Cli<qrit Nunil)Lbl' NIC'IOU321 islriiti()n Niiiiil)er . IP 202 DERRY YOUTH AND COMMUNITY WORK4il.IOP I.,1MlD 'I'riistees' Re ¢)rl and li lii})iicSal ,Statciiients foi. IhL' eui. fiJiidL.d 31 Miii'ch 21123
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Contents Page l£gal and Administrative Information Report lo Trustees Independent Auditors. Report Statement of Financial Activities io B<il(tnLC Shcct li Statement of Cash Flows 12 Notes to the Financial Statements 13-24
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Legal and Adminlstrative Information Committee of Man&gementTTrustees Declan Doherty Anne Marie Donnelly Geraldine Mellon Eleanor Conaghan John Peto Deirdre O'connor Michael Quigley - Resigned 26101r23 Danny Friel Catherine Barr Secretsry John Peto Soclety Iyumber IP 202 Charity Number NIC100321 Reglstered Office 6 Society Street De BT48 6PJ Audltors McDaid Mccullough Mwre Chartered Accountants and Ststutory Auditor 28132 Clarendon Street Deny BT48 7HD N. Ireland Buslness Address 6 Society Street Derry BT48 6PJ Bankers Allied Irish ficink Meuduwbi)nk Sirancl Roa(1 Derry BT48 7TN Sollefitors Babington & Croasdaile Solicitors 9 Limavady Road Derry Page I
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED
Report of the trustees
for the year ended 31 March 2023
The Trustees (in their capacity as Trustees and Committee of Management) present their report and the
flnancial statements for the year ¢nded 31 March 2023. The twstees who seTved during the year and up to the
date of ihis report are set out on page l. The Crustees have adopted the provisions of the Statement of
Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102)(effective l January
2019) in preparing the annual report and financial statements of th¢ charity.
Structurej governance and management
Governing documenr
Tlie vi'gaiiibaliuii is a Lli
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Report of the trustees for the year ended 31 March 2023 Objectives and activities land how they deliver public benefit) Charilable objects The society was establibhed undcr Rules of Derry Youth and Community Workshop Limited dated 30 March 1978 which establibhed the objectb and powers of the charitable society. Public benefit Derry Youth and Community Workshop Limited strives lo cnbure that they provide public benefit. Public benefit i.s at the heart of whal it mcanb to be a charity. The principle objeclive of thc charitable society is to advance education, in particular for young people, by providing training facilities for the acquisition and development of occupational skills and work experience. To achieve this objective Derry Youth and Community Workshop Limitcd provided a number of training programmes such a5 Training for Success, Skills For Life and Work, I£mis North West, Leaming North West and Seeds Programme. Achlevements and perfomance The results for the year are set out on page5 10 and I l. The main programmes in operation during the year were Training for Success, Skills For Life and Work, Lemis North West, Learning North West and Seeds Programme, Finaneial review Income for the year to 31 March 2023 increased from £l.192,206 in 2022 to £1.202,831. Net deficit in the year was £129,997 (2022 - Surplus £33.950). The financial statements reflect the transition occurring in income streams during the year. Principalfunding sources The principal funding sources of the charity for the provision of its programmes are The Department of Employment <ind Learning (DEL), Deparitnent for the Economy (DFE), European Social Fund (ESF) and Department for Communities (DFC). Invésimenz policy The charity operates a prudent investment policy. Investments are in the form of short term low risk bank deposits. Re.ierves policy The trustees, (Committee of Management's) business plan ensures adequate reserves exist to meet the ongoing requirements of thc society. The general reserve, comprising reserves of £1,024.471 (2022 - £1,154,468) dt the balance Sheet date. is available to be applied at the discretion of the trnstees (Committee of Management) to any of the society's charitable activities. Restricted reserves are funds secured for specific expenditure of a capital nalure. Derry Youth and Community Workshop Limited have no restricted reserves at the balance sheet date. Revaluation reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. Page 3
