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← Tullos Training Ltd

2025-06-30-accounts

Registered number: SC068734 Charity number: SC010963

TULLOS TRAINING LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

TULLOS TRAINING LIMITED

CONTENTS

Page
Reference and administrative details ofthe charitable company, its Directors and 1
advisers
Directors’ report 2-9
Directors’ responsibilities statement 10
Independent auditors' report on the financial statements 11-14
Statement offinancial activities 15
Balance sheet 16
Statement ofcash flows 17
Notestothefinancialstatements 18-30

TULLOS TRAINING LIMITED

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS DIRECTORS AND ADVISERS

Directors G Corbett, Chair
A Grant, Trustee
Company registered
number SC068734
Charity registered
number $C010963
Registered office 6 Bon Accord Square
Aberdeen
Aberdeenshire
AB11 6XU
Principal operating Craigshaw Drive
office WestTullos
AB12 3AL
Company secretary Blackadders LLP
Chiefexecutive officer
Independent auditors AAB Audit&Accountancy Limited
Kingshill View
Prime Four Business Park
Kingswells
Aberdeen
AB15 8PU
Bankers Clydesdale Bank
1 Queens Cross
Aberdeen
AB15 4XU
Solicitors Blackadders LLP
6 Bon Accord Square
Aberdeen
AB116XU

Page 1

TULLOS TRAINING LIMITED

DIRECTORS' REPORT FOR THE YEAR ENDED 30 JUNE 2025

The directors present their annual report together with the audited financial statements of Tullos Training Limited for the year ended 30 June 2025.

The legal and administrative information set out on page 1 forms part of this report. The directors confirm that the Annual report and financial statements of the company comply with the current statutory requirements, the requirements of the company’s governing document and the provisions of the 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 1 January 2015) — (Charities SORP (FRS 102)).

Since the charitable company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

Objectives and activities

a. Policies and objectives

The principal activity of the company for the period under review is to provide a quality engineering training facility for its clients.

Tullos Training continues to be at the forefront of training provision offering an unrivalled service to its customers. Our aim is to identify needs, promote learning and provide excellent educational and vocational training to enable our customers to remain at the forefront of their business by ensuring trainees achieve the skills and competence levels demanded by their industry.

Tullos Training specialises in the training of Modern Apprentices, with particular emphasis on the training of engineering and building services apprentices and it provides a comprehensive range of skills development and work related training opportunities.

Its client base is drawn from the engineering, manufacturing and building services industries as well as the wider business community and general public.

The company has developed a Business Plan which articulates its aspirations for the foreseeable future in meeting the challenges, changing need, demands and circumstance associated with the staff development requirements and skills profiles of employers.

The Business plan covers a 3 year period / rolling programme and concentrates on the company's strategic vision, along with the necessary operational plans to effect high standards in the delivery of training and related services to be provided for its business clients. It also defines the priorities and activities required to encourage growth and enable the company to develop and prosper for the benefit of our customers and their staff that it serves, the general public and the Scottish economy.

b. Strategies for achieving objectives

Strategies for achieving objectives

Our vision is to be an expanding, innovative first choice centre for:

Page 2

TULLOS TRAINING LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Objectives and activities (continued)

c. Activities undertaken to achieve objectives

The company took positive action throughout the year to implement their plans to meet the company's Business objectives. This was against a background of changing demands and uncertainty from the post Covid 19 pandemic and many challenging issues arising from the economic, financial and political environments and the following specific achievements were recorded.

Page 3

TULLOS TRAINING LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Achievements and performance

a. Review of activities

Tullos Training Limited is a well established training centre, which has built a strong reputation within Aberdeen and the surrounding area.

Tullos Training Limited currently employs 22 staff and is committed to providing a quality training service to client organisations and trainees and is prepared to use their substantial technical knowledge and experience to achieve these aims. Tullos Training Limited is committed to managing and developing their people; key systems have been developed and implemented with the broad aim of all our people having the relevant training and development to meet our objectives.

