth to transition into the workforce. • Reducing Unemployment: Youth unemployment can be a significant challenge. Training schemes address this issue by preparing young people for the job market, increasing their chances of finding employment and thereby reducing the unemployment rate. • Empowerment: Training schemes empower young individuals by instilling confidence, self-esteem, and a sense of accomplishment. This empowerment can positively impact various aspects of their lives, fostering personal growth and well-being. • Economic Growth: A skilled and productive youth population contributes to economic growth. As young people become better prepared for the workforce, they contribute to increased productivity, innovation, and overall economic development. Social Inclusion: Youth training schemes promote social inclusion by providing opportunities 1 isadvantaged or marginalized voung individuals who might otherwise be left out of the mainstream Jo 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 poverty reduction. When young individuals have the means to support themselves, they are less likely to fall into poverty. • Long-term Career Success: Training schemes not only prepare young people for immediate employment ut also set the foundation for long-term career success. The skills and knowledge gained through thes rograms can help individuals adapt to changing job market 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. 4
SPRINGVALE TRAINING LIMITED TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025 • Talent Retention: Belfast like many places face the challenge of 'brain drain' where talented young individuals migrate elsewhere for better opportunities. Effective youth training schemes can encourage them to stay and contribute to the development of their own countries. • Investment in Human Capital: Youth training schemes represent 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 future 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, Springvale Training Ltd (STL) has provided training and employment programmes, and programmes with an emphasis on personal and social development, to young people and adults particularly throughout North and West Belfast for the past 33 years. Objectives and activities: 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 of the following means: 1.1 the relief of unemployment in such ways as may be thought fit including assistance to find employment. 1.2 the advancement of education training or retaining, particularly among unemployed people and providing unemployed 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 unemployed people in cases of financial or other charitable need through help: 1.3.1 in setting up their own business; 1.3.2 to existing businesses. The Trustees pay due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake. We do this by providing vocational training and educational opportunities under programmes funded by the Department for the Economy to assist marginalised young people into work: Our key programmes are: i) Training for Success (TFS): This government programme provides vocational training to school leavers at Levels 1 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, employment 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. The eligible employee completes a qualification tailored to their job role and receives accredited industry recognised qualifications at either Level 2 or Level 3. Springvale has been delivering apprenticeships to the wider community for over a decade. 5
SPRINGVALE TRAINING LIMITED TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025 iii) UK Shared Prosperity Fund skills of participants and prepare them for work. Phase 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 three, 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. Achievements and performance: Training for Success and ApprenticeshipsNI: The company engaged with 440 learners on the Training for Success and Apprenticeship NI programmes. The achievement and outcomes from these programmes in the last twelve months include: • The retention rate in March 2025 for Skills for Life programme is good at 75%; The retention rates in March 2025 for APPNI are good at 74% for L2 and 86% for L3; • 44 young people progressed onto further education, employment, or a higher level; 32% of the above young people found work/progressed into employment; and 53 essential skills qualifications achieved in literacy, numeracy, and ICT Communities in Transition The work ready CIT has 55 participants in work placement roles. Quality Awards: Springvale Training once again successfully secured ISO 9001:15th January 2026 certification. Structure, Governance and Management Governing Document Springvale is a company limited by guarantee registered in Northern Ireland. The company is governed by a Memorandum and Articles of Association. The company's objectives are charitable in nature and it has established charitable status. The charity's activities are managed by the trustees though the Board of Trustees/Directors. The sole member of the company is Upper Springfield Development Trust Limited and Springvale Training Limited is therefore a charitable subsidiary of USDT. 6
