TRUSTEES, ANNUAL REPORT (Incorporating the Members. Report) for the year ended 31 March 2023 The Trustees are pleased to present their annual members, report tog8th@r with the financial statements of the charity for the year ending 31 March 2023. prepared in accx)rdance with Charities SORP {effe¢tive January 2015). The Trustees are those who served during the financial year. tC*3ether with the dates of any Changes are listed below. Reference and Administrative Detalls Registered Charlty name: Limestone y(rth Training Project Ltd Charlty Reglstratlon number: 101587 Co-oporative and Community Benefit Societies Acl Number: IP00039 HMRC charlty number: N100688 Reglstered office: 1 (P12 Rosemary Street, Belfast, BT1 1QD Auditors: Malone Accounting Ltd. 12 New Street, Newry. BT35 6JD Bankers: Danske Bank. Belfast Finance Centre. PO Box 183. Donegall Square West. Belfast, BT16JS Solicitors: Keamey Sefton, Franklin House. 10-12 Bnjnswick Street, Belfast, BT2 7GE Tughans. MarlEx)rough House. 30 Victoria Street, Belfasl, BT13GG Principal Activities The principal activity of the charfty Is provldlng fully supervised education and training of Irainees by qualified tutors. Trustees The Trustees who served during the year are as follows". Williarn Mcllroy Hilary Kearney Collette Steele Nicole Doherty Noelle McClintoGk Secretary Noelle McClintOGk Objectives and Actlvltles The charity's mission is: To provide each leamer with a diverse education and training programme in a safe, supportive environment that promotes self-discipline. motivation and outstanding teaching and leaming OPFL)rtunities. To advance education, in particular for young people. by provKling training facilities for the acquisition and development of occupational skills and work experiencc. Thc direct beneffts which flow from this purpose are the advancement of training and life skills. The Charity seeks to provide a struclured educational environment that develops students, capabilities. competencies and skills_ The charity has four campuses across Northern Ireland in 8plf28t, Ballymena. Newry and Portadown. We are a modern and contemporary organisation recognised as a sector leader in education and training.
Achievements and Porforniancé For last Iwo years Lirnestone Youth Training Project Ltd trading as Academy Hair and Beauty Treining School has experienced a dramatic decrease in recruitment rureS leading to a signffir2nt decrease in funding claimed from the Department for the Economy (DfE). These unique and unforeseen orcumstances occurred due to the Department making the decision that when the Academy's Training for Success Level 2 contract and those contracts held by all other training organisations ended in July 2021 that would bring to an end the Academy and all other training organisations being able to deliver NVQ Level 2 in either hairdressing or beauty therapy. There was no tender available to compete for the new L8vel 2 Traineeship programme as the Department had already tsken the erratic and niisyuided decision to awaro Ine Traineesfiip Level 2 contract lo the Further Education Colleges throughout the province. This came as a severe blow to the Academy as we have held the aclade of Grade 1 Outstanding training provision vested to us by the Education Training Inspectorate (ETI) for over twenty years an accolade which no Further Education COle has been able to consistently achieve. The most recent ETI inspection in May 2023 not only stated the "Academy Hair and Beauty Training School delivers outstanding training and education in all areas of the provision" but also that there were °no areas for developmenf a ffirst for any training organisation or Further Education College. Mr Mcllroy has sought to ascertain any justifiable reasons why the Department had made the decision to gift the delivery of the Level 2 training provision to the Further Education Colleges but to no avail. He has spoken with the Department and ETI officials but they have not been able to answer his questions and concems as to the reasons why they would deprive the leamers. employers, parents, stskeholders and the wider community accessing the highest quality training provision at the Academy in favour of the much inferior training provision offered by the Further Education Colleges. Mr Mcllroy has requested a meeting with the Policy Branch wtthin the Department lo address why they had considered it prudent to take the decision to rpmove the Level 2 provision from the Academy when the Aca(lemy provides the highest qualty training provision throughout Northem Ireland which has been inspected repeatedly over the last 25 years not only by the Education Training Inspectorate but by awarding bodies and the Department for the Economy itself all concluding that the trainiThJ provision at the Academy is outstanding. With Such a si9nifiGant decrease in recruitmenl aiid lunding due to Ihi5 inexpllcable declslon t*y ihe Departmenl there are now major concerns about the sustainability of the Academy as it currently operates. Mr Mcllroy and the Board have been forced by this decision to review the Academy's current business plan and formulate a new form of provision to ensure that the Academy is sustainable and continues to offer an outstanding provision.
