Company Iyumber: N1030819 Charity Numbcr: N1101854 Bog81de & Brandyivcll IDltigtiVe Ltd (A Company limited by guornDtee} Directors, report gnd tlnan¢ial statements for the year ended 31 March 2024
Booside & Brandywell Initiative Ltd (A company limited by guaraDtee) Contents Page Legal and Administrative Inforniation Directors Report Independent Audltors, Report Statement of Financial Activities 10 Balance Slieet li Statem¢nt of Cashflow5 12 Notes to the accounts 13-20
Bogside & BrandJryYell Initiative Ltd (A company limited by gu2raiitee} Information Dlrectors Catherlne Pollock Anne-mnrie Clallagher Sean M¢Mon&gl¢ T¢rrence Crossan Terry Lamberton Anthony Brown James Mc Ivor John Lynch Sccrotary Anne-MLrie Gallogher RegLstered offlce Thc Gasyard Centre 128 Lecky Road Dery BT48 6NP Company number: N1030819 Charity number: XR2273L NICIOI854 Audltors McGroarty M¢Cafferty & Company Accountants & Registered Auditors 2 Carlislc Terrace Derry BT48 6JX Bankers AIB 1) Meadowbank House D¢ry BT48 7fN Solieilors Ma¢Derniott. M¢Gurk & Partners Solicitors 12 Clarendon Street Dery BT48 7ET Page I
Bogside & Brandywell lllitiative Ltd (A company limited by guarantee) Directors Report The directors present their report and the financial stat¢ments for the year ended 31 March 2024, PrAncipal activity Th¢ princApal activity of the company in the year under review is to enhance the potential for sogial ¢conomi education and well being creating a more activ¢ ¢ommunity and environment. Dlrectors and thelr Interosts The directors of ihe charity for thc purposes of charAty law and throughout thls report are collectively referred to as the directors. The directors serving during the yaor and since the year end were &$ follows: Catherine Pollock Anne-marie Callagher T¢rr¢nce Crossan Terry Lamberton Sean McMonagl¢ Anthony Brown James Mc Ivor John Lynch Governlng Documcnt Bogside & Brandywell Initintive Ltd is a company IiFnitcd by guarantee governed by its Memorandum and Artlcles of Assoriation. It is a r¢gistered charity with the HIM Revenue & Customs. Appointment of Dlrectors At ihe Annual General Meeting one third of dir¢G¢ors resign in rotation and being eligible offer tliemselves for re-electi¢n. Risk Managoment The directors have a risk management strategj which conslsts of establishing a system of identlfylns rlsks and mitigating such risks. Achlevements, P¢rforJnnnce & Publlc Benollt The Bogside & Brandywell Initiative Ltd engages in a resident led response b8sed upon partnership and collaboration, to tackle the environmental and social problems experienced across the Tri&x Neighbourhood Renewal Area in order to establish and sustain ¢lean¢r, safer and mor¢ attractive nei8hbourhood5. The organisotion is working exclusively for the local Community, developing bespoke and creative programthes and activities for those suffering multiple levels of deprivation to reverse decline and ¢r¢ut¢ sustainable comrnuniti¢s. Our mission is to do wliatever it takes to incre&se the cllpaaity of residents in the Triax ar¢a in order to enhance ih¢ir socilll, economi¢ and educational wellbeing Including developing the built environment. The organisation ivill ensure residents have the infomiation, opportunity, resources and confIdence to actively participate in positively transfomiing iheir own communities through incrc&sed volunteering and engagemenl, and support for improved community and statutory parlnerships and services. Pgge 2
Bogside & Brandywell Initiative Ltd Conlinued.... Financial review The financial perforniance is summarised in the enclosed accounts. Plans for Future Periods Historically the main focus of work has been with member groups but over the comlng years there will be a gre8fer focus on putting local resid¢nts at Ihe heart of tUre projects. It will ensure residents have Ihe inf0nnat1o opportunity, resources and confidence to actively participate in positively transforniing their own communities through In¢re&sed volunteering and engagement. and support for Improved community and statutory partnerships and services. Et will endeavour to create a number of forums around community devic¢5 ensuring c4llaborative inteentionS ocross