Charity number: XR82572 & NtCllK1738 Company number: ll060209 Liberty Consortium (A company limited by guarantee) Trustees, report and t]nanclal statements for the year ended 31 October 2023
Liberty Consortiurn (A company li]nited by guarantee) Contents Page LLgal and administrative inforniaiion Trnstees, report Auditors, report to the trustees 10-12 Statement of financial activities 13 Balance sheet 14 C&sh flow statement 15 Notes to the fanCIal statements 16-25
Liberty Consortium (A company limited by guarantee) Legal and administrative inforn)ation Charity numbers XR82572 & NIC100738 Company registration number N1060209 Bllslness address 15 Racecourse Road Dcrry B T48 7RE Registered office The Playtrail 15 Racecourse Road Derry BT48 7RE Trustees Darren Kirby Caroline Campbell Edh Dunlop Ellis Gill John Peto Aine Harnett Chairperson Appointed 1310112020 Appointed 2110312023 Secretary Caroline Campbell EX-01Clo Member Helen Turton DC & SD Council rcpresencacivc Key managememt personnel CEO Transitlon manager Finance manager Incluslon manager Auditors Mark Roberts Anne Marie Donnelly Christine Maxwell Gavin Melly Shaun McGinty & Co Chartered Accountant8 44 Woodbrook Derry BT48 8FF Bankers AIB Meadowbank Strand Road Derry BT48 7TN Solicitors Clyde & Co (NI) LLP Solicitors 6 Castle Street Derry BT48 6HQ Page I
Liberty Consortium (A company limited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 31 October 2023 Th¢ trustees present their report and the financial statements for the year ended 31 October 2023. The financial statements are prepared in accoTdance with the Companies Act 2006, the Charities Act (NI) 2008, FRS 102 "The FinanLidl Reporting Standard applicable in ihe UK and Republic of Ircland" and Accouncing and Reporting by Charilies.. Slatement of Recommended Practice applicable to charities preparing their financial statements in accordance wilh the Financial Reporting Sthndard applicable in the UK and Republic of Ireland {FRS 102). The Truslees Report Contains the information required lo be provided in lh¢ Trustees Annual Report under the Stalemenr of Recommended Practice (SORP) guidelines. The directors of the Lompany are also charity trustces for the purpose of charity law and under the company's Lon51ilulion are known a5 members of the board of Iruslees. In this report the trustees present a summary of its purpose. governance. activities, achicvemenis and finances for the financiiil year ended 3 l October 2023. Directors and trustees The trustees. who are also direciors of Liberty Consortium for the purposes of company law and who served during the year and up lo the date of this report are sel out below. Trustees Chatrper50n Darren Kirby Caroline Campbell Edyth Dunlop Appointed 1310112020 John Peto Atne Harnett Appointed 2110312023 Secretsry Caroline Campbell Ex- Officio Member Helen Tunon Reference and administrative detsils DC & SD Council representative Charity number Company registration number Registered olCe XR82572 & NIC100738 N1060209 The Playlrail, Derry, B T48 7RE Key personnel CEO Transitlon manager Finance manager Inclusion manager Mark Roberis Anne Marie Donnelly Christine Maxwell Gavin M¢lly Page 2
Liberty Consortium (A company liniited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 31 October 2023 Advisers Auditors Shaun McGiniy & Co 44 Woodbrook, Derry, B T48 8FF AIB Bankers Strand Road, Derry. B T48 7TN Clyde & Co (Nl) LLP 6 Castle Street. tkrry. B T48 6HQ Solicitors Structureg governance and management The Liberty Consorlium is a charitable Company limited by guarantee and not having any share capithl and is registered under the Companies Aci 2006. Governing Document The charitable company'5 governing document is the Memorandum and Arttcles of Association. Members Liability Every member of the company undertakes to Lontribuie lo the assets of Ihe company. in the event of the same being wound up while helshe is (I member, or within one year after helshe ceases to be a member, for payrnenl of ihe debis and liabilities of the Lompany contracted for before ceasing lo be a member, and of the costs, charge5 and expenses of winding up, and for Ihc adjustment of the rights of the contribulories aniong themselves. such amount as may be required not exceeding £1. Related Parties Transaction% with related partie8 are as disclosed in the Related Party Transaclion8 note in the accounts. Board of Dfirectors The charity is governed and dirccted by M voluntary board which comprises approximately 7 people from varied backgrounds and skill sels. The aim of Ihe board 15 to provide leadership and develop strategy as well as to ensure good governanle and rinancial control. New board members receive training lo brief them on roles and responsibilities and their legal obligalion8 under charity and company law, Ihe organisational structure and key organisaiional acliviiies. The board ensures the good governancc of the charity by setting its strategic objectives and policy direction and by monitoring the charity'5 operation5. Board Meetlngs The board of directors would mecl about 9 limes a year and there are usually aboui 5 directors in attendance. These meclings include the charity's AGM. Thc day lo day operations of the charity are managed by the senior rnanagement team appointed by the board. The senior management team allend board meetings and prescnl financial reports and other operating infomialion to the board lo assisi Ihem in iheir governance role. Serlous Incidents Statement We, the Trustee5, confirm that there have been no serious incidents or other matters during the year which needed to be reported to the Commission. Senior Management The CEO, appointed by the Board. manages the day lo day operations of the organisation. To faciliidte effective operations, the Project Dtrector has been delegaled auihorily for operational matiers, including the appliclltion and monitoring of strategiL and operational objective5, attends all board meetings and updates the direclors on the Lharily's current financial and operational position. All Liberty Consortium staff report directly to the Proj¢ct Dircctor. Compliance with Sector-wide Legislation & Standards l ) The ChltY engages pro-actively with legi4laiion, slandard.% and codes which developed for the sector in the UK and Northern Ireland. The charity sub.s¢ribes to and is compliani with the Cornpanies Act 2006: the Charities SORP (FRS 102) and the Charities Act (Northern Ireland) 2008. 21 The charity ensures the well_being of its employees, clients and customers through the Strict adherence to health and safety standards. System.g are In place to ensure that employees are aware of and implement the charity's health and safety requiremen15. Employees are required lo work in a safe manner as mandaied by law and best practice. Page 3
Liberty Consortium (A Company limited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 31 October 2023 Risk Management & Plncipal Risks The directors have examined the major strategic, business and operational risks which the charity faces and confirnis that sysiern5 have been established lo enable regular reports lo be produced so Ihal the necessary steps can be taken to lessen these risks. The principal risk lo the charity is if ils core funding wa5 not renewed or if ils Day Opportunities contract with WHSCT wa8 noi rcnewed. The charity has establlshed a risk management process, which will ensure thai the organisalion manages and mitigates risk in line with ihe agreed risk of the organisation. The charity maintains an Issue5 log and Risk register which are reviewed regularly and acied upon by the Board. Havfftng primary respon.4Èbilily for risk management, the Board regularly consider ihe mdin .4tralegic. buqine88 and operational risks facing the chariry. The directorq confirm that effeciive controls and reporiing in place to les8en these risks. Objectives and actRvfities The principal object of the charitable company is to promote the benefit of and the preservation and proleclion of health among children, young