The Cedar Foundation Annual report for the year ended 31 March 2025 Statsmont of financial aclivities {Incorporatlng the Income and Expendire Account) Notss Restrlcted Unrestrl¢ted 2025 2024 Income and endowments from: Donations and legacies Charitable activities Investments 156,989 20,030,746 341,259 156,989 22,740,420 341.259 10,330 19,679.335 204,439 2,709,674 Totsl Income 2,709,674 20,528,994 23,238,668 19,894,104 Expendlture on: Charitable activities 3,397,421 19,258,510 22.655,931 19,708,220 Totsl expenditure 3,397,421 19.258.510 22,655,931 19,708,220 Net movement in funds before other reGognlspd gainsl(losses) (687,747) 1,270.484 582,737 185,884 Other r8cognls8d galnsl{losses): Gainsl{losses) on assets and investments Revaluation of Assets held for sale Revaluation of Assets Transfers between f unds 15 {76.566} (76,566) 200,582 15 687,747 (687,747} Net movement In ndS 506,171 506,171 386,466 Reconciliation of funds: Total funds brought forward Net movement in funds 12,660,493 506.171 12.660,493 506,171 12,274,027 386.466 Total funds carried fovHard 13,166.664 13,166,664 12,660,493 All amounts above relate to continuing operations of the company. The notes on pages 21 to 32 fom part of th8S8 accounts. Page 18
The Cedar Foundation Annual report for the year ended 31 March 2025 Balance Sheet Notes 2025 2024 Fixed assets Tangible f ix&d assets Investments 10 1,794,922 7,419,474 9,214396 1,864,744 3,126,819 4,991,563 Current assots Debtors Investm8nts - short lerni deposits Cash at bank and in hand 12 2,321,844 2,317,513 820,694 5,460,051 2,337,102 3.777,269 2,734,127 8,848,498 Liabilities Creditors.. amounts f alling due within one year 13 {1.507,783) (1,179,568) Net current assets 3,952,268 7.668,930 Total Net assels 13.166.664 12,660,493 Charlty funds Unrestncted funds Restricted funds 15 15 13,166,664 12,660,493 Total funds 13.166,664 12.660.493 The accounts on pages 18 to 32 were approved by the Board of Trustees and authorised for issue on 16 September 2025. Mrs Myrna Evans {Chalrperson) Ms Elalne Armstrong (CEO) Co. Reglstration No. Nl 002132 The notes on pages 21 to 32 form part of these accounts. Page 19
The Cedar Foundation Annual report for the year ended 31 March 2025 Statement of Cash Flows 2025 2024 Cash flows from operating activities: Net cash provided by operating activities (see below) 735,049 473,203 Cash flows from Investlng actlvllles Divldends, Interest and rents f rom investments Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment Salel{purchase} of investments Net cash (used In) investment acllvltles 341,259 204,439 488,622 (73,910) (149.498) (4,300,000) (4,108.2391 619.151 Change in cash in the reporting period 3,373,190 1,092,354 Cash at the beginning of the reportÈng period Cash at the end of the reportlng perlod 6,511,396 3 138 206 5.419.042 6,511,396 Reconciliation of net income to net cash Inflow from operating a¢liv4ties 2025 2024 Net income forthe reporting period (as per the Statement of f inancial activities) Adjusted for. Depreciation charges Interest and dividends received Gain on Evelyn investment {Prof it) l Loss on sale of f ixed assets Increasel(decrease) in creditors Decreasel{increase) in debtors Not cash provlded by operatlng acuvlties 582.737 185,884 218,770 236,997 (341.259) (204,439) {69.221) 550 333 328.215 (108,915) 15.259 363,343 735.lw 473,203 Analysis of cash and cash equivalents 31 March 2024 Cash Flow 31 March 2025 Cash at bank and in hand Investments - short temi deposits Total cash and cash equivalents 2,734,127 3.777,269 6,511,396 (1,913,434) {1,459,756) 3,373,190) 820,693 2,317,513 3,138.206 The notes on pag8s 21 to 32 form part of these accounts. Pa¥e 20
