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 with 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 Administrative Details
Reglstered Charity name: Limestone Youth Training Project Ltd
Charlty Registratlon number: 101587
Co-operatlve and Community Benefit SoGieties Act Number- IP00039
HMRC charlty number: N100688
Reglstered offlce: 10-12 Rosemary Street, Belfast, BT11QD
Auditors: Malone Accounting Ltd. 12 New Street, Newry, BT35 6JD
Bankers: Danske Bank, Belfast Finance Centre, PO Box 183, Donegall Square West, Belfast, 8T16JS
Sollcltors: Kearney Sefton, Franklin House, 10-12 Brunswick Street, Belfast, BT2 7GE
Tughans, Marlborough House, 30 Victoria Street, Belfast, BT13GG
Prlnclpal Actlvltles
The principal activity of the charity is providing fully supeniised 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 Doherty
Noelle Mcclintock
Secretary
Noelle Mcclintock
Objectlves 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 a structured educational environment that
develops students, capabilities, competencies and skills.
The charity has four campuses across Northem Ireland in Belfast, Ballymena, Newry and Porta(Jown. We are a
modern and contemporary organisation recognised as a sector leader in education and training.

Achlevements and Performance
For the last years Limestone Youth Training Project Ltd trading as Academy Hair and Beauty Training School has
experienced a dramatic decrease in recruitment figures leading to a signtficant decrease in funding claimed from the
Department for the Economy {DfE). 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 1 Outstanding training
provision vested to us by the Education Training Inspeclorate (ETI) for over ￿enty years an accolade which no
Further Education College has been able to consistently achieve. The rnost 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 Education Colleges but to no avail. He has spoken with the
Department and ETI officials bul 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 prudenl to tske the decision to remove the Level 2 provision from the Academy when the
Academy provides the highest quality training provision throughout 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 sustsinability 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 rneel 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. includin9 bank
balances of £2.4m. The charity has no debt.
Investment pollcy
The charity invested cash reserves in a deposit accounl.
Reserves pollcy
The General Fund is an unrestricted fund and is useLI for the day to day operation of the charity. The
Trustees review the value of the reseryes retained in the fomi of fixed assets, cash and cash equivalenis
not held for restricted purposes. The Trustees consider Ihe charity's exposure to major risks in terms of
their likely impact on its income sources and planned expenditure in the short to medium tem, as well as
assessing the best way to mitioate 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 concem
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.
Mf Mcllroy and the Board have been forced by this decision to review the Academy's current business plan
and formulate a new form of provi5iori to ensuie that the Academy is sustsinable and continues to offer an
outstanding provision.

Risk 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 mitigate 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 Co-operalive 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.
Governing Document
The charity is governed by its rules dated 6th March 1980.
Charitable status
Limestone Ynllth Training Project Ltd is a registered charity with the Charity Commission for Northem Ireland,
registration number NIC 101587.
It is also recognised as a charity for taxation purposes by HMRC. registration number N100688.
Appolntment of Trustees
The charity is managed by a board which consists of all the appointed trustees and meets on a monthly basis.
The charity has 5 trustees on its board. Three of these trustees are employed within the charity. These are
individua15 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 within 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 duties.
Three of the charity trustees were paid for their respective employment roles within the charity. Neither Mr Mcllroy nor
Mrs Dohety receive any remuneration. The total employee benefits of the trustees. remuneration in their employment
roles is £142,110 (2023 £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 pemitted in the rules of the
society under Co-operative and Communty Benefit Societs'es Act (Northem Ireland) 1969.
Trustee 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 statements unless they
are satisfied that they give a true and fair view of the state of affairs of the charity and of the net income
or expenditure of the charty 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 20151 in accordance with FRS 102 has been
followed.,
prepare the financial statements on the going concem 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 prevents'on and delecknon of fraud and other irregularits'es.
Statement as to Dlsclosure to our audltors
Each of the persons who is a Tfustee at the date of approval of this report confirnis 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 they ought to have taken as a Trustee to make themselves
aware of any relevant audit infomation and to establish that the charity's auditor is aware of that
infonmation.
Auditor
Malone Accounting Ltd is deemed to be re-appointed as auditor in accordance with Co-operative and
Community Benefit Societies Act (Northern Irek2nd) 1969.
Slgned by order of the Trustees on 5th September 2024.
IZi4
William Mcllroy (Trust
Trustee
Collette Steele
Noe
e Mccllntock (Trustee)