people and adulis wilh disabilities and able bodied people living in Ihe Greater Shanl¢illow area and its environs in Derry City and lo provide faciliiies in the interests of social weltare for recrealion and other leisure-time occupalion,with the object of improving the condition% of life for the beneficiaries and in particular to.. a) e8labli8h a safe and neutral play 8pace to prornote inclusive play and recreational oportunilies for the beneficiaries and b) provide programrncs nf education and vocational training designed to assist the beneficiaries 10 Icad to employment. Vunerable Beneflclarles Statement We. the Trustees. cunfirm thal there are appropriate policies & procedures in place for the safeguarding of vunerable bcneficiaries. Publlc Benent Statement We, Ihe Trustees, confirm that we have complied with our duty under charity law (o have regard to the Comrni55ion's public benefli guidance when exercising any power% or duiie% lo which thi% guidance 14, relevant. Public Benefit - How our activitles deliver public benefit The pritnary objcciivc of Ihc charity is lo promote the health and well being of the children. young people and adults, both the able bodied and also those with disabilities in thc catchment ea through the use of ihe faLilitics in the park and our wider programme delivery. The achievement of these public benefit objectives arc evidenced through the feedback from residentsenefICi1rIcS who use the p(Irk and our wider programmes. official government slatlslics and regular independent evaluations of the charity's range of programme delivery, Liberty Consortium's various projects and progrÉimme% continue lo deliver pub12¢ benefit for children, young people and adults living within the Ballyarneli District Electoral Area and across the wider Dery City & Srrabane District Council area (DC & SDC). Seeking to improve the quality of life for those who utilise our services, we continued to adapt and review our provision. expanding our programmes and adding value to existing services. The services and programmes on offer conttnue lo draw beneficiaries from across the C()uncil area, with young people with leaming disabilities Iravelling to avail of the HUB and BUD Club, as well as families travelling from every DEA lo participate in events held on the Playtrail slte. The Northside Village Centre has become our second home with the HUB, BUD Club and the Thrift shop all being based there. The October 2023 accounis include approximalely £74,000 of trading income generated through the Thrifi charity hop, which in addition io provtding a much needed .4ervi¢e withln Ihe local community, al%0 provide.4 volunleering opportunities for approxirnalely 26 young people with leaming disabilities & also employs 7 siaff. We have continued to develop the Playtrail sile, maintaining the exisiing equipment & adding new equipmenl lo further enhance activities for park Users. The HUB Day Opportunities programmc, funded under the Self Directed Support Model by the WHSCT provides approximately 225 weekly places to people with learning disabilities so as to enhance Iheir personal development, life ski115 and independenLe. While the BUD Club aims to provide a g¢n¢ric and targeted youth provisiun for young pcople with disabilities aged I I 10 25 years old. During the year a BUD Juniors programme was added which runs for 4 alternoons per week at the HUB and aims to enhance the personal developmenl and social opportunities for young people with disabilities aged between I l and 14 year.¥. Furthernore, the Playrrail Youth Forum has been recognised for its work accross Northern Ireland and thi.s has been highlighted by their "Disability Poster Awarenes8 Campaign" with 250 packs being distributed acros5 Northern Ireland. The HUB Hurricanes football team has also been established & is Currently participating in loca] disability friendly mai¢hes. Team kit sponsorship has been secured thTough a number of local businesses, including The Old Docks & Grill. Page 4
Liberty Consortium (A company limited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 31 October 2023 Playtrall Site The Playtrail site. our first home. continues to suppon the local community and continues lo be the base for the Extended Schools programme operaled for a number of the local schoo15. Being led by our annual ROSPA Inspection Report, OUT rigourou5 mainlenance work ha5 continued across the Playtrail site. ensuring thai w¢ continue to meet appropriate siandards for our play equipment and ensuring the safely of our visiting public. Site works undertaken during the October 2023 year included expenditure on repairing and replacing park play equipment as well repairs io the site fencing. As a result of the continued investment in the Pla>trail site. li secllred its Keep NI Beautiful "Green Flag" Award in June 2023. Our annuaI programme of free OT affordable evenis at the Playtrail 51te continues to grow, linking 10 local groups and schools, adding significant fe,stivals to our calendar. which allow our young people lo have a platfonn for their voices to be heard and feel included. Achievements and performance Review of Activities and Achievements During the year the charity coniinued to receive grant atd fmm a number of fiderS including Dfc (fornLeTly DSD), the National Lottery Community Fund and EA which has allowed It to coniinue io provide the various leisure based projects and play activities to those people living within the charity's target geographic area. Staff The wages and saiaries grants awarded by a variety of nders, including the Dfc, the National IA)Itery Community Fund and EA, assist the charity in employing both its full-tinr and part-time staff during the year. Thrift Charity Shop Our Thrift Charity Shop (Social Enterprise). located within the Northside 8hopping mall has continued to trade throughout the Ocrober 2023 year and charify income for the year includes approximately £74.000 of trading income gencraled through the shop, down slightly from approx £81,000 in the 2022 year. The charity shop is not only providing work experience opportunities for our young people and placing them front and centre in the heart of the community but is also providing affordable cloihing and homewares for the local Communiiy and reducing waste going lo landfill. During the year there were 32 young people in receipt of volunteering opportunities al Thrift. Training was given to all young people involved in the project covering roles. responsibililies and expeclaiions of working. The October 2023 accounts also include approximately £142,0 (2022.'£125.000) of grant aid received from the National Lottery under the 4 year agreemelli that is in place with them lo a.%Nist in meeting the payroll and operating costs of the %hop. The Nation81 Lottery funding wÉll be recogTrised in the charily's financial Slatements over Ihe 4 year period as the relevant payroll and other costs are incurred. Any trading profits generated by the thrift shop project will be rcinvesied back into the charity. The Playtrail and Extended Schools During the October 2023 year the chariiy continued with ils involvemeni in ihe Extended Schools Programme with a number of local schools. The income for the year includes approximaiely £12,200 (2022..£5,400) generated under the programme. Through Extended Schools funding, managed by GSAP, our foresi school practitioner conttnued to deliver forest school essions to six nur.%ery schools fmm the Outer North area. In addition a number of external groups. including other nursery schools, paid for forest school sessions. As already mentioned in the public benefit sectson. regular maintenance and improvement work is carried out to the Playtrail site each year and Ihere was a special emphasis on this in the leadup ro the first Green Flag Comrnunity Award inspection which resulted in the awarding of our first "Green Flag" in June 2023. In mainthining the site the charity focus has moved more towards developing growing spaces. including the newly established kitchen garden, rather than purely green spaces. New programmcs introduccd on thc Playtyail sitc during Ihe year included the Cornmunily Fridge programme, which included family cooking classes and comTnunily growing. While new relationships were developed with Ardnashee School & College to supporr their cookery classes. including providing grown ingr¢dients when available. Page 5
