HMRC Charities Registration No. N100287 Company Reglstration No. N1030101 (Northern Irelandl THE RAINBOW PROJECT LTD (CHARITABLE COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Registered with The Charlty Commlssion for Northern Ireland NIC1000064
THE RAINBOW PROJECT LTD CONTENTS Page Members of the Board and Professional Advisers Trustees, report Independent auditorfs r8POrt 8-11 Statement of financial aCtItIeS 12 Balan sheet 13 Statement of cash flows 14 Notes to the financial statements 15-24
THE RAINBOW PROJECT LTD MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS Trustses Mr Ciaran Moynagh Ms Karen Mcshane Miss Nadine Campbell Mr Shane Lynch Mrs Lauren O'Sullivan-Harris Mr Jonathan Kyle Ms Norah Christie Ms Monica Fitzpatrick Mr Donall Henderson Ms Emma Wallace Ms Caroline Maxwell MrArOn Hughes (Appointed 1 June 2024) (Appointed 1 June 2024) (Appointed 1 June 2024) Company secretary Mr Scott Cuthbertson HMRC Charities Reference number N100287 The Charity Commission for Northern NIC100064 Ireland number Company number N1030101 Registered office Cathedral House 2&31 Waring Street Belfast BT12DX Independent auditor Johnston Kennedy DFK Chartered Accountsnts Registered Auditors 10 Pilots Wiew Heron Road Belfast BT3 9LE Bankers AIB (NI} 551 Antrim Road Fortwilliam Belfast BT15 3BU Solicltors Phoenix Law 92 High Slreet 3rd & 4th Floor Belfast BT12BG
THE RAINBOW PROJECT LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees of the charity for the purposes of the Companies Act 2006, submit their annual report and audited financial statements for the year ended 31 March 2024. The truslees have adopted the Statement of Recommended Pradio (SORP) 'Accounting and Reporting by Charities" (FRS 102) in preparing Ihe annual report and financial statements of the chartty. The financial statements have been prepared in accordance with the accounting policies set out in not8 1 to the financial ststements and comply with the charilable company's Igoverning documen1], the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice 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). Review of Activity and Fuiuro Developments Welcome to The Rainbow Project's Trustee Report for 2023-24. This report contains details on what has been another very busy year for the Rainbow Project, and one marked by considerable change for the organisation, as we conlinue our work to Make Northern Ireland a better place for LGBTQIA+ people and their families. In May we said goodbye to our Director of 8 years John O'Doherty, John takes up a position as Oirector of Policy and Publi¢ Affairs at the Communty Foundation Nl. We were delighted that John was awarded the Inspiring Leader of the Year al this years C03 Awards, a fitting reward for his yaars of service to LGBTQIA+ communities in Northérn Ireland. Change th endings also comes new beginnings and after a robust recruitment process the Board of Trustees were pleased in June 2023 to welcome Scott Cuthbertson as the organisation's new Director. Scott joins us from the Equality Neork, a leading LGBTI charity in Scotland, and brings with him two decades of experience of advocacy and community development in both domestic and international settings. A leading voice in progressing LGBTI law and policy and fomi8r chair of the UK Alliance for Global Equalty. Wrth a new Director in post and with Board support Scott begun with a review of the organisation, its strategic plan, structure, efficiency and effectiveness. In October 2023 he completed the first stage of an organisational restructure, intended to strengthen and protect the delivery services from the volatility impacting the LGBTQIA+ sector across the UK, and appointed Nuala Devenny as Deputy Director with responsibility for services. The Board of Trustees changed the legal name of the organisation from Rainbow Health Ltd, to The Rainbow Project Ltd at the AGM in O¢t 2023. This change aligned the operating and legal names of the organisation. Our work The organisation has delivered high quality training on LGBTQIA+ issues for many years, Ihis year we have facilitated our Sexual Ori8ntation and Gender Awareness Training to over 800 professionals from the communityl voluntary, public and private sectors. We were delighted in January to secure funding from Dormant Funds to employ our first designated Training Officer. The three year fvnding will allow us to develop our funding offer, and pursue Open College Nelwork (OCN) accreditation, while also growing the organisalion's unrestricted income though this channel. After what we view to be a very SucSsful Mental Health pilot project funded by the Department for Heatth and in partnership with HEReNI, we were disappointed not to secure n8w funding from th8 department lo continue the project.
