HMRC Charltles Roglstrallon No. N100287 Company Reglstrallon No. N1030101 (Northgrn Irfjlandl THE RAINBOW PROJECT LTD (CHARITABLE COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Ro9Sst•red wlth The Charlty Commlsslon for Northern Ireland NIC1000064 THE RAINBOW PROJECT LTD CONTENTS Paga Membern of the 8aard and Profes51onal Advlsers Trustees, report Indepondent aUdlic￿3 report Statemant of financlal actlvllia8 10 Balanca shaat 11 Statement ol cash Ilows 12 Notes to the financlal statements 13-23 THE RAINBOW PROJECT LTD MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS TnJ8toes Mr Trevw Wrlght Ms Klmbedy Ann Walsh Mr Claran Moynagh Ms Karen Gerakllna Mcshane Mlss Nadlne Campbell Mr Shon8 Lynch Mrs Lauren O'Sulllvan-Harrl$ Mr Jonathan K￿8 Ms Nordh Chrfstle Ms Monlca Fltzpatrick Mr Donall Henderson (Appolnl8d 5 February 2023) (Appolnled 5 February 2023) {Appolnted 5 February 2023) Company ••¢r•tary Mr Scol¢ Cuthbert50 HMRC Charl11￿ R•f•ranc• number N100287 Tho Charlty Commlmlon for North•rn NIC100064 Imland numb•r Company numbar N1030101 R•glst•r•d offlc• Cathedrdl House 23-31 Warlng Street Belfast 8T12DX Indap•nd•nt audltor Johnston Kafin￿y DFK Chartered Acct>untants Reglstered Audltor5 10 Pllois Vlew Heron Road Belfast BT3 9LE Bankers AIB (NI) 551 Antrfm Road Fortwllllam Belfasl BT15 3BU sollcltors Phoenlx Law 92 Hlgh Street 3rd & 4th Floor Belfast BT128G THE RAINBOW PROJECT LTD TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Tha trustoes of the tharity for the purposes of th8 Companles Act 2006. submll thelr annual report and audrted financial statements for the year ended 31 March 2023. The trustees have adopted the Stslemgnt of Recommended Practlc8 {SORP) 'Accounling and Reportlng by CharttSes' (FRS 102) In preparlng Ihe annual report and financial statements of the Charity. The financial statements have been Pfepored In accordance wlth th8 accounllng pollcles sel out In note 1 to the nonclal stslements and comply wlth the charltable companls tgovgmlng document], the Companies Act 2006 and "Accounting and Reportlng by Chafltles: Statement of Recommended Practlc8 appllcable lo charltles preparlng thelr accounts In accordance wlth th8 Flnanclal Reportlng Standard apOlcabl8 In Ihe UK and Republlc of Iraland (FRS 102)" {0ffectlva 1 January 20191. R•vl•w of Actlvlty and Future D•v•lopm•nts Welcome to The Ralnbow Prolacvs Twst88 Report 2022-23. Thls report contalns delalls on what has been another extremely busy year far tha organlsallon 08 we conllnue io delfver servSces. InfluerKe pollcy and undertake rasearch lo understand more about tho LGBTQIA+ communlty In Northem Ireland. Llka many other organlsallons and s8NlceB, The Ralnbow ProJect Is deallng wlth tha Impact tha Covkt-19 par￿arnIC has had on peoplé's mental heallh and wellbelng. Our health and wellbelng serylces are In hlgh demand knthlch has an Impact on the amaunt of tlme tJur dlents on waltSng Ilsts, for 8er¥lces Such as our co cultural counselllng. The Ralnbow Project contlnues to grow ar￿ In 2022-23 delfvered more 80rvSces than In any year befare It so wo wer8 pleased that wlth fundlng frorn the Rank Foundatlon w• warn able lo employ a Health and Wellbelng Officor to support our cllents through th•lr*umey of support. The Ralnbow Project works dlrectly wlth members of our communlty by offerfng a wrap-around s8rAce for cllenis to support Ihem thmugh our range of servlces, Includlng