COMPANY REGISTRATION NUMBER: N1041640 CHARITY REGISTRATION NUMBER: XR48423 Wheelworks Company Limited by Guarantee Financial Statements 31 March 2023 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN
Wheelworks Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 12 18 Statement of financial position 19 Notes to the financial statements 20 The following pages do not forni part of the financial statements Detailed statement of financial activities 31 Notes to the detailed statement of financial activities 32
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2023 The trustees. who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2023. Reference and administrative details Registered charity name Wheelworks Charity reglstration number XR48423 Company registration number N1041640 Principal office and registered 4c Weavers Court Business Park office Linfield Industrial Estate Linfield Road Belfast BT12 5GH The trustees S Stack J Mills L Hodgins A Connolly Dr U Banerjee M Duffy K McKnight J Watson H Mullan (Resigned 11 November 2022) (Resigned 22 November 20221 (Appointed 9 August 2022) (Appointed 9 August 2022} (Appointed 22 November 2022) Company secretary Katherine McKnight Auditor Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Danske Bank PO Box 183 Donegall Square West Belfast BT16JS Solicitors O'Hare Solicitors 37-41 High Street Belfast BT12AB
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) f¢ontlnued) Year ended 31 March 2023 Structurej governance and management Governing Document Wheelworks is a company limited by guarantee governed by its Memorandum and Articles of Association dated 1st October 2001. Wheelworks is a registered charity with the Charily Commission for Northern Ireland. Wheelworks is a membership organisation with currently 7 members, each of whom agrees to contribute £1 in the event of the charity winding up. Appointment of trustees The Chairman and the Trustees recruit and select new Trustees as needed. New Trustees are recruited on the relevance of their professional skills. and their potential to be able to make a helpful contribution to the governance of the Charity. As part of the recruitment process they are made aware of a Trustees, legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes. the business plan and recent financial performance of the charity. Once the potential new Trustee has agreed to be considered for appointment to the role, the Trustees meet to review and to vote or) the candidates, suitability for appointment. If there is unanimous agreement, their names are then proposed for appointment in one of the scheduled board meetings. Organisation structure and how charity makes decisions The board of trustees, which can have up to 15 members, administers the charity. The board normally meet between 4-6 times annually and there are now sub-committees covering development, governance. HR, finance and which normally meets beeen 2-4 times annually. A CEO is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the CEO has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance. employment and direct charitable activities. Relationships with related parties None of our trustees receive remuneration or other benefit from their work with the charity. Risk management The trustees have a risk management strategy which comprises.. an annual review of the principal risks and uncertainties that the charity faces- the establishment of policies, systems and procedures to mitigate those risks identified in the annual review,. and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise.
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (Gontinuéd) Year ended 31 March 2023 Objectives and activities Wheelworks is an established and leading youth arts charity that works in partnership with communilies to provide innovative programmes to young people aged 4 25 across Northern Ireland. We exist to create fresh opportunities for young people's social, cultural, and educational development through accessible issue-based and enjoyable traditional and digital arts led programmes. Over the past 27 years, through visual and digitsl arts programmes we have been supporting and increasing personal, social. and creative skills in the young people. Our programmes offer high quality, artistic activity for learning. enjoyment, and change, giving young people from the most marginalised, disadvantaged communities a voice on matters that are important to them and their community. Our Key Aims and Objectives are.. The creation and faGilitalion of innovative, high-quality art and technology led activity Creating opportunities for children and young people to engage in creative practice and leaming Facilitating local communities to engage in high quality arts experiences, particularly in areas of low engagement {e.g.. rural areas) and areas of social deprivation. Building resilience and capacity in the wider artslcommunitylyouth sector through training and mentoring of artistslworkforce and other organisations From the outset, our core vision was to provide mobile arts activities to excluded children and young people, who would otherwise never have access to high quality, participalive arts projects, with professional artists. That vision still represents a key focus of WWA activities, and for the past 27 years the organisation has empowered young people through visual and digital arts engagement with a balanced programme of work in both rural and urban areas. Always working directly with young people in their own communities who may be experiencing marginalisation in some way, be it from cultural and social exclusion, geographical isolation, or economic deprivation. Wheelworks Arts provides a level playing field for marginalised young people who may otherwise have limited access to new media technology and widens participation amongst groups of young people, who may feel disaffected by mainstream youth activity but are drawn to technology, arts and digital artforms such as design, spray