Charity registration number 801815 (England and Wales) THE SAFE START FOUNDATION ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
THE SAFE START FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Trustees Chief Executive Treasurer Charity number Principal address Independent examiner S McCormack (Chairman) P Patton T Beisty A Rogers S McGarry M Singadia J Murphy 801815 10-12 St Johns Road Wembley HA9 7JD Telephone No. 020 8900 0001 Fax No. 020 8903 7140 Website: www.safestart.org.uk Goldblatts 4th Floor In fernacto stret London EC2A 4LU
THE SAFE START FOUNDATION CONTENTS Trustees' report Page 1-4 Independent examiner's report 5 Statement of financial activities 6-7 Balance sheet 8 Notes to the financial statements 9 - 18
THE SAFE START FOUNDATION TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees present their annual report and financial statements for the year ended 31 March 2025. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 (FRS 102)". Objectives and activities The charity's objects are to relieve poverty, sickness, hardship and distress amongst young single people living in London by providing assistance in housing, employment, care and support. The main purpose of the charity is to enable vulnerable and disadvantaged young people to move from dependence to independence by providing access to accommodation, employment and personal development with appropriate advice, information and The charity also provides support services to vulnerable isolated elderly people. In particular, the charity aims to allieviate social isolation for Irish Elders by providing weekly social and cultural activities. To achieve these objects, the charity operates a number of projects in the London Boroughs. The policies adopted in furtherance of these objects are set out in the attached notes to the accounts and there has been no change in these during the year. 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 contained 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 services:- - Housing Advice - Wembley Irish Community Centre - Elders clubs in Edgware and Ruislip - Care Leaving Services - 1 -
THE SAFE START FOUNDATION TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 Hillingdon. Clients receive confidential support, advice and guidance as well as valuable information to Housing Associations and Private Landlords. (a) Irish Community Services This embraces the Irish Community and addressing local issues and national concerns with a particular focus on Housing, Employment and Elderly Services. Our members in Wembley, Cricklewood, 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 physical 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 groceries. It also alleviates isolation by allowing participants (particularly 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 alleviate 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 social isolation and connects individuals 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 process, and beyond. We work with individuals to understand 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 searching skills, and perfecting interview technique. We can provide assistance 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.: Interview 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, employment and maintaining their tenancy. we work closely with drug and alcohol groups, youth offending teams and health care advisors to offer our clients the best support possible. Achievements and performance Significant activities and achievements against objectives The majority of the performance targets set in the Charity's business and service plans were met. During the year, the charity assisted over 230 (2024: 116) people who were supported on a regular basis. This resulted in over 3,150 (2024: 2,485) client contacts during the year. - 2-
THE SAFE START FOUNDATION TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Financial review Details of our income and expenditure are set out in the Statement of Financial Activities (SOFA). The total incoming resources for the year amounted to E68,957 (2024; £76,118). With total costs of £206,476 (2024; £204,631), this resulted in a net deficit for the year of £137,519 (2024: £128,513). Net outgoing resources of £(46,318) (2024: deficit £38, 199) were incurred on restricted projects - 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 ('the free reserves') held by the Charity should be between three and six months of the resources expended, which currently equates to between £51,619 (2024: £51,158) to £103,238 (2024: £102,316) 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 replaced or activities changed. At present the free reserves, which amount to £60,267 (2024: £57,786), are within the three to six month target range. Although the Charity's level of free reserves is in excess of its target levels, the Trustees are currently in the process of identifying new premises to relocate to in 2026, and this will deplete the level of reserves substantially. Principal funding sources Key sources of funding are The Irish Government Department of Foreign Affairs and Trade; Emigrant