REGISTERED COMPANY NUMBER: N1018888 (Northern Ireland) REGISTERED CHARITY NUMBER: NIC103294 GROUP REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DEI CIMBER 2024 FOR NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED McAleer Jackson Ltd Chartered Accountants & Statutoiy Auditoi's Ai'thui. House 41 Aithui. Street BELFAST BTI 4GB
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED CONTEI NTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Page Group Report of the Trustees I to6 Report of the Independent Auditors 7tolO Consolidated Statement of Financial Activities (including income and expenditui'e account) Consolidated Statement of Financial Position 12to 13 Company Statement of Financial Position 14to 15 Consolidated Statement of Cash Flows and notes to Cashflows 16to 17 Notes to the Financial Statements 18to33
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number NIOI 8888 (Northern Ireland) Registered Charity number NIC103294 Registered office 45147 Donegall Street Belfast Co Antrim BTI 2FG Trustees J Bowers B Mackin K Doherty M Gray A Molloy A McKeown K Fleck Company Secretary B Mackin Auditors McAleer Jackson Ltd Chaitcred Accountants & Statutory Auditors Aithur House 41 Arthur Sti'eet BELFAST BTI 4GB Page I
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their repoit with the financial statements of the charity and the group for the year ended 31 December2024. The ti'ustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities prepai'ing their accounts in accordance with the Financial Reporting Standd applicable in the UK and Republic of Ireland (FRS 102). OBJECTIVES AND ACTIVITIES Objectives and aims The objectives of the charity aiE to: pi'omote equality through supporting the participation and inclusion of all individuals, groups and communities. provide support, education and training, and facilities to the unemployed and other groups suffering from social and economic disadvantage. and be an innovative providei. in effccting change towards a fair and inclusive society. STRATEGIC REPORT Achievement and performance Review of activities The Charity continued to focus on the delivery of programmes to support local communÈties in disadvantaged areas, The Ch'ltY works closely with its partners and funders, namely the Big Lottery Fund, Belfast City Council, IFI, Depaitment of Foreign Affairs, The Dormant Access Fund, Department for Communities and others. The Charity also continued to oversee the activities of affiliated social enterprises, pi'oviding guidance and support in respect of thcii. activities. The John Hewitt Bai. continiies to lease its pi'emises in Belfast's Cathedi'al Quartei. to a Brewery opei'ated by a local co-opei'ative hospitality business. Access Skills Ireland Ltd continues to opeiate as an approved training providei., working throughout Ireland with State bodies and employers to re-skill and up-skill woikers. BDA (Pi'opei'ty Piojects) Limited continues to provide woi'kspace and suppoit facilities to small businesses at the Poitview Trade Centi'e premises, maintaining the high rates of occupancy that have prevailed ovei recent years. During the year the business invested significantly in education and upskilling capacity for the benefit of the local business community. Page 2
NORTHERN IRELAND TRADI UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd Investmentpolicy andperfoi"n7ance The group's policy is to maximise total investment return from all of its assets whilst utilising these assets to deliver the company's pi'incipal chai'itable activities. The group has continued to invest in its related undertakings to reduce long tei'm dcpendence upon gi'ant fundiiig and increase commercial ti'ading i'evenue. Financial review Financialposilion The financial results foi. the year are set out on pages I1- 12 following with the accompanying notes to the financial statements. Reserves policy The reserves policy of the charity is set by the Management Committee and take the following into consideration: Holding sufficient reseives to support the designated funds which reflect the objects of NITU. Balancing the vai'iable nature of the income received, and the longer-term commitments of the charity to its various stakeholders. Meeting those responsibilities of the Management Committee to the prudent management of NITU. The i'eseLV¢S will be held primai'ily as investments or in the form of tangible assets. The level of reserves will be i'eviewed annually as part of the budget and planning process. This actual policy papei. and levels of resei've will be revisited as pait of the planning cycle. Withdrawal of funds from tlie reserves whethei. on an occasional oi. on a L'egulai, basis will only be made as a i'esult of a decision taken at a Management Cominittee Meeting. The Trustees aim to maintain to sufficient free i'eserves in unrestricted, undesignated funds to bi'idge any funding gaps experienced by the chai'ity, and to mitigate the i'isks and costs of unplanned closure of the organisation. The target level of funding to be held is £200,000, At the balance sheet date £238,518 of the chai'ity's unrestricted funds after transfers wei'e undesignated, which is at the targeted amount and an inci'ease on prior year. The Tiustees and the Management Committee ale considering all options to secuie and retain additional unresti'ictcd funding for the forthcoming yeai.. Page 3