Liberty Consortium (A company limited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 31 October 2023 Playtrall Youth Forum The Playtrail Youth Forum has been set up to provide a platform for the young people who use our facilities ro develop new skills, butld leadership, allow their voices to be heard and involve them in the decision making processes. The forum also provides a mechanism lo consult with wider stakeholders within the 8lalutory, community and voluntary sector in order lo PTomote the voice of children and young people with disabilities and advocaie on iheir behalf. During the October 2023 year the Playtrail Youih Forum welcomed Aimee Clint ( Books by Stella) lo co-facilitate and support the youth forum in raising awiireness of disability and breaking down barriers to inclu.%ion.The Fonlm designed and created a disability awarene4s posier pack. which consisted of 5 po8ter4 and raising aWene$S of Phy.4ical Disability, Auti.8m. Sen.80ry Disability, Hidden Disabiliiy and Down's Syndrome. The disability aW4enesS posicr pack was launchcd during t£arning Disability week 2023 at the Guildhall. Derry and the event was atlended by over 60 people, including the Deputy Mayor Jason Barr. From this launch the Youih Forum has provided over 250 free POSlcr packs to organisalions. public buildings. schools and theatres for them lo pldL'e on display and help raise Iheir message of "Seeing the person first, not ihe disability" BUD Club and Bud Juniors Our BUD Club (Youth Provision) progrlimme, with funding through a service level agreemeni wtth the EA Youth Service conlinues to engage with the young people Ihat the project was set up to %upport deqpite the difficulties of reduced funding impacting Èill organisations in Northern Ireland. Wiihin the October 2023 year, BUD Club attended the EA Youth Oscars ai the Millenium Forum which recognise the achievements and hard wnrk of youih Clubs and young people across Northern Ireland. BUD Club won the best overall lockdown project for ils work during the Covid pandemic. The award recognised the tireless work of the wider BUD leam in crealing activities and programmes thai would engage and support all OUT rnernbers health and wellbeing during Ihe pandemic. ID addition a new BUD Juniors programme, aimed ai providing more safe spaces for young people with disabilicies lo engage and build friendships, wa5 launched during the year to cater for participants aged I I to 14 and due to the level of demand for thi% %ervice. li wa% quickly expanded to operate for 4 days each week. HUB & Day Opportunities Our work 411 our FtUB premises in Northside Village Centre continues to deliver high quality provision for young adults with learning disabilities both across our Day Opponunities programme and our BUD Youth provision.The October 2023 rinancial slatemenl.s inLlude npproximalely £780.000 of income generated through OUT HUB "Day Opportunities" prograrnrne which conlinues to operate from the renlcd units al Ihe Northside Cenire. Gardening and AIRotments During the October 2023 Ye we agdin had a nurnber of gardening project% dnd the produL'e W¢lS di4tribuled to local residents. Ihu8 encouraging local community growing io build resilience, promote healthy earing & phy,sical activity and lo bring people logether in a common purpose. Communlty Frldge The Community Fridge projecl, located ai the Playtrail sile, opened in late 2022. The Community Fridge is a space that bring5 people logeiher to eai. connect, learn new skills and reduce food waste. It is a sile where local people can share food, Ihis includes surplus from supennarkets, local food businesses, produLers, households and gardens. We believe that this will be a great asset within the loca] community and help local superniarkels lo reduce their food wasle while a150 contributing to the local community in which they operate. Thi% project will only add to the community engagement that lakes place wfftthin the Playirail site, adding to our offering and addressing identified need within the local communiiy. Flnancial review Financial results The charily's Ioial income for the October 2023 year was £1.276.605 (2022..£1.311,763) and expenditure was £968,369 (2022..£1 .094,179) resuliing in a net inLome of £268,236 (2022- £217,584) for Ihe year. The Octubcr 2023 figures include a further transfer of £200.000 to thc unrestricted development reserve, whiLh ha5 a balance of £1,200,000 after the transfer. Wages and Salaries The employment costs for the October 2023 year were £679.963 (2022..£719.123). Grant aid to assist with meeting wages COS15 continued to be received from a number of funders, including the Department for Communities (Dfc). the National Lollery Community Fund and EA. Page 6
Liberty Consortium (A company Ilmited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 31 October 2023 Fundraising In order to assist with meeting unfunded operating costs the charity has Previously engaged in a range of fundraising events and ventures. Fundraising aclivilies had lo slop during the pandemic and while Covid restricllons have all been lifted, there have been no specific fundraising evenls and no fundraising income generated during thc past few financial years. However the charity does expect to resume its fundraising operations at some POiT)t. Reserves Policy It 18 the policy of the charity to maintain liquid funds al a level that would enable il to operate for a rea4onable period should funding be reduced. The charity's aim is ro build up the unrestricted reserves lo provide for fuiure costs and contingencies that would arise in the evenl that funding was reduced or stopped so as 10 allow for the orderly winding up of the ¢harily. There are iwo Unrestrlcd reserve5, the unrestricied income fund and Ihe unrcstricled Development fund. All unrestricted funds geneTaled by the charity are credited 10 ihe Unre51ricted income Fund General Reserve, wilh any transfers to the Developmenl fund being made from the unrestricted income fund. As al 31 Ociober 2023 the charity h&s lolal unrestricled reserves of £1,550.175 (2022..£1,254,025) inclusive of the nel unrestricted surplus of £296,150 ¥eneraied in the Oclober 2023 year. A further transfer of £200,000 was made from the unrestric*d income fund to the development fund. bringing that re%erve up 10 a balance of £1,200,000. Stafflng Sidff levels are governed by the amount of grant aid obtained lo assist with covering payroll cosls and the amouni of unreslricled income generated through rhe various a¢tivilie5 underiaken by the chartly. Addilional staff are only employed when suffjcienl restricted and unrestricted funding has been secured to cover related salaries. Going Concern Thc Dfc funding to the charity has ellentlY been ren¢wed until the cnd of March 2025 and the Naiional Lottery funding for the Thrifi Shop runs for 4 years up to 20?4. Furthermore the WHSCT contracted Day Opporrunilies programme for adults with Icarning disabilities continued lo generaie significant positive cashflows for the charity in Ihe October 2023 year and Ihal is expected to continue in the coming year. As such there are currently no issues with regards lo Ihe going concern status of the charity. Liberty Consortlum Enterprises CIC Due to the fact il didn't generate any trading 4urplu%es in the last four financial year4, there have been no donation4 from Liberty Consortium Enlerpries CIC during thal period. The CIC is a trading company owned by Liberty Consortium, which was sel up in April 2013 and whose Memor&ndum & Articles of Association require that any profits that it generat¢s get donated to Liberty Consortium to assist with meeting unfunded costs. The HUB & Day Opportunities Programme Our Day Opportuniiies continues lo grow and ils location at the HUB, in Northside Village Cenlre, has ensured that the young people participating on the programme are al the centre of their community, allowing them lo interact with traders, security staff, local re4idenls and other community groups based within the centre. The programme now operates 5 days per week, offering approximately 225 places for young people. The activirie8 are varied and the young people are afforded the opportunity to participate in a host of programmes boih locally and within the wider City & Disirict area. This has included partnership work with Waterside Theatre, Eden Arts Centre, Void, the Nerve Centre and much more. Having access to our own minibus has also ensured the young people have been out and about, opening up much more by way of programme delivery and linked in activities across the City & District. The Ociober 2023 financial statements include income of approximately £780,000 (2022..