COMPANY REGISTRATION NUMBER: N1021056 CHARITY REGISTRATION NUMBER: 100787 Advice Space Company Limited by Guarantee Financial Statements 31 March 2023 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Advice Space Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Trustees. annual report (incorporating the directorfs report) Independent auditoffs report to the members statement of financial activities (including income and expenditure account) 12 statement of financial position 13 Statement of cash flows 14 Notes to the financial statements 15 The following pages do not form part of the financial statements Detailed statement of financial activities 26 Notes to the detsiled statement of financial activities 27
Advice Space Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2023 The trustees, who are also the directors for the purposes of company law. present their report and the financial statements of the charity for the year ended 31 March 2023. Reference and administrative details Registered charity name Advice Space Charity registration number 100787 Company reglstratlon number N1021056 Principal office and registered Merrion Business Centre office 58 Howard Street Belfast BT16JP The trustees C Trotter E Dorrian A Kinver G Mcclatchey D Mitchell R Blythe l Davison P Mccartan (Appointed 21 March 2023) (Appointed 15 August 2023) (Resigned 31 August 2022) (Resigned 27 February 2023) (Resigned 23 November 2022) (Appointed 17 May 2022) (Appointed 18 May 2022) (Appointed 17 May 2022) Company secretary Patrick Colton Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Danske Bank PO Box 183 Donegall Square West Belfast BT16JS
Advice Space Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conlinued) Year ended 31 March 2023 Structure. governance and management Goveming Document Advice Space is a company limited by guarantee governed by its Memorandum and Articles of Association dated 2018. Advice Space is a registered charity with the Charity Commission for Northern Ireland. Advice Space is a membership organisation with each trustee agreeing to contribute £1 in the event of the charity winding up. Appointment of Trustees The Chairperson and the trustees recruit and select new trustees as needed. New trustees are recruited on the relevance of their professional skills. and their potential to be able to make a helpful contribution to the governance of the charity. As part of the recruitment process they are made aware of a trustees, legal obligations under charity and company law. the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and recent financial performance of the charity. Trustee induction and training I trustees undertake a 2-stage formal induction process - with the Chair and the CEO, learning about the operational aspects of the service. All trustees are members of C03 and have the potential to receive training on all aspects of govemance and the opportunity to network with colleagues across the charitable and voluntary network. Arrangements ftir setting pay and remuneration of key management personnel The charity's trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling. running and operating the charity on a day-to-day basis. All trustees give of their time freely and no trustee received remuneration in the year. The pay of the senior staff is reviewed annually and is considered as part of the organisational salary review process. In view of the nature of the charity, the trustees benchmark against pay levels in other similar size charities run on a voluntary basis. Organisation structure and how charity makes decisions The Board of trustees administer the charity. A Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operation5, the Chief Executive has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance. employment and direct charitable aGtivities. Relatlonships with related parties None of the trustees receive remuneration or other benefit from their work with Advice Space. Risk Management The Trustees have a risk management strategy which comprises: the establishment of policies, systems and procedures to identify. control and mitigate risks., an annual review of the principal risks and uncertainties that the charity faces., and the implementation of procedures designed to minimise or manage any potential impact on the
Advice Space Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2023 charity should Ihose risks materialise. Objectives and activities The purposes of the charity are: to promote any charitable purpose for the benefit of the community in Northern Ireland by the advancement of education. the protection and preservation of health and the relief of povety, sickness and distress. In shaping our objectives for the year and planning our activities. the trustees have considered the Charity Commission's guidance on public benefit. The charity's aims and objectives for the period 2022-24 are centred on the following.. Increasing the brand awareness of Advice Space Be pioneering in the sector. Be financially independenuself-sustaining. Be the employer of choiGe and Ihe place to volunteer in the advice sector. Continue to work in partnership and increase our customer base. Our services are negotiated and organised in line with our original purpose and we partner with other organisations whereby our mission and purpose are closely aligned. Our services also operate through volunteer involvement both at trustee and frontline advice levels. Achievement5 and perforniance During this period Advice Space assisted 29.613 clients with 94,177 issues that they required assistance with. Financial gains identified by advisers on behalf of clients amounted to at least £6,933,918. The organisation also agreed to invest additional resources through the employment of a new Volunteer Manager during the reporting period in order to focus on the regrowth of our volunteer base as part of Advice Space recovery strategy from the Covid-19 pandemic. Advice Space has been accredited with the award of Investing in Volunteers.