The management team currently have extensive knowledge of Modern Apprenticeships and awarding bodies requirements of training in their locality. Staff are flexible and responsive to the customer and training needs and this is illustrated by the willingness of our people to being totally committed to provide as wide a range of learning facilities and experiences as possible.

The Company offers a wide range of courses, providing a comprehensive selection across all engineering disciplines. A key strength of the Company lies in its ability to meet individual employer requirements through a bespoke training service, offering flexibility in both duration and mode of delivery, including full-time and blockrelease options. This is further supported by the provision of a comprehensive counselling service.

The Centre is equipped with an extensive range of engineering equipment covering the full spectrum of engineering trades. Equipment and facilities are continually updated where possible to meet customer needs, and new technologies are introduced in response to evolving industry demands. To ensure relevance and quality, the Centre maintains close consultation with its customers and regularly attends major engineering exhibitions. The Centre’s staff hold an enviable reputation within the Northeast of Scotland and are widely recognised for their expertise in delivering Engineering Modern Apprenticeships, National Certificates, and Higher National Certificates. The training team is highly skilled across all programme areas and demonstrates exceptional versatility, enabling the Centre to meet even the most complex customer requirements.

Throughout the year, the Company has continued to strengthen its position in the marketplace, with growing confidence from employers. Strategic investment has been made to reinforce its status as a market leader, including the recruitment of experienced training professionals to lead and further develop the training team. This has enhanced the quality of training delivery, increased employer confidence, and driven growing demand for Modern Apprenticeship programmes, providing a strong foundation for future growth and development.

Page 4

TULLOS TRAINING LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Achievements and performance (continued)

b. Key financial performance indicators

The following provides a snapshot of some of the main KPI's achieved over the past year.

c. Factors relevant to achieve objectives

The Company monitors standards of performance in its training and across all functional areas of its business. Targets and performance indicators are identified each year through the business plan, and these are monitored and reviewed continuously.

Page 5

TULLOS TRAINING LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Financial review

a. Going concern

Following appropriate enquiries, the Directors are satisfied that the charitable company has sufficient resources to continue its operations for the foreseeable future. On this basis, the financial statements have been prepared on a going concern basis. Further information regarding this assessment is included in the Accounting Policies.

b. Financial risk management objectives and policies

The Directors review the financial position of the Company on an ongoing basis. Due to the cyclical nature of the business, which is influenced by economic conditions, government legislation and demographic trends, the annual objectives set out in the business plan are also reviewed regularly.

The Chief Executive has undertaken a review of the principal risks to which the Company may be exposed, and a business continuity plan is in the process of being established. The primary purpose of this plan is to enhance the resilience of the business to both major and minor incidents and to mitigate the risk of such events adversely affecting the Company's operations.

Risk assessment and risk management form an integral part of this plan. The plan is reviewed on a regular basis, updated as required, and formally approved by the Directors on an annual basis.

Throughout the year, the Company took positive action to implement its plans in order to meet its business objectives. This was achieved against a backdrop of significant challenges arising from the prevailing economic, financial and political environment.

c. Principal funding

The major funding sources are Government training grants and employer contributions.

d. Principal risks and uncertainties

The principal risk to the business is rising inflation and its impact on the economic climate at local, national, and international levels. Many of our customers operate within the oil and gas and construction industries, where recruitment and training activity is heavily influenced by sector performance. Continued high global demand for oil-related products has driven up the cost of raw materials used within the Training Centre, increasing operational costs.

In response, the business has taken proactive steps to reduce wastage and contro! costs, ensuring the centre remains competitive despite these pressures.

In addition, the management learning programme aims to upskill supervisors by providing staff with clear targets and development goals, giving them practical experience in managing training functions. This approach helps mitigate the significant risk associated with retaining key staff. However, replacing employees through natural attrition remains challenging due to ongoing skill shortages. Despite this, the company is confident it is well positioned to address these challenges and maintain the continued success of the business.

e. Reserves policy

Tullos Training is a non profit making organisation and trading surpluses are reinvested into equipment and facilities ensuring member organisations and customers can take advantage of a first class training centre and enjoy complete value for money.

