North Belfast Women's I nitiative & Support Project Annual Report & Unaudited Financial Statements for year ended 28th February 2023
Ih FINANCIAL STATEMENTS 15 Jan 2024 NORTH BELFASTWOMEN'S INTIATIVE and SUPPORT PROJEcr STATEMENT OF FINANCIALAcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 28, FEBRUAR Y2023 Notes: Unrestricted funds Restricted funds Total 2023 Total 2022 Income from: Donations & Legacies Charitable activities Social Economy Total Income 277,331 277,331 6,550 283,881 228,759 14,887 243,646 6,550 6,550 277,331 enditure Raising Funds Charitable activities Support & Governance Costs Refurbishment Project Social Economy Total resources expended 220.121 18.914 220.121 18.914 194.063 23.119 239,035 239,035 217,182 Net outgoing resources 6.550 38.296 44,846 26,464 All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
FINANCIAL STATEMENTS 15" Jan 2024 NORTH BELPAST WOMEN'S INTIATIVE and SUPPORT PROJECT STA TEMENTOF FINANCIAL POSITION AS A T 28th FEBRUAR Y2023 2023 2022 Notes: Fixed Assets Fixtures & Fittings io 3.662 5,162 Current Assets Debtors and Prepayments Cash at Bank and in Hand li 5,626 92,262 49.980 Current Liabilities 12 Net current assets Total assets less current Income funds Restricted funds Unrestricted Funds in Reserve 49,855 43,827 49,855 3,070 The Trustees, acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure. for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the Company. These accounts have been prepared in actordance with the provisions applicable to companies subject to the small companies, regime. The accounts were approved by the Trustees on 14 a" Mrs B Fisher. Chairprson & Holding Trustee Mrs L Drumgoole, Chairprson & Holding Trustee
Ih FINANCIAL STATEMENTS 15 Jan 2024 NORTH BILPAST WOMIN'I IiifiATIVI and SUPPOAT PAOJfCT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28° FEBRUARY 2023 1.1 Accounting convention The accounts have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "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 IFRS 1021" las amended for accounting periods commencingfrom l January 2016). The Charity is a Public Benefit Entity as defined by FRS 102. The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin I not to prepare a Statement of Cash Flows. The accounts are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern th At 28 February 2023 the charity had a surplus of assets over liabilities of £93,682. The trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity ability to continue to adoptthe goingconcern basis of accountingfor a period of at least 12 months from the date the financial statements are authorised for issue. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subjectto specific conditions by donors asto howthey may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts. 1.4 Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it Is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 10-1 Page
Ih FINANCIAL STATEMENTS 15 Jan 2024 NORTH BILPAST WOMIN'S INTIATIVI and SUPPORT PROJICT NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28" FEBRUARY 2023 1.5 Expenditure Expenditure is recognised on an accruals basis as a liability as incurred and is apportioned to the appropriate cost centre. 1.6 Property, plant and equipment Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures. fittings and equipment 20% reducing balance The gain or10ss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/lexpenditurel for the year. 1.7 Impairment of non-current a55ets At each reporting end date, the Charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Basic financial assets include trade and other receivables and cash and bank balances. Basic financial liabilities including trade and other payables where trade payables are obligations to pay for goods or services that have been acquired on the ordinary course of operations from suppliers. 1.10 Employee benefits Where material. the cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 11-1 Page
Ih FINANCIAL STATEMENTS 15 Jan 2024 NORTH BILPAST WOMIN'I IiifiATIVI and SUPPOAT PAOJfCT NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28° FEBRUARY 2023 2 Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilitie5 that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounti ng estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 3 Donations and legacies 2023 2022 Donations and gifts 4 Charitable activities 2023 2022 Grants and awards Social Economy income 227,331 228,759 283 881 243 646 Analysis by fund Unrestricted funds Restricted funds 6,550 227 331 283 881 4,227 239 419 243 646 12-1 Page
Ih FINANCIAL STATEMENTS 15 Jan 2024 NORTH BELFASTWOMEN'S INTIATIVE and SUPPORT PROJEcr NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28" FEBRUARY 2023 Raising Funds 2023 2022 in Fundraising, events and gifts Charitable Activities Staff Costs Facil itators, Therapists & Tutors Programme costs- Entrancesnransport Programme costs- Materials/Equipment Programme costs- Mgt/Admin Staff and Volunteer Welfare 83.051 89,715 10.197 26.228 10,604 325 90,398 48,832 13,722 25,093 17,320 4,698 220.121 200,063 Share of support costs {see note 71 Share of governance costs (see note 71 17.869 20,910 Analysis by fund Unrestricted funds Restricted funds 239,035 6,908 170 036 13-1 Page
Ih FINANCIAL STATEMENTS 15 Jan 2024 NORTH BELFASTWOMEN'S INTIATIVE and SUPPORT PROJEcr NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28" FEBRUARY 2023 Support Costs Support Costs Governance Costs Total 2023 2022 Depreciation Rent Payable Light, Heat, Water Repairs & Maintenance Insurance Health & Safety linc. PPEI Advertising, Subscriptions Telephone. Post, IT Sundry Expenses Off ice Supplies Legal & Professional Accountancy Independent Examination Bank Charges Trustee Meeting Expenses 1.500 1,800 3,882 5.197 1.648 1.500 1,800 3,882 5.197 1.648 1,290 1,200 6,751 6,663 1,669 1,148 836 2,183 822 836 2,183 822 808 1,381 600 445 600 445 600 435 1,174 17,869 1,045 18,914 23,119 Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. 14-1 Page
Ih FINANCIAL STATEMENTS 15 Jan 2024 NORTH BELFAST WOMEN'S INTIATIVE and SUPPORT PROJEcr NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28" FEBRUARY 2023 9. Employees Number of employees The average monthly number employees during the year was: 2023 Number 2022 Number Project Manager Project Admin/Finance Co-ordinators Education Co-ordinator Mentors Employment cost5 2023 2022 Wages and salaries Social security costs 68,644 72,088 86.928 90,398 There were no employees whose annual remuneration was £60,000 or more. 10. Fixed Assets Fixtures & Fittings at 28th Feb 2022 4Depreciation charge for the year Additions 5.162 {1,500) Fixtures & Fittings carried 3,662 11.Trade and Other Receivables 2023 2022 Amounts falling due within one year: Receivables Prepayments and accrued Income 3.746 3.746 2022 2022 12. Current Liabilitie5 Other Taxation & Social Security Accruals and Deferred Income 612 1,629 587 1,629 2,242 2.216 15-1 Page
Ih FINANCIAL STATEMENTS 15 Jan 2024 NORTH BELFASTWOMEN'S INTIATIVE and SUPPORT PROJEcr NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28" FEBRUARY 2023 13.Restricted Funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes: Movement in Funds Balance at 28" Feb 22 Incoming Resources Resources Expended Transfers Balance at 28" Feb 22 Projert Staff Fund Running Costs Funds Social Economy Programme Funds 14.965 {355) 3,070 28.208 6,550 283.881 Project Co-ordinator, Finance/Admin Officer, Education CcFordinator & Programme Mentor Fund - Grant income from Department for Communities and GEMS is restricted to cover the cost of salaries of the l FT Project Co-ordinator. I PT Finance/Admin Officer. l FT Education Co-ordinator and l FT Programme Mentor. Programmes Fund various small grant income restricted to specific aims and Good Relations outcomes within the Urban Village area. Running Costs Fund - Grant income 'received from BCC was restricted to contribute towards the cost of running and day to day delivery of project activities. Social Economy Income- funds from room hire and OCN training programmes. 16-1 Page