Advice Space Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) {continugd) Year ended 31 March 2023 Financial review The annual accounts for the year ended 31 March 2023 show totsl income of £1,080,820- total expenditure of £1,015,924 and a surplus for the year of £64,896. The Board of trustees continue to exercise tight control over expenditure and the current level of reserves places Advice Space on a solid financial footing going forward. ReseNes pollcy and going concern Reserves are needed to bridge the timing gap between spending and receiving of income and to cover unplanned temporary shortfalls in income should they arise and also to provide contingency for sound financial planning assumptions. Holding adequate reserves safeguards the provision of our services in the event of unexpected significant financial pressures. The trustees consider that the ideal level of reserves would be at least 3 months. expenditure for the year ended 31 March 2023; an amount to cover stalutory redundancy and pay-in-lieu awards in the event of an unforeseen winding up and provision for unforeseen expenditu. Advice Space reserves policy sets this out and demonstrates the current target level desired should be £470.895. Unrestricted reserves at our year end freely available to spend, excluding fixed assets. restricted reserves and designated reserves amount £568,091. The Board are pleased with the progress that has been made to ensure the target reserves level is now met. The trustees believe this represents a suffiGient level of reserve to ensure that the going concern assumption is appropriate and continues to monitor this on a regular basis and review the poliGy annually. Plans for future periods COVID-19 pandemic The trustees have continued to consider the impact of COVID-19 on the future revenues of the charity and do not foresee any material impact on future revenues as Advice Space services continue to operate and normalise. Trustees. responslbllitles statement The trustees. who are also directors for the purposes of company law. are responsible for preparing the trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure. for that period.
Advice Space Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢ontinued) Year ended 31 March 2023 In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the applicable Charities SORP. make judgments and accounting estimates that are reasonable and prudent; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and 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 the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that: so far as they are aware, there is no relevant audit infomiation of which the charity's auditor is unaware. and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordan with section 487 of the Companies Act 2006. Small company provisions This report has b88n prepared in accordance with the provisions applicable to companies entitl8d to the small companies exemption. The trustees. annual report was approved on 28 November 2023 and signed on behalf of the board of trustees by: C Trotter Trustee P Mccartan Trustee
Advice Space Company Limited by Guarantee Independent Auditor's Report to the Members of Advice Space Year ended 31 March 2023 Opinion We have audited the financial statements of Advice Space (the 'charity') for the year ended 31 March 2023 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended" have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out below, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. In common with many other organisations of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to Gontinue as a going concern for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Advice Space Company Limited by Guarantee Independent Auditor's Report to the Members of Advice Space (continu8d) Year ended 31 March 2023 Other information The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements; and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require5 US to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or the financial ststements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made: or we have not received all the infomiation and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report.
Advice Space Company Limited by Guarantee Independent Auditor's Report to the Members of Advice Space (continued) Year ended 31 March 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement. the trustees (who are also the directors for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. 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 concem basis of accounting unless the trustees either intend to liquidate the charity or to cease operation5, or have no realistic alternative but to do so.
Advice Space Company Limited by Guarantee Independent Auditor's Report to the Members of Advice Space (continued) Year ended 31 March 2023 Auditor's responsibilities for the audit of the fjnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial ststements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following- the nature of the industry and sector, control environment and business perfomiance including the design of the remuneration policies. key drivers for directors, rernuneration, bonus levels and performance targets., results of our enquiries of management about their own identification and assessment of the risks of irregularities., any matters we identified having obtained and reviewed documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance. detecting and responding to the risks of fraud and whether management have knowledge of any actual. suspected or alleged fraud: the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists. including tax and valuations speciali5t5 regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UK). we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of Ihe legal and regulatory frameworks in operation. focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition, we considered provisions of other laws and regulation5 that do not have a direct effect on the financial statements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty.
