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REGISTERED COMPANY NUMBER: 01428827 (England and Wales)
REGISTERED CHARITY NUMBER: 510035















Report of the Trustees and

Unaudited Financial Statements for the Year Ended 31 March 2024

for

Warrington Training Trust Ltd

Warrington Training Trust Ltd






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Report of the Trustees 1 to 4

Statement of Trustees' Responsibilities 5

Independent Examiner's Report 6

Statement of Financial Activities 7

Balance Sheet 8 to 9

Cash Flow Statement 10

Notes to the Cash Flow Statement 11

Notes to the Financial Statements 12 to 25

Warrington Training Trust Ltd (Registered number: 01428827)

Report of the Trustees
for the Year Ended 31 March 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of 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 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the charity are to relieve and prevent poverty occasioned by unemployment or other causes among young persons resident within ten miles of Golden Gate Warrington, and to provide education and vocational training for young unemployed persons who are so resident. The relief of unemployment, in particular but not exclusively, by provision of affordable, easy access accommodation to encourage business start-up and development within the Warrington area.

The charity operates under the name Warrington Business Park.

Significant activities
Currently, the charity is meeting its objects through granting small one-off grants amounting to £9,374. As part of our work with new start-up companies, we provide information on grants and services available to them to aid with their growth.

Public benefit
We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Volunteers
The charity, currently does not have any input from volunteers.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The charity continues to make concessionary grants to business in order to initiate training and employment within the area, subject to cashflow. In the year concessionary rents given totalled £9,374. To date the charity has helped over 375 different organisations to start up and generate employment within the Warrington area.

In addition, the Trustees are delighted to confirm they have maintained their support of other local charities through the provision of accommodation and facilities on site. Again, assisting these charities in providing supported employment for those with disability, mental health and mobility issues.

Each year, the Board reviews the aims, objectives and activities of the Charity. This review covers the last 12 months and our achievements in that period. The review looks at the success of each activity and the benefits gained by those groups of people we are set up to help. The review also helps us ensure our aim, objectives and activities remained focused on our stated purposes.

After holding our own in occupancy during the past few years in a difficult and changing economic climate, 2023/24 has been a disappointment. Our net number of companies has increased, but we are suffering the fall out of companies working from home, or the larger companies who took over 10% of the business space available for rent, that failed during covid or in the 12 months after. That said, we have recruited a number of smaller companies to the site, which has resulted in our discretionary grants going up this year, however our overall rental income is down.

In keeping with our charitable aims, we have continued to support local business start-ups and individuals through our rentals at the Business Park.


Warrington Training Trust Ltd (Registered number: 01428827)

Report of the Trustees
for the Year Ended 31 March 2024


ACHIEVEMENT AND PERFORMANCE
Investment performance
The Trustees confirm that the investment in the fabric of the Business Park continues in order to develop the necessary returns in order for the Charity to meets its charitable objectives. The programme of work to replace the windows has now been completed after delays due to Covid lockdown.

FINANCIAL REVIEW
Principal funding sources
The Business Park has been established to provide an investment return for the charity generating net funds and allowing the Trustees the opportunity to support start up businesses and other charities through concessionary rents.

Investment policy and objectives
The Management Committee has considered the most appropriate policy for investing funds and has found that the use of bank deposit accounts and investment in the Business Park gives the opportunity to maximise income and flexibility.

The investment property is secured with a mortgage provided by The Charities Aid Foundation Bank (CAF Bank). In the opinion of the Trustees CAF Bank offered the most competitive and constructive financial package along with the necessary support and understanding of the operations of a charity.

The charity also holds a any surplus funds in a bank deposit accounts and also hold units in M&G Charifund.

Reserves policy
Unrestricted reserves held at the 31 March 2024 are £374,927, however, as fixed assets are held at that date, with a written down value of £1,156,913, the freely available cash is £9k, and the Unrestricted Fund is in deficit of £781,986. This deficit comprises of loans relating to the property of £681,675, other loan of £37,640 leaving £62,671 as the residual deficit.

