REGISTERED COMPANY NUMBER: N1018888 (Northern Ireland) REGISTERED CHARITY NUMBER: NIC103294 GROUP REI PORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMEI NTS FOR THE YEAR ENDED 31 DECEMBER 2023 f4OR NORTHERN IRE4 LAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED McAleer Jackson Ltd Chai"tei"ed Accountants & statOry Auditors Arthur House 41 Aithui. Street BELFAST BTI 4GB
NORTHERN IREI LAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMEI NTS r4OR THE YEAR ENDED 31 DEI CEMBER 2023 Page Group Report of the Trustees I to6 Report of the Independent Auditors 7t0 10 Consolidated Statement of Financial Activities (including incoine and expenditure account) 11 Consolidated Statement of Financial Position 12to 13 Company Statement of Financial Positioii 14to 15 Consolidated Statement of Cash Flows and iiotes to Cashflows 16to 17 Notes to the Fiiiancial Statements 18to33
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT ofi THI TRUSTEI( S FOR THE YEAR ENDED 31 DEI CEMBER 2023 REI Fli RENCE AND ADMINISTRATIVE TAILS Registered Company nuniber N1O18888 (Northern Ireland) Registered Charity number NIC103294 Registered office 45147 Donegall Street Belfast Co Anti'im BTI 2FG Trustees J Bowers B Mackin K Doheity M Gray A Molloy A McKeown K Fleck Company Secretary B Mackin Auditors McAleer Jackson Ltd Chaitered Accountants & Statutory Auditors Arthur House 41 Arthiii- Street BELFAST BTI 4GB Page I
NORTItERN IRE4 LAND TRAD UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT ofi THE TRUSTEES FOR THE YEAR LI NDED 31 DECE4 MBER 2023 cont'd The ts'ustees who are also directoi's of the chai'ity foi. the purposes of the Companies Act 2006, present their report with the fiiiancial stateinents ol the eliaiity alid tlie group foi- the year ended 31 December2023. The tiustees have adopted tlie provisions of Accouiiting and Repoiling by Cl)ai'ities: Stateineiit of Recommended Pi'actice applicable to charities preparing their accounts in accoi"dance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). OBJEI CTIVES AND ACTIVITIES Objectives and aims The objectives of the charity aTe to: promote equality througli suppoiting the participation aiid inclusion of all individuals, groups and communities. pi'ovide support, educatioii and training, aiid facilities to the unemployed aiid otlier groups suffering from socÉal and economic disadvantage. be an innovative provider in effecting chaiige towards a fair and inclusive society. STRATEGIC REPORT Achievement and performance Review ofaclivities The Charity continued to focus on the delivery of programmes to siipport local communities in disadvantaged ai'eas. The Charity works closely with its partiiers and fundei's, namely the Big Lottery Fund, Belfast City Council, IFI, Department of Foreign Affairs, Advice NI, Department for Communities and others. The Chai-ity also contiiiued to ovei'see the activities of affiliated social ei]terISes, providiiig guidaiice and suppoit An respect of tlieii. activities. The John Hewitt Bar coiitiiiues to lease its premises in Belfast's Cathedral Quarter to a Breweiy operated by a local co-operative and hospitality biisiiiess. Access Skills Ireland Ltd contiiiues to operate as ali approved ti'aining provider, woiking t10[[ghOUt Ii'eland with State bodies and employers to ie-skill and up-skill workei's. BDA (Property Projects) Liinited continues to provide workspace and siipport facilities to sinall businesses at the Poitview Trade Ceiitre premises, maiiitainiiig the high l-ates of occupancy tliat have pi'evailed over recent years. Diiiing tlie yeai. tlie business iiivested significantly in educatioii and upslcilling capacity foi- tlie benefit of the local busiiiess comiiiuiiity. Page 2
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT OF THE TRUSTE4 ES riOR THE YEI AR ENDED 31 DEI CEIVIBER 2023 cont'd Iiivesliiie17t policy aiidpeiforiiiaiice The group's policy is to maximise total investinent retUiTA from all of its assets whilst utilising these assets to deliver the company's principal chaiitable activities. The group has continued to invest in its related undertakings to reduce loiig term dependence upoii grant funding and inci'ease Commercial tradiiig revenue. Financial revieiv FiiiancialposiÉioii Tlie financial results for the year are set out on pages I1- 12 following with the accompanyÉng notes to the fiiiancial stateinents. Reserves policy The reserves of the chai'ity are set by the Management Cominittee and take the following into consideration: Holding reserves foi the designated funds which reflect the objects of NITU. Recommending i-eserve levels whicli balance tlie variable nature of the income received, and the loiiger-term coiwnitments of the charity to its various sliareholdeis, The responsibilities of tlie Management Committee to tlie piudent management of NITU. The reserves will be lield primarily as investments or in the fonn of tangible assets. The level of i'eserves will be reviewed annually as pai't of the budget and planning pi'ocess. This actual policy paper and levels of reserve will be revisited as part of the planning cycle. Withdrawal of funds froin tlie resei'ves wliether on an occasional or on a regular basis will only be made as a result of a decision taken at a Management Coinmittee Meetiiig. TEie Trustees aiin to maintain to siifficient free reseives in unrestticted, undesignated funds to biidge any fvnding gaps experienced by the chaiity, and to mitigate the risks and costs of unplaiined closure of tlie oi'ganisatioEI. The tai'get level of funding to be held is £200,000: At the balance sheet date £227,681 of the charity's ui]restricted funds after traiisfers were undesignated, which is at the targeted amount and an inci'ease on pi.ior year. The Trustees and tlie Management Committee al'e considering all options to secui'e and i'etain additional uiii'estt'LCted funding foi. the foithcoming year. Page 3
