Springboard Opportunities Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total fijnds Note Income and endowments Donations and legacies Charitable activities Investment income 2.600 1.100.520 121,670 1,084 935.026 1,056.696 1.084 Total income 122,754 935,026 1,057,780 1,103,124 Expenditure Expenditure on charitable activities Total expenditure 100,001 984,541 1.084,542 1,157,757 100.001 984,541 1,084,542 1,157,757 Net expenditure 22.753 149.515) 126.762) (54.6331 Transfers beeen funds 34,595 134,595) Net movement in funds 57.348 184.110) 126,762) (54,8331 Re¢on¢iliation of funds Total funds broughl forward Total funds carried forward 600,254 198.030 798,284 852,917 657,602 113.920 771,522 798,284 The statement of financial activities includes all gains and losses recogni5ed in the year. All income and expendrf(ure derive from continuing activities. Tha notes on pages 21 to 32 fomi part of thgso financial ststemgnts. 18
Springboard Opportunities Limited Company Limited by Guarantee statement of Financial Position 31 March 2024 2024 2023 Fixed assets Tangible fixed assets 14 3,498 3,698 Current assets Debtors Investments Cash at bank and in hand 15 16 141,556 326,683 689,731 575.159 831,288 901.843 Creditors: amounts falllng due within one year Net current assets 17 63.264 107,257 768,024 794,586 Total assets less current liabilities 771.522 798,284 Net assets 771,522 798.284 Funds of the Charity Restricted funds Unreslricled funds 113,920 657.602 198,030 600,254 Totsl charity funds 20 771,522 798,284 These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 16 October 2024, and are signed on behalf of the board by.. J Redpath Trustee The not95 on pages 21 to 32 forni part of thpse financial $tstsments. 19
Springboard Opportunities Limited Company Limited by Guarantee statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flow from operating activities Net expenditure {26.7621 (54,6331 Adjustments for.. Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued income 2,238 2,630 11.0841 141 2.242 1,424 162,011) 1117.9411 Changes in.. Trade and other debtors Trade and other cdItorS 185.127 18,018 117,768 267,944 20.429 Cash generated from operations 119.849 Interest paid Interest received {2,2421 1,084 11,4241 Net cash from operating activities 116,610 118.429 Cash flows from investing activities Purchase of langible assets PrOedS from sale oftangible assets Nel cash used in investing activities {2.9571 919 14.3751 (2,0381 14.3751 Net increase In cash and Cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 114,572 575,159 114.054 461,105 689,731 575,159 The notes on pages 21 to 32 form part of these financial statements. 20
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered offi is Lourene House. 112 - 114 Donegall St, Belfast, BT12GX. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Report"ng Standard applicable in the UK and the Republic of Irèland,. the Statement of Recommended Practice applicable to charities preparing their accounts in accordanc? with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparatlon The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the fvnctional currency of Ihe entity. Going concern There are no material uncertainties about the charitys ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements.esb'mates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Forelgn currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary a55ets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date. with any gains or losses being taken to the statement of ff nancial activities. 21
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Ststements icontlnued) Year ended 31 March 2024 A¢¢ounting policies {eontinued) Fund accounting Unrestricted funds are available for use at the discretion of the Irustees to further any of the charity's purposes. Designated fund5 are unrestricted funds eamiarked by the trustees for particular fvture project or commitment. Restricted funds are subjected to restrictions on their expenditure dèclared by the donor or through the temis of an appeal. and fall into one of I0 sub-classes.. restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following speafic policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidenTr of entitlement to the gift. receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entidement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted seNice. This is classified as unrestricted funds unless there is a contractual requirement for it lo be spent on a particular purpose and rètumed if unspent, in which case it may be regarded as restricted. 22
