COMPANY REGISTRATION NUMBER: N1021056 CHARITY REGISTRATION NUMBER: 100787 Advice Space Company Limited by Guarantee Financial Statements 31 March 2024 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 2024 Page Trustees. annual report (incorporating the director's report) Independent auditor's 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 detailed statement of financial activities 27
Advice Space Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, presenl their report and the financial slatemenls of the charity for the year ended 31 March 2024. Reference and administratlve details Registered charity name Advice Space Charlty reglstratlon number 100787 Company registration number N1021056 Principal office and registered Merrion Business Centr6 office 58 Howard Street Belfast BT16JP The trustees C Trotter E Dorrian R Blythe l Davison P Mccartan (Appointed 15 August 2023) (Resigned 21 May 20241 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 2024 Structure, governance and management Governlng 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 conlribute £1 in the event of the charity winding up. Appolntment 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 polenlial to be able to make a helpful contribution to the governance of the charity. As part of Ihe recruitment process they are made aware of a trustees, legal obligations under charity and company law. the contenl 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 All trustees undertake a 2-stage formal inducllon process with the Chair and the CEO, learning about the operational aspects of the service. All truslees are members of C03 and have the potential to receive training on all aspecls of governance and the opportunity to network with colleagues across the charitable and voluntary network. Arrangements for setting pay and remuneration of key management personnel The charity's truslees, 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 Ihe senior staff is reviewed annually and is considered as part of the organisalional salary review process. In view of the nature of the charity, the trustees benchmark against pay levels in other similar size charilies run on a voluntary basis. Organlsatlon structure and how charity makes decisions The Board of trustees administer the charily. A Chief Executive is appointed by the trusteès lo manage the day-to-day operations of the charity. To facilitate effective operations, Ihe Chief Executive has delegated authority, within terms of delegalion approved by the trustees, for operational matters including finance, employmenl and direct charitable activities. Relationships with related parties None of the trustee5 receive remuneralion or other benefit from their work with Advi Space. Risk Management The Trustees have a risk management strategy which comprises.. the establishment of policies, systems and procedures to idenlify, control and miligate 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) (continued) Year ended 31 March 2024 charity should those 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 ihe advancement of education, the protection and preservation of health and the relief of poverty, sickness and distress. In shaping our objectives for the year and planning our aclivities. the trustees have considered the Charity Commission's guidance on public benefit. The charity's aims and objectives for the period 2024-29 are centred on the following.. Improving lives and promoting well-being by helping more people in our community to exercise Iheir rights and obtain fair treatment under the law., Delivering an independent high-quality comprehensive welfare rights service which includes working collaboratively with Irusted partners.. Using evidence lo inform and influence positive change., Being recognised as highly motivated, reliable and trusted experts., Ensuring effective gOVernan-, Ensuring the charity has appropriate accommodation that meets organisational need; Achieving Financial Sustainability. Our services are negotiated and organised in line wilh our original purpose and we partner with other organisations whereby our mission and purpose are closely aligned. In addition to Advice Space employees. our services are also supporled through volunteer involvement both al trustee and frontline advice level. Achievements and performance The organisalion has achieved the award of Investing in Volunteers. During the reporting period 2023124 more than 26,160 contacts were made with the service resulting in 90,166 queries that Advice Space provided assistance with. Financial gains identifièd by advisers on behalf of clients was higher than the previous year amounting to £9.838,730.
