COMPANY REGISTRATION NUMBER: N1041640
CHARITY REGISTRATION NUMBER: XR48423
Wheelworks
Company Limited by Guarantee
Financial Statements
31 March 2024
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 2024
Page
Trustees, annual report (incorporating the director's report)
Independent auditor's report to the members
12
Statement of financial activities (including income and
expenditure account)
18
Statement of financial position
Notes to the financial statements
19
20

Wheelworks
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report)
Year ended 31 March 2024
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 2024.
Reference and administrative details
Registered charity name
Wheelworks
Charity registration 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
J Mills
A Connolly
Dr U Banerjee
M Duffy
K McKnight
J Watson
H Mullan
S Jarvis
J King
C Quigg
(Resigned 28 November 2023)
(Appointed 25 June 20241
(Appointed 25 June 20241
(Appointed 25 June 2024)
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
3741 High Street
Belfast
BT12AB

Wheelworks
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (¢ontinue(lJ
Year ended 31 March 2024
Structure, 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 Charity Commission
for Northern Ireland. Wheelworks is a membership organisation with currently 9 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 on 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 Govering development,
governance, HR, finance and which normally meets be￿een 24 times annually. A CEO is appointed
by the trustees to manage the day-to-day operations of the charity. To facilitate effeclive operations,
the CEO has delegated authority, within terms of delegation approved by the trustees, for operational
matters including finance, employment and direct charitable activities. We have referred to the
guidance contained in the Charity Commission's general guidance on public benefit when reviewing
our aim and objectives and in planning our future activities. In particular. the trustees consider how
planned activities will contribute to the aims and objectives they have set.
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 Gomprises..
an annual review of the principal risks and uncertainties that the charity faces.
the establishment of policies, system5 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) (continued)
Year ended 31 March 2024
Objectives and activities
Wheelworks is a regional and leading youth arts charity that works in partnership with communities 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 28 years. through visual and digital 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:
Create opportunities for children and young people to enjoy creative led learning and
participation
Cocreate and design innovative, high-quality art and technology led activities and programmes
Facilitate local communities to engage in high quality arts led learning and experiences,
particularly in areas of low engagement (e.g., rural areas) and areas of social deprivation
Build resilience and capacity in the wider artslcommunitylyouth sector through training and
mentoring of artistslworkforce and other organisations
Our core vision is to 'Forge new creative, exciting, and inclusive spaces that inspire and empower
young people and their communities to express what matters to them,. For the past 28 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 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..
AGGess 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.
Advance marginalised young within the creative sector. For marginalised young people to reali5e
their own potential.
Increase Sustainable service offers. Generate new service income by offering experiential new
artsldigital led courses lactivities Itraining lo adults Iworkforce i.e. VR IAR Imocap experience
Ichangemaker ITS3 etc.
Upskill artists and staff expertise by making available ￿sour￿S1eqUlpMent
experimenupilovdevelop new art51digital technology led offerings.
Improving creative capacity in the community and codesign and community development
initiatives transferring artistic and Greative skills to young people and their communities.
Develop young volunteers. Involve volunteers to learn new skills and promote the benefit of arts
led learning and participation.
We will continue to engage and empower young people by placing arts led learning and participation
at the centre of our activities and use these as a medium to promote discussion. develop skills. build
experience, and get them involved in activities that they may not be familiar with. The key impacts we
seek to bring in the young people with whom we work are..

Wheelworks
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
Key lifelwork skills.. Development of positive relationship5 Wlth 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 ￿Spect 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 we have Consultations and
co-create sessions 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 p051tive 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. In
the year 2023-24 we embraced the challenge and responded to the changing needs of the young
people and their community by strengthening this relationship and broadening our partnership with
current and new partners across Northern Ireland. We continue to be strategic in planning and
securing funding to safeguard the creative work and continue to be placed on accessibility,
reaGhability, innovation, inspiration, positive outcomes, and good values.
Following the effect of the pandemic combined with the current budgetary and economic constraints.
as a charity we acknowledge that nothing is certain as we rely on public sector funding for our work.
Wheelworks, charitable mission continues to be delivered under these core strands..
Artcart Outreach Programme
iProgramme
Future Focus programme
iwill Volunteering Programme
Community Transformation Programme
In Wheelworks we immensely value the contribution of our Volunteers. We value the professionalism
of our stafflvolunteer51artistslfacilitators and thank them for constantly working with young people.
listening to their need5 and finding new ways to engage and inspire them as they face varied social
issues and life challenges.
Through collaborating closely with our grassroots partners, we are committed to advancing our
co-design model of participation with young people. Every facet of our work is interconnected and
interdependent hence we acknowledge the challenges and collectively work towards upholding our
core values: a rights-based approach, a commitment to excellence, flexibility, and innovation.
Together with disadvantaged young people and their communities, we are dedicated to ensuring that
our creative engagement is youth-led and relevant. To achieve this, we continue to apply a co-design
model of participation, allowing young people to take charge of decisions and express their interests.
This ensures that we are responsive to their needs and aspirations from the very beginning.
We are grateful to our stakeholder5 and funders and hugely appreciate their support in believing in our
creative programmes designed specifically to engage young people through arts led learning model.
Their funding opens opportunities for marginalised young people, to experience and be inspired by the

