Loughview Training Services Limited Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. Trustees and officers The tswtees and officers serving during th¢ year and since the year end were as follows: Trustees: r R Finlay Ms J Chest¢r Mrs G McGlone Mrs T Curran Mr P Markey ' Mrs A Braden Mr M Daly Mrs L Mccafferty (appointed 28 June 2023) Mr R Mccomb (resigned 28 June 2023) Chairman: Mr R Finlay Secretary: Ms J Chestsr Objective5 and activities Objects and aims The principal activity of the charitable company is the provision of career trakning facilities. The ¢haritys aitn is to deliver quality training and etnployment opportunities to improve employability and skills for those already employed tEOUgh apprenticeships. Objectiv, strategies and activities 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 employees in framework areas for both levels 2 and 3 in Retail, Team-Leading, ManagemenL Hospitality and Catering, Warehousing, Customer Service and Business Administration over all Northern Ireland within the remit of the DFE apprentice pro8Tamme. Training is provided to employees on employers premises by outreach assessors. Essenttal skills training is also provided. Public benef tn setting our objertiV¢5 and planning our activities for th¢ year the trustees have given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charitys purpose and provide a benefit to the beneficiaries. The direct benefits that flow from the Charitys activities are improved en]ployment and progression opportunities for 16 24 year olds through the provision of vocational training, qualifications and up5killing Provided by the Apprenticeship contract. Page 2
Loughview Tramning Services Limited Trustees, Report Financial instruments Objecthjes andpolici The charitys activities expose it to a number of financial risks including Credit risk, cash flow risk and liquidity risk. Coshflow rtsk The charity's activities expose it priuwily to the fmancial risks of changes in Government fi]nding and support for training contracts. Credit risk The charity's prIncip fllncIal assets are bank balances and casm trade and other receivables. and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the ba]ance sheet are net of allowance5 for doubtful receivables. An allowancc for impainnent is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. Llquidity risk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operdtions and future d¢velopments, the charity uses cash reserves. Page 3
Loughview Training Services Limited Trustees, Report Trustees, responsibllities The trustees (who are also the directors of Loughview Training Services Limited for the purposes of company law) are responsible for preparing the trustees, report and the fmancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prdctice), including FRS 102 "The Financkal Reporting Standard applicable in the UK and Republi¢ of Ireland" Company law requires the trustees to prepare fanCIal statements for each fmancial year. Under company law the tru5te¢s must not approve the fancIal statements unless they are satisfied that they give a trne and fair view of the state of affairs of the charltsble 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 fanCIal statements, the trustees are required to: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SOIV. nlake judgements and estimates that are reasonable and prudent. state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and ¢xplained in the fmancial ststements" and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the clwitable company wtll continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the fll]ancial position of the charitable company and enable them to ensure that the financial ststements omply with the Companies Act 2006and Charities Act (Northern treland) 2008. They are also responsible for safeguarding the assets of tbe charitable company and hence for taking reasonable steps for the prevention and det¢ction of fraud and other itTegularities. The annual report was approved by the trustees of the charity on 20 August 2024 alld signed on its behalf by. Ms J Ch¢ster Company Secretary and Trustee Page 4