The Trustees have established a policy whereby any unrestricted funds, not committed or invested in tangible fixed assets, are to be invested so that the charity will be able to meet the expected capital and running cost for the next 12 months of approximately £450,000.

Due to the level of debt incurred by the charity, the cashflows within the charity are restrictive with little scope for investments outside the property and investments already held.

Going concern
The trustees consider that the charity is a going concern having reviewed the budgets and cashflows for the next 12 months. The free cash position has always been a concern and the trustees are working to improve the free cash available to enable the charity to carry out the charity's objectives and aims.

FUTURE PLANS
The Trustees continue to review the investment potential of the Business Park in order to achieve the charitable objectives, providing support and assistance to businesses to initiate training and employment. The Trustees have completed a capital expenditure review and have undertaken significant expenditure in the year on property improvements and enhancements and are looking to maintain a suitable level of capital expenditure in order to maintain the investment value and returns from the property, creating the funds to meet the charitable objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.


Warrington Training Trust Ltd (Registered number: 01428827)

Report of the Trustees
for the Year Ended 31 March 2024

The charity is a charitable company limited by guarantee and was set up on 13th June 1979 and last amended 16th December 2008. The charity is governed by its' memorandum and articles of association.

The liability of the members of the Board of Trustees is limited to £1 each.

Recruitment and appointment of new trustees
The method of appointment of Trustees is as follows: seeking nominations from current trustees and members identifies prospective trustees. The prospective trustees are invited to the Business Park for a tour of the current fund raising operation and an introduction to the activities of the charity. The prospective trustees are provided with a copy of CC3a, Responsibilities of a Charity Trustee, and invited to attend the next board meeting. If the prospective trustee decides to stand as a trustee, they will be nominated and elected at the next board meeting, which will be ratified at the next AGM, provided the maximum is not exceeded. One third of the members by rotation retire and offer themselves for re-election. All serving trustees are provided with a copy of CC3, The Essential Trustee: What you need to know, and any further information as issued by the Charities Commission.

Organisation structure
One third of the members by rotation retire and offer themselves for re-election.

The Board of Trustees meets quarterly. Meeting include consideration of the following:

Approval of the strategic plan and annual plan
Approval of grant awards
Review of progress against the strategic plan, financial results and variation from the financial plan.
Identification and management of risk.
Evaluation of the impact of the Charity's work.

Induction and training of new trustees
All new and serving trustees are provided with a copy of CC3, The Essential Trustee: What you need to know, and any further information as issued by the Charities Commission.

Key management remuneration
The key management personnel of the charity comprise the trustees and Chief Executive Officer. The total employee benefits of the key management personnel of the charity were £63,994 (2023: £62,110).

Wider network
The Charity works with all areas of the business community along with the public and private sector to meets is charitable objectives.

Related parties
There are currently no related parties.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01428827 (England and Wales)

Registered Charity number
510035

Registered office
Warrington Business Park
Long Lane
Warrington
Cheshire
WA2 8TX

Warrington Training Trust Ltd (Registered number: 01428827)

Report of the Trustees
for the Year Ended 31 March 2024

Trustees
B Dunnett Director & Chief Executive Officer
S F Timms Director & Chairman
A A Edwards Director
P J Shaw Director
P Davies Director

Independent Examiner
Lee Warburton BA FCA
Voisey & Co LLP
Chartered Accountants
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

Solicitors
FDR Law 21 Palmyra Square, Warrington, WA1 1BW.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 19 December 2024 and signed on its behalf by:





B Dunnett - Trustee

Warrington Training Trust Ltd

Statement of Trustees' Responsibilities
for the Year Ended 31 March 2024

The trustees (who are also the directors of Warrington Training Trust Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Independent Examiner's Report to the Trustees of
Warrington Training Trust Ltd (Registered number: 01428827)

Independent examiner's report to the trustees of Warrington Training Trust Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.








