FIRST STEPS WOMEN'S CENTRE (A company Ilmited by guarantee) Report and Financial Statements Year endlng 31 March 2024 Company number: Nl 066869 Charlty COmn$s1Oll Number: NIC 101202 Charlty number: Xli27582 ADFTTHV6 - 1311112024. COMPANIES HOUSE
FIRST STEPS wolEN's CENTRE Contents Mission Statement Report from Chairperson Report from Chief Executive Trustees, report 9-15 Auditors, report to the trustees 16- 19 Statement of Financial Activities 20 Statement of Financial Position 21 Notes to the financial statements 22-34
FIRST STEPS WOMEN'S CENTRE MISSION STATEMENT Supporting women's wellbeing, personal and professional development
FIRST STEPS WOMEN'S CENTRE Resilience and Renewal: Thriving Through Adversity Introduction As Chairperson of First Steps Women's Centre, it is with immense pride and gratitude that I present this year's Annual Report. The past year has been one of extraordinary challenges, yet it has also been a year of remarkable resilience and renewal. Despite facing a 50 % reduction in our funding and tbe difficult decision to reduce our staff by one-third in March 2023, we have emerged slronger, more united, and more committed than ever to our mission of empowering women lIOUgh our Wellbeing, Life Skills, and Employability programmes. Overcoming Adverslty The loss of 500/0 of our funding in"March 2023. was a significant blow. It forced us to make difficult decisions, Including the reduction of our staff by a third. This was not an easy time for any of us. however, in the face of these challenges, our team displayed incredible resilience. The board and staff came together. pooling their collective wisdom, cxpcricnce, and creativity lo navigate through this storni. Our immediate priority was to secure additional funding and l am delighted to report that, through the tireless efforts of our team, we succeeded in securing new funding equivalent to the amount we had lost. This was a crucial achievement that not only stabilised our operations but also allowed us to continue deliverin8 and expanding our services. Strategic PIADn5ng Despite the loss of funding and one-third of staff, the Board and Senior Management Team felt it necessary to revisit our strdtegic objectives. This was completed by end of May 2023, just 2 months after stsff r¢dundanci¢s and the end of the European Social Fund programme. Programme Successes Despite the financial and staffing challenges, this year has been one of our rnost successfvl in tenns of programme delivery and oulcomes. Our Wellbeing programme, funded through the Lottery and entitled VERA'S Project (Valued, Empowered, Resilient, Assisting, Supporting) continued io provide vital support lo wolnen, helping them to build confidence. manage stress, and improve their mental and physical health. The feedback from participants has been overwhelmingly positive, with many reporting significant improvements in their quality of life. Our Life Skills progrdmmes also tbTived, with record numbers of women enrolling in English for Speakers of Other Languages (ESOL) courses designed to enhance their personal and practical skills. From Pre-ESOL to Improving Your English, thesc courses have empowered women to take grcatcr Control of their lives and achieve their goals. Tl]is year, we also launched our new Employability programme, which has quickly become a cornerstone of our services. This programme is designed to support women in gaining the skills, confidence, and experience tbey need to enter or re-enter the workforcc. Thc success stories from this progrdmme havc been truly inspiring, with many participants securing meaningful employment and others embarking on furthcr cducation or training.
FIRST STEPS WOMEN'S CENTRE Gratitude and AckDowledgements None of this would have been possible without the dedication, passion. and hard work of our staff and board members. Their unwavering commitment to our mission has been the driving force behind our success. I would also like to extend my deepest gratitude to our funders, partners, volunleers, tutors, and supporters. Your belief in our work and your generous contributions have enabled us to continuc making a difference in the lives of the womcn we serve. Finally, I want to acknowledge the incredible women who participate in our programmes. Your courage, deterniination, and rcsilicnce are at the heart of everytkn'ng we do. We are honoured to be part of your journey and are inspired by your achievements. Looking Ahead As we look to the future, we do so with renewed confidcnce and optimism. We have shown that even in the face of signifjcant adversity, we can adapt, innovate, and tl]rive. Our focus in the coming year will be on building on our successes, exploring new opportunities for growth, and continuing to provide higb-quality, impactful services to the women who rely on us. In conclusion, the past year has proven that First Steps Women's Centre is more than just a service provider. we are a community. a lifeline, and a source of hope for many. Together, we have weathered the storni. and together, we will continue to makc a lasting impact on the lives of women in our Community. Thank you. Maria McGilly, Chairperson
FIRST STEPS WOMEN'S CENTRE Chief Executive's Report April 2023 - March 2024 Resilience in Action: A Year of Growth, Unity, and Impact Introduction As CEO of First Steps Women's Centre. it is with great pride and gratitude that I present this Annual Report. This past year has been one of profound challenges and incredible successes. Despite the loss of 50 % of our fundjng, our organisation has not only persevered but thrived. Through strategic partnerships, the tireless efforts of our team, and the unwavering support of our community, we have managed to increase and expand our services and deepened our impact. This report will highlight our key achievements, th¢ r¢sili¢ncc of our tcam. and our vision for the futuTc. Overcoming FiDaDcial Cballenges The year began with the silficant challenge of losing 50 % of our funding when the European Social Fund pr0MMe ceased in March 2023. The Centre lost 5 staff with over 60 years, experience. This could have severely impacted our ability to deliver Critic services to the women who rely on us. However, tbrough the collaborative efforts of our leadership team, including the Chaitperson, Finance Manager, and Board of Directors, we navigated this crisis with determination and slrategic thinking. Our flrst success in overcoming this financial hurdle carne through securing Lottery funding, whicb revitalised our Wellbeing programme. Thanks to this crucial support, we excelled in our outreach, recruiting 283 women and offering 43 diverse courses. These courses created a total of 429 places, empowering women with the tools aDd support needed to enhance their mental, physical, and emotional wellbeing. Expansion of Services: The Employability Progranjme In August 2023, we launched our new Employability programme in partnership with South West College, This initiative has proven to be a significant addition lo our service offerings, particularly for women from economically inactive backgrounds. The programme has not only met but exceedcd all of its initial targets, helping 15 women secure meaningful employment, a milestone that underscores our commitment to fosteTing independence and empow¢rni¢nt. A key driver of this programme's success has been th¢ innovative contributions of a highly creative new staff member. Their fresh perspective and dymamic approach have invigordted the team, resulting in innovative strategies that have direcily contributed to the programme's early success. Communlty RelatlOD$ Programme Successes This year also saw the flourishing of our Comnjunity Relations Programme. supported by funding from The Executive Office (TEO) & Choice Housing. One of the standout events was the hosting of a highly successful Human Library, where participanls could 'boOw, people instead of books and engage in meaningful conversations aimed at challenging stereotypes and fostering understanding.
