The NOW Project Llmlted Company Limited by Guarantee Annual Report & Flnanclal Statèments Year Ended 31 March 2024 Company No: N1043774 Charlty No: NIC100093 HMRC Charfty Number: XR23504
The NOW Project Limlted Company Limited by Guarantee Table of Contents Year Ended 31 March 2024 Page Company Infomiation Report of the Directors 4-16 Ind8p8nd8nt Audltors Raport to the membars 17-19 Consolldated Statement of Fln8ncSal Actlvltle8 20 Company Stat8m8nt of Financlal Activities 21 Consolidated Balance Sheet 22 Charity 8alanc8 Sheet 23 Consolidated Statement of Cashflows 24 Notes to the Financial St8ternents 2&38
The NOW Project Limlted Company Llmited by Guarantee Company Information Dlractors l Trustaas Chris Brown John Gordon Gillian McAuley Ann McGregor Andrea MacLean Gerard Mcstravick Peter Mcverry Allen Martin Nuala Murphy Mark Osmer Jill Robb Cathy Donnelly Chair Board of Directors (Resigned 23 November 2023) (Resigned 23 November 2023) Chair Audit & Risk Committee (Appoint8d 13 December 2023) Secrotary Maeve Monaghan Regl8t•r•d Offlcè The NOW Group 15-17 Grosvenor Road Belfast BT12 4GN Audltors AAB Group Accountants Llmited Chartered Accountants 1-3 Arthur Street Belfast BT14GA 8ankars Bank of Ireland 202 Anderstown Road Belfast BT119EB Danske Bank Donegall Square West Belfast BT16JS Sollcltors Edwards & Co. Solicitors 28 Hill Street Belfast BT12LA
The NOW Project Limlted Company Llmlted by Guarantee Company Infomiation Registered Charlty No. NIC100093 Registered Company No. N1043774 ReGognlsed as a Charlty by HM Revenue & Customs under Reference Number XR 23504 Date of Incorporatlon 2 August 2002 ch[ Executlve Offlc•r Maeve Monaghan
The NOW Project Limited Report of the Dlrectors Year Ended 31 March 2024 The Directors (who are also Trustees of the company) submit their annual report and the audited consolidated financial statements of The Now Project Limited (Now Group) and its subsidiary for the year ended 31 March 2024. This report constitutes the Strategic Report and the Directors, Report required under the Companies Act 2006. Directors have adopted the provisions of the Companies Act 2006, the Charities Act (Northern Ireland) 2008. the The Charits'es Act (Northern Ireland) 2022 and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their financial statements in accordance wlth the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) effective 1 January 20191- (Charities SORP (FRS 102)), in preparing the annual report and financial ststements of the group and charltable company, Chalr's Foreword As Chairman of NOW Group, it gives me great pleasure to r8flect on th8 remarkable achievem8nts of th8 past year. 2023-2024 ha5 been a year filled with growih. opportunity, and celebration as we continue our mission to empower people with disabilities and create meaningful pathway3 for them into employment and personal development. This year, we supported an impressive 1630 individuals, helping them to gain new skills and move towards independence. Our efforts have led to 257 paid jobs for participants, reflecting the hard work of our team and the growing collaboration with businesses who se8 the value of an inclusive workforce. Our participants achieved 1540 accreditations demonslraling our commitment to providing high-quality, future-focused training for all those who engage with us. The NOW Group team has worked tirelessly to increase the number of people who require support for thelr disabilities and we are excited by the momentum that has been built. Businesses, both locally and intemationally, have embraced the importance of inclusive hiring. and together we are creating jobs that offer real futures for our participants. This is the now the right lime to expand this work, and we call on the Government lo step up in supporting organisations like NOW Group to do even more. By working together with local authoritie5, healthcare agencie5 and businesses we are able to advocate more effectively for improved policies and practices that affect those in our community with leaming disabilities and autism. The need Is urgent, and the opportunity for transformation Is here. Our focus remains not only on supportlng Indlviduals but also on changing publlc perceptlons of people with dlsabilitles. We are comm1tt8d to helping business leaders and society at large realise the valuable roles people wlth disabilities can play across all sectors. The potentlal Is enormous, and we must continue to push for greater awareness and inclusivity, A highlighl of the year was the incr8dible Graduation ceremonies hosted in Belfast and Dublin, where celebrated the achievements and potential of our participants. These events were a testament to the brilliance and resilience of those we support and served as a powerful reminder of the life-changing impact of our work. We were also thrilled by the growng success of the JAM Card initiative. With over 60,000 card users and 2,500 businesses engaged, we are only at the beginning of this joumey. JAM Card is proving to be a game-changer in making public spaces and workplaces more welcoming for people with hidden disabilities. The progressive approach of businesses who recognise the value of JAM Card in fostering inclusive environments is inspiring, and we are excited bywhat lies ahead for this program. However, this year also came with challenges. Our social enterprise, Loaf Catering, faced difficulties as we navigated increasing costs and a shifting labour market. Despite these obstacles, we are optimistic that Loaf Catering has turned a corner. With mor8 businesses returning to office-based working. we are hopeful that our corporate catering services will return to full strength in the coming months.
The NOW Project Limlted Report of the Directors Year Ended 31 March 2024 I Would like to extend my hearttelt thanks to my fellow Board members for their strong govemance and leadership, partIculaY as we build our new Board in the Republic of Ireland. To our CEO. the Executive team. and every rnember of staff across all departments-lhank you for your dedication. resilience, and commitment to living and demonstrating our values each day.11 is often said to me that NOW Group is defined by the passion and care of its people, and that is sornething of which we can all be immensely proud. Together we will create a society where people wlth learning disabilities and autism ar8 respected, included, and have the opportunity of Ilving full lives. A8 we look ahead, expect even more from NOW Group as we expand our servic88 into Dublin and beyond. Thère is no better time for the servlces we provide. and the time to act 18 NOW. Together. we are bulldlng a future where everyone has the opportunity to succeed. Thank you for your ongoing support. Sinc ord an, NOW Group
The NOW Project Limited Roport of the Directors Year Ended 31 March 2024 Objectives and actlvlties NOW Group is a Limited Company with charitable status that has been operating since 2002. It provides quality training and employment services for local people with differing levels of learning abilities who often are furlhest removed from the labour market. The purpose of NOW Is: Supporting People with Learnlng Difflculties and Autism into Jobs with a Future. The Company's objects ar8: a) to advance the educatlon of the beneficiaries in the area of benefit and to relleve povety and unemployment by the promotion, f8cililation and organisation of adequate, accessible and quality programmes of vocational and educational training, information and support in an effort to acquire skills and retraining to assist the beneficiaries in obtaining new skills, qualifications, employrnent or practical work experience and thereby 8SSlSting in developing independent living skills; b) to relieve unemployment through the maintenance, management and support of supported employment schemes for people with learning disabilities. difficulties and associated problems- c) to promote or assist in the promotion, facilitation and organisalion of capacity building programmes and projects for the beneficiaries within the area of benefit who have need of such assistance as a result of thelr youth, age, ill health. disability or infirmity, or social and economic circumstances, by the provision of information and training, advice, mentoring, classes, workshops. support and instruction in an effort to increase the abilities, skills and self-confidence of the beneficiaries: dl to promote social inclusion and integration for the public benefit by associating together volunteers and organis8tions in a common effort to raise public awareness of the Issues affecting those suffering from learning disabilities, difficulties and associated problems and their famili8s and car8rs and to promote the participation of the beneflciaries in all aspects of soclety. For the purposes of this this claus8 th8 8xpression "le8rning difficulv shall include any leamlng disability, difficults'es and associated problem or those who appear on the autistic spectrum. a d8v8lopm8ntal dlsablllty of the mind, sensory impaim8nt. £cquired brain injury or mental health probl8m. Ov8r the ye8rs, NOW Group has developed a range of services to help people realise their full potential. These are defined in the following three main aims- 1. To ensure people have the support they need to make informed decisions about their post-school future. 2. To ensure people have access lo quality. accredited training which helps them prepare for Independence and the world of work. 3. To provide people with the support they need to access the job they want, and keep it. Publlc Beneflt In shaping our objectives and planning the activities to meet those objeclives the Trustees have considered the Charity Commission Nl's guidance on public benefit Including the commission's 'Public Benefit Reporting. document CCNI PBR1. Th8 direct benefits whiGh flow from our purposes are: a) Increase in the qualifications and skills gained by Ihe beneficiaries. b) Supporting the beneficiaries to move into employment with a sustainable future. c) Enhancement of education for beneficiaries. d) Social inclusion of ben8ficiaries. The direct benefits flowing from our purposes are set out in the achievements & performance section.
