Threshold Services NI
Statement Of Financial Activities (Incorporating The Income And Expenditure Account) For Financial Year Ended 31 March 2025
| Notes | Unrestricted Funds |
Restricted Funds |
Total Funds |
Total Funds |
|
|---|---|---|---|---|---|
| 2025 £ |
2025 £ |
2025 £ |
2024 £ |
||
| Income from: | |||||
| Investments | 4 | 39,893 | - | 39,893 | 26,398 |
| Profit on Disposal | 6 | 13,500 | - | 13,500 | - |
| Income from charitable activities: |
|||||
| Grants & contracts | 2 | - | 2,698,184 | 2,698,184 | 2,471,156 |
| Total income: | 53,393 | 2,698,184 | 2,751,577 | 2,497,554 | |
| Expenditure on: | |||||
| Raising funds | 7 | 5,206 | - | 5,206 | 4,814 |
| Charitable activities | 3 | - | 2,852,217 | 2,852,217 | 2,817,716 |
| Total resources expended | 5,206 | 2,852,217 | 2,857,423 | 2,822,530 | |
| Net gains/(losses) on investments | 7 | 25,041 | - | 25,041 | 121,440 |
| Net income/(expenditure) | 73,228 | (154,033) | (80,805) | (203,536) | |
| Transfers between funds | 16 | 89,353 | (89,353) | - | - |
| Net Movement in funds | 162,581 | (243,386) | (80,805) | (203,536) | |
| Reconciliation of funds | |||||
| Total funds brought forward | 755,527 | 1,371,965 | 2,127,492 | 2,331,028 | |
| Total funds carried forward | 16 | 918,108 | 1,128,579 | 2,046,687 | 2,127,492 |
The Statement of Financial Activities includes all gains and losses recognised in the year. All the above amounts relate to continuing activities.
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Threshold Services NI ~~ee~~ Balance Sheet At 31 March 2025
| Threshold Services NI Balance Sheet At 31 March 2025 ~~ee~~ |
~~ee~~ | ~~ee~~ | ~~ee~~ |
|---|---|---|---|
| ~~Plt~~ | Notes ~~Plt~~ |
2025 £ ~~Plt~~ |
2024 £ ~~Plt~~ |
| Fixed Assets | |||
| Tangible fixed assets | 6 | 156,311 | 154,757 |
| Investments | 7 | 812,813 | 1,552,109 |
| Total eee |
eee | 969,124 eee |
1,706,866 eee |
| Current Assets | |||
| Debtors | 8 | 272,302 | 85,914 |
| Cash at bank and in hand | 986,667 | 540,587 | |
| Total eee |
eee | 1,258,969 eee |
626,502 eee |
| Current Liabilities | |||
| Creditors: due within one year | 9 | (181,406) | (205,855) |
| Net Current Assets | 1,077,563 | 420,647 | |
| Net Assets | 2,046,687 | 2,127,513 | |
| The Funds to the Charity | |||
| Share capital | 14 | - | 21 |
| Restricted funds | 16 | 1,128,579 | 1,371,965 |
| Unrestricted funds | 16 | 918,108 | 755,527 |
| Total Funds ~~ee~~ |
~~ee~~ | 2,046,687 ~~ee~~ |
2,127,513 ~~ee~~ |
The financial statements on pages 14 to 23 were approved by the Committee of Management and were signed on its behalf on the 25/09/2025 by:
Urey, (aim bony C.Loughran P. Mc Garry ( Chair) ( Trustee)
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| Threshold Services NI | Threshold Services NI | |||||
|---|---|---|---|---|---|---|
| Statement Of Cashflows Year Ended 31 March 2025 | ||||||
| Cashflows from operating activities: | 2025 | 2024 | ||||
| £ | £ | £ | ||||
| Net cash used in operating activities | (360,223) | (233,679) | ||||
| Cashflows from investing activities: | ||||||
| Dividends and interest from investments | 39,893 | 26,398 | ||||
| Sale of investments | 789,804 | - | ||||
| Proceeds from sale of Motor Vehicle | 13,500 | - | ||||
| Purchase of tangible fixed assets | (36,894) | (46,402) | ||||
| Net cashflow provided by/ (used in) investing activities | 806,303 | (20,004) | ||||
| Change in cash and cash equivalents in the year | 446,080 | (253,683) | ||||
| Cash and cash equivalents at start of the year | 540,587 | 794,270 | ||||
| Cash and cash equivalents at end of the year | 986,667 | 540,587 | ||||
| Reconciliation of net (expenditure)/income to net cashflow from operating activities |
2025 £ |
£ 2024 £ |
£ | |||
| Net (expenditure)/income for the year as per the Statement of Financial Activities |
(80,805) | (203,526) | ||||
| Adjustments for: | ||||||
| Depreciation charges | 35,340 | 23,739 | ||||
| (Gains)/Losses on investments | (50,529) | (130,319) | ||||
| Profit on disposal of fixed assets | (13,500) | - | ||||
| Dividends and interest from investments | (39,893) | (26,398) | ||||
| (Increase)/decrease in debtors | (186,387) | 127, 227 | ||||
| Increase/(decrease) in creditors | (24,449) | (24,392) | ||||
| Net cash used in operating activities | (360,223) | (233,679) | ||||
| Analysis of cash and cash equivalents | ||||||
| Bank balances | 986,667 | 540,587 | ||||
Notes To The Financial Statements Year Ended 31 March 2025
1. Accounting Policies
(a) Basis of accounting
The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP) (FRS 102), the Financial Reporting Standard (102) applicable in the UK and Republic of Ireland (FRS 102).