FIRST STEPS WOMEN'S CENTRE JJI addition to tbis, our Centre hosted a series of cultural programrnes and celebrations during tbe Cl]ristmas season. which brought together individuals from diverse backgrounds in a spirit of unity and celebration. These events have strengthened our ties with the community and underscored the importance of inclusion and cultural exchange. Llfe Skllls Our Life Skills programmes and services continues. alongside ow Wellbeing programmes, to be the bedrock of all that we do. FSWC organised 5 ESOL (English for Speakers of Other Languages) and two additional lileracy courses. A]together over 125 women were recruited for these programmes. This may seem like an anomaly considering Brexit but the Centre has seen a surge in d¢mand from local migrant women to come and gain a qualification in ESOL. Support That Is the Difference I cannot conclude tbis report without menlioning the sterling work of our crecbe, minibus and counselling staff. These staff are the nut5 and bolts of the success of the Centre. They are the ones who provide the glue thal enablcs women to come and find what they need. Without the minibus many, many women would be unable to attend. Our Childcare team has registered 107 children and bosted l O different migrant nationalities. FSWC also provides a Counselling service wkn'ch has been augmented by two student volunteers at times during the year. Demand continues to grow for Counselling. Inlernatlonal WomeD'S Day 2024 A highlight of this year was our celebration of International Women's Day in March 2024. We were honoured to welcome Alina Gawhary, an exiled artist from Afghanistan, as our guest of honour. Alina's story of resilience and courage in the face of the Taliban government moved everyone in attendance. She shared ber powerful artwork, which conveyed her experiences and the struggles of women in her homeland. The event was deeply emotional, drawing a large crowd of supporters who came togeiber to show their solidarity with women arow]d the world facing oppression. Steadying the Ship: Leadership and Team Morale Throughout these challenges and successes, the resilience of our organisation has been evident. The steady guidance provided by our leadership team, comprising of ihe Chairyerson, Finance Manager, Board of Directors. and myself, has been instrumental in navigating the complex landscape of reduced funding and expanding demand for services. Together, we have managed to stabilise our flliances, maintain the quality of our programs. and continue making a positive impact in OUT community. Equally important has been the morale and dedication of our staff. Despite the pressures of financial constraints and program expansion, our team bas remained positive, motivated. and deeply committed to OUT mission. We recognised the importance of maintaining this high morale and prioritised team building activities throughout the year. Our Christmas celebrations were a time for r¢fl¢ction, atitUde, and ccl¢bration of our collective achievements.
FIRST STEPS WOMEN'S CENTRE Looking Ahead As we look to the future, we do 50 Wlth a deep sense of optimism and a renewed commitment to our mission. The cballenges of this past year have only strengthened our resolve. We will continue to seek out new opportunities to expand our services, foster community relations, and support the women who rely on us to take the firsl steps towards brighter futures. In conclusion, I want to express my deepest thanks to our staff, board members, funders, tutors, partners, and the women we serve. Your unwavering support and dedication have made this year's successes possible. Together. we have proven that with resilience, creativity, and community, we can overcome any obstacle and achieve great things. Thanks Michael McGoldrick Chief Executive
FIRST STEPS WOMEN'S CENTRE Report of the trustees for the year eDd5ng 31 March 2024 The trustees are pleased to present their annual directors. report together with the financial statements of the charity for the year ending 31 March 2024 which are also prepared to meet the requirements for a directors. report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2008, the Companies Act 2006, the Memorandum and Articles of Association, and AOUntIng and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective l January 2019). Our purposes and activities Charity's Vlslon: Confiden¢, Resilien6 Empowered Women . Charity's Mission: Supporting W0nn'S wellbeingp personal andprofesswnal development Charitygs Values: We value integrity, honesty and recognise our unique contribution We welcome all equally We value accountability and promote quality through continued reflection and improvement We use a person-centred approach, realising individual potential Our own constitution states tbat our objects include the: (a) relief of unemployynent among women in such ways as may be thought fit, including assistance to find employment; advancement of education, training or retraining and providing unemployed women with work experience; provision of recreational facilities for women or those who by reason of their youth, age, infrmity or disablement, poverty or social and cconomic circumstances, have need of such facilitics. preservation and protection of health of women and the provision of childcare. development of the capacity and skills of women in th¢ area to benefit in such a way that they are better able to identify, and help meet. their needs and to participate more fully in society: promotion of social inclusion, equality of opportunity and good relations across all diversity Strands, including race, ethnicity, age, sexual orientation, religion and disability and to encourage diversity. establishment or securing the establishment of a centre, and to mainlain and manage the same (whetber alone or in co-operation with any local authority or other person or body) in furtherance of these objects, and: promotion of all or any objects for the benefit of women who live in Mid Ulster (th¢ "ar¢a of benefit") wbich now or hereafter may be deemed by law to be charitable. (b) (c) (d) (e) (fj (g) (b) As an integral part of the Mid Ulster community and voluntary sector the Charity continues to focus on the personal development of women for the benefit of the wider community. The Charity also has the general aim of contribuling to the quality of life of the women in our community by expanding their horizons tbrough the provision of exciting, challenging and accessible educational courses.