Advice Space Company Limited by Guarantee Independent Auditor's Report to the Members of Advice Space (Gontinued) Year ended 31 March 2023 As part of an audit in accordance with ISAS {UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatemgnt of the financial ststements, whether due to fraud or error, design and perform audit procedures responstve to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involvo collusion, forgery, intentional omissions, misrepresentations, or the oveIde of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our auditor's report to the related 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 date of our auditorfs report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 10
Advice Space Company Limited by Guarantee Independent Auditor's Report to the Members of Advice Space (contsnuedj Year ended 31 March 2023 We communicate with those charged with governance regarding, among other matter5, 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. Use of our report This report is made solely to the charity's members, as a body. In accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body. for our audit work, for this report, or for the opinions we have formed. Conor Dolan FCA (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower g James Street South Belfast BT2 8DN 28 November 2023 11
Advice Space Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds 2022 Unrestricted funds Total funds Noto Income and endowments Donations and legacies Charitable activities Other trading activities Investment income 370 59.154 6.000 1.259 370 1.073.191 6.000 1,259 1,014,037 1,136,670 8,103 940 Total income 66.783 1,014,037 1,080.820 1.145.713 Expenditure Expenditure on charitable activities Total expenditure 43,021 972,903 972,903 1,015,924 946,438 43,021 1,015,924 946.438 Net income 23,762 41,134 64,896 199,275 Transfers beeen funds 41,134 (41.134) Net movement in funds 64,896 64.896 199,275 Reconciliation of funds Total funds brought forward Total funds carried forward 584,457 24.530 608,987 409,712 649.353 24.530 673.883 608,987 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activitie5. The notes on pages 15 to 24 form part of these financial statements. 12
Advice Space Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets 15 81,262 90,607 Current assets Debtors Cash at bank and in hand 16 66.633 570.310 61,861 481,999 636.943 543,860 Creditors: amounts falling due within one year Net current assets 17 (44,322) 592,621 (25,480) 518.380 Total assets less current liabilities 673,883 608,987 Net assets 673,883 608,987 Funds of the charity Restrtcted funds Unrestricted funds 24,530 649,353 24,530 584.457 Total charity funds 19 673,883 608,987 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 28 November 2023. and are signed on behalf of the board by: C Trotter Trustee P Mccartan Trustea The notes on pages 15 to 24 form part of these financial statements. 13
Advice Space Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows from operating activities Net income 64.896 199,275 Adjustments for." Depreciation of tangible fixed assets Dividends. interest and rents from investments Interest payable and similar charges Accrued income 9,345 (1,259) 118 (799) 9,345 (940) 87 {31,8051 Changes in.. Trade and other debtors Trade and other creditors (4.772) 19.641 (7,387) (43,504) 125.071 Cash generated from operations 87,170 Interest paid Net cash from operating activities (118) 87.052 (87) 124.984 Cash flows from investing activities Dividends, interest and rents from investments Purchase of tangible assets Net cash from investing activities 1,259 940 (767) 173 1,259 Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 88.311 481.999 125,157 356,842 570,310 481,999 The notes on pages 15 to 24 form part of these flnanclal statements. 14
Advice Space Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Merrion Business Centre, 58 Howard Street, Belfast. BT16JP. Statement of compliance These financial statements have been prepared in compliance with FRS 102. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properti@s measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The principal accounting policies adopted, judgements and key sources of estimation uncertainty Sn the preparation of the financial statements are as follows.. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charivs purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 15
Advice Space Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting policies (continued) Incomlng resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies a applied to particular categories of income: Income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value Gan be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities. events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governan of the charity apportioned to charitable aGtivities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. Atl costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 16
