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2024-03-31-accounts

LIMESTONE YOUTH TRAINING PROJECT LTD TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Contents Page Trustees, Report (incorporating the members, report) Auditor's Report 8-11 Statement of Financial Activities 12 Statement of Financial Position 13 Statement of Cash Flows 14 Notes to the accounts 15-25

TRUSTEES. ANNUAL REPORT (Incorporating the Members, Report) for the year ended 31 March 2024 The Trustees are pleased to present their annual members. report together with the financial statements of the charity for the year ending 31 March 2024, prepared in accordance wilh Charities SORP (effective January 2015) The Trustees are those who served during the financial year, together with the dates of any changes are listed below. Reference and Adminlstratlve Details Registered Charity name: Limestone Youth Training Project Ltd Charlty Reglstratlon number: 101587 Co-operative and Community Benefit Societles Act Number: IP00039 HMRC charlty number: N100688 Registered offlce: 10-12 Rosemary Street. Belfast, BT1 1QD Audltors: Malone Accounting Ltd, 12 New Street, Newry, BT35 6JD Bankers: Danske Bank, Belfast Finance Centre, PO Box 183, Donegall Square West, Belfast, BT16JS Sollcltors: Kearney Sefton, Franklin House, 10-12 Brunswick Street, Belfast, BT2 7GE Tughans, Marlborough House, 30 Victoria Street, Belfast. 8T1 3GG Prlnclpal Actlvltles The principal activity of the charity is providing fully supervised education and training of trainees by qualified tutors. Trustees The Trustees who served during the year are as follows: William Mcllroy Hilary Kearney Collette Steele Nicole Dohety Noelle Mcclintock Secretary Noelle Mcclintock Objectives and Activltles The charity's mission is= To provide each learner with a diverse education and training programme in a safe, supportive environment that promotes self-discipline, motivation and outstanding teaching and leaming opportunities. To advance education, in particular for young people. by providing training facilities for the acquisition and development of occupational skills and work experience. The direct benefits which flow from this purpose are the advancement of training and life skills_ The Charity seeks to provide 8 Structured educational environment that develops students, capabilities, competencies and skills. The charity has four campuses across Northern Ireland in Belfasl. Ballymena, Newry and Portadown. We are a modern and contemporary organisation recognised as a sector leader in education and training.

AchSevements and Performance For the last IMO years Limestone Youth Training Project Ltd trading as Academy Hair and Beauty Training School has experienced 2 dramatic decrease in recruitment figures leading to a significant decrease in funding claimed from the Department for the Economy (DE). These unique and unforeseen circumstances 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 Level 2 Traineeship programme as the Department had already taken the erratic and misguided decision to award the Traineeship Level 2 contract to the Further Education Colleges throughout the province. This came as a severe blow to the Academy as we have held the accolade of Grade l Outstanding training provision vested to us by the Education Training Inspectorate (ETII for over twenty years an accolade which no Further Education College has been able to consistently achieve. The most recent ETI inspection in May 2024 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 development" a first 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 Edkncation 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 concerns as to the reasons why they would deprive the learners, employers, parents, stakeholders 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 within the Department to address why they had considered it prudent to take the decision to remove the Level 2 provision from the Academy when the Academy provides the highest quality training provision Ihroughout Northern 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 training provision at the Academy is outstanding. With such a significant decrease in recruitment and funding due to this inexplicable decision by the Department 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 Review Income Income from Department of Economy funding for trainees reduced by £22,140 in the charity, overall Income decreased by £11,402 in the charity. Expenditure Overall expenditure for the charity was £1,608,067 in 2024. Going concern We consider it prudent in the current 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 concern assumption is appropriate. Balance Sheet The Balance Sheet remains healthy with unrestricted funds of £3.5m in the charity, including bank balances of £2.4m. The charity has no debt. Investment policy The charity invested cash reserves in a deposit account. Reserves pollcy The General Fund is an unrestricted fund and is used for the day to day operation of the charity. The Trustees review the value of the reserves retained in the form of fixed assets, cash and cash equivalents not held for restricted purposes. The Trustees consider the charity's exposure to major risks in terms of their likely impact on its income sources and planned expenditure 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 £3,575,168 and the Trustees view this as sufficient to offset any short to medium term reduction in trainee numbers and to ensure that the going concern assumption is appropriate. Plans for future periods With such a significant decrease in recruitment and funding due to this inexplicable decision by the Department 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.

