FREA ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Charity Registration No. 1197939
FREA CONTENTS Page Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities Balan Sheet Notes to the Financial Statements
FREA TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 31ST MARCH 2024 The trustees are pleased to present their annual report and financial statements for the Charitable Incorporated Organisation for the year ended 31st March 2024. The financial statements have been prepared in accordan¢e with the charity's trusl deed, the Charities Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Gharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published {FRS 102) (effective 1st January 2019). OBJECTIVES AND ACTIVITIES The objeclives of the Charitable Incorporated Organisation are: a. To promote social inclusion for the public benefit among people who are from Irish communities throughout Britain, in particular, those residing in the north of England, who are socially exGluded on the grounds of their social and economic position through combined clustering, collaboration, shared skills and resources to enable charities to continue to deliver their services to further this purpose b. To advance the education of the general public in Irish culture, history and heritage throughout Britain, in particular those residing in the north of England Public Benefit In considering the objeGtives and activities, the Trustees have considered the Charity Commission's guidance on Public Benefit to ensure that the organisation is meeling its Public Benefit requirements. ACHIEVEMENTS AND PERFORMANCE During the year Frea has continued to be true to the objectives through our partnership working and development of new opportunities to highlight the life changing work of the three charities involved. Our Women of Irish Heritage Neiwork goes from strength. Membership has grown from 38 initially to 400 connected women. The network provides a space and opportunity for professional women to come together and be inspired by each other whilst also generating fundraising opportunities at the events or through individual members developing their own fundraising activities. Frea was the nominated charity for the Maguire Law event in October 2023 where Dara O'Briain was guest of honour and raised nearly £20,000 through its auction and raffle prizes. We remain a chosen charity for BITA and thank them for their continued generosity. We also held a fundraising musiG night in April 2024 at St Kentigern's, Manchester where Michael McGoldrick perfomied, raising over £10,000 for the charities. Regular events inclLFding our annual Christmas and Nollaig na mBan (Women's Christmas) events bring much needed funds into the charities. We rely on the generosity of those people who give th8ir time and money lo making lives better for some of the most vulnerable members of the Irish communities across the North of England and we sincerely thank you for your continued support. We would also like to express our thanks for the continued investment into the Women of Irish Network through the Government of Ireland Emigrant Support Programme. During the year we also strengthened our communications capacity, procuring the services of
FREA TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 31ST MARCH 2024 Strike the Match to raise our profile across various platforms. This has helped Frea in a number of fundraising initiatives which developed during the year. The Frea Big Irish Breakfast in March 2024 encouraged people getting together to mark St Patricks Day Ireland's national day to share a cup of tea, remember all those who had trodden the emigrant path towards a better life, but also sent money back home to keep Ireland afloat in its time ofeconomic need. We asked people to donate what they felt they could to the work of the three charities and the campaign reached out successfully across the region, the country and worldwide with participation from Ireland, Australia, New Zealand, the United States and Dubai, raising £3,000 in the process. Our online celebration of St Brigid's Day, now an unofficial Irish International Women's Day captured hearts and minds with a number of women of Irish heritage sharing their stories and inspirations. Our partnership work with the former residents of the Mother and Baby & County Homes institutions in the Republic of Ireland (renamed Renewing Roots during the year) has built on the solid foundations from its initial horizon scanning pilot project. Funding from the Government of Ireland Emigrant Support Programme has allowed us to set up a regional programme with staff located in each of the Frea charities offering free, confidential advoGacy and support to former residents now living in the North of England. The budget and programme for this project is held and lead by one of the Frea partners, Irish Community Care and therefore reported on via their audited accounts. Frea has also built capacity in the Frea charities through shared leaming, joint training, and peer support. We would like to extend ourthanks toall those people who donate their pro-bono support to Frea through sponsorship of our Women of Irish Heritage events. those who have become involved with Ihe three partner charities as trustees and volunteers and those who have helped out with our calls to action forfundraising support. We extend our sincere thanks to Dorothy Lynch, Frea Development Manager whose neOrkS, energy and passion bring Frea into contact with so many creative, generous and inspiring Irish people across the region. FINANCIAL REVIEW Total income for the period was £89,811 (2023.. £67,802) of which £10.000 (2023.. £20,583) related to funding for projects upon which restrictions are placed. Total expenditure for the period was £97.232 {2023.. £54,173) leaving a deficit at the end of the year of £7,421 {2023: £13,629 surplus). During the year £39,450 of funds raised by Frea was redistributed back to the three partner charities. At 3151 March 2024the charity's reserves stood at £6,208 (2023.. £13.629) ofwhich £2,500 (2023.. £nil) represented restricted funds. RISK MANAGEMENT The main risks to the Charitable Incorporated Organisation as identified by the Trustees have been Gonsidered and systems have been established to mitigate those risks. RESERVES POLICY It is the policy of the Charitable Incorporated Organisation to maintain unrestricted funds at a level to cover redundancy provision and four months, running costs should no further funding be received. As at the end of the financial year the unrestricted funds totalled £3,708. The charity requires £3,197 for redundancy provision and £22,442 for three months, running costs, {total £25,639).