THE RAINBOW PROJECT LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Over the two years of the service, the staff members have.. Supported 245 LGBTQIA+ people through their Heatth and Wellbeing consultation. The consuttations are the start of a service user's support and their introduction to our servic8S', Facilitated 314 listening ear sessions to support Servi users- Supported over 50 s8rvice users develop care plans- Supported over 50 service users with advocacy referrals., Facilitated over 30 workshops on a range of themes for service users., Developed 6 mental health awareness campaigns: Facilitated over 600 counselling sessions with Servi users; Supported over 20 families of LGBTQIA+ people. Wilh growing NHS waiting lists and ongoing pandemic-related impacts on LGBTQIA+ mental health this project has never been morè neèded by our communities. We will continue to seek funding for this vital project. Rainbow Youth (fomally known a5 OUT North West) is our youth service, based at our Foyle center. Over the pasl 5 years we hav8.. Engaged with over 300 LGBTQIA+ young people and supported their parent5 and other family members., Supported over 470 LGBTQIA+ young people through a range of workshops., Supported over 150 LGBTQIA+ young people through 1-2-1 mentoring sessions., Supported over 170 LGBTQIA+ young people through creative, job skills or employability courses. Supported over 40 LGBTQIA+ young people in work pla¢emenUvolunteer roles., Supported over 160 LGBTQIA+ young people through personal development programmes-, Supported 30 LGBTQIA+ young people to complete their OCN Level 3 course in Youth Work. At the end of year five the project's external evaluator asked participating young people., 'Do you think the project is needed?. These are responses from 3 young people. "Absolutely. I think through the project we leam about queer history in Nl and how tha sgnse of community was so important during the troubles and AIDS crisis to wh9rg wg'rg at now. I think in tem7S of peacebuilding and community it is so important and thal you are supported and valued even wh8n you've outgrown the services.. 'Yeah. Partly for people who dony get that kind of support anfft8r8 alse, it's the only plaoe for people to hear their actu81 namg and pronouns but even for people with supportiva famili&s, community is needed and I think il's really important to have the space Whe people will help you out when you n88d it and just to know that the'S common ground there and I think its a really important way of making friends for young queer people especially rf iys hard in school, so to get outside of that and meet others like you is important. I hate to bring this up but in th8 context of North8m Ireland with the whole oatholic and protestant thing, I went to a catholic school and ther8 s one protestant in my year whiGh is totally accepted but at rainbow youth there s no divide like that. I'vo mgt a lot mor8 P90pl& fmm the protestant community than l avar would have without it and that s important as well, outsid8 of th8 quaerpart of it. I think its absolutaly n8adad and il massively helped me and a lot of people. I can't racommand it gnough to young people I mget, Colleen is amazing, everyone's allY friendly and nic9. 1 don't know who I d be without it- less goodl. °Absolutely. I know I needed it as a young peOn and a lot of my friends too. Now I see it from the olher sid8, se8ing young people at the age I started and hearing them say they need a space like this. Especially for those not aGc8pted or out at hon or school, it's that ona spaca of help and support and it s absolutoly neadad for a lot of reasons. A lot of good comes out of bging part of a Gommunity and it's essential for evory pgrson, humans aTr very social creatures and we want to be Suunded by those we have in common. Being qugar can feel really isolating especially when you are young so its dgfinitely needed."
THE RAINBOW PROJECT LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In March 2024, The Rainbow Project got the terrific news thal the National Loltery Community Fund would again fund Rainbow Youth for a further 4 years. Fantastic news for young LGBTQIA+ people in the North West. This year we were delighted to secure increased funding from our partner SSE Airtri¢ity that has enabled us to continue to Work specifically with minority ethnic communities to provide health and wellbeing support. This work has been particularly importanl in the context of growing race hate incidents in Northern Ireland. In April 2023, we saw SSE Airtricity launch a new campaign 'We are Northem Ireland, with The Rainbow Project. The campaign amplifies The Rainbow Projecys main mission.. to make everyone feel like they are not just a part of the LGBTQIA+ community - but part of Northern Ireland. Members of the LGBTQIA+ communty and service users are featured in the Campaign which was seen across television and billboards. Over the past year we have been working wilh Macmillan Cancer Support, The UK'S leading cancer care charity, on the development of a new support project to support LGBTQIA+ people across Northern Ireland who have been impacted by Cancer. In March 2024 we were pleased with Ihe news our fvnding applie2tion had been approved. Ovér the 3 years of the project we will be running programmes, workshops and campaigns to dispel cancer myths and promoting the Importan of screening. We will also provide support to a range of organisations such as cancer charities, cancer slaff in health seltings, hospices, residential care on how to become more inclusive of LGBTQIA+ people. As well as funding 5 jobs at the Rainbow Projecl, Cancer Champions will also provide volunleering opportunities across Northem Ireland. The Rainbow Project continues to work in partnership with Victim Support Nl.. Migrant Centre Nl and Leonard Cheshire to offer a safe and confidential space to provide support to victims of hate and signal crimes across the different protected characteristics. The Hate Crime Advisory SeTvice (HCAS) is jointly funded by the Police Service of Northem Ireland (PSNI) and the Department of Justice (DOJ). In 2023124 126 potential sexual OTientation hate crimes were referred into the HCAS Service, with 43 referrals on grounds of transgender identity This was a significant rise on 2022123. In 202312024 we were delighted to have secured funding from All State which enabled us to open a new LGBTQIA+ space in Union Street, Belfast. This venue is right in the heart of the Rainbow Quarter and was essential as more space was needed to facilitate, counselling, Health and Wellbeing Consultations with LGBTQIA+ individuals and a range ofworkshops and groups. Despite significant cha118nges The Rainbow Project has continued to grow our partnership developed with Stonewall in the delivery of the Diversity Champions programme in Northem Ireland supporting employers in meeting the needs of their LGBTQIA+ employees. 