OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-07-31-accounts

Registered number: NI036854 Charity Commission NI number: NIC102197

Centre For Cross - Border Studies (A company limited by guarantee)

Annual report for the year ended 31 July 2023

Centre for Cross – Border Studies

(company limited by guarantee)

Annual report for the year ended 31 July 2023

Pages
Reference and administrative details of the charitable company 1
Trustees’ report 2 – 6
Statement of Trustees’ responsibilities in respect of the Trustees’ report and
the financial statements 7
Independent auditor’s report to the members of Centre for Cross-Border Studies Ltd 8 - 11
Statement of financial activities (including income and expenditure account) 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 28

(company limited by guarantee)

1

Centre for Cross – Border Studies

Reference and administrative details of the charitable company

Members

The Queen’s University of Belfast Dublin City University

Trustees

Mr Peter Osborne Chairperson Dr Maurice Manning Mr Philip McDonagh Mr Earl Storey Dr Walt Kilroy Ms Emer O’Gorman Professor John Doyle Sir David Sterling Professor John Garry Ms Elodie Fabre Ms Olwen Dawe Commenced 17 October 2022 Ms Eileen Weir Commenced 6 March 2023

Company Secretary

Mrs Margaret Connolly

Registered office / Principal office

Centre for Cross-Border Studies Limited 39 Abbey Street Armagh BT61 7EB

Bankers

Ulster Bank Limited University Road Belfast Bank of Ireland 11 Upper English Street Armagh

Solicitors

Carson McDowell Murray House 4 Murray Street Belfast BT1 6DN

Independent auditor

KPMG The Soloist Building 1 Lanyon Place Belfast BT1 3LP

Charity Commission NI number NIC 102197

Company registration number NI036854

(company limited by guarantee)

2

Centre for Cross – Border Studies

Trustees’ report for the year ended 31 July 2023

The Trustees present their report and the audited financial statements for the year ended 31 July 2023.

The information with respect to the Trustees set out on page 1 forms part of this report. The financial statements comply with Charities Act (Northern Ireland) 2008, as amended by the Charities Act (Northern Ireland) 2013, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102).

Structure, governance and management

The Centre for Cross-Border Studies (“CCBS” or “the charitable company”) is a company limited by guarantee and as such is governed by its Memorandum and Articles of Association. The charitable company prepares and files annual accounts with Companies House.

The company has charitable tax status (reference number: XR31047). The charitable company registered with the Charity Commission for Northern Ireland in September 2015 and its Charity number is NIC 102197. The Governing Body of the charitable company is its Board of Trustees, who are responsible for the strategic direction of the Centre and meet four times a year. The day-to-day operational control is delegated to an employee, carrying the title Director, who is also in attendance at all meetings of the Board. The charitable company operates in an environment which promotes equality, tolerance and mutual respect.

Members

The members of the charitable company during the year, as set out in the revised Articles of Association are as follows:

The Queen’s University of Belfast; Dublin City University

In line with the Articles of Association the Trustees are as follows:

Trustees
Mr Peter Osborne Chairperson
Dr Maurice Manning
Mr Philip McDonagh
Mr Earl Storey
Dr Walt Kilroy
Ms Emer O’Gorman
Professor John Doyle
Sir David Sterling
Professor John Garry
Ms Elodie Fabre
Ms Olwen Dawe Commenced 17 October 2022
Ms Eileen Weir Commenced 6 March 2023

Of the Trustees, four are nominated by both Queen’s University Belfast and Dublin City University. In addition up to four additional Trustees can be co-opted by the Board.

The respective members were involved in drafting the Articles of Association and have nominated their institutional representatives to the Board on this basis.

The current Board Members were fully briefed on the Centre for Cross-Border Studies Limited’s mission and activities and were advised of their legal responsibilities as outlined in the Articles of Association.

(company limited by guarantee)

3

Centre for Cross – Border Studies

Trustees’ report for the year ended 31 July 2023 (continued)

Structure, governance and management (continued)

Trustees (continued)

The Centre for Cross-Border Studies has developed an induction programme for new Board Members, as part of which they receive a copy of the Board Members Handbook and are advised of their legal responsibility and requirements in regard to the code of conduct and conflict of interest. A skills audit is maintained and reviewed. The skills audit is used to inform the recruitment of new Board Members.

The related parties are set out in note 18. These include the members and other organisations where the trustees have declared an interest.