FREA TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 31ST MARCH 2024 We are continually looking to diversify and build income streams to ensure future sustainability for Frea including grants, subscriptions and donations. This in turn will allow us to develop our reserves to meel the requirements of our reserves policy. PLANS FOR THE FUTURE The development of our focus on helping the three charities to raise significant funds to support their work remains a key focus. Maximising OLFr fundraising opportunities through our inaugural St Patrick's Day Ball in March 2025 Developing the Women of Irish Heritage Network and maximising opportunities through events, sponsorship and donations to build on the success of the last year Maintaining and developing our successful links with BITA to remain their charity of choice and develop possible other neorkS of support Building on our programme of cultural events (St Brigid's Day,. Ihe Big Irish Breakfast for St Patrick's Day) where collectively and individually our three charities Can maximise our profiles to make people aware of the work we do and how people can become involved in our services Continuing to build our social media presence and sophisticalion to support our work including upgrading our website EffeGtively rolling out our programme to support fomer residents of the Mother and Baby and County Homes system in Ireland through our Renewing Roots project. Building on close working ties between each of the three charities to ensure as many vulnerable members of the Irish community across the North of England can avail of culturally sensitive support services. STRUCTURE, GOVERNANCE AND MANAGEMENT Frea is a registered Charitable Incorporated Organisation ICIO). number 1197939 registered on 161h February 2022. The Goveming Document is a constitution adopted on 161h February 2022. FREA CIC converted to a Charitable Incorporated Organisation (CIO) on the 16th February 2022. its assets were transferred to the Charitable Incorporated Organisation FREA, for the purpose of continuing its activities. REFERENCE AND ADMINISTRATIVE DETAILS Name FREA Charity Number 1197939 Address & Office Rouse House 2 Wyther Lane Leeds LS5 3BT During the per50d members of the Board of Trustees were as follows: A Hanlon P J Morrison B McDaid Trustees
FREA TRUSTEES, ANNUAL REPORT FOR YEAR ENDED 31ST MARCH 2024 Independent Examiner Ying Huangi ACCA o LCVS 151 Dale Street, Liverpool, L2 2AH The Co-operative Bank, PO Box 250, Skelmersdale WN86 Bankers Signed on behalf of the Trustees A Hanlon - Tr stee Date 94125 B McDaid - Trustee Date
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FREA I report on the accounts of the charity for the year ended 3181 March 2024 which are set out on pages 6 to 15. Res ective res onsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this period under section 144 of the Charities Act 2011 (the Charities Act} and that an independent examination is needed. It is my responsibility to-. examine the accounts under section 145 of Ihe Charities Act, to follow the prOdLtreS laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and to state whether particular matters have come to my attention. My examination was carried out In accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidenGe that would be required in an audit, and consequently no opinion is given as to whelher the accounts present a 'true and fair, view, and the report is limited to those matters set out in the statement below. In connection with my examination, no matter has come to my attention- (1) which gives me reasonable cause to believe that in any material respect the requiremenls: to keep accounting records in accordance wth section 386 of the Companies Act 2006., and accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Basis of inde end8nt examinerfs statement Inde endent examiner's statement Name: Ying Huang Relevant professional qualification or body.. ACCA Address.. c/0 LCVS 151 Dale Street, L2 2AH Dated".