FIRST STEPS WOMEN'S CENTRE In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commissions guidance on 'Public Benefit: Running a Charity (PB2)'. The Centre relies on grant income to cover its operating costs. We endeavour to encourage all within our community to take part in our courses and programmes. The strategies employed to achieve the charity's aims and objectives are to: present a range of courses for the enjoyment and advancement of education to women in our community; offer opportunities for women in our community to get involved in exploring their Creative powers; provide facilities for women and children to develop; celebrate the diversity of cultures in our society by programming courses by, and with, tutors of different cultural backgrounds. FIDaDclal revlew The income and expenditure for the year is detailed in the accounts. A major financial concern for the Centre as with any charity will be the ongoing financial susiainability from funding in the years to come. The trustees are aware of the need to maintain free reserves, especially in tbe current economic climate. Continual fund raising will be necessary to retsin sufficient levels of reserves. We would like to acknowledge the continued support of our funders as refeffed to in note 4 in the accounts. It is important to recognise that their funding really doe5 make an impact. It contributes to improve confidence and prepares women to become empowered. The income for the year was £406K of which £394K was received as grant fiujding. The expenditure of £443K is expended on charitable aclivities. The balance of funds at 31 March 2024 was £702K of which £370K was unrestricted income of which £150K designated funds and £174K restricted fvnds. Reserves policy and PlaDS for the future Reserves ptt needed to bridge the gap between the spending and receiving of income as well as to cover unplanned emergency repairs and other expenditure. The trustees consider that the ideal level of reserves at 31" March 2024 would be £150k. These are unrestricted income funds freely available for use as the charity so deterniines and excludes any funds committed to revenue expenditure or to be invested in Lqngible fixed assets. The European Social Fund (ESF) programme in Northern Ireland ended 31 March 2023, leaving a huge funding gap in the community. There was a promise made by the UK Government that ESF funding would be replaced pound for pound. This replacement funding, known as UK Shared Prosperity Fund (UKSPF) came online in April 2024. However, it has become clear that it is not a l OOO/o replacement of the ESF Funding. The darnage to community and voluntary infrastructute due to the loss of ESF fiuiding (a loss of £27.3million annually within ND is massive. By March 31, 2024, FSWC had £200k in place for the y¢ar 2024-25. This equaled to 400/0 of the annual funding. FSWC sought to identify alternative funding from a number of different sources. These included Peace Plus and the UKSPF. FSWC was fortunate to receive £259.5k over two years fonn UKSPF and £485k over five year from the Lottery io
FIRST STEPS WOMEN'S CENTRE First Steps Women's Centre receives core salary funding for 4 part time posts from the Department for Communities. and has done for almost 20 years, with current funding confmned until March 2025. The tnistees have a reasonable expectation that tbis funding will be extended: however. they are also taking steps to mitigate the risk of non-renewal fvnding by seeking alternative funding sources and exploring additional income streams. The trustees have also assessed the extent to which activities and expenditures may need to be scaled back if n¢cessary. The trustees, having reviewed the financials of the Centre, had considered that with tUre reduced available resources the Centre would have to consider operating on a 3-day week albeit with a potential reduced capacity. The trustees and staff and volunteers recognised the impact this would have on the users of the Centre, their families, staff and wider community. There was concern over potcntial reductions in thc levels of Wellbeing. Life Skills and IT programmes. Services such as our Creche and minibus transport, Hygiene Bank and Benefjt Checking Service would also be reduced Fortunately these measures where not required. With current worldwide events, and its impacts being felt globally, First Steps Women's Centre is helping displaced families in providing a nourishing environment to feel secure and grow in confidence to enable them to integrate in our comnjunity. The importance of contributions from centres like ourselves should never be a]lowed to be underestimated or go unrecognised. Experience and feedback are indicators of the immeasurable value that FSWC has ¢ontributed to users and their families, amd like all women who have attended this centre, we at FSWC, will never give up and will strive to ensure that we can continue to operate a 5- day week. FSWC will continue to seek to build up reserves and to attract funding from other nongovernmental sources. The Trustees bave examined the charity's requirements for reserves considering the main risks to the organisation and established a fornial policy which stipulates thai free reserves be maintained at a level which ensures thal the charity's core activity could continue during a period of unforeseen difficulty. Free reserves are defined by the Trustees as unrestricted income funds freely available for use as the charity so deternlines and thereby excludes any funds committed, invested in tangible fixed assels held by the charity and restricted or designated fLmds. It is the policy of the charity that unrestricted fvnds which have not been designated for a specific use should be maintained at a level equivalent to a minimum to three month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue tbe charity's Current activities while consideration is Ven to ways in which additional funds may be raised. Based on the year ended 31 March 2024 projeetPAI expenditure (excluding depreciation and non-recurring costs) of £425K, the target level of designated reserves is £150K. Free reserves of the charity as at 3 1st March 2024 are £325K of which £150K has already been designated to reserves. The Trnstees are pleas¢d to confllm that the charity is compliant with its reserves policy. The Trustees continue to strive to maintain a general level of reserves in accordance with their policy so that they will be able to continue the current activities of the charity. 11