Support Programme (ESP). We also receive income via contract services to social services 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 alternative funding sources and new projects and a new fundraising strategy is being explored for 2025/26/27 and going forward. Investment policy The Trustees have discretion as to the manner in which funds are invested. The Trustees have 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 held on short term deposits. The Trustees consider the average return on these deposit accounts during the year of 1.25% to be 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 major 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 external 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 procedures 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. Internal risks are minimised by the implementation of procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the Charity. These procedures are periodically reviewed to ensure that they still meet the needs of the Charity. - 3-
THE SAFE START FOUNDATION TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future periods The Charity wishes to ensure it can service its clients' needs and in this regard may acquire and develop further properties. This will be done from its own resources or in partnership with its partner agencies and local authorities. currently, the Charity is undergoing a strategic review of its services and objectives to address the current economic environment. The Charity believes that there is likely to be an ongoing need for the resources of the charity for th foreseeable future. The Trustees are of the opinion that homelessness and unemployment amongst young people and social isolation for the elderly, will still continue to be key issues for the foreseeable future. Having sold its Wembley Centre, the Charity is seeking more suitable premises for its work with the elderly community. Finally, and very importantly, the Trustees wish to acknowledge the dedicated work of the staff team and all the bove organisations that have played their own vital and supportive role in helping the foundation continue rovide a Safe Start to our homeless and/or unemployed young people. There is still much to do and the Trustee are confident that Safe Start will meet the challenges ahead. Structure, governance and management The charity is an unincorporated entity and was established by a charitable trust deed on 6 June 1989. The charity is a member of Irish in Britain, a national membership body for Irish community organisations in Britain. The trustees who served during the year and up to the date of signature of the financial statements were: S McCormack (Chairman) P Patton A Rogers S McGarry The Trustees focus their attention on strategic issues and delegate operational decisions to the Chief Executive. Relationship with related parties The charity is an unincorporated entity and details of related parties are given in the notes to the accounts. On behalf of the board of trustees S McCormack (Chairman) Chairman Date: 20/01/216 -4-
THE SAFE START FOUNDATION INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SAFE START FOUNDATION I report to the trustees on my examination of the financial statements of The Safe Start Foundation (the charity) for the year ended 31 March 2025. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011. under section 145(5)(b) of the Charities Act 2011. Independent examiner's statement 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 Charities Act 2011. the financial statements do not accord with those records; or the financial statements do not comply with the applicable requirements concerning the form and content of financial statements set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Goldblatts 4th Floor 4 Tabernacle Street London EC2A 4LU 28 January 2026 -5-
THE SAFE START FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Notes Income and endowments from: Donations and legacies Charitable activities Investments Other income Total income Expenditure on: Charitable activities Total expenditure Net expenditure Transfers between funds Net movement in funds Reconciliation of funds: Fund balances at 1 April 2024 Fund balances at 31 March 2025 Unrestricted Unrestricted funds funds general Designated fund 2025 2025 13,298 3,657 16,957 108,156 108,156 (91,199) 93,682 2,483 (140,000) (140,000) 57,786 60,269 1,150,000 1,010,000 - 6- Restricted funds 2025 52,000 52,000 98,318 98,318 (46,318) 46,318 Total Unrestricted Unrestricted Restined funds funds general Designated fund 2024 2024 2024 13,298 52,000 3,657 68,957 206,474 (137,517) (137,517) 1,207,786 1,070,269 14,126 2,663 59,325 16,793 59,325 107,107 107,107 (90,314) 97,524 97,524 (38,199) 38,199 91,801 1,487 (130,000) (130,000) 56,299 57,786 1,280,000 1,150,000 Total 2024 14,126 59,325 2,663 76,118 204,631 204,631 (128,513) (128,513) 1,336,299 1,207,786
THE SAFE START FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. - 7_