The Cedar Foundation Annual report for the year ended 31 March 2025 Notes to the accounts AGGounting poliGies Basis of accounting The accounts have been prepared under the historical cost convention and modified to include the revaluation of investments and in accordance with applicable accounting standards, the Companies Act 2006 and the Statement of Recommended Practice {"SORP-) 'Accounting and Reporting by Charities, IFRS 102) and in accordance wilh Financial Reporting Standard 102. A summary of tha more important accounting policies, which have been appli1 consistently, is set out below. Company status The Foundation is a company limited by guarantee. The members of the company are the Trustees named on page 2. In the event of the Foundation being wound up, the liability in respect of the guarantee is £1 per member of the Foundation. Income All income is reGognised once the company has entitlement to the income, it is probable that the income wll be received, and the amount of income receivable can be measured reliably. Expendlture Expend iture is recognised once there is a legal or constructiveobligation to transf er economic benef it to a third party, it is probable that a transf er of economic benaf its will be required in settlement and the amount of the obligation c be measured reliably. Expenditure is classif led by activity. The costs of each activity are made up of Ihe total of direct osts and shared cosls, including support costs involved in undertaking each activity. Direct costs attributable to a sing le activity are allocated d irectly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consislent with the use of resources. Central staff co sts are allocated on the basis of time spent. and dapreciation charges allocated on the portion of the asset's use. Charitable activities and Govemance costs are costs incurred on the company's educational operations, including support costs and costs relating io th8 govemance of the company apportioned to charitable activities. All expenditure is inclusive of irrecoverable VAT. Fund accounting General funds are unrestricted funds whlch are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds compris8 unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricled funds are funds which are to be used in accordance with SPlf1¢ restrictions imposed by donors orwhich have been raised by the company for particular purposes. The costs of raising and administerin9 such funds are ¢harged again51 the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Going Con¢em No material uncertainties relaled to events or conditlons that may cast significant doubt about the ability of the charitable company to continue as a going concem have been identified by the Trustees. Page 21
The Cedar Foundation Annual report for the year ended 31 March 2025 Notes to the accounts (continued) Penslon scheme The company operates a defined contribution pension schame. Employerfs contributions vary as a percentage of pensionable eamings depending on the staff member's agreed tems and conditions. The assets of the scheme are held separately from those of the company In independentW administered funds, and contributions are Charged b the Statement of Financial Activities in the period to vthich they relate. Operating leases Costs in respect of operating leases are charged on a straight4ine basis over the lease term. Tanglble Ilxed assets Fixed assets are stated at their purchase cost, net of depreciation and any provlslon for impainnent. Depreciation is calculated so as to write off the cost of tangible f ixed assets (exclud ing Eand). less their estimated residual values. on a straight4ine basis overthe expected useful livos of the assets concemed. The principal annual rates used for this purpose are as follows: Build ings Motor vehicles Fixtures and f ittings Computer equipment Specialist rr software 20 20 33.33 20 Debtors Debtors are measured at their recoverable amounts. Credltt>rs and provlslons for Ilabllltles and charges Creditors and provisions for liabilities and charges are measured at their settlement amount. Judgements and estlmates In the process of applying the charitable company's accounting policies, management has not made any signrficart judgements. There are no key assumptions conceming the future or other key sources of estimation, that have a signif icarrt risk of raising a matertal adjustment to the carying amounts of assets and liabilities within the next f inancial year. Investments In &¢ordan¢e with the Statement of Recommended PraGtiGe, Investments, are shown in the balance sheel at market value. Interest roceivablo Interest on funds held on deposlt is included when receivable and the amounl can be measured reliably by the ompany., this is nonnally on notif ication of the interest paid or payable by the Bank. Cash at bank and in hand Cash at bank and hand includes cash and short temi highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Temyination Benefits Temiination benefits are reGognised immediately as an expense when the company is demonstrably committed lo either terminate the employment of an employe& or to provide t&miination benefits. Notes to the accounts {¢ontinued) Page 22
