The trustees present their annual report and financial statements for the year ended 31 December 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 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)
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 2024 TTB and its wholly owned subsidiary company and social enterprise, 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:
Three dedicated well-resourced Light and Heavy Vehicle workshops are used in the delivery automotive industry training.
Seven temperature-controlled training rooms which are modern industry standard professional learning environments, equipped with high standard teaching & learning resources;
E-Learning facilities
The design of the building ensures the new facilities are accessible to people with a range of disabilities and meets all the current disability legislation; its location is in a central location for access for trainees from across Northern Ireland.
The Board owns the land of the Nutts Corner Business Park from which ground rents provide income.
Grant making policy
Grant funding did not present itself during the year.
During the year of 2024 TTB exceeded all expectations by continuing to increase the number of apprentices they take on each year. A great achievement, bringing the total number of young people being trained in the centre to an all time high of 300 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 30%.
We are proud to be the officially delivery partner for the prestigious Toyota Academy in NI,
to accompany our already established academies of Ford, Kia and the Stellantis Group.
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 2025.
During the year there was income of £1,692,358 (2023 £1,497,135). The key sources of income for Transport Training Board, is income received for apprenticeship training from the Department of Economy’s Apprenticeship program and sales of other training services. This has seen its greatest growth with record apprentices attending the centre. The year also saw an injection of income from backdated rent reviews.
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 and social enterprise.
General expenditure for the year was £1,372,657 (2023 £1,221,704). This included the costs of delivering training services, management of the training centre and business park.
At the year-end Transport Training Board had £2,471,927 of unrestricted funds of which £1,639,175 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 2025 to ensure growth and development of training provision in the year ahead.
The trustees have an agreed reserve policy to hold a value equivalent to six months salary cost for the organisation. This reserve can be used to cover costs including proposed expenditure on programmes, redundancy payments and capital refurbishment or new build. All spends should demonstrate a reimbursement plan to restore the reserve level.
The trustees have assessed the major risks to which the charity is exposed including:
Non-payment of ground rents by tenant organisations
The withdrawal/reduction of government funding for Apprenticeships
Re-occurrence of a Covid strain or related pandemic that forces further lockdowns and restrictions.
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.
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 has been developed to cater for this increased capacity. Building work is still ongoing on this project.
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.
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:
None of the trustees has any beneficial interest in the charity.
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 deals with day-to-day matters.
The wholly owned subsidiary company and social enterprise Transport Training Services (NI) Ltd has a separate Board whose Chairman 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 the majority of activities from its subsidiary to the parent company TTB. This transfer was completed on 31st December 2021.
The trustees recruit and select new trustees as set out in the governing document. The board recruits new trustees with regards to skills gaps and the potential of new members to make a real contribution to the charity's overall governance.
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.
We predicate trustees appointments on our organisational values and make new members aware of their legal responsibilities under charity and company law. A new member induction pack outlines our articles of association, board structure, organisational structure, decision making processes and our overview of finances. Our formal induction provides new board members with the information and training they need to take up their appointment as effectively as possible.
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.
The board based the senior staff's pay on an internal salary scale as a guide to appropriate remuneration for all staff pay. This will be benchmarked at regular intervals.
Pay levels are currently subject to annual increments or cost of living expenses.
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.
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).
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.
The trustees' report was approved by the Board of Trustees.
Opinion
We have audited the financial statements of Transport Training Board for Northern Ireland (the ‘charity’) for the year ended 31 December 2024 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:
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.
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.
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.
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.
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.
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:
We obtained an understanding of the legal and regulatory requirements applicable to the charitable company and considered that the most significant are [the Companies Act 2006, the Charities Act 2008, the Charity SORP, and UK financial reporting standards as issued by the Financial Reporting Council]
We obtained an understanding of how the charitable company complies with these requirements by discussions with management and those charged with governance.
We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.
We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.
As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees.
Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
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.
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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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.
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.
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.
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.
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.
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.
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:
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.
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.
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).
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.
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, 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, 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.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
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.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
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.
Trading income
Interest receivable
Staff training
Motor
Consumables and computer running costs
Subcontract labour and other staff costs
Subscriptions and course fees
Insurance
Canteen costs
Computer running expenses
The total amount of expenses reimbursed to the trustees during the year was £nil (2023 - £Nil) and none of the trustees received payments (2023 – Nil).
No trustee received remuneration from the charity or its group undertakings in the year (2023– Nil).
Premises costs
Trustee expenses
Professional fees
Bank charges
Bad debts
Sundry
Governance costs includes payments to the auditors of £8,000 (2023- £8,000) for audit fees.
The average monthly number of employees during the year was:
The remuneration of key management personnel was as follows:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
At 31/12/2021 Transport Training Board Limited acquired the net assets of its trading subsidiary and social enterprise Transport Training Services (NI) Limited.
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.
Deferred income is included in the financial statements as follows:
Designated funds are set aside to deal with future risks in running the business park and any potential needs from having multiple businesses operating on a busy roadway.
Transport Training Services (NI) Ltd ‘TTS’ is a wholly owned subsidiary and social enterprise for the charity. There was income of £162,900 (2023 - £119,434) from the subsidiary, and expenditure of £200,665 (2023 - £104,898). There was a debtor balance of £12,087 (2023 - £49,859) at the year end.
At 31/12/2021 Transport Training Board Limited acquired the net assets of its trading subsidiary and social enterprise Transport Training Services (NI) Limited and from 2022 the 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 2024 are as follows:
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.
The charity had no material debt during the year.