COMPANY REGISTRATION NUMBER: N1041640 CHARITY REGISTRATION NUMBER: XR48423 Wheelworks Company Limited by Guarantee Financial Statements 31 March 2025 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 2025 Page Trustees, annual report (incorporating the directorfs report) Independent auditor's report to the members 12 Statement of financial activities (including income and expenditure account) Statement of financial position Notes to the financial statements 18 19 20 The following pages do not form 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 2025 The trustees, who are also the directors for the purposes of company law. present their report and th8 financial statements of the charity for the year ended 31 March 2025. Reference and admlnistrative details Registered charlty name Wheelworks Charity registration number XR48423 Company registration number N1041640 Principal office and registered 4c Weavers Court 8usiness Park office Linfield Industrial Estate Linfield Road Belfast BT12 5GH The trustees J Mills A Connolly Dr U Baneryee MDufy K McKnight H Mullan S Jarvis J King C Quigg (Resigned 18 August 2025) (Appointed 25 June 2024) (Appointed 25 June 2024) (Appointed 25 June 2024) Company secretary Katherine McKnight Auditor Finegan Gibson Ltd Charter8d accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Danske Bank PO Box 183 Donegall Square West Belfast BT16JS Sollcitors O'Hare Solicitors 3741 High Street Belfast BT12AB
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 31 March 2025 Structura. governance and managemenl Governlng Document Wheelworks is a company limited by guarantee govemed by its Memorandum and Artlcles of Association dated 1 st october 2001. Wheelworks is a registered charity with the Charity Commission for Northern Ireland. Wheelworks is a m6mbership organisation with currently 9 members. each of whom age$ to contribute £1 in the event of the charity winding up. Appolntment 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. Oncè tha potenlial 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 the is unanimous agreement. their names are then proposed for appointment in one of the scheduled board meetings. Oryanisation 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, finano and whioh normally meets between 24 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. We have referred to the guidance contained in the Charity Commission'5 general guidance on public banefit when reviewing our aim and objectives and in planning our fijture 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 re1ve remuneration or other benefit from their work with the charity. Risk management Th8 trustees have a risk management strategy which comprises: an annual review of the principal risks and UnrtaIntieS that the chartty 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) (¢ontInu) Year ended 31 March 2025 Objectlves and actlvltles Whe81Works Arts as a regional youth arts charity slncè 1995 has b88n supporting children and young people's social cultural and creative educational development through a¢¢essible 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. As a leading youth arts charity, we are known for offering innovative youth led projects in which participants engage in expressing and exploring their individuality and uniqueness through traditional and digital artforms by mobilising the arts and bringing them into communities across Northern Ireland. 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,. Our core aims and objectives below are the pillars upon which Wheelworks Arts is bullt: To create and facilitate innovative. high-quallty arts activity.. We are committed to pushing creative boundaries and delivering exceptional programs. To create opportunities for children and young people (ages 4-25) to 8ngag8 in creative practice: We believe every young person deserves a chance to explore their creativity, regardless of their background. To facilitate local communities to engage in high-quality arts experiences: We actively seek out and serve communities with low engagement. particularly in rural and socially deprived areas. To build resilience and capacty in the wider artslcommunitylyouth sector: Through training, collaborations and mentoring, we empower artists, our workforce. and other organisations to better seNe young people and their wider communty. In a society still h8aling from conflict, grappling with inequality and changing demographic landscape, our programmes and services are tools for transformation with focus on using creative outlet for enjoyment. learning and sharing. To achieve these visions and aims we will focus on the following core strategic outGomes= Expand Access to Arts Participation. Reach marginalised youth through inclusiv8, arts and tech-enhanced programming, Empower Youth in Creative Careers. Build pathways into the creatEve sector through arts and technology combined project participation, training and mentorship. Grow Youth Leadership. Expand youth volunteerism and influence through structured youth leadership development programmes and support. Strengthen Community Capacity. Co-design programmes and services with youths and communities to transfer creative skills and knowledge sharing. Advance Artist & Staff Expertise. Invest in professional development and experimental arts practice. Develop Sustainable programmes and SeNi¢es. Generate income via digital arts experiences. TS3 courses. and studio hire. The key impacts we seek to bring in the young people with whom we work are: . Key life/work skills." Development of positive relationships with olh8rs such as better team working, positive peer relationships, increased communication skills with trusted adults. Attitudinal Skills." To enhance individual capabilities such as gainin9 ¢onfid8nce, managing own feelings. build resilience. abllity to make healthy Choices increased aspirations. Personal skills.. Development of thinking skills such as respect for differen. decision making and satisfaction with own lifelself.
