2023-03-31-accounts

Limestone Youth Training Project Ltd Statement of Financial Activities incorporating Income and Expenditure A(xount For th• y•ar •nd•d 31 March 2023 Note Unre$trl¢ted Funds Restrlcted Total Funds Total Funds Funds 2023 2022 Income from.. Departtrpnl of Ewnorny 1.278,213 1,278.213 2,188,488 Income from Other charttablo actlvltl•s." Operation of training 5ak)n 14.958 14,958 6,943 Investrngnt Income 14.282 14,282 25,360 Donations & legaaes 106,625 Totsl in¢om• 1.307.453 1,307.453 2,327,416 Expenditurg Expcnditurc on charilablc acmies Expenditure on support costs 1,195,947 433.063 1,195,947 433,063 1,457.062 391,695 Total Expendlture 1,629,010 1,629,010 1,848,757 Nèt inc0mè1Ex￿ndltUre and net movement In funds for the year 1321,557) (321,557) 478,659 Net movement in funds for the year 1321,55n (321,557) 478,659 Reconciliation of fijnds Total funds brought forward at 1 Nwril 2022 4.208,736 4,208,736 3,730,077 Total funds carried forward at 31 March 2023 3.887,179 3,887,179 4,208.736 The statement of financial activities indudes all gains and losses recognised in the year. All income and expenditure is denved from continuing aclivities. Approved by the Trustees and authorised for issue on 11 th August 2023 and signed on its behalf by: 14Mlliam Mcllroy ITnJstee) Collette Steele (Trust Noelle McGlintock (Trustee) 12

Llmestone Youth Training Project Ltd Statement of Financial Position For thè yoar ended 31 March 2023 Note 2023 2022 Flxed Assets Tangible ￿￿ets 885,491 885.491 984.214 984.214 Current Assets Stock 10 19.000 551.857 2.499.272 3,070,129 19.000 514,974 2.712.104 Debtors 11 Cash and bank and in hand 3.246,078 Credftors Amounts falling due within one year 12 (68.436) (21,551) 3.001.693 3.224.527 Net current assets Total Assets Lass Current Llablllllos 3.887.184 4.208.741 Credftor5 Amount5 falling due after more than one year 13 Net Assets 3.887.184 4.208.741 Share Capftal Member shares 14 Unreslrtted surplus for the year General Fuiirjii ljwught ftjtwartl Total Charlty Funds 1321.557) 4,208,736 3.887,184 478.659 3,730.077 17 4,208.741 The ttustees have prepated Gharity accounts in accordance wilh section 45 of The Co￿per8D"Ve and Community Benefit Socicties AGt (Northern Ireland) 1969. Approved by t Truslees and authorised for issue on 11th August 2023 and signed on its behalf by: iam Mcllroy (Trustee) Collette Sleele (Trustee) Nog11e Mcclinlock (Trustee) 13

Llmestone Youth Training Project Ltd Statement of Cash Flows For the year ended 31 March 2023 2023 2022 Cash Flows from Operatlng AGtlvlties SurpluslDeficit for the year 1321.557) 478.659 Interest receivable Dividend Income {3.282) {752) (130) 70 Interest Payable Rental Income Depreciation and impaiments (11.lJW) 102,311 119,643 (233.528) 597.490 Movement in working capital Movement in stocks Movement in debtors Movemenl in creditor5 (36,8841 46,885 (208,1181 (2.2711 Cash generyated from operations Interest Paid (223,527) 387.101 (70) Ngt Cash generaled from operatlng actlvltl (223.527) 387,031 Cash flows from Inv8stlng actfvltios Interest received Dividend In￿Me Rental Income Purchase of fixtures. fittings & equipment Proceeds from salo of investment propety 3,282 752 130 11.000 {3.587) 152. Nei cash generated Irom investment acts'vrties 10,695 153.786 cash flows from financlng actlvltles Repaymenl of short-tenn loan (24.997) Nel increase in Gash and cash equivalents (212.832) 515,820 Cash and cash equivalent at beginning of year 2.712.104 2.196.284 Cash and (ash equlvalent at end of year 2,499,272 2.712,104 14