Wheelworks
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
arts and innovative design technologies as they take part in fun and creatlV8 activities, based around
the reality of each young person's situation
Strategic report
The following sections for achievements and performance and financial review fomi the strategic
report of the charity.

Wheelworks
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (contlnuedj
Year ended 31 March 2024
Achievements and performance
We believe in the young people of Northern Ireland and acknowledge the value of creative
participation and learning. 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.
'Equal access to arts and cultural programmes has the potential to help reduce inequalities through
narrowing the gap of social and cultural capital be￿een the advantaged and disadvantaged
populations., Public Health Sector March 2020.
We are pleased with our achievements be￿een 2023-24, despite the many uncertainties and
challenges we have faced, including funding cuts, reductions in funding call and increased
competitions. These are the highlights of our year across artistic. community, strategic and operational
areas. Wheelworks Arts 2023-24 accomplishments include:
5435 young people aged 4 to 25 participated
333 in-person workshops
16322 hours of in-person parkncipation
10 festivals
21 exhibitionslcelebration events
6 volunteers dedicating over 50 hours of services to our charitable mission
5 new artists recruited
529 contracts offered to our artlsts. in both digital and visual artfomis, enabling Wheelworks to
broaden the diverse range of innovative and hybrid workshops to our participants across
Northern Ireland
A total of 32.644 people reached
In 2023-24, we nurtured our relationships with over 62 voluntary and community, youth, and school
partners. These included the Kingdom YC, Cedar Lodge Special School in north Belfast, Banbridge
Youth ResourGe Centre, A1 Youth Group, Ards Arena Youth Resource Centre, Downpatrick Primary
School, Belfast Hills Partnership, Belfast Maritime Festival, Brownlow Youth Centre. Connswater
Community Centre, Crumlin Community Hub, Downpatrick Autism Family Support Group, Killard
House School. Killyleagh Youth Club, Laurelhill Youth Centre. Cathedral Youth Club, Radius Housing,
Randalstown ARCHES. Roe Valley Residents Association, Scotch Street Youth and Community
Centre, SNAP Autism Group. Ulster Museum, Ballindery PS, Cinemagic etc.
By introducing cutting-edge technology. presenting co-¢reated participatory models for sustained arts
projects, and developing and supporting our professional artists and workforce we collaborate to
deliver our vision of an excellent. professional, and youth-led creative organisation.
We hope to strengthen this relationship, and will be looking to also broaden our engagement. reaching
out to existing and new partners across Nl.

Wheelworks
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) fcontinued)
Year ended 31 March 2024
Financial review
Core funding remained same in 2023-24, with support from the Arts Council of Northern Ireland
(principal funder) under its Annual Funding Programme, Garfield Weston and Belfast City Council.
W8 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 Northern Ireland. In 2023-24, we nurtured our relationships
with over 62 voluntary and community. youth, and school partners. The demand for our work outstrips
our capacity in terms of funding and the staff resources we required to deliver quality services to our
beneficiaries.
Wheelworks staff and management teams continue to be proactive in pursuing new opportunities,
co-designing and ¢o-creating innovative funding proposals and submitting funding applications to
secure much needed resources in meeting the organisation's charitable mission.
We continue to experience the impact of the strains of the pandemic. coupled with the current
challenging economic conditions and government funding cuts which does have deep impacts on
marginalised young people and their communities. Yet due to the dedication and hard work from the
staff and artists, support from the ACNI, BCC, Garfield Weston, TBUC and Nl ExeGUtive, we were
fortunate to secure much needed funding for our work while also sustaining service income levels
during 2023-24. In 23-24 our ttjrnover was £439,816 and artists artistslfacilitators contract value were
£68,595.
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, and need for
support at grassroot level which our seGtor is currently experiencing. These provisions in the local
communities are essential to ensure inclusion. accessibility. equality and a hope for the disadvantaged
young people and their communities to have opportunities and voice.
Going forward, we will continue to advance our strategic visions by sharpening our focus on
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. This will assist us to remain innovative, transformative as we Gontinue to engage and
inspire young people through varied arts and technology led mediums.
Reserves policy and going concern
Reserves are needed to bridge the timing gap be￿een 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 ours due to high inflation, lack of
government funding for the arts sector , hence the trustees consider that the ideal level of reserves to
now be be￿een six to nine months expenditure. which for the year ended 31 March 2024 would be
be￿een £207,007 and £ 310,511.
Unrestricted reserves freely available to spend. therefore excluding fixed assets, restricted reserves
and designated reserves amounted to £302,060 The trustees believe this represents a sufficient level
of reserves to ensure thal the going concern assumption is appropriate. Wheelworks have designated
£65,000. Designated reserves are allocated as below-
Environmental improvement and capital cost: £15,000