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements Icontlnued) Year ended 31 March 2024 Accounting policies (conlinuedj Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the ststement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising actiwties, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that fijrther its charitable aims for the benefit of its beneficiaries, including those support cost5 and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resour. Direct costs attributable to a single activity are allocated direcuy to that activity. Shared costs are apporb.oned beeen the activities they contribute lo on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently staled at cost less any accumulated depreciation and impairment losses Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation. is recognised in other recognised gain5 and losse5. unless it reverses a charge for impaim)ent that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation. is recognised in other recognised gains and105ses, except lo which it offsets any previous revaluab'on gain, in which case the loss is shown within other recognised gains and105ses on the statement of financial actNities. Depreciation Depreciation is calculated so as to write off the cost or valuab.on of an as5&t. less its residual value, over the useful economic life of that asset as follows.. Fixtures and fittings Equipment 15Yo reducing balance 330/0 Straight line Impainnent of fixed assets A VIeW for indicators of impaimient Is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 23
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements fcontinuedj Year ended 31 March 2024 Accounting policies (continued) lrnpainnent of fixed assets {coniinued) For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is rnade of the cOVerable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is Ihe smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill. the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity a assigned to those units. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related Servi is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refvnd. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee Each of the members of the company has guaranteed to contribute to the assets of the company in the event of the same being wound up to the extent of £1. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donatlons Donations and in-kind 2.600 2,600 24
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2024 Charitsble activities Unrestricted Funds Restricted Total Funds Funds 2024 Belfast City Council European Social Fundl Dept for the Economy Keltbray Group Spirit of 2012 Trust- Our Lives, Our Legacy Ulster Garden Villages Limited The Executive Office - Fusion+ IFI PYDP - Directions Other Income Nl Housing Executive NI CRC IFI PYDP- Greater Shankill Partnership - Wa112Wall Department of Health- M Spa DLUHC- Youth Action National Lottery Dormant Account Department for the Economy.. Headstart Belfast City Council - Bridges to Progression Belfast Charitable Society Catch 22 - TikTok CFNI - Leadership in Action IFI - Beyond25 59.900 59.900 85,177 80,713 85,177 80,713 2,803 4,890 33,887 36,288 2,803 4.890 33,887 36.288 222.178 222,178 24,980 421,297 13,723 24,980 421.297 13.723 60,000 60,000 1,972 8,888 1.972 8.888 121,670 935.026 1.056,696
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Charitable activities fcontinuedj Unrestricted Funds Restricted Total Funds Funds 2023 Belfast City Council European Soaal Fundl Dept for the Economy Kellbray Group Spirit of 2012 Trust- Our LNes, Our Legacy Ulster Garden Villages Limited The Executive offi - Fusion+ IFI PYDP - Directions Other Income Nl Housing Executive NI CRC IFI PYDP - Greater Shankill Partnership - Wa112Wall Department of Health - M Space DLUHC- Youth Action National Lottery Dormant Account Department for the Economy.. Headstart Belfast City Council - Bridges lo Progression Belfast Charitable Society Catch 22 - TikTok CFNI - Leadership in Action IFI - Beyond25 37.494 259.643 2,500 37,494 259,643 2,500 20.000 81.554 65,694 20.000 81,554 65,694 911 911 51,978 51.978 49,924 35.552 49,960 422,993 12.317 49,924 35,552 49,960 422,993 12.317 10.000 10.000 10.911 1.089.609 1.100.520 Investmont income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank Interest ReiVed 1,084 1,084 Expenditure on charitable activities by activity type Activities undertaken directly Support cosls Total funds 2024 Total fvnd 2023 Promotion and provision of opportunities Governance costs 894.768 163,696 26,078 1,058,464 26,078 1,131,937 25,820 894,768 189,774 1,084,542 1.157,757 26
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements (eominuedj Year ended 31 March 2024 Promotion and provision of opportunities Analysis of Support Costs Total 2024 Total 2023 Staff costs Premises Communications and IT General office Governance costs 65.559 50,604 21,245 26,288 26,078 65,559 50,604 21,245 26,288 26.078 80.916 47,496 22.151 28.767 25.820 189,774 189,774 205.150 10. Net expenditure Net expenditure is stated after chargingllcrediting)= 2024 2023 Depreciation of tangible fixed assets Foreign exchange differences 2.238 397 2.630 6,839 11. AuditoryJ remuneration 2024 2023 Fees payable for the audit of the financial statements 6,720 6,396 12. Staff ¢osts The total staff costs and employee benefit5 for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 608,241 50,053 12,163 696,386 63,520 14,413 670,457 774,319 The average head count of employees during the year was 2412023.. 26). The average number of fvll-time equivalent employees during the year is analysed as follows.. 2024 2023 No. Stsff 24 26 No employee reiVed employee benefits of more than £80.000 during the year {2023'. Nill. Key Management Personnel 27