painting, coding. gaming, web design, video gaming. animation and electronic music. To achieve these visons and aims we will focus on the following core strategic outcomes.. Access to traditional and digital arts participation. To enhance artistic and digital social inclusion of young people living in Gommunities that experience barriers and access to participating in the arts. Advancing marginalised young wilhin the creative sector. For marginalised young people to realise their own potential. Increase Sustainable service offers. Generate new service income by offering experiential new artsldigital led courseslactivitiesltraining to adultslworkforce VRIARIMocap experiencelChangeMakerrrs3 etc. Advance artists and staff expertise by making available resourceslequipment to experimenvpiloudevelop new artsldigital technology led offerings. Improving creative capacity in the community and codesign and community development initiatives Iransferring artistic and creative skills to young people and their communities. Developing young volunteers. Involve volunteers to learn new skills and promote the benefit of arts led leaming and participation. We will continue to engage and empower young people by placing creativity at the centre of our
Wheelworks Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 March 2023 activities and use these as a medium to promote discussion, develop skills, build experience, and gel them involved in activities Ihat they may not be familiar with. The key impacts we seek to bring in the young people with whom we work are: Key lifelwork skills: Development of positive relationships wilh others such as better team working, positive peer relationships. increased communication skills with trusted adults Attitudinal Skills.. To enhance individual capabilities such as gaining confidence, managing own feelings, build resilience, ability to make healthy choices increased aspirations Personal skills: Development of thinking skills such as respect for difference, decision making, satisfaction with own lifelself Creative skills= Develop enjoyment in learning new things such as art and tech led participation, planning and problem solving, pride in creative outputs and skills of arts and digital technology led learning. To build stronger relationships, improve our visibility and increase impacts, it is critically important to have consultations and co-create activities to know and understand the needs of the groups and support networks we collaborate with. Through these engagements we broaden our knowledge base, support better coordinated activities. increase collaboration on the ground. enhancing participation, empowering the young people. which increases positive impacts. The impact and quality of our activity is demonstrated by the collaboration and relationships we have built over the years and securing a diverse range of funding streams for both core and project work. The demand for our work outstrips our capacity- over the next few years we hope to strengthen this relationship and broaden our engagement work in partnership with Current and new partners across Northern Ireland. In the year 2022-23 we embraced the challenge and responded to the changing needs by being flexible, working together with the youth and their community and collectively partnering to provide arts. and creativity. We continued to be strategic in planning and securing funding to safeguard the creative work we offer to the young people and their communities across Northern Ireland. Emphasis continues to be placed on accessibility, reachability, innovalion, inspiration. positive outcomes, and good values. The effect of the pandemic and now the economic and cost of living crisis, as a charity we acknowledge that nothing is certain and further challenges may be ahead. As we rely on public sector funding this is a challenging time for them too. Wheelworks, charitable mission continues to be delivered under these core strands.. Artcart Outreach Programme iProgramme Future Focus programme iwill Volunteering Programme Community Transformation Programme
Wheelworks Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (Gonlinued) Year ended 31 March 2023 Objectives and activities {contlnuedJ In Wheelworks we immensely value the contribution of our Volunteers. We value the professionalism of our stafflvolunteerslartistslfacilitators and thank them for constantly working with young people, listening to their needs and tinding new ways to engage and inspire them as they face varied social issues and life challenges. In this challenging landscape, we are collaborating closely with our grassroots partners to maintain the continuity of services. We are commilted to advancing our co-design model of participation with young people. We acknowledge that this endeavour is far from straightforward. It demands that we tap into our individual and collective strengths, advocate for the necessary support and services. adapt to changes, and fully comprehend the challenges Ihat can help us uphold our core values.. a rights-based approach, a commilment to excellence, flexibility, and innovation. Every facet of our work is interconnected and interdependent. Together with marginalised young people and their communities, we are dedicated to ensuring that our engagement is youlh-led and relevant. To achieve this. we will persist in applying a co-design model of participation, allowing young people to take charge of decisions and express their interests. This approach ensures that we are responsive to their needs and aspirations from the very beginning. We are grateful to our stakeholders and funders and hugely appreciate their support in believing in our programmes designed specifically with young people and their wellbeing in mind. Their funding opens opportunities for marginalised young people. lo experience and be inspired by the arts and innovative design technologies as they take part in fun and creative activities, based around the reality of each young person's situation.
