COMPANY REGISTRATION NUMBER: N1043631 CHARITY REGISTRATION NUMBER: NIC100986 Ulster-scots Community Network Company Limited by Guarantee Financial Statements 31 March 2024 AMPBELL PANY Chartered accountants & statutory auditor 631 Lisburn Road Belfast BT9 7GT
Ulster-scots Community Network Company Limited by Guarantee Financial Slatemenls Year ended 31 March 2024 Page Directors, annual report (incorporating the director's report) Independent auditor's report to the members 10 Statement of financial activities (including income and expenditure account) 16 Statement of financial position 17 Notes to the financial statements 19 The following pages do not form part ot the financial statements Detailed statement of financial activities 31 Notes to the delailed statement of financial activities 33
Ulster-scots Community Network Company Limited by Guarantee Directors, Annual Report (Incorporaiing the Director's Report) Year ended 31 March 2024 The directors, who are also the directors lor the purposes ol company law, presenl their report and the financial stalements of the charity lor the year ended 31 March 2024. Reference and administralive detalls Registered charity name Ulsler-scots Community Network Chariiy registration number NIC100986 Company regislration number N1043631 Principal office and registered Corn Exchange office 1-9 Victoria Street Belfast BTI 3GA The directors Mrs. E. Cameron Mrs. L. Mulholland Mrs. A. Smyth Mr. N. Mccausland Mr. G. Campbell Mrs. C. Evans Mr. W. Carlile Mr M. Srnyih Company secretary Mr D Gilliland Auditor Aubrey Campbell & Company Chartered accountants & statutory auditor 631 Lisburn Road Belfast BT9 7GT
Ulster-scots Community Network Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) (¢ofttlnued) Year ended 31 March 2024 Struclure, governance and management Management The Ulster-scots Community Netwo {USCNI is overseen by a Board of Directors who are responsible lor setting the strategic direction of the organisation, with the day lo day management undertaken by the Operations Director who also implements all necessary policies as agreed by ihe Board. The Operations Director is responsible lor ensuring that the organisalion delivers on agreed targets and objectives. He is also responsible lor the supervision of the slafl team. Public Beneflt Statement The trustees confirm that they have had due regard tor the guidance produced on public benelil by the Charity Commission for Northern Ireland and are pleased to report that during the period the charitable company has continued to provide public benefits through the programmes and services we offer. Current Structure and Staffing Chairman Board of Directors Director Education and Outreach Off icer Publications Officer Community Development Officer Community Development Officer Community Development Officer Community Development Officer Digital Communications Officer Corporate Governance The Ulster-scols Community Network is committed lo high standards of corporale governance. Although Ihe organisation does not have shareholders, the staff and Board have a responsibility to provide clear evidence of a transparent and efficient organisation lo ils stakeholders who include the Ulsler-scots community, funding bodies and government.
Ulster-scots Community Network Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) {¢ontlnued) Year ended 31 March 2024 Structure, governance and management (eontinuedj The Board ol Directors As detailed in the USCN Articles and Memorandum ol Association, the Board directs the organisalion's strategic planning, financial management and operational issues. The Board meets, on average, 7 limes a year wilh a full General Meeting lo be held al leasl once every 15 months. The Chairman leads the Board, and the Operations Director leads the management of Ihe organisalion. The Chairman's responsibilities include setting the Board Agenda and with the Operations Director, is responsible lor the distribution of accurate, timely and clear information pertaining lo the activilies of the organisation. The diversity of interest groups from within the wider Ulsler-scots sector, represenled by the Board is seen as a key strength of the organisalion. The operations Director attends Board meelings as a linkage between the staff of the organisalion and the Board. The Operalions Director plays a full role al Board Meetings but does not have voting righls al such meetings. The USCN Board are responsible lor scrulinising the performance of the management to be salislied as to the integrity and slrength of financial information controls and risk management ol the organisalion. Inlernal Controls The Directors (Trustees) are responsible for the organisation's systems of internal Conlrol vthich are designed to provide reasonable assurance lo saleguard the organisation's assets against unauthorised use or disposition and the maintenance ol proper accounting records and the Teliability of linancial information used within the organisalion. The Ulster-scols Community Network recognises that effective corporate governance remains key to maintaining a strong organisalional ethos in which the Ulster-scots community, Government and funders can be confident. Policies and controls are reviewed regularly by relevant personnel and actions to address non-conformance are undertaken without delay. The financial procedures ol the organisation are specifically governed by a Financial Procedures Policy and the Procurement Policy. A management accounting system is in place providing managemenl with financial and operational performance measurement indicalois. Detailed account summaries are prepared monthly and combined with up lo date banking records, are regularly presented lo the USCN Board in clear and concise formals.
