Loughview Training Services Limited Trustees, Report The trustees, who are directors for the pury)oses of company law, present the annual report together with the fmancial statements and auditors, report of the charitable cornpany for the year ended 31 March 2023. Trustees and officers The trustees and officers serving during the year and since the year end were as follows: Trustees: Mr R Finlay Ms J Chester Mrs G McGlone Mr R Mccomb Mrs T Cllan Mr P Markey Mrs A Braden Mr l Megaw (retirement 30 September 2022) Chairn]an: Mr R Finlay Secretary: Ms J Chester Objectives and activities Objects and aims The principal activity of the charitable company is the provision of career training facilities. The charity's aim is to deliver qualÈty training and emploJThent opportunities to improve employability and skills for those a]ready employed through apprenticeships. Objeclives, strategies and aclivili The charity provides apprenticeship training to employees aged 18-25 working over 21 hours a week. The company is a community based non-profit making charitable training provider for apprenticeship training for employee5 in framework areas for both levels 2 and 3 in Retail, Tearn-Leading, Management, Hospitality and Catering. Warehousing, Customer Service and Business Administration over all Northern Ireland within the remit of the DFE apprentice progranun¢. Training is provided to employees on employers premises by outreach assessors. Essential skills training is a150 provided. Public benefil In Setting our objectives and planning our activities for the year the trustees have given careful considerdtion to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities hav¢ helped to achieve the charitys purpose and provide a benefit to the beneficiaries. The direct benefits that flow from the Charity'5 activities are improved employment and progression opportunities for 16 24 year olds through the provision of vocational training. qualifications and upskilling provided by the Apprenticeship contract. Page 2
Loughview Training Services Limited Trustees, Report Financial review The trustees can report an overall decrease of incoming resources of the charity for the current year at £246,973 (2022 £344.034). This is mainly due to reduced training grants and the cessation of support grants. The main source of income is £245,792 of training grants. Total resources exp¢nded were down on the previous year at £338,657 (2022 £369,724), largely due to decreased industy training bonuses being paid out to trdinees. This resulted in an overall net deficit in ndS of £91,684, compared to £25,690 in the previous year. Total funds of the charity are now £128,242 and are all allocated to unrestricted fvnds. Plans for future periods and key objecllveslorfutureperlods The aftermath of the Covid-19 pandemic will continue to have an effect on the activities of the charity over the next few years. Employers are currently experiencing difficulty recruiting staff and this will have a direct impact on the number of apprentices on the ApprenticeshÈp Programme. The trustees have taken steps to ensure the continuity of the charities operations. With the Continuation of grant income, together with the cash reserves built up over the years, the trustees ale confident of the viability of the charity going forward Financial Èn5truments Objectives andpolicies The charity's activities expose it to a nurnber of financial risks including credit risk, cash flow risk and liquÉdity risk. Cashflow risk The charity's activities expose it primarily to the financial risks of changes in Govenllnent funding and support for training contracts. Creth"t risk The charity's principal financial assets are bank balance5 and cash, trade and other receivable5, and investments. The charity's credit risk is primarily attributable to it5 trade receivables. The amounts presented in the balance sheet are net of allowances for doubtfvl receivables. An allowance for impairnient is made where there is an identtfied loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. Liquidity risk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operatTons and future developments. the charity uses cash reserves. Page 3
Loughview Training Services LiLmited Trustees, Report Trllstees, responsibilities The tnteeS (who are also the directors of Loughview Training Services Limited for the pUOseS of company law) are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounttng Standards (United Kingdom Generally Accepted A¢¢ounting Practlce), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare fmancial statements for each financial year. Under company law the trustees must not approve the fmancial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these fmancial statements, the trnste¢s are required to: select suitsble accounting policies and apply them consistently; observe the m¢thods and principles in the ChaTTrties SORP. make judgements and estimates that are reasonabl¢ and pnLdent' state wbether applicable accounting standard5, comprising FRS 102 have been followed. subject to any material departures disclosed and explained in the fanCIal statements. and prepare the fillancial statements on the going concern basis unless it is inappropriate to presume that the charitable Company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any tin]e the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taktng reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditor Each trustee h&s taken steps that they ought to have taken as a tnee in order to make themselves aware of any relevant audit inforniation and to establish that the charity's auditor is aware of that information. The tmstees confllin that there is no relevant inforniation that they know of and of which they know the auditOT is unaware. Reappointment of auditor In accordance with section 485 of the Cornpanies Act 2006, a resolution for the re-appointment of D T Carson & Co as auditors of th¢ charity is to be proposed at the forthcoming Annual General MeetÈng. The annual report was approved by the trustees of the charity on 28 June 2023 and signed on its behalf by: Ms J Chester Company Secretary and Trustee Page 4