Lee Warburton BA FCA

Voisey & Co LLP
Chartered Accountants
8 Winmarleigh Street
Warrington
Cheshire
WA1 1JW

19 December 2024

Warrington Training Trust Ltd

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
for the Year Ended 31 March 2024

31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 606 - 606 775

Other trading activities 3 113,777 - 113,777 131,493
Investment income 4 319,473 - 319,473 332,018
Total 433,856 - 433,856 464,286

EXPENDITURE ON
Raising funds 5 - - - 38,348

Charitable activities 6
Concessionary rents given 9,374 - 9,374 6,646

Other 420,545 - 420,545 368,005
Total 429,919 - 429,919 412,999

Net gains/(losses) on investments (638,791 ) 2,496 (636,295 ) (374 )

NET INCOME/(EXPENDITURE) (634,854 ) 2,496 (632,358 ) 50,913
Other recognised gains/(losses)
Actuarial gains on defined benefit schemes 66,000 - 66,000 -
Net movement in funds (568,854 ) 2,496 (566,358 ) 50,913

RECONCILIATION OF FUNDS
Total funds brought forward 943,781 413,224 1,357,005 1,306,092

TOTAL FUNDS CARRIED FORWARD 374,927 415,720 790,647 1,357,005

Warrington Training Trust Ltd (Registered number: 01428827)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Investments
Investments 13 - 60,033 60,033 56,337
Investment property 14 1,156,913 343,087 1,500,000 2,138,791
1,156,913 403,120 1,560,033 2,195,128

CURRENT ASSETS
Debtors 15 95,114 13,255 108,369 70,461
Cash at bank 8,829 (655 ) 8,174 51,277
103,943 12,600 116,543 121,738

CREDITORS
Amounts falling due within one year 16 (264,646 ) - (264,646 ) (220,531 )

NET CURRENT ASSETS (160,703 ) 12,600 (148,103 ) (98,793 )

TOTAL ASSETS LESS CURRENT
LIABILITIES

996,210

415,720

1,411,930

2,096,335

CREDITORS
Amounts falling due after more than one year 17 (623,283 ) - (623,283 ) (675,330 )

PENSION ASSET/(LIABILITY) 21 2,000 - 2,000 (64,000 )

NET ASSETS 374,927 415,720 790,647 1,357,005
FUNDS 20
Unrestricted funds 374,927 943,781
Restricted funds 415,720 413,224
TOTAL FUNDS 790,647 1,357,005

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.



Warrington Training Trust Ltd (Registered number: 01428827)

Balance Sheet - continued
31 March 2024

The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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


The financial statements were approved by the Board of Trustees and authorised for issue on 19 December 2024 and were signed on its behalf by:





B Dunnett - Trustee

Warrington Training Trust Ltd

Cash Flow Statement
for the Year Ended 31 March 2024

31.3.24 31.3.23
Notes £    £   

Cash flows from operating activities
Cash generated from operations 1 77,852 76,338
Interest paid (61,431 ) (45,991 )
Net cash provided by operating activities 16,421 30,347

Cash flows from investing activities
Purchase of fixed asset investments (1,200 ) (1,200 )
Interest received 123 75
Net cash used in investing activities (1,077 ) (1,125 )

Cash flows from financing activities
Loan repayments in year (58,447 ) (62,987 )
Net cash used in financing activities (58,447 ) (62,987 )

Change in cash and cash equivalents in the
reporting period

(43,103

)

(33,765

)
Cash and cash equivalents at the beginning
of the reporting period

51,277

85,042
Cash and cash equivalents at the end of the
reporting period

8,174

51,277

Warrington Training Trust Ltd

Notes to the Cash Flow Statement
for the Year Ended 31 March 2024

1. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING
ACTIVITIES
31.3.24 31.3.23
£    £   
Net (expenditure)/income for the reporting period (as per the Statement
of Financial Activities)

(632,358

)

50,913
Adjustments for:
Losses on investments 636,295 374
Interest received (123 ) (75 )
Interest paid 61,431 45,991
(Increase)/decrease in debtors (37,908 ) 5,886
Increase/(decrease) in creditors 50,515 (26,751 )
Net cash provided by operations 77,852 76,338


2. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.23 Cash flow At 31.3.24
£    £    £   
Net cash
Cash at bank 51,277 (43,103 ) 8,174
51,277 (43,103 ) 8,174

Debt
Debts falling due within 1 year (64,792 ) 6,400 (58,392 )
Debts falling due after 1 year (675,330 ) 52,047 (623,283 )
(740,122 ) 58,447 (681,675 )
Total (688,845 ) 15,344 (673,501 )

Warrington Training Trust Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

In the opinion of the Trustees the charity has sufficient resources and funding for the foreseeable future and as a result have prepared the financial statements on a going concern basis.

The charity constitutes a public benefit entity as defined by FRS 102.

The presentation currency of the financial statements is the Pound Sterling (£).

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations, are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants,is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
`
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

Government grants
The accrual model has been adopted to recognise government grants in the year and are measured at the fair value of the asset received or receivable. Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Expenditure

- Expenditure on charitable activities includes the costs incurred by the charity to enable it to fulfil its core operations.

- Other expenditure represents those items not falling into any other heading.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to statutory independent examination and legal fees together with an apportionment of overhead and support costs.

Allocation and apportionment of costs
Due to the nature of the charity, it is not necessary to allocate or apportion costs between activates.

Fixed asset investments
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Fixtures and fittings - 25% on cost
Computer equipment - 25% on cost

Fixed asset investments which are listed on recognised stock exchanges are stated at year end market value. Investments which are unlisted are stated at cost less provisions for reduction in value.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the Statement of Financial Activities.

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits

The charitable company operate a defined benefit scheme, this has been a closed scheme since 30 June 1992 The net obligation is calculated by estimating the amount of future benefit that employees have earned in return for their service in the prior periods, discounting that amount and deducting the fair value of any plan assets.

This is a triennial calculation performed by a qualified actuary. When the calculation results in a benefit, the recognised asset is limited to the total of any unrecognised past service costs and the present value of economic benefits available in the form of any future refunds from the plan or future contributions to the plan.

Remeasurement of the net defined benefit liability or asset, which comprise actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling, are recognised immediately in the statement of financial activities.

The net interest expense on the net defined benefit liability or asset is determined by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then net defined benefit liability or asset, taking into account any changes in the net defined benefit liability or asset during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognised in the statement of financial activities.

Financial instruments
The company 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 company's statement of financial position when the company 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 net 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 costs 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.

Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets
Financial assets, other than those held at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.


Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Employee benefits
The costs of the short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the costs of stock or fixed assets. 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 company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2. DONATIONS AND LEGACIES
31.3.24 31.3.23
£    £   
Other income 606 775

3. OTHER TRADING ACTIVITIES
31.3.24 31.3.23
£    £   
Cafe income 107 21,590
Photocopying recharge 224 95
Other rental income 34,653 29,880
Post recharge 8,858 9,833
Electricity recharge 22,956 25,307
Water recharge 17,495 15,463
Insurance recharge 29,484 29,325
113,777 131,493


Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT INCOME
31.3.24 31.3.23
£    £   
Rents received 319,350 331,943
Deposit account interest 123 75
319,473 332,018

5. RAISING FUNDS

Raising donations and legacies
31.3.24 31.3.23
£    £   
Support costs - 2,439


Other trading activities
31.3.24 31.3.23
£    £   
Purchases - 10,887
Staff costs - 17,751
Support costs - 7,271
- 35,909

Aggregate amounts - 38,348

6. CHARITABLE ACTIVITIES COSTS
Grant
funding of
activities
(see note
7)
£   
Concessionary rents given 9,374


Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

7. GRANTS PAYABLE
31.3.24 31.3.23
£    £   
Concessionary rents given 9,374 6,646
The total grants paid to institutions during the year was as follows:
31.3.24 31.3.23
£    £   
Start up concessionary rents given 9,374 6,646