24 organisations from across Northern Ireland are a part of the programme, and 400A of all income generaled by Diversity Champions in Northern Ireland goes to the Rainbow Project. We continue to work to support LGBTQIA+ communities across Northern Ireland with the support of Henry Smith Charity. In 2023124 we have supported LGBTQIA+ groups in Strabane, Enniskillen, Causeway Coast and Glens, Ballymena, Ballycastle, Newtownabbey, Lisbum, and Bangor. The Rainbow Project continued to be on the CLrtting edge of service provision during 2023-2024 with the continuation of Northern Ireland's only Co-cultural LGBTQIA+ Affirmalive Counselling Service resulting in over 1700 sessions delivered. Highlights of our WQTk completed with the support of PHA funding 202312023 was: 511 Health and Wellbeing consultations were facilitated to LGBTQIA+ people who were new service users and some service users who were returning for support after 1yrs+; 31,324 Safer Sex Packs were disturbed across Northern Ireland. 189 rapid HIV and Syphilis tests were facilitated- 530 queries in relation to sexual health were completed. 60 Outreach sessions were delivered to clubs, pubs and other venues across Northern Ireland.
THE RAINBOW PROJECT LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 We also delivered.. Mentsl Health Campaigns; Workshops and social events for LGBTQIA+ people- Training to professionals., Support for regional groups. Some of the high praise from our clienls via our post-test evaluations who attended a Rapid HIV and Syphilis testing service.. 'Every bit of the pmcess were explain8d very nicely and gentty. It really made me feel safe and understood the whole proc8ss of getting lested." "I was immediatelyput at ease." °Léo thas] exGellent empathy andprofessionalism. "I allY am grateful for their efforts and work in making everyone feel weloome. With support from Belfast City Council, and in partnership with other LGBTQIA+ sector organisations we took part in a feasibility study into the development of a new LGBTQIA+ hub for Belfast. The hub would act as a new home for the Rainbow Project, Cara Friend and HereNI in the city. Through this robust process we have identified a suilable space and are working to secure the relevant permissions to facilitate the relocation to the new space, and the funding needed to create a state of the art LGBTQIA+ hub for Belfast and Northem Ireland. We continue to strengthen relationship and partnerships with LGBTQIA+ organisations across the United Kingdom and Ireland. This year we were delighted to secure funding for The All Island LGBTQIA+ Forum, a partnership behveen the Rainbow Projeci and LGBT Ireland which brings LGBTQIA+ people and organisations together in a spirit of partnership and cooperation across the island of Ireland. This work is funded by the Community Foundation Ireland. The Board of Trustees welcomed the resloration in February of the devolved Northern Ireland Assembly at Stormonl, and of a power sharing Northern Ireland Executive. The Rainbow Project has always, and will always, work with elected representatives of all stripés to achieve progress on the issuès that matter to LGBTQIA+ people and their families. The staff team have begun work on setting out our priorities and how we influence decision makers through our equality and human rights action plan, as part of our strategic plan, to progress equality and human rights for all LGBTQIA+ people in Northern Ireland. ile we continue working to achieve change in the views and atlitudes of society in Northern Ireland Ihat might have been un-imaginable ten or enty years ago. we cannot be complanI Rising anti-LGBTQIA+ rhetoric, and in particular anti-trans rhetoric, poses a huge challenge to our work and the work of partner organisation not only here in Northern Ireland but across Ihe globe. Our activity last year has been set against this backdrop of increased public debate about LGBTQIA+ issues, and progress on issues like trans health ¢are, ¢onversion practices and gender recognition have stalled. The Rainbow Project has been in the vanguard of promoting as well as defending the rights, needs, views and expectalions of the LGBTQIA+ community in Northern Ireland for three decades continuing to engage with political parties, their elected representatives, and departments with or without a functioning Assembly and Executive. During 2023-2024, the Trustees continued to focus on the governance of the organisation.. on setting and monitoring strategy, ensuring systems of control were in place, monitoring finance. and considering major areas of risk. Day-t(Fday management decisions are delegated to the Director. During the year the Trustees continued a number of inlemal réviews lo ensure best practi and good governance,. including a review of The Rainbow Project's policies and procedu5. The Rainbow Project's strategic plan focusses on changing the lives of LGBTQIA+ people, changing lives, changing society and changing ourselves. This change will be athieved through the development and delivery of key services addressing the needs of LGBTQIA+ people, working with others to increase théir awareness and knowledge of the needs of LGBTQIA+ people, working to ensure society values the positive impact of LGBTQIA+ people and continuously developing our organisation to ensure not only thal it is fit for purpose but it does act as a catalyst for change.
