Charty registration number NIC100119 Company registration number N1026912 INorthern Ireland} NORTH WEST PLAY RESOURCE CENTRE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2024 TH WEST PLAY RESOURCE CENTRE STATE511ENT OF FINANCIAL ACTIVITIES INCLUDING INCQhfiE AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Current financial year Unrestrictsd Unrestricted funds funds general designated 2024 2024 Restricted funds Total Totsl 2024 2024 2023 Notes Income from". Donations and legacies Charitable activities 369.854 168,235 5,800 269,954 645,608 16B,235 980,142 187,269 Total income 538,089 5,800 269,954 813,843 1,167,411 Expenditure on: Raising funds Charitable activities 52,S30 536,846 52,530 1,026,496 51,028 1,277,930 105,008 384,642 Total expendlture 589,376 105,008 384,642 1,079,026 1.328,958 Not expenditure 151,287) (99,2081 1114,6881 1265,1831 (161,5471 Transfers be￿een funds 9,378 19,378} Net movement in funds 141,9091 199,208) 1124.066) 126S.183) (1 S1,5471 Reconciliation of funds: Fund balances al 1 April 2023 222.311 3,097,835 369,019 3,689,165 3,850,712 Fund balances at 31 March 2024 180,402 2,998,627 244.953 3,423,982 3,S89,165 The statement of financial activKies indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 14- NORTH WEST PLAY RESOURCE CENTRE STATEMENT OF FINANCIALACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prior financial year Unrestricted Unrestricted funds funds general designated 2023 2023 Restricted funds Totsl 2023 2023 Notes Income from: Donations and legacies Charitable 8clivilies 498.005 187,269 1.814 480,323 980,142 187,269 Totsl Income $85.274 1,814 480,323 1,167,411 Expendlture on.. Raising funds Charllgble aclivllies 51,028 685,915 51,028 1,277,930 103,122 488,893 Totsl expendlturo 736,943 103.122 488,893 1,328,958 Not Income {51,669) (101,308) (8,570} (161,5471 Transfers be￿een funds (14,150) 14,150 Net movement In funds 165,819) (101,308) 5,580 (161,547) Rg¢on¢iliation of funds: Fund balances al 1 April 2022 288,130 3,199,143 363,439 3,850,712 Fund balances at 31 March 2023 222,311 3,097,835 369,019 3,689,165 NORTH WEST PLAY RESOURCE CENTRE BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 12 3,262.595 3,366,065 Current assets Stocks DÈblors Cash at bank and in hand 13 14 2,465 230,4S9 61.613 2,465 269.8J6 215,676 294,537 487,997 Creditors". amounts falling due wlthin one year 16 1133,1601 (164,896) Nfrtcurrentassèts 161,387 323,101 Total assets less current liabilities 3,423,982 3,689,165 Not assets excluding penslon Ilability 3,423,982 3,689,165 The funds of the charity Reslricled income funds Unreslricled funds- general Unrestrictèd funds- designated 19 244,953 180,402 2,998,627 369,019 222,311 3,097,835 18 3,423,982 3,889,185 The financial statements were approved by the Trut1￿ th? 24 ￿&￿.2021 Mmo rty Director rustee Director and Trustse Company registration number N1026912 (Northern Ireland) 16- TH WEST PLAY RESOURCE CENTRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating actlvities Cash absorbed by operations 25 1190,1471 (18,5511 Investlng actlvities Purchase of tangible fixed assèts 18,7901 116,9641 Not cash used In Investlng actlvitles 18,7901 116,964) Financlng actlvitles Repayment of bank loans 13,6911 {3,08n Nèt cash used In financing actlvltlè$ 13,6911 13,0871 Net d8cr8a8e In c88h and cash equlvalents 1202,628) (38,598) Cash and cash equivalents al beginnlng of year 215.676 254,274 Cash and cash equivalents at end oly•ar 13,04B 215,676 Relatlng to: Cash al bank and in hand Bank overdrafts included in creditors payablè within one year 61,613 215,676 148,5651 17- ORTH EST PLAY RESOURCE CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information North West Play Resource Centre is a private company limited by guarantee incorporated in Norihern Ireland. Th& registered office is &7 Artillery Street, Derry, BT48 6RG. 1.1 Accounting convention The financial statements have been prepared in aceordance with the charity's govèrning document, the Companies Act 2006, FRS 102 Yhe Finanaal Reporting Standard applitablè in the UK and Republic of Ireland. I'FRS 102") and the Charities SORP "Accounting 8ncl Reporting by Charities: Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102>" (effective l January 20191. The charlty is a Public Bènefil Entity as defined by FRS 102. The financial statements are prepared in sterllng, which is the functional curr&n¢y of the charity. Monetary amounts in these finan￿al statements are rounded to the nearest £. The accounts have been prepared under thè historical cost convenlion. The prinopal accounting polioies adopted are sèl out below. 