8. SUPPORT COSTS
Governance
Management Finance costs Totals
£    £    £    £   
Other resources expended 416,306 1,694 2,545 420,545

9. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Other operating leases 3,091 10,235
Independent examiner's fee 2,500 2,500

10. TRUSTEES' REMUNERATION AND BENEFITS
31.3.24 31.3.23
£    £   
Trustees' salaries 57,713 55,670
Trustees' social security 3,067 3,488
Trustees' pension contributions to money purchase schemes 3,214 2,952
63,994 62,110

Mr B Dunnett was appointed as a director/trustee on the 16th December 2008. The Charity Commission gave dispensation on 10th December 2008 to allow Mr B Dunnett to continues his employment as business site manager and financial accountant for which he receives an annual salary. The total salary shown above relates to Mr Dunnett for his services as site manager and financial accountant. No other Trustee salaries were paid in the year.

Trustees' expenses
31.3.24 31.3.23
£    £   
Trustees' expenses 353 302


Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

11. STAFF COSTS
31.3.24 31.3.23
£    £   
Wages and salaries 86,519 99,464
Social security costs 4,577 5,137
Other pension costs 4,943 4,865
96,039 109,466

The average monthly number of employees during the year was as follows:

31.3.24 31.3.23
Management 1 1
Administrative 1 1
Café staff - 2
2 4

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

31.3.24 31.3.23
£60,001 - £70,000 1 1

12. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 April 2023 and 31 March 2024 10,337 14,589 24,926
DEPRECIATION
At 1 April 2023 and 31 March 2024 10,337 14,589 24,926
NET BOOK VALUE
At 31 March 2024 - - -
At 31 March 2023 - - -


Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
MARKET VALUE
At 1 April 2023 56,337
Additions 1,200
Revaluations 2,496
At 31 March 2024 60,033
NET BOOK VALUE
At 31 March 2024 60,033
At 31 March 2023 56,337

There were no investment assets outside the UK.

Cost or valuation at 31 March 2024 is represented by:

Unlisted
investments
£   
Valuation in 2024 60,033

14. INVESTMENT PROPERTY
£   
FAIR VALUE
At 1 April 2023 2,138,791
Revaluation (638,791 )
At 31 March 2024 1,500,000
NET BOOK VALUE
At 31 March 2024 1,500,000
At 31 March 2023 2,138,791

Included in investment property is freehold land valued at £ 712,930 (2023 - £ 712,930 ).

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 (638,791 )
Cost 2,138,791
1,500,000

The directors have considered the valuation of the investment property and following a review undertaken with the assistance of external professional advisors are of the opinion that the valuation should be written down to £1.5m.

Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 28,563 21,288
Prepayments and accrued income 79,806 49,173
108,369 70,461

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts (see note 18) 58,392 64,792
Trade creditors 130,725 72,255
Social security and other taxes 3,312 3,881
VAT 10,507 13,118
Other creditors 38,880 37,695
Accruals and deferred income 22,830 28,790
264,646 220,531

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans (see note 18) 623,283 675,330

The bank loan carries interest at 3.00% above base and is charged on a monthly basis.

18. LOANS

An analysis of the maturity of loans is given below:

31.3.24 31.3.23
£    £   
Amounts falling due within one year on demand:
Bank loans 58,392 64,792
Amounts falling between one and two years:
Bank loans - 1-2 years 76,968 67,639
Amounts falling due between two and five years:
Bank loans - 2-5 years 243,309 229,775
Amounts falling due in more than five years:

Repayable by instalments:
Bank loans more 5 yr by instal 303,006 377,916


Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

19. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 681,675 740,122

CAF Bank holds fixed and floating charges over the investment property of the company at Warrington Business Park, Long Lane, Warrington.

Included within bank loans and overdrafts is a balance of £37,640 relating to a Covid Bounce Back Loan from NatWest Bank which is repayable over 10 Years from November 2021 at an interest rate of 2.5%.