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd Reserves policy (continued..) The Trustees aim to hold sufficient designated funds to support social enteiyrise activity and to enable those enteryrises to operate with autonomy. In addition, reserves are maintained within the Social Enterprise to provide a hedge against the loss of traditional project funding foi. the delivery of NITUS objectives, and to fund the Chai'ity's capital and property maintenance plans. The Ti'ustces are satisfied the designated funds I'cmain adequate for the time being. Future plans The group plans to continue to develop innovative programmcs foi. unemployed and disadvantaged individuals and groups. In addition, the Board actively seeks opportunitics to develop social enterprise activities that suppoit its objectives. A key project undei. consideration by the Charity at present is the regeneration of parts of the Portview Trade Centi'e. STRUCTURE, GOVERNANCE AND MANAGEMENT Charity Constitution The company is registered as a company limited by guarantee. The company is constituted under a Memorandum of Association dated 21 October 1985 and is registered as a charity with both the Charity Commission foi. Noithern Ireland and HM Revenue & Customs. Method of appointment or election of Directors The oversight of the company and group is the responsibility of the management committee who al'e elected and co-opted under the terms of the Articlcs of Association. The management committee al'e Dii'ectoi's foi. the puryoses of Company Law. Organisational structure and decision maliing The management committee is appointed by the company's members in accoi'dance with the company's Memoi'andum and Ai'ticles of Association. The management are responsible foi. the govemance of the company and gioup. Responsibility for the day to day opei'ations of the company És delegated to the Directors and management team and pei'foi'mance is reviewed on a monthly basis. Page 4
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd STATEMENT OF TRUSTEES REI SPONSIBILITIES The trustees (who are also the directors of Northei'n Ireland Trade Union Educational & Social Centre Limited for the puryoses of company law) are responsible for preparing the Group Repoit of the Tiustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fail. view of the state of affairs of the charitable company and group and of the incoming resoui'ces and application of resources, including the income and expenditure, of the charitable company and gi'oup for that period. In prep.Ing those financial statements, the trustees are requii'ed to sclect suitable accounting policies and then apply them consistently. observe the methods and principles in the Charity SORP. make judgements and estimates that 'e reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. prepare the financial statements on the going concern basis unless it is inappi'opriate to pi'esume that the charitable company will continue in business. The trustees al'e i'esponsible for keeping propel. accounting records which disclose with i'easonable accuracy at any time the financial position of the chai'itable company and to enable them to ensuie that the financial statements comply with the Compaiiies Act 2006. They al'e also responsible for safeguarding the assets of the charitable company and hence foi taking reasonable steps for the pl'evention and detection of fiaud and other ii'regulai'ities. In so far as the trustees are aware: thei'e is no i'elevant audit information of which the charitable gioup's auditors al'e unaware. and the trustces have taken all steps tliat they ought to have taken to make themselves aware of any relevant audit infoi'mation and to establish that the auditoi's are awai'e of that infoi'mation. Page 5
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd AUDITORS The auditors, McAleer Jackson Ltd, will be proposed for re-appointment at the forthcoming Annual Genei'al Meeting. Repoit of the tiustees, incorporating a strategic i'epoi't, approved by ordei. of the board of trustees, as the company directors, on 26 Scptember 2025 and signed on the board's behalf by: J BOWERS Ti'ustee Page 6
REPORT OF THE INDII PENDENT AUDITORS TO THE TRUSTEES OF NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED Opinion We have audited the consolidated financial statements of Northern Ireland Trade Union Educational & Social Centi'e Limited (the 'parent charity,) and its subsidiaries (the 'group') for the yeai. ended 31 December 2024 which compi'ise the consolidated Statement of Financial Activities, consolidated Balance Sheet, company balance sheet, consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their pi'eparation is applicable law and United Kingdom Accounting Standards, including FÈnancial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Genei'ally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and the parent charity's affaiis as at 31 December 2024 and of the gi'oup's incoming resources and application of resources, including its income and exp¢nditure, for the year then ended. have been properly prepared Én accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of oui. report. We al'e independent of the charitable company in accoi'dance with the ethical requirements that arc relevant to oui audit of the financial statements in the UK, including the FRC'S Ethical Standard, and the pi'ovisions available for smallei. eiitities in the cii'cumstances set out in Note 27 to the financial statements, and we have fiilfilled oui other ethical i'esponsibilities in accoi'dance with these i'equii'ements. We belicve that the audit evidence we have obtained is sufficient and appi'opi'iate to provide a basis for our opinion. Conclusions i"elating to going concern In auditing the financial statements, we have concluded that the tt'ustees, use of the going concern basis of accounting in the pi'eparation of the financial statements is appi'opi'iate. Based on the work we have perfomied, we have not identified any matei'ial unceitainties relating to events oi. conditions that, individually or collectively, may cast significant doubt on the company'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 i'esponsibilities and tlie responsibilities of the trustee with respect to going concern are desci'ibed in the ielevant sections of this repoit. Page 7
