THE ACE CENTRE-NORTH la compgny limited by guarantee and not navln9 a share capital) REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Company number: 4268143 R8gist8red Charity Number: 1089313 BK Plus Audit Limiled Chartered Certbfied Accountants Sterling House 501 Middleton Road Chadderton Oldham OL9 9LY
THE ACE CENTRE-NORTH CONTENTS eNo. Report of the Trustees l Directors Report of the ALKlitors 10-12 Statement of Financial Activities 13 Balance Shèet 14 statement of Cash Fbws 15 Notes to the Financial Statements 16-29
THE ACE CENTRE410RTH REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 The Irusteesldirectors of The A Centre-North present their annual port together with the financlal statements for the year ended 31 March 2024. Th8 provisions of Ihe Statement of Récomm8nded Practice "Accounting and Reporting by Charities. (SORP IFRS 102)) have been adopted in preparing the annLFal report and financial sta18ffn1S of the chality. The directors or membgrs of the board of the charitable company (the chadtyl are Its Irusloés for the purpose of charity law. Throughout this report they are collectively relerred to as the'trust88S'. Reference and Pglministrative Inforniation ari number.. 1089313 Com number.. 4268143 Chairman- P J Woola5 R B1hall Co an Secreta A C Sever Princi al offic8'. Hollinwood Businass Cerrtre bert Str90t Oldham OL8 3QL Auditors: BK Plus Audit Limited Steriiro House 501 Middleton Road Ctodderton Oldham OL9 9LY Bankers". Royal Bank ol Scouand Drummond House 1 Redheughs Av8nua Edinburgh £H12 gJN Solicitors: Workne5t knrrmted Woodhouse Aldfd Chester CH3 fklD Invèstment mana rs: Ratht()ne Brothers PIC 8 Finsbury Circus London EC2M 7AZ Trustees al date of this re P J Woolas {Chairrnan} T Hewson (appointed 16.02241 J Jones R Oldham J D8vlin T Wekh lapp)inted 11.12.24) Other trustees who served durin Ihe ar= D Reay (resigned 12.12.23) L G Coop (resigned 12.12.23) C B811 (resign1 13.06.23} A R Walker {resign8d 13.07.23) M Littler Iresigned 13.07.23 R W Gregory {resign8d 03.OB.231 S Meredilh (resigned 24.09.24)
THE ACE CENTRE-NORTH REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 ¢ontinued... Structure Governance and Mana ement Gavernin Document The Ace Centre-North (working name Th8 Ace Cenlre) is a company limited by guarantee governed by its Mernorandum and Articles of Association. It is regislered as a charity with the Charity Commission. Membership of the company at 31 March 2024 stood at seven members comprising Oldharn Metropolitan Borough Council and six trustees as individual members. olntment of trustees Members of the Board of TTUStees are drawn from representatives of Ihe local authority and individual representatives reflecting the skills, experience and expertise required to support the work of The Ace Centre. Trustees, induction and trainin Recent recruits lo The Ace Centre have been offered a dals formal induction in addilion to personalised induction, based on the needs and interests of individual trustees. anisation Th8 board of trustees normally meet lour times each year and the annual general meeting is lo be held immediately prior to the December meeting. Issues arising belween meeting5 that require the consideration of all trustees are dealt with by correspondence. The day to day activities of the centre are carried out by the Ace Centre CEO and staff, with the CEO reporting back to the trustees at each board meeting. Tha arrangemants for setting the pay of key management personnel are revtewed annually by the board of trustees. At present levels of pay are aligned with NJC Pay scales and any changes are benchmarked wilh local government practice. The centre is not dependent upon the services of unpaid volunteers. donalion5 or other intangible income, although it is keen lo encourage volunteer involvement should it be offered. Related arties Members of the charity and it5 Board of Trustees are drawn from local business. education and training. and voluntary sector communities. Close working relationships exist between the Charity and these representatives, which have prov8d invaluable to the charity in establishing improved links within the community and id8ntifying relevant policy develupmenis and prospective funding.
THE ACE CENTRE-NORTH REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 continLted... Ob'ectlY•s and aclvltlès The A Cenlre's charitable objects are: al To advan. promote and encou education and learning opportunitie5 lor people of all ages whose physi¢al and ommunicalion dlCUltieS are the primary cause of their disabilities. in parti(yJlar but thOut pTejUdi to Ihe genBrality of foregoing to provide a focu5 for thé use miGroeleGtronic5 alld other aids to communication. b) To provide opportunities for such individual$ to irnprove their skills or abilities. cl To providg, admlnis18r and manage Assessmeni and Advice CeTrtre5 for such Individuals. dl To provlde athi¢e. resources aTKI training facilities lo parents. teache. therapists aThJ medical staff and others involved th physically disablÈd communication-impairod ppopl8. To 8mploy skilled slaff, axparts. advisors. t8ach8rs. Ihgrapists. 8ducationalists and othws. èither In Training and Assessment Centres or elsewhere. To affange. Pfomote and organise courses. conf8rerThs. training sessions. vocatkinal arml n s8nfice training, seminars and op8n days. gl To develop softrmrelhardwara and leaming lechniqu8S, to collaborate wlth any cotr4)anies, Indivlduals, partnership5. buslnesses. Ofganisations, bodies and persons for thè furlherance of the companls Dbjectivps and to develop access devices. strategies and alds for communication for ppIe physical and communication diffKxlttes. h) To survey and evaluale softhre and prodlS lo gather. publh8h and disseminate infomiation. To establish, maintain and develop libraries. s0 nt. databanks, assessment facilities and equiprnent. and to ake ény of the satne available for use by way of loan. to comniCatiOn-1mpaI[ed peDple. parents, children, professional a(1vi50. medical Staff. local authoril.es and other5. Thi5 year the Ace Cenlre's main activrties have been to deliver asSeSsnt training rformalion Services to fijlfil Qui obligations under the NHS England (NHSEI Specialised Health Commisioning contract which ha5 been awarded lo A Centre to provide specialised augementauve and allemative communKation IAAC) services for ellgible chitflren and adu115 in the North West and Tharne5 Valley & Wessex regions of England. The contr&1 orÉginally ran frorn 9th December 2014 to 31st March 2018. but was subsequendy extended, wth the current contract running tD 31 March 2025. In addition. A Centre is in the process of identifying potential opportunities for allemafive income generatb)n strparns. The Trustees are rnindful of the Charity c0mISsion guidance on publiG benefrt and believe that the detai15 set out above and in their reporl generally. cleady idenlrfy the intended beneficiarie5 of the charitys acb"viiies and demonstrate that they are for the public benefit.