Rlsk Management The Trustees consider that the main risk to the charity is the reduction in the number of trainees and therefore reduction in income that the charity receives as a result. The Trustees have a risk management strategy which comprises: An annual review of the principal risks and uncertainties that the charity faces; The establishment of policies, systems and procedures to mits'gate those risks identified in the annual review., and The implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. Structure, Governance and Management The charity is incorporated in United Kingdom. As a mutual society under c￿operative and Community Benefit Societies Act, registration has now been transferred to the Financial Conduct Authority, company number IP000239. The rules and memorandum of association and articles of association are available on public record through FCA website. Governlng Documont The charity is governed by its rules dated 6th March 1980. Charltable status Limestone Youth Training Project Ltd is a registered charity wrth the Charity Commission for Northem Ireland, registration number NIC 101587. It Is also recognised as a charity for taxation purposes by HMRC, registration number N100688. Appolntment of Trustees The charity is managed by a board which consists of all the appointed trustees and meets on a monthly basls. 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 employed for a total of over 50 years. They were appointed as trustees for their necessary skills and experience and the charity has authority Wlthin its rules to appoint them. They bring on board key skills and experience in education, training and financial administration 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 Outies. Three of the charity trustees were paid for their respects've employment roles within the charity. Neither Mr Mcllroy nor Mrs Doherty receive any remuneration. The total employee benefits of Ihe trustees, remuneration in their employment roles is £142,11012023 - £138,367>. Due to GDPR rights of the individual employees, their names and their salaries are not disclosed in the trustees, report. These trustees 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 Benefit Societs'es Act (Northem Ireland) 1969. Truslee inductlon and tralnlng Each Trustee received induction training through which they are made aware of their legal obligations 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 charity.

Trustees, Responsibilities in relation to the financial statements The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. Company law requires the trustees as directors to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under charitable company law the trustees must not approve the financial ststements unless they are satisfied that they give a Irue 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 statements, the trustees are required to.. select suitable accounting policies and apply them consistently- make judgements and estimates that are reasonable and prudent., state whether the Charities SORP (effective January 2015) in accordance with FRS 102 has been followed., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008, and all Regulations to be construed as one with that 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. Statement as to Disclosure to our audltors Each of the persons who is a Trustee at the date of approval of this report confirms that: So far as each Trustee is aware, there is no relevant audit information of which the charity's auditor is unaware., and Each Trustee has taken all steps that Ihey 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. Auditor Malone Accounting Ltd is deemed to be re-appointed as auditor in accordance with Co-operative and Community Benefit Societies Act (Northern Ireland) 1969. Signed by order of the Trustees on 5th September 2024. William Mcllroy (Trust Trustee Collette Steele ru Noe e Mcclintock (Trustee)

Independent Audltor's Report on the audit of the financial statements Report on the audlt of the flnancial statements Opinion We have audited the charity financial statements of Limestone Youth Training Project Ltd for the year ended 31 March 2024 which comprise the Charity Statement of Financial Activities, the Charity Statement of Financial Position, Ihe Charity Statement of Cash Flows and the related notes to the financial statements, including a summary of significant accounting policies set out in the notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of the charity's surplus and cash flows for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland- and have been prepared in accordance with the requirements of the Companies Act 2006 and Co- Operative and Community Benefit Societies Act (Northern Ireland) 1969 and the charity's revenue account and balance sheet complies with the requirements of Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and gives a true and fair view. Basls of opinion This report is made solely to the members, as a body, in accordance with the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and 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 state to them in an auditor's report and for no other purpose. We have fulfilled our elhical responsibilities under, and are independent of the charity in accordance with, UK elhical requirements, including the FRC'S Ethical Standard for Auditors. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity 2nd the members as a body, for our audit work, for this report or for the opinions we have formed. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In common with many other organisations of its size, the Limestone Youth Training Project Ltd uses its accountants to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. Concluslons relating to Going Concern The trustees have prepared the financial statements on the going concern basis as they have concluded that the charity's financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of the approval of the financial statements {"the going concern period"). We are required to report to you if we have concluded that the use of the going concem basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements.