As the governing body of the charitable company, the Board has the responsibility for maintaining a sound system of internal control that supports the achievement of the charitable company’s policies, aims and objectives, whilst safeguarding sponsors’ funds and assets for which they are responsible. The system of internal control is designed to manage rather than eliminate risk, and to that extent it can therefore only provide reasonable and not absolute assurance of effectiveness. The system of internal control is based on an ongoing process designed to identify the principal risks to the achievement of policies, aims and objectives, to evaluate the nature and extent of those risks and to manage them efficiently, effectively and economically. The accounting services for the charitable company are provided by Queen’s University Belfast and a review of the effectiveness of internal control is undertaken by the University’s Internal Auditors as part of their rolling audit plan. This involves the provision of an independent opinion on the adequacy and effectiveness of the system of internal control, with recommendations for improvement. The Board is satisfied that there is an ongoing process for identifying, evaluating and managing the charitable company’s significant risks.

Trustees do not receive remuneration for their role within the charitable company.

Risk management

The Trustees have overall responsibility for ensuring that the charitable company has in place an appropriate system of controls, financial and otherwise, to provide reasonable assurance that:

The primary risks associated with the Centre are in respect of financial sustainability. The Centre has well established and comprehensive controls in place to manage these risks including; comprehensive financial reporting and forecasting processes; a well-established team with considerable expertise and knowledge; and an established strategic planning process.

Objectives and activities/public benefit

The Mission of the Centre for Cross-Border Studies is to empower citizens and build capacity and capability for cooperation across sectors and jurisdictional boundaries on the island of Ireland and further afield. This mission is achieved through research, expertise, partnership and experience in a wide range of cross-border practices and concerns.

The public benefit of the Centre is in the advancement of practical cooperation and mutual understanding between Northern Ireland and Republic of Ireland as part of the movement towards peace and reconciliation on the island.

The Centre for Cross-Border Studies researches and develops co-operation across the Irish border in a wide range of practical areas, notably education, health, the economy, ICT and citizens’ information, and works with similar cross-border regional research bodies in other parts of Europe.

(company limited by guarantee)

4

Centre for Cross – Border Studies

Trustees’ report for the year ended 31 July 2023 (continued)

Objectives and activities/public benefit (continued)

The Centre has a specific and unique role in contributing to the increased social, economic and territorial cohesion of the island of Ireland through:

The Centre has developed a comprehensive strategy covering a range of activities designed to achieve its mission, specifically, the main activities of the Centre in the reporting period have included:

Achievements and performance

The statement of financial activities for the charitable company is set out on page 12.

The Trustees regularly review performance against a number of key criteria to ensure it continues to achieve its key aims and objectives. These measures include addressing information gaps and promoting and improving cross border cooperation.

Key achievements during the twelve months covered by this financial report include:

(company limited by guarantee)

5

Centre for Cross – Border Studies

Trustees’ report for the year ended 31 July 2023 (continued)

Achievements and performance (continued)

Financial review

During the year an amount of £338,595 (2022: £349,989) was received in grants, together with other income totalling £292,273 (2022: £243,897). After expenditure of £621,606 (2022: £519,377), the net income for the year amounted to £9,262 (2022: £74,509). Funds of £948,156 (2022: £938,894) were carried forward at 31 July 2023, of which £438,567 (2022: £417,814) related to restricted funds, i.e. funds which have been awarded by sponsors for a specific purpose and cannot be utilised for any other general purpose.

The Centre’s main funders during the period include government departments which support core activities including those listed in the achievements and performance section above. In addition the Centre receives membership funds from the members of Universities Ireland and SCoTENS.

Reserves policy

The charitable company’s policy is to retain a level of free reserves which matches the needs of the organisation both at the current time and in the foreseeable future. Its reserves policy is that necessary funds are retained for statutory liabilities and the remainder are to be expended within a rolling 36 months, which the Trustees consider appropriate to the charitable company’s circumstances and the timing of funding and expenditure. The charitable company has free reserves of £509,589 (2022: £521,080) relating to grants received for core funds, funding for the provision of administrative and training services and other sundry income. The charitable company’s reserves policy is reviewed annually. Free reserves are total funds, excluding restricted funds. The Trustees are satisfied with the year-end financial position and with the prospects for 2023-24. The main sources of funding are government grants and funding in respect of the provision of secretariat services.

Plans for future years

The CCBS Strategic Statement of Mission, Values and Strategic Goals provide the overall context for the Centre’s planned activities going forward, while the Centre’s Strategic Plan sets out objectives for the period 2022-2025 The Strategic Plan has three strategic priorities: strengthening the knowledge base for cooperation and cross-border mobility; promoting the development of policies that exploit and are supportive of cooperation and cross-border mobility; and building and strengthening collaborative relations within and across these islands and beyond. We expect additionally, that CCBS activities will continue to be shaped by the economic, social and political impacts arising from the UK’s departure from the European Union.