Advice Space Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Flnancial review The annual accounts for the year ended 31 March 2024 show total income of £1,111,296., total expenditure of £1,152,203 and a deficil for the year of £40,907. The Board of trustees continue to exercise tight control over expenditure and the current level of reserves places Advice Space on a solid financial fooling going forward. Reserves policy and going concern Resetves are needed to bridge Ihe timing gap between spending and receiving of income and to cover unplanned temporary shortfalls in income should Ihey arise and also to provide ntIngenCY for sound financial planning assumptions. Holding adequate reseNes safeguards the provision of our services in the event of unexpected significant financial pressures. The Iruslees consider thal the ideal level of reserves would be al least 3 months, expenditure for the year ended 31 March 2024., an amount to cover ststutory redundancy and pay-in-lieu awards in the event of an unforeseen winding up and provision for unforeseen expenditure. Advice Space reseNes policy sels this out and demonstrates the currenl target level desired should be £492,880. Unrestricted reserves at our year end freely available to spend, excluding fixed assets, restricted resetves and designated reserves amount to £535,108. The Board are pleased with the progress Ihal has been made to ensure the target reserves level is met. The truslees believe this represents a sufficient level of reserve lo ensure that the going concern assumption is appropriate and continues to monitor this on a regular basis and review the policy annually. Advice Space has further committed to to developing an income Generation Strategy alongside the new 2024-29 Strategic Plan. Plans for future periods As part of the Advice Space new Slralegic Plan 2024-25. the Trustee Board is committed to looking at Trustee growth and succession and is taking further steps to increase the size and skillset of the urrent Trustee Board. As part of Advice Space future governan planning a Terms of Reference has been agreed for a new Finance sub-commitlee to look in depth at financial planning, income generation. investment plans, financial management infomiation, annual accounts and the internal controls framework in order to provide insight and make recommendations to the full Trustee Board were relevant. This will provide more time for Trustees to focus on strategy and growth whilst also providing a focus on the charity finances. This sub-committee will begin lo meel 2-4 limes per annum from Sept24. Trustees, responsibilities statement The Irustees, who are also diredors for Ihe purposes of company law. are responsible for preparing the truslees, report and the financial statements in accordance with applicable law and United Kingdom Accounling Slandards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charty trustees to prepare financial statements for each year which give a true and fair view of the slate of affairs of the charitable company and Ihe incoming resources and application of resources. including the income and expendilure, for that period.
Advice Space Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 March 2024 In preparing these financial statements, the trustees are required to.. seled suitable accounting policies and then apply them consistenlly., observe the melhods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concèrn 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 chariws transactions and disclose wilh reasonable accuracy at any lime the financial position of Ihe 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 Ihe charity and hen for tsking 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 information of which Ihe charity's auditor is unaware; and they have tsken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to estsblish that the charity's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006. Small company provisions This report has been prepared in accordance with the provisions applicable to companies enlitled lo the small companies exemption. The trustees. annual report was approved on 15 October 2024 and signed on behalf of the board of trustees by= C Trotter Truslee P Mccartan Trustee c¥
Advice Space Company Limited by Guarantee Independent Auditor's Report to the Members of Advice Space Year ended 31 March 2024 Opinion We have audited the financial statements of Advice Space {the 'charily'l for the year ended 31 March 2024 which comprise the statement of financial activities {including income and expenditure account), statement of financial position, ststement 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 slatements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources. including ils income and expenditure. for the year Ihen ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Praclice., have been prepared in accordance with the requirements of the Companies Acl 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UKII 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 ststements in the UK, including ihe FRC'S Ethical Standard. and the provisions available for small entities. in the circumstances set out in nole 24 to the financial statemenls, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the Gharity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with resped 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 (continued) Year ended 31 March 2024 other Informatlon The other information comprises Ihe information included in the annual report, other than the financial statements and our auditorfs report Ihereon. 