Ulster-scots Community Network Company Limited by Guarantee Directors. Annual Report (Incorporaling Ihe Director's Report) (eonllnu•d) Year ended 31 March 2024 Oblectlves and activities Objectives The Ulsler-scols Community Network IUSCNI was established in 1995 to promote awareness and understanding of the Ulster-scols tradition in language, literalure, music and dance as well as the contribution of Ihe Ulsler-scots community lo the development ol life in Northern Ireland, the border counties of the Republic of Ireland and the Ulsler-scols diaspora. As a representative body of many Ulster-scols with around 650 member groups, the USCN is committed lo a cotnprehensive exploration ol the interaction between Ulster and Scotland, which has been a constant factor in the history ol the British Isles. The Ulster-scots Community Network aims to preserve, promote and develop Ulsler-scots heritage and culture in all its forms and to rTiake a constructive and progressive contribution lo delivering a fully inclusive society in which mutual understanding and tolerance are accepted as the norm a society at peace with itself. We seek lo work lo develop a culturally conlident and creative community capable of plang a key role in our society in future. We aim lo achieve this by.. Providing an umbrella organisation for all interest groups engaging in Ulster-scots activilies - language, culture and history., Increasing capacily and building relevant skills with the Ulster-scols community; Promoting Ulster-scots activities and aiming to increase community confidence., Acting as a focal point for dissemination of information concerning Ulster-scots; Developing Ulster-S¢ols culture and heritage throughout the education and tourism sectors and throughout the wider communily. Slrategic report The following sections lor achievements and performance and financial review form the strategic report ol the charity.
Ulster-scots Community Network Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (conllnuedj Year ended 31 March 2024 Achievements and performance Membership and Member Groups The USCN has continued lo support our core member organisalions. The Network CUTrently supports approximately 680 registered groups Ihroughoul Northern Ireland, the border counties of the Republic of Ireland and the wider Ulsler-scols diaspora. These groups include Ulsler-scots cultural groups. marching bands, local history societies, education groups, churches, and schools amongst others. Activities, Publications and Events during 2023 and into 2024 Based in the Discover Ulster-scols Centre within the historic Corn Exchange building in Bellasl are the Ulster-scols Community Network's office. The Network also manages the visitors cenlre, performance space and shop unil there. This space provides a visible presence lor the Ulsler-scots community in Belfast and showcases their role, impact and contribution to wider society including within Norther Ireland, the Border Counties, and the impact the diaspora has had on world history. It also allows us to showcase the role that the Ulsler-scots community played in the development ol Belfast and its industrial contribulion to the world. The Board and slafl view the centre as an opportunity to heighten awareness ol this contribution and lo maintain the visibility ol the Ulsler-scols community. The Network has conlinued and we will continue as well to work virtually with those groups who Still haven't the confidence to bring groups of people together. USCN also Continued to build upon opportunities for providing Ulsler-scots materials into the community as part ol our outreach work and our collaboration with member groups. This year, we placed a larger degree ol emphasis on working with our member groups in the Border Counties and assisting them as they sought to develop their connections on a broader basis than had been possible for the last lew years. Other notable aclivilies include.. Maintaining membership engagemenl - 75 groups either joined or renewed their membership of the Nelwork over the course ol the year, keeping membership around 680 groups. USCN staff provided assistance to member groups across the year with over 400 meetings and 2000 responses to various queries groups had. We also assisted groups to secure nearly £375k in financial assistance in the period. Throughout the year slaff delivered a range ol talks to groups, as well as exhibition materials in a variety of venues lo 125 sessions. The Education Off icer provided talks to schools on a further 100 occasions during the year, and USCN staff distributed almost 17k items of literature and promotional material during the period covered by this report. USCN also undertook promotional work at a range of cultural and information evenls this year including lestivals, conferences and cultural showcases. USCN processed over 160 Access Nl certilicales this year for member groups as well as assisting over 50 member groups with policy advice and guidance as we seek lo enhance the Gapacily ol the community. USCN also continue to develop their online presence through a variety of social media channels as they look lo broaden the reach ol their message particularly as they look to engage with the
Ulster-scots Community Network Company Limited by Guarantee Directors, Annual Reporl (Incorporaling Ihe Director's Report) (contlnued) Year ended 31 March 2024 Ulsler-scots diaspora. As part of its ongoing programme ol work USCN also delivered Open College Network Nl a¢crediled courses in Ulster-scots History and Identity with 12 courses being delivered across Northern Ireland. The Publications Officer was extremely productive with articles being produced and carried in a range of newspapers and magazines throughout the year, as well as researching articles on other famous Ulsler-scots as the basis for future publications. Financial review We are grateful lo the following organisations who provided support to Ihe USCN during the periTrJ under review.. Ulster-scols Agency - Core Funding support including salaries, establishment costs and project monies. Arts Council ol Northern Ireland - Support under their National Lottery Funding Programme that offers salary support and some costs of our programming budget. Heritage Lottery under the CRESI scheme administering funding on behalf ol Department for Communities lo recruit stall to assist the future development ol the organisation within the sector. Scottish Book Trust - a remainder of a grant thal allowed us to publish an anthology of Scots poetry by Stuart A Paterson. We are the first organisation outside Scotland to receive this grant Irom the Scots Governrnent. RESERVES POLICY Reserves are required by any organisation lo help olfsel the inherent risk potential of reliance on funding applications and the Processes they entail. USCN aims to hold three months core operating costs as a Business Reserve al all limes. This ensures an effective salary net exists to Gover fixed costs and slaff salaries as well as successfully completing any outstanding project cornmitments. The actual financial amount held in reserve is reviewed regularly and is dependent on the availability of assets and the mean monthly operating total as calculated al each review.