£680,000) generated from Day Opportunities prograrnmc. Capital Expenditure There wa% no capital expenditure and no capital grant% during the October 2023 year, while in 2022 there wa4 capithi ¢xpenditure of £13.585 & related funding assiqtance of £3,500. Page 7
Liberty Consortium (A company limited by guarantee) Report of the trustees (incorporating the directors, report) for the year ended 31 October 2023 Covid 19 Pandemlc & Post Balance Sheet Events l) The Covid pandcmic has not had any significant adverse effect on the chariiy's operations and as such there has been no need io make any addiiional provisions or write downs in the October 2023 accounts due to the pandemic. The charity ha5 previously availed of (he UK governments Coronavirus Job Retention Scheme grant aid for 8 number of employees. this government assistance finished in the 2021 financial year. 2) Following receipt of the Roe Consultancy report in October 2023 the Board has been considering its recommendations and making 8ome changes to operation% tn lighr of the report. However there have been no events that have occurred between the balance sheet date and the dale of approving of the accounts that would require either the adjustment of the October 2023 figures or the inclusion of a non-adjusting post balance sheet note in the accounis. Plans for future periods The various mulii-year awards of financial assistance received by the charity should ensure that the charity's staff are able to develop and expand the range of services and facilities ihat are provided.The new National Lottery grant aid runs for 4 years to 2024 and provides financial assistance totalliT)g approximately £500,(K)O, including capifal expenditure, programrne costs and programme staff wages. The Ikiest Dfc award should also cover most of the wages costs of two employees up to March 2025. The TrnteeS realise that, like all organisations, the charity is CUentlY operattng in challenging economic times. However they are hopeful that wtth the ongoing financial a5S15tance from funders and the various other fund generating activities that the charity undertakes. that IÈ will be able to Continue providing access to the Playtrdil facility and further develop its use in the Greater Shantallow area. The Board also plans to fully consider the poiThts raised in the organi5¢itional review Teport that 'aS completed on the charity by Roe Consultancy in Octobei 2023 and consider the recommendations of that report a8 they move forward in tbe new financial year. Statement as to disclosure of Inforniation to audltors In so far as the trustees are aw¢.. there is no relevant audit infomiation of which the charitable company's auditors are unaware. and the trustees have taken all steps Ihat they ought lo have taken to make themselves aware of any relevant audit infOrnll0n and to establish that thc auditors are aware of that inforn0n. Statement of trustees, responsibilities The trustees (who are also directors of Liberty Consortium for the purpose of company law) are responsible for preparing the Trllstees, Annual Report and the financial sÈatements in accordance with applicable law and United Kingdom Generally Accepled Accounting Practice. Company law requires the tnistees lo prepare financtal statements for each financial year which give a true and fair view of the SEal¢ of affairs of the charktable company and of the incorning resources and application of resources, including the income and expenditure. of the charitable company for that period. In preparing these financial statements. the trustees are required to: select suitable accounting policie5 and then apply them consistenrly; observe the meihods and principles in the Chariti¢s SORP. make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting standds have been followed. subject to any material departures disclosed and explained in the financial s{aentS. and prepare the financial statemenLs on the going concern basis unless if is inappropriate to presume that the charitable cornpany will continue in operation. Page 8
Liberty Consortium (A company limited by guarantee) Report of (he trustees (incorporating the directors, report) for the year ended 31 October 2023 The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and which enable them to ensure that the financial slalements comply with the Companies Aci 2006. They are also responsible for safeguarding the assels of the charilabl¢ company and hence for taking Teasonable steps for the prevention and detection of fraud and other irregularities. Auditors Shaun McGAnty & Co are deemed to be reappOind in accordance with Section 487(2) of the Companieg Act 2006. On bebalf of the board Caroline Camp Siecretary & Director Darren Kirby Dlrector 16 July 2024 Page 9
Liberty Consortium (A company limited by guarantee) Independent auditor's report to the trustees of Liberty Consortium Report on the audit of the financial sthtements Opinion We have audited the financial slalemen15 of Liberiy Consortium for the year ended 31 October 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and the related notes to the financial stalen*nts, including a summary of significant accounting policies sei out in note l. The financial reporting framework that has been applicd in their preparation As applicable Northern Ireland law and FRS 102 "The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland" and the Accounting and Reporting by Charities; Siaternenr of Recommended Practice (Charitie.s SORP) applicable lo charities preparing their accounts in accordance with FRS 102. In our opinion the financial slalemenls: give a true and fair view of the assets, liabilities and financ?al position of the charitable company's affairs as al 31 October 2023 and of ils incoming resources and application of resources, including ils income and expenditure, for the year then ended; have been properly prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland as applied with regards lo the Charities SORP; and have been properly prepared in accordance with Ihe requiremcnts of the Companies Act 2006. Basis of opinion We conducted our audit in accordance with Iniernational Siandards on Audiiing (UK) (ISAS UK) and applicable law. Our sponsibililies under those Slandards are further de5crib¢d in ihe Auditor's responsibilities for the audit of Ihe financial %taiements section of our report. We are independent of Ihe charity in 1CordanCe with eihical requirement% that are relevani lo our audit of tinancial statements in the UK and Northern Ireland. including Ihe FRC'8 Ethical Sidndard for Auditors, dnd we have fuifillcd our othcr ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obiained is sufficieni and appropriate to provide a basi5 for our opinion. We have undertaken the audit in accordance with Ihe requirements of APB Ethical Standards including APB Ethical Standard Provisions Available for Sm(Ill Entities, in the circumstances set out below- In common with many other businesse.% of our $ize and nature we use our auditor% to &ssist with the preparation of the financial statcmenls. Conclusions relating to going concern We have nothing lo reporl in respect of the following matters in relation lo which ISA (UK) require us to report to you where.. the trustees use of the going concern basis of accounting in the preparation of the financial statements is nol appropriate; or Ihe trustees have nol disclosed in the financial statements any identified material uncerlainiies that may cast significant doubl aboui the charity's ability to continue to adopt the going concern basis of accounting for a period of al least twelve months from the date when the financial Statements are authorised for issue. Other Information The trusices arc rc5pon5iblc for the other informaiion. The oiher information comprises the inforrnation included in the annual report other than the financial statements and our Auditor's Rcport ihereon. Our opinion on the financial statements does noi cover the other information and, except to the exient otherwise explicitly stated in our report, we do noi express any forn] ot a5%urance conclusion thereon. Page 10
