Loughview Training ServiLces Limited Statement of Financial Activities for the Year Ended 31 March 2023 ncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2023 Note Income and Endowments from: Gov¢rnm¢nt grants Charitable activities Invesiment income 218,730 795 386 27,062 245,792 795 386 Total income 219,911 27,062 246.973 Expenditure on: Charitable activities (311,595) (27.062) (338.657) Total expenditure (311,595) (27.062) (338.657) Net expenditure (91,684 (91,684) Net movement in funds (91.684) (91,684) Reconciliation of funds Total funds brought fonvard 219,914 219,914 Total funds carried forward 14 128.230 128.230 Total 2022 Unrestricted Restricted Note Income from: Government grants Investment income 292,244 40 51.750 343.994 40 Total Incorne 292.284 51,750 344,034 Expenditure on: Charitable activities (317,974) (51.750) (369,724) Total Expenditure (317.974) (51.750) (369,724) Net expenditure (25,690) (25,690) Net movement in fvnds (25,690) (25.690) Reconciliation of funds Total funds brought forward 245,604 245,604 Total funds carried forward 14 219,914 219,914 All of the charity's activities deriv¢ from continuing operations during the above two periods. The funds breakdown is shown in note 14. The notes on pages I I to 18 forn] an integral part of these financial statements. Page 9
Loughvieiv Training Services Limited (Registration number: IP000258) Ba12nce Sheet as at 31 March 2023 2023 2022 Note Fixed assets Tangible assets 2,358 3,207 Current assets Debtors Cash at bank and in hand io 47,185 87,183 134,368 25,971 199.795 225,766 Creditors: Amounts falling due within one year 12 (8,484) (9,047) Net current assets 125,884 216,719 Net assets 128.242 219,926 Fujjds of th¢ Charity: Unrestricted income funds Called up share capital Unrestricted 13 12 128,230 12 219,914 Total unrestricted funds 128,242 219,926 Total funds 14 128,242 219,926 The financial statements on pages 9 to 18 were approved by the tntee$, and authorised for issue on 28 June 2023 and signed on their behalf by: Mr R Finlay Chairnlan and Trnstee The notes on pages I I to 18 forn] an integral part of these fmancial statements. Page 10
Loughview Training Services Limited Notes to the Financial Statements for the Year Ended 31 March 2023 I Charity ststus The charity is limited by share capital. incorporated in Northern Ireland. The address of its registered office is: Twin Spires Centre Unit HF5 Howard Building Belfast BT13 2JF These fmancial statements were authorised for issue by the trustees on 28 June 2023. 2 Accounting polieies Summary of significant accounting policies and key aceounting estimates The principal accounting policies applied in the preparation of these financial staternents are set out below. These policies have been consistently applied to all the years presented. unless otherwise stated. ststement of compliance The fjnancial staternents have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015)- (Charities SORP (FRS 102)). and the Industrial & Provident Soci¢ti¢s Act (Nl) 1969 and 1976. Basis of preparation Loughview Training Service5 Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogDis¢d at historical cost or transaction value unless othenvise stated in the relevant accounting policy notes. Going concern The fmancial statements have been prepared on a going concern basis as the trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the canying value of assets held by the charity. The trustees have considered both the level of fimds held and the expected level of illcome and expenditure for 12 months from authorising these fmancial statements. taking into consideration all relevant factors including the Covid 19 pandemic. Income All income is recognised once the charity has entitlement to the incom¢. it Is probable that the income will be received and the amount of the income receivable can be measured reliably. Grunls receivable Grants are recogni5ed when the charity has an entitlement to the fimds and any conditions linked to the grants have been met. Where perforniance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance Sheet as defeed incorne to be released. Page I
Loughview TrainiDg Services Limited Notes to the Financial Statements for the Year Ended 31 March 2023 Expenditure All expenditure is recognised once there is a legal or constrnctive obligation to that expenditure, it is probable settlement is required and the amount can be measured reltably. All costs are allocated to the applicable expenditure heading that aggregate similar Costs to that category. Where Costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff osts allocated on the basis of time spenL and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the SPTead of staff costs. Charilable aellvities Charitable expenditure comprises those costs inCued by the charity in the delivery of its acttvities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support theln. Governance eosts These include the costs atiributable to the charity's complÈance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Pardgraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corpoiation tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gains received within categorie5 covered by Chapter 3 Part I l of the COoration Tax Act 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to charitable purposes. Tangible r]xed assets Indivtdual red &ssets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairn]ent losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off th¢ cost or valuation. less any estimated Tesldual value. over th¢ir expected useful economic life a5 follows.. Asset elass Fixtures, fIttings and equipment Depreciation method and rate 200/0 stratght line Trade debtor5 Trade debtors are amounts due from customeTS for merchandise sold or services perfomied in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairmenl. A provision for the irnpainnent of trade debtors is established when there is objective evidence that the charity will not be able to collect all amount5 due according to the original terms of the receivables. Cash and cash equlvalents Cash and cash equivalents compris¢ cash on hand and call deposits, and other short-tenn highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Page 12