In the short-term (2023-2024), complementing the Centre’s strategic priorities, its activities will not only fulfil the commitments made to the Department of Further and Higher Education, Research, Innovation and Science as providers of core funding, but also those relating to the Centre’s Strategic Partnership with the Department of Foreign Affairs’ Reconciliation Fund. Under the Strategic Partnership, in 2023-2024 the activities to be undertaken fall under two overarching components: research to assess the ongoing status of conditions for cooperation and cross-border mobility; and outreach to build and maintain confidence for cooperation and cross-border mobility. Among the specific activities to be undertaken by the Centre in 2023-24 are the undertaking of quarterly surveys on the conditions for North-South and East-West cooperation, research on cross-border mobility, the continued convening of the Ad-Hoc Group for North-South and East-West Cooperation, and the continued promotion of the New Common Charter for Cooperation Within and Across these Islands.

The Strategic Partnership with the Reconciliation Fund will also determine the Centre’s activities beyond 2024, given that it is due to be in place until April 2025. However, 2024 will also be shaped in light of the fact that the Centre will celebrate its 25[th] year, along with the implementation bodies established under Strand 2 of the Good Friday Agreement. Therefore, our plans for

6

Centre for Cross – Border Studies

(company limited by guarantee)

Trustees’ report for the year ended 31 July 2023 (continued)

Plans for future years (continued)

that year will also focus on celebrating the achievements of North-South cooperation since 1998. Additionally, the mediumterm plans will also include efforts to source funding support to assist the Centre in its mission beyond 2025.

Going forward into 2024, the CCBS Board will continue to support the organisation and its staff in efforts to ensure the Centre maintains its profile and reputation for high-quality research as it operates in a post-Brexit and post-restructuring environment. This will include maintaining the Border People project’s importance within the Centre’s core activities, and ensuring CCBS continues to provide the highest standards of service to SCoTENS and Universities Ireland.

The financial sustainability of CCBS will continue to be a strategic goal and priority. In particular, efforts will be made to identify both project and core funding sources and to secure new funding streams.

Statement as to disclosure to our auditors

In so far as the trustees are aware at the time of approving the Trustees’ Annual Report:

Political donations

No donations for political purposes were made during the current and preceding year.

Trustees’ indemnities

As permitted by the Articles of Association, the Trustees have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the financial year and is currently in force.

Small companies’ exemption

In preparing the Trustees’ Report, the trustees have taken the small companies exemption under section 414(B) of the Companies Act 2006 (Strategic Report and Trustees’ Report) Regulations 2013, not to prepare a Strategic Report for presentation with these financial statements. The report has been prepared in accordance with the special provisions relating to small companies with part 15 of the Companies Act 2006.

Independent auditors

Pursuant to Section 487 of the Companies Act 2006, the auditors will be deemed to be reappointed and KPMG will therefore continue in office.

By order of the Board

Mrs Margaret Connolly Company Secretary Date: 29 April 2024

7

Centre for Cross – Border Studies

(company limited by guarantee)

Statement of Trustees’ responsibilities in respect of the Trustees’ report and the financial statements

The trustees are responsible for preparing the trustee’s report and the financial statements, in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland as applied in accordance with the provisions of Companies Act 2006.

Under Company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charitable Company and of the incoming resources and application of resources including its income and expenditure of the Charitable Company for that year. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Charitable Company and enable it to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal controls as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Charitable Company and to prevent and detect fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the financial information included on the Charitable Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

By order of the Board

Mrs Margaret Connolly Company Secretary Date: 29 April 2024

Centre for Cross-Border Studies Limited 39 Abbey Street Armagh BT61 7EB

(company limited by guarantee)

12

Centre for Cross – Border Studies

Statement of financial activities (including income & expenditure account) for the year ended 31 July 2023

Unrestricted
Funds
Restricted
Funds
Total
Funds
2023
Note
£
£
£
Total
Funds
2022
£
Income:
Other trading activities
3
-
338,595
338,595
Income from charitable activities
4
292,273
-
292,273		 349,989
243,897
Total income
292,273
338,595
630,868		 593,886
Expenditure:
Charitable activities
5
(296,264)
(317,842)
(614,106)
Expenditure on raising funds
6
(7,500)
-
(7,500)		 (511,877)
(7,500)
Total expenditure
(303,764)
(317,842)
(621,606)		 (519,377)
Net income for the year
(11,491)
20,753
9,262		 74,509
Reconciliation of funds
Total funds brought forward at 1 August
16
521,080
417,814
938,894
Net income for the year
(11,491)
20,753
9,262
Transfer between funds
-
-
-		 864,385
74,509
-
Total funds carried forward at 31 July
16
509,589
438,567
948,156		 938,894

All amounts above relate to continuing operations of the charitable company.

