ClIAri Numl)cr . NIC100321 isti'atioii Nuwbei" IP 202 DERRY YOUTH AYJ D COMMUF41TY WORKSHOP LIMITED Ti'iistees, Rc ort and f4in#neial Stllteiiients foi" tlic eAr nded 31 March 2024
DERRY YOUTH AND CO(ur WORKSHOP LIMITED Contents Page Legal and Administrative Inforn]ation Report to Trustees Independent Auditors, Report Statement of Financial Activities 10 Balance Sheet 11 Statement of Cash Flows 12 Notes to the Financial Statements 13-25
DERRY YOUTH AIYD COMMUNITY WORKSHOP LIMITED Legal and Admillistrative Information Committee of Managementrrrustees Declan Doherty Anne Marie Donnelly Geraldine MelIon Eleanor Conaghan John Peto Deirdre O'connor Danny Friel Catherine BaLT Secretary John Peto Soclety Number IP 202 Charlty Number NIC1003?1 Re%istered Olee 6 Society Sts'eet Derry BT48 6PJ Auditors M¢Daid Mccullough Moore Chartered Accountants and Statutory Auditor 28132 Clarendon Street Derry BT48 7HD N. Ireland Business Address 6 Society Street Derry B T48 6PJ Bankers Allied Irish Bank Meadowbank Strand Road Deny BT48 7TN Solicitors Babington & Croasdaile Solicitors 9 Limavady Road Derry Page I
DERRY YOUTH AND COIWIIUNITY WORKSHOP LIMITED Report of the trustees for the year ended 31 March 2024 The Trnstees (in their capacity as Trustees and Conlmittee of Management) present their report and the funCIal statements for the year ended 31 March 2024. The trustees who scrved during the year and up to the date of this report aTe set out on page l. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charitics (FRS 102)(effcctivc l January 2019) in preparing the annual report and fmancial statements of the charity. Structur4 governance and management Governing document The organisation is a charitable limited society registcred under the Industrial and Provident Societies Act (Northern Ireland) 1969 (Society Numbcr IP 202). It is recogniscd as a charity by HM Rcvenuc and Customs (r¢ferencc XR57120). The society's charity number is NICI00321. The society's governing document is its Rules dated 30 March 1978. Organisational slnicliire The charitable society is managed by the trustees (committee of management). The trustees are chosen based on their skills and professional backgrounds so as to ensure a wide range of experience is represented on the Board. The trustecs meet monthly to review perforn]ance, deterniine strategies, assess risk and plan future policies, The society is managed daily by a chief executive and senior employees. The senior employees report daily to the chief executive ensuring the smooth operation of the SIety. The chief executive is responsible for ensuring that the society complies with all relevant regulations including health & safety requirements for both trainees of the centre and staff. Appointment and training of fft4Stees New trnstees are nominated by current trustee members. Induction and training of new trustees is provided by the Chief Executive of th¢ society and covers: i) The obligations of the trustees (Committee of Management members). ii) The main documents which sct out the operation framework for the society including the Rules of Deny Youth and Community Workshop Limited; iii) Resourcing and thc current fmancial position as set out in the latest published accounts. iv) Future plans and objectives Governance, internal control and risk management The management of Dcry Youth and Community Workshop Limited has conducted its own revicw of the major risks to which the society is exposed and systems have been established to mitigate those risks. Significant external risks relating to funding have led to development of a strategic plan which will allow for the diversification of fill]ding and activities. Internal risks are minimis¢d by th¢ impl¢m¢ntation of procedures for authorisation of all transactions and proammes. Page 2
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Report of the trustees for the year ended 31 MArch 2024 Objectives and Aetivltles (and how they dellver public benefit) Charitable objects The society was established under Rules of Derry Youth and Community Workshop Limited dated 30 March 1978 which established the objects and powers of the charitable society. Public benefit Dcrry Youth and Community Workshop Limited strives to ensure that they provide public benefit. Public benefit is at the heart of what it means to bc a charity. The principle objective of the 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 Limited provided a number of training programmes such as Training for Success, Skills For Life and Work, OCN Skills For Life and Work Wellness Programmc, PHA Pcrsonal Surwss and Wcll-Bcing Project and provided training ,%ervic&8 to other chait.ahle