Charity registration number NIC 101451
Company registration number NI026073 (Northern Ireland)
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
CONTENTS
Page
Charity Information
1
Trustees' report
2 - 5
Statement of trustees' responsibilities
6
Independent auditor's report
7 - 10
Statement of financial activities
11
Balance sheet
12
Statement of cash flows
13
Notes to the financial statements
14 - 23
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
LEGAL AND ADMINISTRATIVE INFORMATION
- 1 -
Trustees
Mrs Pamela Dennison
Mr Rodney Ferguson
Ms Catherine Boyd
Mr William Dougan
Mr William Gribben
Mr Paul Harris
Dr Sharon Loane
Mr Seamus Scallon
Mr Stephen Weekes
Mr Gordon White
Secretary
Mr Michael Strain
Charity number
NIC 101451
Company number
NI026073
Registered office
15 Dundrod Road
Nutts Corner
Crumlin
Co Antrim
BT29 4SS
Auditor
Moore (N.I.) LLP
4th Floor Donegall House
7 Donegall Square North
Belfast
BT1 5GB
Bankers
Ulster Bank Limited
18 Bow Street
Lisburn
BT28 1BN
Solicitors
Macauley & Ritchie
The Studios
89 Holywood Road
Belfast
BT4 3BD
Edwards & Co
28 Hill Street
Belfast
BT1 2LA
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 2 -

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

The Transport Training Board for Northern Ireland’s (TTB) purpose is to promote and advance the education and training of persons employed or seeking employment in the automotive, transportation and logistics industries.

 

During 2022 TTB and its wholly owned subsidiary company, Transport Training Services (NI) Ltd continued to provide a diverse range of skill development at its Nutts Corner based training centre.

 

The training centre, which was officially opened in 2014, has the following facilities available for use by trainees:

 

The Board owns the land of the Nutts Corner Business Park from which ground rents provide income.

Grant making policy

A total of £54,765 was released in the year in respect of previously deferred government grant income received.

Achievements and performance

During the year of 2022 TTB exceeded all expectations by inducting 103 apprentices into the training centre. A great achievement, bringing the total number of young people being trained in the centre to 256 and offering us the opportunity to expand our current team of trainers. This intake firmly establishes TTB as the market leader for Transport Apprenticeships in NI with a market share of 27.6%.

 

Our performance in the year secured an extension of the existing Dfe Delivery Contract and was further recognized by the successful attainment of the Education, Training Inspectorate Quality Audit.

 

All Business Park operations performed as normal with no defaults or closures being experienced. Towards the end of the year an increased level of interest was shown in available sites, hopefully to progress further into 2023.

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 3 -
Financial review

During the year there was income of £1,177,565  (2021 - £146,217). The increase in income was due to the transition of the subsidiary companies training activities into TTB. The key sources of income for Transport Training Board continued to be funding raised from ground rents of tenants at the Nutt’s Corner Business Park and received income for apprenticeship training from the Department of Economy’s Apprenticeship NI program and sales of other training services.

 

The main assets of the Charity continued to be the Training Centre at Nutts Corner, the land of the Business Park and Transport Training Services (NI) Ltd, the wholly owned subsidiary company.

 

General expenditure for the year was £1,062,853 (2021 - £96,492). This included the costs of delivering training services, management of the training centre and business park.

 

At the year-end Transport Training Board had £1,852,204 of unrestricted funds of which £1,503,504 is represented by fixed assets particularly the training centre and business park site. The remaining funds will continue to be held as current assets which the Directors view as essential level of working capital for the next year and has retained funds which will be required in 2023 to ensure growth and development of training provision in the year ahead.

 

Risk factors

The trustees have assessed the major risks to which the charity is exposed including:

 

 

These risks will be monitored by the Board throughout the year by reviewing monthly management accounts and through discussions with the staff of the subsidiary.