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2023 Strategic report The following sections for achievements and performance and financial review form the stralegic report of the charity. Achievements and performance As a regional youth arts organisation, we have been supporting children and young people's personal, social and cultural development through accessible and innovative community-based programmes which provide a creative fusion of traditional and digital art forms, harnessing the arts for learning, change, and giving young people a voice. We believe in the young people of Northern Ireland and acknowledge the value of creative participation and learning. 'Equal access to arts and cultural programmes has Ihe potential to help reduce inequalities through narrowing the gap of social and cultural capital beeen the advantaged and disadvantaged populations.. Public Health Sector March 2020. We are pleased with our achievements between 2022-23, despite the many uncertainties and challenges we have faced. including political uncertainty, the cost-of-living crisis, and funding cuts. These are the highlights of our year aGross artistic. Gommunity, strategic and operational areas. In 2022-23. took part in 370 workshops which accounted for Wheelworks Arts 2022-23 accomplishments include.. 9.848 young people aged 4 to 25 participated 370 in-person workshops 30,624 hours of in-person participation 13 feslivals 20 exhibitions 47 volunteers dedicating over 100 hours of services to our charitable mission 4 new artists recruited 644 contracts offered to our artists, in both digital and visual artforms. enabling Wheelworks to broaden the diverse range of innovative and hybrid workshops to our participants across Northern Ireland. A total of 39,392 people reached. In 2022-23. we nurtured our relationships with over 70 voluntary and community, youth, and school partners. These included Ihe FIND Centre in Enniskillen, Cedar Lodge Special School in north Belfast, Marrowbone Youth Club, Scotch Street Youth Club in Portadown, Pathways in Ballymoney. Include Youth, Gilford Youth Club, Glenparent Youth & Community Group. Mainstay Day Centre, North Belfast Advice Partnership. Orchardville, Hammer Youth Club. Holiday Inn refugee support, and many more. The demand for our work outstrips our capacity: we hope lo strengthen this relationship, and will be looking to also broaden our engagement, reaching out to new partners across Northern Ireland. By introducing cutting-edge technology, presenting co-created participatory models for sustained arts projects, and developing and supporting our professional arti5t5 and workforce we collaborate to deliver our vision of an excellent, professional, and youth-led creative organisation.
