Charity registration number NIC100457 Company registration number N1029314 (Northem Ireland) THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2023 THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD CONTENTS Page Charity information Trustees, report Independent examinerfs report Statement of financial activities Balance sheet Notes to the accounts 10-12 THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD LEGAL AND ADMINISTRATIVE INFORMATION Trustees Rev. Myles Kavanagh Mr Robert McNeill Professor Kenneth O'Neill Mr John Patterson Sr Mary Turtey Mr Jonathan McAlpin Secretary Professor Jackie Mccoy Charity number NIC100457 Company number N1029314 Registsred offlce clo Br¢)okfield Business Centre 333 Crumlin Road Belfast BT14 7EA Independent examiner Moore (N.I.) LLP 4th Floor Donegall House 7 Donegall Square North Belfast BT15GB Bankers First Trusl Bank 31-35 High Street Belfast BT1 2AL Solicitors Mccartan Turkington & 8￿en 88 Victoria Streel Belfast BT13GN THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report and financial ststements for the year ended 31 March 2023. The accounts have been prepared in accordan￿ with the accounting policaes set out in note 1 to the accounts and comply with the Charity's Memorandum and Artides of Association incorporated on 7 March 1995 the Companies Act 2006 and 'Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Rèporting Standard applicable in the UK and Republic of Ireland {FRS 102)" (as amended for accounting periods commencing from 1 January 2016) Objectives, activities and public benefit test The charity's objects and principal activities are to offer a suite of accredited and non-accredited training and development initiatives in a response to a need to legitimise the sorial economy sector and set standards of professionalism with Ihe aim of developing individual and organisats'onal entrepreneurial capaoty. The School's main objectives and activities for the year were to promote the following purposes for the public benefit: greater knowledge of the nature, role and potential of the social economy to decision-makers and influencers in Ihe public and private seclors Ihe advancement of ed¢Jcalion, training and skills of actual and potential employees in the Social economy and of persons seeking to work in support of the sector such other exclusively charitable purpose according to the law of Northem Ireland and the Republic of Ireland as the Trustees may from time to time decide. School policies and procedures: The School uses funds donated by the Flax Tnjst (and other sponsorsldonors) to.. provide discretionary (according to abilty to pay) scholarships to meet the cosl of personal and organisational development programmes designed lo meet IhÈ needs of participating individuals organise and deliver Masterclasses, roadshows, information sessions and other means of communicating with its target market provide such other learning activities as are deemed relevant to improved perfomiance of the social economy Eligibility to apply for a Flax Trust scholatship: To be eligiblè to apply for an award students must meet all the following criteria- Be a registered student of the School or organisation delivering the programme of leaming; Have met all the assessment and financial responsibilities related lo Ihe course- Be at least 18 years old by the application closing date; Be an EU citizen andlor hold legal residency status., Obtain a written endorsement for proposed activity from wurse tutor, and Sign an agreement with the School related to scholarship activities. Public benefit: The School Board believes that it has made the advancement of students, education and development possible by offering and part-funding the Advanced Diploma in Social Enterprise (ADSE) delivered on its behalf by U15ter University Business School and awarding bursaries to students based on the criteria listed above as well as currenl andlor future job role and previous experience. The objective is to advan￿ Ihe education, training and skills of participating students and the sustainability of their employing organisations through the Advanced Diploma on Social Enterprise. The School in recent years has delivered a series of Master Classes aimed at improving the understanding and knowledge of social economy organisations and the effectiveness of persons working in, for or associated with the sector. These Maslerclasses bring examples of best practice in the sector to decision-makers and influen￿rS in the public and private sectors as well as to the social economynhird sector itself. The SSEI Masterclasses series was temporarily suspended due to Covid however the Transfom partiapants were invited to take the opportunity to join in with on-line seminars and conferences being run by the Management & Leadership Network as were the SSEI Alumni wa the SSEI e-zine. The Trustees have paid due regard to guidance issued by the Chartty Commission in deciding what activities the Charity should undertake. THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Achievements and performance The School has been the vehicle for recmiting participants for a flagship programme of leaming each year for the past 14 years normally operating as The Advanced Diploma in Soual Enterprise. In 2018 this programme underwent an extensive review and remodelling which rebranded lo become The TRANSFORM Social Business and Community Development Programme. In 2020 121 Some 24 persons enrolled in the ADSE and were immediately impacted by the Cowd 19 restriclions which led lo Ihe majorty of the programme being delivered on- line. The year end review indicated that whilst participants lost out on opportunities lo network and face to face peer to peer leaming. the overall experience was very well received. Again all participants acknowledged that they would nol have been able to take up this opportunty rf it