Charlty reglstratlon number NIC102096 Company reglstratlon number IP00257 (Northern Ireland) INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED CONTENTS Page Charity Informalion Trust88s' r8POrt Statement of Trustees, responsibilities Independent auditors report ststement of financial activities 9-10 Balance sheet 11 Notes to the financial slatements 12-20
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr SW Barr Mrs D Martin Mr D Jenkins Mr D White Mr P Craig Mr D Woods {Appoinled 3 May 2023) (Appointed 3 May 2023) S•¢r•tsry Mr D White Charlty numbor NIC102096 Company numbèr IP00257 R•gl8t•r•d offlc• Ebrington Business Centre Glendemiott Road Londonderry BT47 68G Audltor Moore {Nl) LLP 21123 Clarendon Street DerrylLondonderry BT48 7EP Bankars AIB Bank Meadowbank Strand Road Derry-Londonderry BT48 7TN Ulster Bank POBox3 29 Clooney Terrace Londondery BT47 6AS Sollcltor• Gillan Barr & Co. Inc Mcclenahan Crossey 41 New Row Coleraine County Londonderry BT52 1AE
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees present thelr report and flnancial statements for the year ended 31 August 2022. The financlal ststements have been prepared In accordance with the accountlng pollcles set out In note 1 to th8 financial statements and comply with the charity's Memorandum and Aflicles of Association, the Industrial and Provident Societies Act 1969 and "Accounting and Reporting by Charities.. Statem8nt of R8comm8nded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" (as amended for accounting periods commencing from.1 January 2019) Objectlves and actlvltles Our Wislon, Misslon and Value5 The work of the Internalional Schwl for Peace Studies is to help build bridges and promote a peaceful and inclusive society for all in the island of Ireland. Our Vlslon We believe:. In a society where conflict can be resolved non violently That everyone has a voice and deserves lo be listened to In a society where the humanity of everyone is respected and acknowledged Our Mlsslon The Intemalional School for Peace Studies (l.S.P.S) is dedicated to the resolving of differences and conflict transformation through exclusively peaceful means, and rejects all forms of violence or intimidation as a maans to creeting change. Our Values All our work Is driven by our purpose and core values.. To promote conflict r8solution, r8conciliation and peace building for the public benèfit. nation811y and internationally so as to relieve suffering and distr8SS To build and maintain social cohesion and trust within and beeen communities Promote understanding, respect, friendship, tolerance and peace belween all communltles Devise and dellver slngle Idenilty and cross communlty programmes Advance Community development through accredited and non accredited educational courses To encourage cultural development which support peace activities in Northern Ireland and the Republlc of Ireland To be a localion for people to visil and participate in programmes To fulfil our aims through inclusivity. credibility. honesty and integrity and by working in partnership with others To apply the highest corporate governance Standards to all projectslprogrammes in receipt of public funds Offer equal opportunities for all to benefit from what we have to offer To invite all people of Ireland to embrace the story of Messines and its spirit of brotherhood
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Achlevements and performance er and Strabane District Coun¢ll - Good Relatlon oct Grnnt Ald An application was submitted to DCSDC in April 2022 under its Good Relations Grant to deliver another series of workshops on Holocaust Awareness. The Intemational School for Peace Studies received a letter of offer on 7th July 2022. Der ci and Strabane Dlstrlct Coun 11- Communl ortGr nt On 27th April 2022 an application was forwarded to DCSDC for financial assistance for core costs through Its Community Support Grant. Unfortunately the application was unsuccessful. ment of Forel n Affairs Reconclllatl n F After a further ease of Government restrictions ISPS staff retumed back to work on 1•1 October 2021. This funded programme commenced December 2021 and concluded March 2022. Thity participants from Lisnagelvin Ladies Group acquired and OCN Level 1 in Conflict Transformation of the Messines Story Homephase. Ard8 & North Down Borou h Councll The International School for Peace Studies Ltd delivered 2 programmes for ANDC. the first being Holocaust Awareness workshops and the second a Flags and Emblems programme. These workshops were conducted via Zoom wlth approximately 16 participating. ex & Radlus Housln On behalf of Apex and Radius Housing th8 International School for Peace Studles dellvered Its OCN Lèvel 1 "Conflict Transformation and the Messines Story Plomephase. to 13 people from the Dungannon area beeen Aprll to May 2022. This group will be progr8ssing to Level 2. Radlus Hou$ln In May 2022 ISPS was approached by Radius Houslng to engage with people from its Ebrlngton Oaks Project to deliver our OCN Level 1 Homephase programme, 