20. MOVEMENT IN FUNDS
Net
movement At
At 1.4.23 in funds 31.3.24
£    £    £   
Unrestricted funds
General fund 943,781 (568,854 ) 374,927

Restricted funds
Capital fund 356,342 - 356,342
Training fund 56,882 2,496 59,378
413,224 2,496 415,720
TOTAL FUNDS 1,357,005 (566,358 ) 790,647

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 433,856 (429,919 ) (572,791 ) (568,854 )

Restricted funds
Training fund - - 2,496 2,496

TOTAL FUNDS 433,856 (429,919 ) (570,295 ) (566,358 )


Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

20. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.23
£    £    £    £   
Unrestricted funds
General fund 891,765 51,287 729 943,781

Restricted funds
Capital fund 356,342 - - 356,342
Training fund 57,985 (374 ) (729 ) 56,882
414,327 (374 ) (729 ) 413,224
TOTAL FUNDS 1,306,092 50,913 - 1,357,005

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 464,286 (412,999 ) - 51,287

Restricted funds
Training fund - - (374 ) (374 )

TOTAL FUNDS 464,286 (412,999 ) (374 ) 50,913

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.24
£    £    £    £   
Unrestricted funds
General fund 891,765 (517,567 ) 729 374,927

Restricted funds
Capital fund 356,342 - - 356,342
Training fund 57,985 2,122 (729 ) 59,378
414,327 2,122 (729 ) 415,720
TOTAL FUNDS 1,306,092 (515,445 ) - 790,647

Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

20. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£    £    £    £   
Unrestricted funds
General fund 898,142 (842,918 ) (572,791 ) (517,567 )

Restricted funds
Training fund - - 2,122 2,122

TOTAL FUNDS 898,142 (842,918 ) (570,669 ) (515,445 )

21. EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit scheme, the assets of which are held in a separate trustee administered fund. Contributions are paid into the scheme in accordance with the recommendations of an independent actuary on the basis of triennial valuations. The fund was closed to new entrants and benefit accrual with effect 30th June 1992.

The latest triennial actuarial valuation was carried out on 30th June 2023. The Trustees are currently taking professional and legal advise in respect of the scheme and have appointed a new actuary in order to complete the valuation and provide advise to the Trustees on alternative strategies.


Assumptions
June 2023 July 2020
Asset Value Market Value Market Value
Pre retirement discount rate 6.4% 2.6%
Post retirement discount rate 4.4% 0.6%
Retail price inflation 3.4% 2.8%
Consumer price inflation 2.9% 2.3%
Pension increases in payments 3% 3%
Pension revaluation in deferment 2.9% 2.3%







Assets (Employer)

£   
Funds at Market Value 99,000
Net current assets 5,000

Total 114,000

Technical provisions

Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

21. EMPLOYEE BENEFIT OBLIGATIONS - continued

Deferred Pensioners 34,000

Pensioners 68,000

Surplus / (Deficit) 2,000

Funding Level 102%

Analysis of the movement in the benefit net asset during the period

£'000s
Surplus / (shortfall) at previous valuation (64 )
Interest on surplus/shortfall brought forward (3 )
Investment under performance (20 )
Contributions 10
Inflation (4 )
Change in market conditions 74
Change to SFP 9

Surplus / (shortfall) at present valuation on sample assumption 2.0

The company will pay any professional fees and administration costs relating to the management of the scheme.

Defined Contribution Scheme

The charity operates a defined contribution scheme. The assets of which are held separately from the assets of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £4,943 (2023: £4,865).

22. RELATED PARTY DISCLOSURES

Related party disclosures are made in note 10 and 24 of the accounts.

23. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Board of Trustees.

24. KEY MANAGEMENT PERSONNEL

The key management personnel of the charity comprise the trustees and Chief Executive Officer. The total employee benefits of the key management personnel of the charity,including pension contributions were £63,994 (2023: £62,110).


Warrington Training Trust Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

25. FUNDS

Capital Fund
Monies received as part of the original development of the business park.

Training Fund
Monies received to help with the training needs of the residents of Warrington.