DERRY YOUTH AND COMMUNrrY WORKSHOP LIMITED Report of the trustees ror the year ended 31 March 2023 Plans for fulure periods The trustees continue to assess the perfonnance of the society and their future aims for Demy Youth and Community Workshop Limited are: to continue the activities outlined above. maintain financial viability. secure additional funding for new projects. to co-opei'ate witli otliei. bodies to devclop pJDgrai)Iiiies. At ihe end of the financial year the funding from the European Social Fund ended. This marked the end of the Lemis North West. Learning North Wcst and Seeds Programmes. These programmes made up 84(% of the socicty's incomc in the year. As a consequence the society had to undertake cost cutting measures which resulted in a number of redundancies. The society is exporing sources of future funding. Statement of dlsclosure of information to auditors We, the trustees of the charitable society, who held office at the date of approval of these financial statements, each confim) as far as we are aware, that: there is no r¢levant audit information of which the charitable societls auditors are unaware. and we have taken all steps that we ought to have taken as tmstees in order to make ourselves aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Statement of Trnste&s' Responslbllltles The truste¢s (who are also committee of management of Derry Youth and Community Workshop Limited for the purposes of company law) are responsible for preparing the Trustee's Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requiTes the trustees to prepare financial statements for each financial year, which give a true and fair view ot the state ot attairs ot the charitable society and ot the incoming resources and application ot resourccs. including the income and expenditure, of the ch¢Witable 8OCAeiy for that period. In preparing these financial statements, the trustees are required to- sclect suitable accounting policie5 and then apply them consistenlly; observe the methods and principles in the Charities SORP 2019 (FRS 102). make judgements and accounting ¢stimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed. subject to any material depamires dibcloscd and explained in the financial statements" prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable society will continue in operation. Page 4
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Report of the trustees for the year ended 31 March 2023 The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitsble society and enable them to ¢nsure that the financial statements comply with the Industrial & Provident s(leties (Nl) Act 1969 as amended. They are also responsible for safeguarding the ass¢ts of the charitabl¢ society and hence for taking Sonable steps for the prevention and detection of fraud and other irregularities. Auditors A resolution proposing that McDaid Mccullough Moore be reappointed as auditors of the charity will be put to the Annual G¢n¢ral Meeting. On behalf of the trustees /L GLI'aldiiie Mellon Deirdre O'connor John Peto Dated: 6 July 2023 Page 5
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Independent auditors, report to the trustees of DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Opinion We have audited the financial statements of the charitable society , Derry Youth and Community Workshop Limited, for the year ended 31 March 2023 which comprise of the statement of financial activities, the Balance Sheet.. the Statement of Cash Flows and the relalcd notcs. The financial reporting framcwork that has been applicd in their prepaTation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion ihe financial statements: give a true and fair view of the state of the charitable society's affair5 as at 31 March 2023 and of its incoming rcsour¢es and application of resourccs. including its income and expenditure and cash flows for the year then ended. have bccn properly prcpared in accordancc witb United Kingdom Generally Accepted Accounting Practice and have been prepared in accordance with the requirements of th¢ Industrial and Provident Societies Acts (NI) 1969 and 1976. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilties under those standards are furth¢r descTibed in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the responsibilities for the audit of the financial statements section of our report. We are independent of the society in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 have obtained is sufficient and appropriate to provide a basis for our opinion. Conduslons relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. B&8ed on the work perfoned, we have identified any material uncertainties relating to events or conditions that, individually or collectively. may C<t doubt on the Society's ability to continue as a going concem tor a period ot at least twelve months trom the date when the tinanci<il statemcnls are auihorised lor issue. Our responsibilities and the responsibililies of the tru.stees with respect to going concern arc described in the relevant sections of this report. Other inforniation The trustees are responsible for the other information. The other information comprises the information includcd in the annual report, othcr than the financial statements and our auditor's report thereon. Our opinion on th¢ financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any forni of assurance conclusion thereon. Page 6