THE ACE CENTRE-NORTH REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENOED 31 MARCH 2024 conlinuod... Risk mana gment The trustees are mindful of the risk5 both intemal and exlernal that the charty faces and. where appropriale, systems and procedures have been established to mitigaie those risks. Intemal control risks have been minimised by having procedures for the authorisation of all financial transactions. HR advi is taken regarding ernploymenl issues and all posts within the organisalion ar8 subject to enhanced D8S checks. as the charity deals wilh vulnerable beneficiaries on a daily basis. There are health and safety procedures and insurance cover In retation lo public and employer liability. The Centre has fidelity guarantee insurance to protect Centre staff and Trustees against financtal impropriety. For this protection to be availablB a strict sèl of financial standards has to be in Flace and adhered to. In addition, in order to minimise the impacl of k)sing Ace Centre'5 primary source of income in the future if this were to occur, the Trustees have agreed the r85ervgs policy shown b8bw. Financial risk relating to fixed asset investments is dealt wilh in note 13 to the accounts. Reserves Pollc Thè r8stnres policy is to maintain sufficient unrestricted reserves lo enable Ace Centre to continue delivering tts cor8 services for a rninimum of twefve rnonths. at its cu¥rerbt capacity, in the event of it10sing its primary source of income. Ace Centre running costs are increasing as our NHS activities continue lo pxpand. Consequently. the minimum level of reserv8s required to maintain twelve rnonths. running costs. including redundancy paymenls, is increasing as our staff teams and activities expand across both offices. This has resutted in a continual incrBas8 in th8 number of active clients within our client management system. an increase in the volume of equipment to be maintained and expansion in the technical services required to support this equipment across both regions. At 31st March 2024, the Centre had unrestricted reserves of £4.063.004 which is fe lo be an acceptable level and this will be fomally revlewed on an annual bs. In agreeing this level of reservgs. truste8s hav8 laker) into conslderallon addilignal Gosts that could be incurred in the event of no aitemative fundin9 being idenlif*d, including redundancy and leasing commitnient5. They have also tsken into consKleralion that Ihe level of reserves would cover all core operating costs exduding providing NHS dienl equipmant. hievements and erfomiance During the year 2023124 long-standing Ace Centre Chiel Executive, Anna Reeve5, informed the Tnjstees of her intention to retire within this reporting period.The Tnjstees would like to put on record their thanks to Anna for her many years of service, and far the signilicanl growth of Ace Centre and the diffeCe we have been able to make under her leadershlp. The Trustees insligaled a recruitment programme and appointed a new Chief Executive. Bob Birchall. who commenced working for Ace Centre in January 2024. The management of the centre have agreed the folh)wing long term slralegic ot¥8Ctive5 for Ace Centre along with a summary of achievernenls for 202312024.. Strategic ObjgctiV8 1: To provide quallty serrfl¢es to meet the needs of individual$ who require ATIAAC and peoplo who support them. Ace Centre has continued to provide its core seNices. including those commissioned by NHSE. In addition. Ace C8nlre has continued to invest in Ihe deveh)pment and delivery of key strategic 3reas, including Re5earGh and Innovation. Training and Learning. Partnerships and Con5ullancy, Engineering, Information and Resources. and local AAC and AT service develDprnent. This has induded investment in an improved booking and management system for Training (Ado), and involvement with a number of co-production opportunities to ensure tha development of person-centred seTvIS that put the needs of people at the heart ot all decision making. Strateglc Objective 2:_ Raise awareness of thè c•ntrè through markètlng and publlclty materlals. Ace Centre h28 ontinued to invest in the ernploymenl and development of dedicated staff to 5UPPOrt the marketing athty- Ace Centre ha5 attend&d awareness raising events and nelworks on a local, regional. national and international level to lurther develop partnerships and services to ensure all acbvities continue to be thiven by evotving needs of tho p8ople and communities we serve.
THE ACE CENTRE-NORTH REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 Gontinued... Achievements and erformance (contl Strategic Objectiv8 3: Stratègically influence opportunltles for future AACIAT provision at a regional and national level., A Centre has continued to engage with and invest in the A]1 Party Parliamentary Group for As51slive Technology. and collaborate with the AT8ch Policy Lab, in partnership ivith Policy Connoct and Bournmoulh University. Ace Centre conlinues lo be represented on the MC Advisory Group, whiGh oversees Ihe development of NHSE Specialised MC SeNces. and contributes to a wide spectrum ot national NHSE working parties. Strategle Objectlve 4: Develop business systems to control. Monitor and develop the organlsation. Ace Cenlre CDnlinues lo invest in and devglop its Shared seices difectorate. viewing these services (Finance, HR. IT. Administration) not as business support functions. but as business CTitical functions. The ntre achieved Cyber Essentials Plus accreditation and has investéd in IT infraslructure to support enhanced afficiency, gov6rnancÉ and èffectiv6n6ss of our service5. Stratggic ObjeGtive 5.. Optimise revenues from the provision of setvlces and the dellvery of projects both from reslricted and unrestrlcled sources. Ace Centre continues to support the work of a dedicated Managem8nl Group to co-ordinate and develop services outside of our NHS conlrnct. This inCdeS Training and Learning, Partnerships arkd Consultancy, Research and Innovation. Information and Resources and local AAC and AT selvice ¢Jevelopmenl. Financlal Revlew and future devèlo ments The result for the year has been a surplus of £152.974 which fX)mpare5 to a deficit last year of £186.799. In December 2014 the Centre was awarded a substsnlial contracl by NHSE lo delFver its services in the North West and Thames Valloy & Wessex regions.Th8 current contract has been extended to March 2025 and our airn is trj become the recognised provider beyond that date. The NHS contract is th8 charitys principal source of funding and generated incomè amounting to a total 01 £4.060.919 during the year (2023- £4,132.4321- The investments with Fiathbone's genergted investment income of £104.518, compared with £94.348 last year. and an unrealised surplus of £235,832 (2023,. deficit of £272.371) on the revalualvjn of those investments to market value at the year end. The balan Sheet shows the chariV5 net assets to have increased from £3.910,030 at 31 March 2023 10 £4,063.004 at 31 March 2024. which remains a strong posilion and the trustees are oplimistic that the charity can continue to meet its objectives. A Careful review of likely future incomè and oxpendilure has been implemented and we are sats"sfied thal the Centre can continue to operate effectively for the for5eeable future. Invostment owers and olic DeGisions about investments ar8 made by the trustees after taking appropriate professional advice where nec8ssary and inveslm8nl perfoTman¢e is regulady reviewed. The charity currently has approxirnately £3.6m invested wilh Rathbone Investment Management, with the objective of lrying to achiève a higher rale of return on those lunds compared with leaving them on bank deposit, whilst still being able lo access them if required. Further detai15 of those investments are shown in note 13 to the accounts.
