FIRST STEPS WOMEN'S CENTRE Report of the trusttts for the year ending 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 Accounting and Reporting by Charities: Statement of Recon]mended Practice applicable to charities preparing their account8 in accordance with the Fin2ncial Reporting St2ndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). Our purposes and activities Cbarity's Vision: COnf￿ent. Resilien6 Empowered Women . Charity's Mission: Supporting w0n￿R.5 wellbeingj personal andprofesswnal development ' Charity's Values: We value integrity, honesty and recogwse 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 eonstitution states that our objects include the: (a) Telief of unemploynent among women in such ways as may be thought fit, including assistance to find employmenL advancement of education. training or retraining and providing unemployed women with work experience: provision of Tecreational facilities for women or those who by reason of their youth, age. infmity or disablement, poverty or social and economic circumstances, have need of such facilities. preservation and protection of health of women and the provision of cbildcare. development of the capacity and skills of women in the 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, etl]nicity, age, sexual orientation, religion and disability and io encourage diversity. establishment or securing the establishment of a centrc. and to maintain and manage the same (whether alone or in ciFoperation with any local authority or other person OT body) in furtherance of these objects, and" promotion of all or any objects for the benefit of women who live in Mid Ulster (the "area of benefit") wbich now or hereafter may be deemed by law to be charitable. (b) (c) (d) (e) (o (g) (b) As an integral part of the Mid Ulster community and voluntary sector the CILarity continues to focus on the personal development of women for thc benefit of the wider community. The charity also has the general aim of contributing to the quality of life of the women in our community by expanding their horizons through the provision of exciting, Challen￿ng and accessible educational courses. FIRST STEPS WOMEN'S CENTRE In shaping our objectives for the year and planning our activities, the Irustees have considered the Charity Commissions guidance on 'Public Benefit: Running a Charity (PB2)'. The Centre relies on grant income to cover tts 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 advancen]ent of educatlOD to women in our community. offer oppornmities 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 prograDin)ing courses by. and Wit￿ tutors of different cultural backgrounds. Finaneial review The income and expenditure for the year is detailed in the xcounts. A D￿JOr fmancial concern for the Centre as with any clwity will be the ongoing fmancial sustainability from funth'ng in the years to come. The trustees are aware of the need io tnaintain free reserves, especia]ly in the current economic climate. Continual fund raising will be necessary to retain sufficient levels of reserves. We would like to acknowledge the continued support of our fLmders as referred to in note 4 in the accounts. It is important to recognise that their funding really does make an impact. It contributes to improve confidence and prepares women to become empowered. Tbe income for the year was £406K of which £394K was received as grant funding. The expenditure of £443K is expended on charitable activities. The balance of funds at 31 March 2024 was £702K of which £370K was uDrestricted income of which £150K designated fimds and £174K restricted funds. Reserves policy and Plans for the future Reserves are 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 fimds freely available for use as the charity so determines and excludes any funds committed to revenue expenditure or to be invested in tangible fixcd assels. The European Social Fund ffSF) programme in Northern Ireland ended 31 March 2023, leaving a huge funding gap in the community. There was a promise made by the UK Governmenl tbat 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 il is not a l(X) % replacement of the ESF Funding. The damage to community and voluntary infrastructure due to the loss of ESF funding (a loss of £27.3million annually within NI) is massive. By March 31, 2024, FSWC had £200k in place for the year 2024-25. This equ￿ed to 40 % of the amiual fimding. FSWC sought to identify alternative fimding from a numbeT of different sources. These included Peace Plus and the UKSPF. FSWC was fortunate to receive £259.5k over two years forni UKSPF and £485k over five year from the Lottery 10 FIRST STEPS WOMEN'S CENTRE First Steps Women's Centre receives core salary funding for 4 part titne posts from the Department for Communities, and has done for a]most 20 years, with Cu￿nt funding confirnied until March 2025. The trustees have a reasonable expectatlOD that this funding will be extended. however, they are also taking steps to mitigate the risk of non-renewal funding by seeking alternative funding sources and exploring additional ineome slreams. The trustees have also assessed the extent to which activities and expenditures may need to be Scal￿ back if necessary. Thc Iwstees, having rcvicwed the financials of the Centre. had CODsidered thal with ￿tUre reduced available resourtts the Centre would bave to consider operating on a 34ay week albeit with a potenlial 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 collununity. There was ￿nCern over potential reductions in the levels of Wellbeing, Life Skills and IT Programmes. Services such as our Creche and minibus transport. Hygiene Bank and Benefit Checking Service would also be r￿UCed 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 prnviding a nourishing environment to feel secure and. grow in confidence to enable them to integrate in our community. The importance of contributions from centres like ourselves should never be allowed to be underestimated or go unrecognised. Experience and feedback