Wheelworks
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (contlnued)
Year ended 31 March 2024
IT and cyber security: £5.000
Volunteer development.. £15,000
Salary support Cost: £25,000
Artistslyouth facilitator skills development: £5,000

Wheelworks
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
Plans for future periods
Way Fonvard
Reflecting on the period 2023-2024, we feel positive to have been able to secure the level of funding
and income to enable us to maintain the services and income level as per the last financial year. Our
priority is not just to grow and strength of our organisation but ensuring that we engage with those
young people who, because of the pandemic, funding cuts and reduction in youth-led extracurricular
provisions, have found themselves more vulnerable or unsupported.
Art is a powerful force that has the potential to transform lives, uplift spirits, and bridge gaps. It is
through art led participation and learning we want the young people and their communities to share
and express their feelings and interests. as it has an unparalleled ability to connect. engage and
inspire people.
We know that the third and voluntary sectors since the pandemic are in an extremely tough financial
landscape, at a time when more and more young people find themselves at the margins of our society
and need our support more than ever. To ensure these youths. and the communities they live in, are
not left to fend for themselves, and to ensure that we continue to collaborate to empower the youths
through arts and innovation. We continue to emphasise the importance of culture and arts in
addressing our most complex social and economic challenges while keeping the focus on strategi
priorities that ensure sustainability, impact and growth. Currently we a￿ progressing and working on
these key strategic areas..
Build alliances and engage with decision makers to amplify the importance of art5 for
marginalised youth to assert external influence and public visibility
Showcase the importance of engaging young people using visual and digital arts for skills,
education, and wellbeing
Develop best practices in digital technology and arts-led practices and upskilling
artistsleducatorslyouth workerslteachers
Upskilling our iwill volunteers to get the opportunity to team up with stafflartists to co-create and
test new activities. Thi5 ensures that the voices of the young people we serve are captured and
applied in decision-making processes
Applying co design model with idea generation to capture their interests and voices as they
become central in decision making process. Empower them to take leadership roles within their
projects. thus fostering a sense of ownership and resilience
Diversify and pilot earned income models to increase opportunities in service led income
Reach out to businesses, especially those with corporate social responsibility ICSR) goals
aligned with youth and community work, diversity, or arts education. Tailor social value service
propos815 show how the partnership can enhance their brand values
To increase cross-sector collaboration and partnerships to Show how creative and digital arts
learning Can align with broader outcome5. such as good relations. wellbeing employability hence
open opportunitie5 to attract non-arts funding streams
Sharing of qualitative impact stories from participants to showcase how the arts provide a
platform for expression, engagement. and Social mobility for marginalised youth
Build Capacity by investing in stafflfacilitator training and development to enhance skills and
improve efficiency and offer high quality work
We will continue to progress our strategic vision to support future developments in codesigning
innovative projectsloffers. We want to capture fresh ideas, opinions. and approaches to service
delivery- we know that developing. promoting. and implementing these new strategies will allow us to
respond to the changing needs, be flexible. tactical to secure proper support which can help in

Wheelworks
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2024
protecting and progressing the work we offer to the young people through creative expression. digital
story sharing. and arts activity. This is part of the process for building stability and resilience as we
move forward, continue to adapt, be innovative and stay relevant with the wishes and ambitions
expressed by our service users and young beneficiaries.
Trustees. responsibilities 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 accordance 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
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.
In preparing these financial statements, the trustees are required to=
select suitsble 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 unles5 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 disGlose 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 steps 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 a5 they are aware, there is no relevant audit information of which the charity's auditor is
unaware" and
they have taken all steps that they ought to 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.
10