17 partlclpants from the area benefitted from this programme. Due to the success of the first programm8 the houslng assoclatlon asked ISPS to dellver a serles of VrkShopS based on our bespoke programm8 Flags & Emblems. Flnanclal revlow Total income for Ihe year was £112,044, of which approximately 6% was generated from grants and 94% from other charitable activities. Total expenditure was £131,377 and 100 % of this was expended on direct charitable activities. The balance on total funds 8t the year-end was £287,532. of which £285,987 was unrestricted in nature and £1,545 was restricted in natura. Resorvo8 poIIcy The Trustees consider it prudent to hold mnies in reserve in the event that unforeseen circumstances should lead to financial difficulties which might put the future of its employment capacity, users, well-being and general charitable work in jeopardy. The Trustees have examined the charity's requirements for reserves in the light of the main risks to the organisalion and established a formal policy which stipulates that 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 defined by the Trustees as unrestricted income funds freely available for use as the charity so determines and thereby excludes any funds committ8d, invested in tangible fixed assets held by the chadty and restricted or designated funds. Th8 Trustees have assessed the major risks to which the charity, and are satisfied that systems are in plac8 to mitigate exposure to the major risks. Plans for future perlods Our immediat8 plan for the future is to conlinue to work and secure the sustainability of the charity and the vital work of our Messines Project. We a currently focused on continuing to source funding from trusts. foundations and statutory agencies for programm& and core costs so that we can continue to expand our vrk.
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Structure, governance and managemont Governing document International School for Peace Studies is a society limited by guarantee and accepted a6 charitable by HMRC under reference XT 40250. The society was established under the Industrial and Provident Societies Act 1969 which estsblished the objects and powers of the society. The liability of members is limited in that every member of the society undertakes to contribute an amount not exceeding £1 in the event of the company being wound up. The Trustees, who are also the directors for the purpose of company law, and who served durfng the year and up to the date of signature of the financial statements were.. Mr SW Barr Mrs D Martin Mr D Jenkins Mr D Whlte Mr P Craig Mr D Woods (Appointed 3 May 2023) (Appointed 3 May 2023) Recrultment and appolntment of the Trustees Under the requir6m8nts of the Industrial and Providenl Society unless otherwise determined by the company in General Meeting the number of Truste8s shall not be less than four. Trustees ar8 elected to serve only until the next Annual General Meeting at which they shall then be eligible for re-election. In the financial year no new Trustees were appointed. The Board as a whole was approved by the AGM and continues to monitor its membership. Rlsk Management The Trustees are aware of the major risks lo which the charity is exposed. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Intemal control are minimised through the procedures for authorisation of ell transactions and projects. Procedures are in place to ensure compliance with applicable laws and regulations. These procedures are reviewed periodically to ensure that they continue to meet the needs of the charity. All members of the Board of Truslees glve their time voluntarily and receive no benetlts from the charfty. Any expenses r8claimed from the charity are sel out In the notes to the financial statements. Audltor In accordance with the charity's articles, a resolution proposing that Moore INI) LLP be reappointed as audltor of the charity will b8 Put at a General Meeting. The Trustees, report was approved by the Board of Trustees. VbK_- MrD hite Trustee Mrs D Martin Trustee 26 September 2023
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2022 The Trustees, who are also the dlrectors of Intemational School For Peace Studles Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordanc8 Wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements. the Trustees are required to: select suitable accounting policies 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 financial stat8ments,' and prepare the financial statements on the going concern b88ig unless it is inappropriate to presume that the charity will continue in operation. The Twstees are responslble for keeping adequate accounting records that disclose wlth reasonable accuracy at any time the financial position of the charity and enable them to ensure that the flnanclal statements comply wlth the Companies Acl 2006. They are also r8sponsibl8 for safeguarding the assets of the charity and hence for taklng re8sonabl8 St8ps for th8 prevention and detection of fraud and other Irregularities.