Ulster-scots Community Network Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) (cDnllnuedJ Year ended 31 March 2024 Plans lor future periods USGN is committed to the delivery ol the Key Performance Indicators as set out in the current 202415 Business Plan of the organisalion. These include= Help secure £300k in financial assistance for member groups. Provide 400 advice sessions to member groups on a range of relevant issues. Deliver a range of geographically diverse information sessions on funding. Support at least 40 member groups with policy development Facilitale 100 Disclosure certificales through Access Nl Recruit al least 100 participants for the OCN Nl Accredited Courses offered by USCN. Deliver talkslPresenlalions lo at least 60 groups - Grow Ihe Network by 50/. during the year Increase walk-in visitors lo the Discover Ulster-scots Centre by 10°/.. Deliver a range of cultural activities through the centre Meet regularly with key member organisalions and maintain a strong and visible online and media presence Future Granl Funding The USCN has secured core funding from the Ulster-scots Agency lor the 2024 calendar year. This agreement expires in December 2024. NegotatIonS will commence lo secure a financial package from the Ulsler-scols Agency for 2025, with a business plan being submitted in late 2024.lt is also hoped that during 2025 we will be submitting a mutti-year business plan which will assist us to move away from the current funding model. The Directors are ¢onlidenl that the Ulster-scols Agency will agree to provide suff icienl core funding to allow the Network to continue in existence and are not aware of any reason why ihe Ulster-scots Agency's financial support might be withdrawn. Arts Council funding has now been secured for the current linancial year 2024125 to support Ihe post of Publications Officer and other financial support has been received from Heritage Lottery Fund lo support an additional post within the Network through until July 2025. Directors. responsibilltles statement The directors, who are also directors lor the purposes of company law, are responsible for preparing the directors, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepied Accounting Practice). Company law requires the charity directors to prepare financial statements for each year which give a true and fair view ol the stale of allairs ol the charitable company and the incoming resources and application ol resources, including the income and expenditure, for thal period.
Ulster-scots Community Network Company Limited by Guarantee Directors. Annual Report (Incorporating Ihe Director's Report) (continued) Year ended 31 March 2024 In preparing these financial stalemenls, the directors 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- slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in Ihe financial statements., prepare the financial slalemerTts on the going concern basis unless it is inappropriate to presume Ihal the charity will continue in business. The directors are responsible for keeping adequate accounting records thal are suflicient to show and explain the charitvs transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable thern to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets ol the charity and henGe for taking reasonable steps for the prevention and detection ol fraud and other irregularities. Auditor Each ol Ihe persons who is a director at the date of approval of this report confirms that.. so lar as they are aware, there is no relevant audit inlormalion ol which the charitys auditor is unaware., and they have taken all steps that they ought lo have laken as a director lo make themselves aware of any relevant audit intormation and lo eslablish that the charity's auditor is aware of that inlormation. The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
Ulster-scots Community Network Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) {¢orttlnued) Year ended 31 March 2024 The directors, annual report and the strategic report were approved on 20 December 2024 and signed on behalf ol Ihe board ol trustees by.. Mrs. E. Cameron Director Mrs. L. Mulholland Director Mrs. A. Smyth Director Mr. N. Mccausland Chairman Mr. G. Campbell Director Mrs. C. Evans Director Mr. W. Carlile Director Mr M. Smyth Director
Ulster-scots Community Network Company Limited by Guarantee Independent Auditor's Report lo the Members of Ulster-scots Community Network Year ended 31 March 2024 Opinion We have audited the financial statements of Ulster-scots Communiiy Network Ilhe 'charity') for the year ended 31 March 2024 which comprise the statement of financial activilies (including income and expenditure accounll, statement of financial position 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. nClUdIng 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 lair view ol the state ol the charitys affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, lor the year Ihen ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements ol the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent ol Ihe charity in accordance with the ethical requirements that are relevant to our audit ol the financial statements in the UK, including the FRC'S Ethical Standard, 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. Malerial uncertainty related to going concern We draw altenlion to note 3 in the financial statements, which indicates that in forming our unqualified opinion, we have considered Ihe adequacy of the disclosures made in the financial slatemenls concerning the charity's ability to continue as a going concern. Short term grant funding horizons mean that Ihe organisalion must apply lor core linancial assistance on an annual basi5 and, al the dale of our audit report, whilst confirmation has been received lor the 2024 calendar year, the charity is nol in receipt ol a letter ol oller extending beyond that period. The financial statements have been prepared on a going concern basis, the validity of which depends on the continued support of the charity's grant funders. As staled in note 3, these events or conditions, along with the other mallers as sel forth in note 3, indicate that a material uncertainty exists that fflay casl significant doubt on the charitys abilily to continue as a going concern. Our opinion is not modified in respect of this matter. Our responsibilities and Ihe responsibilities of the direclors with respect lo going concern are described in the relevant sections of this report. 10-
Ulster-scots Community Network Company Limited by Guarantee Independenl Audilor's Report lo the Members of Ulster-scots Community Network (continued) Year ended 31 March 2024 Other inlormatlon The other information comprises the information included in Ihe annual report, olher than the financial statements and our audilor's report Ihereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, excepl to the extent otherwise explicitly slated in Ouf report, we do not express any form ol assurance conclusion thereon. In connection with our audil of the linancial statements, our responsibility is to read the other information and, in doing so, consider whether Ihe other information is materially inconsistent wilh the financial slatements or our knowledge obtained in the audil or otheiSe appears to be materially misstated. 11 we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether there is a material misstalemenl in the financial slalements or a material rnisstalement ol the other information. If, based on the work we have performed, we conclude that there is a material misstatement ol Ihis other information, we are required lo 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 infarmation given in the directors. report for the financial year lor which the financial statements are prepared is consistent with the financial statements; and the directors, report has been prepared in accordance with applicable legal requirements. Mallers on which we are required to report by exception In the light of the knowledge and understanding ol the charity and ils environment obtained in the course ol the audit, we have not identified material misstalemenls in the directors. report. We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report to you il, in our opinion: adequate accounting records have not been kept, or returns adequate lor 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 disclosures ol directors. remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit.