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {¢onllnuo(1) Year ended 31 March 2025 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 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 activilies, 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. In the year 2024-25 we embraced the challenge and responded to the changing needs of the young people and their community by strengthen this relationship and broadening our partnership with over 80 current and new partner organisalions across Northern Ireland. We continu8 to be strategic in planning and securing funding to safeguard the creative work and our continues to be placed on accessibility, reachability, innovation. inspiration, positive outcomes. and good values. Wheelworks, charitable mission continues to be delivered und8r these core strands: Artcart & Chillcart Creative Outreach programmes." A mobile arts studio rolling into a neighbourhood where arts asS is limited. That's Artcart, a vibrant. mobile outreach programme that brings crèative joy and involvernent directly to communities. Whether ivs a pop-up arts and craftlmural worksho p, a digital music jam. or a coding sasslon In a car park, Artcart transforms public spaces Into hubs of expression. Artcart Outreach Programme Summer STEAM Roadshow Future Focus Chillcart Outreach Youth & Communlty Transft+miatlon Pmgrammes.. Programmes like iProgramme. ReAct, and T=BUC imusic Camp use arts to address identity. positive relationships. good relations building and social justice. TBUC Camps like OnTrack, StepTogether. and Future Focus plus build cross community connections. peer leadership and resilience. These programmes are a platform for relationship building, wellbeing and growth. iProgramme ReA T:BUC imusic Camp OnTrack Summer Camp Future Pocus Plus stepTogether Incluslon and Integration Pmgrammes." With rising immigration and cuttural dNersity, Wheelworks leads in creative inclusion. It's not just about space to connect but integrate to progress and celebrate diversity Newcommer youth Arts intervention Voices of Diversity ReThinkJChangeMaker Youth Leadership pmgramme." Through these leadership programmes youth shape, evaluate impact, and advocate for arts access and creative section participation. These Initiatlves assist
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢onllnu¢d) Year ended 31 March 2025 participants into leaders, decision makers, creators, and influencers. New Naative youth leadership Creative Influenr$ Volunteering Tech Studio & Dlgltal Arts Prngrammes.. Techstudio offer VR, AR, and digital production experiences and courses to build employability skills in film making, animation, coding. and music. Tech Studio Hire TS3 educational courses in digital arts and new media Creative and digitsl arts events Trailblazer Digital Arts school prog Through collaborating G105ely 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 hen we acknowledge the challenges and collectively work towards upholding our core values: a rights-based approach, a commitrnent to excellen, flexibility. and innovation. Together with 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 need5 and aspirations from the very beginning.