oi'&Tanisatioiis. Achievements Ydnd performance The results for the year are set out on pages l O and I l. The main programmes in operation during the year were Training for Success, Skills For Life and Work, OCN Skills For Life and Work Wellness Programme and PHA Personal Success and Well-Being Project. During the year the society also provided training services to other charitable organisations. Financial review Income for the year to 31 March 2024 decreased from £1,202,831 in 2023 to £312,187. Net deficit in the year increased to £410,410 (2023 £129,997). The fanCIal statements reflect the transition occurring in income streams during the year. Principalfynding sources The principal funding sources of the charity during the year for the provision of its programmes are Dq)artment for the Economy (DFE}, OCN Northern Ireland and Public Health Agency. Invetstmentpolicy The charity operates a prudent investment policy. Inv¢stmcnts are in the forni of short term low risk bank dcposits. Reserves policy The trustees, (Committee of Management's) business plan cnsures adequate rescrves exist to meet the ongoing requirements of the society. The general reSce, comprising reserves of £614,061 (2023 - £1,024,471) at the balance sheet date, is available to be applÈed at the discretion of the ttustccs (Conunittee of Management) to any of the sociews charitable activities. Restricted reserves are funds securcd for specific expenditure of a capital nature. Derry Youth and Community Worksliop Limited have no restricted reserves at the balance sheet date. Revaluation reserve records the value of asset revaluations and fair value movements on assets reCols¢d in other comprehensive income. Pvdge 3
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Report of the trustees for the year ended 31 March 2024 Plans for future periods The trustees continue to assess the perforn]ance of the society and their thture aims for Derry Youth and Community Workshop Limited arc.. to continue the activities outlined above. - maintain fmancial viability. secure additional funding for new projects. - to co-operate with other bodies to develop programmes. At the end of the 2023 flliancial year the funding from the European Social Fund ended. This marked the end of the Lemis North West, Learning North West and Seeds Programmes. These programmes madc up 840/0 of the society's income 2023. As a consequence the society had to undertake cost cutting measures which resulted in a numbu of redundancies. Income during the year from Charitable activities fell by 77 /0, from £1,182,078 in 2023 to £276,589 in the year. During the year the society has been exploring additional sources of future funding. At the bolllnce Sheet date the society'8 net ussets were £1,102,861) which includes net current assets ol. £609,417, accordingly the society is in a strong fmancial position. The management have prepared Cashflow projections covering the period to 30 June 2025 which show that the society will have sufficient funding to cary out its operating activities, As a result the trustees have continued to adopt the going concern basis in the preparation of the fmancial statements. tn the event of the society ceasing to operate within the next twelve months, a provision for filllher redundancy costs of approximately £300,000 would be requiied and would decrease the reserves. Statement of disclosure of informAtioD to auditors We, the trustees of the charitable society> who held office at the date of approval of these fmancial statements, each confwm as far as we are aware, that: there is no relevant audit inforniation of which the charitable societ)Os auditors are unaware. and we have taken all steps that we ought to have taken as trustccs in ordcr to make ourselves aware of any relevant audit infolination and to establish that the CharItS auditors are aware of tliat inforniation. Page 4
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Report of the trnstees for the year ended 31 March 2024 ststement of Trustees, Responsibilities The trnstecs (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 fmancial statements in accordance with applicable law and Unitcd Kingdom Accounting Standards (UDlted Kingdom Generally Accepted Accounting Practice). Company law requires the trnstees to preparc financial statements for cach fll]ancial year, which give a true and fair view of the state of affairs of the charitable society and of the incoming resources and application of resources, including the income and expenditure, of the charitable society for that period. In preparing these fmancial statements, the trustees arc rcquired to: select suitable accounting policies and then apply them consistently; obscivc tlie illetliods atid pi'illLiples iIi tlie Cliai'itieb SOIIP 20 19 (FRS 102). Iiiakc jULl8eiiieiiLs aiiLI aLLiiiiiil.iii¥ ¥41,ilTIAlr.