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED Oplnlon We have audited the financial statements of Intemational School For Peace Studies Llmited (the 'charity') for the year ended 31 August 2022 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including 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 Fin8nci81 R&porting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: glve a true and fair view of the state of the charltable society's affairs as at 31 August 2022 and of its Incoming resources and application of SourCes, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accountlng Practice; and have been prepared In accordance with the requirements of th8 Industrial and Provident Socl8ti8s Act 1969. Ba$ls for oplnlon We conducted our audlt In accordance wlth Intematlonal Standards on Audltlng (UK) (ISAS (UK)) and appllcable law. Our responslbillties under those standards are further descrlb8d In Ihe Audltors responslbllltles for the audlt of th8 financial st8t8m&nts section of our report. W8 are Independent of th8 charity in accordanc8 with th8 ethical requirem8nts that ar8 relevant to our audil of the financial slat8ments in th8 UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement8. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng Concern In auditing the financial stalem&nts. we have concluded that the Trustees, use of the going concern basis of accounting in the pr8paration of the financial statements IS appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the charity's ability to continue as a going concem for a penod of at least e1ve months from when the financi81 statements ere authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concern are described In the relevant sections of this report. Other Infornlatlon The other Information comprises the information included in the annual report other than the financlal statements and our auditof s report thereon. The Trustees are responsible for the other infomatlon ¢ontslned wlthin th& annual rèport. Our opinion on the financlal statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our rèsponsibility is to read the other information and. In doing so, consider whether the other information is materially inconsistent with the financlal statements or our knowledge obtained in the course of the audit, or otherwis8 appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to determine wheth8r this gives rise to a material misstatement in the financlal statements themselves. If, based on the work we hav& performed, we conclude that there Is material misstat8ment of this other infomiation, we are required to report that fact. We have nothlng to report in this regard. Matters on whlch we are requlred to report by exception We have nothing io report in respect of the following matters in relation to which the Charilles (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the financial statements is inconsistent in any material respect with the Trustees, report., or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records. or we have not received all th8 infomiation and explanations we require for our audit.
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED Rèsponslbllltles of Trustees As explained more fully in th6 Statement of Trustees, responsibilities, the Trustees, who are also the d1CtOrS of the charity for the purpose of company law. are responsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view, and for such internal control as the Trustees determine is n8cessary to enabl8 the preparation of financial statements that are fr88 from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trust88s ar8 responsible for assessing th8 charity's ability to continue as a going concem, disclosing, as applicable, matters related to going conc8m and.using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternativ8 but to do so. Audltor's responslbllftles for the audlt of the financlal statoments Our obj8CtiV8s are to obtain reasonable assurance about whether the financial statements as a whol8 are free from material misstat8m8nt, wh8ther due to fraud or error, and to issue an auditor's r8POrt that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordanc6 with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can aris8 from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be exp8Cted to influence the economic decisions of users tsken on th8 basis of these financial ststements. The extent to whlch our procedures are capable of d8tecting Irr8gularitl85. including fraud. is detsll8d lOw. Extont to whlch the audlt was conslderod capable of delèctlng Irrogularltles, Includlng fraud The objects'ves of our audit in respect of fraud, are., to identify and ass8SS the risks of material misstatement of th8 financial statements due to fr8ud,' to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstalem8nt 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 th8 pr8V8ntion and detection of fraud rests with both management and those charged wlth governanc8 of the charitable company. Based on our understanding of the charftable company and Its operating environment, we detemined th8t th8 most slgnificant frameworks which have a direct impact on the preparation of the financial statements are those related to the reporting framework, (FRS 102. the Charities Act (Northern Ireland) 2008, The Charities {Accounts and Reports) Regulations INorth8m Ireland) 2015, the Charity SORP and the Industrial Provident SocietyAct. We assessed the suscepts'bility of the charitable company's financial statements to material misstatement, including how fraud might occur, including evaluating management's incentives and opportunities to manag8 eamings or influence the reported results. From the results of our ass8ssment, we determined that the principal risks of fraud relate to posting inappropriate journal entries and use of charity funds for purposes outside of r88trictions imposed by the donor. In common with all audits under ISAS {UK). we are qUired to wrfonn sp8cific procedures to respond to th8 risk of managem6nt override.