Ulster-scots Community Network Company Limited by Guarantee Independent Audilor's Report to the Members of Ulster-scots Communily Network (¢onllnued) Year ended 31 March 2024 Responsibillties of dlrectors As explained more fully in the directors. responsibilities statement, the directors (who are also the directors lor the purposes of company lawl are responsible for the preparation ol the financial statements and tor being satisfied that they give a true and lair view, and for such internal control as the directors determine is necessary lo enable Ihe preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing Ihe financial statements, the directors are responsible for assessing the charity's ability to conlinue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis ol accounting unless the directors either intend to liquidate the charity or to cease aperations, or have no realistic alternative bul lo do so. 12-
Ulster-scots Community Network Company Limited by Guarantee Independenl Audilor's Report to the Members of Ulster-scots Communily Network icontinued) Year ended 31 March 2024 Auditor's responsibllllles lor the audil ot the financlal statements Our objectives are lo obtain reasonable assurance aboul whelher the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report Ihal includes our opinion. Reasonable assurance is a high level ol assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misslalemenl when it exists. Misstatements can arise Irorn fraud or error and are considered material if, individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions ol users taken on the basis of these financial statements. Irregularilies, including fraud, are instances of non-cornpliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misslalements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is delailed below.. Our approach to idenlilying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulalions. was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate compelen¢e, Gapabilities and skills to identify or recognise non-compliance with applicable laws and regulations- we identified the laws and regulations applicable to the company through discussions with trustees and other management.. we assessed the exlenl of cornpliance wilh the laws and regulations identified above Ihrough making enquiries of management and inspecting legal correspondence., and identified laws and regulations were communicated within the audit team regularly and the team remained alert lo instances ol non-compliance throughout the audit. We assessed the susceptibilily of the company's financial statements to material misstatement, including obtaining an understanding ol how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud,. and considering the internal controls in place to miligale risks of fraud and non-compliance wilh laws and regulations. To address the risk ol Iraud through management bias and override of controls, we.. performed analytical procedures lo identify any unusual or unexpected relationships., tested journal entries lo identify unusual Iransaclions; and assessed whether judgements and assumptions made in determining Ihe accounting estimates set out in note 3 were indicalive ol potential bias. In response lo the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited to.. agreeing financial statement disclosures to underlwng supporting documentation., 13-
Ulster-scots Community Network Company Limited by Guarantee Independent Auditor's Report to the Members of Ulster-scots Community Network (continued) Year ended 31 March 2024 reading the minutes of meetings of those charged wilh governance; and enquiring of managemenl as lo actual and polential litigation and claims. There are inherent limitations in our audii procedures described above. The more removed Ihal laws and regulations are from linancial transaclions, the less likely il is that we would become aware of non- compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations lo enquiry ol the éirectors and other managemenl and the inspection ol regulatory and legal correspondence, il any. Malerial misslalements Ihat arise due lo fraud can be harder lo detect than those that arise from error as Ihey may involve deliberate concealment or Gollusion. A5 part of an audit in accordance with ISAS IUKI, we exercise professional judgment and maintain professional scepticism Ihroughout the audit. We also.. Identify and assess Ihe risks of material misstatemenl of the financial statements, whelher due lo fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate lo provide a basis lor our opinion. The risk of not detecting a material misstalemenl resulling from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override ol inlernal control. Obtain an understanding of internal control relevant to the audil in order to design audil procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ellecliveness of the internal conlrol. Evaluale the appropriateness of accounting policies used and Ihe reasonableness of accounting eslimates and related disclosures made by the directors. Conclude on the approprialeness of the directors, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related lo events or condilions that may cast significant doubt on the charity's ability lo continue as a going concern. If we conclude that a material uncertainly exists. we are required lo draw attention in our auditor's report to the related disclosures in the financial statements or, il such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audil evidence obtained up to Ihe dale ol our auditor's report. However, lulure events or conditions may cause Ihe charity to cease to continue as a going concern. Evaluate the overall presentation, structure and conlenl of the financial stalemenls, including the disclosures, and whether the financial slatemenls represent the underlying transactions and events in a manner that achieves lair presentation. 14-