 

Plans for the future

As we prepare for an unrestricted year of trading the Directors anticipate further growth in the type and scale of the provision of training at its modern training centre. It anticipates further provision of funding through grants to enable new developments in transport training across Northern Ireland and a consolidation of activity which will allow a stronger, simpler and more sustainable group structure.

 

To accommodate further planned increases in apprentices a refurbishment/extension plan is to be developed to cater for this increased capacity.

 

Structure, governance and management

The Transport Training Board for Northern Ireland is a company limited by guarantee with no share capital. Its operations are defined by a Memorandum and Articles of Association. A Board of Directors meets throughout the year to govern the operations of the charity.

 

All Directors are members of the company. No external body or individual has the power to appoint new charity Directors.

 

Through their governance of the charity, the Directors have had regard to the Charity Commission’s guidance on public benefit.

 

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 4 -

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Mrs Pamela Dennison
Mr Sam Patterson
(Resigned 24 March 2022)
Mr Rodney Ferguson
Ms Catherine Boyd
Mr William Dougan
Mr William Gribben
Mr Paul Harris
Dr Sharon Loane
Mr Seamus Scallon
Mr Stephen Weekes
Mr Gordon White

None of the trustees has any beneficial interest in the charity.

 

Trustees do not receive remuneration; expenses are paid for the costs associated with fulfilling their roles.

 

The Board will deal with a all-major decisions facing the charity as they arise and plan the overall strategy for the charity. The Company Secretary as acting CEO supported by the SMT deals with day-today matters.

 

The wholly owned subsidiary company Transport Training Services (NI) Ltd has a separate Board that attends Transport Training Board meetings to provide regular reporting and review of performance. Its CEO also acts as Company Secretary for both companies.

 

Previously the Board commenced a process of review on its structure and agreed its intention to transfer, assets and many activities from its subsidiary to the parent company TTB. This transfer was completed on 31st December 2021

 

Relationships with related parties are monitored by the Board who are required to disclose any personal interests that may influence the charity as they arise. The principal related party is the charity’s subsidiary, details of this are disclosed in the notes of the accounts.

 

Organisational structure and decision making

The Board will deal with all major decisions facing the charity as they arise and plan the overall strategy for the charity. The Company Secretary as acting CEO supported by the SMT deals with day-today matters.

Trustees do not receive remuneration, expenses are paid for the costs associated with fulfilling their roles and are disclosed in the notes to the accounts.

Relationships with related parties are monitored by the Board who are required to disclose any personal interests that may have an effect on the charity as they arise. The principal related party is the charity's subsidiary, details of this are disclosed in the notes to the accounts.

Auditor

In accordance with the company's articles, a resolution proposing that Moore (N.I.) LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 5 -

The trustees' report was approved by the Board of Trustees.

Mr William Gribben
Mr Gordon White
Trustee
Trustee
Dated: 20 September 2023
Dated:20 September 2023
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
STATEMENT OF TRUSTEES' RESPONSIBILITIES  
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -

The trustees, who are also the directors of Transport Training Board for Northern Ireland for the purpose of company law, are responsible for preparing the Trustees' 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 trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

In preparing these financial statements, the trustees are required to:

 

- select suitable accounting policies and then apply them consistently;

 

- observe the methods and principles in the Charities SORP;

 

- make judgements and estimates that are reasonable and prudent;

 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
- 7 -

Opinion

We have audited the financial statements of Transport Training Board for Northern Ireland (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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:

-

give a true and fair view of the state of the charitable company's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 trustees' 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 charity’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 trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees 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.

Opinions on other matters prescribed by the Companies Act 2006

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

-

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
- 8 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-

the financial statements are not in agreement with the accounting records and returns; or

-
certain disclosures of trustees' remuneration specified by law are not made; or
-

we have not received all the information and explanations we require for our audit; or

-

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 trustees 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 trustees are responsible for assessing the charity’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 trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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 auditor's 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.

