Charity registratlon number 801815 THE SAFE START FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE SAFE START FOUNDATION LEGALAND ADMINISTRATIVE INFORMATION Trustees S Mccormack (Chairman) P Patton T Beisty A Rogers S McGarry Chief Executlve M Singadia Treasurer J Murphy Charity number 801815 Principal address 10-12 St Johns Road WeTnbley HA9 7JD Telephone No. 020 8900 0001 Fax No. 020 8903 7140 Website.. www.safestart.org.uk Indopendent examiner Goldblatts 4th Floor 4 Tabernacle Street London EC2A 4LU
THE SAFE START FOUNDATION CONTENTS Page TNstees' report Independent examinerfs report Statèrnent of financial activities Balance sheet Notss to the financial statèmgnts 9-20
THE SAFE START FOUNDATION TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and cornply with the charitys [governing documentl. the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). Objectives and activities The charity's objects are to relieve poverty. sickness, hardship and distress amongst young single people living in London by providing asSiStsn in housing, employment, care and support. The main purpose of thg charity is to enable vulnerable and disadvantaged young people to move from dependence to independonce by providing ac5$ to accomm¢Jdation, omployrnent and personal development with appropriate advice, information and support. The charity also providas support services to vulnerable isolated elderly people. In particular, the charity aims to allieviate S(la1 isolation for Irish Elders by providing weekly social and cumural activities. To achiéve these obiects, the charity operates a number of projects in the London Boroughs. The policies adopted in furtherance of thesa objects are set out in thè attached notes to the aCcnts and there has been no change in these during the year. Public benefit The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. We have referred to the guidance contain1 in the Charities Commission's general guidance on Public Benefit when reviewing our aims and objectives and in planning future activities. In particular. the Trustees consider how planned activities will contribute to the aims and objectives they have set. Activities The Safe Start Foundation provides the following key serVis:. Housing Advi - Wembley Irish Community Centre Elders clubs in Edgware and Ruislip - Care Leaving Servioes
THE SAFE START FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Wembley Irish Community Centre An Irish community centre based in Wembley in the London Borough of Brent. However, it also operates in the London Boroughs of Barnet and HillingdDn. Clients receive confidential support, advice and guidance as well as valuable information to Housing Associations and Private Landlords. (a) Irish Community servIs This embraces the Irish Community and addressing local issues and national concems with a parbcular focus on Housing. Employment and Eldetly Services. Our members in Wembley. Cricklewaod, Edgware and Hillingdon rely on the team for guidance on benefits. housing and health issues. To meet these needs. our services include.. Irish Set Dancing alleviates social isolation and connects individuals to their cultural roots whilst acting as a great way to keep fit. Line Dancing alleviates social isolation and promotes physial fitness Relaxation & Positive Thinking Class alleviates social isolation and promotes both mental and physical well being Aerobic Keep Fit alleviates social isolation and promotes physical fitness IT for the Elderly encourages independent living amongst the Elderly. This includes shopping on-line for gr0rieS. It also alleviates isolation by allowing participants (pgrbcularly emigrants) to keep in touch with overseas relatives via email. Live Music and Dancing alleviates social isolation and promotes physical fitness Yoga alleviates social isolation and promotes mental and physical well being Lunch with Friends alleviates social isolation and promotes healthy eating Bingo alleviates social isolation Day Trips alloviate social isolation and enable those that would otherwise be unable to leave their local area, to visit places whilst feeling safe and secure. Irish Language Class alleviates so¢ial isolation and connects indtviduals to their cultural roots. (b) Safe Start Employment Services This aims to reduce unemployment by matching job seekers to employers and offering a programme of training, advice and support throughout the entire Job Search prO$s, and beyond. We work with individuals to understsnd their job history, barriers to success and aims and objectives. Individuals are supported every step of the way, from creating a great CV, to developing job soarching skills, and perfecting interview technique. We can provide assistsnce in the following areas.. Employer liaison to forge routes to employment for the Unemployed. Individual Assessments to establish Client needs and barriers to employment. One to one support and group training around Job Searching (i.e.- InteNiew technique. Application Forms etc.) increases independent job searching. Professional and targeted CV production increases Clients, employability. Benefit advice and support help assess salary requirements and illustrate potential for improvement in standard of living and take up of full entitlement. Career Plans illustrate opportunities for progression and improvement in standard of living. Care Leaving Service This provides outreach services to young people with support needs, enabling a smooth transition from the Care System to independence. Safe Start offers support around everyday issues like cooking. cleaning, budgeting. education. etnployment and maintaining their tenancy. we worf( closely with drug and alcohol groups. youth offending teams and health care advisors to offer our clients the best support possible. Achlevements and performance Significant activities and achievements against objectives The majority of the performance targets set in the Charity's business and seNice plans were met. During the year. the charity assisted over 116 {2023.' 105) people who were supported on a regular basis. This resulted in over 2.485 (2023.. 2,260) client contacts during the year.