sexual health advlce and te8tlng; montal healih support; hate crfme advotxcy: c&cultural e￿n58111n9. LGBTQIA+ youlh provlslon; reglonal support and a range of other Inlllatlves and programme8. We were also dellghled to secure another r￿n0 of fundlng to enable us to engage wlth the BAME communlty across Northem Ireland and work In partn8r8hlp wlth other servoceslgroups such as the Mlgranl Fonjm and Ralnbow Relugees, to provl(le h8allh, wellbelng and emollonal support. Th15 Y￿rk has begn partlcularly Important Sn the contexl of the mlgrdnt crfsls and TRP has been able to support a number of LGBTQIA+ Indlvldual8 seeklng asylum In Nl. Th8 Ralnbow Prloct has continued io grow SORP: - make ludgemenls a￿1 e$lSmales that *• reasonable and prudenl: - Stale wheihgr 4pplwblo UK h£¢ounllng Slandards have been rolluw￿, sublecl lo •ny maternl deportureg dljdosed and emplalnod in Ihe Ilnanclal statements; and - prepare the flnandal gtatements on the golng concern ba$1$ unless It ly Inappropdale lo weJum• #wt the charitable CCKnpany wll conunue in op¢rnllon. The Irustees ave respanslble fty keepry ad•quale 8¢￿vnI1n9 fecords thal disclose wilh reasonable accuraty al Hny tkne Iho Ilnandol poth ol the charftable cornpjny and enable Ihgm lo ensure Ihat the finendal JlaleffjBnts L)ynply with Ihe Companbes Acl 2006. They are also respon51ble for safegu8rdln9 Ihe assvls of the charftable company and he￿￿ for laklng We￿on9b18 stapj for the prevention aThl deleGtion ol fraud and other hTegulafblies. Audltor A resolutlon proposlng thal Johnston K•M•dy DFK be r&appoSnted ag audStorn of Ihe charlty b& pul kn the nu81 General M￿lIng. Dlsclosure of Inl4Jrmatlon to •udftor E&h ol the Iruslees has confKmed Ihal there Is no Infomiatlon of whlth they are aware whlch is ralevant to the audil bul ofwhlth th¢ audilw Is unawar8. Tlw have further conllrmqd Ihal Ihey have laken approprlale 51eps to klenlify suth relevant infomi•tlon and to eslabllsh thal the authiry is aware of suth Infomiallon. This report has been prepared in aCc￿￿8￿co wlih the speclal pro¥i8iix19 01 Part 15 ol the Companles Act 21)06 ml8ting to smal companle5. The truslee¥' reportwas approved by the Bowd of TA￿le85. Mr TI￿Or Wrfghl ChalTperson i.%.lJt.1.%5 THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAINBOW PROJECT LTD Oplnlon We havè audlted the financS81 statements of The Ralnbow Projecl Ud (the 'charllable company) for tho year ended 31 March 2023 whlth comprlse the statement of fmanclal activltles, the balance sheeL the statement of cash flov and the notes to the financlal statements, wicluding a summary of signrficant ac￿u￿￿ng poI￿leS. The financlal reportlng framework thal has been applled In thelr preparatlon Is applicable law and Unlled Klngdom Accountlng Siandards, Including Financlal Reportlng Stsndard 102 The Flnenclal R8portlng Standard appllc8lJle In Ihe UK 8rn1 Ropublk of lrnland (Unlted Klngdom Generalty Accepted Accountlng Practke). Thls report Is made sdaly to th8 charltabl8 company's member5. as a boty. In acrnrd8nce wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audlt work has been undertaken so that we mlght state lo the charftablo compantys members those matters we are requlred lo state lo Ihem Sn an audlioes report and for no other purpose. To the lullest extent perniltted by law, we do not accept or essume resp(￿51b1I1ty to anyone other than the charitable company and the