% l.Iixl. are. re.H4lTrTIHhlv. Afl(1 prii(IvTII.' state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the fllwicial statements; prepare the fmancial statements on the going concern basis unless it is inappropriate to presume that the charitable society will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the fll]ancial position of the charitable society and enable them to ensure that the fmancial statements comply with the Industrial & Provident Societies (NI) Act 1969 as amended. They are also responsible for safeguarding the assets of thc charitable society and hence for taking reasonable steps for the prevention and detection of fraud and other iffegularities. Auditors A resolution proposing that McDaid Mccullough Moore be reappointed as auditors of the charity will be put to the Annual General Mccting. behalf he trustees fvqo9 Declan Doherty Anne Marie Donnelly Jolin P¢to Dated: 18 July 2024 Page 5
DERRY YOUTH AND COMMUNrfY WORKSHOP LIMITED Independent auditors, report to the trustees of DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Opinion We have audited the fll]ancial statements of the charitable society , Derry Youth and Community Workshop Limited, for the year ended 31 March 2024 which comprise of the statement of fmancial activities, the Balance Sheet, the Statement of Cash Flows and the related notes. The fmancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accq)ted Accounting Practice). In our opinion the fmancial statements: give a true and fair view of the state of the charitable societys affairs as at 31 March 2024 and of its incoming resources and application of rcsources, including its income and cxpendilure and cash flows for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice and have been prepared in accordance with the requirements of the Jndustrial and Provident Societies Acts (Nl) 1969 and 1976. fvr oylllioll We Loiiducied our audit lll 4iLLord<lTILL WAtli llltciiiational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilties under those standards are further described in the Auditor's responsibilities for the audit of the fanCIal statements section of our report. We are independent of the responsibilities for the audit of the fancial 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 fvlfilled 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. Concluslons relatlng to going concern In auditing the fmancial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the fmancial statements is appropriate. Based on the work perfonned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast doubt on the Society's ability to contillu¢ as a going concern for a period of at Ist twelve months from the date when the fmancial statements arc authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern arc described in the relevant sections of this report. Other information The trustees are responsible for thc Oth inforniation. The other inforniation comprises the inforniation included in the annual repor¢ other than the fmancial ststements and our auditor's report thereon. Our opinion on the fanCIaL statements does not cover the other inforn]ation and, except to the extent otherwise explicitly stated in our report, we do not cxpress any fonn of assurance conclusion thereon. Page 6
DERRY YOUTH AND COMML UNITY WORKSHOP LIMITED tn connection with our audit of the fmancial statements, our responsibility is to read the other inforniation and. in doing so, consider whether the other information is materially inconsistent with the fmancial statements or our knowledge obtained in the audit or othenvise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatemcnts, we are required to determine whether theIe is a material misstatement in the financial statements or a material misstatement of the other infonnation. If, based on the work we have perforn]ed, we conclude that there is a material misstatement of this other inforn]ation, we are required to report that fact. We have nothing to report in this regard. Matters on which wc are required to report by exception ID the light of our knowledge and understanding of the society and its environment obtaincd in the course of the audit, we have not identified material rnisstatements 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 (Nl) 2015 and the Industrial and Provident Societies Act (ND 1969 and 1976 requires us to report to you if, in our opinion: adequate accnunting recoTds hav¢ not been kept. or returns adequate for our audit have not been received tsom branches