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontinuedj Year ended 31 March 2023 Financial review Core funding remained same in 2022-23. with support from the Arts Council of Northern Ireland (principal funderl under its Annual Funding Programme. Children in Need and Belfast City Council. Wheelworks staff and management teams continue to be proactive in pursuing new opportunities. co-designing and co-creating innovative funding proposals and submitting funding applications to secure much needed resources in meeting the organisation's charitable mission. We had to weather the storm of Covid, forging ahead during the tumultuous times of the pandemic. The strains of the pandemic, coupled with the current challenging economic conditions and govemment funding cuts, continue to have a profound impact on marginalised young people and their communities. We know the power of arts - how it transcends language and cultural barriers allowing us to connect with diverse communities, building relationships and partnerships to work together to support the creative needs of the young people across Northem Ireland. We knew that the current economic turmoil. rising inflation, the increasing cost of living and energy crisis, compounded by the uncertainties surrounding the Nl Executive, with the current devolved government, protocol matters and governments future spending and priorities unresolved will have a direct impact on the arts and Ihird sector. Yet due to the dedication and hard work from the staff and artists, support from the ACNI, BCC, CIN and Nl Executive, we were fortunate to secure much needed funding and also increase service income during 2022-23. In 22-23 our turnover was down by 10 /0 which was £443,950 and this meant a reduction of 6°/0 in artists artistslfacilitstors contracts which was £84.437. Going fomard. we will continue to advance our strategic visions by sharpening our focus on the needs of the young people, co-designing creative activities that are of interest to young people. increasing income for the freelance artists, championing the value of our creative sector and developing and supporting the workforce to enable the organisation to remain innovative, transformative and continue to engage and inspire young people and their communities. With support from our core funders and strong leadership from our trustees, staff, artistslfacilitators, and volunteers we hope to overcome the increasing sense of uncertainty, cuts in funding, increased crisis and need for support at grassroot level which our sector is currently experiencing. These services being offered in the local communities are essential to ensure inclusion, accessibility, equality and hope for the disadvantaged young people and their communities across Northern Ireland Reserves policy and going concern Reserves are needed to bridge the timing gap between spending and receiving of income and to cover unplanned temporary Shortfalls in income should they arise. Holding adequate reserves safeguards the provision of our services in the event of unexpected significant financial pressures. Given the current economic uncertainties experienced by organisations like our5 due to high inflation, lack of devolved government in Northern Ireland. cost of living and energy crisis including funding Guts, hence the trustees consider that the ideal level of reserves to now be between six to nine months expenditure, which for the year ended 31 March 2023 would be beeen £210.316 and £ 315,474. Unrestricted reserves freely available to spend. therefore excluding fixed assets, restricted reserves and designated reserves amounted to £277.708. The trustee5 believe this represents a sufficient level
Wheelworks Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continugdj Year ended 31 March 2023 of reserve to ensure that the going concern assumption is appropriate. Wheelworks have designated £65,000. Designated reserves are allocated as below- Improve Environmental Impact- £5,000 Staff Health Benefit: £5,000 IT and cyber security: £5,000 Capital cost: £10,000 Cost of living crisis and Salary support Cost.. £40,000
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuedj Year ended 31 March 2023 Plans for future periods Way Forward Reflecting on the period 2020-2022, we Stand proud of our achievements. We weathered the storm of Covid, forging ahead during the tumultuous times of the pandemic. The strains of the pandemic, coupled with the current challenging economic conditions and government funding cuts, have had a profound impact on marginalised young people and their communities. This insight stems from our recent consultations, regular feedback, and planned strategic sessions. Our priority is not just the growth and strenglh of our organisation but making sure thal we engage with those young people who, because of the pandemic and now Ihe cost-of-living crisis and reduction in youth-led extracurricular provisions, have found themselves more vulnerable or unsupported. In this pursuit of a brighter future, let us not underestimate the value of art and creativity. Art is a powerful force that has the potential to transform lives, uplift spirits, and bridge gaps. It is through art that we want the young people and Iheir communities to share and express their feelings and interests, as it has an unparalleled ability to engage. inspire. express. and connect. To achieve this, we will need to respond to the changing needs. be flexible, work together with the arts community and creative sector and collectively take actions in promoting wellbeing, arts, and creativity. We will continue to be strategic, plan and secure proper support which can help in protecting and progressing the work we offer to the young people and their communities. In the short to medium term our effort will be on three key strategic areas shared below- l. Advance visual and digital arts for skills, education and well-being for young people Continue to monitor, review. develop and deliver the Trailblazer, ChillCartlFuture Focus and StepTogether programmes to and for young people. Continue to engage with local partners to design and secure funding to commence the iProgramme for looked after and trauma experienced young people Continue to reach out and establish collaboration with local groups to Use the Chillcart equipped with its digital arts and tech led activities to support on the street and at risk disengaged young people particularly in interface areas, areas of high tension and areas experiencing increased anti-social behaviours. Continue to collaborate with local universities and colleges to research and develop arts and technology led innovative offers that inspires young people to share their positive experiences with their peers and wider community. Offer work experience opportunities for knowledge sharing with young people in tertiary education. Identify and engage new artists to further expand WWA'S network of creatives and facilitators to staff its programmes. iwill Volunteers collaborating with innovation officers to test and design offers for the young people. It is to increases arts participation, wellbeing, and personal development amongst the young volunteers taking part in the in the programme. We conlinue to be influenced by young people in the design, delivery. and evaluation of the programmes. Collaborate with artists to design new digital arts led programmes to develop digital skills, education and opportunities for younger people. Employment of innovation officers to develop digital activities for young people, monitor technological development and promote best practice. 2. Develop a creative space and diversify income generation Continue to engage with arts practilionerslyouth facilitators and support them to use our creative space to test out their own practices and support local talent.