charftable company's members as a body, for our audll work. for thls rnport. or for the oplnlons we have forrned. In our oplnlon, the financlal statements". glve a Irue end falr vlew of the state of the charitable companys a118lrs 08 at 31 March 2023 and of118 Incomlng resources and ar4)Ilcatk)n of resourcas, Indudlng tts Income and expendtture, lor the year then •ndad: have been prowly prepared In accordance wth Unlted Klngdom Generally &￿8p18d Accounllng Practlce; and have been Prepared Sn accordance wlth the requlrements of the compan[￿ Ad 21X)6. Bails lor oplnlon We conducted our aud5t In accordance wrth Intemallonal Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our re5POn51bllltles under those standards are further des(xlb8d In tho Audllofs r•sponslbHftles for the 8udlt of th8 financl81 statern6nts sectl. (a5 amendad for accountlng perfods comm8nclng from 1 January 2016). The charltable company 18 a Publlc Benefit Entlty as d&finad by FRS 102. Tha finandal stalen￿nts are prepared In sterllng, whlch Is th8 funcilonal currency of tha charitable company. Monetary an￿￿nts In thes8 financlal statements arn roundad io th• nearest £. The flnanclal statements have been prepared under Ihe hIstc￿c8I co¥1 conventlon. The Pfh)dpal acetsuntlng polldes adopted aro sol out below. 1.2 Golng conrArn At the Ilme of apprevlng the financld statements, Ihe tw8tee8 have a reasonable expectatlon that the chartiable compony has adequate resources to contlnue In operaUonal exlstence for the foreseeable fulure. Thus the trustees cantlnue io adopt Ihe golng concem ba818 of accountlng In pr•parfng tha financlAI statements. 1.3 Charlt•bl• lund• Unfestrlcted lunds arn avallable for use at Ihe dSscretlon of the tru8leo8 In furtherance of Ihelr tharflable ob￿ctIVes. Daslgnat•d funds arn unrestrlcted funds sel aslde at Ihe dlscretlon or the tnJ8lees for speclfic purpo$•$. Restrlcted funds are subJ8d to spocffjc condltions by donors as to how they may be used. The purposas and uses of the restslcted funds are set out In the notes lo ihe Ilnanclal statements. 1.4 Incomlng rnsourc•s Income Is recognlsed when the charitable company Is legally entlued lo It after any perfonnance condllons have been mel, the amounts can be measured rellably, and It 55 probable that Income wlll ba rgcth*•d. Cash dcnatlons are rncognlsed on recelpl. Other donatEons are re¢J)gnlsed On￿ the chariiable company has been nolmed of the donatlon. unless performanc8 condltlons requlre deferral of the amount. Income tsx recoverable In relatlon to donatlons recelved under Gift Ald or daeds cf covenant Is recogn15ed al the tlmg of the donatlon. Legacles are recognlsed on rec8lpt or olheNls8 If th8 charltable company has been noulled of an Impendlng dlstrlbutlon, Ihe amount is known, and recelpt Ss expected. If the amount Is not krK)wn, the legacy Is treated as a contlngent asset. 1.5 Resources expended Al 8xpendlture is accounted for on an accruals ba3ls and has been dasslfied under headlngs that aggregale al costs related to the category. The majortty of costs are dir8cUy attrlbutable to specific acllvrtles. Where costs cannot be direcliy attributed lo particular h8adings they have been allocated to aclivitles on a basls consistent with use of the resources. Staff costs and overhead expense5 are allocated to activities on the ba518 of staff Ilme spent on those activltles. 13- THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Prfnclpal accountlng poll¢l05 (Contlnuad) 1.6 Tanglbl• fixod as••ts Tanglble fixed assets are Inltlally ffleasured at cost and subsequently measured at cost or valuatlon, net of d8predatlon and any Impalment losses. Depredatkjnls recngnlsed so as to wrfta off the cost or valuatlon of assets less thelr resldual values over thelr useful Ilves on tha follcwlng bases: Office equlpment 33.3% stralght Ilne The galn or 1088 aris11￿ on the dlsp(Is810l an asset Is detemilnad as lh• dlfference between the sale proce8d6 arKI the carrylng value of the asset. and Is recognl8ed In the statemanl of finandal actlvltle8. 1.7 Impalrni•nt of fix•d a•8•ts At each reportlng end data, the charltable ccfflpany rnvl•ws the ￿rryIng amounts of Its tsnglble ass•ts to delermlne whather there Is any Indlcatlan that those assets have suffered an Impalmient loss. If any such Indlcallon exlsts, the recoverable amount of the a8set Is esllmated Sn order to determlne the axlent of th• Impalmient108s {If any). 1.8 Cash and calh •qulval¢nts Cash and cash equlvalents Indude cash In hand, deposlts held al eall vAth banks. other short-terni Ilquld Investments wlth orlglnal maturltles af three months or less. and bank overdrafts. Bank ovardrafts arn shown wlthln borrowlngs In currnnt IlablllU•8. 1.9 Flnlnclal Instrum•nts The charftable company has elected lo appty the provlslons of Sactlon 11 'Ba8Ec Flnanclal In8trument8' and Sectlon 12 '0ther FInanc￿l Instrumanls Issu8s' ol FRS 102 to all of Its financlal Initruments. Flnandal Instruments ar• rocognlsed In ihe charftable c(ryanYs balanco sheet when the charflable conwany bKom•g party to the contractual provlslons of tho Instrumgnt. Flnandal assets and Ilabllltles ara offs•l, wbth the net amounts pmsenled In the finandal slatements, when there Is a legally enforc88blo rfght to sat off th8 recognlsed amounts and Ih8rn18 an Intenilon to settle on net basls or to reallse the a8get and settla Ihe Ilablllty slmulianeously. Bask flNncl•l ass•ts Ba51c financlal assets. wthlch Indude ¢Jebtors and czsh arKI bank balances, are Inltlally measured at transacllon prSca Includlng transactlon ¢￿ts and are Subsequently carrled al amortlsed cost uslng the effectlve Interest method unless the arrangemenl con5tllutes a finandng transadon, where the transactlon Is measured at th& presenl valuo of the future recelpts dlscounted at a market rate of Interest. Flnandal assets dasslfied as recelvable wlthln one year ara not amortlsed. 8a$lc flnanclal Ilabllhles Baslc finandal Ilabllitles, Indudlng rxedStor5 and bank loans are Inltlally racognlsed al transactlon prlce unle53 the arrangement constitutes a ftnanclng transactlon, where the debt Instrument Is measured at the present value of the ftrture paymenis dlscounted al a market rate of Interest. Flnan(ial1Sabilities classtfied as payable thln one year are not am(Jllsed. Debt Instruments are subsaquenlly carrled at amortlsed cost, using the effethe Intere8t rale rnethod. Trade credltor3 obllgatlon5 to pay for goods or seryices that have been acquired In th8 ordlnary course of operatlons from supplieTr. Amounts payable are classified as currant Ilabllltles If paymenl Is due within one year or18S5. If not, they ar8 presented as non-current Ilablllties. Trade credltors are recognlsed Initially at transacuon prlce and subsequenuy measured at amortsed cost uslng Ihe effectiv8 inlerest method. 14- THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Prlnclpal accountlng pollcles Icontlnued) Derncognltlon of Ilnanclal Il•bllltles Financlal Ilabllltles are derecognlsed vth8n th8 charttable CoMpan￿S contractual obIlga￿ns expire or aro di8chanJed or cancelled. 1.10 Employ•• b•n•ffits The cost of any unused hollday entltlement Is r8COgnlsad In the perlod In whlch the employee's servl¢es are recelved. Termlnaknon benefits are recognlsed Immedlalety as an expens• wthen the tharftable company 18 dem(￿strabIY commltted to temlnata the employment of an •mploy8e or to pravkle lem)Ination benefits. c￿tI￿1 accountlng Mtlmat•s and Judg•m•nts In the applScallon of the charltabla COMpan￿S accountlng pollcles, the trustees are requlred to make ILKlgern8nts, esumates and assumptlons about the carrylng amount of assets and Ilabllltles that are not readlly apparent from other sources. The esllmales and assodated assumptkjns arn based on hl8torlcal exper58nce and other facl¢ys that are consldered to be relevant. Actual results may dlffer from th8se astlmalag. The esllmatfjs and underlylng as8umpiions are ravlewed on an ongolng basls. Revlslon8 lo accountlnu estlmales are recognlsad In the perlod In whSch the astlmate Is revlsed where the rev151on affects only that perlod, ar In tha ptxSc#J ol the revislon and future perfods where th• revlslon affects both current and fvtura perfods. Donallons and legacl•s 2023 2022 Donallons and girts 112,914 92,863 15- THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charftablo acllvltles 2023 2022 Perf0m￿nC0 related granis Tralnlng Incorn8 700,682 22,480 691,162 8.070 723,162 699.232 Analysls by fund Unrestrkted fund8 Restrlcted funds 302,487 420,875 723,162 For th• year •nd•d 31 March 2022 Unrestrlcted funds Restrlcled funds 362,974 338,258 699,232 P•rforni•n¢• r•lat•d gran1• PHA Southem PHA Belfast PHA Westem PHA RSE Department of Health & Soclal SeTvlce8 Department of Health & Communlty Foundallon Woslem Health & Sod81 Care TNst The Natlonal Lottery Communlty Fund The Joseph Rowntree Charllable Tn￿t The Henry Smlth Chadty PSNI Aibert Cornrnunlty The Communlty Faundatk>n The Rank Foundailon Jobstart DFC Unlon Street SSE- BAME NIHE G51ead JRS Grant 11,873 166.539 57,066 11.360 151,194 64,514 70,253 24.333 65,713 23,429 111,994 32,050 52,400 17,000 24.333 56.325 24.352 81.641 47.080 52,300 54,032 3.000 26,000 37,321 16.0(10 29.476 12,500 15.909 16,192 25.000 9.821 71)0,682 891,162 16- THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charftabl• actlvltles 2023 2022 Employment Costs Establlshmanl costs Offlce expenses Printing, postage & stailonery AdvertSslng & promotlon Subscrfptkjns and donatlons Other dlrect charitable coslg Travol & subslstence Sundry & other costs 519,915 16,132 3,792 1,574 23.706 2.179 107.823 7,195 9.811 432,836 13.340 4,991 3.039 6,831 1.188 59,186 4,740 3,083 891,927 529,234 Shere ol support Costs (see note 7) Share of govemance costs (see note 7) 126,638 3,764 89,789 3,379 822,329 622,382 Analys1• by fund Unrestrlcted fund8 RestrfGtod funds 443,$95 378,734 822,329 For tho y•ar •nd•d 31 March 2022 Unrnstrlcted fund¥ Restrlcted funds 424.872 197.510 622,382 Net mov•m•nt In funds 2023 2022 Net movement In funds ts stated after charglngl(credltlng) F88s payable to the companys audltor lor the audlt of the company$ llnanclal siatem8nts Depredatlon of owned tanglble fixed a55ets 3,764 9,955 3.379 7,248 17- THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support costs Support Govornanc• costs costs 2023 2022 Employment costs Depraclallon of langlble fixed assets Eslabll8hment costs R8palr5 and malnt8nanc• Offic8 8xpenses Advertlslng and promotl Legal and professlonal costs Bank charyes Sundry and other costs 36,261 9,955 44.148 4,019 12,602 2,679 36,261 9.955 44,148 4.019 12.602 2.679 40,227 7.248 27.460 1,293 3.750 3,695 5,069 243 476 476 8,554 Audlt fees 3,764 3,764 3.379 126.638 3,764 130.402 93.148 Analysed beiween Charltsbla actfvSiles 126,638 3,764 130,402 93,148 Governance costs Includas payments to the audltorg 01 £3,784 (2022- £3,379) lor audll feas. Tru•t• None of the trustees (or any persons connected wllh Ihem) recelved any rnmunarntlon or benefit8 from the chadtable company durfng the year. Employ••s Numb•r ol omplO￿•S The average monthly nurnber of employees {exdudlng dlrectors) durlng the year wa5: 2023 Numbqr 2022 Numb•r Number ol company staff 26 19 Employmant 2023 2022 Wages and 5al8rfes 556,176 473,063 There were no employees whose annual reffluneratlon was £60.000 or more. 10 Taxatlon The charity Is exempt from tax on income and gains falling within sectk)n 505 of the Taxes Acl 1988 or Bec￿on 252 of the Taxation of Chargeable Gains Act 1992 to the extent that th8se are applled to Its charilable objects. 18- THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 11 Tanglbl• flx•d asHts oinc• •qulpm•nt Cost At 1 April 2022 Idluons 117.389 14.636 At 31 March 2023 132,025 D•preclatlon and Impalrni•nt At 1 Aprll 2022 Depr8dailon charged In the year 109,308 9,955 At 31 March 2023 119,263 Carrylng amount At 31 March 2023 12,762 At 31 Marth 2022 8.081 12 D•btor• 2023 2022 Amounts falllng du• wlthln on• y•ar. Other debtorn Prepayrnents and accrueql Income 41,922 84,899 27,172 16,334 126,821 43,$06 13 Cr•dltorn: amounts falllng du• wlthln one y•ar 2023 2022 Other credltors AccnJals and deferred Income 14,191 70.809 10,463 41,560 85,000 S2.023 19- THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 Rastrlcted funds The Income funds of tha charity Include restdcled fiJnd5 comprfslng the followlng unexpended balances of donatlong and grants held on trusl for ¥peclfic purp05e5: MoV•n￿nt In funds Balan￿ at 1 Incomlng Resources Aprll 2022 r•sOu￿•S •xpendad Transfers Balanc• at 31 March 2023 PHA- Southem Tho Natlonal Lottery Communlty Fund The Joseph Rowntree Charitable Trust Comlc Rellef The Henry 8mlth Charlty PSNI Arfs Councll Nl NIHE Love Equallty Fund The Communlty F¢Jund8tlon Department of Health & Communlty Foundatl Gllead Ronk Foundatlon Jobstart DFC Unlon Street SSE 5,876 5,000 (4,000) 8.876 51,511 81,641 (72,982) (18,328) 43,842 9,326 1,801 13,036 (8,297) 315 543 1,800 9.618 47,080 (35,914) (8,175) (1,801) fl.607) (9.400) {315) {294) {1,800) {408) 12,317 52,300 54,032 {40,790) {28,156) 16,939 10,179 (249) {12,210) 57,498 25,000 56,325 (103,810) (4,386) {14,455) {34,941) {14.537) (7,384) (4,940) (12,500) (20,614 (4,200) {2.380) (2,489) 26,000 37,321 16.000 29,476 12,500 7,345 1,463 22,112 7,560 170,025 420,87S (378.734) (85.822) 126,144 Transfarn from restrlcted funds are to cover unallocat•d Overt￿ad costs whlch not boen asslgned ta hdlvklual projects. PHA South•rn A rostrlcted grdnt to fund the development ol a Reglonal Lesblan, Gay, Blsexual and Tron8gender PR Strategy In the Soulhem area. Tho Natlonal Lottery Communlty Fund