SPRINGVALE TRAINING LIMITED TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Trustees' Appointment and Training The trustees recruit and select new trustees as set out in the governing document. The Board recruits nev trustees with regards to skills' gaps and the potential of the new members to make a real contribution to th charity's overall governance. We predicate trustees' appointments on our organisational values and make new members aware of their legal reaponsibitics, organisationa tour, decision embing processes and ur overie Financs Our ormal, induction provides new board members with the information and training they need to take up their appointment as effectively as possible. FINANCE, PAY AND REMUNERATION 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 base the senior staff team's pay on the NJC Salary Scales as a guide to appropriate remuneration for all staff pay. Pay levels are currently subject to annual increments or cost of living expenses. ORGANISATIONAL STRUCTURE The Board administers the charity and normally meets 11 times in the year. As part of its structure the Board operates three sub committees: finance, audit and risk; human resources, and remuneration. The Board appoint a chief executive to manage the charity's day to day operations. To ensure effective daily management the chief executive has delegated authority through the Board's approval for operational matters including finance, employment and direct charitable activities. Risk management Our approach to the management of risk is informed by the need to ensure that the risks inherent in the pursuit of our objectives are understood, will be manageable if realised, and that appropriate mitigation measures are planned or in place. Responsibility 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 takes; • The 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. 7
SPRINGVALE TRAINING LIMITED TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Financial Risks: The organisation exposes itself to a variety of financial risks. Measures to mitigate this risk include strong budgetary management and cost control and proactive negotiations with tenants and key stakeholders. Health and Safety Risks: 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 comply with a wider range of legal and regulatory obligations. Policies and procedures are in place to ensure compliance with these obligations, however, there inevitably remains a residual risk of an operational failure resulting in a breach of these obligations. Insurable Risks: The organisation incurs exposure to employer, public and property damage liability by virtue of the nature of its operations. While a strong emphasis is placed on health and safety and risk management practices to avoid liability arising, insurance cover is maintained to mitigate the financial impact from such events. Performance Risks: There is a risk that the high quality of our services may not be maintained and we perform below the expectations of our funders as set out in their service level agreements. The trustees monitor performance on an ongoing basis and have implemented annual service audit programmes as well as staff and service user surveys to provide them with assurance in this regard. Financial Review and Results for the Year Financial Review Incoming resources have increased from f2,299,586 in the year ended 31 March 2024 to £2,953,025 in the year ended 31 March 2025. Resources expended on charitable activities has increased from £2,428,116 to €2,875,140 in the year ended 31 March 2025. As a result, net incoming resources amounted to f77,885 for the year ended 31 March 2025(2024: (£128,530)). The results for the year are set out in Statement of Financial Activities on page 15 and in the related notes. The company has net assets of £1,105,017 at 31 March 2025(2024: £1,027,132) as detailed on the Statement of Financial Position on page 16. 8
SPRINGVALE TRAINING LIMITED TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Reserves Policy and Going Concern At 31 March 2025 free reserves amounted to f252,743 of which £90,000 has been designated, to cover costs On an ongoing basis the trustees believe there are sufficient reserves to meet the normal working capital 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 the going concern basis can be found in the accounting policies. Plans for the future The following are Springvale's immediate plans: • Prepare new Springvale strategic plan 2025 to 2028; • Submit tender for the new Training for Life programme; • Submit tender for the new AppsNI programme; • Secure ownership of the building; Trustees' Responsibility Statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees report and the financial statements in accordance with applicable law and United Kingdom Accountin Standards (United Kingdom Generally Accepted Accounting Practice) Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to: • select suitable accounting policies and then apply them consistently; • observe the methods and principles in the applicable Charities SORP; • make judgements and accounting estimates that are reasonable and prudent; • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain he charity's transactions and disclose with reasonable accuracy at any time the financial position of the charit und enable them to ensure that the financial statements comply with the Companies Act 2006. They are als responsible for safeguarding the assets or the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 9
SPRINGVALE TRAINING LIMITED TRUSTEES' ANNUAL REPORT (INCLUDING THE DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025 Each of the persons who is a trustee at the date of approval of this report confirms 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 aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The auditor is deemed to have been reappointed in accordance with Section 487 of the Companies Act 2006. Small company provision This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies' exemption. This report was approved by the board on 5 November 2025 and signed on its behalf by: Therese McKernan - Chair 10