The Cedar Foundation Annual report for the year ended 31 March 2025 Flnanclal Instruments The charitable company only has f inancial assets and liabllities of a klnd that quallf y as basic f inancial instrument5. Basic f inancial instruments are initially reGognised at trdnsaction value and subsequently measured at their settlement value. Donatlons and legacles Restricted Unrestricted 2025 2024 Fundraising and donations Legacies 156,989 156.989 10,330 156,989 156,989 10,330 Incomlng resources from charitable aclivities Restricted Unrestricted 2025 2024 Living Options Living options - Supporting People Employability & Community Inclusion 15,479,108 15,479,108 2,709.674 4,551,638 22 740 420 13,193,150 2,608,044 3,878, 141 19 679 335 2,709,674 4,551,638 20 030 746 2 709 674 Investment income Restricted UnrestriGted 2025 2024 Income from investments 341,259 341,259 341,259 341.259 204,439 204.439 Expenditure on charitable activltles The company allocates its costs between Restricted and Unrestrlcted expenditure as follows,. Restricted Unrestricted 2025 2024 Living Options Living Options - Supporting People Employability & Community Inclusion 13.752,878 13,752.878 3,397,421 5.505,632 22 655 932 11,721,018 3,396,446 4,590,756 19 708 220 3,397,421 5,505,632 19 258 510 3 397 421 Notes to the accounts (continued) Employee Information Page 23
The Cedar Foundatlon Annual report for the year ended 31 March 2025 The average weekly numb8r of persons, including part time and relief staff employed by the company during the year was: Company 2025 Number 2024 Number By a¢tlvlty: Admin & PR Unit Managers & Deputies Ancillary 153 27 373 553 138 25 312 475 Company 2025 2024 Staff costs Wages and salaries Social security costs Pension costs (defined contribution schamo) Agency staff Apprenticeship Levy 13.740,018 12,424,647 1,189,882 1.004,015 450,923 415,409 3,338,523 2,633,040 51,198 44,853 18,770,544 16,521,964 Page 24
The Cedar Foundation Annual report for the year ended 31 March 2025 Employee infomiation (conlinued) The number of employees in the Company whose employee benefits (excluding employerpension costs)exceeda £60,000 was: 2025 2024 In the band £60,001 - £70,000 In the band £70,001 - £80,000 In the band £80,001 - £90,000 In the band £90,001 - £100,000 In the band £100,001 - £110,000 In the band £120,001 - £130.000 In the band £150,001 - £160,000 The total amount of employee benefits (excluding employerpension costs) received by key management p6rsonn81 during Ihe period was £604,743 (2024: £404,804). During the year no Trustee received any remuneration, benefits in kind or reimbursement of expenses {2024- £nil). Net Incoming resources 2025 2024 Net incomel{expenditurel is stated after charyingl(crediting): Depreciation on tangible owned f ixed assets {ProfityLoss on revaluation of investments Interest and d ividends receivable Aud itors. remuneration - aud it IProfityLoss on disposal of tangible assets 218.770 236,997 76,566 1202.172) {341,2591 1204.439) 21.600 18,000 550 333 Taxation The charitable company is exempt from taxation due to its charitable status as approved by HMRC. No tax Is therefore payable on the 5urplu5 f or the year (2024= nil). Auditors, remuneration 2025 2024 Fees payable to the company's audilorforthe audit of the annual accounts 21.600 18.000 Page 25
The Cedar Foundation Annual report for the year ended 31 March 2025 Notes to the accounts {continued} 10. Tangible fixed assets Land and bulldlngs Flxtures & fittings & computsr equipment Motor vehicles Total Cost At 31 March 2024 Additions Disposals At 31 March 2025 3.455,771 898,257 149,498 142.869 4,496.897 149,498 {550) 4,645,844 (550) 3,455,221 1,047,755 142,869 Depreciation At 31 March 2024 Charge for the year Disposals At 31 March 2025 1,789,648 110,083 700,148 108,447 142,357 240 2,632,153 218,770 1.899,731 808.595 142.597 2,850,923 Net book values At 31 March 2024 1.666,123 198.109 512 1,864.744 At 1 April 2025 1.555.489 239,160 272 1.794.922 11. Inveslrnents 2025 Investments at market value at 1 April 2024 Inveslment income reinvested Purchase of investments Disposal of investments Net gainl(loss) on revaluation and realisation Invéstments at market value at 31 March 2025 3,126.819 4,300.000 17.345) 7,419,474 At 31 March 2025 The Cedar Foundation held 199,913 shares (2024.. 