FIRST STEPS WOMEN'S CENTRE Reference and administrative detail$ Registered Office; 21a William Street, Dungannon, Co Tyrone, BT70 1 DX. Our advisers Auditor; E A Grimley & Co Limited,16 Clonoe Village Business Park, 98 Washingbay Road, Clonoe Dungannon, Co Tyrone, BT714PU Danske Bank Limited, Markei Square, Dungannon, Co Tyrone P Haugh¢y, William Street, Dungannon, Co Tyrone BT70 1 DX Bankers. Solicitors; Key management persoDnel First Slep8 Women's Centre: Trustees, and Directors Directors And trustees The directors of the charitable company (the charity) are its trustees for the Purpo of charity law. Tbe tNstees and officers serving during the year and since the year end were as follows: Chair: Treasurer Maria McGilly Nicola Quinn Paula srnh Wendy Wigton Eleanor McGilly Marli Wilson Siobhan Wallace Katalin Hajdu Edel Cunningham Maria Campbell CILristine Davidson Svitlana Sukar resigned resigned resigned appointed appointed appointed 22 November 2023 22 November 2023 23 April 2024 23 April 2024 23 April 2024 23 April 2024 Key management personnel: Senior managers of First Steps Women's Centre. Chief Executive Officer: Michael McGoldrick Structure, Governance And Management Governing Doeumellt First Steps Women's Centre is a Company Limited by Guarantee governed by its Memorandum and Articles of Association updated on 6 October 2021. It is a registered charity with the Clwity Commission Northern Ireland. The registration number is NIC 101202. The charity was registered as a charity under the Co4)oration Taxes Act 1988, registration number XR 27582. First 12
FIRST STEPS WOMEN'S CENTRE Steps Women's Centre is registered with the Financial Conduct Authority. The registration number in FRN:618755. AppolDtment of trustees As set out in the Articles of Association the maximum Board members shall be l O and the minimum number 5. One third of the members shall be co-opted by way of public advertisernent. A]1 members are circulated with invitations to nominate trustees prior to the AGM advising them of the retiring trustees and requesting nominations for the AGM. When considering CO*OPting trustees. the Board has regard to the requirement for any specialist skills needed. Trustee induction and training New trustees undergo an orientation session to brief them on: their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and inforn] them of the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and receni financial perfonnance of the charity. Any person wishing to become a board member must apply in writing for approval by the Trustees. It is a requirement that ihe board members attend an induction process covering good governance. During the induction they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Organisation The board of trustees, which can have up to l O members. athninisters the charity, The charity is managed by the Trustee Board, which meets at least 6 times per year. The charity CEO liaises between meetings with the Chair and Treasurer to ensure the smooth running of the organisation. To facilitate effective operdtions, the CEO has delegated authority, within ternis of delegation approved by the trustees, for operational matters including finance, ernploent. Related parties and eo-operatlon wltb otber organisations None of our trustees receive remuneration or other benefii from their work with the chaTity. Any connection between a trustee and senior manager of the charity with a funder must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no'such related party transactions were reported. Pay policy for senior staff The rates of pay are in line with the NJC scale. 13
FIRST STEPS WOMEN'S CENTRE Risk management The trnstees have a risk management strategy which comprises: an annual review of the principal risks and uncertainties that the charity may face the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. This work has identified that financial sustainability is the major fmancial risk for the charity. . A key element in the .management of fancial risk is a regular review of available liquid funds to settle debts as they fall due, regular liaison with the CEO to ensure sufficient working capital by the centre. Attention bas also been focussed on non-financial risks arising from fire, health and saf¢ty staff, volunteers and clients. These risks are managed by ensuring accreditation is up to date, having robust policies and procedures in place and regular awareness training for staff working in these operational areas. Truslees, responsibilities in relation to the financial statements The Charity trustees (who are also the directors of the First Steps Women's C¢ntre for the puOSe$ of company law) are responsible for preparing the trustees, annual report and fjnancial statements in accordance with applicable law and United Kingdom Accounting Standards (Unitcd Kingdom Generally Accepted Accounting Practice). Company law. requires the charity trustces to prepare financial statements for each year which give a Irue and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing the financial statements, the trustees are required to: select suitable accountiDg poli¢ies and then apply them consistently; observe the methods and principles in the Charities SORP, make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed, subject to any ,material departures disclosed and explained in the fmancial statements; and prepare the fanCIal statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that disclose witb reasonable accuracy at any time the financial position of the charitablc company and to cnablc them to ensure that the financial stat¢ments comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the Maintenance and integrity of the corporate and fmancial inforniation included on the charitable company's website. 14
FIRST STEPS WOMEN'S CENTRE Statement As to disclosure to our auditors In so far as the trustees are aware at the time of approving our trustees, annual report. there is no relevant infornjation of which the charitable company's auditor is unaware, and the tntees, having made enquiries of fellow directors have eacb taken all steps that belshe is obliged to take as a director in order to make ihemselves aware of any relevant audit inforniation and to establish that the auditor is aware of that infonnation. Auditors E A Grindey & Co are deemed io be reappointed in accordance with section 487(2) of the Companies Act 2006. This report was approved by the board of trustees and signed on its behalf by the chairperson Maria McGillyg {Cbairperson) Dated: 16 October 2024 15