Ulster-scots Community Network Company Limited by Guarantee Independenl Auditor's Report to the Members of Ulster-scots Community Network (continued) Year ended 31 March 2024 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance wilh Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mighl state to the charity's members those malters we are required to slate lo them in an auditor's report and lor 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, lor Ihis report, or for the opinions we have formed. John Mage enior Stalutory Auditor) For and on behalf of Aubrey Campbell & Company Chartered accountants & slalutory audilor 631 Lisburn Road Belfast BT9 7GT 20 December 2024 15-
Ulster-scots Community Network Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Reslricled funds Tolal funds Total funds 2023 Note Income and endowmenls Donations and legacies Other trading activities Investment income 444,118 3,651 552 444,118 3,651 552 447,695 4,318 140 Total income 448,321 448,321 452,153 Expenditure Expenditure on raising funds.. Costs of other trading activities Expenditure on charitable activities Tolal expenditure 17,3071 1472,4521 1479,7591 (7,307> 13,3461 (472,452) (366,5671 (479,759) (369,9131 9,10 Nel (expendilure)lincome and net movement in funds 131 ,4381 {31,438) 82,240 Reconcilialion ol lunds Total funds brought forward Total funds carried fon¥ard 245,230 245,230 213,792 162,990 213,792 245,230 The statemenl of financial activities includes all gains and losses recognised in the year. All incorne and expenditure derive from continuing activities. The notes on pages 19 to 29 form part of these financial stalernents. 16-
Ulster-scots Community Network Company Limited by Guarantee Statemenl of Financial Position 31 March 2024 2024 2023 Nole Fixed assets Tangible fixed assets 15 10,519 16,760 Current assets Stocks Debtors Cash al bank and in hand 16 17 5,443 9,463 205,485 220,391 8,853 13,423 218,927 241,203 Credilors: amounts falling due wilhin one year Net current assets 18 17,118 12,733 203,273 213,792 213,792 228,470 Total assets less current liabilities 245,230 Net assels 245,230 Funds ol the charily Reslricled funds 213,792 245,230 Tolal charity funds 20 213,792 245,230 The statement of financial position continues on the following page. The notes on pages 19 10 29 lorrn part of these linancial statements. 17-
Ulster-scots Community Network Company Limited by Guarantee Statement of Financial Position (¢ontlnued) 31 March 2024 These financial statements were approved by the board ol trustees and authorised for issue on 20 December 2024, and are signed on behalf ol the board by.. Mrs. E. Cameron Director Mrs. L. Mulholland Director Mrs. A. Smyth Director Mr. N. Mccausland Chairman Mr. G. Campbell Director Mrs. C. Evans Director Mr. W. Carlile Director Mr M. Smyth Director The notes on pages 19 to 29 form part of these tlnanclal stalernents. 18-
Ulster-scots Community Network Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General inlormatlon The charity is a public benefil enlily 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 Corn Exchange, 1-9 Victoria Street, Belfast, BT1 3GA. Stalement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic ol Ireland,, Ihe Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 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 cerlain financial assets and liabilities and investment properlies measured al lair value Ihrough income or expenditure. The financial statements are prepared in sterling, which is the functional currency ol Ihe entity. Going concern The Ulsler-scots Community Network (USCNI is dependent upon grant assistance for ils revenues. The Ulsler-scots Agency provides the USCN with core funding and has provided USCN with confirmation of funding lor Ihe financial year under review. Total income recognised in Ihe 2023124 financial slalements from the Ulster-scols Agency amounted to some £409k. Discussions are ongoing with the Ulsler-scots Agency to secure future funding. 11 is also worth noting that a significanl amount of the delicil lor the 2023124 financial year is due to timing of grants being received and the corresponding expenéiture. Efforts are being made by the USCN lo diversily its funding base to ensure that activity levels are maintained. However, il remains that the Ulster-scols Agency is the charity's largest lunder and further reductions in financial assistance could affect the organisation's effectiveness. Nevertheless, the directors are confident Ihal the USCN will be in receipt ol sufficient funding to allow the charity lo continue in existence, nor are they aware of any reason why the Ulsler-S¢ots Agency's financial support might be withdrawn. On this basis, the directors consider that the preparation of the financial statements on a going concern basis is appropriate, which assurnes that the Ulster-scols Community Network will contintje in operational existence for the foreseeable future. This assumes Ihal the Ulsler-scots Agency grant funding will continue. However, this rnaterial issue may cast doubl upon the abilily of the charity to continue as a going concern and, therefore, it may be unable lo realise assets and discharge liabilities in the normal course ol business. The financial statements do not contain any adjustments Ihat would result if future funding was unavailable. 19-