Loughview Training Services Limited Notes to the Financial Statements for the Year Ended 31 March 2023 Trade ereditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as cuffent liabilities if the charity does not have an unconditional right, at the end of the r¢porting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-cuffent liabilities. Trade creditors ar¢ recognised initially at the transaction price and subsequently me&sured at amortised cost using the effective interest method. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the Charity. Designated funds are unrestricted fimds earn]arked by the trustees for particular purposes. Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these riteria is cb&rg¢d to the fund, together with a fair allocation of management and support costs. Pensions and other post retirement obligations The ch&rity operates a defined contribution pension scheme whÈch is a pension plan under which fixed contributions are paid into a pension fimd and the charity has no legal or constructive obligation to pay fijrther contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the cuent and prior periods. Contributions to defed contribution plans are reCOlSed in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service. the excess is recognised as a prepayment. Income from charitsble activities Unrestricted funds General Restricted funds Tot21 2023 Total 2022 Government training grants Government support grants 218,730 27.062 245.792 308,105 35,889 218,730 27.062 245.792 343,994 3 Investment income Unrestrieted funds General Total 2023 Total 2022 Interest receivable and similar income. Interest receivable on bank deposits 386 386 40 Page 13
Loughvxew Training Services Limited Notes to the Financial Statements for the Year Ended 31 March 2023 4 Expenditure on charitsble activities Unreslricted funds General Restricted funds Totsl 2023 Total 2022 Employment costs Industy Training bonus Tuition costs Examination and registration fees Staff travel, conferences Relocation expenses Rent and rates Heat light and power Insurance Repairs Telephone Postage stationery and advertising Hospitality Sundry expenses Bank charges Depreciation 233,511 233,511 27,062 26,836 7,303 11,027 233,234 51.750 29,131 8,131 8,036 2,013 9.954 2,574 2.585 5,804 4,669 1.694 274 27.062 26,836 7,303 11,027 7,693 2,916 2,761 4,076 4,785 1,493 199 3.030 546 1,129 7,693 2,916 2,761 4.076 4,785 .493 199 3,030 546 1.129 3,839 582 1,199 307,305 27,062 334.367 365.469 In addition to the expenditure analysed above, there are also governance costs of £4,290 (2022 - £4.255) which relate directly to charitable activitics. See note 5 for further details. 5 AJ)alysis of governance and sUPPOrt costs Governance costs Unrestricted Total 2023 Total 2022 General Audit fees Audit of the financial statements Legal and professional fees 2,l12 2,178 2,112 2,178 2.052 2,203 4,290 4,290 4,255 Pag¢ 14
Loughview Training Services Limited Notes to the Finaneial Statements for tbe Year Ended 31 March 2023 6 Staff costs The aggregate payoll costs were as follows: 2023 2022 Staff costs during the year were: Wages and salaries Social security costs Pension costs Other staff costs 209,817 10,567 11,097 2,030 206,340 12,387 12,204 2,303 233,511 233,234 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as follows: 2023 2022 AdEninistration and training 10 No employee received emoluments of more than £60,000 during the year. 7 Auditors, remuneration 2023 2022 Audit of the fanCIal statements 2.112 2,052 8 Taxation The Charity is a registered charity and is th¢r¢fore exempt from taxation. Page 15
Loughview Training Services Limited Notes to the Financial Statements for the Year Ended 31 March 2023 9 Tangible fixed assets Fixtures, rittings and equipment Total Cost At l April 2022 Additions 20,862 280 20,862 280 At 31 March 2023 21,142 21,142 Depreciation At l April 2022 Charge for th¢ yeat 17,655 1,129 17,655 1.129 At 3 R March 2023 18,784 18,784 Net book value At 31 March 2023 2.358 2,358 At 31 March 2022 3,207 3,207 10 Debtors 2023 2022 Trade debtors Prepawients Other debtOTS 44,491 1,794 900 23.226 1.745 1,000 47,185 25,971 I I Cash and eash equivalents 2023 2022 Cash on hand Cash at bank 61 87,122 246 199,549 87.183 199,795 12 Creditors: amounts falling due within one year 2023 2022 Accrnals 8,484 9,047 Page 16
Loughview Training Services Limited Notes to tbe Financial Statements for the Year Ended 31 March 2023 13 Share eAPltal Allotted, Called up and fully paid shares 2023 2022 Ordinary Shares of £1 each 12 12 12 12 14 Funds Balance at I April 2022 IncomÉng resources Resourees expended Balance at 31 March 2023 Unrestricted funds GeneraI 219,914 219.911 (311,595) (27.062) 128,230 Restricted fund5 27,062 Total funds 219,914 246.973 (338,657 128,230 Balance at I April 2021 Incoming resources Resources expended Balance at 31 March 2022 Unre5trieted funds General 245,604 292,284 (317.974) 219,914 Restricted funds 51,750 (51,750) Total funds 245,604 344,034 (369.724) 219.914 15 Analysis of net assets between funds Unrestricted funds General Total funds at 31 March 2023 Tangible fixed a55ets Current assets Cutrent liabilities 2,358 134.368 (8,484 2,358 134,368 (8,484 Total net &55ets 128,242 128,242 Page 17
Loughview Training Services LimAted Notes to the Financial Statements for the Year Ended 31 March 2023 16 Related party transactions Trustees The charity is controlled by the trustees who are all directors of the company. During the year a tntee of the charity was paid £Nil (2022 £Nil) for services perfonlled on behalf of the charity. Page 18