1.2 Going concern The Charity has prepared full cashllow projections lo 31 March 2025 and has reviewed its committed funding for the following year. The Charty is reliant on an overdraft facility from the Bank of Ireland. The projections show that the Charity expeds lo remain within the limits of ils fadlity until 31 March 2025. However, a deficit of income over expenditure Is expected lo aflse based on currently committed fundlng and further deficits expected in the period after 31 March 2025 may lead the Charity lo exceed the Ilmlts of ils overdraft facility. The main sources of Irt￿Me available lo the Charily lo fund core salaries and running costs of Ihe theatre ar8 funding from the Arts Council of Northern Ireland and income generated from the aclivlties of the theatre. Funding from the Arts Council of Northern Ireland has been committed for Ihe Period lo 31 March 2025. The Charity is hopeful of a positive outcome lo discussions with the Arts Council of Northern Ireland in relation lo additional funding being available for this period and also to a conllnuance of fundlng for the following financial year which has not yet been commilled. The Charity also regularty applies for additional funding from other funders as and when thls becom@S 8vallabEe. Thè Charty is dependent on the conlinuatson of fvndlng from the Arts Council of Northern Ireland and the continued support of its bankers in order lo conlinue in operational existence for the foreseeable future. Al thp time of approving the financial ststemenls. Ihe Trustees have a reasonable expectation that this support will continue to be available for Ihe foreseeable fijture. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustee5 in furtherance of their charitable objectives. Designated funds a￿ unreslricted funds set aside at the di￿retion of the ttustees for sppcifi¢ purposès. The designated funds for fixed assets is Ihal part of unrestricled fvnds that represents fixed assets held. Restricted funds are subject to specific condttions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. 1.4 Income Income is recognised when the charity is legally entiued to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be re￿ived. 18- NORTH WEST PLAY RESOURCE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontlnuedl Cash donations are recognised on ieceipl. Other donations are recognised On￿ the charity has been notified of the donation, unless performano conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised al the lime of the don8lion. Legacies are recognlsed on receipt or otherwise if the charily has been notified of an impending dislribulion, the arnounl is known, and receipt is expected. If the amount is not known, the legacy is Irealed as a conting&nt asset. 1.5 Expendlturè Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third pgrty,11 Is probable that settlement will be required and Ihe amounl of the obligation Can be measured reliably. Irrecoverable VAT is charged as a cost against the aclivily for whi¢h the expenditure was incurred, Costs of raising funds comprise the cost associated with generating donations, securing grant funding and the associated support costs. Expenditure on charitable activities Includes Ihe costs of services undertaken lo further the purposes of the charty and thèir associated support costs. Support eosls are those funcllons that assist the work of th8 charlly bul do not dlreclly undertake charilablp acllvilies. Support costs include back office Costs, finance, personnel, payrDII and governance costs which support the charity's programmes and aclivilies. The bas@s on which support costs have been allocatgd ar6 sel out in note 7. 