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED In connection with our audit of the financial statements, our responsibility is to read the other inforniation and. in doing so, consider whether the other inforniation is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mibstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on ihe work we have performed, we conclude that there is a material misstatement of this other infomation, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exception In the lighi of our knowledge and understanding of the society and its environment obtained in the course of the audit, we have not identified material misslalements in the report to the trustees. We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations (NI) 2015 and the Industrial and Provident Societies Act (NI) 1969 and 1976 requires us to report to you if. in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been receiv¢d from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneration specified by law are not made- or we have not received all the infonnation and explanations we require for our audit. Responsibilities of trustees As explained more fully in the statement of trustees, responsibilities set out on page 4, the trustees are responsible for the preparation of the fLnancial statements and for being satisfied that they give a tNe and fair view, and for such internal control as the tn]sl¢es determine is necessary to enable the preparation of financial statements that are free from material misstatement, wheiher du¢ to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the society's ability to continue as a going concern, disclosing. as applicable. matters related to going conccrn and using th¢ going concern basis of accounting unless the trustees either intend to liquidate the society or to cease operations. or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the fjnancial statements We have been appointed as auditor under section 65(2) of the Charities Act (Northern Ireland) 2008 and report in accordance with regulations made under section 66 of that Act. Our objectives to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issu¢ an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement whe.n it e.xi,st,8. Mi8.8tatements 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 financial statements. Page 7
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Irregularities, including fraud. are instance5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularilies, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Based on our understanding of the society and the environment in which it opeiates, we identified that the principal risks of non-compliance with laws and regulations related to those standard to charitable societies, and we consAder¢d the extent to which non-compliance might have a material effect on the financial staiements. We also considered laws and regulations that have a direct impact on the preparation of the financial statements such as the Industrial & Provident Societies (Nl) Act 1969 and 1976, Charities Act (Nl) 2008 and payroll tax, Audit procedures irAcluded the following.. Inspecting correspondence with regulalors aThd tax authorities; Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; Identifying and testing journals and the rational¢ behind significant or unusual transactions. in particular journal entries posted with unusual account combinations. postings by unusual users or with unusual descriptions- Challenging assumptions and judgements made by management in their critical accounting estimates. Owing to the Inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatement5 in the financial statements, even though we have propeTly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is fiom the events and transactions reflected in the financial statements. the less likely the inherently limited procedures required by auditing standards would identify it. In addition. as with any audit, there remains a higher risk of non-detection of irregularities as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and r¢gulations. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain prolebSlUlldl sLepLicisrri ttiruugliuul Ikie liudil. We <ilsv'. Identify and assess the risks of material misstatement of the financial statements. whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from effor, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the pUoSe of expressing an opinion on the effectiveness of the society's internal conlrol. Evaluate the appropriaieDess of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Page 8