THE SAFE START FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial review Details of our income and expenditure are set out in the Statement of Financial Activitiès {SOFA). The total incoming reSoUrS for the year amounted to £76,11812023: £67.209). With total costs of £204,631 12023: £188,728), this resulted in a net deficit for the year of £128,51312023- £121,519). Net outgoing resour5 of £138,199) (2023.. deficit £22.6221 were incurred on reslricted prcjects - see Note 16. The Charity continues to maintain a sound financial base. Reserves policy The Trustees have established a policy whereby the unrestricted funds not committed or invested in fixed assets Ilhe free reserves,) held by the Charity should be behveen three and six months of Ihe resources eypended, which urrently equates to between £51,158 (2023- £47.182} to £102,316 (2023.. £94,364) general funds. At this level, the Trustees feel that they would be able to continue the current activities of the Charity in the event of a significant drop in funding, while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. It would obviously be necessary to consider how the funding would be rePlad or activities changed. At present the free reserves, which amount to £57,78612023: £56,299), are within the three to six month target range. Although the Charivs level of free reserves 15 in excess of its target levels, the Trustees are currently in the prOsS of identifying new premises to relocate to in 2025, and this will deplete the level of reserves substanlially. Prinapal funding sources Koy sour5 of funding are The Irish Government Department of Foreign Affairs and Trade,- Emigrant Support Programme (ESPI. We also receive income via contract services to social seNlces departments providing support to young care leavers. Special one-off grants are also received from Trusts for new projects. The Board of Trustees are currently taking steps to identify altemative funding sources and new projects and a new fundraising strategy is being explored for 2024125126 and going forward. Investment policy The Trustees have discretion as to the manner in which funds are invested. The Trustees hav6 considered the most appropriate policy for investing funds and has found that, given the level of funds over the course of the year. funds would be best hold on short term deposits. The Trustees consider the average return on these deposit accounts during the year of 3% to bè satisfactory given the prevailing interest rates in the period under review. Major risks The Management Committee has conducted a review of the major risks to which the charity is exposed. in particular those related to the operation and finances of the Charity. and are satisfied that systems are in place to mitigate its exposure to the rnajor risks. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Significant extemal risks to funding have led to the development of a strategic plan which will allow for the diversification of funding and activities. Internal control risks are minimised by the implementation of procedLJres for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the premises operated by the Charity- Intemal risks are minimised by the implementstion of prOdureS for authorisation of all transactions and prajects and to ensure consistent quality of delivery for all operational aspects of the Charity. These prOClureS are periodically reviewed to ensure that they still Meet the needs of the Charity.
THE SAFE START FOUNDATION TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans tor futura periods Tha Charity wlshe5 to 8nsure it can s8nilo its cllents, needs and in thls rog8rd may acqulre and develop further properties. This will be done froffl its own resources or In partnership with ils partner agenaes and Ioc81 aulhorities. Curr8nly, th8 Charity is undergoing a strategic revlew of its seNlces and objectlves lo address the Cuant economlc environment. The Charity b81ieves that thore is likely io be an ongoing need for the resourGes of the charity for the foreseeable futur6. The Trustees are of the opinlon that homelessness and unemployment amongst young people and social isolalion for the elderfy, wlll stlll contlnue to be key issues for the foreseéable future. Having sold its WbleY Centre. the Charity is seeking more suttabl8 premises for its work with the eldetly community. Finally. and very importantly. the Trustees wlsh to acknowledge th8 d8dScated work of 1ho staff tearn and all the above organisations that have played their own vilal 8nd 8UPPOrtiv8 rol& In h61ping the foundation o)ntinue to provide a Safe Start to our honleSS 8ndlor unemployed young peopla. Thore is still muth to do and the Trustees are confident that Safe Start will meet the challenges ahead. Stru¢ture. governance and management The charty Is an unlncoTporated 8ntiiy and was 8Stablished by a charftsble twst deed on 6 June 1989. The charity Is a member of Irish In Britain. a nationd membership body for Irish community organlsations In Briiain. The twstees wh) servod during the year and up to the dale of slgnature of the financial 8tatsments were: S Mccormack (Chaim18n) P Patton T Beisty A Rogers S McGarry Recrultment and appointrnent of tnjstees The Trustees focus their attention on strategic issues and delegate operatlonal declsions to the Chlef Executlve. However. they monitor operational perfomart through regular reporting. The appointment and review of senior staff is carried out by the Chief Executive. The CharSty employs 3 {2022: 3) full and part-tim8 Staff led by a management team of two: The Chief Execullve and the Support Services Manager. Relatlonshlp wlth relatedpartles The charlty18 an unlncorporated entlty and dotsils of telated partles are gtven in the notes to Ihe acunts. On tehaifof the board of trustees e4 S Mccormack (Chaimian) Chalrman Date: .