Ulster.Scots Community Network Company Limited by Guarantee Notes to the Financial Stalements (conllnuedj Year ended 31 March 2024 Accounting pollcles (contlnued) Judgements and key sources of eslimation uncertainly The preparation ol Ihe linancial statements requires managemenl to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectalions of future events that are believed lo be reasonable under the circumstances. Income tax The company is registered as a charity for tax purposes under reference XR19610. The direclors consider that all income received and expenditure incurred is related to the company's charitable objects and, hence, the company is not subject to corporation tax on any surpluses. Fund accounting Funds held by the charity are either.. Unreslricled general funds these are funds which can be used in accordance wilh the charitable objects at the discretion ol the directors. Designated lunds these are funds set aside by the directors out of unreslricled funds for specific fulure purposes or projects. Reslricled funds these are funds that can only be used for particular purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular reslricled purposes. Incoming resources All incoming resources are illGluded in the statement ol financial activities when entitlement has passed to the charity., il is probable that the economic benefits associated with the transaction wll flow to the charity and the amount can be reliably measured. The lollowing specific policies are applied to particular categories ol income.. income from donations or grants is recognised when Ihefe is evidence ol enlitlemenl to the gift. receipt is probable and ils 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 lo measure reliably, in which case Ihe value is derived from the cost lo 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 arnounts are included lor the contribution of general volunteers. incorne from contracts for the supply of seNices is re¢ognised wilh the delivery of the contracted service. This is classified as unrestricled funds unless there is a contractual requirement lor il to be spent on a particular purpose and returned if unspent, in which Gase il may be regarded as reslricled. 20-
Ulster-scots Community Network Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2024 Accounting polleies (continued) Resources expended Resources expended are included in the statement of Financial Aclivities on an accruals basis, inclusive of any VAT which cannol be recovered. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to expenditure. Certain expendilLJre is directly attributable lo specific activities and has been included in those cost categories. Any common costs have been allocated to programme costs as part ol funding budgels. Costs of generating ftjnds comprise the costs associated with attracting voluntary income and the costs of trading lor fundraising purposes including the charity's reslauranl. Charitable activities. costs comprise those costs Incurred by the charily in the delivery of its activities and services for its beneficiaries. In includes both costs thal can be allocated directly to such activities and any indirect costs necessary to support them. Governance costs include those costs associated with eetIng the constitutional and slalulory requirements ol the charily and include items such as audit lees and costs linked lo the strategic management of the charity. Tangible assets All fixed assets are initially recorded al cost less accumulated depreciation. Depreciation is provided al rales calculated lo write off Ihe cost ol each asset over its expeGled useful life. The Garrying values of tangible fixed assets are reviewed annually for impairment in periods if events or changes in circumstances indicale the carrying value may nol be recoverable. Deprecialion Depreciation is calculated so as to wrile off the cost or valuation ol an asset, less its residual value, over the useful economic life of that asset as follows.. Fixlures and Fittings Office Equipment 20°/• Straight line 20°/o Straighl line Impairrnent of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimaled 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 al each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable arnount ol an individual asset, an estimate is made of the recoverable amount of the cash- generating unit to which the asset belongs. The cash-generaling unil is the smallest identifiable group of assets Ihal includes the asset and generales cash inllows that largely independent of the cash inflows from other assets or groups ol assets. 21
Ulster-scots Community Network Company Limited by Guarantee Notes to the Financial Statements (¢ofttlnu•d) Year ended 31 March 2024 Accounling policies (contlnuedj Impairment ot fixed assets (contlnued) For impairment testing ol goodwill, the goodwill acquired in a business combination is, from the acquisition dale. allocated to each ol the cash-generaling units that are expected to benefit from the synergies of the combination, irrespective of whether other assels or liabililies ol the charity are assigned to those units. Stocks Stocks are valued al the lower of cost and nel realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is the amount for which slock can be sold minus the associated costs ol selling il. Financial instruments A financial asset or a financial liabilty is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial inslrumen15 are initially recognised at the amounl receivable or payable including any related transaction costs. Current assets and currenl liabilities are subsequently measured at the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured al amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at lair value with changes in fair value recognised in income and expenditure. All other such inveslmenls are subsequently measured al Cost less impairmenl. Other financial instruments, including derivatives, are inilially recognised at fair value, unless payfnent lor an asset is deferred beyond normal business lerms 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 discounted at a market rale of interest for a similar debt instrument. Other financial instruments are subsequently measured al fair value, wilh any changgs recognised in the statement of financial activities, with the exception ol hedging instruments in a designated hedging relationship. Financial assels that are measured at cost or amortised cost are reviewed for objective evidence of impairmenl al the end of each report5ng dale. 11 there is objective evidence ol impairment, an impairmenl loss is recognised under the appropriale heading in the slatemenl ol financial aclivities in which the initial gain was recognised. For all equity instruments regardless of Signif¢anCe, and other linancial assets that are individually signilicanl, these are assessed individually lor irnpaiTmenl. Other financial assets are either assessed individually or grouped on the basis ol similar credit risk characteristics. Any reversals ol impairment are recognised immediately, to the extent Ihat the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount woukl have been had the impairment nol previously been recognised. 22-