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2025 Achievements and performance We are grateful to our stakeholders and funders and hugely appreciate their support In beli8ving in our creative programmes designed specifically to engage young people through an arts led learning model. Th8ir funding opens opportunities for underserved young people. to 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. As a regional youth arts organisation, we continue to support children and young people's personal, social and cultural development through accessible and innovative community-based programmes which provide a creative fusion of traditlonal and digital art form5. hames5ing the arts for learning, change. and giving young people a voice. We are pleased with our accomplishment between 2024-25. despite the many uncertainties and challenges we have faced. including funding Cuts, rèductions in funding call and increased competitions. These are the highlights of our year across artistic, community, strategic and operational areas. Wheelworks Arts 2024-25 accomplishments in¢lude'. 7.610 young people aged 4 to 25 participated. 313 in-person workshops. 15.390 hours of in-person participation. 10 festivals. 20 exhibitionslcelebration 8vents. 6 volunteers dedicating over 50 hours of services to our charitable mission. 5 new artists recruited. 556 Contracts offered to our artists. in both digital and visual artforms. enabling Wheelworks to broaden the diverse rang8 of innovative and hybrid workshops to our participants across Northern Ireland. A total of 30.248 people reached. In 2024-25. we nurtured our relationships with over 73 voluntary and community. youth. and school partners. Voluntary and community, youth, and school partners. These included Shamrock Youth Club, Oasls Youth Centre, Clann Eirann Youth. Rainbow Refugees Nl. Crumlin Community Hub. L.O.R.A.G.. Glen Parent Daycare, Doyle Youth Centre. Tobin Centre. Ballybeen Women's Centre Connswater Community Centre. Randalstown Arches Association. Atlas Centre. Cedar Lodge School, Warrenpoint Hall 4 All. Finaghy Youth Centre, Clonduff Youth Club. St Colm's High School, The Spectrum Centre, Peter Froggatt Centre. South-eastern Regional College Nevrtownards. Newry Youth Resource Centre, Epicentre Youth Club, St Mary's Youth Centre. South Lake Leisure C8ntre, Amma Centre, Northern Regional College, Greenhill YMCA, Dungannon Youth Resource Centre, Cookstown High School, Holy Trinity College. Magherafelt Youth Centre. Newry Street Unite. Patrician Youth Centre. Cookstown Rural Network C8ntre, Inv8rary Communty Centre, Foster Car8 Associates, Derrybeg Community Centre. Morton Community Centre. Translink, Fane Street Primary School, Donegal Road Primary School, Tannaghmore Primary School, and Longstone Special School. We continue to strengthen these relationships and also broaden our engagement. reaching out to new partners across Nl. We hope to strength8n Ihis relationship, and will b8 looking to also broad8n our engagement. reaching out to existing and new partners across Nl.
Wheelworks Company Limited by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) (contlnued) Year ended 31 March 2025 Financial review The totsl funding for the Core funding remained the same with support from the Arts Council of Northern Ireland (principal funderl under its Annual Funding Programme. Garfield Weston, TBUC and Belfast City Council for our project funding. The annual income for 24-25 is lower than previous year as in that year we were able to secure £30k funding from ACNI'S Health and Safety Capital grant towards Artcart solar conversion and digital equipment upgrade. We know the power of arts and 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. In 2024-25, we nurtured our relationships with 73 voluntary and community. youth. and school partners. The demand for our work outstrips our capacity in tarms of funding and the staff resourc&s wè requir8 to d81iver quality seNices to our beneficiaries. Wheelworks staff and management teams continue to be proactlve in pursulng new opportunitles. co-designing and cwreating innovative funding proposals and submitting funding applications to secure much needed resources in meeting the organisation's charitable mission. The financial position of a youth arts charity like Wheelworks working viith underserved communities Is particularly difficult because of our reliance on external funding and the vulnerability of the beneficiaries we serve. Income streams such as grants, donations. and sponsorships are highly competitive and often subject to cuts during current economic downturns, high inflation and limited growth. Yet the operational costs continua to rise, coverfng staff salaries. venue hire, materials, and outreach programs while maintaining measurable impact and innovation. which require additional investment in monitoring and digital tools. Due to the short tim8 funding cyclas, we face uncertainty year on year hence making long term planning. securing investment for resourcelequipment upgrading and stafflartists development is diffiGult. Yet due to the dedication and hard work from the staff and artists, support from the ACNI. BCC, Garfield Weston, TBUC and Nl Executive. we were fortunate to secure much needed funding for our