The current level of funds is being used to promote and support Modern Apprenticeships for Engineering in Scotland together with a replacement fund for equipment and building renovations and replacement.

Page 6

TULLOS TRAINING LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Structure, governance and management

a. Constitution

The charitable company, which is a recognised charity in Scotland, is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 4 July 1979.

The organisation is a charitable company limited by guarantee, incorporated and registered as a charity in 1979. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed by its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £25.

The principal object of the charitable company is to promote and advance the theoretical and practical education and training to the engineering and associated industries.

b. Methods of appointment or election of directors

The directors of the company are also charity Directors for the purposes of charity law and under the company’s Articles are known as members of the Board of Directors. Under the requirements of the Memorandum and Articles of Association the members are elected to serve for an indefinite period.

Mr A Grant and Mr G Corbett have indicated their willingness to continue in office.

The Board of Directors seeks to ensure that the needs of all members are appropriately reflected through the diversity of the trustee body. All members are invited, annually at the AGM, to consider offering themselves for appointment to the Board of Directors.

c. Policies adopted for the induction and training of directors

Existing Directors are already familiar with the practical work of the charity having been in office for years.

a number of

New Directors would be selected from current members who also have a working knowledge of the charity's objectives and of its day to day operations.

Furthermore, new Directors are briefed personally by the Board of Directors and the Chief Executive on their appointment on the following:

New Directors will also be encouraged to obtain and read guidance material published by the Office of the Scottish Charity Regulator regarding their duties and to attend training events held for this purpose in order to ensure that they familiarise themselves with their statutory duties as charity trustees.

Page 7

TULLOS TRAINING LIMITED

DIRECTORS’ REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Structure, governance and management (continued)

d. Pay policy for senior staff

When appropriate the board of Directors conduct a salary review of all staff members taking into account all factors which are deemed necessary, the current and future forecast of the CPI index, current industry settlement figures and comparisons of salary agreements of similar training organisations and colleges providing services similar to the company. The objective is to ensure that all key personnel are provided with appropriate incentives and are rewarded for their experience, loyalty and individual contributions to the success of the charity.

e. Organisational structure and decision making

Tullos Training Limited has a current membership of four members from which the Directors who form the Board of Directors are appointed. The Board of Directors meets quarterly and is responsible for the strategic direction and policy of the charity. The Chief Executive and Company Secretary attend meetings of the Board of Directors but have no voting rights.

A scheme of delegation is in place and day to day responsibility for the provision of the services rests with the Chief Executive Officer, lain Garrett, along with the Workshop Manager, Training Advisor, Senior Training Officer and Senior Administrator. The Chief Executive Officer is responsible for ensuring the charity delivers the services specified and that key performance indicators are met. He also has responsibility for the day to day operational management of the centre, individual supervision of the staff team and ensuring that the team continues to develop their skills and working practices in line with good practice.

f. Related parties

All members of the charity are also employers who use the training services provided. Each corporate member is represented by their nominee.

g. Risk management

The Directors have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Significant risks are identified by the Directors as being the risk of government reducing or withdrawing grant funding to support the core business; the compliance with Health & Safety legislation — particularly given the nature of training offered and the age of the trainees; and the retention of key skilled training and management staff and the replacement of plant and machinery.

In response to the risk of a gap in external funding, the Directors regularly review and update the charity's business model. The strengths and weaknesses of the model are explored together with all potential funding sources with a view to providing the most financially viable base for future development.

The Health and Safety Training Advisor reports regularly to the Chief Executive on Health and Safety policy of the charity to ensure compliance with legislation and full implementation of the company’s internal policies.

In providing effective training and maintaining accreditation to assess nationally recognised qualifications, it is imperative that key staff are identified, recruited and retained. To this end, the charity is committed to the Scottish Quality Management System (SQMS), governed by Skills Development Scotland, which sets out the minimum expected standards for training providers.