Liberty Consortium (A company limited by guarantee) In coTJnection with our audit of the financial statements, our responsibility IS to read the other infomiation an(L in doing so, consider whether the other inforn]ation is materially inconsistent with the financial statements or our knowledge obtained in the alldit. or othenvi,%e appears to be maieriall), misstated. If we identify .such material inconsistencies or apparcnl material misstaternents, we are required lo deiermine whether there is a malerial misstaternent in the financial Slalemenls or a material misstatement of the other information. If, based on the work we havc performed, we conclude there is a material misstatement of thi5 Other infomtIOn, we are required to report that fact. We have nothing to Teport in this regard. Opinions on other matter prescribed by the Companies Act 2006 Ba4ed solely on the work llndertaken in the course of the audit, we report that.. In our opinion, the information given in the Trustees, Report is con.qistent with the financial slktements. In our opinton, the Trustees, Report has been prepared in accordance with the requiremencs of the Companies Act 2006. We have obtained all the inforn)ation and explanations which we consider necessary for the purpose of our audit. In our opinion, the accounting records of the charity were sufficieni to permii the financial statementsto be readily and properly audited, and the financial statement5 are in agreemenlwith the accounting records. Matters on which we are required to report by exception Based on the knowledge and understanding of the charity and its environment obtained in the course of the audit. we have not identified any material misstatements in the Trustee5' Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion: adequate accounting records have not b¢en kept or returns adequate for our audit have nol been received frorn branches not visited by u5; OT the fln1CIal statements are not in agreement with the accounting records and retlg. or certain di5closure.s of trustees, remuneration specified by law are not made; or we have not received all the infonnation and explanations we require for OUT audit. or the trustees, were not entitled to prepare the financial slalemenrs in accordance with the small companie5 regtme and take advantage of the 5rnall companies exemption in preparing thc Tnjstees, Annual Report. Respective responsibilities Respective responsibilities of the trustees As explained more fully in the Trustees. ResponsibiliUe5 Statement set OUC in the Trnstees, Report, the trustees, (who are also dtrector.8 for the purposes of company law) are responsible for the preparalion of the financial statements and for being satisfied that they give a tme and fair view, and for such tnternal control as rhey dctermine is nccessary to cnable the preparation of financial statements that are frec from material missialements, whether due to fraud or error. In preparing the financial 5tatemeDts. the trustees are responsible for assessing the charity'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 management either intends to liquidate the chariry or to cease opeTalions, or has no realislic alternative but to do so. Auditors's responsibilities for the audit of the financial statements Our objectlves are to obthin reasonable assurance about whether the financial statements as a whole are free from material misslalemenl, whether due to fraud or crror, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a sarantee that an audit conducted in accordancc with ISAS (UK) will always deicct a maierial misstatement when it exists. Misstaternenis can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to infiuence rhe economic decisions of users taken on the bdsÉs of these financial statemenLs. As part of an audit in a¢cordance with ISAS (UK), we exercise professional judgement and maintain professional sceplicism throughout the audit. We also: Page 11
Liberty Consortium (A company limited by guarantee) identify and assess the risks of material misstatement of Ihe fillancia] statements, whether due lo fraud or error,d¢sign and perform audit proccdures responsive to those risk5, and obtain audit evidence that is sufficienl and appropriate to provide a basis for our opinion. The risk of not d¢lecllng a llterIal mi%%taiement resulting from fraud is higher than for one Tesulting from error, as fraud may involve collusion, forgery, inientsonal omissions, misrepresentations, or the oveIde of internal Controls. Obtain an understanding of internal control relevant to the audit in order to design procedures that are appropriate in the circumstances. bui noi for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the iruslees. conclude on the dpproprialene%4 of the directors use of (he going concern basis of accounting dnd, based on the audit evidence obtained. whether 2 material unceriainty exist.s related Eo events or condiiions that may cast signiflcant doubt on the chariry's ability lo continue as a going concern. If we conclude that a material uncertainly exists, we are required to draw attention in our auditor's report to the related disclosures 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 dale of our auditor's report. However, future evenl5 or condilions may cause Ihe charity to cease lo continue as a going concern. Evaluate the overall presenfauon, structure al content of the financial statements, including the disclosures. and whether the financial 5taiements represent the underlying transactions and evenis in a rnanner Ihat achieve.s fair presentation. We communicaie with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. The purpose of our audit report and to whom we owe our responsibilities Thi% report is made solely to the charity's tru4tees, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit Work h&$ been undertaken so that we might state lo the charity's trustee8 those matters we are required to state to them in an auditor's report and for no other purpose. To Ihe fullest extent permitted by law, we do not accept or assume responsibility lo anyone other ihan the charity and the charity's trustees as a body. for our audit work, for this report. or for the opinions we have fornied. SA rf'r,r Shaun McGinty (Senior Statutory Auditor) For and on behalf of Shaun McGinty & Co Chartered Accountants and Registered Auditors - ( Statutory Auditors ) 44 Woodbrook Derry BT48 8FF 16 July 2024 Page 12