THE SAFE START FOUNDATION BALANCE SHEET AS AT 31 MARCH 2025 Fixed assets Tangible assets Current assets Debtors Cash at bank and in hand Creditors: amounts falling due within one year Net current assets Total assets less current liabilitles The funds of the charity Unrestricted funds - general Unrestricted funds - Designated fund Notes 13 14 2025 € € 1,947 2024 € 1,769 15 2,120 1,076,875 1,078,995 (10,673) 4,169 1,212,688 1,216,857 (10,840) 1,068,322 1,070,269 1,206,017 1,207,786 19 60,269 1,010,000 1,070,269 57,786 1,150,000 1,207,786 The financial statements were approved by the trustees on 28 la1 26. Abas 4' (" S McCormack (Chairman) Chairman - 8-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 1 Accounting 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 governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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 (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102 The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern These financial statements have been prepared on a going concern basis which assumes that the charity will continue in operational existence for the foreseeable future. The validity of this assumption is dependent upon the continued support from its principal source of income as well as the Trustees successfully securing additional sources of funding.. nave 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 Programme (ESP) for 2025/26, to allow the charity to continue to run its Irish Elderly Project. Notwithstanding the above, the charity still has a healthy asset base at the year end and has significant cast balances and other net current assets in its balance 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 concern 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 assets as current assets. - 9 -
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 1 Accounting 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 between 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 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Costs of generating funds comprise costs associated with attracting voluntary income and the costs of trading for fundraising purposes. Charitable 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 activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the Charity and include the audit fees and costs linked to the strategic management of the Charity. Overhead and support costs have been allocated as a direct cost or apportioned on an appropriate basis between the Charitable Activities, Costs of Generating Funds and Governance Costs. Once allocation and/or 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 2025 1 Accounting policies (Continued) 1.6 Tangible fixed 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 stated at cost less depreciation. The costs of minor additions or those costing below 21,000 are not capitalised. Depreciation is provided at rates calculated to write 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 balance basis 25% on a reducing balance basis The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) 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-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.8 Financial instruments The charity has elected to apply the provisions of Section 11 Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.10 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.11 Government grants UK Government grants are recognised at the fair value of the asset received or receivable when 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 performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a The Irish Government ESP grant is recognised in the year of receipt. Any net underspends in the year are carried forward 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 2025 2 3 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 sources. he estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Income from donations and legacies Unrestricted funds 2025 13,298 Unrestricted funds 2024 14,126 4 Membership fees Income from charitable activities ESP Grant ESP Grant 2025 € 2024 52,000 59,325 Performance related grants Analysis by fund Restricted funds 5 52,000 52,000 59,325 59,325 Restricted funds comprises funding received from the Irish Government Department of Foreign Affairs and Trade; Emigrant Support Programme - see Note 16. Income from investments Interest receivable Unrestricted Unrestricted funds funds 2025 € 2024 € 3,657 2,663 - 12-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 6 Other income 7 8 Other income Expenditure on charitable activities Support andEmployment care and training 2025 2025 Direct costs Staff costs Depreciation and impairment Other expenses 56,127 310 50,302 - 54 898 106,739 952 Share of support and governance costs (see note 8) Governance 83,966 14,817 190,705 15,769 Analysis by fund Unrestricted funds - general Restricted funds 92,387 98,318 190,705 15,769 15,769 Support costs allocated to activities Governance costs Analysed between: Support and care Employment and training Unrestricted Unrestricted funds funds 2025 € 2024 € 2 Total Support andEmployment care and training 2025 2024 2024 56,127 364 51,200 107,691 98,783 206,474 108,156 98,318 206,474 55,966 282 49,712 105,960 83,050 189,010 