THE SAFE START FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SAFE START FOUNDATION I report to the twstees on my examination of the financial statements of The Safe Stsrt Foundation (the charity) for the year ended 31 March 2024. Responsibilities and basis of report As the trustees of the charity you are responsible for the prepardtion of the financial ststements in accordan with the requirements of the Charities Act 2011 {the 2011 Act). I report in respect of my examination of the charitls financial statements carried out under section 145 of the 2011 Act. In rying OLrt tny examination I have followed all the applicable Directions given by the Charity Commission under section 14515)(b) of the 2011 Act. Independent examinerfs statement Your attention is drawn to the fact that the charity has prepared financial staternents in accorda[e with Accounting and Reporting by Charities preparing their accounts in accordanLE With the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities= Statement of Recommended Practice issued on 1 Aptil 2005 which is referred to in the extant regulatsons but has now been withdrawn. l understand that this has been done in order for financial statements to provide a true and fair view in accordance with GeneralIyAePted Accounting Practice effectiv8 for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not accord with those records: or the financial statements do not comply with the applicable requirements concéming the fomi and content of accounts sat out in the Charities (Accounts and Raports) Regulations 2008 other than any requirement that the accounts give a true and fair view whith is not a matter considered as part of an independent examination. I have no COnrnS and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Goldblatts 4th Floor 4 Tabemacle Street London EC2A 4LU Dated: 27 January 2025
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THE SAFE START FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Not•• 1.789 e 888ets 13 14 4,169 1,212,888 2,185 1,341,522 Cash al ènd In h•nd 1,216,857 IW,707 {9.275) 16 (10,840) 12CA,017 1,334A32 1,207.788 1,336299 57.786 I,150,) 18 1280.C 1,207,786 1,336299 Tho firwKial •laknwts wore approved by th8 In18tee8 on ... . . . .
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies Charity information The Safe Start Foundation is a an unincorporated entity.. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Igoverning document]. the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the Charities SORP "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 IFRS 102)" {effective 1 January 2019). The charily is a Public Benefit Entity as defined by FRS 102. The tharity has taken advantage of the provisions in the SORP for charitios not to prepare a Stalement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charity. Mon8tary amounts in these financial slatemonts are rounded to the nearest £. The financial statgments have been prepared under the historical cost convention. The principal accounting FX)li¢ies adopted are set out below. 1.2 Going concern These financial statements have been prepared on a going concem basis which assumes that the charity will continue in operational existence for the foreseeable future. The validity of this assumption Is delndent upon the continued support frorn its principal source of income as well as the Truslees SLJccessfully securing additional SoUeS of funding.. The Trustees acknowledge that funding is becoming increasingly more difficult to secure in an ever decreasing funding market place. Despite actively seeking out and considering a number of opportunities, the charity has not secured sufficient funding to prevent it incurring a deficit in the year under review. The Tmsteés have considered the period ahead and are also forecasting that a deficit will be incurred over the next 12 months, unless additional funding is secured. Funding has been secured from the Irish Government of Foreign Affairs and Trade: Emigrant Support Programma {ESP) for 2024125, to allow the charity to cortinue to run ils Irish Elderly Project. Noiwithstanding Ihe above, the charity still has a healthy asset base at the year end and has significant cash balances and other net current assets in tts balan sheet that will enable it to meet its day to day commitments in the foreseeable future and fund any deficits within at least the next 12 months. As a consequence, the Trustees believe that the charity is well placed to manage its business risks successfully despite the current uncertain economic outlook, and funding position. In view of the above, and 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 concem basis of accounting in preparing the financial statements. If the charity were unable to operate, adjustments would have to be made to reduce the value of the assets to their recoverable amounts, to provide for further liabilities that might arise and to reclassify fixed ass8ts as urrent assets.