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Conclude on the appropriateness of the tn]stees' use of the going concern basis of accounting and, based on the audit evidence oblained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the socieiy's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosurts in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the society to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statcments represent the underlying transactionb and events in a n]allner that achieves fair presentation. We communicalc with those charged with governance regarding, among othcr matters. the planned scope and timing of the audit and significant audit findings, including significant deficiencies in internal control that we Adentlfy during our audit. Use of our report This report is made solely to the charitable society's trustees. as a body, in accordance with Section 38 of the Induslrial and Provid¢ni Socielies Act (Nl) 1969 and 1976. Our audit work has been undertaken so that we might state lo th¢ society's members ihose matters we are required to state 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 society and the society's members as a body, for our audit work, for this report, or for the opinions we have formed. Gerard Murray (SLlllUI' ,Sthlu(ory Auditor) For and on behalt ot McDaid Mccullough Moore Chartered Accountants and Statutory Auditor 28132 Clarendon Street Derry BT48 7HD N. Ireland 6 July 2023 Page 9
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Statement of Financial Activities (Including the Income and Expenditure Account} For the year ended 31 March 2023 Unrestricted Restricted Endowment funds funds funds 2023 Total 2022 Total Notes Income and endowments fTOm: Other trading activities Investments Charitable activities 9,867 10,886 1,182,078 9,867 5,205 10,886 370 1,182,078 1,186,631 Total income and endowments 1.202.831 1,202,831 1.192,206 Expenditure on: Charitable activities 1,332,828 1.332.828 1,158.256 Total expenditure 1,332,828 1,332,828 1,158,256 Net Income l (expendfiture) (129,997) (129,997) 33,950 Net movement In funds (129.997) (129,997) 33,950 Reeoneiliation of funds: Total funds brought forward 1.1.54,4611 1,154,468 1,120,518 Total thnds carrled forward 1,1124,471 I,(1?4,471 1,154,468 All income and expenditure derive from continuing aclivities. T()tal com rcliciisivL' iiiciiiiie r(ii' tliL' L'ar Net movement In ndS Revaluatlon of tanglble assets (12l),9()7) 33,950 521),OnO (129,997) 553,950 The Notes on pages 13 to 24 fom an fintegral parl of these Flnancial Statements. Page 10
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Registration Number IP 202 Balance Sheet as at 31 March 2023 2023 2022 Notes Fixed Assets Tangible Assets 14 510,410 526,600 Current Assets Debtors C<ish at Bank and in Hand 15 148.073 946.731 133,957 1,083,578 1,094,804 1,217,535 Creditors: Amounts falling due within one year 16 (81,535) (80,058) Net Current Assets 1,013,269 1,137,477 Total Assets Less Current Liabilities 1,52.3,679 1,6C)4,Q77 Net Assets 1,523,679 .664,077 Charity Funds Called Up Share Capital Revaluation Reserve Unrestricted funds 17 21 19 491),2011 1,024,471 SOY,C)l)11 J,154,468 Total charity funds 1.521,fi79 I,Cif14,077 The financial statements are Prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRS102 SORP. The. financial ,8tAt.e,ment.s we.re. FIDPTnveAI And Hiithorise.d fnr i.ssiie. hy the. Tniste.es nn fi .Tiily 2n23 And 8igne,d nn its behalf by Geraldine Mellon Trustee Deirdre O'connor Trustee John Peto Secretary The Notes on pages 13 to 24 forn] an integral part of these Financial Statements. Page 11
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Statement of Cash Flows for the year Ended 31 Mareh 2023 2023 2022 Notes Reconciliation of Net Expenditure to Net Cash outtlow from Operating Activities Net Income l (Expenditure) Baiik IiiLerest ReceiveLI Depreciation (Increase) in DebtoTs In¢r¢ase in Creditors (129 1)97) { I l),li8C)) 5.790 (14,116) 1.477 33,950 (370) 5,971 2,326 25,764 Net Cash outtlow from Operating Activities (147,732) 67,641 CASH FLOW STATEMENT Net Cash oufflow from Operating Activities Cash flow from investing activities Capital Expenditure (147,732) 10,886 67,641 370 (340) 24 (136,846) (i) 67.671 Cash flow from financing activities 24 Decrease in cash and cash equivalents in the year (136,847) 67,672 Reconciliation of Cash equivalents Decrease in cash and cash equivalents in the year Cash and cash Equlvalents at l April 2022 Cash and cash equivalents at 31 March 2023 (176.Y47) 1,083,-fi78 67,672 1,015 L)06 25 946,731 1,083,578 Page 12