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 explicilly stated in our report, we do not express any fomi of assurance conclusion Ihereon. 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 determine whether there is a material misstatement in the financial statements or 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 reporl 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 truslees. report for the financial year for which the financial slatements 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 requlred to report by exception In the light of Ihe 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. reporL We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept. or retums adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and returns,. or certain dis¢losures of trustees. remuneration specified by law are not made., or we have not received all the information and explanalions 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 director5, 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 (continu8dJ Year ended 31 March 2024 Responslbllitles of trustees As explained more fully in the trustees, responsibilities statement, the Iruslees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial stalemenls and for being satisfied th81 Ihey give a Irue and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements thal are free from material misstatement, whether due to fraud or error. In preparing ihe financial statements, Ihe trustees are responsible for assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, 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 {continu•d) Year ended 31 March 2024 Audltovs responsibilities for the audit of the flnanclal statements Our objectives are to oblain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whelher 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 delect a material misslatement when it exists. Misstslements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. 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 detecling irregularities, including fraud is detailed below.. In identifying and assessing risks of material misslatement in respect of irregularities, including fraud and non-compliance wilh laws and regulalions, we considered the following-. the nature of the industry and sector, control environment and business performance including the design of the remuneration policies, key drivers for directors, remuneration, 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 obtsined and reviewed documenlation 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" delecling and responding to the risks of fraud and whether management have knowledge of any actual. suspected or alleged fraud,. the internal conlrols eslablished to mitigate risks of fraud or non-compliance wilh laws and regulalions. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tsx and valuations specialists 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 incenltves that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS (UKI. 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 Ihat 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 Art and lax legislalion. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial 5tstements 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 {eontinued) Year ended 31 March 2024 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 misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive lo those risks, and obtain audit evidence that is sufficient and appropriale lo provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery. intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal conlrol relevant to the audit in order to design audit procedures that are appropriate in Ihe 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 rnade 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 audilor's report lo 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 auditor's 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 slalements, including the disclosures. and whether Ihe financial stalements represent the underlying transactions and events in a manner that achieves fair presentation. We communicale with those charged with governance regarding. among other matters, the planned scope and timing of the audil and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. 10
Advice Space Company Limited by Guarantee Independent Auditor's Report to the Members of Advice Space (eontlnued) Year ended 31 March 2024 As explained more fully in the Trustees, Responsibilities Statement (set out on page 4-51. the trustees are responsible for the preparation of the financial slatemenls and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance wilh applicable law and Intemational Standards on Auditing (UK). Those stsndards require us to comply with the Financial Reporting Council's {FRC's) Ethical Standard for Auditors,, in the circumstances set out in note 24 lo the financial statements. Use of our report This report is made solely to the charity's members, as a body, in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charity's members those matters we are required to slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone olher 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 & slalutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 15 October 2024 11