THE ACE CENTRE-NORTH REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 ¢onllnued... Plans for future eriods Thé following operalional objectives have been agreed for the perii)J 2024-2025.. To review and refresh the Vision. Valuos and strateg Objectives of Ac8 Cenlre. To continue to develop a profitable Ace Centre training servi. develop a broad portfolio of learnlng opportunities to meet the needs of our slakeholders. and gro¥v Ace Centre Learning as a brand. To further grow our reputation as a preferred lead or partnor for ATIAAC researth wilhin the R&D commLJnity. To attract new Trustees to Ace Centre to reflect the needs of an indu5ive. oulward facing charity and thé communilie5 we serve. To continue to improve performance on the delivery of sp8cialise(l AAC services in the North Wesl England and Wessex & Thames Valley regions to ensure we continue lo be the preferred providers wilhin those areas. To develop a robust system to monitor effa¢tivones8 of indiVJUal projects and products. To colllribute to develop a strong and 5UStainable income stream from current and future projects and products. To ensure all Ace Centr8 services. projects and products are as accessibl8 as possible to meet the neads of our communrtie5 and stakeholders.
THE ACE CENTRE-NORTH REPORT OF THE TRUSTEESIDIRECTORS FOR THE YEAR ENDED 31 MARCH 2024 continued... Trusteg5' ro5 onsibilities ir] relation to the financial statements The charity's Itustees are r8sponsible for preparing the annual report and financial statoffnts in accordan with applicable law and United Kingdom Generally Accepted Accounting Practice. Company law requires the tnjstees to prepare financial statements tor each financial year that give a true and faiF view of the charity's incoming recource5 and applicalions of reSoUrS during Ihe year and of its state of affairs at the end of the year. In prepaing these financlal statements the Trusee5 ar8 required to- Select suitable acGounling policies and apply Ihem consistendy., Observe th8 methods and principles in the Charitie5 SORP.. Make judgernenls and e51imales thal are reasonable and prudent- Slate whelher applicable accounting slandard5 arbd statemen15 of recommended practice have been followed, subject to any departures disclosed and explained in the financial s12tements, and., ppare the fitbancial slalemenls on the going concem basis unles5 rt is inappropriate to presume that the charity wll continue in business. The Iwstees are resonsible for keepiry proper accounting records that disclose with reasonable accuracy at any time the financial position of the tharilable company and enables them to ensure that the financial statements comply wth the Companie5 Act 2006. The trustees are also responsible for safeyuarding the assets of the charity and hence for takn'ng reasonable steps for the prevention and deleclion of fraud and- other irregularities. Statement a5 to dlsclosure to our auditors In so far as the Trustees are aWe at the time of approving Ihis rEpM)rL There is no relevant audit infom8tton, being irrfomatM)n needed by the auditor in connection th preparing their report. of which the audttor is unaware. and The trustees, having made enquiries of fellow directors and the auditor that they ought lo have individu811y taken. have Èach taken all steps that helshe is obliged to take as a director in order lo make them5elve5 aware of any relevant audrt information and to establish that the charity's auditor is aware of that information. Com liance with accountin Standards The tnI51ees confirm that the financial statement5 mplY wth rrent slatulory requirements, the requiraments of the companVs rnemorandum and articles of a550ciation and the requirements of Ihe Charities SORP (FRS 1021. This report ha5 been prepared in accordan th the Statement of Recommended Practice Accounllng and Reporting by Chariknes and in accordance with the special provisions of Part Vll of the Companies Act 2006 relating lo small corrpanies. This report was approved by the board of directors on 11th December 2024 and signèd on ils bghalf by.. Anthon Com an Sever Secreta
THE ACE CENTRE-NORTH INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ACE CENTRE-NORTH inion We have audited tho financial slatemenls of The Ace Centre-North for the year ended 31 March 2024 which compnse the Statement of Financial Activities. Ihe Balance Sheet. the Statement of Cash Flows and notes to the financial statements, including a summary of significant aco)unting policies. The financial reporting framework that has been applied in their oreparation 15 applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Reput4ic of Ireland. (United Kingdom Generally Accepled Acwunling Practi1. In our opinion th8 financial statefflents- give a twe and fair view ot the state of the charitable comparfs affalrs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended", have been properly prepared in accordance with Urited Kirudom Generally Accepied Accounting Practice: and have been proPad in accordance with the requirements of the Companies Act 2006. Basls for o inion We conducted our audtt in accordarw wtth Inlernational Standards on Auditing (UK} (ISAS {UK)) and applicable law. aur responsibilit18s under those standards are further desctibed in the Auditorfs re3ponsibililies for the audit of the financial statements section of Dur report. We are independent ot the charitable company in accordance with the alhical requirements that are relevant to our audit of Ihe financial slalements in the UK, including Ihe FRC'5 Elhical Standard, and we have fUilled our other elhical responsibilities in accordance with these requirements. We believe Ihal the audit evidencÉ we have obtained is sufficient and appropriate lo provDJ8 a bas for our opinion. Cortcluslons rElatln to oin concern In auditing the financial statements. we have concluded that the tntstee's usa of the going concern basis of accounting in thè preparation of the financial sLqtements is appropriale. Based on the work we have performed, we have rnt identilied any material uncertahities relating to events or conditions that. individually or collectively. may cast significant doubl on the charitsble compar)Vs ability to continue as a going concem for a period of at least Iwelve mcfflths from when the financial ststements are 3ulhorised for issue. Our responsibilities and the responsibilities of Ihe directors th respecl to goirig concern are described in the relevant secltons of this report. Other information The other information comprises the