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Financial Statements for the year Ended 31 March 2023 Accounting Polieles 1.1. Aeeounting Convention and basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED is a private society limited by shares, registered in Northern Ireland under the Industrial and Provident Societies Acts (Nl) 1969 and 1976. The address of the registered office i,$ 6 .8ociety Street, Dery. BT48 6P.T. The financial statements have been prepared under th¢ Historical Cost convention modified to include the revaluation of certain fixed assels and in accordance with 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities pparIng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)',(Charities SORP(FRS 102))(effective l January 2019), the Charities Act N12008 and the Industrial & Provident Societies Act (NI) 1969 and UK Generally Accepted Practice. The financial statements are prepared in sterling. which is the functional currency of the entity and rounded to the nearest £. The principal accounting policies applied in the preparation of these financial stalements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 1.2. Fund Aecountlng The funds of a charitable company can consist of Restricted Funds and Unrestricted Funds. UnrestrACted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other pUOses. Restricted funds funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular PU0eS. The cost of raising and administering such funds are charged against th¢ specific fund. E4ndownieiit funds iepitseiit those assets which inust be held peinianeiitly by the charity. Income arising on endowment funds can be used in accordance with ihe objects of the charity and is included as unrestricted income. Any capital gains OT losses arising on the investments forni part of the fund. Investment rnanagement charges and legal advice relating to the fund are charged against the fund. Page 13
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Financial Ststements for the year Ended 31 March 2023 . continued 1.3. Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any perfonnance conditions have been fflet, Ihe amount can be measured reliably and it IS Probable that the income will be received. Incoming Tesources include grant incotne from various training prograrnmes. income from sales of services and investment income. Fnr dnnations to be. recognise.d the charity will have he.en notified nf the arnounts and Ihe settleTnent. date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. The charity receives government grants in respect of various training programmes. Income from government and other grants are recognised at fair value when the charity has entitlement after any perforniance conditions have been met. it is probable that the income will be received and the amount can be measured reliably. If entitlement Is not met then these amounts are deferred. Investment income is earned through holding assets for investment purposes. It includes interest and rent. Where it is not practicable to identify investment management costs incurred within a scherne with r¢asonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and rent income is recognised as the charity's right to receive payment is established. Page 14
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Financial Statements ror the year Ended 31 March 2023 continued 1.4. F.xpendilure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to Ihc catcgory. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. it is probable that the settlement will be required and the amount of the obligation can be measured reliably. IrrecnverAhle VA T 1.% charge.d as an e.xpe.nse against Ihe activity fnr which expenditure ar(Tr8e. Grants payable to third parties are within the charitable objectives. Where unconditional grants. are offered, this 15 accrued as soon as the recipient is notified of the gr<tnt, tis this givcs rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued whcn any unfulfilled conditions are outside of the control of the charily. Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. They ar¢ incurred directly in support of expendiluT¢ on the objects of the charity, Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis conslstent with use of the resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating infomation in support of the charitable activities. 1.5. Tangible Fixed Assets and Depreeiatfion Depreciation is provided at rates calculated to write off the cost or valuation les5 Tesidual value of each asset over its expected useful life, as follows: Property Fixtures, Fittings and Equipment Motor Vehicles Straight Line over fifiy Years 12.5%. 20% & 25% Straight Line 20fo Straight Line 1.6. Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impaimient are recognised in expenditure. 1.7. Pensions The pension costs charged in the financial statements represent the contribution payable by the society during the year. 1.8. Going Concern The financial statements have been prepared on a going concern basis. The trustee5 have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted incorne and expenditure is sufficient with the level of reserves for the chaiity to be able to coiitiiiue as a golng concerii. See iiote 26 for fuither detail. Page IS