FREA STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 Total Unrestricted Restrlcted Funds Funds Funds Total Funds Period from 16 February 2022 to 31. Mar¢h 2023 Notes 2024 2024 2024 Income and endowments from: Donations and legacies Charitable activities Other Trading Activities Other income 2a 2b 39,700 39,111 1,000 39,700 49,111 1,000 8,135 34,754 10.000 2d 24,913 Total Income 79,811 10,000 89,811 67,802 Expenditure Charitable Activities 89,767 7,500 97,267 54,173 Total expenditure 89,767 7,500 97,267 54,173 Net income, net movement in funds {9,956) 2,500 (7,456) 13,629 Total funds brought forward 13.629 13,629 Total funds carried forward 3,673 2,500 6,173 13,629 The notes on pages 8 to 15 form part of these accounts. All the above amounts relate to Continuing aGtivities of the Charitable Incorporated Organisation
FREA BALANCE SHEET AS AT 31ST MARCH 2024 Notes 31st March 2024 315t March 2023 Fixed assets Tangible fixed assets 187 281 Current assets Debtors Cash at bank and in hand 8,540 16,315 8,540 16,315 Current Ilabilities Creditors- amounts falling due within one year (2,554) (2.967) Net current assets 5,986 13,348 Total assets less current liabilities 6,173 13,629 Funds: Unrestricted funds Restricted funds 3,673 2,500 13.629 6,173 13,629 Approved by Trustees on . A Hanlon - Trustee B McDaid - Trustee
FREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 1. Accounting Pollcles Basls of accounting The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) {SORP 2019) (effective 191 January 2019) and Charities Act 2011. 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 with items recognised at Gosl or transaction value unless otherwise stated in the relevant note(s) to these accounts. The Charity has taken advantage of the provisions in the SORP for Charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. Golng concern At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to Continue in operational existence for the foreseeable future. The Trustees have therefore adopted the going concern basis of accounting in preparing the accounts. Fund a¢counting Unrestricted funds are the charity's free reserves available for Ihe trustees to apply in accordance with the charity's objeclives. Restricted funds are subject to specific restriGtive conditions imposed by the donor. All restricted funds are accounted for as restricted income and expenditure for the purposes is Charged to the fund. Fixed Assets Capital expenditure of £200 and above is ststed in the balan sheet at cost less accumulated depreciation. Depreciation is provlded to write off the cost of each asset over its expected useful life as below.. Computer Equipment Income recognition All income is reGognised once the charity has entitlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Donations and legacies comprise of donations and general grants whiGh are recognised in the accounts when received, with the exGeption of known legacies which are accounted for when their receipt is certain Income from charitable activities is recognised on an accruals basis except for grants receivable, which are recognised on the date on which Iheir unconditional payment is confirmed by the donor. Expenditure recognltlon Liabilities are recognised as soon as there is a legal or constructive obligatlon committing the charitable company to that expenditure, it is probable ihat settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses, including support costs and govemance costs, are allocated or apportioned to the applicable expenditure headings 33.330/0 per annum reducing balance method
FREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 in the Statement of Financial Activities. Support and governance costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Expenditure on charitable activities relate to the operation of the charity comprising of direct charitable expenditure to meet the objectives of the charitable company. Support and governance costs relate to the management and operation of the organisation and also compliance with Constitutional and statutory requirements in produGing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charitable Gompany. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- temi liquid investments with original maturities of three months or less, and bank overdrafts. Financial instruments The Charity has elected to apply the provisions of Section 11 '8asic Financial Instrumenls. and Section 12 '0ther 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 conlractual provisions of the instrument. Financial assets and liabilits-es are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction priGe including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaclion 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 amorttsed. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabililies classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Derecognition of financial liabilltles Financial liabilities are derecognised when the charity's Gontractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sourGes. 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 on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the
FREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. All expenditure is accounted for on an acGruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and governance costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Cost of charitable activities relate to the operation of the charity comprising of direct charitable expenditure to meet the objectives of the Gharity. Support and govemance costs relate to the management and operation of the organisation and also compliance with conslitutional and statutory requirements in producing the annual report. These are dealt with in th8 Statement of Financial Activities when payment has been approved by the charity. Taxation Income and gains are exempt from taxation as they are retsived and applied for charitable purposes only. The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. The Gharity is not able lo recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. 2. Income and endowments Unrestricted Restricted Funds Funds Total Funds Period from 16th February 2022 to 31. March 2023 2024 2024 2024 a. Donations and Legacies 39,700 39,700 8,135 b. Charitable Activities Event Income Project Income Unrestricted Grants Government of Ireland Emigrant Support Programme Manchester City Council 5,165 33,946 5,165 33,946 24,254 10,000 10,000 10,000 500 39,111 10,000 49,111 34,754 c. Other Trading Activities Sponsorship 1,000 1,000 c. Other Income Transfer of assets from CIC 1250555 24,913 io-
FREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 3. Expendlture on charitable activitles Direct Support & Charitable Governance expendllura cosls Total Total 2024 Poriod from 16th February 2022 to 31st March 2023 To promote social inclusion for the public benefit among people who are from Irish communities throughout Britain and particularly those in the North of England and to advance the education of the general public in Irish culture. history and heritage. 94,762 2,505 97,267 54,173 a. analysed as follows: Period from 16 February 2022 to 31$t March 2023 2024 Dired charitable expenditure.. Staff salary costs Pension Marketing and promotions Events Redistribution of funds Equipment Travel and subsistence Professional fees 35,000 1,750 8,243 8,576 39,450 19,396 2,042 5,346 1,469 150 1,847 280 1.708 35 94,762 30,530 Support & governance costs.. Staff salary costs Office costs Insurance Paypal fees Payroll fees Accountancy Deprecialion 21,437 418 344 690 266 118 532 805 94 574 730 140 2,505 23,643 Total expenditure on charitable activities 97,267 54,173 £7,500 (2023.. £20,583) of the above expenditure is restricted expenditure.
FREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 b. Staff Costs Perlod from 16 Ih February 2022 2024 to 31st March 2023 Gross wages and salaries Pension Costs 35,000 1,750 40,833 2,042 36,750 42,875 ¢. Particulars of employees.. The average number of employees during the period, calculated on the basis of full-time equivalents, was as follows.. Period from 161h February 2022 2024 to 31. MarGh 2023 Charitable activities No employee received emoluments of more than £60,000 during the period. The Trustees are not remunerated for their services and are not included in the above number of employees. No out-of-pocket expenses were reimbursed to trustees during the period. 4. Tanglble flxed assets Computer Equipment Total Cost Balan at 1sIApril 2023 Additions 421 421 Balance at 31¥1 March 2024 421 421 Depreciation: Balance at 1 $1 April 2023 Charge for the period 140 94 140 94 Balance at 31st March 2024 234 234 Net book value at 31st March 2024 187 187 Net book value at 31st March 2023 281 281 There were no material capital commitments at the year end. Majority of the fixed assets were transferred in from Fréa CIC in the year end 31sI March 2023. All fixed assets are used in the direcl charitable activities of the charitable incorporated organisation. 12
FREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 S. Debtors There were no debtors as at 31st March 2024 (2023.. Nil) 6. Credltors: amounts falling due withln one year 2024 2023 Creditor Pension Accruals Taxation & Social Security 473 646 840 540 1,639 730 598 2,519 2,967 7. Analysls of net assets between funds Tangible Fixed Assets Net Current Assets Total 2024 Unrestricted Funds General Fund 187 3,486 3,673 Restricted Funds Government of Ireland Emigrant Support Programme 2,500 2,500 Tolals 187 5,986 6,173 2023 Tangible Fixed Assets Net Current Assets Total Unrestrlcted Funds General Fund 281 13,348 13,629 Totals 281 13,348 13,629 8. Unrestricted Funds Movements In the Year Reserves at Beglnning of tho year R8serigs at the gnd of the year 2024 Income Expendlture General Fund 13,629 79,811 (89.767) 3.673 13,629 79,811 <89,767} 3,673 13
FREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Movements In the Period Reserves at Beglnnlng of the perlod Roserves at Ihe end of the perlod Perlod from 16th February 2022 to 31°, Mar¢h 2023 Income Expenditure General Fund 47,219 {33,590) 13,629 47,219 (33,590) 13,629 General Fund is used to finance the charily's general activities and core costs as outlined in the Truslees, Report. 9. Restricted Funds Movements in the Year Reserves at Beginning of the year Reservgs at the end of tho year 2024 Income Expenditure Government of Ireland Emigrant Support Programme 10,000 (7,500) 2,500 10,000 (7,500) 2,500 Movements in the period Perlod from 16 February 2022 to 31st March 2023 Reserves at Beglnnlng of the period Resofves at the end of the period Income Expenditure Government of Ireland Emigrant Support Programme Manchester City Council 20,083 500 (20.083) (500) 20,583 (20,583) These are monies given lo the Charity to be spent at the discretion of the Board of Trustees for specific charitable purposes, as follows: Government of Ireland Emlgrant Support Programme Contribution towards Development Manager post and Marketing & Communication costs. £10,083 were transferred from the fomerly Fréa CIC during the period 16th FebrLAary 2022 to 318t March 2023. Manchester Clty Council - Contribution towards Women's Events 10.Guarantees and Other Financlal Commitments During this financial year there are no financial commitments under non-cancellable operating leases {2023: none}. 14-
FREA NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11.Related Partles There were no related party transactions during the period. 12. Contlngent Liabilities The charity did not have any contingent liabilities as at 31st March 2024 {2023: None}. l5