In our evaluation of the trustee's conclusions, we considered the inherent risks to the charity's business model and analysed how those risks might affect the charity's financial resources or ability to continue operations over the going concem period. We have concluded that the trustees, us of the going concem 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 infonnation 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. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information,. we are required to report the fact. We have nothing to report in this regard. Opinion on other matters prescribed by Co-operative and Communlty Benefit Societies Act {Northern Ireland) 1969 and 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 light of the knowledge and understanding of the charity 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 rf, 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, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.

Respective responslbilitles of Trustees As explained more fully in the Trustee's responsibilities statement, the Trustees (who are also the members and 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 they determine is necessary to enable the preparation of financial statements Ihat are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters relate 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. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditors under Section 65 of the Charities Act (Northern Ireland) 2008 and report in accordance with the Act and relevant regulations made or having effect thereunder. 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 IUKI 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect materi21 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following: The nature of the industry and sector, control environment and business performance including the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and performance targets; Results of our enquiries of management about their own identification and assessment of the risks of irregularities. Any matters we identified having obtained and reviewed documentation of their policies and procedures relating to.. Identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance., Detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud- The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. The matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud, As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond to the risk of management override. We also obtained and understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but Complian￿ with which may be fundamental for their ability to operate Of to avoid a material penalty. io

Audit response to rlsks Identified Our procedures to response to the risks identified including the following.. Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. Enquiring of management concerning actual and potential litigation and claims. Performing analytical procedures to identify any unusual or expected relationships that may indicate risks of material misstatement due to fraud. Reading minutes of meetings of those charges with governance and reviewing correspondence with tax authorities., and In addressing the risk of fraud through management overrides control, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias., and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 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 remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, international omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. A further description of our responsibilities is available on the Financial Reporting Council's website at htpps:Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report The report is made solely to the charity's trustees as a body, in accordance with the Co-operative and Community Benefit Societies Act (Northern Ireland) 1969 and 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 trustees those matters we are required to stale 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed. Brendan Malone FCA (Senior Statutory audltor) For and on behalf of Malone Accounting Ltd Chartered Accountants & Statutory Auditors 12 New Street Newry CoLFnty Down, BT35 6JD Date: 5th September 2024 li

Limestone Youth Training Project Ltd Statement of Financial Activities incorporating Income and Expenditure Account For the year ended 31 March 2024 Note Unrestricted Funds Restricted Total Funds Total Funds Funds 2024 2023 Incoffle from.. Department of Economy 1.256.073 1,256,073 1,278,213 Income from Other charitable activities.. Operation of training salon 13.519 13,519 14,958 Investment Income 26,459 26,459 14,282 Donation5 & legacies Total income 1,296,051 1,296,051 1,307.453 Expenditure Expenditure on charitable activities Expenditure on support costs 1,216,233 391,834 1,216,233 391,834 1,195,947 433,063 Total Expenditure 1,608,067 1,608,067 1,629,010 Net incomelExpenditure and net movement in funds for the year (312,016) (312,016) (321,557) Net movement in funds for the year (312,0161 (312,016) (321,5571 Reconciliation of funds Total funds brought fofward at 1 April 2023 3,887,179 3,887,179 4,208,736 Tot81 funds carried forward at 31 March 2024 3.575.163 3,575,163 3,887,179 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure is derived from continuing activities. Approved by the Trustees and authorised for issue on 5th September 2024 and signed on its behalf by.. William Mcllroy (Trustee) Collette Steele (Trust Noelle Mcclintock (Trustee) 12

Limestone Youth Training Project Ltd Statement of Financial Position For the year ended 31 March 2024 Note 2024 2023 Fixed Assets Tangible Assets 783,180 885.491 885,491 783,180 Current Assets Stock 10 19,000 412,080 2,416,951 2,848,031 19,000 551,857 2,499,272 3,070,129 Debtors 11 Cash and bank and in hand Creditors Amounts falling due within one year 12 (56,0431 168,4361 Net current assets 2,791,988 3,001,693 Total Assets Less Current Liabilities 3,575,168 3,887,184 Net Assets 3,575,168 3.887,184 Share Capital Member shares 13 Unrestricted surplus for the year General Funds brought forward Total Charity Fund5 {312,0161 3.887,179 (321,5571 4,208,736 3,887.184 15 3,575,168 The trustees have prepared charity accounts in accordance with section 45 of The Co-operative and Community Benefit Societies Act (Northern Ireland) 1969. Approved by the Trustees and authorised for issue on 5th September 2024 and signed on its behalf by- William Mcllroy (Trustee) Collette Steele (Truste Noelle Mcclintock {Trustee) 13