infomiation in the annual rekwjrt. other than Ihe financial stalements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinlon on the financlal stalernents does not cov6r thè other information and, exPt lo the exkent olhewse explicitly slated in our report, we do not @xpress any form of a55urance conclusion Ihereon. In connection th our audit of the financial slalement5, our SpOnsIbl11ty is to read the other infomialion and. in doing so, consider whelher the other infomialion is materially inconsistent wlh the financial statements or our knowledge obtained in the audit or otherwse appears lo bo materially misstated. If we identify such material inconsistencies or appar8nl misstatements, we are required to delemiine whelher fhere 15 a material mtsstalement in the financial ststements or a material misslalam¢nt of the other infomiation. If. based on th8 work we have performed. we conclude that there is a material fflisstatement of this other information, we are required lo report that fact. We have nothing to report in this regar(l. O Inlons on other matler r8scribed b the Com nie5 Act 2006. In our opinion, based on the work undertaken in the course of the audit: th8 information given in Ihe trustees, report. Mthich include5 the directors, report prepared for the purposes of company law, for the financial year for which th8 financial slatemenls are prepared is consistent with the financi81 statements.. and the director5, report included wthin the trustees, report has been prepared in accordance with applicable legal requirements. 10
THE ACE CENTRE-NORTH INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ACE CENTRE-NORTH {continued} Matters on whlch we are re uired to re ortb exce tion In the light of the knowledge and understanding of the charitable company and it5 environment oblained in the course of the audit, we have not identrfied material misstatements in Ihe directors, report included within the InJstees' report. We have nolhing lo report in respect of the following matters in relation to which the Companie5 Act 2006 requires us to report to you if. in our opinion: adequale accounling records have not been kept, or reiums adequate for our audit have not been reiVed frorn branche5 not visited by us; or the finanual slalemonts are not in agreement with the accounting records and r8tums; or certain disclosur8s of Irustees. remuneralion speCifd by law are not mado,. or we have nol received all the infomiation and explanations we require for our audit., or the trustees were not entitled to prepare the financial slatements in aOrdanCe with the small compani&s regime and lake advantage of the small companies exemption in preparing the trustees. report and take advantage of the small companies exemption from the requirernent to prepare a strategic report. Res onslbllitles of tru tees As explained more fully in the Trustees, Responsibllities Statement Set out on page g, the trustees (who are also the diractors of the charitable company for the purposes of company law) are spOnsIble for tha preparation of Ihe 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 stalements thal are free frotn maleiial misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable compan¥ ability lo continue as a going concern, disclosiry. as applicable, rnatters relating lo going concem and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitsble Company or to cease operations. or have no realistic altarnative but to (kn so. Auditor's res onsibilities for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statemènts as a wholè are free from material misstatament. whother due to fraud or error, and io issue an auditorf5 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 mi5slatsmenl when il exists. Mi55tatements can arise from fraud or error and are considered rnaterial rf. individually or in the aggiegate, they could reasonably be expected to influence the economic decisions of useis tsken on the basis of these financral statements. Irregularities, including Iraud, are instances of non-compliance with laws and regulations. We design proGedures in line with our responsibilities. outlined above, to detecl material misstalements in respect of irregularities, including fraud. The extent to which our procedu5 are capable of detecting iegularl1[es. including fraud is detailed below: 11
THE ACE CENTRE.NORTH INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE ACE CENTRE-NORTH (continu&d) Based on our understanding of the charitable company, we identtfied thal the principal risks of non-compliance related to those laws and regulations that have a direct imp* on the financial s12tements such as the Companies Act 2006 and the Charities SORP IFRS 102). We evaluated Tnanagemenl's incentives and opportunities for fraudulent fflanipulalion of the financial slalemenls (including the risk of override of controls), and determined thal the principal risks were related to posting inappropriate journal entrie5 to manipulate financial results and managernent bias in accounling estimates. Appropriate audit procedures were performed to address those risks Including testing joumal entries and challenging assumptions and judgements made by management in their significant accounting estimales. There are inherent limitations in Ihe audit procedures described above and the furthor removed non-cnmpliance with laws and regulations is from tho events and transactions reflected in the financial statements. the less likely we would become awa of it. Also, the risk of not detecting a malerial misstatement due to fraud is higher than the risk of rM)t detecting one resulting from error, as fraud may involve deliberate concealment by.. for example. forgery or intenttonal rnisrepresentstions. or through collusion. A further dascription of our responsibilities for the audit of the financial stslements is located on the Winancial R8POrting Council'5 website at www.frc.org.uklaudilorsresn51b1lItie5. This description form5 part of oui auditor'5 report. Use of our re This report is made solely to the charitable companls members. as a body. in accordance with Chapter 3 of Part 16 of the Compani6s Act 2006. Our audit work has been undertaken so Ihat we might state to the charitab18 company's members those matters we are required to state lo them in an audiiot5' report and for no other purpose. To the fullest 8Xtent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's member5 as a body, for our audit work, thls report, or for the opinions we ave fomied. Dominic Huxley Isenlor statutory auditor} For and on behalf of BK Plu5 Audit Limited Chartered Certified Accounlants and Statutory Auditor Slerling House 501 Middleton Road Chadderton Oldham OL9 gLY Date '. 11 JJiy 12