1.6 TanglblÈ fixed assets Tangible fixed assols are initialty measured al cost and subsequently measured at cost or valuatlon, net of depreciation and any Impalrmenl lossès. Depreciation Is recognisÈd so as to write off the c06t or valuatlon of assèts less their rgsidual values over their useful lives on the following bases.. Freehold land and buildings Plant and equipment Motor vehicles 29A slraighl line 10% slraighl line 25'A slraighl line The gain or loss arising on the disposal of an asset is delerniined as the difference between the sale proceecls arid the carrying value of the assel, and is recognised in the slalement of financial activities, 1.7 Impalrnient offixed assets Al each reporting end dale. Ihe charity reviews Ihe carrying amounts of ils tangible assets lo dÈlÈTmine whether there is any indication that those assets have suffeTed an impairrnent 1055. If any such indication exists, the recoverable amounl of the assel is eslinaled in order to determine the exlenl of the impairmenl loss lif any). 1.8 Stocks Stocks are slated at Ihe lower of cost and eslimaled selling price les5 Costs to complete and sell. Cost oomprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock9 to their presgnt location and condition. Items held for distribution 81 no or iominal consideration are measured al the lower of rePla￿rnent cost 2nd cost. Net realisable value is the estimated selling pri￿ less all eslimaled costs of completion and costs lo be incurred in Tr,arkeling, selling and distribution. 19 NORTH WEST PLAY RESOURCE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued} 1.9 Cash and cash Èquivalents Cash and cash equivalon*s include cash in hand. dèposits held at call with banks, other short-temi liquid inveslmenls with original malurilies of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instrumènts The charily has elected to apply the provisions of Section 11 '8asic Financial Instruments, and SÈetlon 12 'Other Financial Instruments Issues. of FRS 102 lo all of its financial instrumènts. Financial instruments are recognised in the charity's balance sheet when the d)arily b&eomes party lo thè contractual provisions of the instrument. Financial assets and liabilities are offset. with the nel amounts presented in the financial stalèmenls, when there is ? legally enforceable right to set off the recognised amounts and therè is an intention lo settle on a net basis or lo realisè the asset and settle the liability simullaneously. Baslc financial assets Basic financial assets, whith includè debtors and cash and bank balances. 8re Initially measured at transaction price including transaction costs and are subsequentty ¢arried at amortisèd cost using the effoclive interest rale method unless the arrangement conslilules a financing transaction, where the transaction is measured at the present value of the future receipts discounted al a market rale of interest, Financial assets classrfièd as receivable within one yèar arè not amortised. Basic financial liabillties Basic financial liabilities, induding credltors and bank loans are initially recognised at transacllon prlce unless the arrangement constitutes a financing transaction, where Ihe debt instrument is measured al the prosent value of Ihe future payments discounted at a market rate of Interest. FSnan&al liabllllies dassified as payable within one year are not arnortised. Debt instruments are subsequently carried at amortised cosl. using the effective interesl rale method. Trade eredilors are obligations to pay for goods or seNices Ihal have bèen acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilltles if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade creditors are r&cognised initially at transaction price and subsequently measured at amortised eosl using the effective interest rate method. Derecognition of financial liabilities Finanoial liabililiès are derecognised when the charivs contractual tsbligatitsns expire or ar& discharged or cancelled. 1.11 Taxation The company is a charty and is recognised as such by HM Revenue & Customs under the charity tax reference XR18282. As a result, Ihere is no liability to taxation on any of its income. 1.12 Employee benefits The cost of any unused holiday entrtlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.13 Retirement benefft5 P8yments to de, Ined contribution relirement benefrt schemes are charged as an expense as they fall due. -20- NORTH WEST PLAY RESOURCE CENTRE NOTES TO THE FINANCIAL STATEfvIENTS {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Critical accounting estimates and judgements In the application of the charilys a￿o￿nting policies. the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are iol readily apparent from other sources. The estimates and associated assumptions are based on histofical experience and other factors that are considered lo be relevant. Aclu81 results may differ frtsm these estimates. The eslim81e5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting slimales are recognisèd in the period in which the estimate 15 Tevised where the revisltsn affects only that peTiod, or in the period of the revision and future periods where the revision affects both ourrent and future periods. 