the Neighbourhood Reneival themes tackling inequalities and disadvantages and buildin8 soclal enterprises as additional resources and opportunities for employm¢nt and troining. Directors Responslbfilltles In Relation To The FingnclAI Stktoments The directors are responsible for preparing the Annual Report and the financial statetnents in accordance with applicable law and United Kin8dom Accountlllg Standards (United Kingdorn Generally Accepted Accounting Practlce). Company low requires the directors to prepare financial statements for each finuncial year. Under company law the dlrectors must not approv¢ th¢ finan¢io1 statements unless they are slltisfied that they give a tru¢ and fair view of the stote of affairs of the charitable company and of the incomin8 resources and application of resources. including the Income and expenditure. of ihe charituble company for that period. In prcparing these financial statements, th£ dircctors ore required to: selc¢t suitable accountlns policies and apply thcm consist¢ntly: observe the m¢thods and principles in the Charities SORP 2019 (FRS 102); moke judgements and eslImates that are reasonable and prudent: stare whether applicabl¢ UK and Accounting Standards have been followed; subject to any malerial departur¢s disc105ed and explained in ihe financial statements; prepare the finan¢ial stotements on the going concern bLSiS unless it is inappropriate to presume that le charity WEII continue Tn business. The Board is responsible for maintaining proper accounting records that are 5uifici¢nt to show and explain the charity's transactions and disclose with reOnable accuracy at any time the financial Position of the charitable company and to enable tliem to ensure that the financial statements comply with Companies Act 2006. The Board is also responsible for safeguording the assets of th¢ charitabl¢ company and hen¢e for taking reasonable stsps for the prevention and detection of fraud and other irregularities. In accordanc¢ with ¢ompany law, as the company's directors, we certify that: So far as ive are aivare, there is no relevant audit irtforniation of wliicli the company's auditors are uttaware; and as tlie directors of the company we haye taken all steps we ought to have laken in order to make ourselves aivare of any r¢l¢vant audit inforn]ation and to establish that the charity's auditors are aware of that inforniatLOn. Page 3
Bogside & Brandywcll IDltiative Ltd Con¢inued..... Auditor's McGroaty Mccafferty & Company are deemed to be reappomted in accordance with Section 487 (2) of the Companies Act 2006. This report Is pff pared in ac¢ordance with the spla1 provisions of part 15 of the Companies Act 2006 relating to small companies. The financial statements are approved and autliorised for issue by the Board of Directors on 24 June 2024 and signed on ivs behaifby. Dlreetor DI ct Catherine Polloek Anne*M2rie Ggllagher Page 4
Bog5ide & Brandywell IDltiative Ltd (A company limited by guarantee) Jndepcndcnt guditor's report to the directors of Bogside & Brandywell Initiative Ltd OpEnlon We have audited the finaneiAI statements of Bogside & Brandywell Initiative Ltd for the year ended 31 March 2024 which comprise the Statement of Flnancial Activities. the Balance She¢& the Cashflow Statement and the related notes. The financial reporting framework that has been applied in their preparation is applicabl¢ law and United Kingdom AountIng Standards (United Kingdom Generally Accepted Accounting Pra¢ti¢e) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" This report is made solely to the Charitable company's dir¢¢tors. as a body. In aeKordence with Chapter 3 of Part 16 of tlie Companies Act 2006. Our audit work has b¢¢n undertaken so that we might state to the charitable company's directors those matters we ar¢ required to stat¢ to them in an auditorfs report and for no other purpose. To ih¢ fullest extent pernjitted by law, w¢ do not accept or assume responsibility to anyone other than the ¢haritoble company and th¢ charitable coMpanS directors as a body, for our audit work, for this report, or for the opinions w¢ hove fornied. In our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024, and