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) f¢ontlnued) Year ended 31 March 2025 work while also sustaining service income levels during 2024-25. In 24-25 our turnover was £419,808 and artists artistslfacilitators contrad value were £95,978k. Moving forward, Wheelworks acknowledges that flexibility. collaboratlon and diversification to generate increased level of service income will be a major element in reshaping our current funding mod81 and mitigating some of the risks and impacts of future funding cuts. With support from our core funders and strong leadershlp from our trustees. staff, artistslfacilltators, and volunteers we hope to ensure inclusion, accessibility, equality, and a sense of hope for the young people and their communitles. Going forward, we will continue to advance our strategi¢ visions by sharpening our focus on co-designing creative activities that are of inter8St to young peop18, 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, and transformative as we continue to inspire young people through varied arts and technology led mediums. Reserves policy and going concern ReseNes are needed to bridge the timing gap between spending and receiving of income and to cover unplanned temporary shortfalls in in¢ome should they arise. Holding adequate reserves safeguards Ihe 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, the trustees consider that the ideal level of reserves to now be behyeen six to nine months expenditure. which for the year ended 31 March 2025 would be beeen £206,723 and £310,085 . Unrestricted reserves freely available to spend, therefore excluding fixed assets, restricted reserves and designated reserves amounted to £255,899, Th8 trustees believe this represents a sufficient level of reseN8 to ensure that the going concem assumption is appropriate. Wheelworks have designated £130.000 allocated as follows.. Office Relocation cost.. £80.000 Salary support Cost: £25,000 Equipment upgradelcapital expenditure: £25,000
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (conllnuedj Year ended 31 March 2025 Plans for future periods Way Forward Reftectlng on the period 2024-2025. we feel positive to have been able to secure the level of funding and income to enable us to maintain the servic8s and income level as per the last financial year. Our priority is not just to grow and strength 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 parli¢ipation and learning we want the young people and their communities to share and express their f881ings and interests, as it has an unparalleled ability to connect. engage and inspire people. We know that the third and voluntary sectors Sin 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 strategic priorities that ensure sustainability. impact and growth. Currently we are progressing and working on these key strategic areas: Build alliances and engage with decision makers to amplify the importance of arts for marginalised youth to assert extemal 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 Up5killing our iwill volunteers to get the opportunity to team up with stafflartists to co-create and test new activities. This ensures that the vol5 of Ihe young people we serve are captured and applied in decision-making proc8SS8S Applying co design model with idea generation to capture their interests and voices as they become ntral 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 (CSR) goa15 aligned with youth and community work. diversity, or arts education. Tailor social value service proposals show how the partnership can enhance their brand values To increase Gross-sector collaboration and partnerships to show how creative and digital arts learning can align with broader outcomes. such as good relations, wellbeing employability hence open opportunities 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 proje¢tsloffers. 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 h8lp in
Wheelworks Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (¢ontlnu8dJ Year ended 31 March 2025 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 foard, continue to adapt. be innovative and stay relevant with the wishes and ambitions eXpSsed 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 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 expenditu, for that period. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistenlly., obsarve the methods and principles in the applicable Charities SORP: make judgments and accounting estimates that are reasonable and prudent" prepare the financial statements on the going concern basis unl8SS it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accountlng 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 thè Companie5 Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustse 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 taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit infomiation and to establish that the charity's auditor is aware of that information. 10
Wheelworks Company Limited by Guarantee Trustees. Annual Report {Incorporating the Directorfs Report) {contlnue(l) Year ended 31 March 2025 Small company provisions This report has been prepared in accordance with the provisions applicable to compani8s entitled to the small companies exemption. The trustees, annual report was approv8d on 24 November 2025 and signed on behalf of the board of trustees by.. J Mills Trustee M Duffy Twstee 11