The statement of financial activities includes all gains and losses recognised in the year.

Notes on pages 15 to 28 form part of these financial statements.

Centre for Cross – Border Studies

(company limited by guarantee)

13

Balance sheet as at 31 July 2023

2023
Note
£		 2022
£
Current assets
Debtors
11
1,049,064
Cash at bank and in hand
14
47,407		 1,065,074
39,212
Total current assets
1,096,471
Creditors: amounts falling due within one year
12
(148,315)		 1,104,286
(165,392)
Net assets
948,156		 938,894
The funds of the charity
Unrestricted income funds
16
509,589
Restricted income funds
16
438,567		 521,080
417,814
Total charity funds
948,156		 938,894

The financial statements on pages 12 to 28 were approved by the Board of Trustees on 29 April 2024 and signed on its behalf by:

Mr Peter Osborne Trustee

Notes on pages 15 to 28 form part of these financial statements.

Registered number: NI036854

Centre for Cross-Border Studies

14

Centre for Cross – Border Studies

(company limited by guarantee)

Statement of cash flows for the year ended 31 July 2023

2023 2022
Notes £ £
Cash flows from operating activities:
Net cash provided by operating activities 13 8,195 (380)
Cash flows from investing activities - -
Cash flows from financing activities - -
Increase in cash and cash equivalents in the reporting period 8,195 (380)
Change in cash and cash equivalents in the reporting period - -
Cash and cash equivalents at the beginning of the reporting
period 39,212 39,592
Cash and cash equivalents at the end of the reporting period 14 47,407 39,212

(company limited by guarantee)

15

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023

1 Accounting policies

Centre for Cross-Border Studies (“CCBS” or “the charitable company”) is a company limited by guarantee, domiciled and registered in the UK. The registered number is NI036854 and the registered address is 39 Abbey Street, Armagh, BT61 7EB.

The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (Charities SORP), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, as amended by the Charities Act (Northern Ireland) 2015, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the Companies Act 2006. The presentation currency of these financial statements is sterling.

Centre for Cross-Border Studies meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charitable company’s financial statements.

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amount of assets and liabilities, income and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed and revised on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Management have assessed that there are no estimates or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities recognised in the financial statements.

The charitable company has availed itself of the exemptions available under the Companies Act 2006 and has adapted the Companies Act formats to reflect the special nature of the charitable company’s activities.

Going Concern

The Trustees have a reasonable expectation that the Centre for Cross-Border Studies has adequate resources to continue in operational existence for the foreseeable future. For this reason it continues to adopt the going concern basis in preparing the financial statements.

Income

Income is recognised when the charitable company has entitlement to the funds and it is probable that the income will be received and the amount reliably measured.

The specific bases used are as follows:-

Donations and grants

Income from donations or grants is recognised when there is evidence of entitlement, receipt is probable and its amount can be measured reliably.

Other Income

Other income is accounted for on the accruals basis.

Deferred Income

Income received in advance is deferred and held as a liability on the balance sheet until required.

(company limited by guarantee)

16

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

1 Accounting policies (continued)

Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with use of the resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities.

Expenditure on raising funds

This includes the salaries, direct expenditure and overhead costs of staff who promote fund raising, including events and mailings.

Charitable activities

Charitable expenditure comprises those costs incurred by the charitable company 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 indirect nature necessary to supply them. Support costs are allocated to their relevant activity based on the income received.

Governance costs

Governance costs include those incurred in the governance of its assets and are associated with constitutional, statutory and strategic requirements. An analysis of governance costs is included at note 7.

Provisions for liabilities and charges

Provisions are recognised in the financial statements when:

Basic financial instruments

Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financial transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

Impairment excluding stocks, investment properties and deferred tax assets

Financial assets (including trade and other debtors)

A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably.

An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the charitable company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss.

(company limited by guarantee)

17

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

1 Accounting policies (continued)

Fund accounting

The charitable company has various types of funds for which it is responsible and which require separate disclosure. Definitions of the various types of funds are as follows:

Unrestricted income funds

Unrestricted income funds represent funds which are expendable at the discretion of the charitable company in furtherance of the purposes of the charitable company. In addition to expenditure on activities such funds may be held in order to finance capital investment and working capital. Unrestricted funds relate to grants received for core funds, funding for the provision of administrative and training services and sundry other income.

Restricted income funds

Restricted income funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The aim of restricted funds is set out in the notes to the financial statements.