The charity is active in a number of industry forums which the Chief Executive attends on a regular basis. This facilitates exchange of information on current industry trends, best practice and other issues relevant to those involved in the provisions of training services.

Page 8

TULLOS TRAINING LIMITED

DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Plans for future periods

The company has an on going programme of reviewing and updating the services and products it delivers alongside its business partners and customers to meet current legislation and demand.

Future developments depend on the economic climate locally, nationally and internationally and are aimed at a large number of our customers who are dependent on the Oil, Gas and renewable's sector, working together to meet the requirements of the skill shortages in this industry.

The company plans to continue to extend and enhance its Training Programmes to meet the current and future needs of its clients by offering a Modern Apprenticeship Programme that is diverse in content and accessible to all whilst challenging the individual to fulfil their potential.

To continually review the business model of the Company with a view to secure its position in the marketplace going forward.

The Company plans to identify additional sources of funding to help finance the replacement of essential equipment to enable it to offer training on the most up to date and technological equipment.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors’ report is approved has confirmed that:

Auditors

The auditors, AAB Audit & Accountancy Limited, have indicated their willingness to continue in office. The designated directors will propose a motion reappointing the auditors at a meeting of the directors.

Approved by order of the members of the board of directors and signed on their behalf by:

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Page 9

TULLOS TRAINING LIMITED

STATEMENT OF DIRECTORS' RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2025

The directors (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Directors’ report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial . Under company law, the directors 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 charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 10

TULLOS TRAINING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TULLOS TRAINING LIMITED

Opinion

We have audited the financial statements of Tullos Training Limited (the ‘charitable company’) for the year ended 30 June 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 11

TULLOS TRAINING LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF TULLOS TRAINING LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ report thereon. The directors are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Directors’ responsibilities statement, the directors (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Page 12

TULLOS TRAINING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TULLOS TRAINING LIMITED (CONTINUED)

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Charities and Trustee Investment (Scotland) Act 2005, the Companies Act 2006 and Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

Our audit procedures to respond to these risk included:

e [Evaluating the business rationale of significant transactions outside the normal course of business; e Reviewing judgments made by management in their calculation of accounting estimates for potential management bias; e Enquiries of management about litigation and claims and inspection of relevant correspondence; and e Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and nay non-compliance with laws and regulations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

Page 13

TULLOS TRAINING LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TULLOS TRAINING LIMITED (CONTINUED)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and directors those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, its members, as a body, and its trustees, as a body for our audit work, for this report, or for the opinions we have formed. ; Aad Prnor‘ a Accomsen iN\ Arh freol Derek Mair (Senior statutory auditor) for and on behalf of AAB Audit & Accountancy Limited Statutory Auditor Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU Date: 27 Marra 2026

AAB Audit & Accountancy Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 14

TULLOS TRAINING LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2025

Unrestricted Restricted Total Total
funds funds funds funds
2025 2025 2025 2024
Note £ £ is £
Income from:
Donations and legacies 4 11,000 - 11,000 -
Charitable activities 5 1,370,695 - 1,370,695 1,406,320
Other income 6 4,050 - 4,050 4,320
Total income 1,385,745 - 1,385,745 1,410,640
Expenditure on:
Raising funds 7 (4,000) . (4,000) (4,000)
Charitable activities 1,471,712 4,000 1,475,712 1,566,447
Total expenditure 1,467,712 4,000 1,471,712 1,562,447
Netincome (81,967) (4,000) (85,967) (151,807)
Netmovement in funds (81,967) (4,000) (85,967) (151,807)
Reconciliation offunds:
Total funds broughtforward 704,641 10,707 715,348 867,155
Netmovement in funds (81,967) (4,000) (85,967) (151,807)
Totalfundscarriedforward 622,674 6,707 629,381 715,348

The notes on pages 18 to 30 form part of these financial statements.