199.913 shared) valued at 1,525.79 pence per share {2024: 1,564.09 pence per share) in the Northem Ireland Central Investment Fund for Charities. This revaluation resulted in a £76,566 decrease in market value. The histori¢ cost of thé total investments held at the year end was £2,500,0(KJ (2024". £2,5(K),wo). During the year The Cedar Foundation invested £4.300,000 into an investment portfolio managed by Evelyn Partners Investmant Manag8m8nt LLP. This is a low risk investment strategy expected to be over a two to three year period. During the year this investmenl realised a gain of £69,221. Notes to the ac¢ounts (continued) Page 26
The Cedar Foundation Annual report for the year ended 31 March 2025 12. Debtors: Amounts falling due Within one year 2025 2024 Trade debtors Other debtors Prepaym&nls and accrued income Grants receivable 1,781,094 127,069 329,599 84,081 2,321,844 1,803,973 207,496 317,881 7,752 2,337,102 13. Creditors: Amounts falling due within one year 2025 2024 Trade creditors Other taxation and social security Other creditors Accruals and defeed in¢ome 240,704 283,973 168,185 814,921 1,507,783 147,444 259,657 140,756 631,711 1.179,568 14. Dèferred Income 2025 2024 Opening balance Amount released to income Amount deferred in year 198,643 (549,992) 518,747 167.398 190,684 {111,2971 119,256 198,643 Notes to the accounts (conlinued) 15. Analysis of funds Page 27
The Cedar Foundation Annual report for the year ended 31 March 2025 Analysis of funds by type At 1 April 2024 Income Expendlturo Transfers Galnsl At31 {Losses) March 2025 Unrestricted funds Res8rve funds Flxed Asset R6seNe Fair value se9 Risk employabilty services Risk - Living Options Risk Community Services Risk - Corporate Services Risk - Premises 1,864,744 156,705 873,742 (69,821) 76,566 121.815 1,794,922 156.705 995,557 {76,566) 5,475,939 802,826 1,198,455 56,647 6,674,394 859,473 744,189 66,710 74,303 9,259 818,492 75,969 Designated funds Organlsation Eff iciency & ESG Devdopment Development Projects Income Diversif icati)n Development Croft Day Development ECI Development LO Development SeNice Development Community Development 100.000 98,095 198,095 Capital 50,000 150,000) 90,000 (90,1)00) Centre 471,193 471,193 160,000 180.000 (56,797) (40,000) 103,203 140,000 Inc 79,690 79,690 General funds General Funds Sustainability User Forum & Volunteer Progrdmme Sernice sustainability year plan 20,528,994 {19.258,510) 11,232,290} 38,193 82,365 (815) 81,550 1,542,080 (862,852) 679,228 Total unrestricted funds 12,660.493 20.528.994 18,955,438 687,747 76,566 Restrlcted funds Supporting People Total restricted funds 2.709.674 2,709,674 (3,397,421} 3,397,421 687.747 687.747 Total funds 12,660,493 23,238.668 22,655,932 76,566 13,166.664 Notes to the accounts (continued) Unrestricted funds Page 28
The Cedar Foundation Annual report for the year ended 31 March 2025 General funds User Forum Cedar is a user-led organisalion and eff ective user engagement is central to achieving our vision. Co-production is a core innovation theme in our Strategic Plan and having an active User Forum is a key mechanism for ensuring user engagement. The use of reserves to fund core costs of the Fowm including staffing costs for Facilitatots, service user costs f or travel, training and inf rastructure, will enable members of the Forum to f ully und ertake their role, delivering on advocacy, consultation, recruitment and selection. Volunteèr programme Cedar is committed to having a volunteer programme to support our beneficiaries. Volunteers bring diversity, which enriches the organisation as well as a range of qualitias, skills and expertise thal adds value lo our services and enhances the experiences of our seNice users. Volunteers dedicate lime to supporting ourservice users to achieve their planned outcomes, whlch enhances the support offered by our employees. The use of reseNes, suppots employing a Volunteer Coordinatorand enables us to reimb urse volunteers appropriatelyforexpenses such as travel and training. Effectively