Flnancial Revlew Incomo Income from D8partment of Economy funding for trainees reduced by £910.275 in the charity. overall Income decreased by £1.019,963 in the charity. Expendllure Overall exp8nditure for the ¢hanty was £1.629.010 in 2023. Going concern We consider it prudent in the Cuent economic climate to maintain a substantial reserve that will allow the charity to meet the funding changes which the wider economic situation may impose. It is the Trustees, view that this is sufficient to ensure that the going o)ncem assumption is appropriate. Balance Sheet The Balance Sheet remains healthy with unrestricted funds of £3.8m in the charity, including bank balances of £2.5m. The charity has no debt. Investment policy The charity inv8St8d cash reserves in a deposit account. The charity sold its investment property in the previous financial year. Reserves pollcy The General Fund is an unrestricted fund and is used for the day to day 0ration of the charity. The Trustees review the value of the reserves retained in the fomi of fixed assets, cash and cash equivalents not held for restricted purposes. The Trustaes consider the charity's exposure to major ri3k3 in terms of Iheir likely impact on its income sources and planned expendlture In the short to medium term. as well as assessing the best way to mitigate such risks. The major risk to be managed with regard to income is fluctuation in trainee numbers on a year to year basis. The present level of free reserves of the charity is £3.887.184 arml the Trustees view this as sufficient to offset any short to medium term reduction in trainee numbers and to ensure that the ooing concern assumpiion is appropriate. Plans for future periods With such a significant decrease in recruitment and funding due to this inexplicable decision by the Departtnent there are now major concems about the sustainability of the Academy as it currently operates. Mr Mcllroy and the Board have been forced by this decision to review the Academy's Gurrent business plan and formulate a new form of provision to ensure that Ihe Academy is sustsinable and continues to offer an DLltslanding provision.
Risk Management The Trustees consider that the main risk to the charity is the reduction in the number of trainees and therefrjre reduction in income that the Charity receives as a rasulL The Trustees have a risk management strategy which comprises: An annual review of the principal risks and uncertainties thal the chanty faces. The estsblishment of policies, systems and procedure5 to mitigate those risks identified In the annual review., and The implementation of procedures designed to minimi8e or manage any potential impact on the Gharity should those risks materialise. Structure, Governance and Management The charity is incorporated in United Kingdom. As a mutual society under ClperatiVe and Community Benefit Societies Act, registration has now been transferred to the Financial Conduct Authority. company number IP000239. The rules and memorandum of aSSlatIon and articles of associatK)n are available on public record through FCA website. Governing Document The charity is governed by its rules dated 6th March 1980. Charltable status Limestone Youth Training Project Ltd is a registered charity with the Charity Commission for Northem Ireland, registration number NIC 101587. It is also recognised as a charity for taxation purposes by HMRC. registration numt)er N100688. Appointm•nt of Truste•s The charity is managed by a board which consists of all the appointed trustees and meets on a monthly basis. The charity has 5 trustees on its board. Three of these trustees are employed within the charity. These are individuals who have many years, experience who have been empk)yed for a total of over 50 years. They were appointed as trustees for their necessary skills and experience and the charity has authority within its rules to appoint them. They bring on board key skills and experience in education, training and financlal adminlstrallon to the charity. They do not make decisions on remuneration of employees and there are no conflicts of interest in their day to day employment duties. Three of the charity trustees were paid for their respective employment rolès within tha p.harity Neither Mr Mcllroy nor Mrs Dohety receive any remuneration. The total employee benefits of the trustees. remuneration in their employment roles is £138.367 (2022 - £132.015). Due to GDPR rights of the individual employees. their names and their salaries are not disclosed in the trustee¥, report. These trust@eq form part of the key management personnel of the charity. however this is permitted in the rules of the society under Co-operative and Community 8enefit Societies Acl (Northem Ireland) 1969. Trustee induction and training Each Trustee recelved Indudon training Ihrough which they are maoe aware of Iheir legal oblaOn5 under charity and company law. the content of the. rules of the society. the governance structure. the committee and decision making processes. the business plan and recent financial performance of the Gharity.
Trustses. Responslbilitie5 in relatlon to Ihe flnanciai statements The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires the trust8es as directors to pr•pare financial Btatements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with Unitpd Kingdom Generally Accepted Accounting Practi (United Kingdom Accounting Standards and applicable law}. Under charitable company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the net income or expenditure of the charity for that period. In preparing these financial ststements. the trustees are required to-. select suitable accounting tM)licies and app them consistently." make judgements and estimates that are reasonable and Pfudent" state whether the Charities SORP (effective January 2015) in accordance with FRS 102 has been followed; prepare the financial statements on the going concem basis unless il is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disdose with reasonable accuracy at any time the financial posttion of the charity and to enable them to ensure that the financial statements comply with the Charities Act (Northem Ireland) 2008, and all Regulations to be construed as one with Ihat Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Slat•ment as to Disclosure to our audltors Each of the persons who is a Trustee at the date of approval of this report confimis that. So far as each Truslee is aware, there is no relevant audit infomiation of which the charity's auditor is unaware: and Each Trustee has tsken all steps that they ought to have taken as a Trustee to make themselves aware of any relevant audit infonnation and to establish that the charity's auditor is aware of that information. Auditor Malone Accounting Ltd is deemed lo be re-appointed as auditor in accordance with C(Foperative and Community Benefit Societies Act {Northem Irpl8nd) 1969. Slgned by order of the Trustèes on 11th August 2023. Iliam Mcllroy (Trustee) Collette Steele (Trust Noelle Mcclintock (Trustee)