Advice Space Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 Accounting policies (Gontinued) Tangible assets (contlnued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and losses. except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less Its residual value. over the useful economic life of Ihat asset as follows: Freehold property Equipment 4 % straight lin8 20 /0 Straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impaimient testing of goodwill. the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction Costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 17
Advice Space Company Limited by Guarantee Notes to the Financial Statements (¢gntinuedJ Year ended 31 March 2023 Accounting policies (Gontlnuedj Financial instruments (contlnued) Where investments in shares are publicly traded or their fair value can otheiSe be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. Al other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate. in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment. an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, lo the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impaimient not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmlted by guarantee Each of the members of the company has guaranteed to contribute to the assets of the company in the event of the same being would up to the extent of £1. 18
Advice Space Company Limited by Guarantee Notes to the Financial Statements (¢ontinu¢dJ Year ended 31 March 2023 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations 370 370 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2023 Belfast City Council Belfast HSCT Macmillan Pension Wise Telephonic Services Positive Life Other income Cedar Cystic Fibrosis NICHS Welfare Reform 475,604 123,367 274,074 475.604 123.367 274.074 6.600 11,944 3,481 6.540 6,500 9,704 14,385 140,992 6.600 11.944 3.481 6.540 6.500 9,704 14,385 140,992 59,154 1,014,037 1,073,191 Unrestricted Funds Restricted Total Funds Funds 2022 Belfast City Council Belfast HSCT Macmillan Pension Wise Telephonic Services Positive Life Other income Cedar Cystic Fibrosis NICHS Welfare Reform 140,639 453,354 119.080 222.729 593,993 119,080 222.729 6.750 3.903 5.092 6.540 6.500 9.704 17,021 145,358 1.136,670 6,750 3,903 5,092 6,540 6.500 9.704 17,021 145,358 940,521 196.149 other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Rental income 6.000 6,000 8,103 8,103 19
Advice Space Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest 1.259 1,259 940 940 Expenditure on charitable activltles by a¢tlvlty type Activities undertaken direclly Support costs Total funds 2023 Total fund 2022 Provision of impartial advice to the general public Governance costs 813,681 174.855 27.388 988,536 27,388 923,828 22.610 813,681 202.243 1,015,924 946.438 10. Analysis of support costs Provision of impartial advi to the general public Total 2023 Total 2022 staff costs Premises Communications and IT General office Governance costs 12,950 97,788 43,327 20.790 27.388 12,950 97,788 43,327 20,790 27,388 202,243 11,693 87,824 40,552 27,784 22,610 190.463 202.243 11. Net income Net income is stated after chargingl(crediting)- 2023 2022 Depreciation of tangible fixed assets 9,345 9.345 12. Auditors remuneration 2023 2022 Fees payable for the audit of the financial statements 6.012 5,520 20
Advice Space Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 13. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans Other employee benefits 580.556 47.392 19,543 10,000 657.491 529,266 39,911 15,512 584,689 The average head count of employees during the year was 25 (2022: 25), which equates to an average of 21 full-time equivalent posts in 2023. No employee received employee benefits of more than £60,000 during the year (2022.. Nil). Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning. directing and conlrolling the activities of the charity. The charity considers two members of staff to make up the key management personnel. The total compensation paid to key management personnel for seNices provided to the charity was £121,309 {2022:£102,128). 14. Trustee remuneration and expenses The charity trustees were not paid or received any other benefits from employment with the Charity in the year {2022-£Nil)-No charity trustee received payment for professional or other service supplies to the Charity (2022-£Nil). During the year trustees were reimbursed for travel and other expenses totalling £0 (2022: £125). 15. Tangible fixed assets Freehold propety Equipment Total Cost At 1 April 2022 and 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 197,298 272,191 469.487 110,295 7,892 268.585 1,453 378,880 9.345 118,187 270.038 388,225 Carrying amount At 31 March 2023 79,109 2.153 81,262 At 31 March 2022 87,001 3.606 90,607 21