not visited by us. or the fmancial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law arc 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 5, the trustees are responsible for the preparation of the flnancial statements and for being satisfied that they give a Irne and fair view, and for such internal control as the trustees deterniine is necessary to enable the preparation of fmancial statements that are free from material misstatement, whether due to fraud or error. In preparing the fanCIal statements, the trustees are responsibl¢ for assessing the socicty's 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 inlend to liquidate the society or to cease operations, or have no realistic alternativc but to do so. Auditor's responsibilities for the audit of the flnancial statements We have been appointed as auditor under section 65(2) of the Charities Act (Northem Ireland) 2008 and report in accordance with regulations made under section 66 of that Act. Our objectives are to obtain reasonable assurance about whether the fmancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 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 fmancial statements. Page 7
DERRY YOUTH AND COMMUNrrY WORKSHOP LIMITED Jrregularities, including fraud, are 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 irregularities, 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 operates, we identified that the principal risks of non-compliance with laws and regulations related to those standard to charitable societies, and we considered the extent to which non-compliance might have a material cffect on the flluncial statements. We also considered laws and regulations that have a direct impact on the preparation of the fmancial statements such as the Industrial & Provident Societies (NI) Act 1969 and 1976, Charities Act (Nl) 2008 and payroll tax. Audit procedures included the following: Inspecting correspondence with regulators and tax authorities. Discussions with management illcluding consideration of known or suspected instances of non-compliancc 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 rationale be]]ind SilfICallt or unusual transactions, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual dc8CriPtions; CliallenAinA assumptioiis aLid.jud2eiiients inade by inaiiaReineiit lll tlieir ci'itlLal aLLounllllX cslimat¥¥. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the fmancial statements, even though we have properly planned and perfonned our audit in accordancc with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the fmancial 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 non4etection 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 regulations. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scq)tRcism throughout the audit. We also: Identify and assess the risks of material misstatement of the fmancial statements, whether duc to fraud or error, design and perforni 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 error, as fraud may involve collusion, forgery, intentional omissions, misrcpresentations, 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 purpose of expressing an opinion on the effectiveness of the society's internal control. Evaluate the appropriatcness 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 trustees, use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the societls ability to continuc as a going concern. If we conclude that a material uncertainty exists, we arc required to draw attention in our auditor's report to the related disclosures in the fmancial 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 prcscntation, structure and contcnt of the fmancial statements, including the disclosuTes, and whether the fmancial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit fmdings, including significant deficiencics in internal control that we identify during our audit. Us¢ of our report This report is made solely to the charitable societ)Os trustees, as a body, in accordance with Section 38 of the Industrial and Provident Societies Act (Nl) 1969 and 1976. Our audit work has been undertaken so that we might state to the societgs members those matters we are required to state to them in an auditors, report and for no other pury)osc. To the fullest cxtcnt pennitted by law, we do not accept or assumc responsibility to anyone other than the society and the societS members as a body, for our audit work, for this report, or for the opinions we have fornied. Gerard ui'i'ay {SLiiior .Stalu For and on behalf of McDaid Chartered Accountants and Statutory Auditor 28132 Clarendon Street Derry BT48 7HD N. Ireland Auditor) cc'mllough Moore 18 July 2024 Page 9