Limestone Youth Training Project Ltd Not8s to thg Accounts and accounting policies For the year ended 31 March 2023 A General Infomiation Limestone Youth Training Project Ltd is a membership company inGorFM)rated in United Kingdom under the Co-operative and Communty 8enefit Societies Act (Northem Ireland) 1969. The regislered office is 1Ck12 Rosemary Street. Belfast, BT1 1QD. which is also the principal Pla￿ of business of the company. The nature of the charity's operations and its principal activittes are set out in the Trustees. Report. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the company. B Accountlng Pollcles The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. C Basis of Preparation The financial statements of the company for the year ended 31 March 2023 have been prepared in accordance with the Financial Reporting Standard by Charities.. Statem@nt of Recommended Practice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 1021), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the C(Foperative and Community Benefit Societies Act (Northern Ireland) 1969. Limestone Youth Training Project Ltd meets the definition of a public benefit gntity under FRS 102. Assets and liabilities are initialty recognised at historical cost or transactK)n value unless othenvise ststed in the relevant account policy note(s}. The financial statements have been prepared under the historicAI cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounts'ng policies below. The financial ststements are prepared in sterling. D Income Income ig the amount derived from ordinary activitics and is measured at the fair value of the consideration received or receivable. InGome is rerEived frotn Deparlment of Economy. which pays a grant for each trainee the charity is training on a month by month basis. Income is also received from other training organisations for use of the Charity's facilities and from members of the public who avail of the ServI￿S provided by the trainees_ Ino)me 15 recognised when all of the following conditKJns are satisfied: (a) the economic benefits associated with the transaction will flow to the Charity: (bl the amount of Income can be measured reliably. 15

E Government Grants Income from government qrants compnses Income trom the Department of Economy for tralnees the Charity ha5 under contract. This funding has been included in the financial statements under incoming resources from chanlabie actsvities. F Pr•paratlon of the accounts on a going concern ba51S There are no malerial uncertainties about the charity's abilty to continue and the accounts are prepared on a going concem basis. G Income Income is recognised when the chartty has entitlement to the funds. any perfomance conditions attached to the item (s) have been met. it is probable that the income will be received and the amunt can be measured reliably. Income Is recelved frorn govemment. the Department of Ewnomy, "revenue grants., and is based on the number of trainees currently under contract. This is recognised when the charity has entitlement to the funds, and the income is re￿iVed and the amount can be measured reliably and is not deferred. This income is unrestricted. The Charity has no legacy income. The Charity has a salon that operates for training purposes. Income received from this is from members of the public contributing for these services. Thi5 is recognised when the income is received and the amount can be measured reliably. The Charity re￿iVeS income from other training organisations that use its facilities for training purposes. This is recognised when Ihe it7Lunie is re￿Ived and the amount Gan be measured reliabty. This is unrestricted income. H Investment Incomè Interest Receivable Interest on funds held on deposit is included when re￿1vable and the amount Gan be measured reliably by the charity: this is nornially urthfjn notification of the interest paid or payable by the bank. Rèntal Income Rental income is reported net of eX￿nSeS and on the accrual basis. Fund Accounting General Funds a￿ unrestricted funds which are availab￿ for use al the discreknon of Ihe Trustees In furtherance of the general objectives of Ihe Charity and which have not been designatad for other purposes. 16