The Now Project Llmlted Report of the Directors Year Ended 31 March 2024 Achievements & Perfomiance We SUPPOrt people with learning difficulties and aulism into jobs with a future. We identify hurdles facing participants and co-design innovative solutions to maximise opportunities for employment while challenging societal perceptions and prejudices. We are focused on reducing the incraasing employment, social, digital, and financial gaps for our participants. Our team's increasing use of digital plafforms has delivered exceptional results through a blended style of programme delivery which enables us to support a diverse populalion across an ever expanding geographical area reaching those in more isolated communities. We have developed a service continuum offering provision to any participant who wants to achieve a job regardless of their ability or background. Our work Is supported through conlracts, government programmes, charitable funding and all are enhanced by revenue generated through social enterprise activity. Partlclpant Journey C¢nbnued in.wo In IrKre•se rtlu>Ort and 4110 ccvmwnlty d¢)or (or Employment plannin9 C)•vdop sociaL penknng sl¢iUs Goats b Aswrnlions Comrnunity outweach & Inclugon I Co4e¥gn& Inno¥aEi¥e 6 pgresSe l Emplwrnt P•rtnsJffwn9 Wrt¥lt placemenis & Job5 Employment Servlces A recent surveyfrom the Ulster University found that over 740 of disabled people in Northern Ireland are currently unemployed, the highest rate in the UK by a significant margin (UUEPC 2022). (l) Maximising Potential- A review of labour market outcomes for people with disabilities in Northern Ireland. Ulster University Economic Policy Centre 2022) The disability employment gap has continued to grow and has been compounded by the impact of the pandemic. Many of our participants are thought of as 'economically inactive, and are living in povety with poor academi achievements. As a pioneering organisation, we have used co-design methodologies and developed innovative approaches that create successful and meaningful employment opportunities and a pathway into sustained
The NOW Project Limited Rèport of th8 Directors Year Ended 31 March 2024 employment for participants. We align individual progression specifically lo labour market need and participant aspirations. The model of working with organisations to secure and sustain jobs has created a ripple effect of employer interest from across all industries and many see NOW Group as a solution to their employment challenges. NOW'S Employment Team not only supports pailcipants into jobs but continues that support when needed during employment for both the participant and the employer. Job sustsinment is a crucial element of our employment service. NOW Group has d8velop8d a network of strategic and job partners who work with them to increase employment opportunities. Our partnerships hav8 created sustainable opportunlties and demonstrate how the participant focused, and employer led model has evolved. Our understanding of the economiG and labour force environment identifie5 where there are workforce challenges and opportunities for participants. This model provides unique platforms to improve engagement, provide relevant and bespoke training and maximises the conversions from training into employnent. Tralnlng Servlces Relevant and appropriate participant training is critical to achieving NOW Group's mission. The training team has demonstrated resilience and adaptability to meet the ever-changing learning and employment environment for participants. Working in partnership with employers, they have created bespoke vocational academies which have both theory and practical based learning. The training team's agility to respond to participant need and employer demand has resulted in creating an extensive range of vocational training resources from entry level to level 3 accreditations. A critical element of the success of the training department is the recognition of the range of participant learning stytes and responding to these using techniques to maximise learning experiences and enhance participant achievements. Essentlal Skllls are also a key component of Individual progression and were introduced as a direct response to need. These can now be offered to Participants across Northem Ireland using a blended learning approach. W8 have skilled trainers who can deliver numeracy, literacy, and ICT accredltations In addition to vocational training. Soft skill development is fundamental to building progression plans and the team has developed a catalogue of resources that support skills groups. job clubs and community programmes. All training can ba pivoted and delivered across an array of platforms, digital and face-to-face and caters for all abilities. Communlty Opportunitles NOW Group is passionate about d81iv8ring inclusiv8 practlces and equallty. Thls is particularly evident in our community day opportunity programmes. These services offer individualised pre-employment learning sessions for participants who are furthest from gaining employment but have the aspiration to work. The programmes focus primarily on independence and confidence building with health and well-being interwentions being delivered as stand-alone sessions and integrated into other leaming opportunities. Service provision is determined by participant need and can range from intensive daily support to attendance at specific sessions which map lo individual progression. The programmes are delivered at NOW Group's Hives based in Belfast. Omagh and Enniskillen. They provide a varied 8nd engaging curriculum and the community team has developed resources that maintsin engagement with participant5 while encouraging progression into employment programmes. The community team also engages with the participants, parents and carers providing information sessions and reassurance at times of change for the people they care for. Family Servlces NOW Group's Family Service is a unique provision offered in Northern Ireland. Our pioneering ethos and values ar8 perf8Ctly positloned to support the emerging population of families wher8 there is a new or expectsnt parent with a learning difficulty or autism. This Service supports individuals to take control of their family Irf&, increases Iheir parenting skills and provides them with accessible information to make informed decisions. The Family Service team continually challenges prejudices about their participants, ability to parent and supports progression for them as individuals. This service provides support through all aspects of
The NOW Project Limited Report of the Dlrectors Year Ended 31 March 2024 parenting from play, communication. and leaming to supporting participants to navigate ststutory or medical serVIS. The Family Service offers support which is valued by the parents and allows them the freedom to explore their potential without the fear of being judged. Building resilience and confidence increases their integration within their community as a family. SoGlal Groups NOVV Group reacts to need identified through co-d8slgn sessions. A massive need was identified around participant social exclusion and poor mental health caused by isolation and loneliness. NOW Group has developed social groups to support participants to engage with peers, r8duce isolation and bulld Independ8nce. These groups focus on bringing together people with similar interests, for example gaming. writing. art or drama. Social interactions are imperative for supporting health and wellbeing and for soma of our participants this is the start of a journey into other services, building friendships and creating n8orkS for personal growth. NOW SeThlce - What we have achleved 23-24 HOW MUCH DID WE DO? HOW WELL DID WE DO IT? 1630 participants supported across all services * 257 newjobs Secured 5 1540 participant accreditations 5 107 familles SUPPOrted <• 231 participants supported across 13 soclal actlvlty groups •% 83 participants supported acr055 NCO programmes 59 participant placement sessions in Loaf Catering 30 Volunteers delivered 1901 volunteer hours. 29 Employment Academies completed •+ 588 hours of Family Senlice group support 773 Preventative Safeguarding induction sessions delivered 91% of job5 In=236) 5U5tained for more than six months 1540 accreditations achieved by participants + 1807 soft skills courses completed + 1248 soft skills courses completed •> 22% progression from NCO to SkillSET •% 584 Family Support hours purchased by HSCT, <• 91% of employment programme participants are making progress in at least one outcome area 100% of employers feel that working with NOW Group Improved staff attitudes to people with a disability %• Advised 65 businesses on reasonable adju5tmentS WHAT DIFFERENCE DID WE MAKE? 1540 participants had improved life and career opportunities 1288 participants experienced improved health and well being 1386 participants reported feeling more independent 1304 participants felt more socially included Over £1.5 million disposable income for the 256 participants in paid employment 1630 parents/carers had reduced anxiety and more respite for self-care 107 parents with a disability became more resilient to the pressures of parenting •¢ Staff in 3000 JAM Card Friendly businesses improved their workplace attitudes to employees with learning difficulties Health and Social Care Trusts saved over £1 million through reduced day care, family support and crisis interventions