Foreign currency

Transactions in foreign currencies are translated to the charitable company’s functional currency at the foreign exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the foreign exchange rate ruling at that date. Non-monetary assets and liabilities that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign exchange differences arising on translation are recognised in the profit and loss.

Cash at bank and in hand

Cash at bank and in hand includes cash on hand, demand deposits and other short term highly liquid investments regardless of maturity.

2 Taxation

The company has charitable tax status (Reference Number XR31047), and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the charitable company’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.

3 Other trading activities

Unrestricted Restricted Total Total
funds funds 2023 2022
£ £ £ £
Research contract – Joseph Rowntree Charitable Trust - - - -
Research contracts - Department of Foreign Affairs:
Reconciliation Fund - 91,208 91,208 96,531
Other research contracts
Other contracts – the National Lottery Community
Fund: Dormant Accounts Fund NI - 2,455 2,455 25,721
Other contracts – European Commission - - - 19,002
Provision of administration and other services - 244,932 244,932 208,735
- 338,595 338,595 349,989

(company limited by guarantee)

18

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

3 Other trading activities (continued)

Analysis of restricted funds income by project:

nalysis of restricted funds income by project:
2023 2022
Amount Deferred Accrued Amount Deferred
received Income income Income received Income income
£ £ £ £ £ £ £
Time to measure cross-border
impacts - - - - - 8,749 -
Maintaining the conditions for
cooperation and cross-border - 4,084 - - - 56,236 (4,084)
lives
DFA – Border People –
supporting citizens through Brexit - 15,402 - - - 20,562 (15,493)
(secondment)
DFA – Maintaining conditions for
cooperation& cross border lives (35,204) 71,722 (16,453) (15,036) (48,829) 10,894 (37,935)
Total Reconciliation Fund (35,204) 91,208 (16,453) (15,036) (48,829) 96,441 (57,512)
Dormant Accounts Fund NI (2,680) 2,455 (5,031) - (300) 25,721 (5,406)
European Commission - - - - (5,146) 10,648 -
International Fund for Ireland
(CIPP) - CBenACT - 20,563 - (20,563) - - -
Total contract restricted funds (37,884) 114,226 (21,484) (35,599) (54,275) 132,810 (62,918)

Restricted funds includes government grants of £128,890 (2022: £112,189) received by the Centre in respect of activities relating to SCoTENS and Universities Ireland. There are no unfilled conditions or contingencies relating to these funds. The Centre has received no other forms of government assistance.

4 Income from charitable activities

Unrestricted Restricted Total Total
funds funds 2023 2022
£ £ £ £
Provision of training and administration services 77,559 - 77,559 69,268
Other 214,714 - 214,714 174,629
292,273 - 292,273 243,897

The balance of £214,714 (2022: £174,329) in ‘Unrestricted funds: Other’ mainly consists of funding received in respect of core costs.

(company limited by guarantee)

19

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

5 Expenditure on charitable activities

Unrestricted Restricted Total Total
funds funds 2023 2022
£ £ £ £
Salaries (note 8) 178,934 44,081 223,015 200,169
Professional and consultancy fees 34,782 74,009 108,791 81,777
Travel, subsistence and conference expenses 20,707 12,086 32,793 8,487
Governance costs (note 7) 6,586 - 6,586 7,970
Other 55,255 187,666 242,921 213,474
296,264 317,842 614,106 511,877
6
Expenditure on raising funds
2023
£		 2022
£
Administration
7,500
Advertising
-		 7,500
-
7,500 7,500
7
Governance costs
Unrestricted
funds
Restricted
funds
Total
2023
£
£
£
Total
2022
£
5,270
2,700
7,970
Fees payable to the charitable company’s external
auditors for audit services
6,586
-
6,586
Other audit related services
-
-
-
6,586
-
6,586

8 Employee information

8
Employee information
Unrestricted Restricted Total Total
funds funds 2023 2022
£ £ £ £
Staff costs:
Wages and salaries 140,439 32,851 173,290 157,439
Social security costs 15,612 4,035 19,647 14,950
Other pension costs 22,883 7,195 30,078 27,780
178,934 44,081 223,015 200,169

(company limited by guarantee)

20

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

8 Employee information (continued)

2023 2022
Number Number
The average monthly number of persons employed by the charitable company
(excluding trustees) during the year by activity was:
Research/Professional 2 2
Administration 3 3
5 5

The number of employees with remuneration exceeding £60,000, excluding employer pension contributions was:

2023 2022
Number Number
£60,001 to £70,000 1 1

9 Key management personnel

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Centre for Cross-Border Studies. Staff costs outlined above in note 8 include compensation, consisting of salary, benefits, employer’s pension contribution and employer’s social security contribution, paid to key management personnel.

