Lougbview Training Services Limited Statement of Financxal Activities for the Year Ended 31 March 2024 (Including IDcome and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Note Income and Endowments from: Government grants Charttable activities Investtnent income 210,843 6,508 1,183 33,690 244,533 6,508 1,183 33,690 252.224 Total income 218,534 Expenditure on: Charitable activities (245,829) (245,829) (27,295 (33.690) (33,690) (279,519) (279,519) (27,295 (27,295) Total expenditure Net expenditure Net movement in fiaS RecoDcili8tion of funds Total ndS brought fon¥ard Total fimds carried fonvard (27,295) 128,230 128,230 100,935 100,935 Totsl 2023 14 Unrestrieted Restrieted Note Income from: Governtnent grants Charitable activities Investsnent income 218,730 795 386 27,062 245,792 795 386 219,911 27,062 246,973 Total Income Expenditure on: Charitable activities 27,062) (338,657) (338,657) (91,684 (311,595) (311,595) (91,684) Total Expendilure Net expenditure Net movement in funds Reconciliation of funds Totsl funds brought fonvard Total fimds CWTied forward (27,062) (91,684) (91.684) 219,914 219,914 128,230 14 128,230 All of the charity's activities derive from continuing operations during the above two periods. The fund5 breakdown is shown in note 14. The notes on pages 8 to 15 forn an integral part of these financial statements. Page 6
Loughview Training Services Limited (RegistratlOD nujnber: IP000258) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets 1,509 2,358 Current assets DebtOTS Cash at bank and in hand io 35,113 71,311 47,185 87,183 106,424 134,368 Creditors: Amounts falling dlle within one year 12 (6.986) (8,484) Net current assets 99.438 125,884 Net assets 100,947 128,242 Funds of the eharity: Unre5trieted income funds Called up share capital Unrestricted 13 12 100,935 12 128.230 Total uurestricted funds 100,947 128,242 Total funds 14 100,947 128,242 We, as directors of Loughview Training Services Limited, state that: (a) th¢ charitable company is availing itself of the exemption provided for by Chapter 15 of Part 6 of the Companics Act 2014. (b) the charitable company is availing itself of the exemptRon on the grounds that the conditions specified in Section 359 are satisfi¢d. (c) no notice und¢r subsection (l) of section 334 has. in accordance with subsection (2) of that section, been 5eTved on the charitable company" (d) we acknowledge the charitable company's obligations under the Companies Act 2014 to keep adequate accounting records and prepare financial statements which give a true and fair view of the assets, liabilRties and fmancial position of the charitable company at the end of its financial year and of its profit or loss for such a year, and otherwise comply with the provisions of Companies Act 2014 relating to fmancial statements so far as they are applicable to the charitable company. The financial statements on pages 6 to 15 were approved by the trustees, and authorised for issue on 20 August 2024 and signed on their behalf by: Mr R Finlay Chainnan and Trustee Th¢ notes on pages 8 to 15 form an integral part of these fmancial statements. Page 7
Loughview Training Services Limited Notes to the Financial Statements for the Year Ended 31 Marcb 2024 I Charity status 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 financial statements were authorised for issue by the trustees on 20 August 2024. 2 Aecounting policies Summary of significant accounting policies and key ac¢ounting estimat The principal accounting policies applied in the prepardtion of these financial statements are set out below. These policies have been consistently applied to the years presente(L unIess othenvise stated. Statement of eompliance The fmancial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to ChItIeS preparing their accounts in accordance with the Financial Reporting Staudard applicable in the UK and R¢pubEic of Ireland (FRS 102) (effective l January 2015) - (Charities SORP (FRS 102)), and the Industrial & Provident Societies Act (NI) 1969 and 1976. Basis of preparation Loughview TraiDing Services Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historicaI cost or transaction value unless otherniise stated in the relevant accounting policy notss. Going concern The financial statements have been prepared on a going concern basis as the trustees consider that there are no material uncertaintie5 about the charitys ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by th¢ charity. The trustees have considered both the level of funds held and the expected lev¢1 of income and expenditure for 12 months from authorising these financial statements, taking into CODsiderdtion all relewant factors. Income All income is reColS¢d once the charity has entitlement to the income. it is probable that the income will be received and the amount of the income receivable can be measured reliably. Grants receivable Grants are recognised when the charity has an entitlement to the fund5 and any conditions linked to the grdnts have been met. Where perfonnance 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 deferred income to be r¢l¢ased. Page 8
Loughvieiv Training Services Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Expenditure All expenditure is recognised once there is a legal or constrnctive obligation to that expenditrjre, it is probable settlement is required and the amount can be measured reliably. All costs are a]located to the applicable eXpenditte 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 stsff costs 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 spread of staff costs. Charilable activliles Charitable expenditure comprises those costs incUed by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs thaty can be allocated directly to such activities and those costs of an Indi¢t nature necessary to support them. Governance costs These include the costs atiributable to the charity's compliance with constitutional and statutory requirements, including audil strategic management and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the d¢finition of a charitable company for UK corpordtion tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corpordtion Tax Act 2010 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. TangibIe fixed asset5 Individual fixed assets are initially recorded at cosL less any subsequent accumulated depreciation and subsequent accumulated impairnient losses. Depreeiation and amortisation Depreciation is provided on tangible fixed assets so as to Mryite off the cost or valuation, less any estimated Tesidllal value, over their expected useful economic life as follows". Asset class Fixtures. fittings and equipment Depreciation method and rate 200/0 straight line Trade debtors Trade debtors are amounts due from customers for merchandise sold or services perfornied in the ordinary course of busine55. Trade debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairnlent. A provision for the impairn]ent of trade debtors is established when there is objective evidence that the charity will not b¢ able to collect all amounts due according to the origina] tenns of the recetvables. Cash and cash equivalents Cash and cash equivalents compTÈse cash on hand and call deposits, and other short-term highly liquid tnvesiments that are readily convcrtible to a known amount of cash and are subject to an insignificant risk of change in value. Page 9