of its Incoming resources and expenditure of resources, including its income and expenditure, for the ycar then have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with tlie requirements of the Companies Act 2006. Basls for opinion Wc ¢onduGted our audit in a¢¢ordan¢e with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in th¢ Auditor's r¢sponsibilities for the audlt of the financial 5t&temcnts section of our reporL We are independent of the charitable company in 8ccordkince with tlie ethlcal requirements thot are relevamt to our oudit of the financigl statements in the UK. including the FRC'S Ethi¢al Standard, and we have fvlfilled our other ethical responsibilities in accordan¢¢ with tliese requirements. We beli¢ve tliat lh¢ audit evidence w¢ have obtalned is sutricient and appropriate to provid¢ a basis for our opiftion. Conclusions relaliDg to golng Concern In auditing the financial statements, we have concluded that the directors, use of the going concern basis of awounting in tli¢ preparation of the financial statements is appropriate. Based on the ivork we have perfonned. we have not identified any material uncertainties relating to events or condilions that. individually or collectivelyg may cast signifi¢ant doubt on the charitable company'5 ability to ¢orttinue as a going eoncern for a period of at least twelve months from when the finan¢ial statements are authorised for Issue. Our responxibillties and the responsibilities of the directors ivith respect to going concem are described in the relevant sections of ihis report. Page 5
Bogside & Bralldywell Initiative Ltd (A company limlted by guarantee) Other information The directors are responsible for the other infonnalion. The other infOrntion comprises the inforn]ation Included in the dir¢ctors' annual repo¢ other ihan the financial statem¢nts and our auditor's report thereon. Our opinion on th¢ financial stat¢m¢nts does not cover other inforniation and, ¢xG¢pt to the ¢.xt¢nt oth¢twis¢ explicilly stated in our reporL w¢ do not expre any form of assurance con¢lusion iher¢on. In ¢onnecticn with our audit of th¢ financial statements. our responsibility is to read the other infomiation and, in doing so, ¢on5ider whether the oiher information is mat¢rially inconsistent with the firtancial statements cr our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there 15 a material misstatement in ihe finan¢ial statements or a materiaL misstatement of the other inforniation. If, based on the work we have perfornied, we conclude that there Is a material misstaternent of this other inforniation, we are required to report tliat fact. We have nothing to report in ihis regard. OpinSon OD Oth¢r mllttors prescribed by the Comp4nle5 Aet 2006 In our opinion based on the work undertoken in the course of Ihe audit: the inforniation given in the Director5. A T]nulll Report for the financial year for which the financial stotements re prepared is Consistent with the financlal stP4tements' and the Directors Annual R¢port has bccn prepared in accordance with applicable legal requirements. Matters on whieh JY¢ are requlred to report by ¢x¢eption In the Iight of our knoivledge and understanding of the charitable company and its ¢nvironment obtained in the ourse of th¢ audit. we have not Identified materlal misstatements in the Dir¢¢tors Annual Report. W¢ hov¢ nothing to report in respect of the followin8 Tnatters where the Componies Act 2006 requires us to report to you If, in our oplnlon: adequate accounting records hay¢ not b¢¢n k¢pt', or - thc financial statements are not in agreement with the accounting records and returns: or ¢¢rtain disclosures of directors, remuneration specified by law are not made: or we have not received all tlie information and explonations we require for our audit; or the directors were not entitled to prepare the flnancial statements in accordance witli the small companies regime and take advantage of the small companies exemption from the requirement to prepare a strategic report. R¢sponsibilities of the directors As explained more fully in ihe Directors, Responsibilities Statement set out on page 3, the directors (who are