2023 2022
£ £
Key managementpersonnel compensation 79,395 77,223
10 Trustees
2023 2022
Number Number
The number of Trustees at theyear-end was: 12 10

None of the Trustees received any remuneration or reimbursement of expenses from the Centre during the year (2022: £nil). There were no amounts paid in respect of indemnity insurance (2022: £nil).

(company limited by guarantee)

21

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

11 Debtors

11
Debtors
2023 2022
£ £
Trade debtors 68,759 57,717
Prepayments and accrued income 109,208 65,363
Amounts owed by The Queen’s University of Belfast 871,097 941,994
1,049,064 1,065,074

12 Creditors: amounts falling due within one year

2023 2022
£ £
Accruals 46,419 17,889
Deferred income 101,896 147,503
148,315 165,392

Movement on deferred income

2023 2022
£ £
Deferred income brought forward 147,503 179,108
Released in the year (147,503) (179,108)
Deferred in the year 101,896 147,503
Deferred income carried forward 101,896 147,503

Deferred income relates to grants, engagement fees and other income recognised over more than one financial year in accordance with the accounting policy stated in note 1.

Deferred income includes the following balances:

An amount of £69,080 for Universities Ireland membership fees for the period August 2023 to March 2024.

An amount of £6,221 for SCoTENS membership fees for August 2023 and £5,111 for Shared Island (Department of Taoiseach) project.

An amount of £16,453 relating to Department of Foreign Affairs and an amount of £5,031 for Dormant Accounts Fund NI (note 3).

13 Reconciliation of net income/(expenditure) to net cashflow from operating activities

2023 2022
£ £
Net income for the reporting period (as per the statement of financial activities) 9,262 74,509
Increase in debtors 16,010 (45,476)
Decrease in creditors (17,077) (29,413)
Net cash provided by operating activities 8,195 (380)

(company limited by guarantee)

22

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

14 Analysis of cash and cash equivalents

2023 2022
£ £
Cash in hand 47,407 39,212
Total cash and cash equivalents 47,407 39,212

15 Analysis of net debt

Balance at Balance at
31 July 31 July
2022 Cash flows 2023
£ £ £
Cash 39,212 8,195 47,407
Net cash 39,212 8,195 47,407

16 Analysis of Charitable Funds

Balance at Balance at
31 July 31 July
2021 Transfer Income Expenditure 2022
£ £ £ £
 £
Restricted income funds (see below) 386,502 (3,607) 349,989 (315,070) 417,814
Unrestricted income funds 477,883 3,607 243,897 (204,307) 521,080
Total funds 864,385 - 593,886 (519,377) 938,894
Balance at Balance at
31 July 31 July
2022 Transfer Income Expenditure 2023
£ £ £ £
 £
Restricted income funds (see below) 417,814 - 338,595 (317,842) 438,567
Unrestricted income funds 521,080 - 292,273 (303,764) 509,589
Total funds 938,894 - 630,868 (621,606) 948,156

Centre for Cross – Border Studies

(company limited by guarantee)

23

Notes to the financial statements for the year ended 31 July 2023 (continued)

16 Analysis of Charitable Funds (continued)

Unrestricted income funds are amounts, which are expendable at the discretion of the Board in furtherance of the aims of the charitable company.

Restricted funds are amounts, which are expendable only in accordance with the specified wishes of the sponsor. The restricted funds consist of grants and awards for specific projects carried out by the charitable company.

Restricted funds comprise:

Restricted funds comprise:
Balance at Balance at
1 August 31 July
2022 Transfer Income Expenditure 2023
£ £ £ £ £
European Commission projects 22,130 - - (2,091) 20,039
North-South Higher Education
and research bodies 395,684 - 315,577 (292,733) 418,528
Other research and
administration projects - - 23,018 (23,018) -
Total restricted funds 417,814 - 338,595 (317,842) 438,567

Restricted funds are amounts, which are expendable only in accordance with the specified wishes of the sponsor. The restricted funds consist of grants and awards for specific projects carried out by the charitable company. The transfer between funds relates to a balance on a restricted fund where the activities have been completed and there are no further retentions on restrictions remaining.

17 Analysis of net assets between funds

Restricted Unrestricted 2023 2022
funds funds Total Funds Total Funds
£ £ £ £
Net current assets 438,567 509,589 948,156 938,894

(company limited by guarantee)

24

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

18 Related party disclosures

The Queen’s University of Belfast is regarded as a related party as defined by Section 33 FRS 102 due to a degree of common control being exercised over the University and the charitable company.