NORTHERN IREI LAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT ofi THI TRUSTEE( S FOR THE YEIAR EINDED 31 DECEMBER 2023 cont'd Reserves policy (continued..) The Trustees aim to hold sufficieiit designated lid8 to support social eiiteiprise activity aiid to enable those enterprises to operate with autonoiny. In addition reserves are maintaiiied to pi'ovide a hedge against the loss of traditional project thnding for the delivery of NITUS objectives, and to fuiid the Charity's capital aiid piopeity inaiiitenance plaiis to fund for tlie upkeep aiid renewal of preillises aiid to plan aiid execute capital type projects. The Trustees are satisfied the designated funds remain adequate foi the time being. 4Uture plans The group plans to continue to develop innovative progi'ammes for unemployed and disadvantaged iiidividuals and 'OUpS. In additioii, the Board actively seeks opporiunities to develop social enterprise activities that svppojt its objectives. A key project under consideration by the Charity at present is the regeneration of parts of the Poitview Trade Centie. In the short terin the Trustees will also focus theii- attention to mitigating the impact of Covid-19 on the opei"ations and programmes undertaken by the group, and to develop alternative service delivery methods to ensure the Cliarity's objectives can be achieved. STRUCTURt, GOVERNANCE AND MANAGEMENT Charity constitution The company is registei'ed as a company limited by guai"antee. The company is constituted undei. a Menioranduin of Association dated 21 October 1985 aiid is registei.ed as a charity with botli the Charity Commission for Nortliern [re1]d and HM Reveiiue & Customs. Metliod of appointment or election of Directors The oversiglit of the company and gi'oup is the responsibility of the management cominittee who al'e elected and co-opted under the tenns of tlie Articles of Associatioii. Tlie management coinmittee al'e Directors for the purposes of Company Law, Organisational structure and decision maliing The management committee is appoiiited by the coinpaiiy's members iii accordance with the colnpany's Memorandum and Articles of Association. The management are respoiisible for the goveimance of the company aiid gioup. Responsibility for tlie day to day opei-ations of the company is delegated to tlie Dii"ectors and management team and perfoimiance is reviewed on a moiithly basis. Page 4
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT OF THE TRUSTEES FOR THE YEIAR ENDLID 31 DECEMBER 2023 cont'd STATEI MENT OF TRUSTEE4 S RESPONSIBILITIES The ti'ustees (wlio al-e also the dii-ectors of Nortlieni Ii'eland Ti-ade Union Educational & Social Centre Limited for the purposes of company law) are responsible for preparing the Group Repoit of the Tivstees and the finaiicial statements in accordaiice witli applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Piactice). Compaiiy law i'equires the trustees to pi'epare financial statements for eacli financial year which give a true and fair view of the state of affaii-s of the chai-itable coinpany and gi'oup aiid of tlie incoming resoui-ces and application of resouices, including the incoine and expenditure, of the chai-itable compaiiy aiid gi'oup for that perlod. In preparing those fiiiancial statements, the trustees are required to select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that are reasoiiable and prudent. state whethei applicable accounting standai'ds have been followed, subject to any material departtii'es disclosed and explained in tlie financial stateinents. pi'epai'e the financial statemeiits on the going conceni basis unless it is iiiappropriate to presume that the charitable company will continue in business. The tiustees are responsible foi- keepiiig pi'oper accounting records which disclose with ieasonable accuiacy at any time the fiiiancial position of tlie charitable company and to enable them to eiisui'e that the financial statements comply ritI1 the Companies Act 2006. They are also responsible foi- safeguarding the assets of the charitable company and heiice for taking reasoiiable steps foi. the prevention and detection of fi'aud and othei. in'egulai'ities. lil so far as the trustees are aware.. there is no relevant audit infom]atlOLi of whicli the charitable group's auditors are unawai-e. and the tiustees have taken all steps tliat they ought to have taken to make themselves awai-e of any relevant audit inforination and to establish tliat the auditors are aware of that infonnation. Page 5
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT OF THE TRUSTEE4 S FOR THE YEAR El NDEI D 31 DE4 CEMBER 2023 cont'd AUDITORS The auditors, McAleer Jackson Ltd, will be pi'oposed foi" re-appointment at the foithcoining Annual General Meetiiig. Report of the tiustees, incolyorating a strategic repoit, approved by order of the boaid of tn]stees, as the company directoi's, 011 27 September 2024 and sigiied on the board's belialf by: OWERS Trustee Page 6
IIEPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED Opinion We have audited the consolidated fiiiancial statemeiits of Northeni Ireland Ti'ade Union Educational & Social Centre Limited (the 'parent charity,) and its subsidiai-ies (the 'group') foi- the yeai. ended 31 Deceinber 2023 whicli coinpi-ise the consolidated Statenient of Financial Activities, consolidated Balaiice Slieet, conipany balance sheet, coiisolidated Casli Flow Stateineiit and notes to the fiiiancial statetnents, including a summary of significant accounting policies. Tlie financial reporting fi'amework that has been applied in tlieii. pi'eparation is applicable law and United Kingdom Accounting Standai'ds, iiicluding Financial Reporting Staiidard 102 'The Financial Reporting Standard applicable in the UK and Republic ol Ireland, (United Kiiigdom Genei'ally Accepted Accounting Practice). Iii oui. opinion the financial statemeiits.. give a ti'ue and fair view of the state of the group's and the parent charity's affairs as at 31 December 2023 aiid of tlie group's incoming resoui'ces and application of iesources, iiicluding its income and expenditui'e, for the year tlien ended. have been propei.ly piepaied in accoidance with Uiiited Kingdom Generally Accepted Accounting Practkce. and have been prepaied in accoi-dance witli tlie requii'etnents of tlie Compaiiies Act 2006. Basis for opinion We coiiducted our audit iii accordaiice with Inteillational Standards oil Auditiiig (UK) (ISAS (UK)) and applicable law. Our responskbilities under tliose standards are fuither described in the Auditois responsibilities for the audit of tlie fiiiancial stateiiients section of our report. We al'e independent of the charitable compaiiy in accordance witli the ethical requireinents that are relevant to our audit of the finaiicial statements in tlie UK, incliiding tlie FRC'S Ethical Standard, and the provisions available for smallei- eiitities in the circumstances set out in Note 27 to the financial statements, and we have fulfilled our other ethical responsibilities in accoi'dance witli tliese i'equlrements. We believe tliat the audit evideiic¢ we have obtained is sufficient and appropriate to provide a basis for oui opinion. Conclusions i.elatiiig to going concern In auditing the financial statements, we have concluded tliat tlie tiustees, use of tlie going concern basis of accountiiig iii the prepai'ation of the financial stateinents is appropriate. Based on the work we have performed, we have not identified any inaterial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to contiiiue as a going concern for a peiiod of at least twelve inontlis froin when tlie finaiicial statements are authoiised for issue. Our i-esponsibilities aiid tlie responsibilities of tlie tsustee with respect to goiiig conceni are desci'ibed iii the relevant sections of this report. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEE4 S OF NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CE4 NTRL LIMITED cont'd Other information The tn]stees are responsible foi- the other information. Tlie other inforination compi'ises the infoi'iiiation included in the aniiual i'eport, otlier thali tlie finaLICLal stateinents and our Report of the Iiidependent Aiiditois theieon. Our opAnioii on the finaiicial slatements does not cover tlie other iiifom]ation and, except to the extent otheiwise explicitly stated in our report, we do not express aiiy fonn of assuraiice conclusion thereoii. Iii connection ivith our audit of the financial statements, our responsibklity is to read tlie other infoi'ination and, in doing so, Consider whether the othei iiifoiThation is materially inconsistent with the financial statements or our knowledge obtained iii the audit or othenvise appeal's to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detennllie whether there is a material misstateinent in tlie fiiiancial statements or a inaterial misstatement of the otliei. infornlatioii. If, based oil tlie work we have perfoiined, we conclude that tliere is a matei'ial misstatement of tliis othei- information, we are iequired to report that fact. We have nothing to report in tliis regard. Opinions on other matters presci'ibed by the Companies Act 2006 In our opinion, based on the work undertaken iii the course of the audit.. tlie infonnation giveii iii the Trnstees, Report for the financial year for which tlie financial stateinents are pi'epared is consistent with the financial statements. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In tlie light of the kiiowledge and understanding of the company and its environment obtaiiied in the course of the aiidit, we have not identified rnaterial misstatetnents iIi the Trustees, Repoit. We have iiothing to repoi"t in respect of the following matters where the Companies Act 2006 I'eqiiires us to repoit to you if, iii oui opinion.. adequate accouiiting records have not been kept, or returns adequate for our audit liave not been received fi'oin branches not visited by us. or the financial statements ale not in agreement with the accounting recoi'ds and rettti'ns. oi. cei-taiii disclosures of directoi-'s iemuneration specified by law are not made. or we have not received all the iiiformation and explanatioiis we I'equire foi. our audit. Responsibilities of ti'ustees As explaiiied more fully iii tlie Stateinent of Tiustees Respoiisibilities set out oil Page 5, tlie trustees (who are also the directors of the chai'itable coinpany foi. the puiyoses of company laiv) al'e responsible for tlie prepai'ation of the financial stateinents aiid foi. being satisfied that they give a true aiid fail. view, and foi. sucli iiileimal control as the tnistees detennine is necessary to enable tlie pieparation of finaiiclal statemeiits that are free fi'om matei'ial misstatement, whetbei. due to fraud oi error. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NORTHERN IRELAND TRADE UIYION EDUCATIONAL & SOCIAL CENTRE LIMITED cont'd Responsibilities of trustees (cont'd) Iii prepariiig the fEnancial statements, the trustees are respolisible for assessing the group's aiid the parent charity's ability to continue as a gokng concein, disclosing, as applicable, mattel's i-elated to going concern and using the going concei-n basis of accounting unless the trustees either intend to liquidate the group or the pareKit charity or to cease operations, or have iio realistic alternative but to do so. Auditors, responsibilities foi. the audit of the financial statements Our objectives al'e to obtain reasonable assui'ance about whether the flnancial statements as a whole are free fi-om material misstatement, wliether due to fraud or eOr, aiid to issue a Report of tlie Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guai'antee that an audit conducted in accordaiice with ISAS (UK) WILI always detect a matei-ial misstatement wheii it exists. Misstatements cali ai'ise fi'om fraud or eLTor and al-e considered material if, individually or in the aggregate, they could reasonably be expected to iiifluence the ecoiiomic decisioiis of usei's takeii oll the basis of tliese financial statements. Because of the inlierent limitatioiis of an audit, there is a risk that we will not detect all irregularities, lllcluding those leading to a material misstateinent in the financial statements or non-compliance with regulation. This risk increases the inore that compliance with a law or regulation is I'emoved from the events and transactioiis reflected in the financial statements, as we will be less likely to become aware of instaiices of non-compliance. The i'isk is also gieater regarding lll'egularities occuffing due to fraud rathei. than error, as fiaud involves intentional concealmeiit, forgery, collusion, omissioii or misrepA'esentation. Irregulai'ities, including fraud, are instances of non-coinpliance with laws and regulations. We design procedures in line witli our responsibilities, outlined above, to detect material misstatements in iespect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. We obtained an undei'standing of the legal and i'egulatory framework that the Pareiit Chai'ity & Groiip operates in, focusing oil provisioiis of Iliose laws aiid regulations that had a direct effect on material amouiits and disclosures in the financial stateinents. The key laws and regulations we considei-ed in this context included the UK Companies Act, pensions and tax legislation, charity legislation together with pi'ovisioiis of otliei. laws and regulations that do not have a direct effect on the financial stateinents, but compliance with which may be fundamental to the Parent Chai'ity & Group's ability to opeiate or to avoid a material penalty. This included conditions of funding from various bodies. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEI ES OF NORTHERN IRELAND TIUDE UNION EDUCATIONAL & SOCIAL CEINTRE LIMITID cont'd Auditoi"s' responsibilities for the audit of tlie financial stateinents (cont'd) We tailored our i'esponse to tliose identified risks to include enquiriiig of managenieiit coiicerniiig acaL and potential litigation and claims, perfoiining anaRytical procedures to identify any unusual or unexpected relationships that may indicate risks of mateiial misstatement due to fi-aud, and reviewing correspondence witli HMRC and other regulatoiy bodies. In addressing the risk of fraiid through managemeiit override of contl'ols, we tested the appropriateiiess of jovmal entries and otlier adjustnients. assessed whethei. the judgements made in making accounting estimates are indicative of a potential bias. and evaluated the business rationale of any significant transactions that ale unusual or outside the nonnal course of business, of which thei'e were iione. In identifying ai)d assessing risks of material misstateinent in respect of irregulaiities, including fraud and non-compliance with laws and i-egulatioiis, we coiisideied the following.. the natuie of tlie indiistty and sector, coiitrol envii'onment and business pei-fonnance including the Parent Charity & Group's remuiieration policies, and its intemal and external performance targets. results of our eiiquiries of manageinent and other key persoiis about the Pareiit Chai'ity & Group's own Identification and assessment of tlie risks of IegUlai.1tIcs, including those diat may occui- either as a i'esult of fraud or error, and matters we identified froin our review of tlie Parent Charity & Group's policies, procedures aiid internal controls. and the matters discussed amollg the audit engagement team regai-ding potential indicators of fraud aiid where it might occui. in the fInancial statements. A further description of our responsibilities for the audit of the financial statements is located on the Financial Repoiting Council's websÉte at www.fi'c.oi'g.uldauditorsresponsibilities. This description forms part of our Report of the Auditors. Use of our report This report is made solely to the charitable company's meinbers, as a body, in accordance witli Chaptei. 3 of Part 16 of the Companies Act 2006 and regulatioiis made undei that Act. Our audit work has beeii undeilaken so that we might state to the charitable company's members those matters we are requii'ed to state to thein in an audÉtors' report and for no otlier purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to aiiyone othei. than the parent cliaritable company and the charity's trnstees as a body, for our audit work, for thls repoit, or for tlie opinions Mie have fomied. Michael Barnett (Senior Statutoi'y Auditor) McAleer Jackson Ltd Chartered Accountants & Statutoiy Auditors Arthur House 41 Artliui Street BELFAST BTI 4GB Date.. 27 September 2024 Page lo
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED CONSOLIDATED STATEI MENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DEI CEMBER 2023 2023 Total funds 2022 Total ftinds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies Cliaritable activities Otlier ti'ading activities Investment iiicome Other giant income 71,681 71,681 172,483 44,439 593,953 7,896 105,019 223,881 3 15,699 484,489 82,819 172,483 44,439 593,953 7,896 Total 717,969 172,483 890,452 1,211,907 4 XPEI NDITURE ON Othei- trading activities Charitable activities Govemance Investment activities Foreign exchange on consolidation Taxation 121,819 112,288 12,650 453,541 (17) 14,970 121,819 306,992 27,372 453,541 (17) 14,970 451,417 297,352 25,947 611,170 3,452 23,989) 10 10 194,704 14,722 Total 715,251 209 426 924,677 1,365,349 NEI T INCOMLI1{IXPEI NDITURE, ) 2,718 (36,943) (34,225} (153,442) Net gainl(loss) on Investments Transfers behveeii funds Revaluation of property 14,434 25,278 130 498 14,434 (83,418) 25 (25,278) 130,498 Net movement iii fuiids 172,928 (62,221) 110,707 (236,860) REI CONCILIATION or FUNDS Total funds bi"ought forivard 2,783,124 108,866 2,891,990 3,128,850 TOTAL fi UNDS CARRIED FORIVARD 25 2,956,052 46,645 3,002,697 2,891,990 The notes form part of tliese fiiiancial statemeiits Pagell
NORTHERN IRELAND TIthDE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED CONSOLIDATED BALANCL SHEI ET AT 31 DEICEMBER 2023 2023 Total funds 2022 Total funds Notes FIXED ASSETS Intangible assets Tangible assets Investments Investmeiit propety 15 16 17 18 290,665 445,017 2,534 830 558,376 524,293 1,852,683 3,270,512 2,935,352 CURRENT ASSETS Stocks Debtors Cash at bank and in hand 19 20 304,349 325,571 157,673 407,221 629,920 564,894 CREDITORS Amounts falling due witliin one year 21 305,236 396,825 NET CURRENT ASSETS 324 684 168,069 TOTAL ASSEI TS LESS CURRENT LIABILITIE4 S 3,595,196 3,103,421 CREDITORS Amounts falling due aftei- more thali one year PROVISION FOR LIABILITIES 22 558,284 34,21S 3,002 697 192,186 19,245 2,891,990 24 NET ASSETS riUNDS Unresti'icted ndS Resti'icted fuiids 25 2,956,052 46,645 2,783,124 108,866 TOTAL FUNDS 3,002,697 2,891,990 The notes fonn part of these financial statemeiits Page 12 continued...
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED CONSOLIDATEID BALANCE SHEET AT 31 DECEMBER 2023 cont'd The tiustees acknowledge tlieii. i'esponsibilities for-_ (a) ensuring that the chat'itable company keeps accounting records that comply with Sections 386 and 387 of tlie Companies Act 2006 and (b) prepariiig fiiiancial statements which give a true and fair view of the state of affairs of the chai'itable compaiiy as at the end of each financial year and of its surylus or deficit for each financial year iii accordaiice witli the requiremeiits of Sectioiis 394 aiid 395 ]d whicli othenvis¢ comply with tbe i'equirements of the Companies Act 2006 I'elatiiig to fiiiancial statements, so far as applicable to the chaiitable coiiipany. The fiiiaiicial statemeiits have beeii prepared in accordance with the provisioiis of Part 15 of the Companies Act 2006 regai'ding small coinpanies and S398 of the Companies Act 2006 regarding group accounts. These financial statements have been audited under the requiremeiits of Section 144 of the Charities Act2011. The fiiiancial statements were approved by the Board of Tiustees on 27 September 2024 and were signed on its behalf by: J BOWERS Trustee B MACKIN Trustee The notes forin part of these financial stateineiits Page 13 continued...