a150 the directors of the ¢haritable company for the purposes of company law) are responsible for the preparatton of the finan¢ial statements llnd for being Slltisfigd thnt they give a true and fair view, and for such intcrnal control as the directors deterniine is necessary to enable the preparation of financlal statements ih8L a free from material misstatetnent. whether due to fraud or ¢rror. In preparing the fInancial statements, the directors are Te5ponsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going oncern basis of accounting unless the dircctots ciiher intend to liquidate the charitable company or to cease operations, or have no realistic altemative but lo do so. Page 6
Bogside & Brnlldywell Initiative Ltd (A company limited by guarantee) Auilitor'5 responsibilities for the audit of the fin&neial statements Our objectives are to obtain reasonable assurance about whether ihe ftnancial statements as a whole are free from malerial misstatemen¢ whether due to fraud or error. and to issue an auditorfs report that includes our opInion. Reasonable UranCe is a hi8h level of assurance, but is not a guardnlcc that an audit conducted in accordance with ISA$ (UK) will always d¢t¢¢t a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the oggregate, they Could reasonably be expected to influence the economic decisions of users taken on the basis of ihese financlal statements. Explanation as to what oxtont the audit w25 eonsidered capable of det¢etlDg Irr¢gularltles, Including Irregularities, includAng fraud, are instance5 of nonompliance with 18Ws and regulations. We design procedures in line with our responsibilities. outlined abov4 to detect material misstatements in respect of irrcgularitles, including fraud. However, the primary responsibility for the prevcntion and detection of fraud lies with management 2nd tli¢ board of directors of the charitsble company. Identifying and assesslng potential risks related to irregulgrltles Tn identifying ond &WSSing risks of rnatsrial misstatement in respect of irregularities, in¢luding ftaud wid non-compliance with ILWS and regulation5. we considered the folloivlng: - the nature ofthe industry, sector and the specific control environment which it operntes in; the charities own Lssessment of the risks that frregularities may occur. either a5 a rcsult of fraud or error. represenlations and results from our cnquiries with management and the board of directots regarding thelr own identification and &sstssment of the risk8 of irregulorities: enquiries of management relating to accounting estimates measurements, recognition criteria and justification of such amounts. any matters we have id¢ntifi¢d having ob¢ained and revieived the Chariti¢s poll¢i¢s and proc¢durcs relating to; * identifying and &8sessing if laws and regulation5 are compliant and whether they are oware of any instllnces of non-compliance. * d¢t¢¢tion and response to the risk of fraud and whether th¢y ar¢ aware of any actual, suspected or alleged fraud instan¢¢s: * the internal Controls designed to mitigate risks or frllud or fton-compliance with laws and regulations, and to minimise risk of management overrides of such controls, all rnatters discu55ed amons the audit engagement team regardin8 how and where fraud could occur and the potential indicators of fraud. As a result of these procedures, we considered the opportunlties and incentives that may exist within the charity for fraud. The audit included assessing the procedures and ¢valuating the meurernent of estimations. In ¢omrnon Nyith all uudils under lSAs (UK), w'e are also required to perfomi specific procedures io respond to the risk of management override. We also obtain¢d un understanding of tlie legal ond reoulalory frameworks llpplieable to th¢ charity and considered that the most significant are the Companles Act 2006. SORP 2019 (FRS 102) and Charities Act (Northern Ireland)2008. Audit responses to risks idenlifIed Our procedures to respond to risks identified included the following:
Bogside & Brnndywell Initiative Ltd (A eompany limiled by guarnntee) revieiving the financial statement disclosures, testing the relevant do¢umenlation to assess compliance ivith lh¢ si8nifiGant laws and regulations- those described as having a dTre¢t effect on the financial statements: . enquiring with management and obtaiftlng thlrd paty ¢onf1rn1ation from the Charities Solicitors regarding arty actual or potential litigation and ¢laim$: perfornilng analytlcal procedures to identAfy any unusual or unexpected relationships that may Indicate risks of materlal misstatement duo to frdud: reading minutes of board and management meetingsi examine fore¢asting material in line ivith actual performance, identifying any potential fraud Indlcators or instances; revlewlng Companies House and Charity Commission Northern Ireland ¢orresponden¢e. identify any late submissions or omissions of mandatory inforniation. review correspondence wlth HMRC. identifying non ¢omplian¢e of specific information to be disclosed; in addr¢ssing the rAsk of fraud through management override of controls, testing the appropriateness of data entries and adjustments; ossessing whetlier the Judgernents made in making accounting estimate5 are Indlcative of a potential bias; and evaluating the ratlonale of any significant transactions that are unusual or outside the normal ¢ours¢ of the Charities objcctives. We also Communicated relevant identified laws and regulations and potential fraud risk8 to 811 engagement team members Lnd remained alert to any indications of frdud or noncompliance with I&w5 and regulotions tliroughout the audit. As part of an audit in lle¢ordancc wlth ISAS (UK). we exercise professional judgment and mointsLin professional scepti¢ism throuEhout the audit, We also: Identlfy and 8ssess the risks of material misstatement of th¢ fanCIal slatements, whether due to fraud or error. dcsign and perfomi audit procedures responsive to those risks, and obtain audit evidenco that IS sufficient and appropriate to provid¢ a basis for our opinion. The rlsk of not detecting a material misstatement resultinE from fraud is higher than for on¢ resulting from error, as fraud may involv¢ collusion, forgery, inicntional omissions, misrepresentations, or the ovcrrAd¢ of int¢rndl Control. Obtaln an understanding of internal control relevant to the audit in order to design audit procedures that arc appropriate in tlie circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charitable company's intemol contrgl. Evaluate the appropriateness of accounting policies used and the reasonubl¢ness of accounting estimat¢s ond relut¢d disclosures made by the directors. Con¢lude on th¢ appropriateness of the director5, use of the going nCern basis of a¢¢ounting and. b&%ed on Ihe audit evidence obtained, whether a material uneertalnty exists related to events or conditions that may cast significant doubt on the ¢haTitable company's ability to continue &8 a golng concern. If we conclude that a material uncertainty exists. we required to draw attention in our auditofs report to the related disclosur¢s in the financial statements or. if such disc105ures llre inadequat< to modify our opinion. Our conclusrons are ba8ed on the audit evidence obtained up to the date of th¢ auditor's report. However. future evertts or conditions may caus¢ tl)e ¢haritabl¢ company to ce&ge to continu¢ as a going conc¢rn. -Evaluate tlie overall presentation, structure and content of tlie financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. Page 8
Bogside & Brnndywell Initiative Lld (A company limiled by guarantee) We Communicate ivith those charged with governance regarding, among other matters, tlie planned scope and timing of the audit and signifjcant audit findin&% including any si8nifi¢ant deficiencies in internal control that we identify during our audit. p&.A4. Patrlck McGroarty Scnlor Statutory Auditor For and on behalf or McGroarty Mecafferty & Company StAtutory Audltor 2 Carlisle Terrace Dorry BT48 6JX Date: 24 Junc 2024 Page 9