Limestone Youth Training Project Ltd Statement of Cash Flows For the year ended 31 March 2024 2024 2023 Cash Flows from Operating Activities SurpluslDeficSt for the yèar 1312,016) 1321,557) Interest receivable (15,459) 13,2821 Dividend Income Interest Payable Rental Income (11,000) 102,311 (11.0001 102,311 Depreciation and impairments 1236,1641 1233,528) Movement in working capital Movement in stocks Movement in debtors Movement in creditors 139.777 (14.228) (36,8841 46,885 Cash g8n8rated from operations Interest P8id (110.615) 1223,5271 N•t caih generated from operallng actlvltSes (110.615) 1223,5271 Cash flows from Investlng actlvltlos Interest received Dividend income 15,459 3,282 Rental Income 11,000 11.000 13,5871 Purchase of fixtures, fittings & equipment Proceeds from sale of investmanl property N81 cash generated from investment aclivilies 26,459 10,695 cash flows from flnanclng actlvltlo$ Repayment of short-tem loan Net increase in cash and cash equiv81ents 184.156) 1212,8321 Cash and cash equivalent at beginning of year 2,499,272 2,712,104 Cash and cash equivalent at end of year 2,415,116 2,499,272 14

Limestone Youth Training Project Ltd Notes to the Accounts and accountlng policies For the year ended 31 March 2024 A General Informatlon Limestone Youth Training Project Ltd is a membership company incorporated in United Kingdom under the Co-operative and Community Benefit Societies Act {Northern Ireland) 1969. The registered office is 10-12 Rosemary Street, Belfast, BT1 1QD, which is also the principal place of business of the company. The nature of the charity's operations and its principal activities are set oul in the Trustees, Report. The financial statements have been presented in Pound Sterling (£1 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 Basls of Preparation The financial statements of the company for the year ended 31 March 2024 have been prepared in accordance with the Financial Reporting Standard by Charities,. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021 (effective 1 January 2015) - (Charities SORP (FRS 10211, the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the CTroperative and Comrnunity Benefit Societies Act (Northern Ireland) 1969. Limestone Youth Training Project Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant account policy note{s). The financial statements have been prepared under the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. The financial statements are prepared in sterling. D Income Income is the amount derlved from ordinary activities and is measured at the fair value of the consideration received or receivable. Income is received from Department 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 frorn members of the public who avail of the services provided by the trainees. Income is recognised when all of the following conditions are satisfied.. (a) the economic benefits associated with the transaction will flow to the Charity; (b) the amount of Income can be measured reliably. E Government Grants Income from government grants comprises income from the Department of Economy for trainees the Charity has under contract. This funding has been included in the financial statements under incoming resources from charitable activities. 15

F Preparatlon of the accounts on a going concern basis There are no material uncertainties about the charity's ability to continue and the accounts are prepared on going concern basis. G Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item (s) have been met, it is probable that the income will be received and the amount can be measured reliably. Income is received from government, the Department of Economy, '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 received 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. This is recognised when the income is received and the amount can be measured reliably. The Charily receives income from other training organisations that use its facilities for training purposes. This is recognised when the income is received and the amount can be measured reliably. This is unrestricted income. H Investment Income Interest Recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by th8 charity. this is normally upon notification of the interest paid or payable by the bank. Rental Income Rent81 income is reported net of expenses and on the accrual basis. Fund Accountlng General Funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. J Expendlture All expenditure is accounted for on an accrual basis and is recognised once there is a legal or constructive obligation to make a payment to a third paty. it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: cost of charitable activities comprises the charitable activities undertaken to further the purposes of the charity and the associated support costs. Governance costs includes those incurred in the governance of its assets and are associated with constitutional, statutory and strategic requirements. 16