Threshold meets the definition of a public benefit entity under FRS 102.
Expenditure includes any VAT which cannot be fully recovered and is reported as part of the expenditure to which it relates.
(e) Government grants
Grants that relate to specific capital expenditure are treated as creditors due after more than one year which is then amortised to the income and expenditure account over the related asset’s estimated useful life. Other grants are credited to the profit and loss account when received
(f) Pension scheme
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The functional currency is UK sterling.
Preparation of the accounts on a going concern basis
Having reviewed the potential income and commitments for the next 12-18 month period the Board of Trustees are of the view that there are no material uncertainties about the charity’s ability to continue as a going concern.
(b) Depreciation
Depreciation is calculated to write off the cost less estimated residual value of fixed assets on a straight line basis at the following rates:
| Buildings: | 2% p.a. |
|---|---|
| Project equipment: | 25% p.a. |
| Office equipment: | 25% p.a. |
| Motor vehicles: | 25% p.a. |
(c) Income
Income is recognised when the charity has entitlement to the funds and it is probable that the income will be received and the amount reliably measured.
Investment income is reported gross before any management fees are deducted.
Interest on funds on deposit is included when receivable and the amount can be measured reliably. This is normally upon notification of the interest paid or payable by the bank.
(d) Expenditure
Expenditure is recognised on an accruals basis as a liability is incurred.
The Charity operates a defined contribution scheme, the assets of which are held separately from those of the Charity in independently administered funds. The pension cost charge represents contributions payable to the schemes in the accounting period.
(g) Funds
Unrestricted funds are available for use at the discretion of the Board of Trustees in furtherance of the general objectives of the Charity.
Restricted funds are subject to the restrictions on the expenditure imposed by the donor or through the terms of a specific contractual relationship.
(h) Listed investments
Listed investments are stated at market value, on the basis of the middle market price at the close of business. Whilst day to day management of the investment portfolio is carried on by experienced, registered investment managers the ultimate control and responsibility rests with the Board of Trustees.
Equity investments are stated at fair value and all gains or losses, whether realised or unrealised, are reported through the Statement of Financial Activities.
(i) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
(j) Legal status
The charity is a Northern Ireland company limited by guarantee, not having share capital, company number NI726845 and is registered with The Charity Commission for Northern Ireland Reg. No. NIC 100956.
22
Notes To The Financial Statements Year Ended 31 March 2025
1. Accounting Policies(cont.)
Its registered office is S2 Skainos Centre, 239 Newtownards Road, Belfast, BT4 1AF
(k) Debtors
Trade debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
(l) Cash at bank and in hand
Cash at bank and in hand includes cash and short term liquid investments with a short maturity of three months or less. Cash and cash equivalents includes short term deposit accounts with maturities of up to one year.
Cash balances held within portfolio investments in fund manager’s client accounts are held at their discretion on behalf of the company. These cash balances are included in portfolio valuations.
(m) Creditors
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of past events, it is probable that a transfer of economic benefit will be required in settlement and the amount of settlement can be estimated reliably.