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED Audll response to rf5ks Identlfled As part of an audit in accordance with ISAS (UK) 8xercis8 prof8ssional judgement and maintain professional sc&pti¢ism throughout the audit. Audit procedures performed by the engagement t&am includ8d.' We obtained an understanding of the charitable company's internal control systems in order to design audit procedures that are appropriate in th8 circumstances, but not for the purposes of expressing an opinion on Ihe effectiveness of the charitable company's internal control. W8 obtained an understanding of how the charitable company complies with r818vant lavrt and r8gulations. including those as a result of its registration with the Charity Commission for Northem Ireland and charitable status with HM Rev8nue & Customs , by making enquiries of management and those charged with governance. Enquiry of management, those charged with governance and th8 entity's Solicitors around actual and potential litigation and claims. Enquiry of entity staff lo id8nlify any instances of non-compliance with laws and regulab'ons. Perfomiing analyb'cal procedures to identify any unusual or unexpected r8lationships that may indicate risks of material misstatement due to fraud Reviewing minutes of meetings of those charged with govemance Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. Auditing the risk of management override of controls, including through testing journal 8ntries and other adjuslm8nls for appropriateness, and evaluating the business rationale of significant transactions that are unusual or outside the nomal 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 funding claims prepared by management to check compliance with restrictions. We communicated levant 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 throughout the audit. There are inherent limitations in the audit proCedUS described above and the further removed nonwcompliance with18WS and regulations is from the 8vents and transactions reflected in the financial statements, the less likely we would become aware of it. Also, th8 risk of not d8tecting a material misstatement due to fraud is higher than the risk of not det8Cting one resulting from error, as fraud may involv8 d81iberate conc8alment through collusion. forgery, intentional omissions, misrepresentations or the override of intemal control. A further deBCriPtion of our responsibilities is available on the Financial Reporting Council's websit8 at: https.'Il www.frc.org.uklauditorsresponsibilities. This description forms part of our auditorfs report. This report is made solely to the company's members, as a body, in accordance with section 391 of the Companie8 Act 2014. Our audit work has been undertaken so Ihat we might stale to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To th8 fullest ext8nt P8nmitted by law, we do not accept or assume responsibility to anyone other than the company and th8 company's members 88 8 body. for our audit work, for this r8POrt, or for th8 opinions we have fomed. U&JL . John Love (Senlor Ststutory Audltof) for and on behalf of Moore (Nl) LLP 26 September 2023 Chartered Accountants Statutory Audltor 21123 Clarendon Street DerrylLondondery BT48 7ÈP Moore (Nl) LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 Curr•nt flnanclal yoar Unrn8tricted Restrl¢ted funds funds 2022 2022 Total Total 2022 2021 Notes Charitable activities 105,639 6,405 112,044 73,426 endlture on.. Charitable activities 105,068 26,309 131,377 73,707 Other 799,455 Total exp•ndltur• 105,068 26,309 131,377 873.162 Nol Incomlngl{outgolng) r•sourcos before transfers 571 (19,904) 119,333) (799.736) Gross transfers between funds 270 (270) Net Incomol(exp•ndltur•) tor th• yearl Not movomenl In funds (20,174) {19,333) {799,736) Fund balanc88 at 1 Sept8mb8r 2021 285,146 21,719 306,865 1,106,601 Fund balances at 31 August 2022 285,987 1,545 287,532 306.865 The statement of financial activities includes all g8Sns and losses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activities also complies with the requirements for an income and eXndIture account under the Companies Act 2006,
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2022 Prlor financlal year Unr•strlct•d Unre•trl¢ted Restrlct•d funds funds funds gèneral d•$lgnated 2021 2021 Total 2021 2021 Note• Income fr Charitable activities 35,042 38,384 73,426 ndltur• on: Charitable activities 39,405 34,302 73,707 Other 134,158 665,297 799,455 Total expendlture 173,563 665,297 34,302 873,162 Net Incomlngl(outgolng) resources before transfers (138,521) 1665,297 4,082 (799,736) Gross transfers belween funds 86 (86) Net Incomel(expendlture) for the yearl N•t movement In funds 1138,435) (665,298) 3,997 {799,736) Fund balances at 1 September 2020 423,581 665,298 17,722 1,106.601 Fund balanc•s at 31 August 2021 285,146 21,719 306,865 10-