Advice Space Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted funds Note Income and endowments Donations and legacies Charitable activities Other Irading activities Investment income 798 65,194 6,000 1,198 798 1,103,300 6,000 1,198 1.111,296 370 1,073,191 6,000 1,259 1,038,106 Total income 73,190 1,038,106 1,080.820 Expenditure Expenditure on charitable activities Total expenditure 114,097 114,097 1,038,106 1,152,203 1,015.924 1,038,106 1.152,203 1,015,924 Net (expenditure)lincome and nèt movement in funds {40,9071 140,907) 64,896 Reconciliation of funds Total funds brought fOard Total funds carried forward 649.353 24,530 673,883 608,987 608,446 24,530 632,976 673,883 The slatement of financial activities includes all gains and losses recognised in the year. Ail income and expenditure derive from continuing activilies. The notes on pages 15 to 24 form part of these financlal statements. 12
Advice Space Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Nots Fixed assets Tangible fixed assets 15 73,338 81,262 Current assets Debtors Cash at bank and in hand 16 94,753 521,125 615,878 66,633 570,310 636,943 Creditors: amounts falling due within one year Net current assets 17 (56,240) 559,638 632,976 144,322) 592.621 Total assets less current Ilabilltles 673,883 Net assets 632,976 673.883 Funds of the charity Restricted funds Unrestricted funds 24,530 608.446 24,530 649,353 Total charity funds 19 632,976 673.883 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 15 October 2024, and are signed on behalf of the board by.. C Trotter Trustee P M¢Cartan Trustee 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 2024 2024 2023 Cash flows from operating activities Net {expenditure)linoome (40.907) 64,896 Adjustments for.. Deprecialion of tangible fixed assets Dividends, interest and rents from investmenls Interest payable and similar charges Accrued expensesllincomel 9,321 {1.198) 697 2,052 9,345 (1,2591 118 {7991 Changes in.. Trade and other debtors Trade and other creditors 128,120} 9.866 (4,7721 19,641 Cash generated from operations {48.289) 87,170 Interest paid Net cash {used inllfrom operating activities (6971 148,986) 1118) 87.052 Cash flows from investing activities Dividends. interest and rents from investments Purchase of tangible assets Net cash (used inllfrom investing aclivilies 1,198 (1,3971 {199) 1,259 1,259 Net {decrease)Ilncrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 149,185) 570.310 88,311 481,999 521.125 570,310 The notes on pages 15 to 24 fomi part of these financial statements. 14
Advice Space Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 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, BT1 6JP. Statement of compliance These financial stalements have been prepared in compliance wilh FRS 102. 'The Financial Reporting Standard applicable in Ihe UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (Charities SORP IFRS 102)) and the Companies Act 2006. Accounting policies Basis of preparatlon The financial statements have been prepared on the historical cost basis, as modified by Ihe revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in Sterling, which is the functional currency of the entily. Going concern There are no material uncertainties about the charivs ability to continue. Judgements and key sources of estimation uncertainty The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparalion of the financial statements are as follows.. Fund accounting Unrestricted fvnds are available for use at the discretion of the trustees to further any of the Charity's purposes. Designated funds are unreslricted funds earmarked by the trustees for particular future project or commilment. Restricted funds are subjected to restriclions on their expendilure 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 (contlnuedj Year ended 31 March 2024 Accounting policies fcontinue Incoming resources All incoming resources are included in the statemenl 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 are applied to particular categories of income.. income from donations or granls is recognised when there is evidence of entitlement lo Ihe gift, receipt is probable and its amounl can be measured reliably. legacy income is recognised when receipt is probable and entiUement 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 can 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 spenl 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 slatement 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 go¢)ds. expenditure on Charitable activities includes all costs incurred by a Charity in undertaking aclivities that further its charitable aims for the beneffit of its beneficiaries, including Ihose support costs and costs relating to the governance of Ihe charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related lo raising funds for the charity nor part of its expenditure on charitable activilies. All 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 beeen the activities they contribute to on a reasonable, justifiable and consistenl basis. Tangible assets Tangible assels are initially recorded at cost, and subsequently stated al cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at Ihe date of revaluation less any subsequenl accumulaled depreciation and subsequent accumulated impairment losses. 16