The NOW Project Llmlted Report of the Directors Year Ended 31 March 2024 WHAT DIFFERENCE DID WE MAKE? CONTINUED £690,000 saved in reduced benefit payments For every £1 invested in NOW Group services, £21 was generated in social value 41% of the social value generated was for NOW Group participants with 24% for their families 22 outcomes across six stakeholder groups (NOW Group Participants, Families, JAM Card Users, Employers, Health & Social Care Trusts, & Department for Communities) Soclal Enterprise Loaf The year 23124 was 8 challenging one for the hospitality sector wlth Increaslng energy and supply costs and difficulties in stsff recruitment. However, Loaf Catering weathered the storm well thanks to a dedicated team across the sites. As more businesses returned to in-offic8 meetings and corporate events began to get closer lo pre-covid levels we saw an increase in Corporat8 Catering sales. The appointrnent of a Sales and Events Manager has been very b8neficial in helping us engag8 new custom8r5 and events. We had a partlcularly strong Christmas and w8 W8re delighted to work with Stryker, Belfast Bible College and Big MotlV8 on larger scal8 cataring events. We have Continued to value the support of loyal customers including Deloitte, Clifton House, Belfast City Council and Belfast Health & Social Care Trust. New developments in Loaf Catering online www.loafcatering.com in 23-24 has made it even easier for customers to place orders for meetings. corporate and family events. Our Nl cafes Loaf Cafe, Grosvenor Road and Bobbin City Hall Belfast continue to offer a variety of freshly cooked food including our signature sausage rolls and It was encouraging to see customers numbers coming up to more normal levels. The growlng popularity of pottery based 'events' at the L08f Pottery in Crawfordsburn during the year led to change In focus for the Pottery. To help m8et demand we created a menu of pre-book8ble events Including Pizza-pottery and Paint me Glaze me events. Feedback from customers 'bitten by pottery bug, led to us investing in additional pottery wheels and with the help of additlonal sklll8d potters our'wheel Throwing, sessions have proved a great success. Individual pottery sales saw a boost due to our collaboration with Belfast-bas8d artist Aly Harte to Gurate an exclusive collection of unique. handcrafted mugs and vases. Alls ab5traGt art is renowned for its beauty and s muted colour palette was the perfect fit for our Loaf Pottery's subtle ton8S. Loafwouldn't be Loaf without our participants. During the year 59 participants from NOW Group and local schools benefited from the experience of working in a real-life catering environment across all our sites. Our first ever Level 2 Pizza Academy for NOW Group participants was held in the Pottery in Crawfordsburn. The Loaf Pottery Social Group who are supported by our garden volunteers each week, enjoyed working with Chef Chris from the Loaf Café on a planting plan for the garden with aim of growing a range of produce for use in the Loaf kitchens. io
The NOW Project Llmlted Report of the Directors Year Ended 31 March 2024 JAM The year 23-24 saw continued grh of JAM Card wth a total of 21, 872 JAM Cards issued and 2.667 app users signed up. This year we welcomed some fantastic new JAM Card Business partnerships who support th8 continuous geographical spread of awareness for our users. These included Musgrave Nl who successfully reached a 70ts/o target (in each store) of staff trained in over 70+ Centra & Supervalu stores, the Pemian8nt TSB bank wlth 98 branches across ROI, wlth plans to train up to 3,000 staff and the Northern Ireland Housing Executlve who also have plans to traln up to 3000 staff members aGross Nl. Th8 highlight of the year was celebrating succ8ss of the Nl Civil Servlc8 who reaGhed th8 amazing total of 17,500 JAM Card trained staff m8mbers across all 11 departmentsl Flnancial Revlew Overall, this has been another hugely successful year for NOW Group, vrfith the transition from European Social Funding to funding through the Department of Levelling up as part of the SkillSET consortium driving major organisational growth. NOW was able to Increase its overall net income resources to £4.7 million compared to £3.6 million in the previous year. Soclal Enterprises Income in the year was down by 2.1 Vo compared to 2022123 as trading conditions across the the hospltallty industry present a challenge to Loaf Catering. Loaf Caterlng and JAM Card contSnue to fomi part of the organisation's sustainability strategy, with a new grovAh Strategy belng developed for JAM Card for the 24125 financial y8ar. NOW contlnued to support partlcipants in our venues across Nl this y8ar with engagement levels remalnlng high and qualifications being achieved beyond targets. NOW has 8160 beèn ablè to secure a venue in the North West which will further enhance provision. Reserves at year end were £1.65m of which £1.4m are unrestricted. The cash reserves at the end of the financial year 23124 have increased to £1.72m. Fundlng SoureAS NOW Group's Board Is extremoly grateful to the followlng organlsatlons, whlch provlde the main Sources of our funding actlvltl6s: Name of Pro SkillSET ect Theme Employment & Training Programm8 Funder United Kingdom Government- Department for Levelllng Up Workable Nl In Work Support Programme Department for Communlties (Dfc) NOW Connects Belfasl (Previously T1 & T2) Pr8-employm8nt Community Opportunriies Programme Belfast Health & Social Care Trust Loaf Placement Community placement programme Belfast Health & Social Care Trust NOW Connects Pre*mployment Community Opportunities Programme Western Health & Social Care Trust li
The NOW Project Limited Report of the Directors Year Ended 31 March 2024 Name of Pro Fandom Junior Them? Social Group Fundor Northern Health & Social Care Trusl Family Service Building parenl resilience Henry Smith Ready Healthy E81- RHE Cookery and independence The Real Farming TrUSthe National Lottery Let's Gel Fit NOW He81th and Well-Being Baker Mackenzie Digital Transformatlon Organisational Transformation Oomiant AccountslNalional Lottery Greener Possibilities Soclal Group Energla REAP Arts & Social Arts Councll Nl Now Mlnd & Move H8allh & Wellbeing Publlc Health Agency Resems PollGy NOW Group has a cash res8rves fund repr898nllng two month's average operating costs for the following purpose8: Available funds in the event of dlsruptlon to Cashflow Loss of funding Organisation Wlnd up OT Redundancy Unaxpected sltualions To strengthen Ils overall poslllon, the cash reserves pollcy has been developed to support the strategic objectives and operatitsnal plans of the organisation. This me8ns funds are lo b8 held also for the purposos of Infrastru¢lur8 investment and opportunities to explore and invest In future Initlatives that drive irnpacl. NOW Group holds closing roserv85 8t 31 March 2024 of £244,976 restricled12023.' £240,022> and £1,406.556 unrestrlcted {2023.' £817.3961. The trustees have deslgnated unrestricted reserves set aside for worklng capltal £589,160, ¢a5h reserves £250,000 and capital assets £286,444 Free reserve8 are consldered lo be the working c8pltal designated funds. The reserves held at the year end of £589,160 repres8nt 4 months cover of unreslricled operating costs. Cashflow Gore funding activities are secured until March 2025. NOW continues lo focus on diversification of income along with the expansion of s8rvices and social enterprise operations into ott)er geographlcal areas. NOW musl exercise conslderable prudence to enSll that adequate resetves are available lo bridgè any potential shortfall in funds and to allow enough time for replacement or additional funds to be found. Leg811y, NOW must b8 able to meet ils debts as they fall due. Slnce restrlcted funds can only be used for the purpose for whlch they are glven, NOW must always ensure that it can support al any given time (from its reserve5 cash or otherwise) viable and contracted programrnes should it ever encounter difficullle5. The cash reserves protected funds enables the organisation lo meet its obligations for months with no funding 8vailable. 12