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 12. Staff costs fcontlnuedj Key management personnel include all persons that have authority and responsibility for planning. directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £98,362 (2023.'£104,388). 13. Trustee remuneration and expenses The charity trustees were not paid or reiVed any other benefits from employment with the Charity in the period 12023.. £Nill. They were not reimbursed travel & subsistence expenses during the period 12023.. £Nill. No charity trustee received payment for professional or other services supplies to the charity12023.' £Nill. 14. Tangible fixed assets Fixtures and fittings Equipment Total Cost At 1 April 2023 Additions Disposals At 31 March 2024 12,393 36.363 2,957 15.8991 48,756 2,957 {11,0701 40.643 (5,171) 7.222 33.421 Depreciation At 1 April 2023 Charge for the year Disposals At 31 Mar¢h 2024 9,501 851 14.252} 6.100 35,557 1,387 {5,8991 31,045 45,058 2.238 (10,1511 37.145 Carrying amount At 31 March 2024 1,122 2,376 3,498 At 31 March 2023 2,892 806 3.698 15. Debtors 2024 2023 Trade debtors Prepayments and accrued income 134.702 6.854 310.868 15.815 141.556 326.683 16. Investments 2024 2023 Other investments 28
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements f¢ontlnuedJ Year ended 31 March 2024 17. Creditors: amounts falllng due wlthin one year 2024 2023 Trade creditors Accruals and deferred income 19.116 44.148 12.539 94.718 63.264 107.257 18. Deferd income 2024 2023 At 1 April 2023 Amount leaSed to income Amount deferred in year At 31 March 2024 25,414 {25,414} 36,855 2,500 (2,5001 25,414 36,855 25,414 19. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £12,16312023'. £14,413). 20. Analysis of charitable funds Unrestricted funds At 1 April 2023 At Transfers 31 March 2024 Income Expenditure General fund5 600.254 122,754 1100.0011 34,595 657.602 At 1 April 2022 At Transfers 31 March 2023 Incom8 Expenditure General funds 634,925 13,515 157,888} 9.702 600,254 29
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements (contthuedj Year ended 31 March 2024 20. Analysis of charitable funds fcontinuedj Restricted funds At 31 March 2024 Al 1 April 2023 Income Expenditure Transfers Fourteen (Spirit of 2012 Trust) Jobworks The Executive Office - Fusion + Peace IV Euro Derry & Strabane Council NI CRC Fusion+ North West IFI - PYDP D1ctIonS Headstart Youth Start IFI PYDP- Greater Shankill Partnership - Wa112Wall Department of Health- M Spa Department of Foreign Affair5'. Reconciliation Fund -Next Gen National Lottery Dormant Fund Belfast City Council - Bridges to Progression CFNI - Leadership in Action Beyond 25 Spirit of 2012 Trust- Our Lives, Our Legacy 59.900 159.9001 11.1641 143,6571 1.164 43.657 41.521 20,929 80,713 107,470 421,297 222,178 141,521) {86,090) 15.552 (367,6971 159.9091 101.161 (243.2771 21.099 36,287 {39,0801 (61.044) {2.7931 58.545 2.499 (1621 {11,0861 162 11.086 13,723 1.972 8.888 (14,1131 (1,9721 {8,8881 390 4.890 (4,8901 1984.541) 134.595) 113,920 198.030 935.026 30
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements {¢ontlnued) Year ended 31 March 2024 20. Analysis of charitable funds {continued) At 1 April 2022 31 March 202 Income Expenditure Transfers Fourteen (Spirit of 2012 Trust) Jobworks The Executive Office - Fusion + pea IV Euro Dery & Strabane Council NI CRC Fusion+ North West IFI - PYDP Directions Headstart Youth Start IFI PYDP- Greater Shankill Partnership - Wa112Wall Department of Health - M Space Department of Foreign Affairs.. Reconciliation Fund-Next Gen National Lottery Dormant Fund Belfast City Council - Bridges to Progression CFNI - Leadership in Action Beyond 25 Spirit of 2012 Trust- Our Lives. Our Legacy 319,637 {318,491) (1,1461 40,548 (40,5481 6,396 (6,3961 (70) 70 51,978 41,006 65,694 422,993 35,552 (51.978) (40.735) 188,909) {403,9671 145,615) 1271) 44,144 88,444 11,026 20.929 107,470 (963) 49,924 49,924 141,303) 58,545 10,122 19.126) 1996) 14,402 49,960 (53,276) 11,086 12.317 112,317) 217.992 1,089.609 11,099,869) (9,7021 198,030 Transfers have taken place in the relation in relation to managemenl fees. Transfers have also tsken place in the year from unrestricted to restricted funds. 31
Springboard Opportunities Limited Company Limited by Guarantee Notes to the Financial Statements (¢ontlnuedJ Year ended 31 March 2024 21. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 3.498 680.513 126.4091 657,602 3,498 831,288 (63,264) 771,522 150.775 (36,8551 113,920 Unrestricted Funds Reslricled Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 3,698 703,813 (107,257) 600.254 3,698 901,843 1107,257) 798,284 198,030 198.030 22. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the CharItS primary objectives. 23. Ethical standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 24. Analysis of changes in net debt At Al 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand Current asset investments 575,159 114,572 689,731 575,160 114,572 689,732 25. Contingencies A conlingent liability exists to repay grants received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offer have been. or will be. complied with and no liability is expected. 26. Rolated partles There were no related party Iransaclions in the 2023124 year. 32