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 31 March 2023 Continue to partner with local and umbrella organisations (e.g. groups, forums, alliances} to advance mutual benefits of shared spaces Launch of the Tech Studio Skills Share {TS3) programme to offer training and digital arls led courses to business and third sector clients. Development of the Changemaker Programme to promote equality, diversity and inclusion (EDI) through coaching and arts led training for staff development in public, third and private sector organisations. Promote Tech Studio at WWA'S officers as an art studio and space for external organisations to rent for meetings and other activities 3. Promote organisational stabilily, WWA'S external influence and public visibility Appointment of audience development officer to support reaching out to new and strengthening partnerships with existing audiences. Appointment of comms officer to hand PR, social media and communications co-ordinalion. Hold annual away days with slaff. board members, volunteers, artists and other stakeholders to review strategic objectives, activity operating environment and plan agreed ways foard. Installing and implementing the Upshot monitoring and evaluation system. Establishment of the Creative Works Podcast to promote awareness of VVWA'S work and the value of arvcreativity through interviewing opinion leaders. artists and decision makers. Expand new communicalions platforms to tell WWA'S story to wider audiences including Creative Works Podcast, news section on website and Creative Works Newsletter. Conduct annual consultations with stakeholders and young people to ensure their voices and perspectives are reflected in WWA'S work. We believe in the young people of Northem Ireland, and our programmes will help them realise their own potential through creative expression. digital story sharing, and arts activity. In this challenging landscape, we are collaborating closely with our grassroots partners to maintain the continuity of services. We are committed to advancing our co-design model of participation with young people. We acknowledge Ihat this endeavour is far from straightforward. As part of the process of building resilience and continuing to progress this strategy will enable Wheelworks to move forward, continue to adapt. be innovative and stay relevant with the target groups wishes and ambitions. Trustees. responsibilitles statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in aGGordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources. including the income and expenditure. for that period. 10
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2023 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 applicable Charities SORP., make judgments and accounting 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 statements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable sleps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that- so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware.. and they have laken all steps that they ought lo have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The trustees. annual report and the strategic report were approved on 28 November 2023 and signed on behalf of the board of trustees by: J Mills Trustee M Duffy Trustee 11
Wheelworks Company Limited by Guarantee Independent Auditor's Report to the Members of Wheelworks Year ended 31 March 2023 Opinion We have audited the financial statements of Wheelworks (the 'charity'l for the year ended 31 March 2023 which comprise the stalement of financial activities (including income and expendilure account), statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The FinanGial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements- give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expendilure. for Ihe year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wilh International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed. 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 concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of Ihis report. 12
Wheelworks Company Limited by Guarantee Independent Auditor's Report to the Members of Wheelworks (continued) Year ended 31 March 2023 Other Information The other information comprises the information included in the annual report, other than the financial slatements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otheiSe explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whelher the other information is materially inconsistent with the financial statements or 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 determine whether there is a material misstatèment in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have nol identified material misstatements in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. 13