The NOW Project Limited Report of the Directors Year Ended 31 March 2024 In addition, NOW must ensure that it is able to respond to any cashflow problems as a result In delays from either funders or social 8nt8rprise debtors. structure, Govèrnance and Managèment Organisational Structure NOW Group is a company limit8d by guarantee with charitab18 Status. incorporated on the 2nd day of August 2002, and registered as a charity In 2001. The company was established under a Memorandum of Association that established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up, members are required to contribute an amount not exceeding £1. NOW Group has a Board of Directors of up to 14 members who meet quarterly and are responsible for the strategic direction and policies of the charity. At present the Board has 12 members from a variety of professional backgrounds relevant to the work of the charity. The Secretary (currently NOW Group's Chief Executlve Officer) has no voting rights. A scheme of delegation is in place and day-to-day responsibility for the provision of the services rests with the Chief Executiva Officer Maeva Monaghan along with the Executive Team. The Trust88s are also responsible for the setting of senlor staff pay. The Chlef Executlve Officer is responsible for ensuring that the charity delivers the service5 specifiad and that key performance indicators are met. The Executive Team has responsibility for the day-toaY operational management of NOW Group, individual supervision of th8 Management t8am, skills development and good working practice. Recrultment and Appointment of Trustees The Directors of the company are also charity trustees for the purposes of charity law, and under the compan515 Articles are known as members of the Management Committee. Under the requirements of the Articles, the members of the Management Committee are elected to serve for 8 period of three years, after which they be eligible for re-nomination and election provided that no director shall serve more than iwo consecutive three year terms and provided that helshe is recommended for reappointment by the directors. John Gordon was appointed Chair in Febru8ry 2021. Allen Martin was appointed as Chair of the Audit and Risk Committee in August 2022. NOW Group has a robust Governance Manual based on the Code of Good Governance detailing all processes In relation to its Board. Board members conduct a review of contribution and training needs analysis annually to ensure that all members are contrlbuting and have the appropriate skills. expertise and trainlng to ensure NOW Group's strategy is met. All memb8rs of the Board give their time voluntarily and receive no financial or other material benefits from th8 charity. Any expenses claimed from the charity are set out in a note to the accounts. Trustee Induction and Training Our Board member induction proce55 aims to ensure that new members feel comfortable in their role and can make a useful and rapid contribution. The process lasts for several months and includes review meetings with the Chair to consider further induction and development needs. The Chair endeavours to ensure that the specific talents of each Board member is appropriately used to the benefit of the organisation. Induction include5 the Chair meeting with new Board members six months after theyjoin the Board to review the success of the process and to agree further actions. Board members are encouraged to neOrk with staff at events and to attend meetings with key stskeholders, in order to continue to develop their understanding of the organisation and its environment. 13
The NOW Project Limited Report of the Dlroctors Year Ended 31 March 2024 Risk Management The Audit and Risk sub-group has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is reviewed and updated quarterly. Where appropriate, systems or procedures are established to mitigate the risks the charity faces. Significant external risks to funding have led to the development of a strategic plan that allows for the diversification of funding and activities. Int8rnal control rfsks ere minimised by th@ implementstlon and annu81 renewal of ISO 9001 and 14001. The organlsalion has appointed a Safeguarding Champlon and team of Safeguarding Officers to ensur8 the safeguarding and protection of participants. Staff and volunteers receive r8gular safeguarding training. Procedures ar8 In place to ensure compliance wlth health and safety regulations by staff. volunteers. pariicipants and visitors to NOW Group's bases. Responslbllftles of Truste88 The Directors are responsible for preparing the Directors. Report and the financial ststements in 8ccordance with applicable law and regulations. Company law requi$ the directors to prepare financial statements for each financial year. Under that law. the Directors have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law. the directors must not approve the financial statements unless they are satisfied that they glve a true and falr vlew of the state of affairs of the trust and of the surplus or deficlt of th8 trust for that period. In preparing these financial ststements. the Directors are required to: Select suitable accounting policies and then apply them consistently Observe the methods and principles In the Charities SORP Make judgments and estimates that are reasonable and prudent Prepare the financial stat&ments on the going concem basis unl8ss it is inappropriate to presume that the companywll continue in business. The Directors are responsible for keeping adequate accountlng records that are sufficient to show and explain charity's transaclions end disclose with reasonable accuraoy at any tlme the financial posilion of the charity and enable them lo ensure that the financial statements comply with the Companies Act 2006. The Directors are also responsible for safeguarding the assets of the charity and hence to take reasonable steps to prevent and detect fraud and other irregularities. Di8closures of Infomiatlon to Auditors To the knowledge and belief of the Directors there is no relevant informatlon of which the companws auditors are not aware. The Directors have taken all the necessary steps of which they are aware, provided relevant infomiation and estsblished that the companls auditors are aware of the information. Tax Status Under S8Ction 505(i)(a) and (c) of the Income and Corporation Taxes Act 1988. The Now Project (NOW Group) is entitled to charity tax exemption. 14
The NOW Project Llmited Report of the Directors Year Ended 31 March 2024 Donated Services We are grateful to the following organisations who donated use of their fac1litieslserviS to support delivery of our services.. Jobs and Benefits Offices in Ballymon8y, Bangor, Carrick, Falls, Andersonstown, Glengormley, Shaftsbury Square, Lisnagelvin, FOe. Nevry, Lurgan and Magherafelt & Ballymoney. Libraries Nl Carrick Communlty Forum Asda Bangor Woman's Centre in Mastherafelt Bolster Community Newry Clanrye Group Newry Mourne Matters Kllkeel Falls Leisure Centre SOURCE Gym Omagh Chimney Corner FC Bangor SERC The Community Hub Bangor Leon8rd Cheshire Fermana£h & OmaRh District Council PSNI Omagh Police and Fire Services Terex. Om8gh 2 RoyalAvenue, Belfast Bangor Foodbank DPS Banllor Tesco Community Space Antrim Babyfoodbank Antrim Castle Mall Inspire OmaRh l Enniskillen Room 2, Belfast Nexus Action Mental Health PSNI Enniskill8n Pollce Servlces RNLI Enniskillen Our thanks to the following for donations and pro bono servlces: Deloitte LLP Leaf Baker McKenzie Briefed South Eastern Reqional Colleqe Gerrycan Desiqn Hendersons Common Purpose Dr Des Rice BDO Jean Horstman Robert Pierce Jill Robb Terex Corp 4c Executive 15