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Flnanclal Statements for the year Ended 31 March 2023 . continued lllcome from other tradlng Aetlvltles Unrestricted funds 2023 Total 2022 Total Sales of Services Job Start Scheme 6,723 3,144 6,723 3.144 585 4,620 9,867 9.867 5.205 Income from Investments Unrestricted fullds 2023 Totsl 2022 Totsl Bank Deposit Interest l (),X8() 370 Income from charitable activities Unrestricted funds 2023 Total 2022 Total Training for Success Skills For Life and Work ESF Lernis North West ESF Learning North West ESF Seeds Programme 54,187 115,219 340,2(JU 76,707 195,675 54,187 18(),.524 115,219 39,047 (?4Q.2L)O .% 911,287 176,707 17(l.C)40 195,675 200,133 1,182,078 1,182,078 1,18fi,Ci31 Page 16
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Finandal Statements for the year Ended 31 March 2023 . continued Expendlture on Charltsble Aetlvfitles Unrestricted funds 2023 Total 2022 Total Direct staff coÈts Redundancy Costs Materials Allowances to trainees JAC OutgTOUP Costs Le4rning NW Costs Seeds Costs Examination & Registration Fe¢s Trainee Bonuses Job Directions ESF Trainee Travel Expenses Governance Costs (note 6) Administration Costs (note 7) 639,732 639,732 156,624 156,624 6,451 6,451 33,813 33,813 156 156 545 545 604,522 32,530 9,153 40,575 165 463 562 10,934 12,542 1,770 6,550 127,755 120,416 3,478 2,498 13,352 11,699 338,218 316,581 10,934 1,770 127,755 3,478 13,352 338,218 1,312,8?14 1,312,828 1,158,256 Expendlture on Governance Costs Unrestricted funds 2023 Totsl 2022 Total Auditors, Remuneration - audit of the financlal statements Legal and Professional Fees 8,(1()6 4.686 8,666 4,686 8,616 3,083 13,352 13,352 11,699 Page 17
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Financial Statements for the year Ended 31 March 2023 . continued Admlnlstratlon Costs Unrestricted funds 2023 Total 2022 Total Adilliiiists'atioii & Maiiageiiient Staff Costs Staff Training Rent Payable Insurance Light & Heat Cleaning Repairs & Maintenance Safety Equipment & Clothing Printing, Postage & Stationery Advertising Telephone Motor Expenses Travelling & Entertainment Bank charges General Expenses Depreciation Amortised from Revaluation Reserve 214,112 214,112 195.550 1,108 1.108 1.965 16,160 16.160 16,160 16,918 16.918 16,588 25,906 25.906 21,186 5,780 5,780 4.979 14,133 14,133 13,383 4,405 4,405 4,207 10,773 10,773 9.507 2,193 2.193 2.283 13,828 13,828 19,385 1,287 1.287 680 2,876 2.876 1.987 1,542 1.542 1.525 1,407 1.407 1,225 16.190 16,190 16,371 (111.41111) (10.4110) (111,401)) 338,2111 138,2111 316,581 Net incomel(Expenditure) for the year 2023 2022 Net. inc()me l (expelldit.iJre) is %t2ted afttr charging,. Depreciation of Tangible Assets Auditors, Remuneration 5,790 8,666 5,971 8,616 Auditors, remuneration 2023 2022 Auditors, remuneration - audit of the financial statements 8,666 8,616 Page 18
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Flnanclal Ststements for the year Ended 31 March 2023 . continued 10. Employment Costs 2023 2022 Wages and Salaries Redundancy Costs Social Security Costs Other Pension Costs 763,337 156,624 66,527 23,980 718,627 32,530 58,681 22,764 1,0 I n,4()8 32,()0? Number of Employees The average monthly numbers of employees during the year, calculated on the basis of full time equivalents, was as follows: 2023 Number 2022 Number DirectlProgramme related staff Administrative staff Management staff/Chief Executive 25 24 31) 29 The number of employees whose total employee benefits (excluding employer pension costs) amounted to over £60,000 in the year were as follows: 2023 Number 2022 Number £60,0 - £70,(M)O £70,1 - £80,IJ)o Included above are three Trnstees of Derry Youth and Community Workshop Limit¢d, the Chief Executive and two administrative staff. Page 19
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Financial Statements for the year Ended 31 March 2023 . continued li. Chief Executlve and Trustees, emoluments 2023 2022 Remuneration and Other Benefits SoLial SeLuriLy Cuslb 132,628 14.373 122,279 12.413 147.001 134.()1)2 Number Number Number of Trustees to whom retiren]ent benefits are accruing under a money purchase scheme 12. Pension Costs The society operates a defined contribution pension schemc. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the society and amounted to £23.980 (2022 - £22.764). Outstanding pension contributions at the balance sheet date amounted to £5,931 (2022- £5,526). 13. Taxation The charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation T&xes Act 1988. Accordingly, th¢re is no taxation charge in these accounts. Page 20