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (Continued) 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. Intra-fund transfers belween unrestricted and restricted funds are at the discretion of the Trustees. Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Inmme is recognised when the chartty is legally entitled to il after any performance condttions have been met. the arnounts can be measured reliably. and it is probable that income will be received. Cash donations are reGognised on receipt. other donations are recognised onGe 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. Legacies are recognised on receipt or otherwise rf the charity has been notified of an impending di8tribution, the amount is known, end reIpt is expected. If the amount is not known, the legacy is treated as a ntingent asset. 1.5 Expenditure Expenditure is recognised Dn an accruals basis as a liabilty is incurred. Expènditure includes VAT which cannot be fully rocavered, and is reported as part of the expenditure to which it relates. Costs of genérating funds comprise costs associated with attracting voluntsry incorne and the costs of trading for fundraising purposes. Charitsble expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both the costs that can be allocated directly to such aclivities and those costs of an indirect nature necessary to support IheTll. Govemance costs include those costs associated with tneeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management ofthe Charity- Overhead and support costs have been allocated as a direct cost or apportioned on an appropriate basis between Ihe Charitable Activities, Costs of Generating Funds and Governance Costs. Once allocation andlor apportionment of overhead and support costs has been made between Charitable Activities, Costs of Generating Funds and Governance Costs, the cost attributable to Charitable Activities is apportioned across those activities in proportion to total spend. 10-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policles {Contlnued) 1.6 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Tangible fixed assets are ststed at cost less depreciation. The costs of rninor additions or those costing below £1,000 are nol capitalised. Depreciation is provided at rates calculated to wrile off the cost less estimated residual value of each asset over its expected useful life, as follows- Fixtures, fittings & equipment Motor vehicles 15% on a reducing balan basis 25% on a reducing balance basis The gain or loss arising on the disposal of an asset is determined as the differonce between the sale proceeds and the carrying value of the asset, and is recognised in net incomel{expenditurol for the year. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-tem liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current 5iabilities. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instrurn8nts' 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 inslrum8nt. Financial assets and liabilities are offset. with the not amounts presented in the financi81 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. 1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the pèriod in which the employee's services are reived. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to termlnate the employment of an employee or to provide termination benefits. 1.10 Retirement benefits Payments to dafined contribution rotirement benefit schemes are charged as an expense as they fall duo. 1.11 Government grants UK Governrnent grants are recognised at the fair value of the asset received or r8c8ivable whèn there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify perfomiance conditions it is recognised in income when the proceeds are received or rGceivable. A grant received before the recognition critarla are satisfied is rgcognised as a liability. The Irish Governrnent ESP grant Is recognised in the year of receipt. Any net underspends in the yr are arried fomard and accounted for as deferred income for the next ESP accounting period. 11
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Critlcal accounting estimates and judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The ostimates and associated assumptions are based on historical experience and olher factors that are considered to be relevant. Actual results may differ from these estimates. The estitnates and underlyin9 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 fvture periods. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Membership fees 14,128 7,667 Income from charitable activitles ESP Grant ESP Grant 2024 2023 Perfomiance relaled grants 59,325 58,683 Analysis by fund Restricted funds 59,325 58,683 59,325 58,683 Restricted funds comprises funding received from the Irish Government Department of Foreign Affairs and Trdde: Emigrant Support Programme - see Note 16. Income from investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 2,663 859 12-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Other income Unrestricted Unrestricted funds funds 2024 2023 Other income 13-