FIRST STEPS WOMEN.'S CENTRE Independent Auditor's report to the n)embers of First Steps Women's Cenlre Opinion on financial statements We have audited the financial slatements of First Steps Women's Centre (the 'charity') for the year ended 31 March 2024 which comprise the statement of Financial Activities, statement of fllwlcial position, and related notes including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The FinancialReporting Siandardapplicable in the UK and Republic ofIreland (United Kingdom Generally Accepted Accounting Practice). In my opinion the financial ststements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 Practicc; have been prepared in accordance with the requirements of the Companies Act 2006, Ba$ls for opSDlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts seclion of our report. We are independent of the charity in accordance with ethical requirements that are relevant to our audit of the accounts in the UK, includlng the FRC'S Ethical Standard, in the circumstances set out in note 22 to the financial statements, and we have fulfilled our ethical responsibilities in accordance with these requirements, We believe that the audil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. CoDclu51ons relatlDg to going concern In auditing the fmancial statements, we have concluded that the Trustees, use of the going concern basis of accounling in the preparation of the fmancial statements is appropriate. Based on the work we have performed, we have not identified any rnaterial uncertainties relating to events or conditions that individually or collectively, may cast significant doubt on thc charity's ability to continue as a going concern for a period of at least twelve months from when the financial $tat¢ments are authorised for issue. Our responsibilities and the responsibilities of tbe Trustees with respect to going concern are sections of tkn's report. Other Infornjatlon The other inforn]ation comprises the inforn]ation included in the annual report. other tban the accounts and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other inforntIon and, except to the extent otherwise explicitly statcd in our report, we do not express any forn) of assurance conclusion thereon. Our responsibility is to read the other inforniation and, in doing so, consider whether the other inforniation is materially inconsistent with the accounts or our knowledge obtained in tbe audit or otherwise appears to be materially misslated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennine whether there is a material misstatement in the accounts or a material misstatement of the other inforniation. If, based on the work we have 16
FIRST STEPS WOMEN'S CENTRE Independent Auditor's Report (Continued) perfonned, we conclude that there is a material misstatement of this otber infornation, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescrlbed by the CompaDies Act 2006 tn our Opinio bascd on the work undcrtaken in tbe course of our audit: the infonnation given in the Trustees, report for the financial period for which the accounts are prepared is consistent with the accounts, and the Truste¢s' Report has been Prepared in accordance with applicable legal requirements. Matters on wbitb we are requlred to report by exception ihe light of the knowledge and understanding of the Trustees and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept, or returns adequate for my audit have not been received from branches not visited by us; or the fanCIal statements are not in agreement witb the accounting records and the returns; or certain disclosures of directors, remuneration specified by law are not made. or we have not received all the infonnation and explanations I require for our audit. the Trustees were not entitled to prepare the fmancial stat¢ments in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a strategic report.. Responslbfillties of Trustees As explained more fully in the Statement of Trustees. Responsibilities. the Trustees, who are also directors of the charity for ihc purposes of company law, are responsible for the preparation of the fanCIal staternents and for being satisfied that they give a true and fakr view. and for such internal control as the directors determinc nccessary to enable the preparation of accounts that are free from material misstalement, whether due to fraud or error. In preparing the financial slatements, the Trustees are responsible for assessing the charity's ability to continue as a going concern,.disclosing as applicable, rnatters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cse operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the finrdncial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance b'ut is not a guarantee that an audit conducted in accordance with 17
FIRST STEPS WOMEN'S CENTRE Independent Auditor's Report (Continued) ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecling irregularities, including fraud. is detailed below. Extent to wbich the audit was eonsidered capable of detecting irregularities, including fraud The objectives of our audit in respecl of fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and delection of fraud rests with both management and those charged with governance of the charitsble company. Based on our understanding of the charitable company and its operating environment, we detern]ined that the most significant frameworks which have a direct impact on the preparation of the financial statements are those related to the reporting framework, (FRS 102, the Charities Aci (Northern treland) 2008, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, the Chariiy SORP and the Companies Act 2006). Additionally, we concluded that tbere are significant laws and regulations in relation to the company's charitable status and aclivities of which non-compliance may have a material effect on the fmancial statements. We assessed the susceptibility of the charitable company's financial slatements to material misstatement, including how fraud might occur, including evaluating management's incentives and opportunities to manage earnings or influence the reported results. From the results of our assessment, we deterniined that the principal risks of fraud relale to posting inappropriate journal entries and use of charity funds for purposes outside of restriclions imposed by the donor. In common with all audits under ISAS (UK), we are required to perforni specific procedures to respond to the risk of management overrid¢. Audit response to ri$k$ identified As part of an audit in accordance wilh ISAS (UK) we eX¢Ise professional judgem¢nt and maintain professional scepticism throughout the audit. Audit procedures perforn]ed by the engagemeDt tearn included: We obtained an understandin8 of the charitable company's inlernal control systems in order to design audit procedures that are appropriate in the circumstances, bul not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. We obtained an understanding of how the charitable company complies with relevant laws and regulations, including those as a result of its regislration with the Charity Comrnission for Northern Ireland and charitable status with HM Revenue & Customs , by making enquiries of management and those charged with governance. Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claitns. Enquiry of entity staff to identify any instances of non-compliance with laws and regulations. Perforniing analytical procedures to identify any unusual or unexpected relationships thal may indicate risks of material misstatement due to fraud Reviewing minutes of meetings of those charged with governance 18