Page 15

TULLOS TRAINING LIMITED REGISTERED NUMBER: SC068734

BALANCE SHEET AS AT 30 JUNE 2025

2025 2024
Note £
Fixed assets
Tangible assets 13 485,746 503,262
485,746 503,262
Current assets
Stocks 4,102 4,102
Debtors 14 361,835 355,790
Cash at bank and in hand 53,870 74,126
419,807 434,018
Current liabilities
Creditors: amounts falling due within one
year 15 (259,575) (186,560)
Net current assets 160,232 247,458
Total assets less current liabilities 645,978 750,720
Creditors: amounts falling due after more
than one year 16 (16,597) (35,372)
Total net assets 629,381 715,348
Charity funds
Restricted funds 17 10,707 10,707
Unrestricted funds 17 618,674 704,641
Totalfunds 629,381 715,348

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

TheDate:fin1 a statements ( SAK were approved and authorisedB.1\for issuea\potts by the directors and signed on their behalf by:

The notes on pages 18 to 30 form part of these financial statements.

Page 16

TULLOS TRAINING LIMITED

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2025

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||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---| |2025|2024| |£|E| |Cash|flows|from|operating|activities| |Net|cash|used|in|operating|activities|7,951|(833)| |Cash|flows|from|investing|activities| |Interest|received|736|737| |Purchase|of tangible|fixed|assets|(17,856)|(3,999)| |Net|cash|used|in|investing|activities|(17,120)|(3,262)| |Cash|flows|from|financing|activities| |Repayments|of borrowing|(18,774)|(18,774)| |Interest|paid|(1,088)|(812)| |Net|cash|used|in|financing|activities|(19,862)|(19,586)| |Change|in|cash|and|cash|equivalents|in|the|year|(29,031)|(23,681)| |Cash|and|cash|equivalents|at|the|beginning|of the|year|74,126|97,807| |Cash|and|cash|equivalents|at the|end|of the|year|45,095|74,126| |The|notes|on|pages|18|to|30|form|part|of these|financial|statements|

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TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

The charitable company is a company limited by guarantee. In the event of the charitable company being wound up, the liability in respect of the guarantee is limited to £25 per member of the charitable company.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SOP (FRS 102) - 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 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Tullos Training Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Going concern

The directors, having made due and careful enquiry, are of the opinion that the company has adequate working capital to execute its operations over the next 12 months. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

2.3 Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

Page 18

TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

2. Accounting policies (continued)

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

==> picture [341 x 81] intentionally omitted <==

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |Leasehold|-|Over|period|of lease| |Improvements|to|property|-|Straight|line|over|10-15|years|or|over|life|of| |lease| |Plant|and|machinery|-|10-20|years|straight|line| |Motor vehicles|-|4|years|straight|line| |Fixtures|and|fittings|-|5|years|straight|line| |Computer equipment|-|5-10|years|straight|line|

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2.7 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

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TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

2. Accounting policies (continued)

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.10 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.11 Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.12 Pensions

The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year.

2.13 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the directors in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

3. Critical accounting estimates and areas of judgment

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The charitable company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

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TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

4. Income from donations and legacies

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Grants 11,000 11,000 -
5. Income from charitable activities
Unrestricted Total Total
funds funds funds
2025 2025 2024
£ = £
Training income 1,370,695 1,370,695 1,406,320
6. Other incoming resources
Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
Rental income 4,050 4,050 4,320
is Expenditureonraisingfunds

Fundraising trading expenses

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ &
Allocated centrally incurred fundraising and governance
costs (4,000) (4,000) (4,000)

Page 21

TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

8. Analysis of expenditure by activities

Activities
undertaken
directly		 Support
costs		 Total
funds		 Total
funds
2025 2025 2025 2024
£ 2 £ £
Training 977,588 494,124 1,471,712 1,562,447
Depreciation 4,000 . 4,000 4,000
981,588 494,124 1,475,712 1,566,447
Total2024 1,098,782 467,665 1,566,447