THE ACE CENTRE-NORTH STATEMENT OF FINANCIAL ACTivrriES includin tncome and expenditure account) . YEAR ENDED 31 MARCH 2024 2024 Unrestricted Restricted Funds Funds 2023 Unrestricled RestTiCted Funds Funds Totsl Funds Total Fund$ INCOME Donations and legacies 4.041 4.959 9.000 4,086 Charitable actsyrfles.. Service delivery 4,237.69B 4,237,698 4.274.338 4.274.338 Other trading adivttte5: Fundraising gv6r Investment Inclxne 104.518 104.518 94,34B Other 5.370 5.370 5.041 5,041 Total Incomlng resources 4.351.627 4959 4,356.586 4.377,813 4,3ri,813 EXPENDITURE R8lsing fund8 3.487 3.487 2.454 2,454 Charitable activib"es.' ServicE delivBry Goveman 4.388.334 42.664 4,959 4.3.293 42.664 4.242,458 47,329 4,242,458 47,329 Total expenditure 4.434.485 4.959 4,439,444 4291241 4,292,241 Met incoming resources beftjre invesknenl galnsl(lossesl 182.658) 1818581 8572 85,572 Net gairb51110559$) on Invostments 13 235,832 235.832 1272.371) 1272.3711 Net Incornel{exp8ndituro1 152,974 152.974 1186.799} 1186.799) Transfers betwean funds 22 Nel moverngnt in funds 152.974 152.974 186.7991 {1B6.799) Reconciliation of tund5 rolal funds brought forward 3.910.030 3,910.030 4,096.829 4.096,829 Total funds carrlèd forward 22 4.063,OIM 4.063.004 3,910.D30 3310,030 I knEomirg r2soLr¢es a[ IPe5 are (leTl¥ed from Thg w$ pn integral pHd ot IhE *alemBnioffinanaal 13
THE ACE CENTRE-NORTH BALANCE SHEET AS AT 31 MARCH 2024 Note 2024 2023 FIXED ASSETS Tangible assets Investments 12 13 146,378 126,168 3,599,107 3,342,167 Totsl fixed assets 3,745,485 3,468,335 CURRENT ASSETS Debtors 14 171,263 544,049 Cash at bank and in hand 15 540,913 266,864 Total current assets 712,176 810,913 LIABILlES. Credrtors falling due within one year 16 394,657 369.218 Net current assets 317,519 441.695 Net assets 23 4.063,004 3,91Q,030 THE FUNDS OF THE CHARITY Rastricted incom8 funds 22 Unrestricted funds." 22 4,063,004 3,910,030 Total charity funds 22 4.063,004 3,910,030 These accounts have been pr8pared in accO[dan wtth the special provisions of Part 15 of the Companies Act 2006 relating to small companies and constitule the annual accounts required by the Companies Act 2006 and are for circulatton to members of the ccKnpany. The an ra approved by the Board on 11th December 2024 behaff by: Tntst8elDireclor Registration number 4268143 The accompanwng nolas arè an int8gral part of thls balaE sh88t 14
THE ACE CENTRE-NORTH STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2024 Note 2024 2023 Cash used in operating activities 24 310.262 402,946 Cash flows from investing activilies Interest income 39 Dividend income 104,518 94,309 Purchase of tangible fixed assets 12 (119,6231 (64,817) Purchase of fixad asset investmants 13 {21,1081 (87,659) Procoeds from fixed asset disposals Cash provlded by (used In) Investlng actlvltles 36,213 58,128 Increasel(decrease) in cash and cash equivalents in the year 274,049 (461,074) Cash and cash equivalents at the beginning of the year 266,864 727,938 Total cash and cash oquivalents at the end of the year 15 540.913 266.864 15
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 Accountln ollclos Th8 principal accounting polibies adopted. judgements and key 50urce5 of estimation uncprtainty in the pr8paralion of the financial statements are as follow5- al Basis of preparation The financial statements have been prepared in accordance with Accountiru and Reporting by charities.. Statement of Recommended Practice applicable lo charities preparing Iheir accounls in ac(x)rdance with th8 Financial Reporting Slandard applicabl8 in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20151 (Charities SORP (FRS 102)). the Financial Reporting Standard appli¢able in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Ace Centre-North meets the dofinition of a public benefit entity under FRS 102. Assets and liabililiBs are initialty cognised at historic cost or transaction value unless othenvise stat8d in the relevant accounting policy notels). b) Company status The charity is a company limited by guarantee. The members of the company a drawn from Oldham's civic communty and from business, education and training, and voluntary sector cornU111e5 elsewhere. In the event of the charity being wourFd up. the liability in respect of the guarantee is limited to £10 per member of the charity. The charity was incorporated in England and the addres5 of its registered office is Hollinwood Busine55 Centre, Albert Street, Oldham. OL8 3QL. c) Income recognition policies Items of income afe recognised and included in the accounts when the charity is legally ented to the inoome, any performance conditions attache(I to the itemls) of income have been met or are fully within the control of the charity, there is sufficient Certainty that Tlpt of the income is considered probabl8 and the amount can be measured reliably. The follong specific policies apply to categori8s of incom8= Legacies: enliltement is Ihe earlier of estata account being finalised and cash received. Grants and contract income, wh&Te related to perfomiance and Specific deliverables, are accounted for as the charity eams the right to consideration by its perfomiance. Where income is teceived in advance of performance its recognition is deferred and induded in creditors. Where entidement occurs before income is received the income is accrugd. Donated assets are c8Pitalrsed at a value equivalent lo market vaue at the date of donation. Investment incorne is recognised on a receivable basis. Income is includ8d in the SOFA net of Value Added Tax where applicable. d) Resources expendéd Expenditure is recognised once thera is a legal or constructive obligation lo make a payment lo a third party, il is probable that settlement wrll be required and the amount of the obligalion can be measured reliably. Expenditure is ¢lassJfied under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allo(2ted to activitks on a basi5 con5islent wth use of the resources. Costs relating to a particular activity are allocated directty, others are apportioned on an appropriate basis (eg. number of employees or estimated useaJe)- Expenditure is classified under the followng activity headings: Costs of raising funds are those costs incurfed in It1rj actiwties thal rar68 funds. Charitable expenditur8 coryrises those costs incurred by the charity in the delivery of its activilies and servIs, and indude both the direct costs awKI support costs relating lo those 1VitieS. Govemance costs. which are included wthin charitable activities, are those costs associated with meeling Ihe constitutional and statutory requirements of the charity and include the audit lees aThJ costs linked to the strategic management of the ctharity. 16