had not been for the Flax Trust Bursary. In the autumn of 2021, a recruitment campaign was launched to select a further 18 participants to commence the 2022 TRANSFORM programme which commenced in January 2022. Due to specific individual circumstances 16 students were able to commence and are progressing towards the Advanced Diploma through six modular workshops being delivered in a hybrid version (both in person and on-line} of the programme. TRANSFORM is a highly focused and intera¢tive programme designed to enable individuals to gain the knowledge and skills required lo slart or build socbal enterprise activities as a means of soaal regeneration, community developmenl and financial sustainability. The TRANSFORM programme is specificalty designed designed for Individuals engaged in one or more of the following activities.. Cornmunity developmenl and regeneration e.g. Housing Associations Social entrepreneurs Members engaged in existing Social Enterprises Board members of Social Enterprises engaged in economic development through Social Enterprise Charitable organisations looking to develop Social Enterprise activities Individua15 who are self-employed or unemployed, who wish lo pursue social enterprise activities are also considered. The programme content and approach is designed to prowde knowledge and practical applications that will enable participants lo develop and grow through a blend of.. Theory. Best Practi￿, Case Studies. Site Visits and presentations from Exemplars & Practitionets. By the end of the programme participants will have the knowledge to start or grow a sustainable social enterprise which can lead to real transfomiation within their community and beyond. The TRANSFORM programme ￿ntinueS to be delivered by the Ulster University on behalf of SSEI and remains fully accrediled through the achievement of the Advanced Diploma in Soual Enterprise. The SSEI Masterclasses series was temporarity suspended due to Comd. However the Transfomi participants were invited to take the opportunity to join in with on-line seminars and conferences being run by the Management & Leadership Network as were the SSEI Alumni via the SSEI e-zine. Financial review Income for the year to March 2023 was £NIL. There was a net negative movemenl in funds of£631 and reserves at the year end were £547. all unrestriGted. (Note- Feeslbursaries were paid directly lo Ulster University and not via SSEI). THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Investment policy The Trustees have the power to invest in such assets as they see fft. ReseNes policy and going concern The Trust's current policy is not lo embark on actiMtiesTinitiatives without the working caprtal in its current bank account to meet the valuè of awards and any costs incurred for the year. The Trust remains in the process of developing a plan to increase income and extend ils bursary and awards to students. Reserves are adequate and the School does not have any employees, working instead through third parties and volunteers. The Trustees have reviewed the financial slatements and have reviewed future projections and are confident that the charity has sufficient funds to be signed off as a going Con￿M. Risk management The Trustees are responsible for ensuring that an effective system of internal finan¢ial control is maintained and operated by the TrLtst. The system of intemal financial control is based on a framework of regular management information- administrative procedures., and a syslem of delegation and accountability and is designÈd to provide reasonable assurance that.. the School is operating efficiently and effectyvely.. its assels are safeguarded against unauthorised use or disposition- proper records are maintained and financial information used wtthin the company or for publication is reliable., the School complies with relevant laws and regulations., and the School's systems of financial control are designed to provide reasonable. but not absolute assurance against matèrial mis-ststement or loss. The major risks to which the School is exp05ed, as identified by the Trustees. have been ￿vIeWed and systems have been established to mitigate those risks. Plans for future periods The Trust's objectives are noted above under Objeclives, activities and public benefit and may be summarised as.. 'To advance thè understanding knowledge, training and skills of persons in or related to the so¢ial economy sector with a view to enhanong the sustainability and effectiveness of the sector, The School will achieve this mainly by providing funding and assisting in the provision of facililies, educators. trainers. speakers, role models and other expertise as well as bursaries. Its strategic targets are: to raise the profile of the School locally, ￿gionallY. nationally and intemationalty-, to expand the School's range of activities and reach the￿of through, inter alia, fundraising activity; to use the School to add value and enhan￿ the quality of management and Collaboration in and by social enterprises. to assist the attainment of the above tsrgets by working closely with past students to facilitate the formation of an alumni association rf they feel it will add value to their activities, arnbitions and organisalions. It will therefore work to= increase its public profile and public awareness and will activety market its activities. seek the support of past studenls and staff and business community to attract donations to increase its funds., maintain its support to sludenls in 2018119., work closely with other organisations involved in 5uppoTting the sector to avoid overfap or wasteful competition. Structure, govemance and management The Charity is a company limited by guarantee govemed by its Memorandum and Artides of Association incorporated on 7 March 1995. THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD TRUSTEES. REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 Trustees are currently members of the Trust. Current Trustees were appointed by The Flax Trust and Ulster University (Ulster Business School) - the School in its present form having been created as a strategic alliance be￿een both organisations. All trustees are guarantors of the Trust wtth a maximum liability of £1. The trustees of the company who were in office during the year and up to the date of signing the financial statements are set out below.. Rev. Myles Kavanagh Mr Robert McNeill Professor Kenneth O'NeiS1 Mr John Patterson Sr Mary Turley Mr Jonathan MG41pin The Trustees manage all business decisions and meet on a regular basis. The School was registered as a charity by The Charity Commission for Northern Ireland on 23 January 2015 The School ensures that appropriate induction and training is given to all Trustees. The Tru51 ensures Trustees are aware of their responsibilities on Corporate Governance. Trustees have attended governanoe training. Statement of Trustees. responsibilities The Trustees, who are also the directors of The School for Social Enterprises in Ireland Ltd for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance wilh applicable law and United Kingdom Accounting Standards (Untted Kingdom Generally Accepted A¢¢ounting Practi¢e). Company Law requires the Trustees lo prepare financial statements for each financia5 year which give a true and fair view of the stale of affairs of Ihe Charity and of the incoming reSoUr￿S and application of resources, including ihe income and expendf(ure. of the ¢haritable company for that year. In preparing these financial statements, Ihe Trustees are required to.. select suitable accounting policies and then apply them consistently: observe the methods and principles in the Chartties SORP; make judgements and estimates that are reasonable and prudent- stste whelher applicable UK Accounting Standards have been followed. subject to any material departures disdosed and explained in the financial statements- and prepare the financial statements on the going con¢em basis unless it is inappropriate to presume that the Charity will ¢ontinue in operation. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for Ihe prevention and delection of fraud and other irregularities. Small companies, exemption This report has been prepared in arzordance with the special provisions relating to small companies within Part 15 ofthe Companies Act 2006. Independent Examiner The Independent Examiner, Moore {N.I.) LLP, have indicated their willingness lo continue in office, and a resolution conceming their reappointment will be proposed at the Annual General Meeting. THE SCHOOL FOR SOCI￿li ENTERPRISES IN IRELAND LTD TRUSTcrS' P.EPORT (CO%TlIYUÉD)IINI CLUDIING DIRECTORS, REPORT) FO.R JHE YEAP CIJDED 31 MARCH 2023 Th- TrusL¥e5' Tepart w33 approvecf by tha Boarty ofTrusts>s. Pro*2bSor Kenneth O'ial4jll Trusie¢ Dated-. 21 Decemcer 2023 THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD I report on the accounts ofthe Charity forthe year ended 31 March 2023, which are set out on pages 8 to 12. Respective responsibilities of Trustees and examiner The truslees, who are also the directors of The School for Social Enterprises in Ireland Ltd for the purposes of Gompany law, are responsible for the preparation of the accounts in accordan￿ with the requirements of the CompaniÈsAct 2006. I report on the accounts ofthe Charity forthe year ended 31 March 2023. which are set out on pages 8 to 12. examine the accounts under section 65 of the Charities Act {ii) follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act {iii) to state whether particular matters have come to my attention. Basis of independent examinerfs report I have examined your charity accounls as required under section 65 of the Charities Act and my examination was arried out in accordance with the general Di￿¢t10n$ given by the Charlty Commission for Northern Ireland under section 65(9){b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounls presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees conceming any such matters. My role is to state whether any material matters have come to my attention giwng cause lo believe: 1. That accounting re¢xsrds were not kept in accordance with section 386 of the Companies Act 2006 2. That the accounts do not accord with those accounting records 3. That the accounts do nol comply with the accounting requirements of section 396 of the Companies Act 2008 and with the methods and principles of the Charilies Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 4. That there is further infomation needed for a proper understsnding of the accounts to be reached. Indepèndent examinerfs statement I have completed my examination and have no concerns in respect of the matters (1) to {4) listed above and. in connection with following the Directions of the Charity Commission for Northern Ireland. I have found no matters that require drawing to your attention. (a) which gives me reasonable cause to believe that in any material respect the requirèments.. lo keep accounting records in accordance with section 386 of the Companies Act 2006,. and (li) to prepare financial statements which accord with the accounting records, comply with Ihe accounting requirernenls of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practir2". Accounting and Reporting by Charfties; (b) to which, in my opinion, attenlion should be drawn in order to enable a proper understanding of the financial statements to be reached. &. S.fL4JL Dr R I Peters Gallagher OBE FCA For and on behatf of Moore IN.1.) LLP Chartered Accountants 4th Floor Donegall House 7 Donegall Square North Belfast BT1 SGB Dated.. 