Liberty Consortium (A company limited by guarantee) Statement of financial activities (incoryorating the income and expenditure account) For the year ended 31 October 2023 Unrestricted Restricted funds funds 2023 Unrestricted Restricted Total funds funds 2022 Total Notes Income Donation,$ and legacie8 Other trading activities Other income 5.728 887,578 5,000 338,299 344,027 887,578 5.000 4,375 839,362 5,000 463,026 467,401 839,362 5,000 Total income 898.306 338,299 1,236,605 848,737 463.026 1.311.763 Expenditure on Siaff ¢o%ts Establishnnt costs Motor and travelling expenses Auditors, remuneration L£gal and professional fees Communicalions and IT Other office expenses InteresL payable and .4irnilar charges Depreciation and lmpairnnt Other support costs Donations PTovision for bad and doubtful debts Project and Activity C051s Other projecl costs - TIP Project set up costs thrift shop Projeci Costs - Amphitheatre Total expenditure 401,256 63,119 6,675 4,160 14,867 6,412 6,235 5,737 11,916 19.981 27 iio 61,661 278.707 35.120 679.963 98.239 6,675 4,160 15,867 6,671 6,743 5,737 39,830 22.777 77 110 81,520 406,753 91,180 6,618 3,090 7,284 4.578 12,067 4,073 12,376 17,246 381 125 19,093 1,459 1,177 12,133 312,370 32.677 499 1,000 3,656 2.607 1,601 1,062 35,020 1.123 719,123 123,858 7,117 4,090 10,940 7,185 13,668 5.134 47,396 18,369 381 125 122,024 1,459 1,177 12,133 1.000 259 508 27.914 2,790 50 19,859 102,931 602,156 366,213 968,369 599.633 494,546 1.094,179 Net income l(expenditure) for the year / Net incomel(expense) for the year 296,150 (27.914) 268,236 249.104 (31.520) 217,584 Total funds brought forward Total funds carried forward 1,254,025 195.056 1,449,081 I,(KH,921 226,576 1.231,497 1,550.175 167.142 1,717,317 1.254,025 195,056 1.449,081 The statement of financial aclivities includes all gains and losse5 in th¢ year and therefoie a sepaTate statement of iotal recognised gains and losscs has noi be¢n picpared. All of the above amounts relate lo continuing activities. The notes on pages 16 to 25 Corn) an integral part of these financial statements. Page 13
Liberty Consortium (A company limited by guarantee) Balance sheet as at 31 October 2023 2023 2022 Notes Fixed assets Tangible assets Current assets Debtors Cash al bank and in hand 180,579 220,409 12 65,643 1,592,702 90.237 1.252,344 1,658,345 1.342,581 Creditors: amounts falling due within one year 13 (121.607) (113,909) Net current assets 1,536,738 1.228.672 Net assets 1,717,317 1,449,081 Funds Restricted income funds 14 167,142 195.056 Unrestricted income nds. Unrestricied income funds Development fund Totsl unrestricted income funds 350,175 1,200.000 254,025 1,000.000 1,550,175 1,254.025 Total funds 1,717,317 1,449,081 The financial statements were approved by the board on 16 July 2024 and siLned on its behalf by en Kirby Director Caroline Campbell Director The notes on pages 16 to 25 form an integral part of these financial statements. Page 14
Liberty Consortium (A company limited by guarantee) Cash flow statement for the year ended 31 October 2023 2023 2022 Notes Nel incoming resources for the ye Interest payable Depreciation and impaiTment Decrease in debtors Increasel(Decreasel in creditors 268,236 5,737 39,830 24,594 8,881 217.584 5,134 47,396 36,209 (50,530) Net cash innow from operating activities 347,278 255.793 Returns on inves(ments and servicing of fmance Capital expenditure 23 23 {5,737) (5,134) (13.585) Increase in cash in the year 341,541 237.074 Reconciliation of net cash flow to movement in net funds 24 Increase in cash in the year Net funds at l November 2022 341,541 1,246,533 237,074 1,009,459 Net funds at 31 October 2023 1,588.074 1.246.533 Page IS
Liberty Consortium (A company limited by guarantee) Notes to financial statements for the year ended 31 October 2023 Accounting policies The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year. 1.1. Basis of accounting The financial stalements are prepared under the historical cost convenlion and in accordance with Accounting and Reporting by Charities.. Statement of Recommended Praciice applicable to charitie4 prepkring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charlties SORP (FRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act ?006. 1.2. Cashflow 1.3. Income All income is included in the statement of fi7Jancial activities when the charily is entitled to the incorne and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Donations and legacie5 income 15 received by way of grants. donations and gifts and is included in full in the statement of financial activitles when receivable. Grants where entitlement is not condilional on the delivery of a specific perfornwice by the charity, ar¢ recognised when the charity becomes unconditionally entitled to the granr. Donated services and facililies are included ai the value to the charity where this can be quantified. The value of service5 provided by volunteers has not been included. Gifts donated for resale are included as incoming resources withtn activities for generating funds when they are sold. Grants, including grants for the purchase of fixed assets, are recognised in in the statement of fLnanciaL activities in the year in which they are receivable. 1.4. Expenditure Expenditure is recognised on an accrual basts as a liability Is incurred. Expenditure includes any VAT which cannot be fully recovered. and is rcporled as part of Ihe expenditur¢ to which IE relates. Cost,s of generating funds comprise the costs associated with aitracting voluntary income and the co8t5 of trading for fundraising purposes. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs thai can b¢ allocated directly to such activities and those cost5 of an tndirect nature necessary to SUPPOTI them. Fundraising cost5 are those incurred in seeking volunlary contributions and do not illclude the costs of disseminating infornialion iJ] support of the charitable acuvities. Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management. Page 16
Liberty Consortium (A company limited by guarantee) Notes to financial statements for the year ended 31 October 2023 1.5. Tangible red assets and depreciation Tangible fixed assets are staled at cost less accumulated depreciation. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected usefvl life, as follows: l£asehold properties Fixtures, filtings and equipnienl Motor vehicles Straight line over the life of the lease 15%, 20Yo 3J)d 25% straight line 25fo Straight line 1.6. Defined contribution pension schemes The pension cosis charged in the financial statements represent the Contribution payable by the charity during the y¢ar. Donations and legacies Unrestricted Restricted funds funds 2023 Unrestricted Restricted Total funds funds 2022 Total Donations Grants receivable - National Lottery Grants receivable - tAittery - Awmrds for Ati Granls receivable - DC & SD Council Grants receivable - BBC Children in Need Grants receivable - Dfc Grants receivable - WHSCT Grants receivable - WELB & EA Other Grants receivable Grants receivable - Paul Hamlyn Grants receivable - Rank Foundation 5,728 5,728 142,474 4.375 4,375 125,126 l O,(K)O 5,853 21,299 67.493 4.093 150,612 64,465 4,696 9,389 142,474 125.126 10.000 5,853 21,299 67.493 2.976 2,976 62,549 62,549 109.695 20.605 109,695 20,605 150,612 64,465 4.696 9,389 5,728 338.299 344,027 4,375 463,026 467.401 Other trading activities Unrestrlcted I'unds 2023 Unrestricted Total runds 2022 Total Activities for generating funds 887,578 887,578 839,362 839,362 887,578 887.578 839.362 839,362 Page 17
Liberty Consortium (A company limited by guarantee) Notes to financial statements for the year ended 31 October 2023 Other fincome Unrestrieted funds 2023 Unrestrlcted Total funds 2022 Total Other income 5,(X)O 5,000 5,000 5.(K)O 5,000 5.000 5.000 5,000 Net Incoming resources for the year 2023 2022 Net incoming re%ource% slated dfier charging.. Depreciation 2nd other amounts written off tangible fixed a$8et8 Audiiors. remuneration - Audit and accountancy fees 39,830 4,160 47.396 4.090 Employees Employment Costs 2023 2022 Wages 61nd 5alarics Social security costs Pension costs 598,095 49,612 32.257 632,971 54,700 31,452 679,964 719,123 No employee received emoluments of more than £60,000. Number of employees The average monthly numbers of employees (including the trustees) during the year, calculated on the basis of full lime equivalents, was as follows.. 2023 Number 2022 Number Management and Administration Other Siatf Direclors l Trustees - Voluntary 24 26 34 35 6.1. Trustees, emoluments The lrnstees did not receive any remtsneration in connection with their role as trustees during the year. Page 18