Wheelworks
Company Limited by Guarantee
Trustees. Annual Report (Incorporating the Director's Report) {¢ontlnuedJ
Year ended 31 March 2024
The trustees, annual report and the strategic report were approved on 18 November 2024 and signed
on behalf of the board of trustees by:
J Mills
Trustee
MDufy
Trustee
11

Wheelworks
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wheelworks
Year ended 31 March 2024
Opinion
We have audited the financial statements of Wheelworks (the 'charity'l for the year ended
31 March 2024 which Comprise the statement of financial activities (including income and expenditure
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 Financial 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 2024 and of its
incoming resources and application of resources, including its income and expenditure, for the
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 with International Standards on Auditing (UK) (ISAS {UKI) 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 ￿e1ve months from when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of the trustee5 Wlth respect to going concern are described
in the relevant sections of this report.
12

Wheelworks
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wheelworks (continuedj
Year ended 31 March 2024
Other information
The other information comprises the information included in the annual report. other than the financial
statements 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
otherwise 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 whether 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 misstatement 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 Gonsistenl 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 not 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 disc105ures 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 fcontlnugd)
Year ended 31 March 2024
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 Ihat 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, matters 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 but to do so.
14

Wheelworks
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wheelworks fconlinued)
Year ended 31 March 2024
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain 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 responsibilities, outlined above, to detect material misstatements in respect
of irregularities. including fraud. The extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below:
In identifying and assessing rrsks 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 performance including
the design of the remuneration policies, key drivers for directors, remuneration, bonus levels and
perfomiance targets.,
results of our enquiries of management about their own identification and assessment of the risks
of irregularities.,
any matters we identified having obtsined 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 controls 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 valuations 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 the greatest potential for fraud. In common with all audits
under ISAS (UK). we are also required to perform specific procedures to respond to 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 material
amounts and disclosure5 in the financial statements. The key laws and regulations we considered in
this context included ongoing compliance with the UK Companies Act and tax 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 {Gontinued)
Year ended 31 March 2024
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 statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks. and obtain audtt
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 frorn 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 concern 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 Gonclude 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 concern.
Evaluate the overall presentation. structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and
events in a manner that achieves fair presentation.
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.
16

Wheelworks
Company Limited by Guarantee
Independent Auditor's Report to the Members of Wheelworks (Gontinuedj
Year ended 31 March 2024
As explained more fully in the Trustees. Responsibilities Statement (set out on page 10), the trustees
are responsible for the preparation of the financial statements and for being satisfied that they give a
true and fair view. Our responsibility is to audit and express an opinion on the financial statements in
accordance with applicable law and International Standards on Auditing (UK). Those standards
require us to comply with the Financial Reporting Council's (FRC'S) Ethical Standard for Auditors.. in
the circumstances set out in note 20 to the financial statements.
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 Act 2006. Our audit work has been undertaken so that we might state to the
charity's members those matters we are required to state to them in an auditor's report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the charity and the charity's members as a body, for our audit work, for this report.
or for the opinions we have formed.
Paul Dolan FCA (Senior Statutory Auditor)
For and on behalf of
Finegan Gibson Ltd
Chartered accountants & statutory auditor
Causeway Tower
9 James Street South
Belfast
BT2 8DN
18 November 2024
17

Wheelworks
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2024
2024
Restricted
funds Total funds
2023
Unrestricted
funds
Total funds
Note
Income and endowments
Donations and legacies
Charitable activities
Other income
32
22,992
53,468
32
386,316
53,468
87
384.125
59.018
363.324
Total income
76.492
363.324
439,816
443.230
Expenditure
Expenditure on charitable activities
Total expenditure
82,813
331,201
414,014
420,632
82,813
331,201
414,014
420,632
Net income
(6,321)
32,123
25.802
22,598
Transfers between funds
36.215
(36,215)
Net movement in funds
29,894
(4.092)
25,802
22,598
Reconciliation of funds
Total funds brought forward
Total funds carried fonvard
381,800
4,092
385,892
363,294
411.694
411.694
385,892
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 20 to 29 forni part of these financial statements.
18