 

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
- 9 -

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

 

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

 

 

 

 

 

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

 

 

 

 

 

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
- 10 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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. Our audit work has been undertaken so that we might state to the charitable company's members 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 and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Dr R I Peters Gallagher OBE FCA (Senior Statutory Auditor)
for and on behalf of Moore (N.I.) LLP
20 September 2023
Chartered Accountants
Statutory Auditor
4th Floor Donegall House
7 Donegall Square North
Belfast
BT1 5GB
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
- 11 -
Unrestricted
Unrestricted
Total
Unrestricted
Unrestricted
Total
funds
funds
funds
funds
general

designated

general

designated

2022
2022
2022
2021
2021
2021
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
3
57,174
-
57,174
-
-
-

Trading income

4
1,119,033
-
1,119,033
145,007
-
145,007

Interest receivable

5
225
-
225
1,210
-
1,210
Other income
6
1,133
-
1,133
-
-
-
Total income
1,177,565
-
1,177,565
146,217
-
146,217
Expenditure on:
Raising funds
7
23,552
-
23,552
-
-
-
Charitable activities
8
1,039,301
-
1,039,301
96,492
-
96,492
Total expenditure
1,062,853
-
1,062,853
96,492
-
96,492
Net income for the year/
Net incoming resources
114,712
-
114,712
49,725
-
49,725
Other recognised gains and losses
Net loss on acquisition of trade of subsidiary
12
(26,484)
-
(26,484)
-
-
-
Net movement in funds
88,228
-
88,228
49,725
-
49,725
Fund balances at 1 January 2022
1,788,567
30,174
1,818,741
1,738,842
30,174
1,769,016
Fund balances at 31 December 2022
1,876,795
30,174
1,906,969
1,788,567
30,174
1,818,741

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 12 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
13
1,503,504
1,471,721
Investments
14
1
50,000
1,503,505
1,521,721
Current assets
Debtors
15
369,497
138,513
Cash at bank and in hand
189,620
194,736
559,117
333,249
Creditors: amounts falling due within one year
16
(155,653)
(36,229)
Net current assets
403,464
297,020
Total assets less current liabilities
1,906,969
1,818,741
Income funds
Designated funds
30,174
30,174
Unrestricted funds - general
1,876,795
1,788,567
1,906,969
1,818,741

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

The financial statements were approved by the Trustees on 20 September 2023
Mr William Gribben
Mr Gordon White
Trustee
Trustee
Company Registration No. NI026073
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
- 13 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
23
67,172
57,625
Investing activities
Purchase of tangible fixed assets
(97,161)
(1,193)
Proceeds from disposal of tangible fixed assets
1,133
-
Acquisition of assets from subsidiaries
23,515
-
Investment income received
225
1,210
Net cash (used in)/generated from investing activities
(72,288)
17
Financing activities
Repayment of bank loans
-
(7,050)
Net cash used in financing activities
-
(7,050)
Net (decrease)/increase in cash and cash equivalents
(5,116)
50,592
Cash and cash equivalents at beginning of year
194,736
144,144
Cash and cash equivalents at end of year
189,620
194,736
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 14 -
1
Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

2
Accounting policies
Charity information

Transport Training Board for Northern Ireland is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 15 Dundrod Road, Nutts Corner, Crumlin, Co Antrim, BT29 4SS.

2.1
Accounting convention

The financial statements have been prepared in accordance with the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

2.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

2.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The funds consist of amounts held for future risks in running the business park as well as potential needs which may arise from having multiple businesses on a busy road way.

2.4
Incoming resources
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Accounting policies
(Continued)
- 15 -
2.5
Resources expended

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 are allocated on the portion of the asset’s use.

Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.