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Statement of Financial Activities (Includlng the Ineome and Expenditure Account) For the year ended 31 March 2024 Unrestricted Restricted Endowment funds funds funds 2024 Total 2023 Total Notes Income and endowments from: Other trading activities Investment Charitable activities 12,781 22,817 275,175 12,781 9,867 22,817 10,886 276,589 1,182,078 1,414 Total income and endowments 310,773 1,414 312,187 1,202,831 i xpenditure on: C.liai'ital)Ic Act.ivit.1&8 721,1 Rl 1,414 722,597 J,-332,112R Total expenditure 721,183 1,414 722,597 1,332,828 Net Illcome l (expenditure) (410,410) (410,410) (129,997) Net movement in funds (410,410) (410,410) {129,997) Reconciliation of funds: Total funds brought fonvard 1,024,471 1,024,471 1,154.468 Total funds carried forward 614,()61 614,061 1,024,471 All income and expenditure derive from continuing activities. Total com rehensivc income for the year Net movement in funds (410,410} (129,997) (410,410) (129,997) The Notes on pages 13 to 25 forni an integral part of these Financial Statements. Page 10
DERRY YOUTH AND COMIIWNITY WORKSHOP LIMITED RegAstrAtion Number IP 202 Balanee Sheet as at 31 March 2024 2024 2023 Notes Fixed Assets Tangible Assets 14 493,452 510,410 Current Assets Debtors Cash at Bank and in Hand 15 13,033 623,392 148,073 946,731 636,425 1,094,804 Creditors: Amounts falling due withill one year 16 (27,008) (81,535) et Current Assets 609,417 1,013,269 Total A88ets Less Current Liabilities 1,102,869 1,523,679 Net Assets I,lQ2,869 1,523,679 Charity Funds Called Up Share Capital Revaluation Reserve Unrestricted funds 17 21 19 488,800 614,061 499,2nO 1,024,471 Total charity funds 1,102,869 1,523,(I79 The financial statements are prepared in accordance with the provisions applicable to small companies subject to the small companies regime and in accordance with FRSI 02 SORP. The financial statements were approved and authorised for issue by the Trustces on 18 July 2024 and signed on its behalf by Deelxii Trustee oliertv Anne Marie Donnelly Trustee John Peto Secretary The Notes on pages 13 to 25 form an integral part of these Flnancial Statements. Page 11
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Statement of Cash Flows for the year Ended 31 March 2024 2024 2023 Notes Reconciliation of Net Expenditllre to Net Cash outtlow from Operating Activities Net Income / (Expenditure) Bank Interest Received Depre£iation Decrease / (Increase) in Debtors (Decrease) / Increase in Creditors (410,410) (22,817) 6,558 135,040 (54,527) (129,997) (10,886) 5,790 (14,116) 1,477 Net Cash oufflow from Operating ActivAties (346.156) (147,732) CASH FLOW STATEMENT Nel c.asli oijl now fi'oiii Operatiiig Aclivilies C,ash flow frnm inve,sting ac,tivitie,s (14C), l.f fi) 22,X17 (147,712) I11,XXh 24 (323.339) (136,846) (i) Cash flow from fllwicing activities 24 Decrease in casb and cash equivalents in the year (323,339) (136,847) Reconciliation of Cash equivalents Decrease In caslj and cash equlvalents In the year Cash and cash Equivalents at l April 2023 (323,339) 946,731 (136.847) 1,083,578 Cash and cash equlvalents at 31 March 2024 25 623,392 946,731 Page 12
DERRY YOUTH AND COMMUNKTY WORKSHOP LIMITED Notes to the Ftnancial Statements for the year Ended 31 March 2024 Accounting Poliefies Accounting Convention and basls of preparation The charity constitutes a public benefit entity as defined by FRS 102. DERRY YOUTH AND COMMUNITY WORKSHOP LNITED is a private society limited by shares, registered in Northern Ireland under the ]ndustrial and Provident Societies Acts (NI) 1969 and 1976. The address of the registered office is 6 Society. Street, Dery, BT48 6PJ. The fmancial statements havc been prepared under the Historical Cost convention modified to include the revaluation of certain fixed assets and in accordance with 'Accounting and Rq)orting 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)',(Charities SORP(FRS 102))(effective l January 2019), the Charities Act N12008 and the Industrial & Provident Societies Act (Nl) 1969 and UK Generally Accepted Practice. The rmLIa1 sl<ilcm¥rils Iirv prep<irvd ITI sl¢rliiLg* wliicli is llie fLUiLtAoiial curi'eiiLy of ilie ciitiiy ld roiinde.d to the. ne.are,st £, Thc principal accounting policies applied in the preparation of these fmancial statements are set out below. These policies have been consistently applied to all years presented unless othen¥ise stated. 