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 aCtI￿￿tIeS
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 Ne￿ork, 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 Suc￿Ssful 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 pe￿On 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 Su￿unded 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 compla￿nI 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 procedu￿5.
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
prO￿dureS 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 a￿ountIng 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 reSoUr￿S 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
othe￿iSe 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 re￿iVed 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 prO￿dureS 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
RegiSte￿d 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 be￿een 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 can￿lled.
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) re￿iVed 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 be￿een
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 balan￿S 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
servI￿s
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-