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Statement of FiDancial Aetivities ror the year euded 31 MArch 2024 Unrestrlcted Funds Restrieted Funds 2024 2023 Income and Expendlturc Incomlng Rosour¢¢s Grants & Sundry Income Total Incoming Resources 74.135 498,909 573,044 527.756 74,135 498.909 573.044 527.756 Resourees Expended Management & Administrbtion TotAI Resources Expended 89,884 505.514 595,398 544,983 89.884 505,514 595,398 544.983 Net Illcomlng / (Outgoing) Resources (15,749) (6.605) (22,354) (17,227) Balances brought foNard l April 2023 138,335 29,053 167.388 184.615 122,586 22.448 145,034 167.388 Transfers Balances Carried forward 31 March 2024 11 122,586 22.448 145,034 167,388 The above amounts relate to continuing operdtions of the company. The company h&$ no recognised gains and losses other than those included in the results above and therefore no separate statement oftotal recognised gains and losses has bcen presented. There is no difference between the neL incoming resources for the year stated above and their historical cost equivalents. Page 10
Bogside & Brandywell Initiative Ltd (A company limited by guaralltee) Balance sheet as at 31 March 2024 2024 2023 Notcs Tangible assets 70,999 81.721 Current assets Debtors Cash at bank and in hand 76.150 75.431 71,587 103.603 15L,581 175,190 Current Ilabllltl¢s Bank loans and overdrdfts Other creditors Accruals 1,615 65,826 10.105 1.257 76,668 11,598 77.546 89,523 Net current sSets 74.035 85.667 Total assets less current JiAbilltles 145.034 167.388 Reserves Unrestricted Restricted 12 122,586 22,448 138.335 29.053 145,034 167.388 The financial statements are prepared in accordance ivith tlie special provisions of Part 15 of the Companies Act 2006 and the Charitles SORP 2019 (FRS 102). The Financlal Statements wer¢ approved and authorised for Issue by the Board on 24 Jun¢ 2024 and signed on its behalf by Dlre¢tor Catherine Pollock DEre¢tor Ann-man lagher D2tt: 24th June 2024 Dato: 24th June 2024 Registration No: N1030819 Pagc 11
Bog5ide & BraDdywell lDJtiative Ltd (A company limited by guaranttt) Statement of Cash flows as at31 March 2Q24 2024 2023 Net incoming l (outgoing) resources for the year Depreciation and impairnient (Increase)I decr¢ose in d¢btors (Decrease)l increase in creditors Net Cash Inflow from oporotlng aetlvÉtios (22,354) (L 7,227) 10,722 10.721 (4.563) 42,541 (11,977) 6,329 (28.172) 42,364 Capitol expenditure Increase In cash In the y¢2r (1,900) 40,464 (28.172) Rtconclllatlon of nct C2sh flow to movement In net funds Increase in s ia the year Net funds at l April 2023 (28.172) 103.603 40.464 63,139 Net funds nt31 March 2024 13 75,43 L 103,603 Page 12
Bogside & Brandywell Initiative Lld (A company limited by uuarantee) Notes to the aeeounts for the year ended 31 March 2024 Golloral Information Th¢ charity 15 a private limited company by guarantee, registered in Northem Ireland and a registered charity in Northern Ireland. The address of the registered otTice is The Gasyard Centre, 128 Lecky Road, Derry. BT48 6NP. 1.1. Aceounting ¢ouveDtlon The principal accounting policies adopted In the preparation of the financial statements are set out below and hove remained unchanged from the previous year, and also have been consistently applied within the same accounts. The ch8rity constitutes a publi¢ benefit entity as defined by FRS102. The financial statements have been prepared in occordance 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 Charities SORP 2019 (FRSI 02). Charities Act (Northern treland) 2008, and the Companles Act 2006. The financial statements are prepared on a going concern basis under the historical cost COnvetttiOn, modified to included certain items at fair value. The finunciol statements are presented in sterling vhi¢h is Ihe functional currency of the charity. 1.2. Income All incoming rtsouwes are included in lh¢ SOFA wh¢n the charity is legally ¢Dtilled to the in¢ome and the amount cl be qualified with reOnOble accuracy. The following specific policies are applied to parti¢ular ¢ategories of incomc: Voluntary income is recelved by way of grants, donations and gifts and is included in full In the stat¢m¢nt of financial activities when receivable. Grants where entitlement is not conditional on the delivery of & specific performance by the oharity, are iecognlsed when the charity becomes unconditionally entitled to the grant. Donated serrfice5 and fucilities are inoluded at the value to the charity where this can be quantified. Tlie value of services provided by volunteers not been included. Gifts donated for resale are included &s incoming resources within activities for generating funds %vhen they are sold. 1.3. Resources expended All expenditure is accounted for on an accruals b&8is &8 a liability is incurred and has been clAsslfled under headings that aggregate all costs related to the category. Charitable expenditur¢ Coniprises tliose costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indireGt nature necessary to support them. P2g¢ 13