REPORT OF THI INDE4 PENDENT AUDITORS TO THE TRUSTEES OF NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED cont'd Other information The trustees are responsible for the other infomation. The other infomation comprises the infonnation included in the annual report, othei. than the financial statements and oui. Repoit of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our repoit, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infoi'mation and, in doing so, consider whether the othei. information is matei'ially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be matei'ially misstated. If we identify such mateiial inconsistencies or apparent matei'ial misstatements, we are required to determine whether there is a material misstatement in the financial statements or a matei'ial misstatement of the other infoi'mation. If, based on the work we have pei'foi'med, we conclude that there is a material misstatement of this other information, we are requircd to report that fact. We have nothing to i'epoi't in this regaid. 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 al'e prepared is consistent with the financial statements. and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and undci'standing of the company and its environment obtained in the coui'se of the audit, we have not idcntified material misstatements in the Tiustees, Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to i'eport to you if, in our opinion: adequate accounting records have not becn kept, or retui'ns adequate for oui. audit have not been received from branches not visited by us; or the financial statements are not in agi'eement with the accounting recoi'ds and i'etums. or cei'tain disclosures of dii'ectoi s remunei'ation specified by law 'e not made. oi. we have not i'eceived all the infoi'mation and explanations we iequiie for oui. audit. Responsibilities of trustees As explained mol'e fully in die Statcment of Ti'ustees Responsibilities set out on Page 5, the tt'ustees (who al'e also the directors of the chai'itable company for the pui'poses of company law) are respoiisible foi. the preparation of the financial statements and for being satisfied that they give a ti'ue and fair vicw, and for such internal control as the tiiistees determine is necessaiy to enable th¢ pi'epai'ation of financial statements that are free fi'om matei'ial misstatement, whethei due to fraud or ei'ror. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED cont'd Responsibilities of trustees (cont'd) In preparing the financial statements, the trustees are responsible for assessing the group's and the paient Chlty,S ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the trustees either intcnd to liquidate the gi'oup or the parent chaiity or to cease operations, or have no realistic alternative but to do so. Auditors, responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assui'ance about whethei. the financial statements as a whole are free from matei'ial misstatement, whethei due to fraud oi. erior, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accoi'dance with ISAS (UK) will always detect a mateiial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually oi in the aggi'egate, they could reasonably be expected to influence thc economic decisions of uscrs taken on the basis of these financial statemcnts. Because of the inherent limitations of an audit, theie is a risk that we will not detect all legUlarlties, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk inci'eases the more that compliance with a law or regulation is i'emoved from the events and transactions i'eflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greatei. regarding irregularities occuri'ing duc to fraud lather than error, as fraud involves intentional conccalment, foi'geiy, collusion, omission or misiepi'esentation. Irregulai'ities, including fi'aud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect matei'ial misstatements in iespect of il'legul1ties, including fraud. The extent to which our procedures are capable of detecting ii'regularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory framewoi'k that the P.ent Charity and Gioup operates in, focusing on provisions of those laws aiid regulations that had a direct effect on matei'ial amounts and disclosui'es in the financial statements. The key laws and i'egulations we considei'ed in this context included the UK Companies Act, Charities Act (Nl) 2022, pensions and tax legislation, charity legislation togethei. with provisions of othei. laws and i'egulations that do not have a dii'ect effect on the financial statements, but compliance with which may be fundamental to the Parent Charity and Gi'oup's ability to operate or to avoid a material penalty. This included conditions of funding from various bodies. Page 9