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED BALANCE SHEET ASAT31 AUGUST2022 2022 2021 Not•$ Flxed assets Tangible assets 10 198 416 Current aSts Debtors Cash at bank and in hand 11 12,6n 286,999 2,248 316,339 299,676 318,587 Credltors: amounts falllng due wlthln one year 12 (12.342) {12,138) Net current assets 287,334 306,449 Total a880ts1•88 currènt Ilabllltl•• 287.532 306,865 Incom• fund• Restrlcted funds Unr8Strict8d funds - general 13 1,545 285,987 21,719 285,146 287,532 306,865 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2022, although an audit has been carried out under section 144 of the Charits'es Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. These financial statements have been prepared In accordance with the provisions applicable to companles subject to th8 small compani8s regim8. The financial sLgtements were approved by the Trustees on 26 September 2023 Mrs D Marti Trustee Mr D White Trustee Company registratlon number IP00257 11
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollclos Charlty Inforniatlon Int8mational School For Peace Studles Limited is a society Ilmited by guarantee incorporated in Northem Ireland. The registered office is Ebrington Business Centre, Glendennott Road. Londondery, BT47 68G. 1.1 Accountlng conv•ntlon The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the In(lustrial and Provident Societies Act 1969 and -Accounting and Reporting by Charitl88: statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th6 UK and Republic of Ireland (FRS 1021" (as amended for accounting periods commencing from 1 January 2019). The charity is a Public Benefil Entity as defined by FRS 102. The charty has taken advantage of the provisions in the SORP for charitles applying FRS 102 Update Bulletln 1 not to Prepa a Stalemenl of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the charlty. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. Imodified to include the revaluation of freehold properties and lo include investment properties and certain financial instruments at fair Value]. The princip81 accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial stalemenls, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foresee8ble future. Thus the Trustees continue to adopt the going concem basis of accounting in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use 8t the discretion of the Trustees in furtherance of thelr charltable objectives. Designated funds comprise funds which have been set aside at the dlscretlon of the Trustees for speclfic purposes. The purposes end uses of the designeted funds are set out In the notes to the financlal statements. Restricted funds are subject to specific conditions by donor8 as to how they May be used. The purp08es and uses of the restricted funds are sel out in the notes to the financial statements. 1.4 Income Income Is recognlsed when the charfty Is legally entitled to It after any performance condltlons 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 perfomiance 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 distributlon, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlemenl will be required and the amount of the obligation can be measured feliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. 12-
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Accountlng pollcles (Contlnued) Expenditure on charitsble activities includes the costs of services undertaken to further the purposes of the charity and their associated support costs. 1.6 Tanglble flxed assets Tangible fixed assets are Initially measured at cost and subsequently measured at cost or'valuatlon, 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: Flxtur8s and fittings 12.5•/0 & 20% stralght Ilne The gain or loss arising on the disposal of an asset is determined as the difference beh¥een the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrmant of fixed assets At each r8POrting end date, the charity reviews the carrylng amounts of Its tanglble assets to delermine wh81h8r ther8 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 (if any). 1.8 Cash and Cash •qulvalants Cash and cash equivalents Include cash in hand. deposlts held at call wlth banks, other short-term Ilquld investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown wlthln borrowings In current liabllitles. 1.9 Flnanclal Instrumonts The charity has elected to apply the provisions of S8Ction 11 '8aslc Flnanclal Instruments, and Sectlon 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Flnanclal Instruments are r8cognls8d in the charlty's balance sheet when the charity becomes paty to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intenlion to settle on a net basis or to realise the asset and settle the liability simultaneously. Baslc financlal assets Basic financial assets, which include d8btors and cash and bank balances, are initially m8asured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 13-