Loughview Training Services Limited Notes to tbe Financial Statements for the Year Ended 31 March 2024 Trade creditors 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 current liabilities if the charity does not have an unconditional righL at the end of the reporting period, to defer settlement of the creditor for at le&st twelve months after the reporting dat¢. If there is an unconditional right to defer settlement for at le&st twelve months after the reporting date, they are presented as non-cllnt liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost usyng the effective interest method. Fund structure Unrestricted income funds are general fldS that are available for us¢ at the trustees discretion in firtberance of the objectives of the charity. Designated fimds are unrestricted fimds earniark¢d by th¢ trustees for particular pUoses. Restricted fimds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is chged to the fund, together with a fair allocation of management and support costs. Pension5 and other post retirement oblig2tions Tbe Charity operates a defmed contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has legal or constructive obligation to pay fjjrther contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the Current and prior periods. Contributions to defined contributioJJ plans are recolSed in tbe Statement of Financial Activities when they are due. If colltribution payentS exceed the Contribution due for service, the excess is recognised as a prepayment. Incomc from charitable activities Unrestricted funds General Restricted funds Total 2024 Totsl 2023 Government training grants Other Income 210.843 6,508 33,690 244,533 6,508 245,792 795 217.351 33,690 251,041 246,587 3 Investment income Unrestricted funds General Total 2024 Total 2023 Interest receivabl¢ arAd simÈlar income. Interest receivable on bank deposits 1,183 1,183 386 Page 10
Lougbview Training Services Limited Notes to the Financial Statements for the Year Ended 31 March 2024 4 Expenditure on eh2rfitable activities Unrestricted funds General Restrieted runds Total 2024 Totsl 2023 Employment costs lThdusty Training bonus TuRtion costs Examination and registration fees Staff travel, conferences Rent and rates Heat light and power Insurance RepaiTS Telephone Postage stationery and advertising Hospitality Sundry expenses Bank charge5 Depreciation 166,918 166,918 33,690 27.826 6,822 14,022 4,680 1,633 2,862 4,734 4,506 1,510 280 4.383 458 849 233,511 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 33,690 27,826 6,822 14,022 4,680 1,633 2.862 4,734 4.506 1,510 280 4.383 458 849 241.483 33.690 275,173 334.367 In addition to the expenditure analysed above, there are also governance costs of £4,346 (2023 - £4,290) which relate directly to charitable activities. See note 5 for further detsils. S Analysis of governance and support ¢osts Governance costs Unrestricted Tot21 2024 Total 2023 General Independent examiner fees Examination of the financial statements Legal and professional fees 2.238 2,108 2,238 2.108 2,112 2,178 4,346 4,346 4,290 Pagell
Lollghview Training Services Limited Notes to tbe Financial StatemeDts for the Year Ended 31 March 2024 6 Staff eosts The awegate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaTies Social security costs Pension costs Other staff costs 149,427 6,026 9,626 1,839 166,918 209,817 10,567 11,097 2,030 233,511 The monthly averdge number of persons (including senior managernent I leadership team) employed by the charity during the year expressed &s full time equivalents was as follows: 2024 No 2023 Administration and training No employee received emoluments of more than £60,000 during the year. 7 Independent examiner's remuneration 2024 2023 Examination of the fllwicial statements 2,238 2,112 8 Taxatio The charity is a registered charity and is therefore exempt from taxation. Page 12
Lougbview Training Services Limited Notes to the Financial Statements for the Year Ended 31 March 2024 9 Tangible fixed assets Fixtures, rittings and equipment Totsl Cost At l April 2023 21,142 21,142 At 31 March 2024 21,142 21,142 Depreciation At l April 2023 Charge for the year At 31 March 2024 18.784 849 18,784 849 19,633 19,633 Net book value At 31 March 2024 1,509 1.509 At 31 March 2023 2.358 2,358 IO Debtors 2024 2023 Trade debtors Prepayments Other debtors 32.341 1,872 900 44,491 1,794 900 35,113 47,185 JI Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 76 71,235 61 87,122 71.311 87,183 12 Creditors: amounts falling due within one year 2024 2023 A¢¢nlS 6,986 8,484 Page 13
Loughview Training Services Limited Notes to the Financial Statements for the Year Ended 31 March 2024 13 Share capital Allotted, called up and fully paid shares 2024 2023 Ordinary Shares of £1 each 12 12 12 12 14 Funds B21anee at I April 2023 Incoming resources Resources expended B21aTh¢e at 31 March 2024 Unrestrscted funds General 128,230 218,534 (245,829) (33,690) (- (279,519 100,935 Restricted funds 33,690 Total funds 128,230 252.224 100.935 Balallce at I April 2022 Incoming resources R¢sour¢&s expended Balance at 31 March 2023 Unrestricted funds General 219,914 219,911 (311,595) (27,062) 128,230 Restricted funds 27,062 128,230 Total funds 219,914 246,973 (338,657) 15 Analysis of net assets between funds Unrestricted funds General Totsl funds at 31 M2rch 2024 Tangible fixed assets Current assets Current liabilities 1,509 106,424 6,986) 1,509 106,424 6,986) Total net assets 100,947 100,947 Page 14
Loughview Training Services Limited Notes to the Financial Statements for the Year Ended 31 March 2024 16 Related party transactions Trustees The charity is controlled by the trustees who are all diTectors of the company. Two trustees received remuneration during the year by virtue of their employment with the company. Page 15