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 a} Donated servlces and facllltles Donated services or faulilies are recogni5ed when the charity has control over the item, any conditions associated wifh the donated item have been rnet, Ihe reCp1 of 1he economic benefit from the use by the charity of the item is probable and Ihat economic benefrt (xn be measured reliabty- On receipt. donated seryices and faciltlies are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay lo obtain services or facilitie5 of equivalent economic benefit on the open market- a corresponrfing amount is Ihen recognised in expendsture in the period of reoipt. Irrecoverable VAT All resources expellded are classified under activity headings that aggregate all costs related lo the activity. IaCoVerable VAT is charged against Ihe category of resources expend8dlactiwty for which tt was incurred. gl Operatlng leases Renta15 applicgble to operatitvJ lea5e5 are ¢harged to the SOFA over the pettod in which Ihe cost is incurred. h) Tangible flxed asset5 and depreciation Indlvldual fixed assets costing £495 or more aro capitalised al cost. with the exception of loan equipment puchas8d to piovide to clients on lifelime loans in accordance with the chariV5 0bJ8cts nd the terms of the NHS agreement. which are charged to Ihe SOFA on acquisition. Depreciation has been provided on all tangible fixed assets at rates calculated to write off the cost of Bach asset over its expected usefvl lrfe a5 fDIIows .' Leasehold alteraliorks- Fixtures and fittings- Comput9r aquipment- Assessment equipment- Motor vehicles- 20% Straighl line 25¥. Reducing balance 330A Straighl line 33% Straighl line 25% Reducing balan¢e il Invgstments Listed fixed asset investments are initialy rneasured at cost and subsequ8ntty at fair value Itheir market value) at the reporting date. Changes in fair value are recogfiised in the statement of financial activities. j) Fund a¢countlng Vnrestrided fund5 comprise ac¢urwtulated 5urpluse5 and defKits on general funds that are available for use at Ihe discretion of the Irusteesldireclorg in furtherance of tho general obi8ctives of thB Charity and that have not been deslgnated for other purposes. Restricted funds are funds Subject to restrictions imposed by the donor or by Iho specific terlns ol the appeal under which the fund5 are raised. Deslgnated funds comprise tsnrestricted funds that have been put aside at the dIretiOn of the Iru5ke51direGlors for particular purposes. kl Pension5 The cost ol providing benefits under defined benefit plafts is detemined separately for each plan using the projected unil credit rnethod. and is based on actuarial advice. The change in the nel defined benefft assevliability atising from employee seTvice during the year is recognised as an employe8 cost. The cost of plan introductions, benefit changes. settlemenls and curtailments iecognised as an expense in ffEasuring 5urplu5 or deficit in the ped in which they 2rlse. 17
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1 Accountln olicies continued k) Pensions (continuedl.... The n8t interesl element Is delettnined by multiplying ;he nel defined benefit liability by the discount rate,taking into account any changes in the net defined benefit liabilty during the period as a resutt of contribution and benefit payments. The net intefesl is récognised in Surplus or daficit as finance revenue or cost. Remeasur6m8nt changès comprise actuarial gains and losses, the effect of the asset iling and the return on the net defined benefit liabilty exclUdg amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they 0ur and are not reclassified to surplus or defrt in subsequent periods. The net defined benefit pension asset or liability in the balan sheet comprises the total for each plan of the presenl value of the defined bev.efit obligation (using a discount ral8 based on high qualty corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price infotmation. and in the cas8 of quoted securities is the published bid price. The value of a nel pension benefit asset is limited lo the amourrt that may be recovered either through reduced contributions or agreed refunds from the scheme. l) Taxation The company is a registeted charity and as such is entitled to the exemption from tax to the extenl that Ihe income received fa115 Within seclion 505 ICTA 1988 and section 256 CGTA 1992 and is applied to charitabl8 purposas only_ m) Holiday pay Provision is rne in Ihe accounts for holidays accrued but not taken as al the end of the financial year. n) Debtors Trad8 and other debtors are recognised at the settlement amount due after any discount offered. Prepaym8nls are valued at the amount prepaid net of any discounts due. o) Cash at bank and in hand Cash at bank and in hand indudes cash and Short lerm highly Iiqutd investments with a short malurity of three months or less from the date of acquisition or opening of the deposit or similar account. p) Creditors and provisions Creditors and provi5i0n5 are recognised where the charity ha5 a pre5enl obllgalion resu]ting from a past event that will probabiy result in the transfer of funds to a third party and Ihe amount due to settle the obligation can measured or 8Stimated reliably. Creditors and Provisions are Th)mi8lly recognised al their settlement amount after allowing for any trade discounts due. q) Assessmenl of going concern The trustees consider thal Ihere are no malerial uncertainties about the Gharivs abilty to continue as a going concern and the accounts have been drawn up on the going concern basis which assumas that the charity will continue in operation for the forseeable future. r) Financial inslrnments Listed investments are ffleasud at fair value with changes in fair value being recognised in the statement of financial activities. The charitys other financial asse15 and financial liabilities are of a kind Ihat qualtry a5 baslc financial instruments. Basic finanaal instruments are initially recognised at transaction value and subsequenty measured at their settlemént valu8 With the exceptK)n of bank loans which are subsequenlly measured at amortised cost using the effective inlerest method. 18