The NOW Project Limited Report of the Dlrectors Year Ended 31 March 2024 Donated services (contlnued) DPS Water (Charity of the Year) Chartered Accountants Ireland Irish American Partnership Danske 88nk FS Com Helen Klrkpalrfck AL Goodbodv BTNI Familv of Emallne Smyth (In Ileu of flowers) Nlraj Kapur Chartered Accountants Irèland (Charity of the Year) Roforonce and admlnlstratlvo detsll8 Charity number.. NIC100093 Company number.. N1043774 Princlpal office.. NOW Group Head Office, 15-17 Grosvenor Road, Belfast, BT12 4GN Audltors: AAB Group Accountants Limited. 1-3 Arthur Slreel, Belfast 8T14GA Bankers." Danske Bank, Business Branch PO Box 183, Donegal Square West, Belfast, BT16JS Solicltor8'. Edwards & Co, 28 Hill St, Belfast, 8T12LA Dlreclorgrrrustees The Dir&clors of the charitable company NOW Group are its trustees for the purwse of charity law. Throughout Ihls report they are collectively referred to as the 'Dlrectors'. The Directors serving from 1st April 2023 Io 31 st March 2024 were as follows: John Gordon Chris 8rown Gllllan McAuley (Reglgned 23 November 20231 Ann McGregor IResign8d 23 November 20231 Andrea MBcLean Gerard Mcstravlck Peter Mcverry Allen Martin Nuala Murphy Mark Osmer Jlll Robb Cathy Donnelly {AppoSnted 13 Dember 2023) Chalr Board of Dlrectors Chalr Audit & Rlsk Committee By of the Board elDirector 16
The NOW Project Limited Company Limited by Guarantee Independent Auditor's Report to the Members Year ended 31 March 2024 Opinlon We have audited the group and parent charitable companyfinancial statements of The NOW Project Limited for the year ended 31 March 2024 which comprises the consolidated and charity Statement of Financial Activities. the consolidated and charity Balance Sheets, the consolidated cash flow statement and the notes to the accounts including 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 Th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the NOW Project Limit8d's group financial statements and parent charitable company financial stat8ments'. give a true and fair view of the state of the group and parent charitable companls affairs as at year ended 31 March 2023 and of the group and par8nt charitable company's incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Acceptsd Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Bas18 for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable18w. Our responsibilities under those stsndards ere further described in the AUdit0S responsibilities for the audit of the accounts section of our report. We are independent of the charity In accordance with the ethical raquirements that are relevant to our audlt of the accounts in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that the audit evidence we hav8 obtained is suffici8nt and appropriat8 to provlde a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of the golng concern ba8ls of accounting In the preparation of the financial statements is appropriate. Based on the work we have performed, we hav8 not Identlfled any materlal unc8rtainties relatlng to events or conditions that, individually or collectively. may cast significant doubt on the group and charity's ability to contlnue as a going concern for a period of at least hvelve months from when the financial statements are authorised for Issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. Other Infomiatlon The other information comprises the informatlon included In the annual report, other than the accounts and our auditorfs report. The Trustees are responsible for the other infomiation. Our opinion on the accounts does not cover the other Information and, 8XC8Pt to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance concluslon thereon. In connection with our audit of the accounts. our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent wilh the accounts or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material rnisstatement in the accounts or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 17
The NOW Project Limlted Company Llmlted by Guarantee Independent Auditor's Report to the Members Year ended 31 March 2024 Opinions on other matters prescribed by the Companies Act 2006 In our opinion, bas8d on the work undertaken in the course of our audit: the information given in the Trustees R8POrt for the financial year for which th8 accounts are prepared is consistent with the accounts. and - the Trustees, R8POrt has been prepared in accordance with applicable legal requirements. Matters on whlch we arn requ1d to report by exceptlon In the light of the knowledge and understanding of the Truste8s and its 8nvironmènt obtain8d in the course of the audlt. we have not identified materlal misstatements in the Trustees Report. We have nolhlng to report in respect of the following matters In relation to vthich the Companies Act 2006 requires us lo report to you if, in our oplnion: adequate accounting records have not been kept, or returns adequate for our audlt have not been received from branches not visited by us; or the accounls are not in agreement wlth the accounting records and returns; or rtain disclosures ol trustees, remuneration specified by law are not made., or we have not received all the information and explanatlons we requlre for our audit. Responslbllltles of Trustoes As explained mor8 fully In the Statement of Trustees Responsibiliti85, the Trustees are responslble for th8 preparation of the accounts and for being satisfied that they give a true and falr view, and for such internal control as the dlrectors detemiine is necessary to enable the preparation of accounts that are free from rnaterial misstatement, whether due to fraud or error. In preparing the accounts, the Trustees are responsible for assessing the charitls ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the company or to cease operations. or have no realislic alternative but to do so. Audltorfs responslbllities for the audit of the financlal statements Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guar8ntee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts. Irregularities, including fraud, ar8 instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of Irregularitses, including fraud. The extent to which our procedures are capable of detecting irregularib'es, including fraud, is detailed below. We obtain8d an understanding of the legal and regulatory framework applicable to the company through enquiry of management, sector research and the application of cumulative audit knowledge. We identified the following principal laws and regulations relevant to the company- Companies Act 2006, Charities Act (Northern Ireland) 2008 and the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). 18
The NOW Project Limited Company Limlted by Guarantee Independent Auditor's Report to the Members Year ended 31 March 2024 We developed an understanding of the key fraud risks to the entity {including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial slatements which may be susceptible to management bias. Our understanding was obtained through review of the financial statements for significant accounting estimates. analysis of journal entries, walkthrough of the key controls cycles in place and enquiry of management. Our proc8dur8S to respond to those risks Identified included, but Vre not limited to: Enquiry of management. and the entity's solicitors around actual and potentlal litigation and claims. Enquiry of manag8m8nt to identify any instances of non-compliance wlth laws and regulations. R8Vl8wing minutes of meetings of those charged with governance. Reviewing financial statement disclosures and testing to supporting documantatlon to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at.. http:Ilwww.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. This report is made solely to the ch8rlt8ble company's members, as 8 body, in accordance with Chapter 3 of Part 16 of the Companles Act 2006 and regulatlons made under that Act. Our audit work has been undertaken so that we might state to the charitable companVs members those matters we are requlred to stste to them in an auditors, 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 charltable company and its members as a body, for our audit work, for this report, or for the opinions we have fomied. leAoJo Qqjkdj Teresa Campbell (Senlor Statutory Auditor) for and on behalf of AAB Group Accountants Llmfted Chartered Accountants & Statutory Audltor 14 Arthur Street, Belfast, BT14GA Date 19