21 Oc0￿00 O) O f) (D fjo 75 UJ r p) C4* ¥• qjoltsv e+* Q)D££ o E FOR THE YEAR ENDED 31 MARCH 2024 19 Restricted funds The reslricled funds of the charity comprise the unexpended balances of donations and granls held on trust subject to specific conditions by donors as lo how they may be used. At 1 Aprll 2023 Incoming Resources resources expended Transfgrs At 31 March 2024 Porti¢us CRC Film Nl Mercy Fund CIN DFA Garfield Weslon Other donor National Lottery Dormant Funds Community Fund Climate Nalional Gallery Tru8t OCN Derry City & Strabane Distri Council ACNI UGV 42,531 368 7.267 1,600 14,218 83,57S 34,268 80,000 4S,170 60,022 130.408} 137,031 121,6431 112,1231 {4501 37,842 21,273 729 8.897 {1,600} 141 {4,6871 114,3591 {28,5SO} 50,338 64,268 30.000 7,211 20,463 26,121 72.000 3,000 {91,1531 131,1731 177,5071 3,942 34,460 8,636 72,000 3,000 14,3601 4,360 18,260 31,114 2,680 117,7871 127.9911 12,6801 14261 1,465 37 4,588 369,019 269,964 13B4,6421 19,3781 244,963 Prevlou$ year: At 1 April 2022 Incomlng Resourceg resour¢es expended Transfer8 At 31 March 2023 PortlCU5 CRC Film Nl Mercy Fund CIN DFA SlreelTalk TEO . Theatre of Witness Garfield Weston John & Pat Hume Foundation Erasmus Other dornor DFA- Border Funder Project National Lollery Dormant Funds Community Fund Climate 129,735 187,2051 (36,729} {14.651} 42,530 368 7,2S7 1,600 14,218 83.575 37,097 21,918 1,6C(J 15,132 12,440 33,093 83.575 18.601 (34,0071 (12,233} (19,634) (2,275) (49,986) 14,470) (104,042) 135.741) (16.0301 171,890) 12071 1,033 2,27S 1141 114.3271 23,544 1,846 34,268 34,268 50,000 9,203 80,000 9.594 80.498 33,895 20.658 25,618 80,000 40,542 106,294 45,170 60,022 363.439 480,323 488,893 14,150 369,019 -29- NORTH EST PLAY RESOURCE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Unrestricted funds The unrestricted fttnds of the charity comprise the unexpended balances of donation5 and grants whlch are not subject lo specffjic conditions by donors and grantors as to how they may be used. At 1 April 2023 Incoming Resources resourGes expended Transfers At 31 March 2024 General funds 222,311 538,089 1589,376) 9,378 180,402 Prèvious year. At l Aprll 2022 Incoming Resour¢es resour¢es expended Transfers At 31 March 2023 General funds 288.130 685,274 (736,943) (14,150) 222,311 21 Analysls of net assets between funds Unrestricted Unrestricted funds funds general designated 2024 2024 Restricted funds Totsl 2024 2024 At 31 March 2024: Tangible assets Clsrrenl assetsloiabilities) 263,968 (83,5661 2,998,627 3.262,S95 161,387 244,9S3 180,402 2,998,62T 244,953 3,423,982 Unrnstrlcted Unrèstricted funds funds general designated 2023 2023 Restricted funds Total 2023 2023 At 31 March 2023: Tangible assets Current assetsl{liabililies) 268,230 (45,9191 3,097,835 3,366,065 323,100 369,019 222,311 3,097,835 369,019 3,689,165 22 Financial commitments, guarantses and contingent liabilities Certain gTants received and receivable may become repayable to the funds if the Charty is no longer able lo meet the conditions under which they were awarded. Due to ihe nature of these contingencies it is not possible lo quanltfy the potential financial effect or give an indication of timing as to the liabilities that may arise. NORTH WEST PLAY RESOURCE CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Related party transactions There were no disclosable related paty iransactions during the year12023- none>. 24 Analysls of changes In net funds At 1 Aprll 2023 Cash flowsAt 31 March 2024 Cash al bank and in hand Bank overdrafts 215,676 1154,0631 148,5651 61,613 148,5651 215,876 1202,6281 13,048 Loans fallSng due wllhln one year 17,7181 3,691 14,0271 207,968 1198,9371 9,021 25 Cash generated from optratlons 2024 2023 Deficit for the year 1265,183 161,547 Adjustments for-. Depreciation and impaimient of langlble fixed assets 112,260 112,180 Movements in working capital.. Ilncreasel in stocks Decreaselllncrease) in debtors IDecrease)fincrease in creditors (1.3401 123,8321 55,988 39,397 176,6211 Cash absorbed by operatIons 1190,147 118,SJf11 31