SPRINGVALE TRAINING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGVALE TRAINING LIMITED FOR THE YEAR ENDED 31 MARCH 2025 Opinion We have audited the financial statements of Springvale Training Limited (the 'charity') for the year ended 31 March 2025 which comprise the statement of financial activities (including income and expenditure account) statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework 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 2025 and of its incoming resources and application of resources, including its income and expenditure, for the 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 accordance with International Standards on. Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, 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 concern are described in the relevant sections of this report. Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 11
SPRINGVALE TRAINING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGVALE TRAINING LIMITED FOR THE YEAR ENDED 31 MARCH 2025 We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: • the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and • the 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 understanding of the company and its environment obtained in the course of the audit, we have not identified material 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: • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or • the financial statements are not in agreement with the accounting records and returns; or • certain disclosures of trustees' remuneration specified by law are 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 the small companies' regime and take advantage of the small companies' exemption in preparing the trustees' report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees' responsibilities statement, the trustees, (who are also the directors for the purposes 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 determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern 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 2025 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free 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. Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We 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 obtained an understanding of the legal and regulatory frameworks within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charity's ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and other management and inspection of regulatory and legal correspondence, if any. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing and completeness of recognition of grant and contract income and major donations and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management and the Audit Committee about their own identification and assessment of the risks of irregularities, testing of a sample of transactions against the terms of the funding agreements and the requirement of the Charities SORP (FRS102), sample testing on the posting of journals, reviewing accounting estimates for biases and reading minutes of meetings of those charged 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 performed 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-compliance and cannot be expected 13
SPRINGVALE TRAINING LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SPRINGVALE TRAINING LIMITED FOR THE YEAR ENDED 31 MARCH 2025 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.uk/auditorsresponsibilities. This description forms part of our Auditor's Report. We also communicated relevant identified laws and regulations and potential fraud risks to all audit team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit As part of an audit in accordance with ISAs (UK), we exercise 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 perform 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 resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity'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 those matters we are required to sate to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions ye have formed. Paul Cummings (Senior Statutory Auditor) Hughes House 6/7 Church Street Banbridge BT32 4AA 5 November 2025 For and on behalf of Jones Peters Chartered Accountants and Statutory Auditors 14
SPRINGVALE TRAINING LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Note Funds Restricted Funds 31 March 2025 31 March 2024 Income Income from charitable activities: Grants and contracts Activities for generating funds Other income Total income Expenditure Expenditure on charitable activities Total expenditure Net income/(expenditure) and net movement in funds for the year Reconciliation of funds Total funds brought forward Total funds carried forward 5a 5b 5c 1,429,380 147,383 31.528 1,608,291 1,344,734 - 1,344.734 2,774,114 147,383 31,528 2,953.025 2,194,103 74,857 30,626 2.299.586 6 1,530,406 1.530,406 77,885 1.344.734 1,344,734 2,875,140 2,875,140 77,885 2.428,116 2.428.116 (128,530) 15 15 1.027,132 1,105,017 1,027,132 1,105,017 1,155,662 1,027,132 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. The notes on pages 18 to 25 form an integral part of these financial statements. 15