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED cont'd Auditors, responsibilities for the audit of the financial statements (eont'd) We tailored our response to those identified risks to include enquiring of management concci'ning actual and potential litigation and claims, pei'forming analytical procedures to identify any unusual or unexpected relationships that may indicate i'isks of material misstatement due to fraud, and reviewing correspondence with HMRC and other regulatory bodies. In addressing the i'isk of fraud through management override of controls, we tested the appropriatcncss of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates al'e indicative of a potential bias. and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business, of which there were none. In identifying and assessing i'isks of matei'ial misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considei'ed the following: the nature of the industry and sector, control environment and business perfoi'mance including the Parent Chai'ity & Group's remuneration policies, and its intei'nal and external perfoi'mance targets. results of our enquiries of management and other key peisons about the Parent Chaiity & Group's own identification and assessment of the risks of irregulai"ities, including those that may occur eithei. as a result of fraud or error, and matters we identified from our review of th¢ Parent Chai'ity & Group's policies, procedui'es and internal controls. and the matters discussed among the audit engagement team regarding potential indicators of fraud and where it might occui. Én the financial statements. A further description of oui. responsibilities for the audit of the financial statements is located on the Financial Repoi'ting Council's website at www.frc.org.uldauditorsresponsibilities. This desci'iption forms pait of oiir Report of the Auditors. Use of our report This i'eport is made solely to the ch'Itable company's members, as a body, in accordance with Chapter 3 of Pait 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the chai'itable company's membei's those matters we are required to state to them in an auditors, report and foi. no othei. pui'pose. To thc fullest extent permitted by law, we do not accept or assume responsibility to anyone othei. than the pai'ent charitable company and the charity's ti'ustees as a body, foi. oui. audit work, for this i'epoi't, oi. for the opinions we have formed. d,lJ,ty,..,., ,., McAleei' Jackson Ltd Chaiteied Accountants & Statutoiy Auditors Aithui. House 41 Ai'thui. Street BELFAST BTI 4GB Date: 26 September 2025 Page 10
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total funds 2023 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies Charitable activities Oth¢r ti'ading activities Investment income Other gi'ant income 126,010 126,010 236,413 34,825 519,997 7,896 71,681 172,483 44,439 593,953 7,896 236,413 34,825 519,997 7,896 Total 688,728 236,413 925,141 890,452 EXPENDITURE ON Othei. ti'ading activities Charitabl¢ activities Governance Investment activities Foreign exchange on consolidation Taxation 63,302 191,740 10,685 427,941 (135) 63,302 389,885 12,539 427,941 (135) 121,819 306,992 27,372 453,541 (17) 14,970 10 10 198,145 1,854 Total 693,533 199,999 893,532 924,677 NET INCOME/(EXPEINDITURE) (4,805) 36,414 31,609 (34,225) Net gainl(Ioss) on Investments Transfers between funds Revaluation of property (3,955) 39,220 (3,955) 14,434 25 (39,220) 130,498 Net movement in funds 30,460 (2,806) 27,654 110,707 RECONCILIATION OF FUNDS Total funds brought forivard 2,956,052 46,645 3,002,697 2,891,990 TOTAL FUNDS CARRIED FORWARD 25 2,986,512 43,839 3,030,351 3,002,697 The notes fonn part of these financial statements Page 11
NORTHIRN IRfi LAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2024 2024 Total funds 2023 Total funds Notes FIXED ASSETS Intangible assets Tangible assets Investments Investment property 15 16 17 18 283,826 617,895 2,464,830 290,665 445,017 2,534,830 3,366,551 3,270,512 CURRENT ASSETS Stocks Debtoi's Cash at bank and in hand 19 20 277,670 264,116 304,349 325,571 541,786 629,920 CREDITORS Amounts falling due within one year 21 324,094 305,236 INET CURRENT ASSETS 217,692 324,684 TOTAL ASSETS LESS CURRENT LIABILITIES 3,584,243 3,595,196 CREDITORS Amounts falling due aftei. more than one year 22 519,677 34,215 3,030,351 558,284 34,215 3,002,697 PROVISION FOR LIABILITIES 24 NET ASSETS FUNDS Unrestricted funds Restricted funds 25 2,986,512 43,839 2,956,052 46,645 TOTAL FUNDS 3,030,351 3,002,697 The notes form part of these financial statements Page 12 continued.
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CEINTRE LIMITED CONSOLIDATED BALANCE SHEET AT 31 DECEMBER 2024 cont'd The trustees acknowledge their responsibilities for:_ (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a ti'ue and fair view of the state of affairs of the charitable company as at the end of each financial yeai. and of its surylus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which othenvise comply with the i'equÉrements of the Compaiiies Act 2006 relating to financial statements, so far as applicable to the chai'itable company. The financial statements have been preped in accordance with the provisions of Pait 15 of the Companies Act 2006 regaiding small companies and s398 of the Companies Act 2006 regai'ding group accounts. These financial statements have been audited under the requirements of Section 65 of the ChitIeS Act (Northern Ireland) 2008. The financial statements weie approved by the Board of Trustees on 26 September 2025 and wei'e signed on its behalf by: J BOWERS Trustee B MACKIN Trustee The notes form pait of these financial statements Page 13 continued,..
NORTHERN IRELAISD TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED COMPANY BALANCE SHEET AT 31 DECEMBER 2024 2024 Total funds 2023 Total funds Notes Investments Investments Investment pi'operty 17 18 250,002 603,948 250,002 603,948 853,950 853,950 CURRENT ASSETS Debtors Cash at bank and in hand 20 204,790 94,461 186,493 60,784 299,251 247,277 CREDITORS Ainounts falling due within onc year 21 370,843 326,902 NET CURRENT LIABILITIES 71,592 79,625 NET ASSETS 782,358 774,325 FUNDS 25 Uni"esti'icted funds Resti'icted funds 738,517 43,841 727,680 46,645 TOTAL FUNDS 782,358 774,325 The notes foi'm part of these financial statements Page 14 continued...