91,486 97,524 189,010 50 915 965 14,656 15,621 15,621 15,621 2025 98,783 83,966 14,817 98,783 4 Total 2024 55,966 332 50,627 106,925 97,706 204,631 107,107 97,524 204,631 2024 97,706 83,050 14,656 97,706 - 13-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 9 Net movement in funds The net movement in funds is stated after charging/(crediting): Fees payable for the independent examination of the charity's financial statements Depreciation of owned tangible fixed assets 2025 2,000 364 2,000 332 10 11 Trustees None of the trustees (or any persons connected with them) received any remuneration during the year, but there were travelling costs paid directly to third parties amounting to £0 (2024- £O) in respect of five trustees to facilitate attendance at Board meetings. Employees The average monthly number of employees during the year was: Employment costs Wages and salaries Social security costs Other pension costs 2025 Number 3 2025 137,960 10,195 996 149,151 2024 Number 3 2024 € 137,800 10,196 996 148,992 he amount recognised in the statement of financial activities as an expense for defined contribution plan mounted to £996 (2024: £996). Of this amount £0 (2024: £O) was allocated against restricted fund: The number of employees whose annual remuneration was more than £60,000 is as follows: 2025 Number 1 2024 Number 1 £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. - 14-
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Tangible fixed assets Cost At 1 April 2024 Additions At 31 March 2025 Fixtures, fittings 8 equipment € 3,394 542 Motor vehicles Total 31,160 34,554 542 3,936 31,160 35,096 Depreciation and impairment At 1 April 2024 Depreciation charged in the year At 31 March 2025 1,748 333 2,081 31,037 31 31,068 364 33,149 Carrying amount At 31 March 2025 At 31 March 2024 1,855 1,646 92 123 1,947 1,769 All of the fixed assets were held for continuing use in the provision of the Charity's direct charitable activities 14 Debtors Amounts falling due within one year: Other debtors Prepayments and accrued income 2025 € 2024 2,009 111 2,120 2,007 2,162 4,169 15 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Accruals and deferred income 2025 € 40 5,759 4,874 10,673 2024 40 7,006 3,794 10,840 - 15 -
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Government grants 17 Irish Government - Department of Foreign Affairs and Trade; Emigrant Support Programme (ESP) Juring the year ended 31 March_2025, the charity was awarded a gross grant of £52,000 from th epartment of Foreign Affairs and Trade; Emigrant Support Programme. The term of the grant was for th period 1 July 2024 to 30 June 2025. The grant was for two members of staff involved in the following activities: - £52,000 contribution towards the running costs of the Safe Start Irish Elderly Project. Retirement benefit schemes 2025 2024 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 996 996 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The company contributes a specified percentage of payroll costs 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 - Designated fund These are unrestricted funds which are material to the charity's activities. Designated funds Previous year: Designated funds At 1 April 2024 € 1,150,000 At 1 April 2023 € 1,280,000 Transfers At 31 March 2025 € € (140,000) 1,010,000 Transfers At 31 March 2024 € (130,000) 1,150,000 - 16 -
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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 2024 Incoming resources € Resources expended € Transfers At 31 March 2025 General tunds 123,900 (66,114) 57,786 16,957 16,957 (108,156) (108,156) 93,682 93,682 123,900 (63,631) 60,269 = Previous year: New premises fund Welfare fund Emergency fund General funds At 1 April 2023 € 1,060,000 20,000 200,000 (1,223,701) 56,299 Incoming resources € Resources expended € Transfers At 31 March 2024 : 16.793 16,793 : (107,107) (107,107) (130,000) 221,801 91,801 930,000 20,000 200,000 (1,092,214) 57,786 = New premises fund The Trustees have designated funds to cover the cost of new premises and reflects the approximate anticipated cost of similar premises to that was 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. Emergency 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. - 17 -
THE SAFE START FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Analysis of net assets between funds At 31 March 2025: Tangible assets Current assets/ (liabilities) At 31 March 2024: Tangible assets Current assets/(liabilities) Unrestricted Unrestricted funds funds general Designated fund 2025 2025 1,947 58,322 60,269 1,010,000 1,010,000 Unrestricted Unrestricted funds funds general Designated fund 2024 2024 1,769 56,017 57,786 1,150,000 1,150,000 Total 2025 € 1,947 1,068,322 1,070,269 Total 2024 € 1,769 1,206,017 1,207,786 21 Related party transactions Transactions 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 bookkeeping fees amounting to £5,760 (2024: £4,680) by Goldblatts Limited, a company in which the treasurer J Murphy is a director and has an interest. At 31st March 2025, E3,600 (2024: £4,680) was outstanding and included in trade creditors. - 18-