Wheelworks Company Limited by Guarantee Independent Auditor's Report to the Members of Wheelworks (contlnued) Year ended 31 March 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes 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 necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, malters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative bul to do so. 14
Wheelworks Company Limited by Guarantee Independent Auditor's Report to the Members of Wheelworks (continued) Year ended 31 March 2023 Auditor's responsibilities for the audit of the financial statements Our objectives are to obtsin reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibililies, outlined above, to detect material misslatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularilies, including fraud is detailed below- In identifying and assessing risks of material misstatement in respect of irregularities. including fraud and non-compliance with laws and regulations, we considered the following the nature of the industry and sector. control environment and business perfomiance including the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and performance targets. results of our enquiries of management about their own identification and assessment of the risks of Iegular1ties. any matters we identified having obtained and reviewed documentation of their policies and procedures relating to- identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud., the internal conlrols established to mitigate risks of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax and valualions specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified Ihe greatest potential for fraud. In common with all audits under ISAS (UK), we are also required to perform specific procedures to respond lo the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation, focusing on provisions of those laws and regulations that had a direct effect on the determination of malerial amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing compliance with the UK Companies Act and lax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty. 15
Wheelworks Company Limited by Guarantee Independent Auditor's Report to the Members of Wheelworks (continued) Year ended 31 March 2023 As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statemenls, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees. use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going Goncern. Evaluate the overall presentation. structure and content of the financial statements, including the disclosures, and whether the financial stalements represent the underlying transactions and events in a manner that achieves fair presentation. 16
Wheelworks Company Limited by Guarantee Independent Auditor's Report to the Members of Wheelworks (continued) Year ended 31 March 2023 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies AGt 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charily and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed. Paul Dolan (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory audilor Causeway Tower 9 James Street South Belfast BT2 8DN 28 November 2023 17
Wheelworks Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds 2022 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Investment income Other income 87 6,005 87 384,125 22 439,010 120 48,089 378,120 59,018 59,018 Total income 65.110 378.120 443,230 487,241 Expenditure Expenditure on charitable activities Total expenditure 58,174 362,458 420,632 431,265 58,174 362,458 420,632 431,265 Net income 6.936 15,662 22,598 55,976 Transfers between funds 18,058 {18,058) Net movement in funds 24,994 (2,396) 22.598 55,976 Reconciliation of funds Total funds brought forward Total funds carried forward 356,806 6,488 363,294 307,318 381,800 4.092 385,892 363,294 The statement of financial activities includes all gains and losses reGognised in the year. All income and expenditure derive from conlinuing activities. The notes on pages 20 to 29 form part of these financial statements. 18
Wheelworks Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets 14 39,092 52,093 Current assets Debtors Cash at bank and in hand 15 146.187 209,468 119,444 202,227 355,655 321,671 Credltors: amounts falling due within one year Net current assets 16 8.855 10,470 346,800 311,201 Total assets less current liabilities 385,892 363,294 Net assets 385,892 363,294 Funds of the charity Restricted funds Unrestricted funds 4,092 381,800 6.488 356,806 Total charity funds 18 385,892 363,294 These financial statements were approved by the board of trustees and authorised for issue on 28 November 2023, and are signed on behalf of the board by- (kk-LqLo M Duffy Trustee J Mills Trustee The notes on pages 20 to 29 fomi part of these financial statements. 19
Wheelworks Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 4c Weavers Court Business Park, Linfield Industrial Estate, Linfield Road, Belfast, BT12 5GH. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation unGertainty The preparation of the financial statemenls requires management to make judgements, estimates and assumptions that affect the amounts reported. These eslimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes- reslricted income funds or endowment funds. 20