resourcing our volunteer programme ensures we can continue to maintain our Investing in Volunteers quality standard evidencing good practice in volunteer management. Service sustainabilily reserve Cedar Foundation has detemined an approach to undeNrite sarvices for a period of time that are high performiro and meeting need and demand for our beneficiaries, but not reaching full<ost recovery, allowng time to source altemative f unding options or to make inf ormed decisions on long-term viability. This allows the organisation to maintain key services that ref lect the charity's purpose and strategic direction. Since 2021, a combination of factors, including economic change and political uncertainlies, has led Cedar to exercise prudence and minimise pay increases to keep costs within the constraints of f under uplifts or loss of k funding streams due to Brexit. This has resulted in Cedar no longer paying above minimum wage for care and supportstaff and not maintaining alignment with NJC benchmark forsalaried staff posts, atvariance with our previoL position. There have been improvernents in the last year in the labour market which has meant a more positive oulcome for recruitment exercises and a decrease in the use of agency staff . This has meant for24125 f inancial year the Tnjstees have supported the decision to take a different approach to build upon recent successes and ènsure competitive pay through a temporary draw on sustainability reserves. Cedar have re-aligned to NJC benchmark and Increased the support worker hourly rate above NMWINLW. While Department of Health and other govemmènt income uplifts are still likely to be modest on existing contracts, it is imperative Ihat Cedar attract and rotain the best staf f to moet its objectives. It is anticipated that this move wll encourage increasing positive recruitment outcome5 and slabilise the workforce and retain highly experienced staf. The stabilisation of the workforce will allow the management teams to focus on increasing income through existiro streams, divetsitying income and cost efficiency measures. Each of the directorates have defined targets within the Balanced Scorecard and a Financial Improvement Plan to drive efforts to reduce the call upon reseNes overthe next 3 years on a loumey to maximising full cost recovery for the majority of services in the longer temi. Reserve fund Fixed Asset Reserve This fund represents the net book value of all the Charity's fixed assets. The Fund is then ulilisèd lo offsel the imp1 on the general fund of the depreciation charged on the relevant assets. Notss to the accounts (continued) Fair Value Reserve At the end of each acGounting year Cedar post a fairvalue adjustment to the Fair Value R&seNe to account forthe Page 29
The Cedar Foundation Annual report for the year ended 31 March 2025 movement in the share price of investm&nts held. Th8 total valu8 held in this reserve is periodically reviewed to on1 hold a ptudent amount to allow forreasonable fltsctuations in the market, any su¢plus funds hetd are then released to the General Funds. Risk Resarv8 The Trustees of Cedar Foundatlon have a IlquldityaSed approach to reserves which resutts In the charity holdiro reserves mainly in cash and easily realisable investments. As a risk averse organisation, the reseNes strategy IS closely aligned to the organisation's risk reg ister and as such, a sig nif icant percentage of the res8Nes are held in the li'sk Reserve Fund lo ensure continuing operations, particularly in relation to f luctualions in cash flow. Each service area has been assessed for risk, particularly in relation to how payments by fundefs affect the cash flow. The risk reserve fund aims to retain the equivalent value of 6 months of salary costs for each service area. At each year end ¢aEculations are undertaken to monitor the percentage of sustainable reseThes against actual salary cosls. Appropriations andlor a(ljustmenls are made from year end surplus to those areas within the fund which require additional provision due to increases or decroases in requirements against the 64nonth benchmatk. The risk reserve has priority over other designated reserves in the event of limited year end surplus and appropriations. The Tnjstees recognise that the long-lerm strategic goal of Cedar is to ensure