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

4. 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
5. 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
6. 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
7. 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

8. 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

9. 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
10. Stocks
2024
2023
Slack held for training purposès
19,000
19,000
19.000
19.000
11. Debtors
2024
2023
Amounts owed by related parties
412,080
513.223
Prepayments
37,739
Trade debtors
1,215
412,080
552,177
22

12. 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.
13. Taxation and Social Security
2024
2023
Creditors:
PAYEINIC
21,627
14,826
14. Members shares
2024
2023
Members shares
15. 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

16. 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
17. Post balance Sheet Events
There are no material post balance sheet events.
18. 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