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Flnancial Statements for the year Ended 31 March 2023 . continued 14. Tangible Fixed Assets Fixtures, Fittings Property Equipment Motor Vehicles Total Costlrevaluation At l April 2022 At 31 March 2023 520,000 199,347 19,650 738,997 Depreeiatjon At l April 2022 Charge for the year 10.400 10,400 196.675 877 5,322 4,913 212,397 16,190 At 31 March 2023 20,800 197,552 10,235 228,587 Net Book values At 31 March 2023 41)() ?()() 1,795 9,415 510.410 At 31 March 2022 2,672 14,328 .52(),()1111 The property was valued on 26 January 2022 at £520,000, The valuation was carried out by independent valuer James ODoherty & Co, Chartered Surveyors. Valuers and Property Consultants on the basis of Market Value. 15. Debtors 2023 2022 Training for Success 2017 Skills For Life and Work ESF miS NoTth West ESF LKarning North West ESF Seeds Programme Other Debtors Prepayments 5,715 16,129 53,423 24,171 46,008 957 1,670 5.218 14,378 47,083 14,472 50,039 1,260 1,507 148,073 133,957 Page 21
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Finaneial Statements for the year Ended 31 March 2023 . continued 16. Creditors: Amounts Falling Due Wfithln One Year 2023 2022 Trade creditors Other taxes and social security costs Accrnals and deferred income 3,423 19,472 f11,(140 6,674 16,913 56,471 81,535 80.(1.58 17. Share Capital 2023 2022 Allotted, called up and fully paid equity 8 Ordinary share.s of £1 each 18. Analysis of net assets between funds Unrestricted Revaluation funds Reserve Total funds Fund balances at 31 March 2023 as represented by: Tangible fixed assets Current assets Current liabilities 11.210 1,1194,11114 (81,535) 499,200 510.410 1,094.804 (81.535) 1,1124,479 49() ?00 1,523,679 19. Unrestricted Funds 2023 2022 Opening general funds Incoming resources Outgoing rcsources 1.154.468 1.120,518 1.202,831 1,192,206 (1,332,828) (1.158.256) Closing general funds 1,024,471 1,154,4()8 Purposes of unrestricted funds Unrestricted funds ar¢ funds that expendabl¢ at the discretion of the trustees in furtherance of the harity's objects, Page 22
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Financial StAtements for the year Ended 31 March 2023 . continued 20. R¢strActed funds Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes, Derry Youth and Conllnunity Workshop Limited did not have any restricted funds in the ye<W. 21. Revaluatfion Reserve 2023 2022 Opening Revaluation Reserve Gain on revaluation of fixed assets Other Movements -511l),()(11) -fj21),11(10 (10,41)()) {10,4(111) Closing Revaluation Reserve 49(),2jlll 5(1().()(111 Puryoses of Revaluatlon Reserves Revaluation reserve records the value of assel revaluations and fair value movernents on assets recognised in other comprehensive income. The property was valued on 26 January 2022 at £520,IJ)O by James O'Doherty & Co, Chartered Surveyors, Valuers and Property Consultants on the basis of Market Value. 22. Contingent Liabilities Grants received could be repayable in certain circumstances as set out in the letters of offer. 23. Controllfing Party The trustees (Committee of Management) are considered to be the charity's controlling party. Page 23
DERRY YOUTH AND COMMUNITY WORKSHOP LIMrrED Notes to the Financial Statements for the year Ended 31 March 2023 . continued 24. Gross Cash Flows 2023 2022 Cash flow from finvestlng aetlvfitios Interesl received 111.8156 370 Capital expenditure Payments to acquire tangible asset8 (340) Cash flow from financing activities Reduction of Ordinary share capital 25. Analysis of Changes in cash and cash equivaIents Openlng balance Cash flows Closing balance Cash at bank and in hand ,()8?.578 (136,847) 946.731 Cash and cash equlvalents 1.083.5715 (136,847) 946.731 Going Concern At the end of the financial year the funding from the European Social Fund ended. This marked the end of the L£mis North West, Learning North West and Seeds Programmes. These programmes made up 84% of the society's iiicoiiie in the ye&. As a tonsequeiice the society had to uiidertake cost cutting measures which Tesulted in a number of redundancies. The society is exporing sources of future funding. At the balance sheet date the society's net assets were £1.523.679 which includes net cuent assets of £1,013,269, accordingly the society is in a strong financial position. The management have prepared cashflow projections covering the period to 30 June 2024 which show that the society will have sufficient funding to carry out its operating activities. As a result the trustees have continued to adopt the going concern basis in the preparation of the financial statements. Page 24