J Expendlture All expenQllure is accounted tor on an accrual basis and is re￿Jnised once there is a logal or constructive obligab'on to make a payment to a third party, it is probable that settlement will be required and the amoLJnt of the obligab'on can be measured reliabty. Expenditu￿ is dassified under the following activity headings.. cost of charitable activities - comprises the chaiitable activities undertaken to fvrther the purposes of the charity and the associated support costs. Govemance costs indudes those incurred in the govemaneR of its assets and are associated with constitutional. statutory and strategic requirements. K Allocatlon of Support costs Support Gosts are those functions that assist the work of the charity but do not directy undertake charitsble activities. Support Gosts include back office costs, finance. payroll and govemance costs which support the charity. These costs have been allocated betr4veen cost of charitsble activities and wnmercial trading operations. L Tanglble fixed assets and deprociatlon Tangible assets are initially recorded at cost, and subsequenlty stated at cost less any accumulated depreciation and impainnenl losses. Any tangible assets carried at revalued amounts are recorded at the fair value at Ihe date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impainnent losses. The carrying amounts of tangible fixed assets are revalued by independent professional valuers whenever their carrying amounts are likely to differ materially from their revalued amounts. When an asset is revalued, any accumulated depreciation at the date of revaluation is eliminated againsl the gross carying amount of the asset. The riel amounl Is then restaied to the revalued amount of the asset. An impaimiènt loss is recognised immediately as an expense in the statement of financial activities. The useful lrfe of buildings 15 15 years. Other fixed assets are deprecialed as follows: Plant & Machinery Motor Vehlcles Fixtures & fittings 25% straight line 250 straight line 25¥0 straight line The carrying values of tangible fixed assets are reviewed annually for impaim)ent in periods if events or Ghanges in cir¢umstsnces indicate the carying value may not be recoverable. At each balanr.e sheet date. the charity reviews the carrying amounts of its propety. plant and equipment to detemine whether there is any indication that any items of property, plant and equipment have suffered an impaiment loss. If such an indication exists. the recoverable amount of an asset is estimated in order to determine the extenl of the impaimient loss, rf any. Where it Is nol possible lo estimate the recoverable amount of the asset. the Charity estlmates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an assel 15 estimated 10 be less Ihan its carrying amount. the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised 88 an expense immediately. Wliere a impaimient loss subsequentty reverses. the carying amount of the assel is increased to the revised @8tirnat8 of its recoverable amount, to the extent that the increased carying amount does not exceed the carrying amount that would have been determined (net of depreciaiion) had no impairment loss been recognised for Ihe asset in prior years. A reversal of the impaimient loss is recognised as income immediately. 17

M Impaimi•nt of Ilxed assets A review of indicators of Impai￿ne￿l is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is treated as impaired accordingly. Prior impaimients are also reviéwed for possible reversal at each reporting date. For the purposes of impainnent testing. when it is not Possible lo estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The Gaslryenerating unit is the sfflallest Njetrtifiable category of a55ets that includes the asset and generates cash inflows that are largely independent of the cash inflows and from other assets. N Stocks Slocks are valued at the lower of Cost and net realisable value. Cost comprises expenditure incurred in the normal present course of business in bringing stocks to their location and condition. Net realisable value comprises acbjal or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing or selling. O Members shares As per the original rules of the society each share in the charty is for a nominal value of £1. The memb8rs of the trustee commitlee hold one share each in the charity. P Taxation Limestone Youth Training Project Ltd is registered with HMRC as a charity and is exempt from taxation. The registered charity number is N100688. Q Significant Accounting judgements and key sources of estimatlon uncertainty In the application of the charitys accounting policies. trustees are required to make judgments. estimates and assumptions about the carrying valucs of asscts and liabilities that are not readily apparent from other sources. The estimates and underfying assumptions are based on histOriC21 expp.rip.ncp. 2nd other factors that are considered to be relevant. Actual results may differ from these estimates. The estiTnates and underlying a55umptions are reviewed on an ongoing ba515. Revi5iDn5 ID accouniing estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if Ihe revision affeGts both current and future petiiJJs. The crltical judgemenls made by Trustees Ihat have a slgnificant effect on the amounts recognised in the rinancial statements are descrbbed below. Stock The Truslees have estimated stock at £19,000 based on a similar value to the previous year as this is the level of stock the charity keeps on hold for use in training demonstratsons during the year. The esiimate is based on the Trustees. experience and knowledg9 of the busin•s$. Golns Concem The Trustees have prepared a budget for a period of at least twefve months from the date of the approval of thc financial statcments vthich demonstrate that there is no Material uncertainty rcgarding the charity's ability to meet its liabilities as they fall due. and to continue as a going cAJncern_ On this basis the TrLJStees consider it appropriate to prepare the financial statements on a going concern basis. Accordingty, these financial 18