1.2. Fund Accounting The funds of a charitable company can consist of Restrictcd Funds and Unrestricted Funds. Unrestricted funds are available for use at the discretion of the trustees in furtherance of the gencral objectives of the charity and which have not been designated for other purposes. Restricted fvnds 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. The Cost of raising and administering such funds are charged against the specific fund. Endowment funds represent those assets which must be held pennanently by the charity. Income arising on endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses atising on the investments foml part of the fund. Investment management 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 Statements for the year Ended 31 March 2024 . continued Ineome recognltion All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any perforn]ance conditions have been met, the amount can be measurcd reliably and it is probable that the income will be received. Incoming rcsources include grant income from various training programmes, income from sales of services and investtnent income. For donations to be recognised the charity will have been notified of the amounts and the scttlemellt date in writing. If therc are conditions attached to the donation and this requires a level of perfonnancc 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 rcccives government grants in respcct of various training programmcs. Income from government and other grants arc rccogni8ed at fair value when the charity has entitlement after any perfornnCe conditions have been meL it is probable that the income will bc received and the amount ¥aii be llieasui'ed I'eliably. Il eiililleiiieiil is Iiol iiiel theii tliese ountS at¢ dcferred. Tnv&8tment incnme 18 earned thmugh holding as8et8 for invei*tmenl purpobeb. Il in¢ludes iiiieresl lind rent. Where it is not practicable to identify investment management costs incurred within a scheme with rcasonable accuracy the investment income is reported net of these costs. It is included when the amount can be measured reliably. Int¢st income is recognised using the effective interest method and rent income is recognised as the charity's right to receive pa>inent is established. Page 14
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Flnancial Statements for the year EDded 31 March 2024 . continued Expenditure recognltion All expenditure is accounted for on an accrnals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where thcre is a legal or constructive obligation to make payments to third parties, it is probable that the scttlement will be required and the amount of the obligation can be measured reliably. Ixoverable VAT is charged as an expense against the activity for which expenditure aros¢. Grants payable to third parties arc within thc charitable objectives. Where unconditional grants are offered, this is accrned as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relatiug to perfonnance then the alll is only accrued when any unfulfilled conditions are outside of thc control of the charity. Support costs are those that assist the work of the Charity but do not directly represent charitable activities and include office ¢osts, governance costs, administrative pa011 costs. They <ire incurred d(lY ill suppurL ul expelid1Le un ihe ubjeLLs' vf Lliurily. Wlivi'¢ suppvi'l ¥v?*l& LaAllioI be dll'txlly dlli'il)uLed i)<AI'liLul¢ll' Iiudiii¥% Ili¥y lidV¥ I)¥¥ll dlliiLdLul Iu UUl¥l ul l%liSAll¥ fLillas alld p¢lId1111A¢ charitable activities on a basis consistent with use of the resources. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating infonnation in support of the charitable activitics. 1.5. Tanglble Flxed Assets and Depreciation Depreciation is provided at rates calculated to write off the cost or valuation less residual value of each asset over its expected useful lite, as tollows: Propety Fixtures, Fittings and Equipment Motor Vehicles Straight Line over fifty Years 12.5 /0, 20 /0 & 25 /0 Straight Line 20 % Straight Line 1.6. Debtors and creditors receivable I payable within one year Debtors and creditors with no stated intcrcst ratc and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 1.7. Pensions The pension costs charged in the fmancial statcmcnts rq)resent the contribution payable by the society during the year. 1.8. Going Concern The fmancial statements have been prepared on a going concern basis. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these fancial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. See note 26 for further detail. Page 15