Page 22

TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Total Total
funds funds
2025 2024
£ £
Staffcosts 511,612 562,541
Depreciation 35,372 46,278
Rent and rates 93,642 89,151
Insurance 13,108 13,757
Light and heat 36,768 43,240
Telephone 5,441 5,234
Postage and stationery 10,643 14,796
Sundries 8,817 9,670
Staffcourse expenses 2,326 1,295
Travel and accomodation 14,442 13,464
Subscriptions 20,949 20,654
Repairs 7,210 10,198
Rentals and leases 11,023 24,427
College expenses 40,932 35,006
Disallowable VAT 42,667 38,175
Bad debts - 8,774
Workshop 39,165 63,148
Computer expenses 1,980 2,438
Canteen expenses 23,410 24,827
Professional fees 44,610 57,051
Motor expenses 13,119 10,583
Interest payable 352 75
Fundraising costs 4,000 4,000
981,588 1,098,782

Page 23

TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Total Total
funds funds
2025 2024
£ £
Staff costs 477,144 447,759
Professional fees 16,980 19,906
494,124 467,665
9. Net income
This is stated after charging:
2025 2024
£ £
Depreciation oftangible fixed assets:
- owned bythe charity 35,372 46,278
10. Auditors’ remuneration
2025 2024
£ £
Fees payable to the charitable company's auditor forthe audit ofthe
charitable company's annual accounts 12,600 13,250
Fees payable to the charitable company's auditor in respect of:
All non-audit services not included above 1,400 9,696
11. Staff costs
2025 2024
£ £
Wages and salaries 854,320 876,246
Social securitycosts 91,668 88,992
Contribution to defined contribution pension schemes 42,768 45,062
988,756 1,010,300

Page 24

TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

11. Staff costs (continued)

The average number of persons employed by the charitable company during the year was as follows:

2025 2024
No. No.
Employees 23 25

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025 2024
No. No.
In the band £130,001 - £140,000 1 1

The key management personnel of the charity, comprises the Chief Executive, Training Advisor and Head of Administration & Finance. The total employee benefits of the key management personnel of the charity were £289,385 (2024 - £274,872).

12. Directors' remuneration and expenses

During the year, no directors received any remuneration or other benefits (2024 - £NIL).

During the year ended 30 June 2025, no director expenses have been incurred (2024 - £NIL).

Page 25

TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

13. Tangible fixed assets

Tenants’ Leasehold Plant& Motor Fixtures Computer
improvements property machinery vehicles & fittings equipment Total
£ z £ £ £ £ £
Cost or valuation
At1July2024 412,992 404,941 484,757 11,203 56,889 171,540 1,542,322
Additions 6,798 . 1,468 - 9,590 - 17,856
At 30 June 2025 419,790 404,941 486,225 11,203 66,479 171,540 1,560,178
Depreciation
At1July2024 304,286 78,313 471,817 11,203 52,892 120,549 1,039,060
Charge for the year 7,069 7,641 2,920 - 1,813 15,929 35,372
At 30 June 2025 311,355 85,954 474,737 11,203 54,705 136,478 1,074,432
Net book value
At 30 June 2025 108,435 318,987 11,488 - 11,774 35,062 485,746
At30June2024 108,706 326,628 12,940 - 3,997 50,991 503,262

Page 26

TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

14. Debtors

2025 2024
£ £
Due within one year
Trade debtors 189,867 125,477
Other debtors 135 16,931
Prepayments and accrued income 171,833 213,382
361,835 355,790

15. Creditors: Amounts falling due within one year

2025 2024
£ £
Bank overdrafts 8,776 -
Bank loans 10,000 10,000
Other loans 8,775 8,775
Trade creditors 40,854 37,725
Other taxation and social security 57,695 36,728
Other creditors 55,110 12,696
Accruals and deferred income 78,365 80,636
259,575 186,560

The facilities provided by the bank are secured through two floating charges over the assets and undertakings of the company. There are also securities with a first charge over leasehold premises located at Craigshaw Drive, Tullos, Aberdeen and a charge over the debtor book.