(n) Judgements and estimates
While applying the company’s accounting policies, management have not made any significant judgements. There are no key assumptions concerning the future or other key sources of estimation that have a significant risk of material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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Notes To The Financial Statements Year Ended 31 March 2025
2. Income
----- Start of picture text -----
Unrestricted Funds Restricted Funds Total Funds
2025 2025 2025
£ £ £
Residents’ care fees - 698,776 698,776
-
Supporting People Grants – NIHE 1,397,145 1,397,145
-
NIHE Sustaining Tenancy 10,951 10,951
DoH Grants - 33,018 33,018
-
Training and conference fees 8,208 8,208
-
Rent & service charges 550,086 550,086
Total - 2,698,184 2,698,184
Unrestricted Funds Restricted Funds Total Funds
2024 2024 2024
£ £ £
Residents’ care fees - 651,909 651,909
-
Supporting People Grants – NIHE 1,273,655 1,273,655
DoH Grants - 33,548 33,548
- - -
Training and conference fees
-
Rent & service charges 507,573 507,573
Other income - 4,471 4,471
Total - 2,471,156 2,471,156
----- End of picture text -----
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Notes To The Financial Statements Year Ended 31 March 2025
3. Expenditure
----- Start of picture text -----
Unrestricted Funds Restricted Funds Total Funds
2025 2025 2025
£ £ £
-
Staff salaries expenses 1,903,855 1,903,855
-
Service expenses 300,613 300,613
Management expenses 5,206 271,455 276,661
-
Establishment expenses 376,294 376,294
Total 5,206 2,852,217 2,857,423
Unrestricted Funds Restricted Funds Total Funds
2024 2024 2024
£ £ £
-
Staff salaries expenses 1,751,818 1,751,818
-
Service expenses 289,407 289,407
Management expenses 4,814 237,766 242,580
-
Establishment expenses 380,946 380,946
NIHE Funding return 157,779 157,779
Total 4,814 2,817,716 2,822,530
2025 2024
Included in expenditure figures:
£ £
Auditors’ remuneration – External Audit 7,500 5,040
Depreciation 35,340 23,739
----- End of picture text -----
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Notes To The Financial Statements Year Ended 31 March 2025
4. Investment Income
| Investment Income | 2025 £ |
2024 £ |
|---|---|---|
| Deposit interest receivable | 9,200 | 12,705 |
| Income from investments | 30,693 | 13,693 |
| Total | 39,893 | 26,398 |
5. Creditors
Included in creditors are debts of nil (2024: £nil) in respect of which security has been given by the Charity.
6. Tangible Fixed Assets
| Cost | Land & Building £ |
Office Equipment £ |
Project Equipment £ |
Motor Vehicle £ |
Total £ |
|---|---|---|---|---|---|
| At 1 April 2024 | 141,070 | 140,233 | 477,523 | 15,000 | 773,826 |
| Additions | - | 32,664 | 4,230 | 36,894 | |
| Disposals | - | - | - | (15,000) | (15,000) |
| At 31 March 2025 | 141,070 | 172,897 | 481,753 | - | 795,720 |
| Depreciation | Land & Building £ |
Office Equipment £ |
Project Equipment £ |
Motor Vehicle £ |
Total £ |
|---|---|---|---|---|---|
| At 1 April 2024 | 70,273 | 114,805 | 418,991 | 15,000 | 619,069 |
| Charge for year | 2,821 | 7,753 | 24,766 | - | 35,340 |
| Eliminate on disposal | - | - | - | (15,000) | (15,000) |
| At 31 March 2025 | 73,094 | 122,558 | 443,757 | - | 639,409 |
| Net Book Value | Land & Building £ |
Office Equipment £ |
Project Equipment £ |
Motor Vehicle £ |
Total £ |
| At 31 March 2025 | 67,976 | 50,339 | 37,996 | - | 156,311 |
| At 31 March 2024 | 70,797 | 25,428 | 58,532 | 154,757 |
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Notes To The Financial Statements Year Ended 31 March 2025
7. Investments
----- Start of picture text -----
2025 2024
£ £
----- End of picture text -----
| 2025 £ |
2024 £ |
|
|---|---|---|
| Opening balance at start of period | 1,552,109 | 1,421,790 |
| Funds withdrawn in year | (789,825) | - |
| Investment income | 30,694 | 13,693 |
| Portfolio management costs | (5,206) | (4,814) |
| Net gains/(losses) on investments in the year | 25,041 | 121,440 |
| Market value at end of period | 812,813 | 1,552,109 |
| Historical cost at end of period | 684,656 | 1,354,310 |
The charity’s investments were managed throughout the year on a discretionary basis by three independent investment brokers (Evelyn Partners, Investec, and NICIF (DFC)). Additionally, the portfolio investment has taken into consideration Committee approved ethical investment clauses contained in the Charity’s investment policy. However, in February 2025 the Charity choose to withdraw from NICIF in full. The investment income was withdrawn for future investment in Charity growth. At year end 2025 the investments are managed by two brokers (Evelyn Partners and Investec) Included in investments are cash balances of £11,595 (2024 - £38,329). The cash balance is held as part of the investment portfolio and included in the overall portfolio valuation. The Committee have directed that the investments are to be held longer term >1year.