Ulster-scots Community Network Company Limited by Guarantee Notes lo the Financial Statements (conlinued) Year ended 31 March 2024 Accounting policies (eontlnuedj Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid conlribulions are recognised as an asset lo Ihe exlenl that Ihe prepayment will lead to a reduction in future payments or a cash refund. When contributions are nol expected to be settled wholly within 12 months ol the end of the reporting date in which the employees render the related service, Ihe 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. Employee benefits The cost of any unused holiday enlillement is recognised in Ihe period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Charity is demonstrably Comrnilted to terminate the employment of an employee or to provide lerrninalion benefits. Limiled by guarantee Every member ol the company undertakes to contribute to the assets of the company in the event ol ils being wound up while helshe is a member or within one year after helshe ceases to be a member, lor payment of the debts and liabilities of the company contracted before helshe ceases to be a Tnember and of the cost. charges and expenses of winding up and for the adjuslmenl of the rights ol Ihe contributories amongst themselves, such amount as may be required not exceeding £1. Donations and legacies Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Donations Donations Reimbursement from Ulster Scots Agency 733 733 5,177 5,177 640 640 41,906 41,906 23-
Ulster-scots Community Network Company Limited by Guarantee Notes to Ihe Financial Slalements (eonlinued) Year ended 31 March 2024 Donations and legacies (conllnued) Flestricled Total Funds Funds 2024 Restricted Total Funds Funds 2023 Grants Grants receivable - Ulsler Scols Agency project funding Grants receivable - Ulster Scots Agency core funding Grants receivable - The Arts Council of 750 750 1,000 1,000 408,193 408,193 313,964 313,964 33,802 33.802 33,802 33,802 Grants receivable - National Heritage Grant Grants receivable - Scottish Book Trust Grant for Wheen 49,716 49,716 2,130 2,130 444,118 444,118 447,695 447,695 Other trading activilies Reslricted Total Funds Funds 2024 RestTlCted Tolal Funds Funds 2023 Fee income Wheen book sales Shop sales 1.040 156 2,455 1,040 156 2,455 1,295 1,295 3,023 3,023 3.651 3,651 4,318 4,318 Investment income Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Bank interest receivable 552 552 140 140 Costs ol other trading activltles Reslricled Tolal Funds Funds 2024 Restricted Total Funds Funds 2023 Cosls of other Irading activities - Shop costs 7,307 7,307 3.346 3,346 24-
Ulster-scots Community Network Company Limited by Guarantee Notes to the Financial Statements l¢ontlnued) Year ended 31 March 2024 Expenditure on charilable activities by fund type Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Ulster Scots Cultural Advancement Support costs 458,820 13,632 458,820 13,632 353,275 13,292 353,275 13,292 472,452 472,452 366,567 366,567 10. Expenditure on charilable activities by activity type Activities undertaken directly Support costs Total funds 2024 Tolal fund 2023 Ulster Scots Cultural Advancement Governance cosls 458,820 458,820 13,632 472,452 353,275 13,292 13,632 458.820 13,632 366,567 11. Net (expenditure)lincome Nel (expenditure}Iincome is slated after charging/(crediting)'. 2024 2023 Depreciation ol tangible fixed assets 7,640 7,691 12. Audltors remuneratlon 2024 2023 Fees payable for the audit of the financial stalemenls 5,500 5,100 13. Staff costs The lolal staff 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 268,788 22,727 8,415 194,264 15.928 5,833 299,930 216.025 25-
Ulster-scots Community Network Company Limited by Guarantee Notes to the Financial Statements [n¢lAed} Year ended 31 March 2024 13. Staff cosls (continued) The average head counl of employees during the year was 812023.. 61. The average number of full-time equivalent employees during the year is analysed as follows.. 2024 2023 Number of administrative staff Number of management staff No employee received employee benefits ol more than £60,000 during the year12023= Nill. 14. Truslee remuneralion and expenses No remuneration or olher benefits from employment with Ihe charity or a related entity were received by Ihe trustees., 15. Tangible fixed assets Fixtures and fittings Equipment Total Cost At 1 April 2023 Additions 6,943 49,939 1,399 56,882 1,399 Al 31 March 2024 6,943 51,338 58,281 Depreclation At 1 April 2023 Charge for the year At 31 March 2024 5,695 576 34,427 7,064 41,491 40,122 7,640 6,271 47,762 Carrying amount At 31 March 2024 672 9,847 15,512 10,519 16,760 Al 31 March 2023 1,248 16. Stocks 2024 2023 Raw materials and consumables 5,443 8,853 17. Debtors 2024 2023 Trade debtors Prepayments and accrued income 1,690 7,773 9,463 2,323 11,100 13,423 26-
Ulster-scots Community Network Company Limited by Guarantee Notes to the Financial Statements (¢onllnued) Year ended 31 March 2024 18. Creditors: amounts falling due wlthin one year 2024 2023 Accruals and deferred income Other creditors 15,233 1,885 11,399 1,334 17,118 12,733 19. Pensions and other post retiremenl benefits Dellned contribution plans The amount reGognised in income or expenditure as an expense in relation to defined conlribulion plans was £8,415 {2023'. £5,833). 20. Analysls ot charitable funds Unrestricted funds At 31 March 202 Al 1 April 2023 Income Expenditure Transfers Al 31 March 202 At 1 April 2022 Income Expenditure Transfers 27-