that there is the equivalent value of 6 months. salary costs held in reseNes. however. in this cuffent period due to Ihe need to allocate increased levels of Service Sustainability reseeS and invest in other areas of the organisation fordevelopment and improvement, the organisation's Flsk Reserve sits at 5.5 months. Strategically this will allow measures to be taken forward to future- proof Cedar and ensure continuity of service. Deslgnated Funds Organisational Efficiency & SGINet Zero Reserve Cedar Foundation is committed to wort towards achieving the UN'S ESG (Environment. Social, Govemance) Sustainable Development Goals. To achieve this Cedar Foundation is dedicated to reviewing its overall effi¢igrLy, inf rdstructure and capital investment to make them more sustainablè and has committed part of their reseryes to thi development. Specif ic targets are captured in the Organisational Balanced Scorecard for the 2024125 operational year, inGludirvJ: Income diversification (È.g. Corporate Partnerships) Efficiency savings in supplier management Premises review for usage and energy efficiency Digltalisation Strategy to improve eff iciencies through technology Service Development Reserve The Tnjstees recognise that a proportion of its reserves should be utilised fordevelopment opportunities in order to remain competitive in an increasingly challenging environment. particularty wth the need for competitive tendering for our seNi¢es and building new partnership5 to attract emerging funding opportunities. Restrlcted Reservas These can only be used for a specific purpose. There are no restricted reseNes held by Cedar currently. Notes to the accounts (continued) Analysls of funds by not asset type - current year Page 30
The Cedar Foundation Annual report for the year ended 31 March 2025 Unrestricted funds 2025 Restrictsd funds 2025 Total funds 2025 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 1,794,922 7,419.474 5,460,051 {1,507,783) 1.794,922 7,419,474 5,460,050 (1,507,783) Total 13,166,664 13,166,662 Analysis of funds by net asset type - prlor year Unrestrfcted funds 2024 Restrlcted funds 2024 Total funds 2024 Tangible f ixed assets Fixed assel investments Current assets Creditors due within one year 1,864,744 3,126,819 8,848,498 11,179,568) 1,864,744 3.126,819 8.848,498 (1. 179,568) Total 12,660,493 12,660,493 Page 31
The Cedar Foundation Annual report for the year ended 31 March 2025 16. Contingent liabilities A contingent liability exists to repay grants received, where certain conditions have not been f ulf ilbj by the company. kn the opinion of the Trustees. the tettns of the letters of offer have been complied with and no liability is expected. 17. Guarantors The company is a company limited by guarantee and does not have share Gapital. The liabilty of guarantors is limited to £1 in the event of the company being wound up. 18. Related Party transactions The Board of Trustees are considered to be the Charily's ultimate controlling party. During the year ended 31 March 2025 the Cedar FourHJation paid IT software subscription and support services costs totalling £109,952 (2024- £102,469) to Aspirico UK Limited liplanil), an software company for which tnjstee Mr Clive Evans is an empkjyee. During the year the Cedar Foundation paid a £560 (2024: £500) corporate membership fee to Northem Ireland Union of Supported Employmentforwhich the Head of ServiceforEmployabilitywithinthe charity is a board member. The same individual is also a Board member of Volunteer Now EnteTprise Ltd for vthich the Cedar Foundation paid £810 (2024: £1,752) for the delivery of recruitment, adult safeguardrKJ and child safeguarding training. The Director of People and Organisational Development within the Cedar Foundation is also a member on the board of the Confederation of Community Groups as a Cedar representative. During the year the Cedar Foundation paid £9,743 {2024= £17.910) and £9.370 (2024: £1,136) to the Confedaration of Community Groups and the Confederation of Community Groups Newry & District in respective of rent and rates for the use of a m&ting room and a suite. During the year the Cedar Fo undation paid £38,202 to Abbeyfield and Wesley Housing Association for rent payments to 30 Bloomfield Road for which a Cedar Board member is a volunteer. Pa¥e 32