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 r￿ureS 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 ac￿lade 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 COl￿e 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 Cu￿ent 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 0￿ration 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 Cl￿peratiVe and Community Benefit
Societies Act, registration has now been transferred to the Financial Conduct Authority. company number
IP000239. The rules and memorandum of aSS￿latIon 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 obl￿a￿On5
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)