The NOW Project Umlted Company Limitsd By Guarantee Consolidated statement of Financial Actlvities Includlnz Income and Expendlture Account Year Ended 31 March 2024 Total Year Total Year 2023 Unrestrfcted Rertrfcted Funds Funds Unre5trlrted Restricted Funds Funds Notes 2024 Income and Endowments from: Qonations and Legacies 213.355 213.355 102.040 2,OCIJ 104.040 Charitable Actlvitie5 2,180,426 2,315,182 4,495,608 1,616,353 1,804,553 3,420,906 Other Income 2,654 2,654 Other Tradln8 Activltles 28,517 28,517 34,418 34.418 Totsl Income 2,422,298 2,315,182 4,737.480 1,755,465 1,806.553 3,562.018 ExpeTrdlture on: Charltable Actlvltles 1,813,220 2,310,228 4,123,448 2,088,381 1,415,663 3,504,044 Other Tradln8 A¢tlvltles 24,768 24,768 43,603 43,603 Total Resources Expended 1037,988 2,310,228 4,148,216 2,131,984 IA15,663 3,547,647 Net IncornellExpendlture) 584,310 4,954 589,264 1376,5191 390.890 14.371 Transfers Between Fund5 456.188 1456,1881 Net Mo¥em•nt In Fund5 584,310 4,9S4 589.264 79,669 165,2981 14,371 Reconclllatlon of Funds Total Funds Brought Forward Total Funds Carrled Forward 817,396 240,022 1,401.706 244,976 1,057,418 1.646,682 737,727 817.396 305,320 240.022 1,043,047 1.057,418 13 The note5 on pages 25- 38 form part of these flnanclal ststements. The results relates to contlnuin8 actlvities. The company has no recognlsed gains and losses other than those Included above and therefore no separate statement of total recognised galns and losses has been presented. 20
The NOW Projert Limited Company limited By Guarantee Charity Statement of Financial Artlvltles in<luding Income and Expendlture Account Year Ended 31 Marth 2024 Total Year Total Year 2023 UnrÈstritted Restrlcted Fund5 Fund5 Unrestricted Restrlcted Funds Fund5 Note5 2024 Intome and Endowment5 from: Donatlons and Legacle5 213,355 213,355 102.040 2,000 104.040 Charitable Actlvities 2,180,426 2,315,182 4,495,608 1.629,478 1.804,553 3,434.031 other Income 2,654 2.654 Other Tradin8 Activities Total Income 2,393,781 2,315,182 4,708,963 1,734,172 1,806,553 3,540.725 Expendlture on: Charitable Activltles 1,813.226 2,310,228 4,123,454 2,094,766 1415663 3.510,429 Other Tradlng Activities Total Resour¢e5 Expended 1,813,226 2.310,228 4,123,454 2,094,766 1,415,663 3.510,429 Net IncomellExpendlturel 580,555 4,954 585.509 1360.5941 390,890 30.296 Transfers Between Funds 456,188 1456,1881 Net Movement In Fund5 580,555 4,954 585,509 95,594 165,2981 30.296 Recondllatlon of Funds Total Funds Brought Forward Total Funds Carrled Forwar. 13 843,786 1,424,341 240,022 244,976 1,083,808 1,669,317 748,192 843,786 305,320 240,022 1,053,512 1.083.808 The notes on pages 25 - 38 form part of these financial statements. The results relates to contlnulng artivitles. The company has no reco8ni5ed galns and losses other than those Included above and therefore no separate statement of total recognised gains and losses ha5 been presented. 21
The NOW Projert Limited Company Llmlted By Guarantee Conso14dated 8•lance Sheet Year Ended 31 Marth 2024 2024 2023 Notes Flxed assets Tangible Assets 509.539 510,983 Current assets Stocks Debtors Cash at Bank and in Hand io li 39.637 428,857 1,720,307 2.188,801 37,536 516,930 746,433 1,300,899 Uabilitle$ Creditors.. Falling due withln one year 12 11,051,659) 1754,4641 Net Current Assets 1,137.142 546,435 Totsl A55ets less Current Uabllltles 1,646,681 1,057.418 Net a55ets 1,646,681 1,057,418 Group Funds employed Restrlcted Fund5 Unrestrlcted Funds 13 13 244,976 1.401,706 1.646,682 240,022 817,396 1,057,418 The flnanclal statements were approved and authorised for issue by the Board of Dlrectors on and were slBned on Its behalf bv: John Dlrertor Allen Ma Dirertor Company Re815tration: N1043774 The notes on page5 25- 38 ft)rm part of these financlal statements. The results relate5 to continuing activitie5. 22
The NOW Project Limited Company Llmited By Guarantee Balance Sheet Year Ended 31 March 2024 2024 2023 fix a55ets Tanglble A55ets 509,539 510,983 Current assets Stocks Qebtors Cash at Bank and In Hand io li 39,637 457,463 1,712,082 2,209,182 37,536 S51,203 728,785 1.317,524 Uabllltles Creditors: Falllng due wlthln one year 11,049,4041 1744.6991 Net Current Assets 1,159,77B 572,825 Total As54ts1•55 Current LlJbllltles 1,669,317 1.083,808 Net •ss•ts 1,669,317 1.083,808 Funds employed Re5trlcted Funds Unre5trlcted Fund5 244,976 1,424,341 1,669,317 240,022 843,786 1,083,808 The flnancial statements were approved and authorSsed for issue by the Board of Dlrectors on the and were signed on It5 behalf by: .2£.1.111204 rdon DI or Allen Ma Dlrertor In Company Reglstration.. N1043774 The notes on pages 25 38 form part of these financlal statements. The results relates to contlnuSn8 activities. 23
The NOW Project Llmited Umlted By Guarantee Consolldated statement of cash flows Year Ended 31 Marth 2024 2024 2023 Notes Cash provided byl(used in) Operating Activitles 19 1.013,926 142,4901 Cash flows from Investlng Artlvltles Interest receivable and similar income Purchase of Tangible Fixed Assets Proceeds from disposal of Tangible Flxed Assets 15,123 155,1751 3.116 118.1201 1,027 Cash used In Investlng Actlvltles 140.052) 113.977) Increase/{decrease) in Cash and Cash Equl¥alents In the year Cash and Cash Equlvalents at the be8lnnlng of the year Total cash and cash equlvalents at the end of the year 973,874 746.433 1,720,307 {S6,4671 802,900 746,433 Cash and Cash Equlvalents at the end of the reportln8 perlod 1,720,307 746.433 24
The NOW Project Limlted Company Limlted By Guarantee Notes to the Financial Statements Year Ended 31 March 2024 l) Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) Basls of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practlce applicable to charlties preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland (FRS 1021 (effective l January 20191- (Charities SORP {FRS 1021, the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. The Now Project Llmlted meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially reco8nised at historical cost and transaction value unless other4vise stated in the relevant accounting policy notes. b) Preparatlon of the accounts on a going concern basls The trustees have prepared budgets and cash flows for a period of at least 12 months from the date of approval of the financial statements. Having considered the circumstances, the trustees consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial statements do not Include any adjustments to the carrying amounts and classification of assets and liabllities that may arise if the company 15 unable to continue as a going concern. c) Group flnanclal statements The financial statements consolidate the results of the charity and its subsidiary Gauge Nl C.l.C. A separate Statement of Financial Activities and Income and Expenditure account for the Charitv alone has been presented on page 21. d) Incomlng Resources Income is recognlsed when the group has entltlement to the funds, any performance conditions attached to the items of Income have been met, it Is probable that the Income wlll be recelved and the amount can be measured reliably. The specific basis used is as follows: Government Grants Revenue grants are credited to Incoming resources on the earlier date of when they are recelved or when they are receivable, unless they relate to a specified future period, In which case they are deferred. Donations Voluntary income received by way of donations, gifts and gift aid to the charity is included in full in the Statement of Financial Activities when received. Commercial Trading Income Trading income represents the invoiced value of goods supplied during the year excluding value added tax. Revenue is recogni5ed upon provision of the service to the customer. 25
The NOW Project Llmlted Company Limlted By Guarantee Notes to the Financial Statements Year Ended 31 March 2024 l) Accounting Policies- (contlnued) Gifts in Kind Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amount5 are included in the financial statements for services donated by volunteers. e) Resources Expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis, exclusive of any VAT which can be recovered, and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to actlvities on a basis consistent wlth use of the resources. Staff costs and overhead expenses are allocated to actlvltles on the basls of tlme spent on those activities. f) Fund accountlng The group has variou5 types of funds for which it is responsible and whlch require separate disclosure. Definitions of the various types of fund5 are as follows: Re5trictedfund5 Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overhead and support Costs. Unrestrirtedfunds Unrestrirted funds are donatlons and other Incomlng resources recelved or generated whlch are expendable at the discretion of the charlty In the furtherance of Its objectives. Designatedfunds These are fund5 Set aside by the Trustees out of unrestricted general funds for specific future purpose5 or projects. g) Operatlng leases Where assets are acquired under finance leases, the capital element of the asset is included in fixed assets and amortised over the life of the asset. The outstanding capital element of the leasing obligation is included in creditors falling due. The interest element is written off over the primary period. All other leases are accounted for as operating leases and the rental charges are charged to the Statement of financial activities on a straight line basis over the life of the lease. 26