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED COMPANY BALANCE SHEET AT 31 DECEMBER 2023 2023 Total funds 2022 Total funds Notes Investments Investments Investment pi'operty 17 [8 250,002 603 948 250,002 603 948 853,950 853,950 CURRE4 NT ASSETS Debtoi's Cash at bank and in hand 20 186,493 60,784 168,677 247,277 242,411 CREDITORS Amounts falling due within oiie year 21 326,902 257,039 NET CURRENT ASSEI TS 79,625 14,628 Nl< T ASSEI TS 774,325 839,322 FUNDS Uill'estricted fuiids Restricted funds 25 727,680 46,645 730,456 108,866 TOTAL f4UNDS 774,325 839,322 The notes foirn part of these finaiicial stateinents Page 14 continued...
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED COMPANY BALANCE SHEET AT 31 DECEMBER 2023 cont'd The financial stateinents Iiave been prepared in accoi'dance with Part 15 of tlie Companies Act 2006 regarding small companies. The financial statements were approved aiid authorised by the Board of Trustees on 27 September 2024 and weie signed on its behalf by.. WERS Trustee B MACKIN Trustee The notes form part of these fiiiancial stateineiits Page 15
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIIIqITED CONSOLIDATED CASH fiLOW STATEMENT r4OR THE YEIAR ENDED 31 DEI CEMBER 2023 2023 2022 Notes Cash flows from operating activities: Cash used in operations iterest paid Tax paid (101,583) (15,919) (222,379) (8,471) Net cash provided by (used in) opei'ating activities (117,502) 230,850) Cash flows from investing activities: Purchase of listed investments Pioceeds from sale of listed investments Loaiis granted in year Purchase of tangible fixed assets Purchase of investment propeity Interest received (39,384) 185,606 {52,512) (137,765) 108,843 (17,087) (292,626) 186 Net casli provided by (used in) investing activities (198,730) 46,009) Cash Ilows from financing activities: New loans lll year Loan repayments in year Capital 'allts received (25,722) 228,858 (26,896) Net cash provided by (used in) financing activities 203,136 26,896) Change in cash and cash equivalents ii) tl)e reporting period Cash and cash equivalents at the beginning of tlie reporting pei'iod (113,096) (303,755) 361,296 665,051 Casli and cash equivalents at the end of the reporting period 248 200 361,296 The notes form part of these financial statements Page 16
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR El NDED 31 DLI CEMBER 2023 RECONCILIATION OF NET INCOMEI/(EXPEINDITURE) TO NEIT CASH FLOW FROM OPRATING ACTIVITIE4 S 2023 2022 Net incomel(expenditure) for tlie reportiThg period (as per the statement of financial activities) (19,791) (236,860) Adjustments for: Depreciation charges (Profit)ILoss on disposal of investments Finance costs Interest received Revaluation loss l (gain) Tax charge (Inerease)/deci'ease in stocks (Increase)decrease in debtors Increase/(deci-ease) in credttors 8,688 13,949 230 8,471 15,919 (186) (14,434) 14,970 83,418 (23,989) 6,359 1,610 75 567) (146,676) 39,927 Net cash provided by (used in) operating actmvities (101,583) (222,379) ANALYSIS OF CASH AIYD CASH EQUIVALE( NTS 2023 2022 Cash at bank aiid in hand Overdrafts included in bank loaiis and overdrafts falling due witliin one year 325,571 407,221 77,371) 45,925) Total cash and cash equivalents 248,200 361,296 Page 17
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEI AR ENDED 31 DcEmBER 2023 GENERAL INFORIVIATION The cliarity is a private compaiiy limited by guarantee, registered in Northeni Ireland aiid a registered chai'ity in Northern Ireland. The addiess of tlie registered office is 45147 Donegall Street, Belfast, Co Antrim, BTI 2FG. STATEMENT OF COMPLIANCE These financial statements have been prepaied in compliaiice with FRS 102, 'The Finaticial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommeiided Practice applicable to Cliarities prepariiig theii accouiits iii accordaiice with the Finaiicial Reporting Standard applicable in the UIC and Republic of Ireland (FRS 102) (Chai'ities SORP (FRS 102)) aiid the Chai'ities Act (Nortliern Ireland) 2008. ACCOUNTING POLICIES Basis of preparing the financial statements The fInancial statemeiits have been prepared on the historical cost basis, as modified by the revaluatioii of certain finaiicial assets aiid liabilities aiid investh]eiit propei-ties measui'ed at fair value tl]rough income or expenditt]re. The financial statements are prepared in sterling, which is the functional currency of the entity. Critical accouiitiijg estimates and areas of judgement Estimates and judgements are required wlien applying accounting policies. These are continually evaluated and are based on liistorical expei'ience and otliei factoi's, including expectations of futui'e events that al'e believed to be reasonable linder tlie circuinstances. The company makes estimates and assumptions conceiiiing the futui"e, which can involve a high degree of judgement or coinplexity. The resulting accountiiig estiinates will, by definitioii, seldom equal the related actual results. The estimates and assumptions that have a sigiiificant risk of causing a material adjustment to the cariying amounts of assets and liabilities within the next financial year are addi'essed below: a) Market value of investment properties Estimates al'e made in respect of the market value of investment propeities. When assessing tlie market value of these assets, factors illcludiiig curreiit rent receivable and available data OLI cun'ent market yields and activity are considered. b) Useful economic lives of tangible assets The annual depreciation charge foi. tangible assets is sensitive to changes in the estimated useful economic lives and i'esidual values of the assets. The useful economic lives and i'esidual value are reassessed annually. They ale amended when necessaiy to i'eflect ClllTent estiinates, based on futui'e iiivestinents, ecoiiomic utilisation aiid the physical condition of the assets. Page 18