Bogside & BrnndJTrvell Initiative Ltd (A company limited by guarantee) Notes to the accounts for the year eDded 31 Mar¢b 2024 1.4. Fund accounting Unrestricted funds are available for use at the dlscretlon of the trustces in furthcrance of thc general objectives of the charity and which have not been designated for other purposes. R¢stricted funds are funds whi¢li are to be used in accordance with specific restrictions imposed by donoES or ivhich have been raised by th¢ charity for particular purposes. The cost of raislng and administering such funds are charged against th¢ sGIrl¢ thnd. 1.5. Tanglble fix¢d assets and depreciation Tangible fixed assets are stated al cost less depre¢iation. Depreciation is provided at rates calculated to write off the cost or vatuatlon less residual value of each asset over its expected useful life, as follows: Land and buildings oirjce Equipment EquipJnent Motor v¢hi¢le8 20/0 Stralght Line 150/• Straight Line 150/0 Straight Line 20 /0 Straight Line 1.6. Cgsh at bank and in hand C&sh and CZLsh equivalents inolud¢ ¢o5h at bank and An hand. 1.7. Debtors & credltors Debtors and creditors with no stated interest rate and r¢¢eivable or payable within one year are recorded at transaction pric¢, Any losses arising from impalrn]ent ar¢ rccosnised in expenditure. 1.8. Pcllslon costs Contributions to auto enrolment pension schernes are re¢ognised as an expense in the period in which the related servirx is provided. 1.9. Golng con¢ern The flnancial ststements have been prepared on a going congern basis as the directors believe tliat no material uncertainties exist. The directors have considered the level of funds held llnd the expected level of income and expenditure for 12 months from authorising these financlal statements. The budgeted income and exp¢nditure is suificient with the level of reserves for the charity to be able to continue as a going ¢oncem. PaLwe 14
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Notes to the accounts ror the year ended 31 Morch 2024 Income 2024 2023 Restricted Income IFI-Our Peace Our Future The Exe¢utiv¢ Office Deportment of JustEce CIPP-Better Tog¢th¢r Project ESF-Electrical Safety Big Lottery Awards for All Big Lottery-Dorn)2nt account Derry & Strabane District Council CFNI-Meet & E&t Project DFC-Job Start IFI-Pea¢¢ Barrieis Department for Communities DFC Tus Maith Project PHA Clear Project 548 1.500 1.833 8.725 2.755 93.447 5,000 1.406 16.050 32,438 5.000 5,732 101,442 144.213 86,961 3,917 8,765 61,185 6,511 97.500 169.485 93.325 498,909 448,829 Unrcstrieted Income Donations & project income 74,135 78,927 74,135 78,927 Total Income 573.044 527,756 (i) Restrlcted Funds Funds received which are eannarked by the Funder for specific purposes. Such purposes are within the overnll aims of the organisation, (li) Unrestrlcted Funds Funds which are expendable at the discretion of the cornpany in furtherance of the aims of th? charity. In addition funds rnoy be held in order to finonce capital investment and worklng ¢apitol, Page l?
Bogside & Brandyiyell Initiative Ltd (A company limited by guarnntee) Notes to the accounts for Ihe year ended 31 MarclL 2024 Resourc Expended Ullrestricted Funds Re5trl¢ted Funds Total 2024 Totsl 2023 Mtsnagement & AdmiDiStration DFC Projecl expenses Peace IV project expenses ESF - Electrical Safety expenses KNIB Live Here Love Here IFI Pea¢¢ Walls Project Dept of Justice - Arch Project Department of Justice project Deprcciation on van DFC-Job Start Community Food Initlotlve Big L0ttery-AwdS for All The Executive Office Project DCSDC cxpenses Sundry Account expenses Tus Maith piojcct PHA Clcar proj¢ct 144,721 92.266 5.000 5,001 101,441 548 2,755 7,368 5.732 16,050 1,406 144,721 92.266 5,000 5,001 101,441 548 2,755 7.368 5,732 16,OSO 1,406 169.485 8,742 97.477 1,833 7,368 6,511 8,792 1.500 60,633 89,459 93,183 32.476 32.476 89.884 86,833 3,917 89.884 86.833 3,917 89.884 505,514 595J98 544,983 Net Illcomlllg Resources 2024 2023 Net incoming resources hLs been arrived ot after Charging. Audit remuneration Depreciation 4.380 10,722 3,600 10,722 Page 16