The NOW Project Llmited Company Limited By Guarantee Notes to the Financial Statements Year Ended 31 March 2024 l) Accounting Policies- (continued) h) Tangible flxed assets Depreciation is calculated to write off the original cost less the expected residual value of the assets over their estimated useful lives at the following annual rates:_ Fixtures, fitting5 and equipment Computer equipment Property Leasehold improvements Motor Vehicles 15% Straight line 20% straight line 2% straight line 2% straight line 20% straight line The carrying values of tangible fixed assets are reviewed for Impairment when events or changes in circumstances indicate the carrying value may not be recoverable. l) Cash at bank and In hand and current asset Investments Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. J) Stock Stock is included at the lower of cost and net reallsable value. k) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. l) Penslon Scheme The company provides a deflned contrlbutlon penslon scheme, the assets of which are held separately from those of the company in an Independently adminlstered fund. Contributlons to this scheme are charged to the Statement of Financial Attivlties as they become payable. m) Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 Other Financial Instruments15sues' of FRS 102 to all of its financial instruments. Financial Instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provislons of the instrument. Financial assets and liabilities are offset, the net amounts are presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis of to realise the asset and settle the liability simultaneously. Baslc financial assets Basic financial assets are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constltutes 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. 27
The NOW Project Umlted Company Llmlted By Guarantee Notes to the Financial Statements Year Ended 31 March 2024 l) Accounting Policiek (continued) n) Flnanclal instruments rtd... Basic financial Ilabilltles Basic financial liabilities are initially recognised at transactlon price unle55 the arrangement constitutes 3 financing transaction, where the debt in5trument5 is measured at the present value of the future payment5 discounted at a market rate of interest. Financlal Ilabilitie5 classlfled 35 payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities If payment Is due within one year or less. If not, they are presented as non current Ilabilitles. Trade creditors are recognised initially at transactlon price and subsequently measured at amortised cost using the effectlve Interest method. Derecognition of financial liabilitles Financial liabilities are derecognised when the Charlty's contractual obligations expire or are discharged or cancelled. o) Taxatlon As a registered charity, The Now Project Llmited is not liable to either Income Tax or Corporation Tax. p) Crltlcal accountlng estlmates and judgements In the appllcation of the Charlty's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrylng amount of assets and Ilabllltles that are not readlly apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are consldered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoin8 basis. Revisions to accounting estimate5 are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Criticoljudgements in opplying the entity's accounting policies There are no critical judgements in applying the group's accounting policies. Critlcal accounting estimotes and assumptions Cost allocation is an accounting estimate that is recognised in line with the accounting policy Note le. Depreciation is an accounting estimate that is recognised in line with the accounting policy Note Ih. 28
The NOW Project Llmlted Company Limlted By Guarantee Notes to the Flnanclal Ststements Year Ended 31 March 2024 2. Income from Donatlon5 and Legacies 2024 Total Funds 2023 Totsl Funds Unrestrlcted Restricted Funds Funds Gifts in Kind Donations 96,632 116,723 96,632 116,723 91.841 12,199 213,355 213.355 104,040 3. Income from Charltable Actlvltle5 2024 Totsl Funds 2023 Totsl Funds Unrestrlrt•d Restrl¢t•d Funds Funds Income from Social Enlerprlse Act1110$ Grants recaivable for Social Enterp6 Income rece1vat0 from Into Work Schem Grants Other Income from charllable activities Bank Intest 1,019,696 16,021 134,857 420,005 574,724 15,123 2,180,426 1.019,696 1,042,097 16,021 21,057 134,857 166,477 z,735,187 2,034,670 574,724 155,710 15,123 895 4,495,608 3,420,906 2.315.182 2.315,182 4. Other Income 2024 Totsl Fund$ 2023 Total Funds Unrestrfcted Restrlcted Funds Funds Exchange Rate Variance Gain on disposal of fixed assets 2,221 433 2,654 5. Income from other tradlni actlvltl•s The Now Prolect Llmlted Ss the sole member of Gauge Nl Community Interest Companv (company number N16044441, The re81Stered office of Gauge Nl C.l.C Is the same as The Now Project Llmlted. The summary flnan¢l31 performance of the subsidiary alone Is: Gauze Nl C.l.C 2024 2023 Turnover Expenditure Corporatlon tax charge Net Profit / ILossI 28,517 (24,7681 34.418 143,6021 3,749 19,1841 Aggregate share capital and reserve5 {22,6391 126,3881 29
The NOW Projert Llmlted Company Llmlted By Guarantee Notes to the Financial Statements Year Ended 31 March 2024 6. Charitable Activities Cost of Sales Staff Costs Support Costs Other Dlrert Costs 2024 2023 Loaf Soclal Enterprise Jam project Trainin8 and Employment Servlce5 Central and Support Gifts In Klnd Tradln8 activltles 337,283 436,055 43,204 61,895 17,401 79,691 24,003 914.924 84,608 940.071 65,561 1,684,514 553,703 33,698 275,085 96,632 272,031 1,990.243 1,593,314 208,253 1,037.041 813.357 96.632 91,841 24,768 24,768 43,603 608,746 4,148,Z16 3,547,747 337,283 2,717,475 484,711 7. Result5 for the year Group 2024 Charlty 2024 2023 2023 This Is stated after charging: Staff costs (note 81 Audit fees - external Depreciation 2.709.625 2,246,406 2.709.625 2,246,406 6,629 5,500 4.879 4,250 56,619 58.374 56,619 58,374 2.772,873 2,310,280 2,771,123 2,309,030 8. Employee Information Group 2024 Charlty 2024 2023 2023 Wages and salaries Social security costs Other penslon costs 2.400,254 1,948,948 2,400.254 1,948.948 194.868 184,087 194.868 184,087 114.503 113.371 114.503 113.371 2.709,625 2,246.406 2.709,625 2,246.406 The average number of persons employed by the company durlng the year, by actlvlty, was as fDIIows.' Group 2024 Charlty 2024 2023 2023 Directors Staff 13 118 131 li 120 131 13 118 131 li 120 131 30
The NOW Projert Llmited Company Limited By Guarantee Notes to the Financial Statemerrts Year Ended 31 March 2024 s. Employee Informatlon ctd... The number of employees whose emoluments exceed £60,000 were: 2024 2023 £60,001- £70,000 £70.001- £80.OIXI £80,001- £90.000 £90,001- £100,000 The total amount of employee benefits received by key management personnel in the period was £305,17212023: £243,725). The Charlty consSders Its key management personnel comprlses of the Chief Executlve Officer, Director of Buslness, Organlsational Development and Director of Funding and Impact, Chlef Operatln8 Officer and Director of Services. No charity trustee recelved payment for professional or other services supplied to the charity {2023: £nill. Penslon Costs and Other Defined Post-Retirement Beneflts Defined Contributlon Scheme The company operates a defined contribution pension scheme. The a55et5 of the scheme are held separately from those of the company in an independently administered fund. The pension cost and charge represents contributions payable by the company to the fund and amounted to £114,503 (2023: £113,371). At 31 March 2024, contrlbutlons amountlng to £16,169 were payable to the fund and were included in other creditors. 31