Wheelworks Company Limited by Guarantee Independent Auditor's Report to the Members of Wheelworks Year ended 31 March 2025 Opinion We have audited th8 financial ststem8nts of Wheelworks (th8 'charity') for the year ended 31 March 2025 whlch 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 A¢¢ounting Stsndards, including FRS 102 The Financial Reporting Stsndard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practi). In our opinion the financial ststements: giva a true and fair view of the state of the charity's affairs as at 31 Mah 2025 and of its incoming resources and application of resources, including its income and expenditure, for the yaar then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice- hav8 bèèn prepared in accordance with the requirements of the Companies A¢t 2006. Basis for opinlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Qur responsibilities under those standards are further described in the auditorfs 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 Elhical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriat8 to provide a basis for our opinion. Conclusion5 relating to going concorn In auditing the financial statements. we have concluded that the trustees. use of the golng COnM 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 Gonditions that. individually or collectively. may cast significant doubt on the Gharity'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 responsibilitl8s and the responsibilities of the trustees with resped to going concem are d8scrfbed in the relevant sections of this report. 12
Wheelworks Company Limited by Guarantee Independent Auditor's Report to the Members of Wheelworks (contlnu•d) Year ended 31 March 2025 Other infomiation The other information comprises the information included in th8 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 infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance ¢on¢lusion 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 misstatement in the financial statements or a material misstatement of the other infomiation. If, based on the work we have performed, we conclude that there is a material mlsststement of this other information, we are required to report that fa¢t. We have nothing to r8POrt in this r8gard. 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 Gonsi5tent with the financial statements; and the trustees, report has been prepared in accordance with applicable legal requirements. Matlers on which we are required to report by exception In th8 light of the knowledge and und8rstanding of the charity and its enwronment obtsined in the course of the audit, we have not identified matertal 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 retums ad8quate 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 rec8ived all th8 information and explanations we require for our audit; or the trustees were not entitled to prepare the financial statements in accordance wsth the small companies regime and take advantage of the small companies. exemptions in preparing the directors, report and from the requirement to prepare a strategic report. 13
Wheelworks Company Limited by Guarantee Independent Auditor's Report to the Members of Wheelworks (contlnued) Year ended 31 March 2025 Responsibilities of trustees As explained more fully in the trustees. r8sponsibllltles stat8m8nt. th8 trust88s (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 tha trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. 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 X to th8 financial statements. In preparing the financial statements. the trustees are responsible for assessing the Charity's ability to ¢ontinue 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 Auditorfs Report to the Members of Wheelworks (contlnuedj Year ended 31 March 2025 Auditorfs responsibilities for the audlt of the flnancial statements Our objectives a to obtain reasonable assuranc8 about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs 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 us8rs 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 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 enwronment and business performance including the design of the remuneration policies. key drivers for direGtors' remuneration, bonus levels and perfomiance largets: results of our enquiries of management about their own identification and assessment of the risks of irregularities. any matters we identif18d having obtained and reviewed documentation of their policies and procedures relating to: idèntifying, evaluating and complying with laws and regulations and whather management were aware of any instances of non-complian. detecting and responding to the risks of fraud and whether management have knowledge of any actual. suspected or alleged fraud; the internal controls estsblished 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 intemal 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 r8suIt of these procedures. we considered the opportunities and in¢entlV8S 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 