SPRINGVALE TRAINING LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025 Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand Creditors: Amounts falling due within one year Net current assets Net assets The funds of the charity: Unrestricted funds Restricted funds Total charity funds Note Note 31032025 11 13 15 852,274 362,961 131.708 494,669 (241.926) 252,743 1,105,017 1, 105,017 1,105,017 * 31/03/2024 905,610 404,607 20,262 424,869 (303,347) _121.522 1,027,132 1,027,132 1.027,132 These financial statements have been prepared in accordance with the provisions applicable to companic ubject to the small companies regim The financial statements were approved and authorised for issue by the board of trustees on 5 November 2025 and signed on its behalf by:- Therese McKernan - Trustee Jhers, MKeron, Michael O' Hara - Trustee WichaelO HeRa Registration Number: NI026947 The notes on pages 18 to 25 form an integral part of these financial statements. 16
• SPRINGVALE TRAINING LIMITED STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2025 2025 Cash flows from operating activities Surplus/(Deficit) for the financial year Adjustment for: Depreciation of tangible assets Interest payable and similar expenses Changes in: Trade and other creditors Trade and other debtors Cashflow generated/(used in) from operating activities Interest paid Net cash inflow/(outflow) from operating activities Cash flows from investing activities Purchase of tangible assets Net cash used in investing activities Net increase/decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 77,885 53,797 362 41,646 (61.421) 112,269 (362) 111,207 (461) _(461) 111,446 20,262 131,708 17 2024 € (128,530) 52,800 587 (66,050) 154,331 13,138 587) 12,551 (28,299) (28,299) (15,748) 36.010 20,262
1. 3. SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 GENERAL INFORMATION The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 200 Springfield Road, Belfast, BT12 7DR. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance 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 Republic of Ireland (FRS 102) (Charities SORP (FRS 201)) and the Charities Act (Northern Ireland) 2008. Springvale Training Limited meets the definition of a public benefit entity under FRS 102. ACCOUNTING POLICIES The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. 3.1 Basis of preparation 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 income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. 3.2 Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgement are continually reviewed and are based on experience and other factors, including expectation: of future events that are believed to be reasonable under the circumstances. 3.3 Going concern The charitable group had free reserves of £252,743 and net assets of £1,105,017 at the year The trustees have considered the financial position of the company and the financial budgets 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
3.4 3.5 3.6 SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. (ii) Designated funds are unrestricted funds earmarked 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 terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed 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 are applied to particular categories 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 measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities of which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable • other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories 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 contribute to on a reasonable, justifiable and coincident basis. 19
• SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 3.7 3.8 Tangible fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment Cost includes cost directly attributable to making asset capable of operating as intended 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 3.9 3.10 Long leasehold property Office equipment Fixtures and fittings Computer equipment Motor vehicles 2% 20% 20% 20% 20% Straight line Straight line Straight line Straight line Straight line Financial instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial nstruments. Basic financial instruments are initially recognised at transaction value anc subsequently measured at their settlement value with the exception of bank loans which ar subsequently measured at amortised cost using the effective interest method. Defined contribution pension schemes The pension costs charged in the financial statements represent the contribution payable by the company during the year. 4. LEGAL STATUS OF THE COMPANY Springvale Training Limited is a company limited by guarantee and accordingly does not have a share capital. The sole member of the company is Upper Springfield Development Trust Limited and UST is considered to be the parent company of Springvale Training Limited. USDT has undertaken to contribute such amount as may be required not exceeding f1 to the assets of the charitable company in the event of it being wound up while it is a member or within one year if it ceases to be a member. 20
• SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 5. INCOME 5a. Income from grants and contracts APPNI Communities in Transition UK Shared Prosperity Fund Department for Communities Belfast City Council Public Health Agency Open College Network NI Unrestricted Restricted Funds Funds € 593,265 836,115 32,704 333,153 28,368 847,303 75,164 26,542 1,500 £1,344,734 31/03/2025 31/03/2024 Total Funds Total Funds € € 625,969 349,633 1,169,268 1,209,746 28,368 109,189 847,303 482,228 75,164 31,217 26,542 12,090 1,500 £2,774,114 £2,194,103 £1,429,380 202. 492, 1) and one a 49, 402: 211932 wish 1304,734 Unrestricted Restricted Funds Funds 31/03/2025 31/03/2024 Total Funds Total Funds 5b. Activities for generating funds Generated Funds € 147,383 147,383 74,857 £147,383 £147,383 £74,857 Income from generated funds was €147,383 (2024: €74,857) and was unrestricted in both years. Unrestricted Restricted Funds Funds 31/03/2025 31/03/2024 Total Funds Total Funds 5c. Other income Government grants released to the SOFA 31.528 £31,528 31.528 £31,528 Other income in the year amounted to £31,528 (2024: £30,626) of which all was unrestricted. 30,626 £30,626
SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 6. EXPENDITURE Charitable activities Staff costs Premises costs Depreciation Other operating costs Programme Delivery Governance costs (see note 7) Unrestricted Restricted 31/03/2025 31/03/2024 Funds Funds Total Funds Total Funds 1,141,270 598,797 1,740,067 204,461 53,797 362 : 204,461 53,797 100,212 745.937 362 846,149 30,304 £1,530,406 £1,344,734 30,304 £2,875,140 1,387,654 210,892 52,800 587 721,346 54,837 £2,428,116 Expenditure on charitable activities was f2,875,140 (2024: £2,428,116) of which £1,344,734 (2024: £988,167) was restricted and f1,530,406 (2024: £1,439,949) was unrestricted. 7. ANALYSIS OF GOVERNANCE COSTS Unrestricted Restricted Funds Funds Accountancy and Audit Legal, Professional and Consultancy Fees 9,960 20,344 £30,304 : f 31/03/2025 31/03/2024 Total Funds Total Funds € 9,960 20,344 £30,304 43,653 11,184 £54,837 8. NET INCOMING RESOURCES FOR THE YEAR This is stated after charging: Depreciation Audit fees 31/03/2025 31/03/2024 $53,797 £9,000 €52,800 $2,000 ANALYSIS OF STAFF COSTS AND TRUSTEE REMUNERATION 31/03/2025 31/03/2024 Staff costs Social security costs 1,563,350 176.717 €1,740,067 1,253,498 134,156 £1,387,654 No employee had employee benefits in excess of f60,000 (2024: £60,000). During the year no trustees received any remuneration (2024: Nil) or any benefits in kind (2024: Nil). 22
SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 10. STAFF NUMBERS The average number of full-time equivalent employees during the year were as follows:- Number of staff 31/03/2025 34 31/03/2024 48 11. TANGIBLE FIXED ASSETS Property Cost At 1 April 2024 875,000 Additions Disposal At 31 March 2025 875,000 Office Fixtures Equipment/ Motor Equipment and fitings Computer Vehicles 138,793 139,737 383,428 269 192 (16,875) (6.017) (74,416) 121,918 133.989 309,204 23,437 - 23,437 1,560,395 461 (97,308) 1,463,548 Depreciation At i April 2024 Charged during the year Disposal At 31 March 2025 60,000 17,500 17.500 138,775 18 (16,875) 121.918 128,755 4,552 (6,017) 127,290 305,096 31,467 (74,416 262,147 22,159 260 22,419 654,785 53,797 (97,308) 611,274 Net book value At 31 March 2025 797,500 6,692 At 31 March 2024 815,000 18 10,982 47,057 78,332 1,018 1,278 852,274 205,610 The basis by which depreciation is calculated are stated in note 3.8. The long leasehold property is stated at fair value, in accordance with Royal Institution of Chartered Surveyors (RICS) 'Red Book Global Standards'. The property was valued at 31 March 2022 by Osborne King, Commercial Property Consultants. The trustees are satisfied that the valuation is still appropriate at 31 March 2025. 12. DEBTORS 31/03/2025 31/03/2024 Trade debtors Accrued income Prepayments 341,055 10,291 11.615 £362,961 397,867 6.740 £404,607
SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13. CREDITORS: Amounts falling due within one year Accruals and Deferred Income Deferred credit government grants Social Security and Other Taxes 31/03/2025 90,443 13,590 58,992 48,922 29.979 $241,226 31/03/2024 61,254 8,460 131,131 80,450 22.052 £303,347 14. FINANCIAL INSTRUMENTS All financial instruments have been recorded at their transaction price. No other financial instruments exist other than those included in debtors and creditors. 15. ANALYSIS OF CHARITABLE FUNDS Analysis of movements in restricted and unrestricted funds Balance at 1 April 2024 Incoming Resources Total Unrestricted Funds Total Restricted Funds Total Funds 1,027,132 E.027.132 1,608,291 1,344.734 £2,953,025 Analysis of movements in restricted and unrestricted funds - previous year Balance at Incoming 1 April 2023 Resources Total Unrestricted Funds Total Restricted Funds Total Funds 1,150,405 5.257 E1,155,662 1,316,676 982,910 $2,299,586 Outgoing Resources 1,530,406 1,344,734 £2,875,140 Outgoing Resources 1,439,949 988,167 E2,428,116 Balance at 31 March 2025 1,105,017 E1.105.017 Balance at 31 March 2024 1,027,132 E1.027,132 24
- : SPRINGVALE TRAINING LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Analysis of net assets Funds xed assets et current assets/(liabilitie Fixed assets Net current assets/(liabilities) 852,274 252.743 E1.,05.017 Unrestricted Funds 905,610 121.522 £1,027,132 Restricted Funds - Restricted Funds 31 March 2025 Total 852,274 252.743 £1,105,017 31 March 2024 Total 905,610 121.522 £1.027,132 17. CORPORATION TAXATION he charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 ection 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to i charitable objects. 18. CONTINGENT LIABILITY A contingent liability exists to repay grants received should certain conditions not be fulfilled by the champled wimpany. lithily is expecte to tes the terms of the letters of offer have been, or will be, 19. RELATED PARTY TRANSACTIONS Upper Springfield Development Trust Limited (USDT) is the sole member and is considered to be parent company of Springvale Training Limited. Rental payments made by UST Limited to Springvale Training Limited during the period amounted to £12,636 (2024: £12,357). Management charges paid to UST amounted to £18,720 (2024: £16,640). As at 31 March 2025 no monies (2024: NIL) were owed by Springvale Training Limited to Upper Springfield Development Trust Limited. 25