THE RAINBOW PROJECT LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure. governance and management The Rainbow Project Ltd (previously Rainbow Health Limited) is registered with The Charity Commission for Northem Ireland and is a company limited by guarantee, incorporated on 25 October 1995. It is govemed by a Memorandum and Articles of Association which were last amended on 22 September 2012. The trustees. who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were.. Ms Jenny Ashton Mr Trevor Wright Ms Kimberly Ann Walsh Mr Ciaran Moynagh Ms Karen Mcshane Miss Nadine Campbell Mr Shane Lynch Mrs Lauren O'Sullivan-Harris Mr Jonathan Kyle Ms Norah Christie Ms Monica Fitzpatrick Mr Donall Henderson Ms Emma Wallace Ms Caroline Maxwell MrArcin Hughes (Resigned 20 August 2023) (Resigned 14 September 2024) (Resigned 24 February 2024) (Appointed 1 June 2024) (Appointed 1 June 2024) (Appointed 1 June 2024) None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. No emoluments were paid to directors during the year. Principal activity To seek the ben8fft and enhancement of the mentsl, emotional and physical health and wellbeing of lesbian, gay, bisexual and transgender people in Northern Ireland and, in particular, to advance education and awareness by way of research, provision of advocacy services, development, assessment and development of information and education servitss., to provide care and support semces, couns611ing services, dinical services and advice relevant to health, particularly sexual health, and well-being., and to promote the equality and rights of lesbian, gay, bisexual and transgender people. Risk policy The Trustees who served during the year have undertaken an analysis of the work of the Charity., identified the major risks to which the charity is exposed and are satisfied that all appropriat8 policies, pradios and prOdureS are in place to mitigate those risks. A Governance Sub-Group of the Board of Trustees has been fomed and has produced a regisler of major risks and mitigating actions. Financial review During this reporting period. the charity has maintained a good financial position with an increase in donations and reseTves held. The Trustees have reviewed the reserves of the charity. Considering the variable income and fixed commitments, as well as the wider funding climat8, the review Concluded thal to allow the chartty to provide a buffer for uninterrupted seNices, a general Teserve equating to approximately four months of total expenditure should be maintained. The current free reserves held by the charity are £224,457 which is 27.10A or approximately three months of the total annual expenditure of the 202312024 financial year.
THE RAINBOW PROJECT LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of trustee5' responsibilities The trustees, who are also the directors of The Rainbow Project Ltd for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the trustees are required to= select suilable accounting policies and then apply them consistently.. observe the methods and principles in the Charities SORP., make judgements and estimates thal are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.. and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping adequate aountIng records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial ststements comply with the Companies Act 2006. They are also résponsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor A resolution proposing that Johnston Kennedy DFK be re-appointed as auditors of the charity will be put to th8 Annual General Meeting. Disclosure of information to auditor Each of the trustees has confirmed that there is no infomation of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriale steps to identify such relevant information and to establish that the auditor is aware of such information. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The trustees. report was approved by the Board of Trustees. Ms Karen Mcshane Chairperson Dale:
THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE RAINBOW PROJECT LTD Opinion We have audited the financial statements of The Rainbow Project Ltd (the 'charitable company,) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accèptèd Accounting Practice). This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might stat8 lo the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit Work, for this report, or for the opinions we have formed. In our opinion, the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming reSoUrS and applicalion of resources, induding its income and expenditure, for the year then have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditors responsibilities for the audit of the financial statem6Trnts section of our report. We are independenl of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Slandard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have concluded that the directors. use of the going concern basis of accounling in the preparation of the financial stalements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating to events or conditions thal, individually or collectively, may cast significant doubt on the charity's ability to continue as a going oncem for a period of al least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concem are described in the relevant sections of this report. other Inforniation The other infomiation comprises the information included in the annual report other than the financial slatements and our auditols report thereon. The trustees are responsible for the other inforniation contained within the annual report. Our opinion on Ihe financial statements does not cover the other information and, extspt lo the extent otheiSe explicitly stated in our report, we do nol express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audii. or otherwise appears to be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infom)ation, we are required to report that fact. We have nothing to report in thi5 regard.
THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE RAINBOW PROJECT LTD Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the trustees, report. which includes the dir8dors' report prepared for the purposes of company law, for the financial year for which the financial ststements are prepared is consistent with the financial statements., and the directors. report included within Ihe trustees, report has been prepared in accordance with applicable legal requirements. Matters on vthich we are requlred to pOrt by exception In the light of the knowledgé and understanding of the charitable Company and its environment obtsined in the course of the audit, we have nol identrfied material misstatements in the directors, report included within the trustees, report. We have nothing to report in respecl of the following matters in relation to which the Companies Act 2006 requires us to report to you rf, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made,. or we have not reiVed all the information and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a slrategic report. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities, the trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal ntrol as the trustees delermine is necessary lo enablè the preparation of financial statements that are free from material misstatement, whether due to fraud or etror. In preparing the financial statemenls, the trustees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Ihe trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs respon$ibilities for the audit of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an audilo¢s report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always deted a material misstatement when it exists. Misslatements can arise from fraud or error and are consid8red material if, individually or in the aggregate, they could reasonably bé expected to influénce the economic decisions of users taken on the basis of these financial statements. The scope of our audit Irregularities, including fraud, are instances of non-compliance with laws and regulations. We d8sign procedures in line with our responsibilit18S, Outlined above, to deted material misstatements in respect of irregularilies, including fraud. As part of our audit, we determined materiality and assessed the risks of material misstatement, in the financial ststements.
THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE RAINBOW PROJECT LTD Capabillty of the audit in detsrmining irregularities, including fraud The extent to which our procedures are capable of delecting irregularities, including fraud is detailed below.. the nature of the activities and sector, control environment and performance., results of our enquiries of management aboul their own identification and assessment of the risks of irregularities., any matters we identified having obtsined and reviewed the tharitable company's documentstion of their policies and procèdures relating lo= identifying, evaluating and comptying with laws and regulations and whether th8y Were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud., the internal controls eslablished to mitigate risks of fraud or non-compliance with laws and regulations., the matters discussed among the audit engagement team and relevant int8rnal specialists where necessary regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that rrtay exist within the organisation for fraud. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond lo the risk of management override. We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations w8 consid8r8d in this contèxt included the Companies Act 2006, the Charities Acl (Northern Ireland) 2008 and Taxation Legislation. In addition, we considered provisions of other laws and Tegulations that do nol have a direct effect on the financial statements but compliance with which may be fundamental to the charitable company's ability to operale or to avoid a material penalty. As a result of perfomiing the above our prOdureS to respond to risks identified included the following.. reviewing th@ financial slatement disclosures and testing to supporting documentation to assess compliance with provisions of terms of funding, relevant laws and regulation5 described as having a direct effect on the financial statements.. enquiring of management concerning actual and potential litigation and claims., performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misslalement due to fraud- reading minutes of m88tings of those tharged with govemance and reviewing correspondence with HMRC., and in addressing the risk of fraud through management override of controls, testing the appropriateness of joumal entries and other adjustments,. assessing whether the judgements made in making a¢¢ounting estimates are indicative of a potential bias,. and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, including internal sp8cialists, and rèmained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 10-
THE RAINBOW PROJECT LTD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE RAINBOW PROJECT LTD A further description of our responsibilities is available on the Financial R8POrting Council's w8bsit8 at= https.'Il www.frc.org.ukJauditorsresponsibilities. This des¢TiPtion forms part of our auditor's report. Duncan Graham (Senlor Statutory Auditor) for and on behalf of Johnston Kennedy DFK Chartered Accountants Statutory Auditor 10 Pllots Wiew Heron Road Belfast BT3 9LE Date.. 11