Advice Space Company Limited by Guarantee Notes to the Financial Statements {conlinu•dJ Year ended 31 March 2024 Accountlng policies (¢ontinued) Tangible assets feontinu8d) 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 Ihat has previously been recognised as expenditure within the statement of financial aclsvities. 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 Deprecialion is calculated so as to write off the cost or valuation of an asset, less its residual value, over thè useful economic lrfe of that asset as follows.. Freehold property Equipment 4 % slraight line 200/0 Straight line Impairment of flxed assets A review for indicators of impairment is carried out at each reporting date, with Ihe 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 lesling, 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 unil 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 olher assets or groups of assets. Financial instruments A financial asset or a financial liability is recognised only when Ihe 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 relaled transaction cosls. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounled. Debt instruments are subsequently measured at amortised cost. Wher8 investments in shares are publicly traded or Iheir fair value can otherwise be measured reliably, the investment is subsequently measured at fair value wilh changes in fair value recognised in income and expenditure. Al other such investments are subsequently measured at cosl less impairment. 17
Advice Space Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accounting policies f¢on¢inuedJ Flnanclal Instruments (continued) Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed al a rate of interest that is not a market rate. in which case the asset is measured al the present value of the future payments discounled at a market rate of interest for a similar debt instrument. Other financial instruments are subsequenlly measured at fair value. with any changes recognised in the ststement 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 al 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. Olher financial assels are eilher assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related Servi is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in ftjture payments or a cash refund. When contributions are not expected to be settled wholly within 12 monlhs 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 Ihe period in which it arises. Limited by guarantee Each of the members of the company has guaranteed to contribute to the assels of the company in the event of the same being would up to the extent of £1. Donations and lega¢ies Unrestricted Total Funds Unreslricled Total Funds Funds 2024 Funds 2023 Donatlons Donations 798 798 370 370 18
Advice Space Company Limited by Guarantee Notes to the Financial Statements fcontinU8dJ Year ended 31 March 2024 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 Belfast City Council Macmillan Welfare Reform Belfast HSCT NICHS Telephonic services Cystic Fibrosis Other Income Cedar Pension Wise Advice Nl Debt Positive Life 1,500 461,794 307.625 140,992 127,695 463,294 307,625 140,992 127,695 15,732 10,201 9.704 6.540 6.500 5.863 5.798 3,356 15,732 10.201 9,704 6,540 6.500 5,863 5,798 3,356 65,194 1,038,106 1,103,300 Unrestricted Funds Restricted Total Funds Funds 2023 Belfast City Council Macmillan Welfare Reform Belfast HSCT NICHS Telephonic services Cystic Fibrosis Other Income Cedar Pension Wise Advice Nl Debt Positive Life 475.604 274.074 140,992 123.367 475.604 274,074 140,992 123,367 14,385 11,944 9.704 6.540 6,500 6,600 14,385 11.944 9.704 6,540 6.500 6.600 3.481 3.481 59,154 1,014,037 1,073,191 other trading activities Unrestricled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Rentsl income 6,000 6.000 6.000 6,000 19
Advice Space Company Limited by Guarantee Notes to the Financial Statements (¢ontinued) Year ended 31 March 2024 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest 1,198 1,198 1,259 1,259 Expenditure on charitable activities by activity typo Activities undertaken directly Support costs Total funds 2024 Total fijnd 2023 Provision of impartial advice to the general public Governance costs 930,726 191,912 29,565 1.122,638 29.565 988,536 27,388 930,726 221,477 1.152,203 1,015,924 10. Analysis of support costs Provision of impartial advice to the general public Total 2024 Total 2023 Staff costs Premises Communications and IT General office Governance costs 15,131 99,491 49,532 27,758 29,565 15.131 99.491 49.532 27.758 29,565 12.950 97,788 43,327 20,790 27,388 221,477 221,477 202,243 11. Net {expenditure)lin¢ome Net lexpenditurellincome is stated after chargingl(creditingl- 2024 2023 Depreciation of tangible fixed assets 9,321 9,345 12. Auditors remuneration 2024 2023 Fees payable for the audit of the financial slatements 6,552 6,012 20