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Unrestricted Restricted Total 2024 Total 2023 2024 2024 2 Income from donatlons and le acles Donations Legacies 4,041 4,959 9.000 4,086 4,041 4,959 9,000 4,086 3 InGome from charitable activities Service delivery: Centre courses Engineering services Projects and research Assessments Consultancy and audÈt work Publications Products Voiceitt App NHS income Partnerships (formerly Servi level agreements) 62.649 1,067 7,573 28,150 5.067 4.271 3,435 62,649 1,067 7,573 28,150 5,067 4,271 3,435 31,214 1,000 3,805 20,020 3,846 5,548 11,092 4,060,919 64.567 4.237,698 4,060.919 64,567 4,237,698 4,132.432 65,381 4,274,338 4 Income from other tradin acttvltles Fundraising events 5 Investment income Interest on listed investments Dividends on listed inveslments 39 94,309 94,348 104.518 104.518 104,518 104,518 6 Other incoffle studènt placements Other 4,942 428 5,370 4.942 428 5.370 4,709 332 5,041 19
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 7 Totsl resource5 ex ended Charitable activities Raisin funds Total 2024 Total 2023 Costs directly allocated to actlvitios Payroll and associated costs Materials Advertisin9 MotOT expenses Travel and accomodation Equipment for service delivery Consultancy Fundiai5ing wsts Bad debis Depr8cialion Computer ¢o$ts 3,139 1,948.362 1,506 2.717 4.409 109.824 1.046.872 11,653 1.951.501 1.705,862 1.506 7,567 2.717 4,265 4.409 4,451 109.824 94,693 1.046,872 1.205.805 11,653 29,001 348 180 348 79.489 82,774 3287.606 79,489 58,367 82,774 64,042 3.291.093 3.174.233 3,487 Support costs Payroll and as50aated cosis Staff training Personnel. recFuitsnent and CRB Rant and rates Insurance LvJht, heat and water Repairs and maintenanc8 Prtnting, stationery and postage Sub¥ctiptions and journals Telephone Equipment hire Audit Accountancy Legal and professional Bank charges Sundries and cleaning lffe¢overable VAT Depreciation Loss on fixed asset diswsals Extemal projects Research and davelopmnt Computer costs 383,570 34.988 21.938 163.102 20,749 22,682 18.305 24.391 16,601 6.197 1.111 30.814 414,384 34,988 21,938 163.102 20.749 22.682 18,305 24,391 16,601 6.197 1,111 11.850 2,140 17,086 1,663 2.753 298.739 19,924 415.854 29.109 9,750 147,631 19,082 Ig.g30 16.673 20,955 24.710 5,414 1.283 11,850 2,100 10,452 3.758 4,055 333,356 18.972 11.850 2.140 17.086 1.863 2.753 298,739 19.924 39.430 1,121 9.197 1,105.687 39.430 14,136 1.121 1.822 9.197 7.116 42,664 1,148.351 1,118,008 Total resources expended 3,487 4,393.293 42.664 4,439.444 4,292,241 Support C081s have been apportianed using time spenl. a basis bthich is considered consist8ntvAth the use of the resoufces. 20
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Total 2024 Total 2023 8 Staff costs Total staff emoluments for the year were as follow5: Salarles National Insurance Pension (see note 21) 1.799.752 1,611,874 192.041 176.043 374.092 333.799 2.365,885 2,121,716 9 Staff numb•rs The average number of fvll-time equNalent employees aThJ secondee5 during the year were as folk)ws= Nuthr NumbBr Charitabla activrties: Service delivery Governan Raising funds 38.5 37.9 39.0 The number of employees whose emoluments amounted to more than £60.000 in the year were.. NEer Number etween £60.000 and £70.000 etween £70,000 £80,000 The charity corisiders its key management personnel to comprisÈ the trustees and the CEO. The total employment benefits including employer pension contn"butions of the key manag8menl personnel were £98,15812023, £82.6901. None of the trustees wer8 paid ary remuneTation cluring the year (2023.. None). Tovelling expenses amounting lo a total of £1,33812023.. £143) were paid on behalf of four of Ihe trustees. 10 Net movement in fund5 Net movement in funds 15 arrived at after charging Ilcrediting): Depreciation of tangible fixed a55els (Profitllloss on revalUatn of fixed assel inveslments Operating lease rentals Auditors, remuneration- Audrt Other servKes 99,413 1235,832) 146,417 77,339 272.371 133.983 11.850 2,140 11,850 2.100 11 Taxatlon The company is 3 registered charity aThJ no provision is n$*jred necessary for taxation. 21
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2(124 12 Tan ible fixed assets Leasehold Fixtures & alteration5 Fitting5 Cornputer Equipment Ass8ssment Equipment Motor Vehicle5 Total C05t Al 1 Apiil 2023 Additions Disposals Al 31 March 2D24 90.291 126.121 28.977 133,409 663.477 8B,248 12.528 1,025,826 119.623 90.291 155.098 135.807 751.725 12,528 1,145,449 Al 1 April 2023 Charge lor the perMMJ Disposals Al 31 March 2024 86.860 2.057 102.867 10.852 125.328 6,597 573,749 79.489 10,854 418 899,658 99.413 88.917 113.719 131,925 653.238 11.272 g99.071 N&t Bookvalue Af 31 March 2024 1.374 41.379 3.B82 98,487 1,256 146.378 At 31 March 2023 3.431 23.254 ,081 89.728 1.674 126,168 13 Fixèd asSÈt investmenls Movement in fixed 8s5et investrnents: 2024 2023 Maiket value at 14Diil 2023 Additions lo investmen15 al cost Nel gainllloss) on revaluation Maiket value at 31 ma1 2024 3,342,167 21,108 235,e32 3.599,107 3.526.B79 87,659 272,371 3.342,167 Fixed asset inve5trnents by type.. 2024 2023 UK equity Funds Oversezs equity funds Total listed investments Cash on interest bearing deposrt 1.881,260 1.717,666 3.598,926 181 3,599.ID7 1.736.002 1.603.882 3,339.884 2,283 3,342.167 The above relates lo an investment wth Rathbone Investsnent Managomenl. Of the value held 8131 March 2024. £1.717,728 is a medium tgrm invèstment134 years trovn IAarch 2019) and £1.881,379 is a bng term inveslrnenl15 years+}. Al investments are carried at fair value (quoted rnarket price). No material inve5trnents Iholdiws of more than 5% of1he total wtFolo value) are ncluded thtythin th& abov9. Financlal rfsk relating to 5nvestments is managed by r81a¥Ty) èyp8rt advlsors and investment manager5. who opetale an investment poliw that Fvide5 for a high degree of dNer3rf1(atiDll of IK)Idings withn investsnenl asset classes. 22
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 2024 2023 14 Debtors and re ments Trade debtors Prepayments and accrued income 22.412 148.851 355.868 188,181 171.263 544,049 15 Cash at bank and in hand Cash at bank Cash in hand 540,913 266,864 540,913 266,864 16 Creditors . amounts fallin due within one ear Trade creditors Value Added Tax PAYE and Nl Pension Contribut)nS Accruals Deferred income 138.565 2.973 244,800 6.940 78.839 174.280 62.705 54.773 394,657 369,218 Movements on deferr8d income account- Brought forward Released Income deferred in current year 54,773 181,307 (54,773) (181,307) 174,280 54,773 174,280 54.773 Income has been deferred as it was racaived in advance of th& services beirKJ prowded. 17 Share Ga The company has no share capita and the liabilty of members is limited by guarantee to £10 per member. 23