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITEI D NOTES TO THE rIN11CIAL STATEMENTS FOR THE YE<AR EINDED 31 DECEMBER 2023 cont'd ACCOUNTING POLICIES- continued Going concei'n The tiustees have assessed, based on the anticipated activities of the charity and the group, that tliei'e al'e adequate resoui-ces in place to meet tlie on-going costs of the gl'oup foi. a minimum of 12 montlis from the date of signing of the finaiicial statements. In coming to this conclusion, the tNstees have assessed the entity's curreiit finaiicial ariangemeiits and resoui'ces of the group as a wbole and have obtained confMation that fInancial siipport will be made available between fellow group companies, if reqiiired. For this reasoii the financial statements have beeii piepared on a going concern basis which presumes the realisation of assets and liabilities in the noiThal course of business. Company status The company is a compaiiy limited by guaraiitee. The members of the coinpany are the Trustees named on page l. In the event of the company beiiig woiind up, the liability in respect of the guarantee is limited to £1 per member of the company. The registered office is 45-47 Donegall Street, Belfast, BTI 2FG. The prRncipal activity of the company is other social work activities without accomniodation not eEsewhei-e classified. Basis of Consolidation Noithern li'eland Trade Union Ediicational aiid Social Centre Limited considers that wheie the organisation is the sole niembei- of a company liinited by guarantee, these entities sliould be treated as wholly owiied subsidiaries by vIe of cominoii coiitrol. Tlie pareiit cliarity has applied tlie exeinption contained iii section 408 of the Coinpanies Act 2006 and has not preseiited its iiidividual Stateineiit of Finaiicial Activity. Income All income is recogiiised in the Statemeiit of Financial Activities oiiee the cliarity has entitlemeiit to the funds, it is probable that the income will be I'eceived, and the amount can be measured reliably. xpenditure Liabilities are recognlsed as expenditure as soon as tliere is a legal or constnictive obligation cominitting the chai'ity to that expeiiditui'e, it is probable that a ts'ansfei of economic beiiefits will be i-equii'ed Én settlement and the amount of the obligation can be measured reliably. Expeiiditui'e is accouiited for on an accruals basis and has been classified under headings that aggi-egate all cost related to the category. Whei'e costs cai]Liot be directly attiibuted to particulai. headiiigs, tliey Iiave been allocated to activities on a basis consisteiit with the use of i'esources. Page 19
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CE4 NTRE LIMITED NOTEI S TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DE4 CEMBLR 2023 cont'd ACCOUNTING POLICIEI S - continued Iiivestments Fixed asset investments are a fonn of fInancial insti'ument and are initially recognised at theii. traiisaction cost and subsequeiitly measuied at fair value at the Balance Sheet date, uiiless fair value ¢ai]not be measured reliably in which case it is measui'ed at cost less impairment. Investment gains and losses, wlietlier realised or unrealised, are combined and shown in the heading 'Gains/(losses) on iiivestments, in the Statement of Financial Activities incoiyorating Income and Expenditure Account. Tangible fixed assets Depi'eciation is provided at the following annual rates in order to wi-ite off each asset over its estimated useful life. Freehold property Plant & macliiiiery Fixtures, fittings & equipment 2 % straight line 20% straight line 200/0 Straiglit line Tangible fixed assets are stated at cost or valuatioii, net of depreciation and any provisioiis for impairment. Investment property liivestment pioperty Is sliown at most recent valuatioii. Atiy aggregate suwlus or deficit arising from changes iii marlcet value is tiansfeiTed to a revaluation reserve. It has not beeii depreciated. Impairment Assets iiot measiired at fair value al'e reviewed for aiiy iiidication that the asset may be impaired at each balance sheet date. If such indicatÉon exists, the iecoverable amouiit of the asset, or the asset's cash generating unit, is estimated and compared to the canying amount. Where the carrying amount exceeds its recoverable ainount, an impainnent loss is recognised in piofit and loss uuless the asset is carried at a revalued amount where the impairment loss As a revaluatioi deci'ease. Taxation The chai'ity is exempt fl'om tax on income aiid gains falling witliin S505 of the Taxes Act 1988 or S252 of TCGA 1992 to the extent that tliese are applied to its charKtable activities. The taxation expense represents the aggi'egate amouiit of current and defeii'ed tax recogkjised in the reporting pei'iod. Page 20