are indicators of tbe immeasurable value that FSWC has contributed to users and their families, and 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 wee FSWC will continue to seek to build up reserves and to attract funding from other nongovernmental sources. The Trustees have examined the chariws requiremenls for reserves considering the main risks to the organisation and eslablished a fonnal policy which stipulates tbat free reserves be maintained at a level which ensures that the charity's core activity could continue during a period of unforeseen difficulty. Free reserves are defmed by the Trustees as unrestricted income funds freely available for use as the charity so detern)ines and thereby excludes any funds committed. invcstcd in tangiblc fixcd assets held by thc charity and restricted or designated funds. It is the policy of the charity that unrestricted funds 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 the charity's cuml activities while consideration is given to ways in which additional funds may be raised. Based on the year ended 31 March 2024 project&1 expenditure (excluding depreciatioo and non-recurring costs) of £425K. Ihe target level of designated reserves is £150K. Free reserves of the ckwity as at 31 st March 2024 are £325K of whtch £150K has already been designated to reserves. The Trustees are pleased to confum that the charity is compliant with its reserves policy. The Trnstees 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 ckwity. li FIRST STEPS WOMEN'S CENTRE Reference and administrative details Register￿ Office: 21a William Street, DllngannO￿ Co Tyrone. BT70 IDX. Our advisers Auditor. E A Grimley & Co Limited,16 Clonoe Village Business Park 98 Washingbay Road, Clonoe Dungannon, Co TJTone, BT714PU Danske Bank Limited. Market Square. Dungannon. Co Tyrone P Haughey, William Street. DungannoD. Co Tyrone BT70 IDX Bankers. Solicitors; Key management personnel First Steps Women's Centre: Trustees, aDd Directors Directors and trustees The directors of the charitable company (the clwity) are its trustees for the purpose of clwity law. The trustees and officers serving during the year and since the year end were as follows: Chair: Treasurer Maria McGilly Nicola Quinn Paula srn￿b Wendy Wigton Eleanor McGilly Marli Wilson Siobkn Wallace Katalin Hajdu Edel Cunningham Maria Campbell Christine 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 maDagement 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 registrdtion number is NIC 101202. The clwity was registered as a charity under the Corp)ration 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. AppointmeDt 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 tbe members shall be co-opted by way of public advertisement. All members are circulatcd with invitations to nominate tnistees prior to the AGM advising them of the retiring trnstees and requesting nominations for the AGM. When considering co-opting trustees, the Board has regard to the requirement for any specialist skills needed. Trustee iDduction 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 MeMo￿ndu￿ and Articles.of Association, the committee and decision-making processes, the business plan and recent financial pcrforniance of the charity. Any person wishing to be£ome a board member must apply in writing for approval by the Trustees. It is a requirement that the boaTd rnernbers 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 undertsking of their role. Organisation The board of trnstees, which can have up to 10 members. administers the charity. The charity is managed by the Trustee Borf which meets at least 6 times per year. The charity CEO liaises between meetings with the Chair and Treasurer to ensure tbe smooth nu]ning of the organisation. To facilitate effective operations, the CEO has delegated authority, witbin tern]s of delegation approved by the trustees, for operational matters including fllwice, employinent. Related Parties and co-operation with other organisations None of our tnistees receive remuneration or other benefit from their work with the charity. Any connection between a trustee and senior manager of the charity with a funder must be disclosed to the full IK)ard of trustees in the same way as any other contractual relationsku'p with a related party. In the c￿ent 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 CENfRE Risk management The trustees have a risk management strategy which comprises". an annual review of the principal risks and uncertainties thai the charity may face the establishment of pojicies, systems and proceduies lo mitigate those risks identified in the annual review; the implementation of procedures designed to Mini￿Se or manage any potential impact on the charity should those risks materialise. This work has identified that financial sustainability is the major financial risk for the charity. A key element in the .management of fmancial 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 tbe centre. Attention has a]so been focussed on non-fmancial risks arising from fire, health and safety stsff, 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 t1￿ operational areas. Trustees, responsibilities in relatioD to tbe financial statements The charity trnstees {who arc also the directors of th¢ First Steps Women's Centre for the purposes of company law) are responsible for preparing the trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prxtice). Company law. rquires the cEwity trustees to Prepa￿ financial statements for cach year which give a true and fair view of the stste of affairs of the clwitable company and of the incoming resources and application of resources. including the income and expenditure. of the charitable conipany for that period. In preparing tbe financial ststerneDts. the tnistees are required to: select suitable accounting policies and then apply them CODSiStently" observe the methods and principles in the Charities SORP: ake judgements and estimates that are reasonable and prudent; state whether applicable UK a