Bogside & Brandywell Initiative Ltd (A ¢OmPaDy limited by guarantee) Notes to the accounts for the year ¢uded 31 March 2024 Employoes 2024 2023 Wages and Salaries Pension costs 392,068 13,999 365,544 12,810 406,067 378J54 No employees received emoluments of mor¢ tlian £60,000 (2023: None). Th¢ directors, neither received nor waived any emoluments during the year (2023: None). Number 0£ employe 2024 Number 2023 Number The average monthly numbers of employees during the year. calculated on the basis of full time equivalen as folloivs: 16 16 Auditor's remunerntion The auditor's remuneration amounts to an audit fee of £3,600 (2023 -£3,600). Ta%ation As a charity, Bog5ide & Brandjwell InitEotlve Ltd is exempt from tu on income and gains falling within section 505 of the Te$ Act 1988 or s256 of the Taxation of Chargeable Gains Act 1992 to th¢ extent that these are applied io its Chargeable objects. Accordingly, no tax charges have arisen in the ¢harity. Page 17
Bogside & Brandywell Initiative Ltd (A company limited by guardntee) Iyotes to the Attounts ror the year ended 31 Mareh 2024 Tanglble assets Land and buildfings Omco freehold Equipment Equlpment Motor vehficles Total Cost At l April 2023 At 31 March 2024 57.000 8.000 88,395 53,589 206.984 57,000 8,000 88,395 53,589 206,984 Deprcelatlo At l Apn'l 2023 Charge for the year 15.960 1.140 8,000 85,205 684 16,098 8,898 125,263 10,722 At 31 March 2024 17,100 8,000 85,889 24,996 135,985 Net bookvalu At 31 March 2024 39,900 2,506 28.593 70.999 At 31 March 2023 41,040 3.190 37.491 81.721 Debtorn 2024 2023 Sundry debtors Other debtors 69,073 7,077 70.256 1,331 76,150 71,587 Credltors: amounts falling due withln one year 2024 2023 Taxes and social security creditor Bank loons and overdrdfts Other ¢r¢ditors Deferred in¢ome O%'ote 10) Accruals 8,066 1,6E5 14,013 1.257 2.789 59,866 IE,598 57.760 10.105 77,546 89,523 Page 18
Bogside & Brandywell Initiative Ltd (A company limited by guarantee) Notes to the accounts for the year ended 31 March 2024 10. Deferred Income 2024 2023 Bolanee at l April 2023 Additions during the year Amounts released to income 59.866 9.351 (501,015) (518.046) 498.909 448.829 Balance at 31 March 2024 57,760 59,866 Income h&s been deferred &5 income received before the end of the finan¢iol year 31 Mah 2024 and relates to post year end expenditure. 11. Movements in Funds At l April Incoming Outgoing 2023 resources resources Transfer At 31 March 2024 RLstricted funds: Total restricted funds 29,053 498,909 (505,514) 22.448 Unre5trfcted tknnds: Total unr¢5tricted funds 138,335 74,135 (89,884) 122,586 Total ndS 167,388 573,044 (595,398) 145,034 Purposes of Restrfcted Funds Restricted grants awarded to the charlty fs provEded to cover the core objects. 12. Anatysis ofnot assotx between funds Unrestrlcted Restrlcted funds fund5 Total runds Fund balances at 31 Mar¢h 2024 as represented by: Tangible fi.xed assets Current &ssets Current liabilities 48,55l 22,448 70,999 75.650 75,931 151,581 (1,615) (75.931) (77,546) 122,586 22,448 145.034 13. Cash and Cash Equivalents 2024 2023 Cash ot bank and in hand 75.431 103,603 Page 19
Bogside & Brandywell Initiative Ltd (A company limitcd by guarantee) Notes to the accounts for the year ended 31 March 2024 14. Related Party Transaellons Ther¢ was no related paty transactions In the year under review. IS. Llmlted by Guarnniee The company is limited by guarante¢ and does not have a share capital. 16. CoDtrolling interest Controlling interest rests with the Board of Director& 17. P05t Balonce Sbeet events No significant events have taken place since tlie year end that would result in adjustments to 2024 flnanclal Infonnatiort or inclusion of a note thercto. Page 20