The following facilities are provided by The Queen’s University of Belfast:

The following transactions were conducted with The Queen’s University of Belfast during the year:

The following transactions were conducted with The Queen’s University of Belfast during the year:
2023
£		 2022
£
Provision of banking services:
Amounts received by Queen’s University Belfast in relation to Centre for Cross-
Border Studies Limited
512,962
Amounts paid by Queen’s University Belfast in relation to Centre for Cross-
Border Studies Limited
(601,378)
Related party transactions:
Amounts charged for administration and other recharged costs
17,520		 511,939
(513,889)
(4,900)
(70,897) (6,850)

The balance with Queen’s University Belfast at the year-end is set out in note 11.

The Centre’s trustees are drawn from a wide range of sectors throughout the Island of Ireland. All transactions involving organisations in which a trustee may have an interest, including those identified below, are conducted at arm’s length in accordance with the Centre’s financial procedures.

The following transactions are included in the financial statements with other related parties where a trustee has noted an interest as an employee, or a member of the governing body, of that organisation. The transactions relate to subscriptions to SCoTENS and Universities Ireland and some sundry expenditure items.

31 July 2023
Prepayments Accruals and
and accrued deferred
income income Income Expenditure
£ £ £ £
Queen’s University Belfast 871,097 - 33,864 (7,500)
Dublin City University - - 13,931 (14,148)
International Fund for Ireland (IFI) - - 7,986 -
Department of Foreign Affairs and
Trade, Dublin (Oversight Group of
the National Action Plan on Women
Peace and Security) - - 18,751 -
Chief Executives Forum - - - (113)
National University of Ireland - - - (1,667)

(company limited by guarantee)

25

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

18 Related party disclosures (continued)

31 July 2022
Prepayments Accruals and
and accrued deferred
income income Income Expenditure
£ £ £ £
Queen’s University Belfast 941,944 - 19,928 (7,500)
Dublin City University - - 19,789 (6,160)
Maynooth University - - 18,862 -
Marino Institute - - - -

19 Pension costs

The charitable company participates in two separate defined benefit occupational pension schemes, each of which is valued at least triennially by professionally qualified actuaries. The schemes are the Universities Superannuation Scheme (USS) for academic and academic related staff, in which most UK Universities participate, and the Retirement Benefits Plan of the Queen’s University Belfast (RBP) for non-academic staff and academic related staff. The assets of the schemes are held in trustee-administered funds, and the rates of contribution payable are determined by the trustees on the advice of the actuaries.

Since CCBS has not entered into a contractual agreement with either of the scheme providers or Queen’s University Belfast to fund a deficit recovery plan, no pension liability has been recognised in the financial statements.

(i) Universities Superannuation Scheme (USS): The charitable company participates in the Universities Superannuation Scheme. The scheme is a hybrid pension scheme, providing defined benefits (for all members), as well as defined contribution benefits. The assets of the scheme are held in a separate trustee-administered fund. Because of the mutual nature of the scheme, the assets are not attributed to individual institutions and a scheme-wide contribution rate is set. The charitable company is therefore exposed to actuarial risks associated with other institutions’ employees and is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis. As required by Section 28 of FRS 102 “Employee benefits”, the charitable company therefore accounts for the scheme as if it were a wholly defined contribution scheme. As a result, the amount charged to the Statement of financial activities represents the contributions payable to the scheme.

The latest available complete actuarial valuation of the Retirement Income Builder section of the scheme is at 31 March 2023 (the valuation date), which was carried out using the projected unit method. This 2023 valuation was signed in December 2023.

Since the charitable company cannot identify its share of USS Retirement Income Builder (defined benefit) assets and liabilities, the following disclosures reflect those relevant for those assets and liabilities as a whole.

The 2023 valuation was the seventh valuation for the scheme under the scheme-specific funding regime introduced by the Pensions Act 2004, which requires schemes to adopt a statutory funding objective, which is to have sufficient and appropriate assets to cover their technical provisions. At the valuation date, the value of the assets of the scheme was £73.1 billion and the value of the scheme’s technical provisions was £65.7 billion indicating a surplus of £7.4 billion and a funding ratio of 111%.

(company limited by guarantee)

26

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

19 Pension costs (continued)

(i) Universities Superannuation Scheme (USS) (continued):

The key financial assumptions used in the 2023 valuation are described below:

Discount rate (forward rates) Fixed interest gilt yield curve plus: Pre-retirement: 2.5% p.a. Post retirement: 0.9% p.a. Pension increase (CPI) 3.0% p.a. (based on a long term average expected level of CPI, broadly consistent with long term market expectations). RPI/CPI gap, less 1.0% p.a. to 2030, reducing to 0.1% p.a. from 2030.