2.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2% straight line
Fixtures and fittings
12.5% - 25% straight line
Motor vehicles

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

2.7
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

2.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

2.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
2
Accounting policies
(Continued)
- 16 -
2.10
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2.11
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 17 -
3
Donations and legacies
Unrestricted
Total
funds
general
2022
2021
£
£
Donations and gifts
2,409
-

Government grants receivable

54,765
-
57,174
-
4

Trading income

Unrestricted
Unrestricted
funds
funds
general
general
2022
2021
£
£

Rental income

130,760
145,007

Provision of training services

982,919
-

Other income

5,354
-

Trading income

1,119,033
145,007
5

Interest receivable

2022
2021
£
£
Interest receivable
225
1,210
6
Other income
Unrestricted
Total
funds
general
2022
2021
£
£
Net gain on disposal of tangible fixed assets
1,133
-
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 18 -
7
Raising funds
Unrestricted
Total
funds
general
2022
2021
£
£
Fundraising and publicity
Advertising
23,552
-
23,552
-
8
Charitable activities
2022
2021
£
£
Staff costs
399,694
-

Motor

67,473
-

Consumables and computer running costs

13,314
-

Subcontract labour and other staff costs

124,946
-

Subscriptions and course fees

7,029
-

Insurance

25,333
-

Canteen costs

2,883
-
640,672
-
Share of support costs (see note 9)
380,728
85,830
Share of governance costs (see note 9)
17,901
10,662
1,039,301
96,492
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 19 -
9
Support costs
Support costs
Governance costs
2022
Support costs
Governance costs
2021
£
£
£
£
£
£
Staff costs
218,076
-
218,076
-
-
-
Depreciation
65,378
-
65,378
30,318
-
30,318

Premises costs

58,618
-
58,618
16,204
-
16,204

Trustee expenses

3,155
-
3,155
260
-
260

Recruitment Costs

-
-
-
6,373
-
6,373

Professional fees

8,328
-
8,328
23,171
-
23,171

Bank charges

4,197
-
4,197
27
-
27

Advertising

-
-
-
9,244
-
9,244

Sundry

22,976
-
22,976
815
-
815

Loan interest

-
-
-
(582)
-
(582)
Audit fees
-
17,786
17,786
-
7,000
7,000
Legal and professional
-
115
115
-
3,662
3,662
380,728
17,901
398,629
85,830
10,662
96,492

Governance costs includes payments to the auditors of £7,000 (2021- £4,300) for audit fees.

10
Trustees

The total amount of expenses reimbursed to the trustees during the year was £241 (2021 - £241) and 2 of the trustees received payments (2021 – 2), the nature of these costs was that of mileage claims.

No trustee received remuneration from the charity or its group undertakings in the year (2021– Nil).

11
Employees

The average monthly number of employees during the year was:

2022
2021
Number
Number
Total
-
0
-
0
Employment costs
2022
2021
£
£
Wages and salaries
582,902
-
Other pension costs
34,868
-
617,770
-
There were no employees whose annual remuneration was more than £60,000.
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 20 -
12
Other gains or losses
Unrestricted
Total
funds
general
2022
2021
£
£
Net loss on acquisition of trade of subsidiary
26,484
-
At 31/12/2021 Transport Training Board Limited acquired the net assets of its trading subsidiary Transport Training Services (NI) Limited and the 2022 accounts now represent the activity of both entities.
13
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2022
1,730,995
61,433
-
1,792,428
Additions
-
5,092
28,219
33,311
Additions through business combinations
-
19,619
44,231
63,850
At 31 December 2022
1,730,995
86,144
72,450
1,889,589
Depreciation and impairment
At 1 January 2022
287,461
33,246
-
320,707
Depreciation charged in the year
38,523
(1,185)
28,040
65,378
At 31 December 2022
325,984
32,061
28,040
386,085
Carrying amount
At 31 December 2022
1,405,011
54,083
44,410
1,503,504
At 31 December 2021
1,443,534
28,187
-
1,471,721
14
Fixed asset investments
Investments
Cost or valuation
At 1 January 2022
50,000
Impairment of investment
(49,999)
At 31 December 2022
1
Carrying amount
At 31 December 2022
1
At 31 December 2021
50,000
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
14
Fixed asset investments
(Continued)
- 21 -
2022
2021
Investments comprise:
Notes
£
£
Investments in subsidiary
22
1
50,000
15
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
84,290
25,948
Other debtors
265,277
105,761
Prepayments and accrued income
19,930
6,804
369,497
138,513
16
Creditors: amounts falling due within one year
2022
2021
Notes
£
£
Other taxation and social security
42,096
5,243
Deferred income
17
11,248
-
Trade creditors
71,404
10,303
Other creditors
9,946
-
Accruals and deferred income
20,959
20,683
155,653
36,229
17
Deferred income
2022
2021
£
£
Other deferred income
11,248
-