8tatements do not indude any ddjustments to the carrying amounts and classification of assets and liabilities that may arise if the charity was unable to continue as a going concem. R Cash at bank and In hand Cash at bank and in hand includes cash and slK)rt temi liquid investments with a short msturity of three months or less from the date of acquisib'on or opening of the deposit or similar account. S Penslons Limestone Youth Training Project Ltd operates a workplace pension scheme provided by Workers Pension Trust. The employers conthbutions made to the scheme in 2023 were £40,271 (2022 - £42,620). T Debtors Debtors are ststed after all known bad debts have been wrttten off and 5pecffic provlsion has been made against all debtors consKlered doubtfvjl of collection. Income recognis8d by the o)mpany from government agencies and other c￿funderS, but not yet received at year end, is induded in debtor5. U Creditors and provisions Creditors and provisions are recognised where the Charity ha5 a present obligation resulting from a past event that will probably resutt in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliabty. 2. Income from Charitable Actlvllios UnrestriGted Funds Re51rfcted Funds Total Funds Total Funds 2023 2023 2023 2022 DepartThnt of Economy Operation of training saton 1,278213 1,278.213 2.188,488 14.958 14,958 6,943 1,293 171 3. Other Incomè 1,293 171 2.195.431 Unr•strlGtod Funds Re•lrlthd Funds Total Funds Total Funds 2023 2023 2023 2022 Rent Receivad 11.1)00 11.000 19,574 Dividend Income Prufil Sale of Investrneni property Depo&t Interest 3.282 3,282 752 Corona Job Retention Scheme 106,625 14,282 14,282 131,985 19

1. Analysis of Exponditure on Charitable Activities Total 2023 96,853 Total 2022 139.186 Etnployer Fees Training Costs & Course fees Chiklcare 165,394 342,286 3,348 Hire of equipment Trainee Travel 3,462 3.582 1256 7.545 Other expenditure Inole 51 Support costs (note 6} Governance costs (note 7) Staff costs (note 81 102.311 119,713 317,177 258,595 13,574 13,387 928.003 961,115 1.629,010 1,848,757
2. Othar Expendlture Thls is stated after charging 2023 2022 Depreciation of tangiNe fixgj assets Inte￿st Payable on bank loan 102,311 119,643 70 102.311 119.713

3. Analysis of Support Costs Total 2023 Total 2022 Advertising Bank Charges 2.688 1,076 923 1.133 Computer costs 6.554 15.804 General Expenses Light & Heat 22.288 14,682 6,259 12,853 nsurancè 4S,819 18,957 Travel expensos 14.380 17.727 intin￿postageIStationQry Renl & Rates 3,602 6.015 157,816 142.874 Repairs & Maintenance Telephone [phone],143 1,627 1,685 Staff Training 1.61)0 317.177 258.595 20

4. Analysls of GovemanG• Costs Total 2023 6.600 Tolal 2022 Auditorfs remuneration 6.600 Accounts￿cy serv¢ 6,974 6.787 13,574 13,387

5. Analysis of Staff Costs and tho cost of key personnel Staff costs wer• as follows Total 2023 710.520 Total 2022 740,359 Wages and Salaries Employerfs NIC 1TI.212 178.136 Pension Contributions 40.271 42.620 928.003 961.115 Pay policy for senlor staff No employees had employee benefrts in excess of £60,000 {2022: nil). Pension costs are allocated to activities in proportion to the related staffing costs incurred and are wholly charged to unrestricted funds. Three of the charity trustees were paid for their distinct roles as employees in the charity. The details are disclosed in the Trustees, report. The total employee benefits of the trustees, remuneration in their employment roles is £138.367 (2022 -£132.015). Neither Mr Mcllroy nor Mrs Doherty weNe any remuneration. These three Trustees form part of the key management personnel of the charity. however this is permitted in the rules of the society under Ctroperative and Community Benefit Societies Act (Northem Ireland) 1969. The total employee benefrts of the key management personnel was £138,367 {2022 -£132.015). Charity Trustees were reimburs&d £111 for expenses in the year (2022 - £2965). Staff numbers The average head count of employees during the year was 48 (2022- 59) The number of efflployees of the charity was as follows.. 2023 2022 Admin 10 Assistsnt Tutor Cleaning Mainten2ncg Rec•ption Tutor Salon 48 59 21