Liberty Consortium (A company limited by guarantee) Notes to financial statements for the year ended 31 October 2023 Interest payable and simllar charges 2023 2022 Bank fees and charges 5,737 5.134 Pension costs The ¢ompany operate5 a deftned contribution pension scheme in rcspect of the eligible employees who join the pension scheme. The scheme and ils assets are held by independent manageTS. The pension Chge represents conlribuiions due from the company and was as follows: 2023 2022 Pension charge 32,257 31,452 io. Taxation Th¢ charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation T¢5 Act 1988. Accordingly, there is uo taxation charge in the accounts. Long Fixtures, leasehold fittings and property equipment 11. Tangible fixed assets Motor vehicles Total Cost At l November 2022 and Ai 31 Ociober 2023 463.156 250,033 33,020 746.209 Depreciation At l November ?022 Charge for the year At 31 October 2023 278,102 20.570 214,678 19,260 33,020 525.800 39,830 298,672 233.938 33,020 565,630 Net book values Ar 31 October 2023 164,484 16,095 180.579 At 31 Octobcr 2022 185,054 35,355 220,409 Page 19
Liberty Consortium (A company li]nited by guarantee) Notes to financial statements for the year ended 31 October 2023 12. Debtors 2023 2022 Trade debtors Amounts owed by group undertakings Prepayments and accrued income 49,424 4,164 12.055 76,738 3.028 10.471 65,643 90,237 13. Creditors: amounts falling due within one year 2023 2022 Bank overdraft Trade credilors Other taxes and social security Other creditors Accruals and deferred income 4,628 11,793 11,318 4,110 89,758 5,811 5,660 15.872 5,551 81.015 121,607 113,909 Accruals and Deferred income include £84,850 (20?2-£76.432) of restricted grant aid which has been received in advance and which .111 be recognised as income when the relevani expenditure has been recognised and incurred. 14. Analysis of net assets between funds Unrestricted Restricted funds funds Total funds Fund balances at 31 October 2023 as represented by.. Tangible fixed assets Current assets Current liabilitie8 16,014 1,534,161 164.565 124,183 (121,606) 180,579 1,658,344 (121,606) ,550,175 167,142 1,717.317 Page 20
Liberty Consortium (A company limited by guarantee) Notes to financial ststements for the year ended 31 October 2023 15. Unrestricted funds At l November 2022 At 31 October 2023 Incon)ing Outgoing resources resources Transfers Unretritricted Funds Development Fund 254,025 1.000,000 898,306 (602.156) {200,000) 200,000 350,175 1,200,CK)O 1,254,025 898.306 (602.156) 1.550.175 Page 21
Liberty Consortium (A company limited by guarantee) Notes to financial statements lor the year ended 31 October 2023 16. Restricted funds At At l November Incoming Olltgoing 31 October 2022 resources resources 2023 Capilal Grants & Capita] Donations - Various Funders Departmen¢ for Communities (Dfc) grants Naiional Lottery Community Fund grants Deny City & Strabane District Council grants Others granis 195.056 (27,914) (62,549) (142,474) (2,976) (130,300) 167,142 62,549 142,474 2,976 130,300 195,056 338,299 (366.213) 167,142 Purposes of restricted funds Restricted Funding for Capilal Expenditure l) The funding from the Big Loriery Fund "People% Millions progrkunme was provided to cover the capifal cost.s of developing the Green Finger's project. 2) The tunding from Derry City Council was provided to assisi wtth the capital costs of installing the sound proofing barrier al the sensory park so as io minimise Ihe impact on ncighbouring properties. 3) The grant ¢iid from NT Electricily and BERR, the Department for Business Enterprise & Regulatory Reform, was provided lo assist with Ihe LOSts of installing solar panels. 4) Furlher capital expendilure on the Greenfinger5 project was funded by a number of bodies, including Derry City Council and Groundwork Nl. 5) Ilex provided funding lo cover the 2013 year capital %pcnd on the auditorium. 6) BBC Children in Need provided funding to cover 2014 year capital cosl on cinema equipment. A iotal of £ 7,710 was received during the year with £ 7,151 matched against equipmcrkl costs that year ¢ind ihe £579 balance matched against revenue costs, £167 in 2015 & £412 in 2016. The Ociober 2015 accounts include £240 of capital grants received from Children in Need relating lo a5sel additions in the 2015 year. 7) The Enterprise Link Challenge Fund provided capital funding of £ 10,500 in the 2014 year lo cover conslruciion of th¢ Treehouse. The 2015 accounts included £ 7,750 of capital grants from Ihe Challenge fund in speci of fixed asset dddilion% that year. 8) The Big Lottery fvnd provided capital funding of £ 3.606 for IT equipment additions for the Hope project. 9 ) The charity receÉved total grant aid of £ 3,700 from Lloyds trust in the 2014 year. Of the iotal received £ 401 related to capiiul costs and the balance was recognised and matched with revenue costs. 10) During the October 2016 year the charity received £6,459 frorn Grcencare, £5.538 from Big Lollery, £500 from DSD and £ 1,092 from DCAL in Capital grants to fund asset addition.s. I l ) During the Ye ended 31 October 2017 the charity received capilal grants tolalling £ 26,727, including £ 7,700 from PerLy Billon, £9,960 from Aviva, £2,250 from ACT and £1,500 from NIHE. 12) During the year ended 31 October 2018 the charity received capita] grants Ioialling £ 18,979 from a variety of funders, including £ 5,941 from North5ide Development Trusi, £ 5751 from the Karen Mortlock Fund and £2,815 from Bailey Thomas. In addilion Ihe charity receftved a Donation of £33,020 10 cover the cost of pllrchasing a new rniniblls for use in the charity's activities. The capital grants and capitsi donation meant that all 55el additions during the year were fully funded. 13) During the year ended 31 October 2019 the charity received capttal grant5 lotalling £36,108 from a variety of funders, including £ 12,909 frorn DM Thoma5 Foundation. £6,633 frorn Percy Bilton and £2.157 from the Big Lollery to assisi with meeting total asset addilion costs of £40.177. 14) During the year ended 31 Ociober 2020 the Lhari(y received £6,010 of capital grants from a variety of funders to assist with fixed assei purchases, including £1.197 from the Big lottery. £1,577 from Children In Need, £1,576 from the Rdnk Foundation dnd £1,067 from the Council for Nl. 15) During the year ended 31 October 2021 the charity received £3,073 of capital grant8, including £998 from Dfc. £1,621 from BBC CIN and £454 from other nders. 16) The October 2022 accounts included a capiial grant of £3.500 received from Danske Bank. Page 22
Liberty Consortium (A company limited by guarantee) Notes to fjnancial statements ror the year ended 31 October 2023 Restricted Funding for Revenue Expenditure l) The funding from BBC ChTldren in Need was provided to assist with meeting wages costs. 2) The funding from the Dfc is provided to cover salary costs incurred in connection with the management of the Neighbourhood Rcnewal funded progran]me. 3) The funding from all other funder5 is provided lo assist with wages and other running costs. The 4 year grant aid from the National Lottery totalling £500.000 to assist with the cosls of the Thrift shop started in 2020 and will run unlil 2024. The grant aid i.s recognised in the accounts on an accrual% basis and matched with the expenditure to which it relates. Any element of the grani ihat is received in advance is treated as deferred income at the balance she¢l dale and is included in creditors, lo be recognised as income when the relevant expenditure is incurred. Likewise where expenditure is incurred before the granl is received, then the grani due is recogni5ed as income and the amounl owed is included as an asset in the balance sheet. During the Oclober 2023 financTal year the charÈty received £142,199 from the National Lottery under this contract. The 2023 financial statements include grant income recognised from ihe National Lotlery of £ 142,474 relating to the funded progran]me logeiher wtth the relevant matching expenditure. As at 31 October 2023 the balance sheei creditors include a deferred balance of £16,406 {2022..