Deferred income is included in the financial statements as follows:

2022
2021
£
£
Deferred income is included within:
Current liabilities
11,248
-
Movements in the year:
TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
17
Deferred income
(Continued)
- 22 -
Deferred income at 1 January 2022
-
-
Resources deferred in the year
11,248
-
Deferred income at 31 December 2022
11,248
-
18
Retirement benefit schemes
Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £34,868 (2021 - £-).

19
Analysis of net assets between funds
Unrestricted funds
Designated funds
Total
Unrestricted funds
Designated funds
Total
2022
2022
2022
2021
2021
2021
£
£
£
£
£
£
Fund balances at 31 December 2022 are represented by:
Tangible assets
1,503,504
-
1,503,504
1,471,721
-
1,471,721
Investments
1
-
1
50,000
-
50,000
Current assets/(liabilities)
403,464
-
403,464
297,020
-
297,020
1,906,969
-
1,906,969
1,818,741
-
1,818,741
20
Operating lease commitments

Lessor

The operating leases represent rental of premises to third parties. The leases are all for long terms, are cancellable and the Charity has the right of forfeiture for any assets on the land in the event of cancellation. Rentals are adjusted routinely with respect to RPI.

21
Related party transactions

At 31/12/2021 Transport Training Board Limited acquired the net assets of its trading subsidiary Transport Training Services (NI) Limited and the 2022 accounts now represent the activity of both entities. The following transactions occurred in the preceding financial period ending 31 December 2021:

 

During the year ended 31 December 2021 the charity leased property facilities to TTS at an annual rent of £2,750, paid capital and revenue grants totalling £NIL to TTS, paid management fees to TTS of £19,080 and charged interest on loan balances to TTS of £1,200. The balance outstanding at the year end from TTS to the charity was £5,992 in relation to trade balances and £105,761 in relation to intercompany loans. Interest on the intercompany was charged at a rate of 1% plus the base rate on a daily basis. The loan is not secured.

TRANSPORT TRAINING BOARD FOR NORTHERN IRELAND
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 23 -
22
Subsidiaries

At 31/12/2021 Transport Training Board Limited acquired the net assets of its trading subsidiary Transport Training Services (NI) Limited and the 2022 accounts represent the activity of both entities.

 

Transport Training Board Limited still holds the sole share of TTS and this is carried in investments.

Details of the charity's subsidiary at 31 December 2022 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Transport Training Services (NI) Ltd
15 Dundrod Road, Crumlin, Co. Antrim, BT29 4SS
Provision of training services
Ordinary share capital
100.00
23
Cash generated from operations
2022
2021
£
£
Surplus for the year
114,712
49,725
Adjustments for:
Investment income recognised in statement of financial activities
(225)
(1,210)
Gain on disposal of tangible fixed assets
(1,133)
-
Depreciation and impairment of tangible fixed assets
65,378
30,318
Movements in working capital:
(Increase) in debtors
(230,984)
(22,473)
Increase in creditors
108,176
1,265
Increase in deferred income
11,248
-
Cash generated from operations
67,172
57,625
24
Analysis of changes in net funds

The charity had no debt during the year.

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