understsnding of the legal and r8gulatory frameworks in operation. focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included ongoing complianc8 Wlth the UK Companies Act and tax legislation. In addltlon, we considered provls5ons 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 Auditorfs Report to the Members of Wheelworks (¢ontlnued) Year ended 31 March 2025 As part of an audit in accordance with ISAS {UK), we exercise professional judgment and maintain professional s¢epti¢ism throughout the audit. We also-. Identify and assess th8 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 audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstalement 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 intemal 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 thè 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 auditorfs 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 auditorfs report. However, fubjre events or conditions may cause th8 charity to Cease to continue as a going concem. 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 th8 audit and significant audit findings. including any significant deficiencies in internal Gontrol that we identify during our audit. 16
Wheelworks Company Limited by Guarantee Independent Auditor's Report to the Members of Wheelworks (¢onllnu8d) Year ended 31 March 2025 As explained more fully in the Trustees. Responsibilities Ststem8nt (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 Stsndard for Auditors,. In the ClrcumstsnS set out in note 20 to the financial statements. Use of our report Thls 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 ¢hariVs members those matters we are required to state to them in an auditoffs report and for no other purpose. To the fullest extent permitted by law. we do not a¢¢ept or assume responsibility to anyone other than the charity and the Gharty's members as a body, for our audit work. for this report. or for th8 opinions w8 hav8 fonned. Paul Dolan FCA (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutr)ry auditor Causeway Tower 9 James Street South Belfast BT2 8DN 24 November 2025 17
Wheelworks Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted funds Total funds Total funds 2024 Unrestrided funds Note Income and endowments Donations and legacies Charitable activities Othar income 2,777 20.000 55,354 78,131 2.777 361.677 55.354 32 386.316 53,468 439,816 341,677 Total Income 341,677 419,808 Expenditure Expenditur8 on charitsble activities Total expenditure 71.769 341.677 413.446 414.014 71.769 341.677 413,446 414,014 Net income and net movement In funds 6.362 6,362 25,802 Reconciliation of funds Total funds brought forward Total funds carried forward 411,694 411,694 385,892 418,056 418,056 411,694 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 fomi part of thèse flnanclal statements. 18
Wheelworks Company Limited by Guarantee Statement of Financial Position 31 March 2025 2025 2024 Note Flxed assets Tangible fixed assets 13 32,157 44.634 Current assets Debtors Cash at bank and in hand 14 157,138 253,165 161.549 219.464 410,303 381,013 Creditors: amounts falllng due wlthln one year Net current assets 15 24,404 13.953 385,899 367,060 Total assets less current liabilities 418,056 418,056 411,694 411,694 Net assats Funds of the charity Unrestricted funds 418,056 411.694 Total charity funds 17 418,056 411,694 Thase financial statements have been prepared in a¢¢ordan¢e wilh thè provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 24 November 2025, and are signed on behalf of the board by: J Mills Trustee M Duffy Trustee Thg notss on pages 20 to 29 form part of Iho$9 financlal statements. 19
Wheelworks Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 Genaral information The charity is a public benefit entity and a private company limited by guarantee. r8gistered 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 compllance These financial ststements 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 slatements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and inv8Stment properti8s 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 The are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertalnty The preparation of the financlal 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 fvture 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 fvnds are unrestricted funds eamiarked by the trustees for particular fijture project or commitment. Restricted funds are subjected to restridlons on their expendlture declared by the donor or through the temis of an appeal, and fall into one of sub-classes.. restricted income funds or endowment funds. 20