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED COMPANY BALANCE SHEET AT 31 DECEMBER 2024 cont'd The financial statements have been prepared in accordance with Part 15 of the Companies Act 2006 regarding small companies. The financial statements were approved and authorised by the Board of Trustees on 26 September 2025 and were slgned on its behalf by: J BOWERS Trustee B MACKTN Tiustee The notes foi'm pait of these financial statem¢nts Page 15
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash floivs from operating activities: Cash used in operations Intei'est paid Fair value loss 100,821 (15,773) 3,955) (101,583) (15,919) Net cash provided by (used in) operating activities 81,093 117,502) Cash flows from investing activlties: Purchase of listed investments Pi'oceeds fi'om sale of listed investments Loans gianted in year Purchase of tangible fixed assets Pui'chase of investment property Sale of investment property Interest i'eceived (58,250) 272,526 (391,109) (1,628) (39,384) 185,606 (52,512) (292,626) 70,000 189 186 Net cash provided by (used in) investing activities 108,272) 198,730) Cash flows from financing activities: Loan repayments in year Capital grants received (28,093) (25,722) 228,858 Net cash provided by (used in) financing activities 28,093) 203,136 Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period (55,272) (113,096) 248,200 361,296 Cash and cash equivalents at the end of the reporting period 192,928 248,200 The notes form pait of these financial statements Page 16
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DEI CEMBER 2024 RECONCILIATION OF NET INCOMEI(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net incomel(expenditure) for the reporting period (as per the statement of financial activities) 31,609 (19,791) Adjustments for: Depi'eciation chai'ges Finance costs Interest received Revaluation loss l (gain) Tax charge (Increase)/decrease in debtors Inci'ease/(dccr¢ase) in ci-¢ditoi's 8,467 15,773 (189) 3,955 8,688 15,919 (186) (14,434) 14,970 (146,676) 39,927 26,679 14,527 Net cash provided by (used in) operating activities 100,821 (101,583) ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 2023 Cash at bank and in hand Oveidi'afts included in bank loans and overdiafts falling due within one year 264,116 325,571 71,188) 77,371) Total eash and cash equivalents 192,928 248,200 Page 17
NORTHERIN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION The charity is a private company limited by guarantee, registered in Northern Ireland and a i'egistered charity in Northei'n Ireland. The address of the i'egistei'ed office is 45147 Donegall Strect, Bclfast, Co Antrim, BTI 2FG. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to Charities pi'eparing theii accounts in accordance with the Financial Repoiting Standard applicable in the UK and Republic of Iieland (FRS 102) (Charities SORP (FRS 102)) and thc Charitics Act (Noithern Ii'eland) 2008. ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements have been prepared on the historical cost basis, as modified by the ievaluation of certain financial assets and liabilities and investment properties measured at fair value through income oi. expenditure. The flnancial statements al'e pi'epared in sterling, which is the functional cunency of the entity. Critical accounting estimates and areas of judgement Estimates and judgements al'e requii'ed when applying accounting policies. These are continually evaluated and al'e based on historical expei'ience and othei. factors, including expectations of futui'e events that are believed to be reasonable undei the circumstances. The company makes estimates and assumptions concerning the future, which can involve a high degree of jlidgement or complexity. The resulting accounting estimates will, by definition, seldoin equal the i'elated actual results. The estimates and assuniptions that have a significant i'isk of causing a material adjustment to tlie cariying amounts of assets and liabilities within the next financial year are addi'essed below: a) Marliet value of investment properties Estimates are made in respect of the mal'ket value of investment piopcrties. When assessing the market value of these assets, factors including cun'ent rent receivable and available data on CUITent mai'ket yields and activity arc considered. b) Useful economic lives of tangible assets The annual depi'eciation charge foi. tangible assets is sensitive to changes in the estimated useful economic lives and i'esidiial values of the assets. The useful economic lives and L'esidual value are reassessed annually. They are amendcd when necessary to i'eflect cui'ient estimates, based on future investments, economic utilisation and the physical condition of the assets. Page 18