Wheelworks Company Limited by Guarantee Notes to the Financial Statements {contlnued) Year ended 31 March 2023 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entillement has passed to the Charity- it is probable that the economic benefits associated with the transaction will flow to the charity and Ihe amounl can be reliably measured. The following specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which Gase the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is Glassified as unrestricled funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates- expenditure on raising funds includes the costs of all fundraising aGtivities, events, non-charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charilable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistenl basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any langible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 21
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting pollcles (continued) Tangible assets (eontlnued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the stalement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less ils residual value, over the useful economic life of that asset as follows.. Fixtures and fittings Motor vehicles Equipment 25 % straight line 25°/o Straight line 33 % straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit lo which the asset belongs. The cash-generating unit is the smallest identifiable group of assels that includes the assel and generates cash inflows that largely independent of the Gash inflows from other assets or groups of assets. For impairment tèsting of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial assel or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial inslruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 22
Wheelworks Company Limited by Guarantee Notes to the Financial Statements {continuedJ Year ended 31 March 2023 Accounting policies (continued) Financial instruments (continued) Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrumenl. other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under Ihe appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assels are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to Ihe extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the disGount is recognised as an expense in the period in which it arises. Limited by guarantee Wheelworks is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of Ihe charity 23
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations 87 87 22 22 Charitable activitles Unrestricted Funds Restricted Total Funds Funds 2023 Halifax TBUC Arts Council of Northern Ireland Belfast City Council BBC Children in Need Nl Housing Executive Education Authority European Social Fund 500 217.755 108,706 11.000 35.489 4,670 500 217,755 108.706 11,000 35,489 4.670 6,005 6,005 6,005 378,120 384,125 Unrestricted Funds Restricted Total Funds Funds 2022 Halifax TBUC Arts Council of Northern Ireland Belfast City Council BBC Children in Need Nl Housing Executive Education Authority European Social Fund 4,195 243,558 95,000 12,515 44,099 15.308 10.460 4.195 243,558 95,000 12,515 44,099 15,308 10,460 13,875 13,875 13,875 425,135 439,010 Investment income UnrestriGted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank Interest Receivable 120 120 24
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (contlnugd) Year ended 31 March 2023 Other Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Other income 59.018 59.018 48,089 48,089 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Charitable activities Governance costs 303,133 114.159 3,340 417.292 3.340 427,988 3,277 303.133 117,499 420,632 431,265 10. Analysis of support costs Analysis of support costs Total 2023 Total 2022 Staff costs Premises Communications and IT General office Finance costs Governance costs 76,389 22,345 11.385 3,904 136 3,340 76,389 22,345 11,385 3,904 136 3.340 80,612 20,389 8,863 12.883 97 3,277 117,499 117,499 126,121 11. Net income Net income is stated after chargingllcrediling)- 2023 2022 Depreciation of tangible fixed assets Fees payable for the audit of the financial statements 31,059 3,340 37,079 3,277 12. Staff costs The total staff costs and employee benefits for Ihe reporting period are analysed as follows- 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans 174.082 8.230 7,333 168,734 13,963 6,537 189,645 189,234 25