21 December 2023 THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestricted funds 2023 Unrestricted funds 2022 Notss Ènditure on: GovernanGe costs 631 650 Net Èxpenditure for the yearl Net movement in funds (6311 {650} Fund balan￿S at 1 April 2022 1.178 1,828 Fund balances at 31 March 2023 547 1,178 The statement of financial activtlies includes all gains and losses recognised in the year. All income and expenditure derive from Continuing actiwlies. The slatement of financial activities also complies wilh the requirements for an income and expenditure account under the Companie5Act 2006. THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD BALANCE SHEET AS AT 31 I17ARCH 2023 2023 2022 Notrs Current #ss&ts Cash at banA an(J In h8nd 1,819 CT&ditors: èmounlg falling due wlthin ontr year (1,2721 16411 Nèt current assets 547 1.178 In¢om& lunds UnresLriCtad fvnds E47 1.178 547 1,178 The co.wpany is eniiiled to the exompts¢n from the 8udil reqJirement eontsined in sedion 471 ofthe Comp8nles Aci 200S. for the year ended 31 March 2023. Thè memtsers hav2 required thè ￿mp8fty to oblatn an audit ol its finanuel Stsiernents for thè yéar in qu8yllon In ?ccord¥ncr* with secbgn 478. The direaors $cknowledgè their o$ponsibilthAs ior complying v.lrth lh8 requirements of the Companies A Y 2006 With resp&cl lo accourt￿"n9 records ano the PfeoBr81ion nf finanual Siat&m8nts. Thèse financial ststements ha￿ baen prepared In Rccordance %'dith pr￿nSIonS applteoble lo compaiilas &ubj¢cl to the $m311 companies regime. The flnanatl s+alements were appraved by the TrLiStees on 21 Dpt4mbèr 2023 Professor Kenneth O'Neill Trustae Company Reglstratlon No. N1029314 THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies Charity infomiation The School for Social Enterprises in Ireland Ltd is a private company limited by guarantee incorporated in Northem Ireland. The registered Offi￿ is cjo Brookfield Business Centre. 333 Crumlin Road, Belfast, BT14 7EA. 1.1 Accounting convention The accounts have been prepared in accordan￿ with the Charity's Memorandum and Articles of Association incorporated on 7 March 1995. the Companies Act 2006 and "Accounting and Reporting by CharitiÈs= 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>. las amended for accounting periods commèncing from 1 January 2016). The Charity is a Public Benefft Entity as defined by FRS 102. The Charity has taken advantsge of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the fiJn¢tional currency of the Charity. Monetary amounts in these financial stslements are rounded lo the nearest £. 1.2 Going Goncern At the time of approving the financial statemènts, the Trustees have a reasonable expectstion that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue lo adopt the going ¢oncem basis of accounling in preparing the financial statements. 1.3 Charitable funds Unrestri¢ted fvnds are available for use at the discretion of the Trustees in furtherance of their Charitable objectives. Restricted funds are subject to specific conditions 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 financial statemenls. Endowment funds are subject to specifi¢ conditions by donors that the capital must be maintained by the Charity. 1.4 Incoming resources Income is recognised when the Charity is legally entitled to it after any perfonnance conditions have been met, the amounts can be rneasu￿d reliably, and it is probable that income will be re￿Ived. Cash donations are recognised on reoipt. Other donations are recognised once the Charty has been notified of the donation, unless performance conditions ￿quire deferral of the amount. Income tax recoverable in relation to donations re￿IVed under Grft Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expeded. If the amount is not known. the legacy is treated as a ontingent asset. 1.S Resources expended All expenditure is accounted for on an accruals basis and has been dassffied under headings that aggregate all costs related to thè category. 10- THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policies (Continued) 1.6 Cash and cash equivalents Cash and cash equivalents include cash in hand. depostts held at call V￿th banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in ¢urrent liabilib'es. Basic financial assets Basic financial assets, which include deblors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of intèrest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt inslrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are sUbseqUen￿Y carried at amortised cost, using the effective interest rate method. Trade credilors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as cuffent liabilities if paymenl is due within one year or less. If not, they are presented as non-current liabililies. Trade creditors are recognised initially at transadion price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are de￿O)gniSed when the Charitys contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the Charity's accounting policies. the Tnjstees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and fvture periods where the remsion affects both current and future periods. 11 THE SCHOOL FOR SOCIAL ENTERPRISES IN IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Governance costs 2023 2022 Legal and professional fees Accountancy Bank charges 31 600 31 600 19 631 650 631 650 Trustees None of Ihe Trustees (or any persons connected with them) received any remunerations, benefits or expenses from the Chariiy during the year. Employees The average monthly number of employees during the year was: 2023 Number 2022 Number Total Taxation The charity is exempt from tsx on income and gains falling within section 505 ofthe Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charilable objects. Financial instruments 2023 2022 Carrying amount of financial liabilities Measured al amortised cost 1,272 641 Creditors: amounts falling due within one year 2023 2022 Accruals 1,272 641 Related paty transactions There were no disclosable related paty transactions during the year {2022 - none). 12-