FIRST STEPS WOMEN'S CENTRE Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. We test the compl¢teness of income to address th¢ risk of fraud in relation to revenue recognition Auditing the risk of management override of controls, including through tesling journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions that are unusual or outside the nonnal course of business. Auditing the risk of use of charity funds outside of restrictions imposed by the donor by review of funding letters of offer to identify restrictions, and review of fLU]ding claims prepared by management to check compliance with restrictions. We communicated relevant laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations tlwoughout the audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from eOr. as fraud may involve deliberate concealment through collusion. forgery. intentional omissions, misrepresentations or the override of internal control. A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council's website at.. htt :/lwww.frc.or .uk/auditorsres onsibilites. This description forn)s part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 (Section 495) of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the charitsbl¢ company's m¢mb¢rs those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent pern]itted by law, we do nol accept or assume responsibility to anyone other than the charitable company and its members as a bodyi for our audit work, for this report, or for the opinions we have forn]ed. Ethna Griml (Senior St tutory Auditor) for and on behalf of E A Grimley & Co Limited Dated 16th October 2024 Cbartered Accountants and Statutory Auditor 16 Clonoe Village Park 98 Washingbay Road. Clonoe, Dungannon, Co. Tyrone, BT714PU 19
FIRST STEPS WOMEN'S CENTRE Statement of Financial Activities (including income and expenditure account) for year ending 31 March 2024 2024 2023 Unrestricted Restricted Funds Funds Total Funds Total Funds Notes Income: Acliviliesfor generalingftsnds Donations and Legacies 11.550 11,550 14,502 Incomefrom charitable activities.. Grant Income 394,013 394,013 515,841 Capital Grants 1,947 Inveslmenl income 982 982 1,022 Totldl lllcome 394 013 533 312 Expenditure Expendilure on charitable activities.. Expenditure 443,179 443,179 560,229 Total expendlture 443 179 443 179 560 229 Net IDCODJel{expendlture) and net movemeDt in funds for the year 12,532 (49,166) {36,634) (26,916) Transfer between Funds (3.777) 3.777 Reconclliation of funds Total Funds brought forward 324 073 332 828 415,291 369 902 739 364 702 730 766,280 Total funds Carried forward The stat¢ment of financial activities includes all gains and losses recognised in the year. JI income and expenditure derive from continuing activities. The notes on pAge$ 22 to 34 fom an iDtegral part of th¢se fillancial statements 20
FIRST STEPS WOMEN?S CENTRE Statement of Financial Position (balance sheet) a$ at 31 March 2024 3110312024 3110312023 Notes 12 Flxed Assets 319.673 349,454 Current Assets Grant Income Receivable. Prepayments Bank 13 75,055 2.910 312,688 45,359 5,401 344,427 TotAI Current Assets 390.653 395,187 Current LSabllltles Credit Card Other wages Costs Accruals 14 221 546 6.828 1,505 3,772 Total Current Liabilitles 7.595 5,277 Net Current Assets (CA CL) Net Assets 383 058 702 731 389 909 739,363 Represented BY Restricted Funds Designated Funds Unrestricted Funds 16 15 15 369,902 150,000 182,828 415,291 150,000 174,073 702,730 739,363 These accounts are prepared in accordance with the spe'cial provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies A¢t 2006 and are for circulation to members of ihe company. The financial statements were approved by the trustees on 16 October 2024 and SI]ed on its behalf: Maria McGilly, Chairperson CompaDy Numb 69 The Dotes OD pages 22 to 34 forni an integral part of these fillAncial statements 21
FIRST STEPS WOMEN'S CENTRE Notes to the Financial Statements For the Year Ended 31 March 2024 Accounting Policies Charity Information First Steps Women's Centre is a private company lirnited by guarantee incoryorated in Northern Ireland. The registered office is 21 a Willian) Street, Dungannon. Co TyTone, BT70 1 DX. The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statanents are as follows: a) Basls of preparation The financial stalements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of. Ireland (FRS 102} (effective l January 2015) - (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity meets the definition of a public benefit entity under FRS I02. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). The charity has taken advantage of tbe provision of SORP for charities applying FRS 102 Update Bulleting I not to prepare a Stat¢m¢nt of Cash flows. The accounts are prepared in sterling, which is the functional eurrency of the charity. Monetary amounts in these fu]ancial statements are rounded to the nearest £. b) Preparatlon of tbe accounts on a going concern basis. The number of using the charity is increasing year on year but the uncertainty surrounding funding is a significant area of financial uncertainty ihat will invariably impact upon the services that we can offer. The trustees have mitigated these risks by continually challenging decisions made at government level to ensure that the impact of provisions of services is minirnal. The tnistees are of the view that measures have been taken subsequenl to the year-end to ensure continuous funding for the immediate future of the Centre for the next 12 to 18 months and that on this basis the charity is a going concern. c) Income Income is recognised when the charity has entitlement to the fvnds, any perforniance conditions attached to the item(s) of income have been met. it is probable that the income will be received and the amount can be measured reliably. 22