The main demographic assumption used relates to the mortality assumptions. These assumptions are based on analysis of the scheme’s experience carried out as part of the 2023 actuarial valuation. The mortality assumptions used in these figures are as follows:

2023 valuation

Mortality base table 101% of S2PMA “light” for males and 95% of S3PFA for females Future improvements to CMI 2021 with a smoothing parameter of 7.5, an initial addition of 0.4% pa, 10% w2020 mortality and w2021 parameters, and a long term improvement rate of 1.8% p.a. for males and 1.6% p.a. for females

The current life expectancies on retirement at age 65 are:

he current life expectancies on retirement at age 65 are:
2023
Males currently aged 65 (years) 24.0
Females currently aged 65 (years) 25.6
Males currently aged 45 (years) 26.0
Females currently aged 45 (years) 27.4

Details of the funding position are as follows:

etails of the funding position are as follows:
2023 2022
Total scheme assets £73.1bn £66.5bn
Total scheme liabilities £65.7bn £80.6bn
FRS 102 total scheme surplus £7.4bn £14.1bn
FRS 102 total funding level 111% 83%

The 2023 Valuation was signed off in December 2023 and noted a surplus of £7.4bn. The USS Trustee confirmed that from 1 January 2024, the contribution rates to the scheme would reduce. The total employer contribution from 1 January 2024 will be 14.5% (from 21.6%), with a member contribution of 6.1% from (9.8%).

The USS Trustee also announced that from 1 April 2024, the benefits in USS would revert to the pre 1 April 2022 levels. The accrual rate will change from 1/85[th] of salary to 1/75[th] of salary and the salary threshold will increase from £41,004 to £70,296.

All eligible members of USS with any period of active membership in the period 1 April 2022 to 31 March 2024 will receive a £215 uplift to their annual pension, plus an associated £645 retirement lump sum. All pensioners as at 1 April 2024 will receive a pension uplift of £241 per year.

(company limited by guarantee)

27

Centre for Cross – Border Studies

Notes to the financial statements for the year ended 31 July 2023 (continued)

19 Pension costs (continued)

The pension cost for the charitable company for the year was £20,538 (2022: £19,920). Contributions are charged to the statement of financial activities in the year to which they relate. The employer contribution rate was 21.6% of pensionable pay in the reporting period.

(ii) Retirement Benefits Plan of the Queen’s University Belfast (RBP): The latest actuarial valuation of the RBP, for, was carried out at 31 March 2020 by a qualified independent actuary. The 2020 Valuation identified a funding shortfall of £4.7m and a funding level of 98.1%. A Recovery Plan has been agreed to address the funding deficit by 31 March 2030.

The major assumptions used by the actuary for the purposes of these accounts are:

2023 2022
Future salary increase:
Under 40 3.05% 2.95%
Over 40 3.30% 3.20%
Pension increases in payment:
CPI subject to a maximum of 5.00% p.a. 2.70% 2.65%
CPI subject to a maximum of 3.00% p.a. 2.20% 2.25%
Pension increase rate in deferment 2.80% 2.70%
Discount rate 5.05% 3.55%
Inflation assumption:
Retail Prices Index 3.20% 3.20%
Consumer Prices Index 2.80% 2.70%
GMP equalisation - % of DBO 0.60% 0.60%
Average pension increase in payment 2.44% 2.41%

The average life expectancies at age 65 used to determine benefit obligations are:

2023 2022
years years
Member age 65 (current life expectancy) male 21.4 21.9
Member age 65 (current life expectancy) female 23.3 23.7
Member age 40 (life expectancy at 65) male 23.0 23.6
Member age 40 (life expectancy at 65) female 25.1 25.6
Details of the funding position are as follows:
2023 2022
Total scheme assets £164.2m £215.7m
Total scheme liabilities £212.1m £255.9m
FRS102 total scheme deficit £47.8m £40.1m
FRS102 total funding level 77% 84%

The contribution for the year was £9,540 (2022: £7,860). Contributions are charged to the statement of financial activities in the year to which they relate. The employer contribution rate is the period was 21% of pensionable pay.

28

Centre for Cross – Border Studies

(company limited by guarantee)

Notes to the financial statements for the year ended 31 July 2023 (continued)

20 Liability of members

The Centre for Cross – Border Studies is a company limited by guarantee and does not have a share capital. The liability of each member is limited to an amount not exceeding £1.

21 Ultimate controlling party

The trustees do not consider the charitable company to have an ultimate controlling party. The activities of the charitable company are overseen by the Board of Trustees.

22 Contingent Liability

There are no contingent liabilities (2022: nil).

23 Events after the reporting period

There are no material events after the reporting period that would require adjustment or disclosure in the financial statements