£16.681) relating to the National knitery grant which was received in advance, to be recognised income when the relevani expendAture is incurred. The October 2023 financia] stalemenis include income of £0 (2022..£21,299) from Children in Need together with the Telated matched expenditure. As at 31 October 2023 creditors include defeed income of £0 (2022:£0) relating to BBC CIN grants. Any def¢ed balances willl be recognised as income in the accounts whenever the relevant expenditure is recognised and incurred. The BBC CIN tunding fjnishcd in the October 2022 year. All funding in the accounr5 is recognised on an accruals basis and matched with the related expenditure. As at 31 October 2023 the balance sheet creditors include total deferred income of £84,850 (2022.. £76,432) relating to grants that have been recetved in advance by the charity. inclusive of the Nationa] Lottery advance detailed separately in the notes above. A5 at 31 October 2023 the balance sheel also includes debtors of £500 (2022..£0) relating to granis owed. OiheT restricted incom¢ and donation& recognised in the accounts ar¢ maiched against the relatd wages and other project co4tS. 17. General commitments The Charity has entered into 2 multi year lease agreements Telating to Ihe various units in the Northside Village Centre from which the charity currently operates. The leases run for periods up to 2027, with the charits, having a break option upon giving 6 monthy norice in both 2025 and 2026. The charity is currently comlljilted to paying rental costs of approximately £50.000 under the lease agreements. The £18.000 rental cost relating to the thrift shop unit is a cost that is funded under the 4 year grant aid provided by the Btg Lottery, which runs until September 2024. 18. Contingent liabilities Granls received could become repayable in the event that the tern]s and conditions of the letrer of offer are not complied with. Page 23
Liberty Consortium (A company limited by guarantee) Notes to financial statements for the year ended 31 October 2023 19. Transactions with trustees l ) The directors {tn15tees) aTe all voluntary and do not receive any remuneration or expenses in connection with their role on the board. 20. Related party transactions l ) The October 2023 income includes £15,115 (2022..£9,033) from Greatei Shantallow Area Partnership (GSAP) in connection with the provision of the play facilities to participants of the Extended Schools Programme and various other services. There are no outstanding balances between the two organisations as at 31 October 20?3 (2022:£270 owed). The Playtrail facilities are made available io GSAP on the same terms as a]1 other users. Mr Darren Kirby, a director of the charily, is an employee of GSAP, although he has no involvement in the GSAP Extended Schools programme. 2) Thcre has been no donation contributions generated by Liberty Consortium Enterprises CIC. a trading company owned by the Chlty, during the pa4t 5 year% ended 31 October 2023. The constilution of the CIC requires that all surpluses generated by it a donated to the charity. As al 31 October 2023 debtors include £4,164 (2022:£3,028) owed by the CIC. 3) The October 2023 accounts include costs of £209 (2022..£190) invoiced by the Nerve Centre. As at 31 October 2023 there are no outstanding balances belween the two organisations. Mr John Peio, a director of the charity, is a150 the Director of Education ai the Nerve Centre. All Iransaciions between the Iwo organisat20ns occur under nonnal oper&ting tenY]s. 21. Controlling Interest The charitable cornpany is controlled collectively by the board of directors. 22. Post balance Sheet events l ) The B02rd of Directors continues lo consider and implement some of the recommendations contained in the organisational review report produced by Roe Consultancy . There are no provisions or adjustments required in the October ?023 financial statements arising from the review. 23. Gross cash flows 2023 2022 Returns on investments and servicing of finance Bank charges and Inieresi paid (5,737) (5.134) C2Pital expenditure Payments to acquire tangible assets (13,585) Page 24
Liberty Consortium (A company limited by guarantee) Notes to financial statements for the year ended 31 October 2023 24. Analysis of changes in net funds Opening balance Cash Ilows Closing balance Ca8h at bank and in hand Overdrafcs 1,252,344 (5,811) 340,358 1,183 1,592.702 (4.628) 1.246,533 341.541 1.588,074 Net funds 1,246,533 341.541 1,588.074 Company limited by guarantee Liberty Consortturn is a company limited by guaraniee and accordingly does not have a share capilal. Every member of the compdny underlakes to contribule such amount as may be requircd not exceeding £1 to the assets uf the charilable company in Ihe event of its being wound up while he or she is a member, or within one year after he or she ceases lo be a member. 26. Llmltatton of Audltors, Llablllty As slated tn Ihe letier of engagernent dated 01 May 2024 which was signed and approved by the board of directors, the liability of Ihe audilor is limited to Ihe amount of the annual fee. Page 2S
Liberty Consortium (A company limited by guarantee) The following pages do not forni part of the statutory accounts.
Liberty Consortium (A company limited by guarantee) Detailed statement of fancial activities For the year ended 31 October 2023 2023 2022 Income Donarions and legacies Donations Grants receivable - National tDttery Grants receivable - Lottery - Awards for All Grants receivable - DC & SD Council Grants receivable - BBC Children in Need Grants receivable - Dfc Grants receivable - WHSCT Grants receivable - WELB & EA Other Grants receivable Grants receivable - Paul Hamlyn Grants receivable - Rank Foundation 5,728 142.474 4,375 125,126 10,000 5,853 21,299 67,493 4,093 150.612 64,465 4,696 9,389 2,976 62,549 109,695 20.605 344,027 467.401 Activities for generating funds 887,578 839,362 887.578 839.362 Total income from generating funds 1.231,605 1.306,763 Other income Other income 5,000 5.000 5,000 5.000 Total income 1,236.605 .311,763 Expenditure Costs of generating funds: Wages & Salaries - Grants Aided Employer's NIC - Gr£int Aided Grant.5 - Staff _ Pen4ion costs Depreciation & impairment - Grant Aided 598,095 49,612 32,257 27.914 632.971 54,700 31,452 35,020 707,878 754,143 Page 27
Liberty Consortium (A company limited by guarantee) Detailed statement of financial activities For the year ended 31 October 2023 Support costs Rent Rates and water Lighi aTJd heat Repairs and n]ain*nance Premises Security Costs Insurance Support - Establishment - Unifornis Motor and travel Losts Mol(Ir vehicle cosis Staff training Subscriptions and memberships Telephone and internet Printing. post and .%tationery Computer costs Advertising and promotion Depreciation and impairment Other 8uppori costs Donations Provision for bad and doubifijl debis 54,600 3,2911 8,229 19,301 486 11,467 859 3.] 3,674 4,056 1.747 6,670 3.842 1,663 1,238 11,916 22.777 77 110 48,920 222 9,896 50,382 1.578 10,419 2.441 3,608 3,509 3,928 2.327 7,185 3,761 9,427 480 12,376 18,369 381 125 159,011 189.334 Total cost of generating voluntary Income Other operatlng costs Project and Actlvity costs Other project costs - TIP Project set up costs - thrlft shop Project Costs - Amphitheatre 866,889 943.477 81.520 122,024 1,459 1,177 12,133 81,520 136,793 Total costs of generating funds 948,409 1,080,270 Page 28
Liberty Consortium (A company limited by guarantee) Detailed statement of financial activities For the year ended 31 October 2023 2023 2022 Office expenses - Other (i) (i) Supporl costs Audit and accountancy fees Support - Professional - Other Bank inleresi and charges 4.160 10.064 5,737 4,090 4,685 5,134 19,961 13,909 Total other costs 19,960 13,909 Net Incomel(expenditure) for the year 268,236 217,584 Page 29