Wheelworks
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
Fixed assets
Tangible fixed assets
13
44,634
39.092
Current assets
Debtors
Cash at bank and in hand
14
161,549
219,464
146,187
209,468
381.013
355.655
Creditors: amounts falling due wlthln one year
Net current assets
15
13,953
8.855
367.060
346,800
Total assets less current liabilities
411.694
385,892
Net assets
411,694
385.892
Funds of the charity
Restricted funds
Unrestrictod funds
4.092
381.800
411.694
Total charity funds
17
411.694
385.892
These financial statements were approved by the board of trustees and authorised for issue on 18
November 2024. and are signed on behalf of the board by:
J Mills
Trustee
M Duffy
Trustee
The notes on pages 20 to 29 form part of these financial statements.
19

Wheelworks
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
General information
The charity is a public benefit entty 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 Estste. 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 Staternent 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 uncertainty
The preparation of the financial statements requires management to make judgements.
estimates and assumptions that affect the amounts reported. These estimates 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 temis of an appeal, and fall into one of sub-classes= restricted income fvnds or
endowment funds.
20

Wheelworks
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
Accounting policies fcontlnued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has
passed to the charity., it is probable that the economic benefits associated with the transaction
will flow to the charity and Ihe amount 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 ￿CeIpt 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 case 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 unrestricted 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 activities, events.
non-charitsble 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 beneficiarie5. including those
support costs and costs relating to the governance of the charity apportioned to charitable
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 resour￿. Direct costs
attributable to a single activity are allocated directly to that activity. Shared costs are apportioned
be￿een the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any
accumulated depreciation and impairment losses. Any tangible 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 {¢ontinued)
Year ended 31 March 2024
Accounting policies (¢onlinued)
Tangible assets (Gonlinu8d)
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 statement 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 its residual
value. over the useful economic life of that asset as follows..
Fixtures and fittings
Motor vehicles
Equipment
250/0 Straight line
250/0 Straight line
33 % straight line
Impairment of fixed assets
A review for indicators of impairment is carried OLrt 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 to which the asset belongs. The cash-generating unit is the smallest
identifiable group of assets that includes the asset and generates cash inflows that largely
independent of the cash inflows from other assets or groups of assets.
For impairment testing 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.
Flnancial instruments
A financial asset or a financial liability is recognised only when the charity becomes a paty to the
contractual provisions of the instrument.
Basic financial instruments 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 (Gonlinugd)
Year ended 31 March 2024
Accounting policies {¢ontinued)
Financial instruments (contlnued)
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 derivalives. 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 instrument.
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 the appropriate heading in the statement of financial
activitie5 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 assets a
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 the extent
that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be setued 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 discount 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
Gharity being wound up, the liability in respect of the guarantee is limited to £1 per member of the
charity
23

Wheelworks
Company Limited by Guarantee
Notes to the Financial Statements (contlnu8d)
Year ended 31 March 2024
Donations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Funds
2024
Funds
2023
Donations
Donations
32
32
87
87
Charitable activities
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Halifax
TBUC
Arts Council of Northern Ireland
Garfield Weston
Belfast City Council
BBC Children in Need
Nl Housing Executive
Education Authority
European Social Fund
212.200
123,923
212,200
123,923
20.000
13.995
20,000
13,995
13,206
13.206
2.992
2,992
22,992
363,324
386.316
Unrestricted
Funds
Restricted Total Funds
Funds
2023
Halifax
TBUC
Arts Council of Northern Ireland
Garfield Weston
Belfast City Council
BBC Children in Need
Nl Housing Executive
Education Authority
European Social Fund
500
217.755
108.706
500
217,755
108,706
11.000
35.489
4.670
11,000
35,489
4,670
6,005
6,005
6,005
378.120
384,125
other income
Unrestricted Total Funds Unrestricted Total Funds
Funds
2024
Funds
2023
Other income
53,468
53,468
59,018
59,018
24

Wheelworks
Company Limited by Guarantee
Notes to the Financial Statements l¢ontinuedJ
Year ended 31 March 2024
Expenditure on charitable activities by activity type
Activities
undertaken
directly
Support Total funds
costs
2024
Total fund
2023
Charitable activities
Governance costs
297,967
112,536
3.511
410.503
3.511
417.292
3.340
297,967
116,047
414,014
420,632
Analysis of support costs
Analysis of
support costs Total 2024 Total 2023
Staff costs
Premises
Communications and IT
General office
Finance costs
Governance Costs
85,715
16,717
8,391
1,597
116
3,511
85,715
16,717
8,391
1,597
116
3,511
76,389
22,345
11,385
3,904
136
3,340
116,047
116,047
117,499
10. Net income
Net income is stated after chargingl(crediting):
2024
2023
Depreciation of tangible fixed assets
Fees payable for the audit of the financial statements
30,673
3.511
31,059
3,340
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows..
2024
2023
Wages and salaries
Social security costs
Employer contributions to pension plans
187,917
7,499
7,665
174,082
8.230
7.333
203,081
189.645
The average head count of employees during the year was 11 {2023- 10).
25