FIRST STEPS WOMEN'S CENTRE Notes to the Finaneial Statements For the Year Ended 31 March 2024 (continued) Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised whcn the charity bas entitlement to the funds, any perforniance conditions is attached to the t$ have been met, it is probable tbat the income will be received and the amount can be measured reliably and is not deferred. d) Donated services and facilities Donated professional services and donated facilities are recognised as income when the charity has Control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from tbe use by the charity of the itern is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time spent within the charity is not recognised and refer to th¢ trust¢¢s' annual report for more inforn]ation about their contribution. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market: a corresponding amount is then recognised in expenditure in the period of receipt. e) Interest receivable Interest on fimds held on deposit is included when receivable and the amount can be measured reliably by tbe cbarity; this is nornially upon notification of tbe interest paid or payable by the Bank. D Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are to be solely used for particular areas of th¢ Charity's work or for specific projects being undertaken by the Charity. g) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: •• Expenditure on charitable activities includes th¢ costs of Education, Childcare, Advice, Transport and representation undertaken to further the purposes of the charity and their associated support costs. 23
FIRST STEPS WOMEN'S CENTRE Notes to the Financial Statements For the Year Ended 31 March 2024 (continued) • • Other expenditure r¢pr¢sents those items not falling into any other heading. The clwity is not registered for Vat. tyrecoverable VAT is charged as a cost against the activity for which ihe expenditure was incurred. h) Allocation of support Costs Support costs are those functions that assist the work of the charity but do noi directly undertake charitable activities. Support costs include back-office costs. funCe, persoDnel, payroll and governance costs which support the Centre's programmes and activities. The bases on which support costs have been allocated are set out in note 7. i) Operating leases The chariiy classifies the lease of printing, as operating leases; the title to the equipment remains with the Jessor and the equipment is replaced every 5 years whilst the economic life of such equipment is norn]ally 5 years. Rental charges are charged on a straight-line basis over the temi of the leas¢. J) Depreciation Tangible fixed assets Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their estimated useful exonomic lives as follows: Asset Category Building Adaptations Fixtures and fittings and Equipment Compulers ADDual rvjte 50/0 Straight Line 200/0 Reducing Balance 330/0 Straight Line k) Debtors Funding due and other debtors are recognised at tbe settlement amount due. Prepayments are valued at the amount prepaid net of any trade discounts due. l) Casb at bank and in hand Cash at bank and cash in hand includes cash and short terni highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of tbe deposit or similar account. ) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in th¢ transfer of funds to a third party and the amount due to settle the obligation can b¢ measured or estimated Teliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any trade discounts due. 24
FIRST STEPS WOMEN'S CENTRE Notes to the Financial Statements For the Year Ended 31 March 2024 (Continued) n) Pensions Employees of the charity are entitled to join the Workers Pension Trust Scheme which is fvnded by contributions for employee and employer. Employees are automatically enrolled into the pension scheme unless they have exercised their right to opt out of scb¢me mcmbership. Employers Pension contribution represented 30/0 of pensionable pay and employee's contribution of 5 % of pensionable pay. The trustees are satisfied that any foreseeable change in employer's contributions can be budgeted for without detriment to the ¢haTity'S ongoing activities. o) Financial instruments The trust only has financial assets and fmancial liabilities of a kind that qualify as basic financial instruments. Basic financial instrnments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the ¢ffcctivc interest method. Legal status of the Trust The organisation is a company limiteAI by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £ I per member of th¢ charity. Donatlons And Fundralslng Income from donations and legacies 2024 2023 Donations Online Donations Gift Aid Rental Activity TOTAL 8,553 25 1,572 8,764 1,233 The Centre benefits greatly from tbe involvement and enthusiastic support of its volunteers and supporters. In accordance wltb FRS 102 and the Charltles SORP (FRS 102), the ecoDomic contribution of general volunteers is not recognised in tbe accounts. 25
FIRST STEPS WOMEN'S CENTRE Notes to the Financial Statements For the Year Ended 31 March 2024 (continued) Income from Charitable actlvlties Grant Income Restricted UDrestricted TOTAL TOTAL 3110312024 3110312023 European Social Fund / Department for Economy 271,472 Department for Communities - CIF 59.271 59,271 38,903 Department for Communities - WCCF Mid Ulster District Council -strategic Community Development Grant 38,189 38,189 37,051 7,000 7.000 11,814 The Pathway Fund 15,000 15,000 15.000 , TEO (MEDF) 41.223 41,223 40,373 Dfc - Prq) for Work 2.789 clearsc 5.669 TESCO (Ground Works) 1,125 CIF - Non match Funding.. Department for Communities 26,993 Garfield Weston Foundation 30,000 Charities Aid Foundation (CAF) 2,500 2,500 2,250 The 29th May 1961 Charitable Trusl 3,000 Mid Ulster District Council - Community Development 6,100 ASDA Foundation 500 Screw Fix 4.300 DFC CIF Funding - Energy Grant Funding {22123) 1,500 The W.G Edwards Charitable Foundation 1,520 Choice Housing 8,339 8.339 3,100 Big ttery - VERA'S Project 93,035 93,035 Apex Housing 4.380 B&Q Neighbourly 3.000 26
FIRST STEPS WOMEN'S CENTRE Notes to the Financial Statements For the Year Ended 31 March 2024 (continued) The Edward Gostling Foundation 5,000 MUC Donations 100 100 UKPF - Lev¢lliDg Up - REAP Project 106,899 106.899 The Halifax Foundation 5.000 5,000 The Openwork Foundation 15,000 15,000 STEP - Accounts Receivable 240 240 BREATHE DONATION CETruRION MINGT L 93 93 SWC - Accounts Receivable 424 424 DUNBL4 UK 200 200 DFC - Cost of Living Intervention 23124 394,013 394 013 515 841 Restrleted Funds Restricted Funds Income Allocated to C8pit21 Grants 2024 2023 DOH - HSC - Childcare Partnership 1.947 Investment income All of the investment income of aris¢s from money held in interest bearing deposit accounts. 27
FIRST STEPS WOMEN'S CENTRE Notes to the Financlal Statements For the Year Ended 31 March 2024 (continued) Analysis of expenditure on charitable activities Expenditure on charitAble activities: 3110312024 3110312023 Wages and salaries Redundancy Payment . Staff T&S XpenSeS Staff training and recruitment Facilitation & Events 204,997 204,997 280,963 54,390 1,782 1,582 1.782 3,732 1,582 2,959 3,299 3,299 4,162 Tutor Costs and Exam Fees 60,020 1,419 60,020 45,932 Participant Travel Participant Training & Course Materials 1,419 1,391 372 372 371 Volunteer Expenses Refunds 1,307 319 1,307 1,040 319 Int¢Jpreter Services Rent and Rates 40 16,047 16,047 15,971 Light and heat T¢lepbone Printing, postage and stationery IT support Motor expenses 10,297 10,297 14,159 3,545 3,545 2,920 2,966 3,895 3,895 7,379 7,379 3,787 306 306 1,568 Repairs and maintenance 7,973 7,973 9,063 Insurance 5,925 5,925 4,826 Small Equipment Purchase Creche Equipment Professional Fees 5,898 5,898 643 1,986 1,986 2,478 870 870 Subscriptions Accreditation Fees Application Health and Safety Donations to other Charities 85 85 346 750 24 24 124 550 550 987 Emergency Assistance 1,230 1,230 2.780 28