Advice Space Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 13. Staff costs The total stsff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security cosls Employer contributions to pension plans Other employee benefits 681,160 55.039 20,336 6,000 580.556 47,392 19,543 10,000 657,491 762,535 The average head count of ernployees during the year was 28 (2023: 25). No employee received employee beneffts of more than £60,000 during the year12023.' Nil). Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid lo key management personnel for services provided to the charity was £90,235 {2023'.£121,309}. 14. Trustee remuneratlon and expenses The charity truslees were not paid or received any other benefits from employment with the Charity in the year {2023'.£Nill. No charity trustee received paymenl for professional or other service supplies to the Charity12023.' £Nil). During the year trustess were reimbursed for travel and other expenses totalling £0 (2023: £Nil). 15. Tangible fixed assets Freehold property Equipment Total Cost Al 1 April 2023 Additions 197,296 272.191 1,397 469,487 1,397 At 31 March 2024 197,296 273.588 470,884 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 118,187 7,892 270.038 1,429 388,225 9,321 126,079 271,467 397.546 Carrying amount At 31 March 2024 71,217 2,121 73.338 At 31 March 2023 79,109 2,153 81,262 21
Advice Space Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 16. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 78,858 10,895 5,000 62.319 4,314 94.753 66.633 17. Credltors: amounts falling duo wlthin one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes other creditors 9,367 12,360 14,244 20.269 16,468 10,308 13,119 4,427 56,240 44,322 18. Pensions and other post retirement benefits Defined contribution plans The amounl recognised in income or expenditure as an expense in relation to defined contribution plans was £20,33612023.' £19,543). 19. Analysls of charltable funds Unrestrlcted funds At 1 April 2023 At31 Transfers March 2024 Income Expenditure General funds 649,353 73,190 {114,0971 608,446 At 1 April 2022 At31 Transfers March 2023 Income Expenditure General funds 584,457 66.783 (43,021) 41.134 649,353 22
Advice Space Company Limited by Guarantee Notes to the Financial Statements fcontinu8d) Year ended 31 March 2024 19. Analysis of charitable funds fcontlnued) Restrlcted funds At 1 April 2023 At31 Transfers March 2024 Income Expenditure Macmillan Belfast HSCT Belfast City Council Belfasl City Council - Welfare Reform 307,625 127,695 461,794 1307,6251 1127,695) 1461,794) 24,530 140.992 1140,992) 1,038,106 {1,038,1061 24,530 24,530 24,530 Al 1 April 2022 At31 Transfers March 2023 Income Expenditure Macmillan Belfasl HSCT Belfasl City Council Belfasl City Council - Welfare Reform 274,074 123,367 475,604 (232,940) {123.367) (475,604) (41,1341 24,530 140,992 {140.992) {972.903) 24,530 24.530 1,014,037 (41,134) 24,530 Transfer belween restricted and unrestricted funds relates to expenditure recognised in unrestricted funds in prior year. 20. Analysis of net assets between funds Unreslricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less Ihan 1 year Net assets 73,338 591.348 {56,240) 608.446 73.338 615,878 (56,2401 632,976 24,530 24,530 Unrestricted Funds Restricted Tolal Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 81.262 612,413 (44.322) 649,353 81,262 636,943 144.3221 673.883 24,530 24,530 23
Advice Space Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 21. Taxation The Company is a regislered charity. and as such is entitled to lax exemptions on income and profits in furtherance of the charity's primary objectives. 22. Analysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 570,310 (49,1851 521.125 23. Contlngenclos A contingent liability exists to repay grants received should rtain 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 organisations of our size and nature we use our auditors to assist with the preparation of the financial statements.
Advice Space Company Limited by Guarantee Management Information Year ended 31 March 2024 The following pages do not fonn part of the financial statements. 25
Advice Space Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Income and endowments Donations and legacies Donations 798 370 Charitable activlties Belfast City Council Macmillan Welfare Reform Belfast HSCT NICHS Telephonic services Cystic Fibrosis Other Income Cedar Pension Wise Advice Nl Debt Positive Life 463,294 307,625 140,992 127,695 15.732 10,201 9.704 6.540 6,500 5.863 5,798 3.356 475,604 274.074 140,992 123,367 14.385 11,944 9,704 6,540 6,500 6,600 3,481 1,103,300 1,073,191 Other trading activities Rental income 6.000 6,000 Inveslment income Bank interest 1.198 1,259 Total income 1,111.296 1,080.820 26
Advice Space Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Expenditure on charltable activities Provision of impartial advice to the general public Activities undertaken directy Wages and salaries Employer's NIC Pension costs Other Employee Costs Staff Expenses Volunteer expenses Partner payments Training and recruitment Subscriptions and licences 667,537 53,938 19.929 6,000 1,178 806 133,282 25,500 22,556 568,945 46,444 19,152 10.000 2,361 363 130,042 16,353 20.021 930.726 813,681 Support costs Wages and salaries Employer's NIC Pension costs Rent Light and heat Repairs and maintenance Insurance 13,623 1,101 407 65,399 10,322 5,036 14.023 11,611 948 391 65,653 11.413 2,304 16,399 E 11 Cleaning Professional fees Telephone IT costs Depreciation Printing, postage and stationery Sundry costs 4,711 8.680 23,643 25.889 9.321 6,713 3,044 2.019 4,216 21,608 21,719 9,345 3,769 3,460 191,912 174,855 Governance costs Accountancy fees Audit fees Governance costs - legal and other professional fees Bank charges 21.250 6,552 1.066 697 21.258 6,012 118 29,565 27,388 Expenditure on charltable activities 1,152.203 1,015,924 Net {expenditurelllncome 140.907) 64.896 27