Ulster-scots Community Network Company Limited by Guarantee Notes to the Financial Stalemenls lcontlnued) Year ended 31 March 2024 20. Analysis of charllable funds (¢ontlnu•d) Reslricted funds At 31 March 202 Al 1 April 2023 Income Expendilure Transfers Restricted Funds Restricted fund - DFC Restricted fund Co- Operation Ireland Restricted fund Ulster Scots Agency Restricted fund National Heritage Grant Restricted fund Scottish 8ook Trust Grant for Wheen Restricted tund - DFC Capital Equipment Grant 148,022 200 447,038 (450,871) 144,189 200 737 1737) 39,052 750 17501 39,052 49,176 124,1871 24.989 533 {5331 8,043 (2,6811 (479,759) 5,362 245,230 448.321 213,792 Al 31 March 202 At 1 April 2022 Income Expenditure Transfers Restricted Funds Restricted fund - DFC Restricted fund Co- Operation Ireland Restricted fund Ulster Scots Agency Restricted fund - National Herilage Grant Restricted fund Scottish Book Trust Granl lor Wheen Restricted fund - DFC Capital Equipment Grant 97,693 200 399,307 1361,1761 12,198 148,022 200 1,473 {7361 737 52,900 1,000 (2,650) (12,198) 39,052 49,716 1540) 49,176 2,130 12,1301 10,724 12,6811 1369,9131 8,043 162,990 452,153 245,230 The directors consider that all grant funds received by the charity are restricted in nature and are applied for the purposes for which the grant was made. 28-
Ulster-scots Community Network Company Limited by Guarantee Notes to the Financial Statements Icontinuad) Year ended 31 March 2024 21. Analysls of nel assets between funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assels Creditors less than l year Net assels 10.519 220,391 117,1181 213,792 10,519 220,391 {17,118) 213,792 Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assels 16,760 241,203 112,7331 245,230 16.760 241,203 (12,7331 245,230 22. Operating lease commitments The tolal future minimum lease payments under non-cancellable operating leases are as follows- 2024 2023 Nol later than 1 year 11,218 67,309 On 3 July 2018 the charily signed a lease in relation to Ihe rental ol their building, this disclosure has been made in the accounts due lo it's material nature. The lease expired in May 2024 and negotiations regarding the lease are ¢ontinuing. At present, Ulster-scols Community Network conlinues to make payments based on the lease that was in place. 23. Limitation ol audltors liability The company has entered into a liability limitation agreement with its auditor, Aubrey Campbell and Company, on Ihe following basis.. {al the maximum aggregate amount ol the auditor's liability lo Ihe company shall not exceed the sum of seven times the fees payable (excluding expenses and value added lax) under the engagement letter agreed for the financial period, or £30,000, whichever is the lesser arnount. Ibl the agreement was passed by a resolution ol the company's members on 18th December 2024. 24. Related parties The directors have confirmed that there were no related party transactions during the year. 29-
Ulster-scots Community Network Company Limited by Guarantee Managemenl Information Year ended 31 March 2024 The followlng pages do not form part of the financial statemenls. -30-
Ulster-scots Community Network Company Limited by Guaranlee Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Income and endowments Donations and legacies Donations Reimbursemenl from Ulster Scots Agency Grants receivable - Ulster Scots Agency project funding Grants receivable - Ulstef Scots Agency core funding Grants receivable - The Arts Council of Nl Grants receivable - National Heritage Grant Grants receivable - Scottish Book Trust Granl lor Wheen 733 640 750 408,193 33,802 5,177 41,906 1,000 313,964 33,802 49,716 2,130 444,118 447,695 Other trading activities Fee income Wheen book sales Shop sales 1,040 156 2,455 1,295 3.023 3,651 4,318 Investment income Bank interest receivable 552 140 Tolal income 448,321 452,153 31
Ulster-scots Community Network Company Limited by Guarantee Detailed Statemenl of Financial Activities (conlinued) Year ended 31 March 2024 2024 2023 Expenditure Costs of other trading actlvilies Opening stock Purchases Closing stock 8,853 3,897 5,443 4,486 7,713 8.853 7,307 3.346 Expenditure on charitable activities Wages and salaries Employer's NIC Pension costs Rent Rates and water Light and heat Repairs and maintenance Insurance Other motornravel costs Legal and professional lees Telephone Other off Ice costs Depreciation Other interesi payable and similar charges Advertising Event costs Staff Iraining Returned grant money 268,788 22,727 8,415 70,400 658 6,696 2,703 3,118 16,084 13,534 6,621 10,303 7,640 492 550 22,413 10,560 750 194,264 15,928 5,833 67,333 19,8011 10,638 5,323 3,240 11,789 11,382 5,207 10,590 7,691 501 2,180 22,206 2.263 472,452 366,567 Total expendilure 479,759 369,913 Net (expenditure>lincome (31,438) 82,240 -32-
Ulster-scots Community Network Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Costs ol other Irading aclivities Costs ol other Irading activities- Shop cosls Shop costs - opening stock Shop costs - purchases Shop costs - closing stock 8,853 3,897 (5,443) 7,307 4,486 7,713 (8,8531 3,346 Cosls of other trading activities 7,307 3,346 Expenditure on charitable activities Ulster Scots Cultural Advancement Activities undertaken directly Direct charitable activity 1 wageslsalaries Direct charitable activity 1 employer's NIC Direct charitable activity 1 pension costs Direct charitable aGlivity 1 renl Direct charitable aclivity 1 rates & water Direct charitable activity I light & heat Direct charitable actlvlty 1 repairs & Maintenance Direct charitable activity l insurance Direct charitable activity 1 other molorllravel costs Direct charitable activity 1 legal and professional lees Direct charitable activity 1 telephone Direct charitable activity 1 other office costs Direct charitable activity 1 advertising Direcl charitable activity 1 event costs Direcl charitable aclivity 1 staff training Direct charitable activity 1 Returned grant money 268,788 22,727 8,415 70,400 658 6,696 2,703 3,118 16,084 8,034 6,621 10,303 550 22,413 10,560 750 194,264 15,928 5,833 67,333 19,8011 10,638 5,323 3,240 11,789 6,282 5,207 10,590 2,180 22,206 2,263 458,820 353,275 Governance costs Governance costs- audit lees Governance costs - depreciation Governance Costs - other finance cosls 5,500 7,640 492 5.100 7,691 501 13,632 13,292 Expenditure on charitable activities 472,452 366,567 -33-