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (conllnuedj Year ended 31 March 2025 Accounting policles (cofttlnu Incomlng 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 the amount can be r81iably measured. The following specffic policies are applled 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 case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and servic8s are r8cognised in the accounts when received if the value can be reliabty 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 seNice. This is classified 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 15 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: expenditur8 on raising funds includes th8 Costs of all fundraising activities, 8V8nts, non-tharitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activilie5 that further its Gharitable aims for the benefit of its benefi¢iaries. including those support costs and costs relating to the govemanc8 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 a allocated to expenditure categorie5 reflecting the use of the resource. Direct costs attributable to a single activity are allocat8d directly lo that activity. Shared costs are apportioned batween the activities they contribute to on a reasonable. justifiable and Consistent basis. Tanglble 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 impairmant losses. 21
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (contlnu8d) Year ended 31 March 2025 Accountlng pollcies (continued) Tanglble assets (Continu) An increase in the carrylng amount of an asset as a result of a revaluatlon, is recognised in other recognised gains and losses, unless it reverses a charge for impaimient that has previously been recognised as 8xpenditure within the ststement of financial activities. A d8cr8as8 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 Ioss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to wrile off the cost or valuation of an asset, le5S its residual value. over the useful economi¢ lifo of that asset as follows- Fixtures and fittings Motor vehicles Equipment 25. straight line 25 % straight line 33 % straight line Impairnient of fixed assets A review for indicators of impaimient 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 impaimients 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 r8coverab18 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 impalrment 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 unts. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are Initially recognised at the amount recelvable or payab18 including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or CeIved and not discounted. Debt instruments are subsequently measured at amortised cost. 22
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2025 Accounting pollcles (¢ontinued) Flnanclal Instruments feonlinu Where investments in shares are publicly traded or their fair value can otheiSe be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investrnents ara subs8quently 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 financ8d 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 amortlS8d cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidenGe of impairment, an impairment loss is recognised under the 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 signtficant, these are assessed individually for impainnent. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristiC5. Any reversals of impairment a recognised immediately, to the extent that th8 reversal does not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been COgnISed. Defined contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contribution5 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 settled wholly within 12 months of the end of the reporting date in which the employees render the related Service. Ihe liability 15 measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmlted by guarantee Wheelworks is a company limited by guarantee and has no Sha capital. In the event of the charity being wound up, the liability in respect of th8 guarantee is limited to £1 per member of the charity 23
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (¢ontlnued) Year ended 31 March 2025 Donations and legacies Unrestricted Total Funds Unrestri¢ted Total Funds Funds 2025 Funds 2024 Donations Donations 2,777 2,777 32 32 Charltable a¢tlvltles Unr8Strict8d Funds Restricted Total Funds Funds 2025 TBUC Arts Council of Northern Ireland Garfield Weston Belfast City Council Education Authority European So¢lal Fund 219.309 95.961 219,309 95,961 20,000 13,460 12,947 20,000 13.460 12.947 20,000 341,677 361,677 Unrestricted Funds Restricted Total Funds Funds 2024 TBUC Arts Council of Northem Ireland Garfield Weston Belfast City Council Education Authority European Social Fund 212.200 123,923 212,200 123,923 20.000 13.995 13.206 2.992 20.000 13.995 13.206 2.992 22.992 363.324 386.316 Other income Unrestrtcted Total Funds Unrestricted Totsl Fund5 Funds 2025 Funds 2024 Other income 55,354 55,354 53,468 53,468 24
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2025 Expenditure on charitable activitles by actlvity type Activities undertaken directly Support Total funds costs 2025 Total fund 2024 Charitable activities Gov8rnanc8 Costs 294,414 115,029 4.003 409,443 4.003 410,503 3.511 294,414 119,032 413.446 414.014 Anatysis of support costs Analysis of support costs Total 2025 Total 2024 Staff costs Premises Communications and IT General office Finance costs Governance costs 79,080 24,661 10,210 946 132 4,003 79,080 24.661 10.210 946 132 4.003 85.715 16.717 8,391 1,597 116 3,511 116,047 119,032 119,032 10. Net Income Net income is ststed after chargingl{crediting)- 2025 2024 Depreciation of tangible fixed assets Fees payable for the audit of the financial statements 16,928 4,003 30.673 3,511 11. Staff costs The total stsff costs and employee beneffts for the reporting period are analysed as follows.. 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans 171,166 5.020 6,888 183.074 187,917 7,499 7,665 203,081 The average head count of employees during the year was 9 (2024: 11). No 8mploy8e received employee benefits of more than £60.000 during the year (2024: Nil). 25