K Allocatlon of Support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, finance, payroll and governance costs which support the charity. These costs have been allocated be￿een cost of charitable activities and commercial trading operations. L Tanglble flxed assets and depreclatlon Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment 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 against the gross carrying amount of the asset. The net amount is then restated to the revalued amount of the asset. An impairment loss is recognised immediately as an expense in the statement of financial activities. The useful life of buildings is 15 years. Other fixed assets are depreciated as follows.. Plant & Machinery Motor Vehicles Fixtures & fittings 25% 25°/0 25% straight line straight line straight line The carrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. At each balance sheet date, the charity reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If such an indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Charity estimates the recoverable amount of the cash-generating unit to which Ihe asset belongs. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased lo the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of the impairment loss is recognised as incorne immediately. M Impalrment of flxed assets A review of indicators of impairment 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 impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when It is not possible to 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 cash-generating unit is the smallest identifiable category of assets that includes the asset and generates cash inflows that are largely independent of the cash inflow5 and from other assets. 17

N Stocks Stocks 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 valLAe comprises actual or estimaled 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 charity is for a nominal value of £1. The members of the trustee committee 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 Slgnlflcanl Accountlng Judgements and key sources of estlmatlon uncertalnty Sn the application of the charity's accounting policies. truslees are required to make judgments, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting 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 rf the revision affects both current and fulure periods. The critical judgements made by Trustees that have a significant effect on the amounts recognised in the financial statements are described below. Stock The Trustees 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 demonstrations during the year. Th8 estimate is based on the Trustees, experience and knowledge of the business. Golng Concern The Trustees have prepared a budget for a period of at least Iwelve months frorn the date of the approval of the financial statements which demonstrate that there is no material uncertainty regarding the charity's ability to meet its liabilities as they fall due, and to continue as a going concern. On this basis the Trustees consider it appropriate to prepare the financial statements on a going concem basis. Accordingly, these financial statements do not include any adjustments to the carying amounts and classification of assets and liabilities that may arise if the charity was unable to continue as a going concern. R Cash at bank and In hand Cash at bank and in hand includes cash and short term liquid investments with a short maturity of three months or less from the date of acquisition 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 employerfs contributions made to the scheme in 2024 were £40,430 (2023 - £40,271). 18

T Debtors Debtors are stated after all known bad debts have been written off and specific provision has been made against all debtors considered doubtful of collection. Income recognised by the company from government agencies and other co-funders. but not yet received at year end, is included in debtors. U Creditors and provisions Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and Ihe amount due to settle the obligation can be measured or estimated reliably. 2. Income from Charltable Activlties Unrestricted Funds Restricted Funds Total Funds Total Funds 2024 2024 2024 2023 Department of Economy 1.256.073 1,256,073 1,278,213 Operation of training salon 13,519 13,519 14,958 1,269,592 1,269,592 1,293,171 3. Other Income Unrestricted Funds Restricted Funds Total Funds Total Funds 2024 2024 2024 2023 Rent Received 11.000 11.000 11.000 Dividend Income Profit on sale of investment propety Deposit Interest 15,459 15,459 3,282 Corona Job Retention Scheme 26,459 26,459 14,282 19

  1. Analysis of ExpendSture on Charitable Activities Total 2024 97,023 Total 2023 Employer Fees 96,853 Training Costs & Course fees 161,270 165,394 Childcare 1,519 980 Hire of equipment 945 3,462 Trainee Travel 1,256 Other expenditure (note 51 102,311 102,311 Support costs (note 6) 275,920 317,177 Govemance costs (note 71 13,603 13,574 staff costs {note 81 955476 928,003 1,608,067 1,629.010
  2. Other Expenditure This is ststed after charging 2024 2023 Depreciation of tangible fixed assets Interest Payable on bank loan 102,311 102,311 102.311 102.311
  3. Analysls of Support Costs Total 2024 960 Total 2023 Adverbsing 2,688 Bank Charges 577 923 Computer costs 6.967 6,554 General Expenses 15,408 22.288 Light & Heat 10,089 6,259 Insurance 44,710 45,819 Travel expenses 12.207 14,380 PrintinglPostagelStationery 2,349 3,602 Rerlt & Rates 138.402 1S7,816 Repairs & Maintenance 42,937 53,621 Telephone 409 1,627 Staff Training 906 1,600 275,921 317.177