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 18 Ca ital commltments There were no commitments for capital expèndittjre at 31 March 2024. 19 Financial aid The company acknowledges the suppori of its cotpjrate members and sponsors in kind. 20 0 eratin lease commitments The total future minimum lease payments under rK)n-cancellable operating leases are as follows: 2024 2023 Expiring within 1 year Expiring wthin 2- 5 years Expiring after 5 years 454.275 606.512 21 Retlrement benefit Scheme The company opefates a defined beneffit pension scheme for qualifying employees, whtch is part of the Greater Manchester Pension Fund. The GMPF is a multi-employer scheme, which is administered by Tameside MBC under the regulations governing the Local Govemment Pension Sch9m8 (LGPSI- The most reGent fomal actuarial valuation was completed as al 31 March 2022 and rolled forward. allowing for the different financial assumpts"on5 required under FRS 102. to 31 March 2024 by qualified independent aGtuaries, Hymans Robertson LLP. The notional valu8 of the assets of the tharitys share of the scheme at 31 March 2024 was £7.469.000'. the present value of liabilities was £6.164,000 leaving a net pension asset of £1,305,000 at 31 March 2024. This is not recognised in the accounts, in line with FRS 102. on the basis that the asset is not recoverable by reduced contributions or refunds lo the plan. Key assumption& 2024 2023 Discount rate Pension increaselrevalualion te (CPI) Salary increase rate 4.85 2.75 3.55 4.75 2.95 3.75 24
THE AGE CENTRE NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 21 Retlrement benefit scheme continued Mort81ity assumptions." Assumed averaga future life exp6ciancies at age 65: 2024 Years 2023 Years Current pansioners Males - Females 20.g 20.6 21.0 20.8 Future pensioners Males Females 22.2 25.4 25.1 2024 2023 Thg amounts charged or (creditgd) within the pension funcl. which can b9 r8conciled wilh the chanty s Statement of Financial Activities (including income and expenditur8 account) are as follows." Current service cost Net interest on definad benefit liability l (asset) Past service c05t 307.000 (33,000) 641,000 82,000 Total 274,000 723,000 other recognised gains and losses.. Actuarial retum on schame assets Loss.. calculated interest element {184.000> 61,000 Return on scherne assets excluding int8rest income (184,000) 61,000 Acluarial changès ralaling to obligations (345.000) 13,952,000> Total cost l (income) 529,000 3,891,000 25
THE ACE CENTRE NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 21 Retirement benefit scheme contlnugd The amounts included in the balanc8 sheet arising from the Company5 obligations in respect of defined benefit plans are as follows: 2024 2023 Fair value of plan assels Presenl value of funded retirement benefit obligations 7.469,000 6,575,000 16.164,0001 (5,899.000) Suiplus in scheme 1.305.000 676,000 Unrecorded ass8t due to uncertainty of recovery (1.305,0001 1676,000> Movements in fhe pr8sgnt valu8 of defined benefit obligalions Liabilitles as al 1 April 2023 Current seNice cost Pas1 service cost Benefits paid Contributions from scheme members 5,899,000 8,865,000 307,000 641,000 (99.0001 114.000 115,000) 107,000 Remeasurements.. Changes in financial assumptN)ns Changes in demographic assumptions Other experience Interest cost on defined bènefit obligation (476.0001 (4.359,ooo) 138,000} (49,0001 169,000 456,000 288,000 253,000 Liabilities as at 31 March 2024 6,164,000 5,899.000 The defined benefjl obligations arisa fmm plan fvnded as follow&. Wholly unfunded obligations Wholly or partly funded obligations 6,164.000 5.899.000 26
THE ACE CENTRE NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 21 Retirement beneflt schemo continued 2024 2023 Movement in the fair valu8 of plan assets." Opening fair value of scheme assets at 1 April 2023 Interest income on plan assets ContribLJtions by employer Contributions by Members Benefits paid Return on as5els exdudiTh3 amounts included in nel interest Closing fair value of schemè assets at 31 March 2024 6.575,000 6,040,000 321,000 171,000 374.000 333.000 114,000 107,000 {99,000) (15.0001 184,000 (61,000 7.469.000 6.575,000 Tho major categories of plan assets as a percent8ge of totalplan assets are a5 follows.- Equities Bonds Property Cash 69 15 69 15 2024 2023 The analysis of the scheme assets at the ftpporting date were as follows." Equity instruments Bonds Property Cash 5,153,610 4,536,750 1,120,350 986,250 597,520 526,000 597.520 526.000 7,469.000 6,575,000 27
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 22 Anal sis of charitable funds Analysis of fund movements: At 31 March 2024 1 April 2023 Incoming resources Resources expended Investment gain5 Resricted Funds.. Funds for restncted purposes 4.959 {4,959) Unrestricted funds." General fund 3,910.030 4,351.627 (4,434,485) 235.832 4.063,004 Total 3,910.030 4,356,586 (4,439,444} 235,832 4,063,004 23 Anal sls of nel asset5 between funds General Funds Designated Restrlct8d Funds Funds Total Funds Tallgible fixed assets Fixed asset investm8nts Debtors Cash at bank and in hand Creditors due within one year Net assels 31 March 2024 146,378 3.599,107 171.263 517,847 371,591 4,063,004 146,378 3,599,107 171,263 540,913 (394,657 4,063,004 23,066 23,066 28
THE ACE CENTRE-NORTH NOTES TO THE FINANCIAL STATEMENTS . YEAR ENDED 31 MARCH 2024 24 Reconciliatlon of net movement in funds to net cash flow from o eratin activities 2024 2023 Net movement in funds Add back depreciation charge Add back assessment equipment Iransferred to clients Add back (profrt)Iloss on revaluation of investments Deduct interest income shown in investing activities Deduct dividend income shown in investing activities DeGreasel{increase) in d8blors Increasel(deGrease) in creditors 152,974 99.413 1186,799) 77.339 (235,832) 272.371 {39) (94,309) (448,7781 22,731 1402,946 (104,518) 372,786 25,439 310,262 25 Related art transactions There were no lated party transactions during the year (2023: none) 26 Contin ent liabili Tha charity is the subject of a daim lo an employment tribunal which is not scheduled to tak8 place ur)til Octob8r 2025. At the present lime, the outcome of Ihe tribunal is uncertain and it is therefore impracticable to d8termine any potential financial effect on the charity wtth any degree of reliability- 29