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Accounllng pollcles (Contlnued) Baslc Ilnanclal Ilabllltles 8asic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured 81 the present value of the future payments discounted at a markel rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt Instruments ar8 subsequently carried at amortlsed cost, uslng the effective Interest rate method. Trade creditors are obligatlons to pay for goods or servlces that have been acqulred In the ordlnary course of operations from suppliers. Amounts payable are classified as current liabilities if payment Is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognis8d inltlally at trensacllon prlce and subs8quently measured at amortlsed cost using th8 effective Inlerest method. Derecognltlon of flnanclal IlablllNe$ Flnancial liabilit188 are derecognised when the charSty's contractual obllgatlons explre or are dl8ch8rged or cancelled. 1.10 Taxatlon The company is a charity and is recognis8d as such by HM Revenue & Custom8 under the charity tax reference XR11534. As a result, there 16 no liability to taxation on any of its income. 1.11 Employee ben•flt8 The cost of any unusad 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 termlnate the employment of an employee or to provide termination benefits. Crltlcal accountlng estlmat•$ and Judg•monts In the application of the charity's accounting policies, the Trustees are required to make judgement8. estimates and assumptions about the carrying amount of assets and liabilities 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 underlylng assumptlons are reviewed on an ongoing basis. Revisions to accounllng 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. 14-
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Charltsblo actlvltles 2022 2021 Perfomiance related grants Programme income Charitable rental income Other income 4,124 104,749 4,172 35,042 34.212 3.171 112,044 73,426 Analysls by fund Unrestricted funds - general Reslrlct8d funds 105,639 6,405 35,042 38,384 112,044 73,426 Performanc• rnlated grants DCSDC - Community Support Fund DCSDC - Good Relations DCSDC - Tourism Project DFA- Home Phase 3.850 3.997 175 274 4,124 4,172 15-
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Charltable actlvltle$ 2022 2021 Depreciation and impairment Grant costs Programme costs 269 26.309 32,457 605 34,302 59,035 34.907 Share of support costs (see note 5) Share of govemance costs (see note 5) 65,371 6,971 33,774 5,026 131,377 73,707 Analy•l8 by fund unStrICted funds - general Restricted funds 105,068 26,309 39,405 34,302 131,377 73,707 Support costs Support Governance co$1• Costs 2022 Support Governance costs costs 2021 Staff costs Premises costs Administration costs Molor costs Bank charges Sundry costs 55,016 2,254 2,730 162 432 4,777 55,016 2,254 2.730 162 432 4.777 1,451 24,874 2,010 1.451 24.874 2.010 5,265 174 5.265 174 Audit fees Legal and professional Insurance 3,900 2.235 836 3,900 2,235 836 3,900 3.900 1,126 1.126 65,371 6.971 72,342 33,774 5.026 38,800 Analysed between Charitsble activities 65,371 6,971 72,342 33,774 5.026 38,800 Governance costs includes payments to the auditors of £3,900 (2021- £3.2001 for audit fees. 16-
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Trusta•s None of the Trust8es (or any persons connected with them) received any remuneration or benefits from the chartty during the year. Employ•è8 The average monthly number of employees durtng the year was: 2022 Number 2021 Number Employmant costs 2022 2021 Wages and salaries 55,016 1.451 There were no employees whose annual remuneration was more than £60.000. Other Total Unrestrlcted Unr•strlct•d funds lund• general deslgnatod 2021 2021 Total 2022 2021 Net loss on disposal of tangible fixed assets 134,158 665,297 799,455 134,158 665,297 799,455 Taxatlon The charity is exempt from lax on income and gains falling within section 505 of the TaxesAct 1988 or sectlon 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 17-
INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 10 Tanglblo flxod assets FlxtUT•• and Ilttlng• Cost At 1 September 2021 Additions Dlsposals 19,957 51 (14,944) At 31 August 2022 5,064 Depreclatlon and Impalnnont At 1 September 2021 Depreciation charged In the year Eliminated in respect of disposals 19,541 269 (14,944) At 31 August 2022 4,866 Carrylng amount At 31 August 2022 198 At 31 August 2021 416 11 Dèbtors 2022 2021 Amounts falllng duè wlthln on• y•ar: Trade debtors Other debtors Prepayments and accrued income 10,641 250 1,998 2,036 12,677 2,248 12 Credltors: amounts falllng due wlthln one year 2022 2021 Other taxation and social security Trade creditors Accruals and deferred income 1,488 2,954 7,900 492 8.646 3,000 12,342 12,138 18-
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INTERNATIONAL SCHOOL FOR PEACE STUDIES LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 15 Flnanclal commltmonts, guarantees and contlngont Ilabllltles Certain grants received and receivable may become repayable to the funder If the charity is no longer able to meet the conditions under which they were awarded. Due to the nature of these contingencies, it may not be possible to quantify th8 POt8ntial financial effect or glve an indication of the timing as to liabilities that may arise. 16 Relat•d party transactlons There were no dlsclosable rèlated paty transactions during the year (2021- none). -20-