Advice Space Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2023 16. Debtors 2023 2022 Trade debtors Prepayments and accrued income Other debtors 7,995 4,314 54,324 18,575 43.286 66,633 61,861 17. Creditors: amounts falling due within one year 2023 2022 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 16.468 10.308 13.119 4.427 3,446 11,107 10,927 44,322 25.480 18. Pensions and other post retirement beneflts Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £19,543 {2022: £15,512). 19. Analysis of charitable funds Unrestricted funds At 1 April 2022 At31 Transfers March 2023 Income Expenditure General funds 584,457 66,783 (43,021) 41,134 649.353 At 1 April 2021 At31 Transfers March 2022 Income Expenditure General funds 409,712 205.192 (50,397) 19.950 584,457 22
Advice Space Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 19. Analysis of charitable funds fcontlnued) Restricted funds At 1 April 2022 At31 Transfers March 2023 Income Expenditure Macmillan Belfast HSCT Belfast City Council Belfast City Council- Welfare Reform 274,074 123,367 475,604 (232.940) (123,367) (475,604) (41,134) 24,530 140,992 (140,992) (972,903) 24,530 24,530 1,014,037 (41,134) 24,530 At 1 April 2021 At31 Transfers March 2022 Income Expenditure Macmillan Belfast HSCT Belfast City Council Belfast City Council - Welfare Reform 222.729 119.080 453.354 (202.779) (119.080) (453.354) (19.950) 145.358 (120.828) (896.041) 24.530 940.521 (19,950) 24,530 Transfer between restricted and unrestricted funds relates to expenditure recognised in unrestricted funds in prior year. 20. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 81,262 612,413 (44,322) 649,353 81,262 636,943 (44,322) 673,883 24.530 24,530 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 90.607 519.330 (25.480) 584.457 90.607 543.860 (25.480) 608.987 24.530 24.530 23
Advice Space Company Limited by Guarantee Notes to the Financial Statements (continu•d) Year ended 31 March 2023 21. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 22. Analysis of changes in net debt At At 1 Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand 481,999 88,311 570,310 23. Contlngencles A contingent liability exists to repay grants received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offer have been. or will be. complied with and no liability is expected. 24. Ethical standards In common with many other organi5ations of our size and nature we use our auditors to assist with the preparation of the financial statements. 24
Advice Space Company Limited by Guarantee Management Information Year ended 31 March 2023 The following pages do not form part of the financial statements. 25
Advice Space Company Limited by Guarantee Detailed Statement of Financial Activitles Year ended 31 March 2023 2023 2022 Income and endowments Donations and legacies Donations 370 Charitable activities Belfast City Council Belfast HSCT Macmillan Pension Wise Telephonic Services Positive Life other income Cedar Cystic Fibrosis NICHS Welfare Reform 475,604 123,367 274,074 6,600 11,944 3,481 6,540 6,500 9,704 14.385 140.992 593,993 119.080 222,729 6,750 3,903 5,092 6,540 6,500 9.704 17.021 145.358 1.073,191 1,136.670 other trading activities Rental income 6,000 8,103 Investment income Bank interest 1,259 940 Total income 1.080.820 1,145.713 26
Advice Space Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Expenditure on charitable actlvlties Provision of impartial advice to the general public Activities undertaken directly Wages and salaries Employerfs NIC Pension costs Other Employee Costs staff Expenses Volunteer expenses Partner payments Training and recruitment Subscriptions and licences 568,945 46,444 19,152 10,000 2,361 363 130.042 16.353 20.021 518,681 39,113 15,202 2,562 51 151,209 660 26,997 813.681 754,475 Support costs Wages and salaries Employevs NIC Pension costs Rent Light and heat Repairs and maintenance Insurance Cleaning 11.611 948 391 65.653 11.413 2,304 16,399 2,019 10,585 798 310 65,156 7,805 889 14,793 681 E 11 Professional fees Telephone IT costs Depreciation Printing, postage and stationery Sundry costs Grant repayment 4,216 21,608 21,719 9,345 3,769 3,460 6,368 23,041 17,511 9,345 1,577 4,393 6,101 174.855 169,353 Governance costs Accountancy fees Audit fees Bank charges Board Expenses 21.258 6.012 118 16,668 5,520 87 335 27.388 22.610 Expenditure on charitable activitles 1.015.924 946.438 Net Income 64,896 199.275 27