FIRST STEPS WOMEN'S CENTRE Notes to the Financial Statements For the Year Ended 31 March 2024 (continued) Misc Expenses 1,077 1,077 1,493 Advertising Participant comfort expenses Counselling Depreciation of tangible assets Support Costs - Note 7 2,162 2,162 2,300 920 1,322 1,322 1,854 I,854 29,782 29,782 31,762 Total Expenses 443,179 443,179 560229 Restricted Expenditure on charitable aclivities for 2024 £588.333 (2023 £560,229). Analysis of governance and support cost Current Year 2023 General support Governance Total Total Salaries - SC Audit fees Legal Fees Bank Charges 57,688 57.688 3.300 4,690 199 56,874 3,148 5,195 188 65,404 3,300 4.690 199 3,300 Net Income/(expendlture) for the yeAr 2024 2023 This Is staled after charging: Dq)reciation of tangible assets 29,782 3,300 31,762 Auditors, remuneration 3.148 29
FIRST STEPS WOMEN'S CENTRE Notes to the Financial Statements For the Year Ended 31 March 2024 (continued) Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel 2024 2023 Salaries and wages Social securily Costs Employer Allowance Pension costs 246,28 18,928 -5,000 369,180 24,721 5,000 262,685 392,605 No employees had employee benefits in excess of £60,000 (2023: nil). The charity trustees were not paid or received any other benefits from employment with the Trust in the year (2023: £nil) neither were they reimbursed expenses during the year (2023: £nil). No Charity trustee received payment for professional or other services supplied to the charity (2023: £nil). Staff Numbers The average montbly head count and the average monthly number of full-time equivalent employees (including casual aDd part-time staffj during the year were as follows: 2024 2023 Number Education Gov¢rnance/Support 12 15 14 17 10 Government Grants Income from government grants comprises perfonnance related antS made by local authorities to fund the Educational programmes. I I Corporation Taxatio The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 30
FIRST. STEPS WOMEN'S CENTRE Notes to the Financial Statements For the Year Ended 31 March 2024 (continued) 12 Tanglble red assets Leasehold Property Plant and Equipment Motor Vehicles Total Cost: As at l April 2023 As at 31 March 2024 458 092 458 092 147 691 147 691 638 565 638 565 Depreciation: As al l April 2023 Charge for the year As at 31 March 2024 144,015 122,677 6,254 128 931 22,419 2,591 289,111 318892 Net book value As at 31 March 2024. 293 140 319 673 As at 31 March 2023 314077 349 454 13 Debtors 2024 2023 European Social Fund / Department for Economy DFC - CIF & WCCF DFC CIF Funding Department for Communities WCCF Funding TEO (MEDF) Clear Project IHSC UKPF - Levelling Up - REAP Project Choice Housing SWC - Accounts Receivable Dtr HWSB Mid Ulster District Council Prepayinents 22,693 3.143 524 7,025 24.776 1,171 10.172 1,718 39,720 2,770 240 600 230 5,632 77,965 50,760 14 Creditors: amounts falling due Trvithln one year 2024 2023 Credit Card Other wages Costs Accruals 221 546 6,828 7,595 1,505 3772 5,277 A floating Charge dated 281612010 was created by the organisation for securing all monies due to or becoming due to the organisation to Dankse Bank Ltd. 31
FIRST STEPS WOMEN'S CENTRE Iyotes to the Financial Statements For the Year Ended 31 March 2024 (contlnued) 15 Analysis of eharitable funds Balance Asat 01 April 2023 Funds Asat 31 Marcb 2024 Incoming resourees Resources expended Transfers GeneTal fund 174,073 12,532 (3,777) 182,828 Designated Retained Reserves 150,000 150000 Total 324,073 12,532 3,777 332,828 General fund The 'free Teserves, after allowing for all designated funds. Deslgnated Retained Reserves Designated nd to cover 4 months operational costs in the event of shortfall on fimding. 16 Analysis of movements in restricted fund BalaD¢e Ol Aprll 2023 Funds Incoming Resources re$ourees expended Transfers 31 Marcb 2024 Education Total 415 291 394013 394,013 443 179 369 902 415 291 443 179 369 902 Description, nature and purposes of the fund Education To provide professional and personal development tbrough education and training. Assets Property a$$ets fund The value of unrestricted funds represented by the tangible fixed assets owned and used by the charity on an on- going basis for educational activities. 32
FIRST STEPS WOMEN'S CENTRE Notes to the Financial Statements For the Year Ended 31 March 2U24 (continued) 3110312024 3110312023 Income Garfield Weston F4)undation The Edward Gostling Foundation TESCO (Ground Works) Charities Aid Foundation (CAF) Choice Housing The Openwork Foundation BREATHE DONATION CENTURION MINGT L SWC - Accounts Receivable DUNBIA UK 33,785 5.000 60,000 5.000 1,125 1,270 3,613 5,844 93 424 200 Restricted Revenue Income 50,229 66,125 CY4Pital Fixed Assets 319 673 319,673 349,454 349,454 Total Restricted income 369 902 415 579 17 Analysis of net assets between funds General Designated Fund Funds Restricted Funds Total Tangible fixed assets Cash at bank and in hand 319,673 319,673 390,653 7,595 183.596 766 150,000 57,057 6,828 Other net current assets/(liabilities) Creditors of more than one y¢ar Total 702 731 182,829 150 000 369 902 18 ContingeDt Liabilities There is a contingent liability to repay grants received under the terms of their associated letters of offer if the charity fails to achieve and maintain specified conditions. In the opinion of the trustees the ternjs of these letters of offer have been complied with in full and no loss is expected. The Comrnunity Foundation For Northern Ireland has a charge over tbe property 21 A William Street, Dungannon, Co TyTone, Folio TY 106537L. In the opinion of the trustees no grant is due to be repaid. 33
FIRST STEPS WOMEN'S CENTRE Notes to the Financial Statements For the Year Ended 31 March 2024 (continued) 19 Capital Commitments A refurbishment completed in 2018. The project was ant fvnded by The Community Foundation for Northern Ireland. The organisation bas agreed a 20-year terni lease. Rent will be paid on an annual basis. 20 Related Party transactioDS and ultimate controlling party The tnistees are the deemed controlling party due to their position within the company.. 21 Audilors, ethical Standards In common with many organisations of its size and nature. the charity uses its auditors lo assist with the compilation of the statutory financial statements. 34