Interest is charged on the bank loan at 0% for the first 12 months and then at 2.5% thereafter. The bank loan is a 6-year loan with repayments starting in December 2021.

The other loan was taken to purchase fixed assets in the year. Interest is charged on the other loan at 0% per annum. The other loan is a 5-year loan with repayments starting in July 2023.

16. Creditors: Amounts falling due after more than one year

2025 2024
£ £
Bank loans 4,167 14,167
Other loans 12,430 21,205
16,597 35,372

Page 27

TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

17. Statement of funds

Statement of funds - current year

==> picture [465 x 585] intentionally omitted <==

----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|1|Transfers|30|June| |July 2024|Income|Expenditure|in/out|2025| |£|£|£|£|£| |Unrestricted|funds| |General|funds|403,061|1,365,758|(1,451,725)|6,935|324,029| |Revaluation|reserve|301,580|-|-|(6,935)|294,645| |704,641|1,365,758|(1,451,725)|-|618,674| |Balance|at| |Balance|at|1|Transfers|30|June| |July|2024|Income|Expenditure|in/out|2025| |£|£|£|£|£| |Restricted|funds| |Restricted|Funds|-|all|funds|10,707|-|-|-|10,707| |Total|of funds|715,348|1,365,758|(1,451,725)|-|629,381| |The|restricted|fund|represents|funds|received|for the|purchase|of fixed|assets.| |Statement|of funds|-|prior year| |Balance|at| |Balance|at|Transfers|30|June| |1|July 2023|Income|Expenditure|in/out|2024| |£|£|£|£|£| |Unrestricted|funds| |General|funds|543,933|1,410,640|(1,558,447)|6,935|403,061| |Revaluation|reserve|308,515|-|-|(6,935)|301,580| |852,448|1,410,640|(1,558,447)|-|704,641| |Restricted|funds| |Restricted|Funds-|all|funds|14,707|-|(4,000)|.|10,707| |Total|of funds|867,155|1,410,640|(1,562,447)|.|715,348|

----- End of picture text -----

Page 28

TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

  1. Reconciliation of net movement in funds to net cash flow from operating activities
2025 2024
£ £
Net expenditure for the year (as perStatement of Financial Activities) (85,967) (151,807)
Adjustments for:
Depreciation 35,372 46,278
Interest payable 352 75
Decrease/(increase) in debtors (6,045) 151,332
Increase/(decrease) in creditors 64,239 (68,685)
Netcash provided by/(used in) operating activities 7,951 (22,807)
19. Analysis ofcash and cash equivalents
2025 2024
£ £
Cash in hand 45,095 74,126
Total cash and cash equivalents 45,095 74,126
20. Analysis ofchanges in netdebt
At 1 July At 30 June
2024 Cash flows 2025
Fy £ £
Cash atbankand in hand 74,126 (20,256) 53,870
Bank overdrafts repayable on demand - (8,776) (8,776)
Debtdue within 1 year (18,775) - (18,775)
Debt due after 1 year (35,372) 18,775 (16,597)
19,979 (10,257) 9,722

Page 29

TULLOS TRAINING LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

21. Pension commitments

The charity contributes to a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year. The amount contributed within the year ending 30 June 2025 was £42,768 (2024 - £45,062). At the year end there is a balance of £16,953 (2024 - £8,440) to be paid into the pension scheme.

22. Operating lease commitments

At 30 June 2025 the charitable company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

2025 2024
£ £
Property
Not laterthan 1 year 61,786 61,786
Later than 1 year and not later than 5 years 214,068 247,144
Later than 5 years 1,780,020 1,808,730
2,055,874 2,117,660
2025 2024
£ £
Other assets
Within 1 year 9,064 7,674
Between 1 and 5 years 9,075 16,750
18,139 24,424

23. Related party transactions

Control

Throughout the year the company was controlled by directors.

Transactions

The charitable company has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the charitable company at 30 June 2025.

Page 30