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd ACCOUNTING POLICIES- continued Going concern The trustees have assessed, based on the anticipated activities of the charity and the group, that thei'e 'e adequate resoui'ces in place to meet the on-going costs of the gi'oup foi. a minimum of 12 months from the date of signing of the financial statements. In coming to this conclusion, the trustees have assessed the entity's current financial an'angements and i'esources of the group as a whole and have obtained confirmation that financial support will be made available between fellow group companies, if iequired. For this ieason the financial statements have been prepai'ed on a going concei'n basis which piesumes the realisation of assets and liabilities in the noi'mal course of business. Company status The company is a company limited by guarantee. The members of the company are the Trustees named on page l. In the event of the company being wound up, the liability in respect of the guaiantee is limited to £1 per member of thc company. The registered office is 45-47 Donegall Street, Belfast, BTI 2FG. The pi'incipal activity of the company is other social work activities without accommodation not elsewhere classified. Basis of Consolidation Northein Ireland Trade Union Educational and Social Centie Limited considers that where the organisation is the sole member of a company limited by guarantee. these entities should be 'eated as wholly owned subsidiaries by viitue of common control. The parent charity has applied the exemption contained in section 408 of the Companies Act 2006 and has not pi'csented its individual Statement of Financial Activity. Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is pi'obable that the income will be received, and the amoiint can be measui'ed reliably. Expenditure Liabilities ale recognised as expenditure as soon as thei'e is a legal oi. constLllCtive obligation committing the charity to that expenditure, it is probable that a tiansfei. of economic benefits will be required in settlement and thc amount of the obligation can be measuied i'eliably. Expendituie is accounted for on an acciuals basis and has been classified linder headings that aggregate all cost i'elated to the catcgoiy. Whei'e costs cannot be dii'ectly atti'ibuted to pai'ticulai headings, they have been allocated to activities on a basis consistent with th¢ use of i'esourccs. Page 19
NORTHERN IRti LAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd ACCOUNTING POLICIES- continued Investments Fixed asset investments are a fom] of fEnancial insti'ument and are initially i'ecognised at their tl'ansaction cost and subsequently measured at fail value at the Balance Sheet date, unless fail. value cannot be mcasured reliably in which case it is measui'ed at cost less impairment. Investment gains and losscs, whether realised or unrealised, are combined and shown in the heading 'Gains/(losses) on investments, in the Statcmcnt of Financial Activities incoryorating Income and Expenditure Account. Tangible fixed assets Depreciation is provided at the following annual rates in older to write off each asset over its estimated useful life. Freehold property Plant & machinery Fixtures, fittings & equipment 2 % straight line 20 % sti'aight line 20 % sti'aight line Tangible fixed assets are stated at cost or valuation, net of depreciation and any pi'ovisions for impaii'ment. Investment property Investment pi'opei'ty is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transfeed to a i'evaluation i'eserve. It has not been depreciated. Impairment Assets not measured at fail. value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recovei'able amount of the asset, oi. the asset's cash genei'ating unit, is estimated and compai'ed to the cai'rying amount. Where the cariying ainount exceeds its i'ecoveiable amount, an impairment loss is r¢cognised in profit and loss iinless the asset is can'ied at a revalued lloUnt whei'e the impaii'ment loss is a revaluation d¢ci'casc. Taxation The charity is exempt fi'om tax on income and gains falling within S505 of the Taxes Act 1988 or S252 of TCGA 1992 to the extent that these al'e applied to its charitable activities. The taxation expense repiesents tlie aggregate amount of current and deferi'ed tax recognised in the i'eporting period, as arising on its ti'ading subsidiaries. Page 20
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd ACCOUNTING POLICIES- continued Taxation (continued..) Current tax is recognised on taxable income oi expenditure for the current and past periods. Cuent tax is measurcd at the amounts of tax expected to pay or i'ecover using the tax rates and laws that have been enacted oi. substantively enacted at the repoiting date. Defeed tax recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other defei'red tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or othei. futuie taxable profits. Defei'i'ed tax is measured using the tax l'ates and laws that have been enacted or substantively cnacted by the reporting dat¢ that al'e expected to apply to the reversal of the timing differences. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted puiyoses within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes, Designated funds comprise unrestricted funds that have been set aside by the Trustees for particulai. purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Provisions Provisions ale recognised when the entity has an obligation at the i'epoiting date as a iesult of a past event, it is probable that the entity will be i'equiied to transfer economic benefkts in settlement and the amount of the obligation can be estimated reliably. Piovisions are recognised as a liability in the statement of financial position and the amount of the provision as an expcnse. Piovisions are initially measuied at the best estimate of the amount requiied to settle the obligation at the i'epoi'tiiig date and subsequently i'eviewed at. Debtors and creditors receivablelpayable within one year Debtoi's and ci'editors with no stated interest rate and receivable or payable within one yeai al'e recorded at ti'ansactional pi'ice. Any losses arising from impaiiment are recognised in the Consolidated Statement of Financial activities in other ts'ading activities. Other income Other income is accounted foi. as it is received and credited to the piofit and loss account. Page 21
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd DONATIONS AND LEGACIES 2024 2023 Other income 126,010 71,681 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Ch'[table activities Chai'itable activities Charitable activities Charitable activities Charitable activities Big Lottery Fund Belfast City Council CBPES Belfast Met Antrim & Newtownabbey Council The Doi'mant Accounts Fund IFI Funding ESOL IFI- PYDP 49,163 70,889 25,510 5,824 3,930 83,581 26,024 3,930 Charitable activities Charitable activities Chai'itable activities Chai'itable activitkes 12,938 102,936 1,800 5,204 17,167 236,413 172,483 INCOME FROM OTHER TRADING ACTIVITIES 2024 2023 Subsid[Y tiading activities 34,825 44,439 INVESTMENT INCOME 2024 2023 Rents and service charges received Income fi'om fixcd assets investments 508,632 578,598 519,997 593,953 Page 22
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMEINTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd OTHER GRANT INCOME 2024 2023 Grant income 7,896 7,896 7,896 7,896 COSTS OF OTHER TRADING ACTIVITIES 2024 2023 Trading costs Finance costs 49,342 13,960 105,900 15,919 63,302 121,819 10. CHARITABLE ACTIVITIES COSTS 2024 2023 Chai'itable activities Govei'nance 389,885 12,539 306,992 27,372 402,424 334,364 GOVERNANCE COSTS Unrestricted Restricted funds funds Total funds Total funds 2024 2024 2024 2023 Dii'ect costs - Governance 12,539 12,539 27,372 Page 23
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd 11. COSTS OF INVESTMENT ACTIVITIEI S 2024 2023 Pi'operty management costs 427,941 453,541 12. NET INCOMEI(EXPENDITURE) Net income/(expenditure) is stated after chargingl(crediting): 2024 2023 Depreciation - owned assets Audit fee 8,467 9,610 8,688 8,900 18,077 17,588 13. TRUSTEES, REMUNERATION AND BENEFITS Theie wei'e no trustees, remuneration or othei. benefits foi. tlie year ended 31 Deccmb¢r 2024 nor foi. the year ended 31 Decembei 2023. Trustees, expenses Trustees, expenses for the Ye amounted to £8,000 (2023.. £9,600). Page 24
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd 14. STAFF COSTS 2024 2023 Wages and salaries 234,597 243,108 The average monthly number of employees during the year was as follows: 2024 2023 Support staff 13 13 No employees received emoluments in excess of £60,000. 15. INTANGIBLEI FIXED ASSETS Group Lieence COST At l Januaiy 2024 and 31 December 2024 58,195 AMORTISATION At l January 2024 At 31 Decembei. 2024 58,195 58,195 NET BOOK VALUE At 31 December 2024 At 31 December 2023 Page 25
NORTHERN IREI LAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd 16. TANGIBLE FIXED ASSETS Group Fixtures, Freehold Plant & fittings & property machinery equipment Totals COST At l January 2024 Additions Reclassificationlti'ansfer 270,000 89,569 119,265 1,628 478,834 1,628 At 31 December 2024 270,000 89,569 120,893 480,462 DEPRECIATION At l January 2024 Chai'ge foi year Reclassificatior)/ti'ansfer 87,368 2,201 100,801 6,266 188,169 8,467 At 31 December 2024 89,569 107,067 196,636 NET BOOK VALUE At 31 December 2024 270,000 13,826 283,826 At 31 December 2023 270,000 2,201 18,464 290,665 Fixtures, fittings & equipment Company COST At l January 2024 and 31 December 2024 61,213 DEPRECIATION At l January 2024 and 31 Decembei. 2024 61,213 NET BOOK VALU At 31 December 2024 At 31 December 2023 Page 26
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd 17. FIXED ASSET INVESTMENTS Group 2024 2023 Other investments Other loans 174,274 443,621 392,505 52,512 617,895 445,017 Additional inforn]ation is as follows: Listed investments COST OR VALUATION At l JanUY 2024 Additions Valuation changes Disposals 392,505 58,250 (3,955) 272 526 NET BOOK VALUE At 31 Deccmber 2024 174,274 At 31 December 2023 392,505 Other Loans At l January 2024 New in yeai. 52,512 391,109 At 31 December 2024 443,621 Company 2024 2023 Sh'es Capital contribution 250,000 250,000 250,002 250,002 Page 27