THE RAINBOW PROJECT LTD STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds Totsl 2024 Totsl 2023 Notes Income from: Donations and legacies Charitable activities 105,146 295,390 105,146 677,913 112.914 723,162 382,523 Total Income 400,536 382.523 783,059 836,076 Ex enditure on: Charitable activities 461,747 365.072 826,819 822,329 Net (outgoing)fincomlng resources before transfers (61,211) 17,451 (43,760) 13,747 Gross transfers between fLsnds to cover overhead costs 51,399 (51,399) Net (expendlturellincome for the yearl Net movement In funds (9,812) (33,948) (43,760) 13,747 Fund balances at 1 April 2023 313,083 126,144 439.227 425,480 Fund balances at 31 March 2024 303,271 92.196 395.467 439,227 Total recognised gains and losses The statement of financial activilies includes all gains and losses recognised in the year. Contlnuing operations The Statement of Financial Activities has been prepared on the basis that all operalions are conlinuing operations. Companies Act 2006 The statement of financial activities also compli8S With the requirements for an income and expenditure account under the CompaniesAd 2006. The notès on pages 15 to 24 fomi part of these financial statements 12-
THE RAINBOW PROJECT LTD BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 11 6,415 12.762 Current assets Debtors Cash at bank and in hand 12 96,234 321,599 126,821 384,644 417,833 511,465 Creditors: amounts falling due within one year 13 (28,781) (85,000) Net current assets 389,052 426,465 Total assets less current liabilities 395,467 439.227 Income funds Restricted funds Unrestricted funds Designated funds General unrestricted funds 14 92,196 126,144 15 78.814 224,457 54,597 258,486 303,271 313,083 395,467 439,227 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on Ms Karen Mcshane Chairporson Miss Nadine Campbell TreasuTrr Company Registratlon No. N1030101 HMRC Charities Reference No. N100287 RegiSted with The Charity Commission for Northern Ireland NIC100064 The notes on pages 15 to 24 form part of these financial statements 13-
THE RAINBOW PROJECT LTD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notss Cash flows from operating actlvltles Cash absorbed by operations 21 (60,743) (26,636) Investlng activities Purchase of tangible fixed assets (2,302) (14,636) Net cash used in investing activities (2,302) (14,636) Net cash used In financlng activities Net decrease In cash and cash equivalents (63,045) (41,272) Cash and cash equivalents at beginning of year 384,644 425,916 Cash and cash equivalents at end of yaar 321.599 384,644 The notes on pages 15 to 24 form part of these financial statements 14-
THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Prlnclpal accounting policies Charity infomiatlon The Rainbow Project Ltd is a private company limiled by guarantee incorporated in Northem Ireland. The registered office is Cathedral Hous8, 23-31 Waring Street, Belfast, BT12DX. 1.1 Basis of preparation The financial statements have been prepared in accordance with the Companies Act 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" las amended for accounting periods wmmencing from 1 January 2016). The charitable company is a Public Benefit Entity as defin&d by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charitablè company. Monetary amounls in these financial statements are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements. the trustees have a reasonable expectation that Ihe charitable company has adequate resources to continue in operational exislence for the foreseeable future. Thus the trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charftable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Designated funds are unrestricted funds set aside at the discretion of the trustees for specific purposes. Restricted funds are subjed to specific conditions by donors or grantors as to how théy may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Incoming resources Income is recognised when the charitable company 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. Olher donations are recognised once the charitable company has been notified of the donation, unless perforrnan conditions require deferral of the amount. Income tax recoverable in relation to donations T8C8ived under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expecled. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Resources expended All expenditure is accounted for on an accruals basis and has been classified under heading5 that aggregate all costs r81ated to the category. The majority of costs are directly attribulable to specifi¢ activities. Where costs cannot be directly attributed to particular headings th8y have been allocated to activities on a basis consistent with use of the resour¢es. Staff costs and ovethead expenses are allocated to activities on the basis of slaff time spent on those activities. 15-
THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Principal accounting policies (Continued) 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised 50 as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Office equipment 33.30A straight line The gain or loss arising on the disposal of an asset is determined as Ihe difference beeen the sale proceeds and the carrying value of the asset. and is recognised in the stalement of financial activities. 1.7 Impaimient of flxed assets At each reporting end date, the charitable company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-t8mi liquid investments with original maturities of three months or less, and bank overdrafls. Bank overdrafts are shown within borrowings in current liabilitie5. 1.9 Financial Instruments The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Seclion 12 '0ther Financial Instruments Issues. of FRS 102 lo all of ils financial instruments. Financial instruments are recognised in the charitable company's balance sheet when the charitable company 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 lo settle on a net basis or to realise the asset and settle the liabilty simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction 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 amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are inilially recogni5ed at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of Ihe future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interesl rate method. Trade creditors are obligations to pay for goods or servic8s that have been acquired in the ordinary oourse of operations from Suppliers. Amounts payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as nonwcurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. 16-
THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Prlnclpal accounting pollcles (Continued) Derecognition of financial Ilabllltles Financial liabilities are derecognised whan the charitable company's contractual obligations expire or are dischafged or canlled. 1.10 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expanse when the charitable company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. Crltlcal accounting estimates and judgements In the application of the charitable company's accounting policies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of a5set5 and liabililies Ihat are not readily apparent from other sources. 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 assurnptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the périod in which the estimate is revised whère Ihe revision affects only that period, or in the period of the revision and futur8 periods where the revision affects both current and future periods. Donations and legacie5 2024 2023 Donations and gifts 105,146 112,914 17-
THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable actlvltles 2024 2023 Perfornian related grants Training income 666,863 11,050 700,682 22,480 677,913 723,162 Analysis by fund Unrestricted funds Restricted funds 295,390 382,523 677,913 For the year ended 31 March 2023 Unrestricted funds Restricted funds 302.487 420,675 723,162 Perfomiance related grants PHA Southern PHA Belfast PHA Western Department of Health & Social Senrices Department of Health & Community Foundation Westem Health & Social Care Trust The National Lottery Community Fund Dormant Account Fund Nl The Joseph Rowntree Charitable Trust The Henry Smith Charity Victim Support Albert Community The Community Foundation The Rank Foundation Jobstart DFC All State SSE- BAME The Honourable The1ri5h Society 12,293 156,908 82,758 12,167 140,813 25,214 11.873 166.539 57.066 24,333 56,325 24,352 81,641 18,228 43.360 53,500 33,846 47,080 52.300 54,032 844 3.000 26,000 37,321 16,000 29,476 12,500 29,707 23,069 15,000 18,500 1,500 666,863 700,682 18-
THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable activities 2024 2023 Employment costs Establishment costs Office expenses Printing, postage & stationery Advertising & promotion Subscriptions and donations Other direct charitable costs Travel & subsistence Sundry & other costs 498,452 33,277 575 1,556 14,038 3,271 80,533 7,143 7,749 519,915 16,132 3,792 1,574 23,706 2,179 107,823 7,195 9,611 646,594 691,927 Shar8 of support costs (see note 8) Share of governanc8 Costs (see note 8) 176,608 3,617 126,638 3,764 826,819 822,329 Analysis by fund Unrestricted funds Restricted funds 461.747 365,072 826,819 For the year ended 31 March 2023 Unrestricted funds Restricted funds 443.595 378,734 822,329 Net movement in funds 2024 2023 The net movement in funds is stated after chargingl{crediting)'. Fees payable for the audit of the charty's financial statements Depreciation of owned tangible fixed assets 3,617 8,649 3,764 9,955 Trustees None of the trustees (or any persons connected with them) reiVed any remuneration or b&n8fits from the charitable Company during the year. 19-
THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs costs 2024 2023 Employment costs Depreciation of tangible fixed assets Establishment costs Repairs and maintenance Office expenses Advertising and promotion Legal and professional costs Bank charges Sundry and other costs 60.718 8.649 43,049 5,247 12.605 6,759 16,863 460 22,258 60,718 8,649 43,049 5,247 12,605 6,759 16,863 460 22,258 36,261 9,955 44,148 4,019 12,602 2,679 476 8,554 Audit fees 3,617 3,617 3,764 176,608 3.617 180,225 130,402 Analysed beeen Charitable activities 176,608 3,617 180,225 130,402 Govemance costs include5 payments to the auditors of£3,617 (2023- £3,764} for audit fees. Employees Number of employees The average monthly number of employees (excluding directors) during the year wa5.. 2024 Number 2023 Number Number of company staff 24 26 Employment costs 2024 2023 Wages and salaries 559,170 556.176 There were no employees whose annual remuneration was £60,000 or more. 10 Taxation The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or seclion 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied lo its charitable objects. -20-
THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 11 Tangible fixed assets Officè •qulpment Cost At 1 April 2023 Additions 132,025 2,302 At 31 March 2024 134,327 Depreciation and impaimiont At 1 April 2023 Depreciation charged in the year 119,263 8,649 At 31 March 2024 127,912 Carrylng amount At 31 March 2024 6,415 At 31 March 2023 12,782 12 Debtors 2024 2023 Amounts falling due within one year: other debtors Prepayments and accrued income 20,951 75,283 41,922 84,899 96,234 126,821 13 Credltors: amounts falling due within one year 2024 2023 Other creditors Accruals and deferred income 3,602 25,179 14,191 70,809 28,781 85,000 21
THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Restrlcted funds The restricted funds of the charity comprise the unexpended balanS of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Movement in funds Balance at 1 Incoming Resources April 2023 ourteS expended Transfers Balance at 31 March 2024 PHA- Southern The National Lottery Community Fund The Joseph Rowntree Charitable Trust The Henry Smith Charity Victim Support Domiant Accounts Fund Nl The Honourable The Irish Society Department of Health & Community Foundation The Rank Foundation Jobstart DFC All State SSE 6,876 5.000 (4,969) (6,907) 43,842 (57,678) 13,836 12,317 16,939 10,179 43,360 53,500 33,846 18,228 1,500 (20,956) (48,091) (29,477) (1,357) (638) (26,141) (7,490) (5,813) {1,000) 8,580 14,858 8,735 15,871 862 (2,489) 7,345 140,813 29.707 23,069 {129.746) 118,042) (18,474) 124) (24,737) {10,883) (6,250) (5,600) (4,595) (1,439) 2.328 13.410 1,463 22.112 7,560 15,000 18,500 12.375 15,177 126,144 382,523 (365,072) {51,399} 92,196 Transfers from restricted funds are to cover unallocated overhead costs which have nol been assigned to individual projects. PHA- Southem A restricted grant to fund the development of a Regional Lesbian, Gay, Bisexual and Transgender PR Strategy in the Southem area. The National Lottery Communlty Fund A restricted grant to fund a Lesbian, Gay, Bisexual and Transgender Empowerment Project that aims to support young people currentty living in the North West of Nl. The Joseph Rowntree Charitable Trust A restricted grant to fund a Policy and Advocacy Manager. The Henry Smith Charity A restricted grant towards salary & costs of a LGBT Health and Wellbeing Outreach Officer and the running costs of a project providing peer and social support groups to LGBT people in rural areas of Northem Ireland. Wictim Support Restrided granls lo fund a Lesbian, Gay. Bisexual and TransgenderAdvocacy Project. DorniantAccounts Fund Nl A restrided grant for the provision of LGBTQIA+ accredited training development. -22-
THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Restricted funds (Continued) The Honourable The Irish Society A restricled grant to assist with story telling and exhibition costs. Department of Health & Communlty Foundatlon A restricted grant towards staff and overhead costs associated with the LGBTQIA+ Mental Health Programme. The Rank Foundation A restricted grant for the employment of a new 3-year entry level position. Jobstart A restricted grant for the Jobstart Scheme offering jobs for young people at risk of long-term unemployment. DFC A restrided grant for 'Research into Conversion Practices in Nl, project. All State Restricted funds received for rent and costs asscociated with the new Union Street premises. SSE A restricted grant for Ihe provision of a Migrant and Ethni¢ Minorities Officer. 15 Deslgnated 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. Balance at 1 Aprll 2023 Rgsourcas oxp&nd•d Transfgrs Balance at 31 March 2024 servIs 54,597 (286,545) 310,762 78,814 54,597 (286,545) 310,762 78,814 16 Analysis of net assets between funds Unrestricted Funds Restricted Funds Total Fund balances at 31 March 2024 ar@ represented by.. Tangible assels Current assetsl(liabilitiesl 1,832 269,902 4,583 119,150 6,415 389,052 271,734 123,733 395,467 -23-
THE RAINBOW PROJECT LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Related party transactions There were no disclosable related party transactions during the year {2023 - none>. 18 Contingent Ilabllltles A contingenl liability exists in respect of grants received which may become reclaimable by fvnders should certain conditions under which they were awarded fail to be met. 19 Members. liability The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liabl8 to contribute an amount not exceeding £1 towards the assets of the charty in the event of liquidation. 20 Control The charity is controlled by the trustees who are all directors of the company. 21 Cash genarated from operations 2024 2023 (Deficit)Isurpus for the year {43,760) 13,747 Adjuslments for.. Depreciation and impairment of tangible fixed assets 8,849 9.955 Movements in working capital.. Decreasel{increasel in debtors (Decrease)lincrèase in creditors 30,587 (56,219) (83,315) 32,977 Cash absorbed by operationg (60,743) {26,6361 -24-