8. Debtors
| Amounts falling due within one year: | 2025 £ |
2024 £ |
|---|---|---|
| Trade debtors | 64,059 | 85,420 |
| Prepayments and accrued income | 208,243 | 495 |
| Totals: | 272,302 | 85,915 |
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Notes To The Financial Statements Year Ended 31 March 2025
9. Creditors
----- Start of picture text -----
2025 2024
Amounts falling due within one year:
£ £
----- End of picture text -----
| Amounts falling due within one year: | 2025 £ |
2024 £ |
|---|---|---|
| Trade creditors | 60,781 | 25,565 |
| Other taxation and social security | 37,778 | 73,597 |
| Residents’ care allowance payable | - | - |
| Other creditors | 14,125 | 18,814 |
| Accruals and deferred income | 68,722 | 87,879 |
| Totals: | 181,406 | 205,855 |
10. Staff Costs
----- Start of picture text -----
2025 2024
Staff costs during the year:
£ £
----- End of picture text -----
| Staff costs during the year: | 2025 £ |
2024 £ |
|---|---|---|
| Wages and salaries | 1,682,843 | 1,515,979 |
| Social security costs | 158,781 | 142,541 |
| Employer pension contributions |
62,231 | 75,100 |
| Agency staff | - | 18,198 |
| Totals | 1,903,855 | 1,751,818 |
| The average number of persons employed during the year was: |
65 | 62 |
11. Taxation
No provision for taxation is necessary as the Threshold Services NI is exempt from taxation by virtue of its charitable activities. The HMRC charity number is XN 91835.
12. Director’s Emoluments
In respect of the remuneration of key management, the following amounts were paid:
| 2025 £ |
2024 £ |
|
|---|---|---|
| Aggregate remuneration |
92,700 | 120,894 |
(including pension contributions)
One employee received benefits of more than £60,000, falling within the £90K to £100K band.
13. Related Party Transactions
No members of the Board of Trustees received any remuneration or were paid expenses in the year. Any transactions with Trustees or key management personnel have been fully disclosed, and conducted on an arm’s length basis.
14. Name Change and Transfer of Legal Entity
On the 25th November 2024 the charity officially changed its name from Richmond Fellowship (NI) Limited to Threshold Services NI. On the 27th February 2025 Threshold Services NI converted from being a society registered with the financial conduct authority to become a company limited by guarantee, not having a share capital, under the Companies Act 2006. This was approved by the members and new Articles of Association for the Charity put in place as part of the process.
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Notes To The Financial Statements Year Ended 31 March 2025
15. Analysis Of Net Assets Between Funds
----- Start of picture text -----
Unrestricted Restricted Total Total
Funds Funds Funds Funds
2025 2025 2025 2024
£ £ £ £
----- End of picture text -----
| Unrestricted Funds 2025 £ |
Restricted Funds 2025 £ |
Total Funds 2025 £ |
Total Funds 2024 £ |
|
|---|---|---|---|---|
| Tangible Assets | 156,311 | - | 156,311 | 154,757 |
| Investments | 812,813 | - | 812,813 | 1,552,109 |
| Current Assets | 130,390 | 1,128,579 | 1,258,969 | 626,502 |
| Current Liabilities | (181,406) | - | (181,406) | (205,855) |
| Net Assets | 918,108 | 1,128,579 | 2,046,687 | 2,127,513 |
16. Movements In Funds
----- Start of picture text -----
At Incoming Outgoing Reserve At
1/4/24 Resources Resources Transfers 31/03/25
£ £ £ £ £
Restricted Funds
Service
1,371,965 1,290,088 (1,212,994) (326,825) 1,122,234
delivery
Supporting - -
1,397,145 (1,634,617) 237,472
People
NIHE
- -
Sustaining 10,951 (4,606) 6,345
Tenancies
1,371,965 2,698,184 (2,852,217) (89,353) 1,128,579
Unrestricted
Funds
Investments &
755,527 78,434 (5,206) 89,353 918,108
donations
-
2,127,492 2,776,618 (2,857,444) 2,046,687
----- End of picture text -----
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Threshold Services NI Reference and Administrative Details of the Charity, its Trustees and Advisers
Board of Trustees
Dr P McGarry (Chairperson) Mr A Harbinson (Vice Chairperson) Mr T Price (Treasurer) Prof J Campbell Ms C Loughran Dr J Kane Mr C Hughes Ms J Connolly Mr F Evans (appointed March 25) Mrs SJ Gadd (appointed March 25)
CEO
Mrs F McCabe
Company Secretary/ Director of Finance
Director of Finance Ms V Browne Director of Operations Mrs E Bailie (appointed April 25) Trading and Registered Name Threshold Services NI Registered Office S2 Skainos Centre 239 Newtownards Road Belfast BT4 1AF Miscampbell & Co Auditors 6 Annadale Avenue Belfast BT7 3JH Bankers Ulster Bank Ltd 16 Donegall Sq East Belfast BT1 5UB Investment Managers Investsec Evelyn Partners 58-60 Bedford Street 32-38 Linenhall Street Belfast Belfast BT2 7DR BT28GD Solicitors Worthingtons 24 -38 Gordon Street Belfast BT1 2LG
Company number: NI726845 Charities Commission Number: 100956 HMRC No. XN91835
30