The NOW Project Limited Company Limited By Guarantee Notes to the Financial Statements Year Ended 31 March 2024 9. Tangible Fixed Assets Grou Leasehold Computer Flttlngs & Motor Property Improvements Equlpment Equlpment Vehicles Total Cost At l April 2023 Additions Disposa15 At 31 March 2024 414,273 18,940 4,500 261,126 32,656 14,3571 289,425 289,624 18,019 3,SOO 987,463 55,175 (4,3571 3,500 1,038,281 414,273 23,440 307,643 Accumulated depreclatlon At l April 2023 Charge for the year Depreciation on dlsposal At 31 March 2024 48,688 3,202 6,793 5,544 170,708 31,425 (4,3571 197,776 248,658 15,748 1,633 476,480 700 56,619 14,3571 2,333 528,742 51.890 12,337 264,406 Net book amount At 31 March 2024 At 31 March 2023 362,383 365,585 11,103 12,147 91,649 90,418 43,237 40,966 1,167 509.539 1,867 510.983 Charit Leasehold Computer Fittings & Motor Property Improvements Equlpment Equlpment Vehlcles Total Cost At l April 2023 Additions Disposals At 31 March 2024 414,273 18,940 4,500 261,126 32,656 (4,3571 289,425 289,624 18,019 3,500 987,463 55,175 14,357) 3,500 1,038,281 414,273 23,440 307,643 Accumulated depreclatlon At l April 2023 Charge for the period Depreciation on disposal At 31 March 2024 48,688 3,202 6,793 5,544 170,708 31,425 (4,3571 197,776 248,658 15,748 1,633 476,480 700 56,619 (4,357) 2,333 528,742 51,890 12.337 264,406 Net book amount At 31 March 2024 At 31 March 2023 362.383 365,585 11,103 12,147 91,649 90,418 43.237 40,966 1.167 509.539 1,867 510,983 32
The NOW Projert Llmited Company Limited By Guarantee Notes to the Financial Statements Year Ended 31 March 2024 10. Stocks Group 2024 Charity 2024 2023 2023 Stock 39.637 39,637 37,536 37.536 39,637 39,637 37.536 37.536 11. Debtors Group 2024 Charlty 2024 2023 2023 Trade Debtors Amounts owed by associated undertakings Fund Debtors Other Debtors and Prepayments 210,005 114.393 49,848 54,611 428.857 169,945 105,230 221,808 19,947 516,930 201,674 151,330 49,848 54,611 457.463 167.071 142,377 221,808 19,947 551.203 Amounts owed by assoclated undertakings are unsecured, interest free and are repayable on demand. 12. Creditors: amounts falling due wlthln one year Group 2024 Charity 2024 2023 2023 Bank loans and overdrafts Trade Credltors Other taxation and soclal securlty Accruals and deferred Income Other creditors 141,754 129,757 756,742 23,406 1,051,659 86,667 141,070 112,558 82,365 554,981 800,629 258 25,340 754,464 1,049,404 84,365 111,786 548,290 258 744,699 33
The NOW Projert Limited Company Limlted By Guarantee Note5 to the Financial Statements Year Ended 31 March 2024 13. Funds Restrlcted Funds Balance l April 2023 Balance 31 March 2024 Income Expenditure Trdnsfers Pottery Equipment Groundwork Nl Potterspury Ready Healthy Eat Capex Capex- IT- UKSPF 71,9S2 41,413 43,800 316 67,058 15,0931 11,6801 16,1801 1821 {18,8691 13.2611 66,859 39,733 37,620 234 48.189 22,130 25,391 Total fixed asset funds 224,539 25.391 135,1641 214,766 UKSPF Famlly Service / 818 Lottery Ready Healthy Eat Digital Academy 2,131.731 91,850 36,000 30,210 12,131.7311 1107,3331 136,0001 15,483 30,210 Total net asset funds 15,483 2,289,791 12,275,064> 30,210 Total Funds 240,022 2.315.182 12.310,2281 244,976 Balance l Aprll 2022 Balance 31 March 2023 Income Expendlture Transfers Pottery Equipment BH$- ITequlpment Groundwork Nl Potterspury Ready Healthy Eat Capex 77,100 3,751 43,093 50,130 398 74.509 15,1481 13,7511 11,6801 16.3301 1821 17,4511 71,952 41,413 43.800 316 67,058 Total fjxed asset funds 248,981 124,4421 224,539 Project Verve Famlly Servlce l Big Lottery Frontier Ready Healthy Eat 25,068 15.483 10,309 5,479 1,297.616 91,841 362,629 54.467 1975,7581 1346,9261 140,3921 151,4491 1326,2041 146.7341 148,8671 111,0791 15,483 Total net asset funds 56.339 1,806,553 11,391.221) 1456,1881 15,483 Total Funds 305,320 1,806,553 11,415,663) 1456,1881 240.022 34
The NOW Projert Limited Company Limited By Guarantee Notes to the Financlal Statements Year Ended 31 March 2024 Restrlcted funds {continued) The fixed asset fund 15 made up of grants received for the purchase of fixtures and fittings and IT equipment; it is represented by flxed assets and reduced by the depreclation charged on the assets, UKSPF fund represents grants received from the UK Government's Shared Prosperity Fund as part of the SkillSET consortium The Family Service/Big Lottery Fund represents monles recelved from 818 Lottery Fund. The project provides support to people on the Autistlc Spectrum to gain employment. Ready Healthy Eat fund represents monies received from Big Lottery Fund. The project provldes support to people to reduce food poverty. The Digital Academy Fund represents monSes recelved from phllanthropic fundlng. The project provides support to neurodiverse people to Bain employment. Unrestrlrted Funds Balance l Aprll 2023 Balance 31 March 2024 Income Expenditure Transfers Group General Reserves 2,422,298 11,816,515} 1605,7831 Designated Funds Working C3Pltal Cash Reserves Capital Assets 280,952 250,000 286,444 817,396 475,999 756,951 loo,000 350,000 29,784 294,755 605,783 1,401,706 {21,4731 121,4731 Total Unrestricted Funds 817,396 2,422,298 11,837,988) 1,401,706 Charlty General Reserves 2,393,781 11,791,753) 1606,878) 14,8501 Designated Funds Working Capital Cash Reserves Capital Assets 307,342 250,000 286,444 843,786 477,094 784,436 100,000 350,000 29,784 294,755 606,878 1,429,191 121,4731 (21,4731 Total Unrestricted Funds 843,786 2,393,781 {1,813,2261 1,424,341 35
The NOW Project Llmlted Company Limited By Guarantee Notes to the Flnanclal Statements Year Ended 31 March 2024 Unrestrlcted Funds (contlnuedl Balance l Aprll 2022 Balance 31 March 2023 Income Expendlture Transfers Group General Resenles 1,755,465 12,115,578} 360,113 Designated Funds Workin8 Capital Cash Reserves Capital Assets 184,877 250,000 302.850 737,727 96,075 280,952 250,000 286,444 817,396 116,4061 116.4061 96,075 Total Unrestricted Funds 737,727 1,755,465 12,131,984) 456,188 817,396 Charlty General ReseThes 1,734,172 12,078,360) 344,188 Designated Funds Worklng Capital Cash Reserves Capltal Assets 195,342 250,000 302.850 748,192 112,¢XJO 307,342 250,000 286,444 843,786 116,406) 116,406) 112,000 Total Unrestrirted Funds 748,192 1,734,172 (2,094,766) 456,188 843,786 Designated Funds have been set aslde for the following purposes: Working Capital - funds set aslde to fund working capital. Cash re5erve5- funds set aside to maintain the sustainability of the charity. C3Pltal assets- represents the net book value of tangible fixed a55ets purchased with unrestricted fund5. 36
The NOW Project Limited Company Limited By Guarantee Notes to the Flnanclal Statements Year Ended 31 March 2024 14. Analysls of group net assets between funds Unrestrlcted Restrlcted General Deslgnated funds funds funds Total funds Fund balances at 31 March 2024 are represented by: Tangible fixed assets Net current assets 214,766 30,210 294,755 1,106,951 509,521 1,137.161 Total 244,976 1,401,706 1,646.682 Unrestrlcted Restrlcted General Designated funds funds fund5 Total funds Fund balances at 31 March 2023 were represented by: Tangible fixed assets Net current assets 224,539 15,483 286,444 530,952 510,983 546,435 Totsl 240,022 817,396 1,057.418 15. Related party transactlons and ultimate controlllng party. The Board of Trustees are consSdered to be the Charlty's ultlmate controlllng party. Included within debtor5 is £36,93712023: £37,147) due from Gauge Nl CIC and £114,393 12023: £105,230) due from Now Training and Emplyment Enterprise Company Limited by Guarantee. During the year ended 31 March 2024 The Now Project Llmited paid graphic deslgn costs of £19,035 to Gerry-can Graphic design a business owned by Gerry Monaghan, husband of CEO Maeve Monaghan. During the year Gerry Monaghan also provided pro-bono support amounting to £10,668 to The Now Project Limited. As at 31 March 2024 amounts owed to Gerry-can Graphic Design totalled £26512023.. Nil). 16. Legal Status of the Charity The Now Project Limited is a company limited by guarantee and the Ilability of the members Is limited to a maximum of £1 for each member. 37
The NOW Project Limited Company Llmlted By Guarantee Notes to the Financlal Statements Year Ended 31 March 2024 17. Flnancial commitments The Eroup had the following future mlnlmum lease payment under non-cancellable operating leases for each of the following periods: 2024 2023 Operating Leases which expire: Within one year Two to five years Over five years 62,119 59.503 112.043 155,057 8,500 11,500 182.662 226,060 18. Subsldlarles The subsidiary undertakings whose results are reflected in the consolidated financial Statements by virtue of control, are as follows., Interest consolldated Gau8e Nl C.I.C- N1604444 loo% 19. Net cash generated from operatlng aetlvltles 2024 2023 Net incoming resource5 Depreclatlon Interest recelvable and slmilar income Profit on disposal of flxed assets Decrease / Ilncreasel In Debtors Increase In Credltors Ilncreasel/ Decrease In Stocks 589,264 14,371 56,619 58,374 115.123) 13,1161 14331 88,074 1151,9081 297,193 38,984 12,1011 1,238 Net cash Inflow from operatlng activities 1,013,926 142,4901 38