Wheelworks
Company Limited by Guarantee
Notes to the Financial Statements (contlnugdj
Year ended 31 March 2024
11. Staff costs (continued)
No employee received employee benefits of more than £60,000 during the year (2023- Nil}.
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for
planning. directing and controlling the activities of the charity. The total compensation paid to key
management personnel for services provided to the charity was £51,990 (2023:£45.934}.
12. Trustee remuneration and expenses
No trustee received remuneration or reimbursement for expenses during the year. (2023: £Nil)
13. Tangible fixed assets
Fixtures and
fittings
Motor
vehicles
Equipment
Total
Cost
At 1 April 2023
Additions
62,431
1,023
378,166
11.748
130,685
23,444
571,282
36,215
At 31 March 2024
63,454
389,914
154,129
607,497
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
62,431
128
378,166
1,469
91,593
29.076
532,190
30,673
62.559
379,635
120.669
562.863
Carrying amount
At 31 March 2024
895
10,279
33,460
44.634
At 31 March 2023
39,092
39,092
14. Debtors
2024
2023
Trade debtors
Prepayments and accrued income
159,590
1,959
146,187
161,549
146,187
26

Wheelworks
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
15. Creditors: amounts falling due within one year
2024
2023
Trade creditors
Accruals and deferred income
Other creditors
9,126
3,509
1,318
4,194
3,340
1,321
13,953
8,855
16. Pensions and other post retirement benefits
Defined contrlbution plans
The amount recognised in income or expenditure as an expense in relation to defined
contribution plans was £7,665 {2023'. £7.3331.
17. Analysis of charitable fvnds
Unrestricted funds
At
31 Mar¢h 20
24
At
1 April 2023
Income Expenditure
Transfers
General funds
Designated Funds
316,800
65,000
76,492
(82,813)
36,215
346,694
65,000
381,800
76,492
(82,813)
36,215
411,694
At
31 March 20
23
At
1 April 2022
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
(58.174)
18,058
381,800
The trustees have designated funds of £65,000 for future IT, ¢apitsl, salary and strategic support
costs (page 7).
27

Wheelworks
Company Limited by Guarantee
Notes to the Financial Statements (conlinuedj
Year ended 31 March 2024
17. Analysis of charitable funds (¢ontinuedJ
Restricted funds
At
1 April 2023
At
Income Expenditure Transfers 31 March 2024
Children in Need
Education Authority
Belfast City Council
Arts Council Northern
Ireland
TBUC
Halifax
Nl Housing Executive
13,206
13.995
113,206)
113,995)
4.092
123,923
212,200
197,788) (30.2271
1206,212) (5.9881
4.092
363,324
1331,201) (36.215)
At
1 April 2022
At
Income Expenditure Transfers 31 March 2023
Children in Need
Education Authority
Belfast City Council
Arts Council Northern
Ireland
TBUC
Halifax
Nl Housing Executive
2.293
35,489
(37,782)
11,000
111,000)
108,706
217,755
500
4,670
191,654) (12,960)
1212.657) (5.098)
14,695)
14,670}
(362,458) {18,058)
4,092
4,195
6,488
378,120
4.092
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 Detailed Statement of Financial Activities
Year ended 31 March 2024
18. Analysis of net assets between funds
Unrestricted
Funds
Restricted Total Funds
Funds
2024
Tangible fixed assets
Current assets
Creditors less than 1 year
Net assets
44,634
381,013
(13,953)
411.694
44,634
381,013
{13,953)
411,694
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
18.855)
385,892
4,092
4,092
19. Taxation
The Company is a registered Gharity, and as such is entitled to tax exemptions on income and
profits in furtherance of the charity's primary objectives.
20. Ethical standards
In common with many other businesses of our size and nature we use our auditors to prepare
and submit returns to the tax authorities and assist with the preparation of the financial
statements.
21. Contingencies
A contingent liability exists to repay grants and Trust monies received should certain Gonditions
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
No related party transactions during the year
29