Wheelworks Company Limited by Guarantee Notes to the Financial Statements {continued) Year ended 31 March 2023 12. Staff costs (continued) The average head count of employees during the year was 10 {2022: 9). No employee received employee benefits of more than £60.000 during the year (2022: Nil}. Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the aclivities of the charity. The total compensation paid to key management personnel for seNices provided to the charity was £45.934 (2022.'£52,888). 13. Trustee remuneration and expenses No trustee received remuneration or reimbursement for expenses during the year. (2022- £Nil) 14. Tangible fixed assets Fixtures and fittings Motor vehicles Equipment Total Cost At 1 April 2022 Additions Disposals At 31 March 2023 62,431 378,166 131,502 18,058 (18.875) 130.685 572,099 18,058 118,875) 571,282 62,431 378,166 Depreciation At l April 2022 Charge for the year Disposals At 31 March 2023 62,431 378,166 79,409 31,059 (18,875) 91,593 520.006 31,059 {18,875) 532,190 62,431 378,166 Carrying amount At 31 Mar¢h 2023 39.092 39.092 At 31 March 2022 52,093 52,093 15. Debtors 2023 2022 Trade and other debtors 146,187 119,444 146,187 119,444 26
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 16. Creditors: amounts falling due within one year 2023 2022 Trade creditor5 Accruals and deferred income Social security and olher taxes Other creditors 4,194 3,340 2,658 3,305 1,392 3,115 1.321 8.855 10,470 17. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £7,33312022- £6,537). 18. Analysis of charitable funds Unrestricted funds At 1 April 2022 At 31 March 2023 Income Expenditure Transfers General funds Designated Funds 296,806 60,000 65,110 (58,174) 13,058 5,000 316,800 65,000 356,806 65,110 158.174) 18,058 381,800 At 1 April 2021 At 31 March 2022 Income Expenditure Transfers General funds Designated Funds 253.910 50.000 62.106 {37,987) 18,777 10,000 296,806 60,000 303,910 62,106 {37,987} 28.777 356.806 The trustees have designated funds of £65,000 for future IT, Gapital. salary and strategic support costs (page 6>. 27
Wheelworks Company Limited by Guarantee Notes to the Financial Statements {GontinuedJ Year ended 31 March 2023 18. Analysis of charitable funds (contlnuedj Restricted funds At 1 April 2022 At 31 March 2023 Income Expenditure Transfers Children in Need Education Authority Belfast City Council Arts Council Northern Ireland TBUC Halifax Nl Housing Executive 2,293 35,489 137.782) 11.000 111,000) 108,706 217,755 500 4,670 191,654} (212,6571 14,6951 (4,6701 (362,458) (12,960) (5,098) 4,092 4,195 6,488 378,120 (18,0581 4,092 At 1 April 2021 At 31 March 2022 Income Expenditure Transfers Children in Need Education Authorily Belfast City Council Arts Council Northern Ireland TBUC Halifax Nl Housing Executive 3.408 44,099 10,460 12,515 (45,214) {10,460) (12,515) 2,293 95,000 243,558 4.195 15,308 (78.450) {231,331) {16,550) {12,227) 4,195 115.308) {393,2781 3,408 425,135 (28,777) 6,488 Transfers have taken place in the year which relates to fixed assets. Wheelworks used funding to purchase assets which have been transferred to Unrestricted Funds as Wheelworks fully own the assets, no restrictions have been placed on these assets. 28
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2023 19. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 39.092 351,563 {8,855) 381,800 39,092 355,655 {8,8551 385,892 4,092 4,092 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 52.093 315,183 110,4701 356,806 52,093 321,671 110,4701 363.294 6,488 6,488 20. Taxation The Company is a registered charily, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 21. Contingencies A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offers have been, or will be, complied with and no liability is expected. 22. Related parties Trustee expenses incurred during the year totalled £350. {2022.. £200> 29
Wheelworks Company Limited by Guarantee Management Information Year ended 31 March 2023 The following pages do not form part of the financial statements. 30
Wheelworks Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Income and endowments Donations and legacies Donations 87 22 Charitable activities Halifax TBUC Arts Council of Northern Ireland Belfast City Council BBC Children in Need Nl Housing Executive EdLrcation Authority European Social Fund 500 217,755 108,706 11,000 35.489 4,670 4.195 243,558 95,000 12,515 44.099 15,308 10,460 13,875 6,005 384.125 439,010 Investment income Bank Interest Receivable 120 Other income other income 59,018 48,089 Total income 443,230 487,241 31
Wheelworks Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2023 2023 2022 Expenditure on charitable activities Charitable activities Activities undertaken directly Project Salaries Employer Nl Contribution Pension Costs Equipment and materials Artists and Freelancer Production cost and Events General expenses Art Cart running costs Consultancy and legal fees Depreciation PR and marketing 97,693 8.230 7,333 21,036 84,437 14,398 13,103 20,199 88,122 13,963 6,537 6,360 90,486 24.082 15.746 16,807 1,696 37.079 4,266 31,059 5,645 303,133 305,144 Support costs Core wages Rent Insurance Telephone and postage 76,389 19,800 2,545 3,340 8,045 136 958 1,183 1,763 80,612 18.480 1,910 2.722 6,140 97 10,245 1.843 795 Bank interest and charges Room Hire Subscriptions & Memberships General Expenses 114,159 122,844 Governance costs Auditor Remuneration 3.340 3,277 Expenditure on charitable activities 420,632 431,265 Net income 22.598 55.976 32