DEIiRY YOUTH AND COMMUNrrY WORKSHOP LIMITED Notes to the Flnancial Statements for the year Ended 31 March 2024 . continued Income from other trading Aetivitles Unrestricted funds 2024 Total 2023 Total Salcs of Services Job Start Schemc 12,781 12,781 6.723 3,144 12,781 12,781 9,867 Income from Ittvè6tth¢tttÈ Ullre8trieted funds 2024 Total 2023 Total Bank Deposit Interest 22,817 22,817 10,886 Income from charltable activities Unrestricted Restrlcted funds funds 2024 Total 2023 Total Training for Success Skills For Life and Work OCN Skills for Life and Work Wellness PrOamMe PHA Personal Success and Well-Bcing ESF Lcmis North West ESF Learning North West ESF Seeds Programme 25,969 246,206 3,000 25,969 246,206 3.000 1.414 54,18 115,21 1,414 640,29 176.70 195,67 275,175 1,414 276,589 1,182,07 Page 16
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Flnanelal Statements for the year Ended 31 March 2024 . continued Expenditure on Charltable Activlties Unrestricted Restricted funds funds 2024 Total 2023 Total Direct staff costs Redundancy Costs Materials Allowances to trainees JAC Outgroup Costs Learning NW Costs Examination & Registration Fees Trainee Bonuses Job DIrtionS ESF Trainee Travel Expenses Governance Costs (note 6) Administration Costs (notc 7) 297,679 13,073 7,675 52,821 888 298,567 13,073 7,675 52,821 639.73 156,62 6,45 33,81 15 54 10,93 1,77 127,75 3,47 13,35 338,21 12,030 4,965 306 12,336 4,965 9,702 9,770 313,468 9,702 9,770 313,688 220 721,183 1,414 722,597 1.332,82 Expelldithre on Governance Costs Unrestricted funds 2024 Total 2023 Total Auditors, Remuneration - audit of the fmancial statements Legal and Professional Fccs 9,000 770 9,000 770 8,666 4,686 9,770 9,770 13,352 Page 17
DERRY YOUTH AND COMMUNITY WORKSHOP LIMtTED Notes to the Financial Statements for the year Ended 31 March 2024 . continued Administration Costs Unrestrleted Restricted funds funds 2024 Total 2023 Total Administration & Management Staff Costs Staff Training Rent Payable Insurance Light & Heat Cleaning Repairs & Maintenance Safety Equipment & Clothing Prinling, Postage & Stationery Adv¢rtising Telephone Motor Expenses Travelling & Entertainment Bank charges General Expenses Depreciation Amortised from Revaluation Reserve 223,982 402 5,160 14,484 14,199 5.242 12,828 4,287 223,982 214,11 402 1,10 5,160 16,16 14.484 16,91 14,292 25,90 5.242 5,78 12,828 14,13 4.287 4,40 8.386 10,77 4,137 2,11) 9,548 13,82 888 1,28 1,420 2,87 1,352 1,54 722 1.40 16,958 16,19 (10,400) (10,40 93 73 4,137 9,494 888 1,420 1,352 722 16,958 (10,400) 54 313,468 220 313,688 Net Incomel(Expendithre) for the year 2024 2023 Nct income / (expenditure) is stated after charging: Depreciation of Tangible Assets Auditors, Remuneration 6,558 9,000 5,790 8,666 Auditors, remuneratlon 2024 2023 Auditors, remuneration - audit of the fmancial statements 9,000 8,666 Page 18
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Flnancial Statements for the year Ended 31 March 2024 . continued 10. Employment Costs 2024 2023 Wages and Salaries Redundancy Costs Social Security Costs Other Pension Costs 468,898 13,073 38,591 15,060 763,337 156,624 66,527 23,980 535,622 1,010,468 Number vf Emijluye 'I'h¢ average monthly niimbers ot emplnye,e.8 dijring t,he ycar, calculated on th¢ basis of fiill tim¢ equivalents, was as follows: 2024 Number 2023 Number DirectlProgramme related staff Administrative staff Management stafflchief Executive 12 25 17 30 The number of employees whose total employee benefits (excluding employer pension costs) amounted to over £60,000 in the year were as follows: 2024 Number 2023 Number £70,001- £80,000 Included above are three Trustees of Derry Youth and Community Workshop Limited, the Chief Executive and two administrative staff. Page 19
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Financial StAtements for the yerdr Ended 31 March 2024 . continued 11. Cbief Executive and Trustees, emoluments 2024 2023 Remuneration and Other Benefits Social Security Costs 138,804 14,615 132,628 14,373 153,419 147,001 Number Number Number of Trustees to whom retirement bcnefits are accruing under a money purchase scheme 12. Pension Costs The society operates a defmed contribution pension scheme. The scheme and its assets are held by independent managers. The pension charge represents Contributions due from the society and amounted to £15,060 (2023 - £23,980). Outstanding pension contributions at the balance sheet date amounted to £3,442 (2023 - £5,931). 13. TaxAtion The charitys activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988, Accordingly, there is no taxation charge in these accounts. Page 20