9, Tangible Fixed Assets Flxiures, fittlngs and •qulpm•nt Plant and machlnery Molor v•hlcl•s Bulldlngs Total Cost At 1 April 2022 1.199,153 293.460 442.856 56,049 1.991,518 Additions 3,588 3,588 At 31 March 2023 1.199,153 297.048 442.856 56,049 1.995.106 Depreclatlon and Impainnents At 1 April 2022 370,765 293.460 287.030 56.049 1,C(17,304 Charge for the year 74.153 897 27.261 102.311 At 31 Marth 2023 444,918 294,357 314,291 56.049 1.109,615 Not book Valuo At 31 March 2023 754,235 2.691 128.565 885.491 At 31 March 2022 828.388 155.826 984.214 10. Stocks 20Z3 2022 Stock held for training purK*)5e5 19,000 19,0(Kl 19,000 19.000 11. Deblors 2023 2022 Amounts owed by rdaled parties Prnpayments Trade debtors 513.223 513.223 37.739 1,215 1.751 552.177 514.974 22

1. Creditors (Amounts falling duo withln one year) Credltors 2023 2022 Amounts falling withln one year Trade creditors 53,610 6.424 Taxation and S￿la1 security costs Trustee's current accounts 14.826 14,741 Other creditors 68.436 21.551 As security for totsl exposure, Danske bank has a fixed charge over book debts and a floating charge on mortgage on real properties - 31-39 Mill Street Portadown and 24-28 Hill Street Newry.
2. Taxation and Social Security 2023 2022 Cr¢dltors: PAYEINIC 14.826 14,741
3. Members shar•s 2023 2022 Members shares

4. Interest Payabl• and oth•r similar charges 2023 2022 On loans 70 23

5. Analysis of net assets by fund Flxed assets - Gharlty use CuThent assets Curront Ilabllllles Long t•rni Ilabllltl¢• Total 885,491 3.032.3 (30.697) 3,887,184 Analysis of movement in unrestricted funds Balance at 1 Aprll 2022 Income Expendlture Funds 31 March 2023 General fund 4,208,741 1,307,453 (1,629.010) 3.887,184 Analysis of movement in unrestricted fvnds- previous year Balance at 1 Aprll 2021 Income Expendlture Funds 31 March 2022 General fund 3.730,077 2.327.416 {1,848,757} 4,208.736

6. Trustee's current account - Mr ￿lliaM Mcllroy The balance of £386 has been repaid to Mr Mcllroy at 31 March 2023.
7. Related Party Transactions Payments to Related Parties Rent is paid by Limestone Youth Training Project Ltd to Franklin Properties Ltd and Deckchair Developments Ltd. for premises that it uses in Rosemary Street and Brunswick Street. Mr William Mcllroy is a director in both companies. Transactions for rent are at a commercial rate and at arm's length. 2023 2022 Total rent paid to Franklin Properties Ltd Total reril paid to Deckchalr Developments Lld £97,760 £40.000 122.200 Included in debtors is a loan owed to Limestone Youth Training Project Ltd frorn one ralated company. Academy Salon Ltd. Mr William Mcllroy is a director of Academy Salon Ltd. Ac2demy Salon Ltd will repay the loan in instalments from September 2023. Academy Salon Ltd £513,223 £513,223

8. Post balance Sheet Events Theie are [70 tnatertal posi balance sheet events. 24

9. Financlal Instruments The Gharity has electeo to appty the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues. of FRS 102 to all of its financial instruments. All of the charity's fir￿nG[al assets an(J financial liabilrties are of a kind that qualify as basic financial instnjments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank bans which are subsequently measured at amortised cost using the effective interest method. Investment incom• The charity receives investment income of £3.282 (2022- £752) from money held in an interest bearing deposit account. The charity also receives rental income from one of its properties that it leases out to another business. £11.000 (2022 - £19,574). 25