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THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activities 2024 2023 Governance costs 97,706 97,279 Analysed between: Support and care Residential management Employment and training 83,050 68,095 14,592 14,592 14,656 97,706 97,279 Net movement in funds 2024 2023 The net movement in funds is stated after chargingllcrediting): Depreciation of owned tangible fixed assets 332 355 10 Trustees None of the trustees lor any persons connected with thern) received any remuneration during the yew, but there were travelling costs paid directly to third parties amounting to £0 (2023- £0) in respect of five trustees lo facilitate attendance at Board me8ting5. 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 137,800 10,196 996 128,069 10.286 1.071 148,992 139.426 The amount recognised in the statement of financial activities as an 9XPgnse for defined contribution plans amounted to £99612023: £1,071). Of this amount £012023.. £0) was alloGatgd against restriGted funds. 15-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees {Continued) The number of employees whose annual remuneration was more than £60,000 is as follows- 2Q24 Number 2023 Number £80,001- £89,999 12 Taxation The Safe Start Foundation is a registered Charity and is not liable to taxation on the surplus arising from its charitable activities. 13 Tangible fixed assets Flxture5, flttlngs & equlpmgnt Motor vehlcles Totsl Cost Al 1 April 2023 Additions 3,160 234 31,160 34,320 234 At 31 March 2024 3,394 31,160 34,554 Depreclation and impalrmont At 1 April 2023 Depreciation charged in the year 1,457 291 30.996 41 32.453 332 At 31 March 2024 1,748 31,037 32,785 Carrying amount At 31 March 2024 1,646 123 1.769 At 31 March 2023 1,703 164 1,867 All of the fixed assets were held for continuing use in the provision of the Charity's direct charitable aclivities 14 Debtors 2Q24 2023 Amounts falling due within one year: Other debtors Prepayments and accrued income 2,007 2,162 2,007 178 4,169 2.185 16-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Creditors: amounts falling due within one year 2024 2023 other tsxation and social security Trade creditors Accnjals and deferred incom8 40 7,006 3,794 40 5,441 3,794 10,840 9,275 17-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Government grants Irish Govemment- Department of Foreign Affairs and Trade,. Emigrant Support Programme (ESP) During the year ended 31 March 2024. the charity was awarded a gross grant of £59.325 from the Department of Foreign Affairs and Trade: Emigrant Support Programme. The term of the grant was fDr the period 1 July 2023 to 30 June 2024. The grant was for 0 members of staff involved in Ihe following activities: - £59,325 contribution towards the running costs of the Safe Start Irish Elderly Project. 17 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 996 1,071 The charity operates a d8fined Gonlribution pension scheme for all qualifying employees. The assets of thg scheme are held separately from those of the charity in an independently administered fund. The Gompany ontributes a specified percentage of payroll wsts to the retirement benefit scheme to fund the benefits. The only obligation of the company with respect to the scheme is to make the specified contributions. 18 Unrestricted funds - De81gnat8d fund These are unrastricted funds which ar8 material to the charivs activlties. At 1 April 2023 Transfers At 31 March 2024 Designated funds 1,280,000 1130,0001 1,150,000 Previous year: At 1 Aprll 2022 Transfers At 31 March 2023 Designated fijnds 1,410,000 (130,000) 1,280,IJOO 18-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resource5 expended Transfers At 31 March 2024 New premises fund Welfare fund Emergency fund General funds 1,060.000 20.000 200.000 (1,223.701) {130,000) 930,000 20,000 200,000 11,092,214) 16,793 (107,1071 221,801 56,299 16,793 1107,1071 91,801 57.786 Previous year: At 1 Aprll 2022 Incoming resources Resources expended Transfers At 31 March 2023 New premises fund Welfare fund Emergency fund General funds 1,190,000 20,000 200,000 11,362,182) 1130,000> 1.060,000 20.000 200,000 (1,223,701) 8,526 (107,4231 237,378 47,818 8,526 107,423 107,378 56,299 New premises fund The Trustees have designated fvnds to cover thé cost of new premises and reflects the approximate anticipated cost of similar premises to that sold in 2020. Welfare fund The Trustees have designated funds to cover the rents of individuals currently involved with the project, who may fall on hard times and be unable to pay their weekly rent to the charity- Etnergency fund The Trustees have designated funds to hold as an emergency contingency. This fund is maintained at a level which is in excess of twelve months. expenditure. 19-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Analysls of net assets between funds Unrestricted Unrestricted funds funds general Designated fund 2024 Total 2024 2024 At 31 March 2024: Tangible assets Current assetsl{liabilities) 1,769 56,017 1.769 1,206.017 1,150.000 57,786 1,150,000 1.207,786 Unrestricted Unrestricted funds funds general Deslgnated fund 2023 Total 2023 2023 At 31 March 2023: Tangible assets Current assetsl(liabilities) 1,867 54,432 1,867 1,334,432 1,280,000 56,299 1,280,000 1,336,299 21 Related party transactions Transactlons with related parties During the year the charity entered into the following transactions with related parties.. During the year, in accordance with the Trust Deed. the charity was charged accountancy, consultancy and trKJokkeeping fees amounting to £4,680 (2023= £3,780) by Goldblatts Limited, a company in which the treasurer J Murphy is a director and has an interest. At 31st March 2024, £4,680 12023: £4,680) was outstanding and included in trade creditors. -20-