  4. Analysis of Governance Costs Total 2024 Total 2023 Auditorfs remuneration 6.6QO 6,600 Accountsncy setvices 7,OlJ3 6,974 13,603 13,574 20

  5. Analysis of Staff Costs and the cost of key personnel Staff costs were as follows Total 2024 Total 2023 Wages and Salaries 677,163 710,520 Employer's NIC Pension Contributions 173.855 40.430 177.212 40,271 Redundancy 64,028 955,476 928,003 Pay policy for senior staff No employees had employee benefits in excess of £60,000 12023.. nill. 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 £142,110 {2023 -£138,367). Neither Mr Mcllroy nor Mrs Dohety receive any remuneration. These three Trustees form part of the key man8gem2nt personnel of the charity, however this is permitted in the rules of the society under Co-operative and Community Benefit Societies Act (Northern Ireland) 1969. The total employee benefits of the key management personnel was £142,110 (2023 -£138,367). Charity Trustees were reimbursed £45 for expenses in the year (2023 - £111). Staff numbers The average head count of employees during the year was 40 (2023- 48) The number of employees of the charity was as follows: 2024 2023 Admin Assistant Tutor Cleaning Maintenance Reception Salon Tutor 17 20 40 48 21

  6. Tangible Fixed Assets Fixtures, fittings and equipment Plant and machinery Motor vehicles Buildings Total Cost At 1 April 2023 1,199,153 297,048 442,856 56,049 1,995,106 AdditlOn5 At 31 March 2024 1,199.153 297,048 442,856 56,049 1,995,106 Depreclation and impairnients At 1 April 2023 444,918 294,357 314,291 56,049 1,109,615 Charge for the year 74,153 897 27,261 102,311 At 31 March 2024 519.071 295.254 341,552 56,049 1,211,926 Net book Value At 31 March 2024 680.082 1,794 101,304 783,180 At 31 March 2023 754,235 2,691 128,565 885,491

  7. Stocks 2024 2023 Slack held for training purposès 19,000 19,000 19.000 19.000

  8. Debtors 2024 2023 Amounts owed by related parties 412,080 513.223 Prepayments 37,739 Trade debtors 1,215 412,080 552,177 22

  9. Credltors (Amounts falling due within one year) Creditors 2024 2023 Amounts falling due within one year Trade creditor5 34.416 53,610 Taxation and social security costs 21,627 14.826 Trustee's current accounts Other creditor5 56.043 68.436 As security for total 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.

  10. Taxation and Social Security 2024 2023 Creditors: PAYEINIC 21,627 14,826
  11. Members shares 2024 2023 Members shares

  12. Analysis of net assets by fund Fixed assets - charity use Current assets Current liabilities Long term liabilities Total 783,180 2,848,031 (56.043) 3,575,168 Analysis of movement in unrestricted funds Balance at l April 2023 Income Expenditure Funds 31 March 2024 General fund 3.887,184 1.296.051 (1,608,067) 3,575.168 Analysis of movement in unrestricted fvnds - previous year Balance at 1 April 2022 Income Expenditure Funds 31 March 2023 General fund 4.208.741 1.307.453 11.629.010) 3,887,184 23

  13. 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. 2024 2023 Total rent paid to Franklin Properties Ltd Total rent paid to Deckchair Developments Ltd 97,760 £97,760 32.000 £40,000 Included in debtors is a loan owed to Limestone Youth Training Project Ltd from one related company, Academy Salon Ltd. Mr William Mcllroy is a director of Academy Salon Ltd. Academy Salon Ltd repaid £100,000 September 2023 and will repay the loan in instalments. Academy Salon Ltd £412,080 £513,223

  14. Post balance Sheet Events There are no material post balance sheet events.
  15. Flnancial Instruments The charity has elected to apply 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 financial assets and financial liabilities are of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlemenl value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. Investment income The charity receives investment income of £15,459 (2023- £3,282) from money held in an interest bearing deposit account. The charity also receives rentsl income from one of its properties that it leases out to another business, £11,000 (2023- £11,000). 24