NORTHERN lRELIlND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE filNIlNCIAL STATEMENTS FOR THE YEAR ENDED 31 DECfMBER 2023 cont'd ACCOUNTING POLICIES- continued Taxation (continued,,) Curreiit tax is recogiiised oil taxable income or expenditure for tlie current and past pel'iods. Cunent tax is measured at the amounts of tax expected to pay or i'ecover using the tax rates aiid laws that have been eiiacted or substantively enacted at the repoiting date. Deferred tax recognised iii respect of all timing differences at the reportiiig date. Unrelieved tax losses alld otlier defei'red tax assets are recogi)ised to the extent that it is probable that tliey will be recoveied against the reveisal of defeed tax liabilities or other future taxable profits. Defetted tax is measuied using the tax l'ates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the tiining differences. Fund accountkng Unrestricted ft]nds can be used in accordance witli the cliaritable objectives at the dis¢i'etion of the trustees. Restricted fuiids cali oiily be used for paiticular i-estricted pUoseS within the objects of the charity. Restrictions arise when specified by the donor or when fvnds are raised for particular restricted Purposes. Designated funds compiise unresli'icted ndS that have been set aside by the Tiustees for particular purposes. Further explanation of the nature and purpose of each fund is included in the notes to tlie financial statements. Provisions Provisions are recogiiised when the entity has an obligatioii at the i'eportiiig date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settleinent and the amount of tlie obligation caii be estiinated reliably. Provisions al-e recognised as a liability in tlie statement of financial position aiid the amount of tlie provisioii as an expense. Piovisions ale initially measured at the best estimate of the amount required to settle the obligation at tlie repoi'tiLig date and subsequently reviewed at. Debtors and creditors receivablelpayable ivithin one year Debtoi-s and credktors wlth no stated inteR'est l-ate and i'eceivable or payable withiii one yeai- are recorded at h'ansactional pi'ice. Aiiy losses ai'ising froni inipaii'ment are I'ecognised in the Consolidated Stateinent of Financial activities in other ti-ading activities. Other income Other iiicome is accounted foi. as it is i'eceived aiid ci-edited to tlie profit and loss account. Page 21
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIMBLR 2023 cont'd DONATIONS AND LEGACIES 2023 2022 Other income 71,681 105,019 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Activity Charitable activities Charitable activities Charitable activities Charitable activities Charitable activkties Charitable activities Charitable activities Big Lottery Fuiid Belfast City Couiicil CBPES Belfast Met Department for Cominunities Co-operation Irelaiid Antrim & Newtownabbey Council IFI Funding 49,163 70,889 25,510 5,824 90,853 55,315 29,313 25,118 19,850 3,432 3,930 Chaiitable activities 17,167 172,483 223,881 INCOME FROM OTHER TRADING ACTIVITIES 2023 2022 Subsidiary trading activities 44,439 315,699 INVESTMENT INCOME 2023 2022 Rents and seivice charges received Loss oil disposal of listed investineiits Income from fixed assets investmeiits 578,598 474,723 (230) 593,953 484,489 Page 22
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTREI LIMITED NOTES TO THE filNANCIAL STATEMENTS riOR THE YEIAR ENDED 31 DECLMBER 2023 cont'd OTHER GRANT INCOME 2023 2022 Graiit income Covid-19 supports 7,896 82,819 7,896 82,819 COSTS OF OTHER TRADING ACTIVITIES 2023 2022 Tradiiig costs Finance costs 105,900 15,919 442,946 8,471 121,819 451417 10. CHARITABLE ACTIVITIES COSTS 2023 2022 Charitable activities Governance 306,992 297,352 25,947 334,364 323,299 GOVERNANCE COSTS Unresti'icted Restricted fuiids fuiids Total fuiids Total funds 2023 2023 2023 2022 Direct costs - Goveniancc 12,650 25,947 Page 23
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EI NDE4D 31 DECEMBER 2023 cont'd 11. COSTS of% INVEI STMENT ACTIVITIES 2023 2022 Property management costs 453 541 611170 12. NET INCOMEI(EXPENDITURE) Net incomel(expenditui'e) is stated after Ch'gIng/(creditlllg). 2023 2022 Depreciatioii - owned assets Audit fee 8,688 13,949 3,780 17,588 17,729 13. TRUSTEEI S, REMUNERATION AND BENEFITS Tliere wei'e no tt'ustees, i'eniuneration or other benefits for the year ended 31 Decembei" 2023 nor foi" the year ended 31 December 2022. Trustees, expenses Trustees, expeiises for the year ainouiited to £9,600 (2022: £8,800). Page 24
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTIiE LIMITED NOTES TO THE FINANCIAL STATEMENTS riOR THE YEAR ENDID 31 DECEMBER 2023 coiit'd 14. STAFf COSTS 2023 2022 Wages and salaries 243,108 367,923 The average moiitlily numbei" of employees during the yeai. was as follows: 2023 2022 Support staff 13 19 No employees received emoluments in excess of £60,000. IS. INTANGIBLE FIXED ASSETS Gi'oup Licence COST At l January 2023 aiid 31 Deceinber 2023 58,195 AMORTISATION At l January 2023 At 31 Decembei 2023 58,195 58,195 NET BOOK VALUE At 31 Decembei. 2023 At 31 Decembei. 2022 Page 25
NORTHEI RN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMEI NTS FOR THE YEAR El NDED 31 DECEMBER 2023 cont'd 16. TANCIBLE f4lXED ASSETS Gi'oup Fixtures, Freehold Plant & rittings & pi"operty macliinery equipment Totals COST At l Januaiy 2023 Additions Reclassifi¢ation/transfer 659,521 89,569 119,265 868,355 389 521 (389,521) 478 834 At 31 Decembei 2023 270,000 119,265 DEPRECIATION At l January 2023 Charge foi. year Reclassification/transfer 130,498 84,620 2,748 94,861 S,940 309,979 8,688 (130,498) 188,169 (130,498) At 31 Decembei. 2023 100,801 NEI T BOOK VALUE At 31 Decembei. 2023 270 000 2,201 18,464 290,665 At 31 Decembei 2022 529,023 4,949 24,404 558,376 Fixtures, rittings & equipment Company COST At l January 2023 aiid 31 December 2023 Dri PREI CIATION At l Janiiary 2023 and 31 December 2023 NET BOOI< VALUE At 31 December 2023 61,213 61,213 At 31 December 2022 Page 26
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS cont'd r4OR THE YEI AR ENDED 31 DECEMBER 2023 17. FIXED ASSET INVESTMENTS Gi'oup 2023 2022 Other iiivestments Other loans 392,S05 52,S12 524,293 445,017 524,293 Additioiial lliformation is as follows.. Listed investments COST OR VALUATION At l January 2023 Additions Valuation changes Disposals 524,293 39,384 14,434 185 606 NEIT BOOICVALUE At 31 December 2023 392,505 At 31 Decembei. 2022 524,293 Other Loans New ill year 52,512 At 31 December 2023 52,512 Coinpany 2023 2022 Shares Capital contribution 250,000 250 000 250,002 250,002 Page 27