Wheelworks Company Limited by Guarantee Notes to the Financial Statements {contlnuedJ Year ended 31 March 2025 11. Staff costs (eontinuéd) 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 tolal compensation paid to key management personnel for services provided to the charity was £58,557 (2024:£51,990). 12. Trustee remuneration and expenses No trustee received r8muneration or reimbursement for expenses during the year. {2024'. £Nil) 13. Tangible fixed assets Fixtures and fittings Motor V8hicles Equipment Total Cost At 1 April 2024 Additions 63,454 389.914 154.129 4,451 158,580 607.497 4,451 611,948 At 31 March 2025 63,454 389.914 Depreclatlon At 1 April 2024 Charge for the year At 31 March 2025 62,559 128 379.635 2.937 120.669 13,863 134,532 562,863 16,928 62,687 382,572 579,791 Carrying amount At 31 March 2025 767 7.342 24.048 32,157 At 31 March 2024 895 10,279 33.460 44,634 14. Debtors 2025 2024 Trade debtors Prepayments and accrued income 154.509 2,629 159,590 1,959 157.138 161,549 15. Creditors: amounts falllng due wlthln one year 2025 2024 Trade creditors Accruals and deferred income Social security and other taxes other creditors 5,059 10,468 7,324 1,553 9.126 3.509 1.318 24.404 13.953 26
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2025 16. Pensions and other post retirement beneflts Defined Contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £6,888 (2024- £7.665). 17. Analysis of charitable funds Unrestricted funds At 31 March 20 25 At 1 April 2024 Income Expenditure Transfers General funds Designated Funds 346.694 65.000 411,694 78.131 (71,769) (65.000) 65.000 288,056 130,000 418,056 78,131 (71,769) At 31 March 20 24 At 1 April 2023 Incom8 Expenditure Transfers General funds Designated Funds 316.800 65.000 381,800 76.492 (82,813) 36.215 346.694 65.000 76.492 (82.813) 36,215 411.694 The trustees have designated funds of £130,000 for office relocation costs. salary support and capitsl expenditure (page 8). 27
Wheelworks Company Limited by Guarantee Notes to the Financial Statements (conllnuedj Year ended 31 March 2025 17. Anatysis of charitable funds (continu Restrictod funds At 31 March 20 25 At 1 April 2024 Income Expenditure Transfers Education Authority Belfast City Council Arts Council Northern Ireland TBUC 12,947 13,460 (12,947) (13.460) 95,961 219.309 (95.961) (219.309) (341.677) 341,677 At 31 March 20 24 At 1 April 2023 Income Expenditure Transfers Education Authority Belfast City Council Arts Council Northem Ireland TBUC 13.206 13,995 (13.206) (13,995) 4.092 123.923 212.200 (97,788) (206.212) (331.201) (30.227) (5.988) (36.215) 4,092 363.324 18. Analysls of net assets between funds Unre5triGted Total Funds Funds 2025 Tan9ible fixed assets Current assets Creditors less than 1 year Net assets 32,157 410.303 (24,404) 418,056 32,157 410,303 {24,404) 418,056 Unrestricted 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 28
Wheelworks Company Limited by Guarantee Notes to the Financial Statements {contlnu8d) Year ended 31 March 2025 19. Taxation The Company Ss a registered charity, and as such is entitled to tsx èxemptions on income and profits in furtheran of the charitys 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. Contlngencies 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 temis of the Letters of Offers have been. or will be. complied with and no liability is expected. 22. Related partles No related paty transactions during the year 29
Wheelworks Company Limited by Guarantee Management Information Year ended 31 March 2025 The following pages do not form part of the flnancial statements. 30
Wheelworks Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Income and endowments Donations and legacies Donations 2,777 32 Charitable activities TBUC Arts Council of Northem Ireland Garfield Weston Belfast City Council Education Authority European Social Fund 219,309 95,961 20,000 13.460 12.947 212,200 123,923 20,000 13,995 13,206 2,992 386,316 361,677 Other income Other income 55.354 53,468 Total income 419.808 439,816 31
Wheelworks Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2025 2025 2024 Expenditure on charitable activities Charitable actlvlties Aotivities 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 Debt not recovered through underspend Consultancy and legal fees Room Hire Depreciation PR and marketing 92,086 5,020 6,888 14,058 95,978 15,202 16,412 24,124 102,202 7,499 7,665 9,962 68,595 13,605 17,066 29,872 2,017 1,221 5,010 30,673 2,580 419 4,741 16,928 2,558 294,414 297,967 Support costs Core wages Rent Insurance Telephone and postage IT Bank interest and charges Subscriptions & Memberships General Expenses 79,080 20,273 4,388 2,265 7,945 132 833 113 85,715 13,286 3,431 2,605 5,786 116 1,261 336 115.029 112,536 Governance costs Auditor Remuneration 4,003 3,511 Expenditure on charltable actlvltles 413.446 414,014 Net Income 6,362 25,802 32