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Financial Statements for the year Ended 31 March 2024 . continued 14. Tangible Fixed Assets Fixtures, Flttlngs Property Equipment Motor Vehicles Total Costlrevaluatlon At l April 2023 At 31 March 2024 520,000 199,347 19,650 738,997 Depreciation At l April 2023 Charge for the year 20,800 10,400 197,553 1,645 10,234 4,913 228,587 16,958 At 31 Marc,h 2Q24 31,200 199,198 245,545 Net Book valiies At 31 March 2024 488,800 149 4,503 493,452 At 31 March 2023 49C),200 1,794 9,416 510,410 The property was valued on 26 January 2022 at £520,000. The valuation was carried out by independent valuer James O'Doherty & Co, Chartered Surveyors, Valuers and Property Consultants on the basis of Market Value. 15. Debtors 2024 2023 Trade Debtors Training for Success 2017 Skills For Life and Work ESF Lemis North West ESF I£arning North West ESF Seeds Programme Other Debtors Prq)aelltS 3,530 1,928 4,671 5.715 16,129 53,423 24,171 46,008 957 1,670 1,057 1,847 13,033 148,073 Page 21
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Financlal Statements for the year Ended 31 March 2024 . continued 16. Credfitors: Amounts Falllng Due Wlthln One Year 2024 2023 Trade creditors Other taxes and social security costs Deferred Income - Public Health Agency Accruals 2,016 9,864 2,118 13,010 3,423 19.472 58,640 27,008 81,535 17. Share Capttal 2024 2023 Allotte(L callèd up and fully pald equlty ¥ Urdinary sharc8 of £1 each 18. Analys18 of net assets between funds Unrestrlcted Revaluation funds Reserve Total funds Fund balances at 31 March 2024 as represented by. Tangible fixed assets Current assets Current liabilities 4,652 636,425 (27,008) 488,800 493,452 636,425 (27,008) 614,OC)9 488,800 1,102,869 P8ge 22
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Ffinancial Statements for the year Ended 31 March 2024 . continued 19. Unrestrlcted Funds 2024 2023 Opening gencral funds Lncoming resources Outgoing resources 1,024,471 1.154,468 310,773 1,202,831 (721,183) (1,332,828) Closing general funds 614,061 1,024,471 Purposes of unrestrlcted funds Unrestricted ftu]ds are funds that are expendable at the discretion of the trustees in furtherance of the charitls objects, 20. Restricted funds 2024 2023 Opening restricted Funds tncoming resources Outgoing resources 1,414 (1,414) Closing restricted funds Purposes of restrlcted funds Restricted fvnds 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. The restricted funds in the year were for the ant received from the Public Health Agency for the Personal Success and Well Being Project. Page 23
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Iyotes to the Financial Statements for the year Ended 31 March 2024 . continued 21. Revaluation Reserve 2024 2023 Opening Revaluation Reserve Gain on revaluation of fed assets Other Movements 499,200 509,600 (10 400) (1 (),400) Closing Revaluation Reserve 488,800 499,200 Puryoses of Revaluatlon Reserves Revaluation reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income. I'hc property was valued on 26 January 2022 at £52U,UUU by James O'Doherty & Co, Chartered Surveyor8, Valuers Ld ljropcrty L'onsultants on thc ba818 of Market Value. 22. Contingent Liabilitles Grants received could be repayablc in certain circumstances as set out in the letters of offer. 23. Controlling Party The trustees (Committee of Management) are considered to be the chariws controlling party. 24. Gross Cash Flows 2024 2023 Cash flow from investing aetlvltles Interest received 22,817 10,886 Cash flow from financing actlvltles Reduction of ordinary share capital (i) Page 24
DERRY YOUTH AND COMMUNITY WORKSHOP LIMITED Notes to the Financial Statements for the year Ended 31 March 2024 . continued 25. Analysls of Changes in cash and easb equfivalents Opening balance Cash flows Closing balance Cash at bank and in hand 946,731 (323,339) 623,392 Cash And cash equivAlents 946,731 (323,339) 623,392 26. Golng Concern At the end of th¢ 2023 fmancial year thc funding from thc Europe,an Soc,ial Fiind ende,d, ThiR mark¢d the end of the Lemis North West, Learning North West and Seeds Programmes, These programmes made up 84 % of thc societS income 2023. As a consequence the society had to undertake cost cutting measures which resulted in a number of redundancies. Income during the year from Charitable activities fell by 770/9, from £1,182,078 in 2023 to £276,589 in the year. During the ycar the society has been cxplorillg additional sources of future funding. At the balance sheet datc thc SOCIetS net assets were £1,102,869 which includes net current assets of £609,417, accordingly the society is in a strong fmancial position, The management have prepared cashflow projections covering the period to 30 June 2025 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 fmancial statements. In the event of the society ceasing to operate within the next twelve months, a provision for further redundancy costs of approximately £300,000 would be required and would decrease the reserves. Page 25