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTEI S TO THE filNANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 cont'd 17. FIXED ASSET INVESTMENTS-continued There wei'e no investment assets outside the UK. The conipany's investments at tlie balance sheet date in the shale capital of companies include the following: B.D.A. (Property Projects) Limited Registered office.. Poitview Trade Centre, 31 O Newtownai"ds Road, Belfast, B T I IHE Natui'e of business.. Business support service activities Class of shal'e: Ordillaiy sliares holding 100 The following companies al'e liinited by guai'antee. Northern Irelaiid Trade Unioii Educational & Social Centre Limited is the sole inember of each of the companies, and tlierefore exercises control. Company name - Cominunity Training & Reseai'ch Services Limited Access Skills n'elaiid Limited Access Skklls Ireland CLG - Radius (N.I.) Limited Radius Training Liinited Registered NortherLi Ii'eland Northern Ii"eland Republic of Ireland NortherLI Ireland Republic of Irelaiid 18. INVE4 STMENT PROPERTY Group MARI(EI T VALUE At I Sanuary 2023 Additlolls Reclassification/traiisfer At 31 December 2023 1,852,683 292,626 389 521 2,534 830 NET BOOIC VALUE At 31 Deceinber 2023 2 534,830 At 31 Decembei. 2022 1,852,683 Page 28
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THI FINANCIAL STATIMEI NTS FOR THE YEAR ENDED 31 DECEMBER 2023 cont'd 18. INVESTMENT PROPERTY- continued Company MARI<ET VALUE At l Jaiiuary 2023 and 31 December 2023 603,948 NEI T BOOK VALUE At 31 Decembei. 2023 603 948 At 31 December 2022 603,948 19. STOCICS Gi'oup 2023 2022 Stock 20. DEBTORS Group 2023 2022 Trade debtors Othei. debtors Prepayments 114,100 181,744 8,505 81,600 55,432 304,349 157,673 Company 2023 2022 Other debtors li)tercoinpany debtors Prepayments 61,703 116,285 8,505 44,960 116,839 6,878 186 493 168,677 Page 29
NORTHERN IRELAND TIUDE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 cont'd 21. CREDITORS: AMOUNTS f4ALLING DUE WITHIN ONE YEAR Group 2023 2022 Bank Roans and overdi'afts (see note 23) Trade creditoi's Taxation and social security Other creditors Accruals and deferred iiicoine 105,021 53,978 3,476 73,801 68,960 73,028 70,894 2,015 47,093 203,795 305,236 396,825 Company 2023 2022 Bank loaiis aiid overdrafts (see iiote 23) Other creditors Intercompany creditors Accruals and deferred income 77,371 230 183,600 45,925 537 180,000 30,577 326,902 257,039 22. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group 2023 2022 Bank loans (see note 23) Other creditors 165,917 192,186 392,367 558,284 192,186 23. SECURED DEBTS Tlie following secured debts ale included within creditoi's: 2023 2022 Bank ovei'di'afts Bank loans 77,371 193,567 45,925 219,289 270,938 265,214 The bank overdrafts are secui'ed by an all monies debenture held giviiig a fixed and floating charge ovei. the compaiiy assets. The bank loans are secured agaiiist assets of a subsidiary company. Page 30
NORTHERN IRELAND TRADlli UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THEI YEAR ENDED 31 DE4 CE4MBER 2023 cont'd 24, PROVISIONS Group Deferred tax Balance at l Jaiiuary 2023 Movement during year 19,245 14,970 Balance at 31 Decembei. 2023 34,215 25. MOVEI MIINT IN FUNDS Group Gain on invest- ments At Net 1.1.2023 Movement Transfers At Revaluations 31.12.2023 Unrestricted funds Unrestricted funds Designated Social Enteiyi'ise funds Other Designated fuiids 30,456 {28,053) 225,278 227,681 2,052,668 30,771 14,434 130,498 2,228,371 700 000 2,783,124 200 000 25,278 500 000 2,956,052 2,718 14,434 130,498 Resti'icted fuiids Big Lotteiy Fund Belfast City Council CBPES IFI Antriin & Newtownabbey Council 32,093 62,146 (40,543) 8,450 (1,796) (13,705) 46,645 14,627 4,282 (1,122} 2,236 (18,909) 1,122 (2,236} 108 866 25,278 TOTAL FUNDS 2,891,990 (34,225 14,434 130 498 3 002,697 Page31
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIIWllTED NOTES TO THE FINANCIAL STATEMENTS riOR THE YEAR ENDED 31 DECEMBER 2023 cont'd 25. MOVEMENT IN FUNDS- continved Net movement in nds, included in the above are as follows: Group Incoming Resources Movement resources expended in funds Unresti'icted funds Unrestricted fund 717,969 (715,251) 2,718 Restricted funds Big Lotteiy Fund Belfast City Council CBPES Belfast Met IFI Antrim & Newtownabbey Council 49,162 70,890 25,510 5,824 17,167 3,930 {89,705) {72,686} (21,228) (5,824} (18,289) {1,694) (40,543) (1,796) 4,282 (1,122) 2,236 172,483 (209,426) (36,943) TOTAL FUNDS 890,452 (924,677) 34 225) 26. Lll GAL STATUS The Charity is a compaiiy limited by guarantee and has no share capital. The liability of each member in the event of windiiig up is limited to £1. 27. FRC THICAL STANDAIID- PROVISIONS AVAILABLE FOR SMALLER ENTITIES In cominoii with maiiy other oi'ganisatioiis of our size and iiature we use our auditors to pi-epare and subinit i'etums to tlie tax authoi'ities and assist with the preparation of the financial stateinents. Page 32
NORTHERN IREI LAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMINTS riOR THE YE4 AR ENDED 31 DECEMBER 2023 cont'd 28. RELATED PARTY DISCLOSURES The company has taken advantage of the exeniption undei" FRS102 Section 33 'Related Paty Disclosures, not to disclose transactions witEi its group undertalcings. 29. CONTINGENT LIABILITIES The group has received government "aThts relating to fixed assets whicli are being deferred over the life of the assets. The receipt of tliese monies is subject to conditions which if al'e not inet may i'esult in the grants being repayable by the group. The group expects to meet the conditions of the grants. Page 33