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMEI NTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd 17. FIXED ASSET INVESTMENTS- continued There were no investment assets outside the UK. The company's investments at the balance sheet date in the shal'e capital of companies include the following.. B.D.A. (Property Projects) Limited Registered office: Portview Ti'ade Centre, 31 O Newtownards Road, Belfast, B Tl I HE Nature of business: Business support service activities Class of share: Oidinary shares holding 100 The following companies al'e limited by guai'antee. Noithern Ii'eland Trade Union Educational & Social Centre Limited is the sole member of each of the companies, and therefore exercises conti'ol. Company name Commuiiity Training & Reseai'ch Sci'vices Limited Access Skills Ireland Limited Access Skills Ireland CLG Radius (N.I.) Limited Radius Training Limited Registered Northei'ii Ireland Northern lieland Republic of Ii'eland Noi'thern Ii'eland Republic of Ireland 18. INVESTMENT PROPERTY Group MARKET VALUE At l January 2024 Additions Disposals At 31 December 2024 2,534,830 70,000 2,464,830 NET BOOK VALUE At 31 December 2024 2,464,830 At 31 Decembei. 2023 2,534,830 Page 28
NORTHERN IRELAND TRADE UINION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 cont'd 18. INVESTMENT PROPERTY- continued Company MARKET VALUE At l January 2024 and 31 December 2024 603,948 NET BOOK VALUE At 31 December 2024 603,948 At 31 December 2023 603,948 2024 valuations were made by the directors of B.D.A. (Propeity Projects) Limited on an open market valuation for existing use basis. 19. STOCKS Group 2024 2023 Stock 20. DEBTORS Group 2024 2023 Trade debtors Othei. debtors Prepayments 82,509 186,375 8,786 114,100 181,744 8,505 277,670 304,349 Company 2024 2023 Other debtoi's Intercompany debtors Prepayments 95,888 100,116 8,786 61,703 116,285 8,505 204,790 186,493 Page 29
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd 21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group 2024 2023 Bank loans and ovei'drafts (see note 23) Trade creditors Taxation and social security Other creditors Accruals and deferred Éncome 97,656 70,094 4,555 51,835 99,954 105,021 53,978 3,476 73,801 68,960 324,094 305,236 Company 2024 2023 Bank loans and overdrafts (see note 23) Othei. creditors Intercompany creditors Accruals and deferred income 71,188 2,421 207,591 89,643 77,371 230 183,600 65,701 370,843 326,902 22. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN OINE YEAR Group 2024 2023 Bank loans (see note 23) Other ci'editors 139,006 165,917 380,671 392,367 519,677 558,284 23. SECURED DEBTS The following secured debts al'e included within creditors: 2024 2023 Batd( overdi'afts Bank loans 71,188 165,474 77,371 193,567 236,662 270,938 The bank ovei'drafts are secui'ed by an all monies dcbentuie held giving a fixed and floating charge over the company assets. The bank loans al'e secuied against assets of a subsidiaiy company. Page 30
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd 24. PROVISIONS Group Deferred tax Balance at l January 2024 Movement during year 34,215 Balance at 31 December 2024 34,215 25. MOVEMENT IN FUNDS Group Loss on invest- ments At Net 1.1.2024 Movement Transfers At 31.12.2024 Unrestrieted funds Unrestricted fLmds Designated Social Enterprise funds Other Designated funds 227,681 (28,383) 39,220 238,518 2,228,371 500,000 2,956,052 23,578 (3,955) 2,247,994 500,000 2,986,512 (4,805) 39,220 (3,995) Restricted funds Belfast City Council CBPES IFI Antrim & Newtownabbey Council IFI Pei'sonal Youth Development Pi'ogramme 46,645 23,960 (41,472) 29,133 16,552 (5,442) 3,272 16,552 5,442 (3,272) (82) 82 ESOL 1,846 1,846 46,645 36,414 39,220 43,839 TOTAL FUNDS 3,002,697 31,609 3,955 3,030,351 Page31
NORTHERN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd 25. MOVEMENT IN FUNDS- continued Net movement in funds, included in the above ale as follows: Group Incoming Resources resources expended Movement in funds Unrestricted funds Urn'estricted fund 688,728 (693,533) (4,805) Restricted funds Belfast City Council CBPES IFI Antrim & Newtownabbey Council IFI - Personal Youth Development Progi'amme The Dom]ant Accounts Fund 83,581 26,025 102,935 3,930 5,204 12,938 1,800 (59,621) (9,473) (108,377) (658) (5,286) (12,938) 3,646) 23,960 16,552 5,442 3,272 (82) ESOL 1,846) 236,413 (199,999) (36,414) TOTAL FUNDS 925,141 893,532) 31,609 26. LEGAL STATUS The Charity is a company limited by guarantee and has no share capital. The liability of each membei. in the event of winding up is limited to £1. 27. FRC ETHICAL STANDARD- PROVISIONS AVAILABLE FOR SMALLER ENTITIES In common with many other oi'ganisations of our size and nature we use our auditors to pi'cpai'c and submit i'cturns to the tax authorities and assist with the pi'eparation of the financial statements. Page 32
NORTHIRN IRELAND TRADE UNION EDUCATIONAL & SOCIAL CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 cont'd 28. RELATED PARTY DISCLOSURES The company has taken advantage of the exemption under FRS102 Section 33 'Related Party Disclosures, not to disclose transactions with its group undertakings. 29. CONTINGENT LIABILITIES The group has received government grants relating to fixed assets which are being defeed over the life of the assets. Thc receipt of these monies is subject to conditions which if al'e not met may result in the grants being repayable by thc gioup. The group expects to meet the conditions of the gi'ants. Page 33