TIDES Training and Consultancy Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowmonts Donations and legacies Charitable activities 116,032 116.032 373.173 258,481 256,454 373,173 ToLI1 Income 373,173 116,032 489,205 514,935 Expendlture Expenditure on charitable activitles Total expendlture 329.457 110,447 439,904 430.135 329,457 110,447 439,904 430,135 Net Incom• 43,716 5,585 49,301 84,800 Transfers between funds 9,535 (9.535) Net movement in funds 53,251 (3.950) 49,301 84,800 Reconclllation of funds Totsl funds brought forward Total funds carrlod forward 462,148 20,779 482,927 398.127 515,399 16,829 532,228 482,927 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 17 to 28 form part of those financlal sLthments. 14
TIDES Training and Consultancy Company Limited by Guarantee Statement of Financial PositioD 31 March 2023 2023 2022 Fixed assets Tangible fixed assets Investments 13 14 8.444 409 8,445 410 Current assets Debtors Cash at bank and in hand 15 234,922 347,859 582.781 280,258 223,918 504,176 Credftor8: amounts falling due withln one year Net current assets 16 58,998 21,659 523,783 482,517 Total assets less current Ilabllitles 532,228 532,228 482,927 Net assets 482,927 Funds of the charlty Restricted funds Unrestricted funds 16,829 515.399 20,779 462,148 Total charlty funds 19 532,228 482,927 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 26 September 2023, and are signed on behalf of the board by: Ms Swanston Trustee Mr Clarke Trustee The notes on page5 17 to 28 forrn part of these financial statements. 15
TIDES Training and Consultancy Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows from operating activitie8 Net income 49,301 84.800 Adjustments for." Depreciation of tangible fixed assets Accrued expenses 2,951 50,171 205 119,235 Changes in.. Trade and other debtors Trade and other creditors (4,831) 37,335 (40.438) {54,692} 10g.110 Cash generated from operations Net cash from operating activities 134.927 134,927 109,110 Cash flows from Investing activitie3 Purchase of tangible assets Net cash used in investing activities (10.986) (10,986) Net Increase In cash and cash equivalents Cash and cash equlvalents at beginnlng of year Cash and cash equivalents at end of year 123,941 223,918 109,110 114,808 347,859 223,918 The notes on pages 17 to 28 form part of these financial statemonts. 16
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charity is a public benefit entity and a private company limited by guaranlee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Duncairn Complex, Duncairn Avenue, Belfast. Co. Antrim, BT14 6BP. Statèment of compliance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland., the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Companies Act 2006. A¢counting policies Basis of preparatlon The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statemenls are prepared in sterling, which is the functional currency of the entity. Golng concern The Trustees have considered the going concern status of the charity in light of COVID-19 and at the time of approving the financial statements the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, trustees continue to adopt the going concern basis of accountlng in preparing the financial statements. Judgements and key 80urces of estimatlon uncertalnty The preparation of the financial statements requlres management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, Including expectations of future events that are believed to be reasonable under the circumstsnces. Forolgn currencles Foreign currency transactions are inltially recorded in the functional currency, by spplying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the statement of financial activities. 17
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Accounting pollcie8 (contlnued) Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: reslricted Irb¢ome funds or endowment funds. Incoming resourcos All incoming reSoUrS are Included in the statement of financial activities when entitlement has passed to the charity,. rt is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be rellably measured. The following specrfic policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured al the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in Ihe accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services Is recognised with the delivery of the contracted service. This is classrfied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Accountlng policies {continuedJ Resources expended Expenditure is recognised on an accwals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the ststement offinancial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activitles. events. non- charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities thal further its charitable aims for the benefit of its beneficiaries, Including those support costs and cost5 relating to the governanGe of the charity apportioned to charitsble activities. other expenditure includes all expenditure that is neither related to raising funds for the charlty nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs are apportioned beiween the activities they contribute to on a reasonable, justifiable and consislent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tsngible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carying amount of an asset as a result of revalualion, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financlal activities. Depreclation Depreciation is calculated so as to wrile off the cost or valuation of an asset, less Its residu81 value, over the useful economic life of thal assel as follows.. Fixtures and fittings Computer Equipment 250/0 on cost 25 /0 - on cost Investments Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. 19
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Accountbng policies (continued) Investments in associatos Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulaled impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value laken through income or expenditure. Where it is irnpracticable to measure fair value reliably without undue Gost or effort, the cost model will be adopted. Dlvidends and other distributions received from the investment are recognised as income wlthout regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition. Investments In Jolnt ventures Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. Al each reporting date, the investments are measured at fairvalue. with changes in fair value taken through income or expenditure. Where it is impraclicable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisilion. Impalrnient of fixed assets A review for indicators of impairment is carried out at each reporting date, wilh the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amounl of the cash-generating unit to which the a5sel belongs. The Gash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other asset5 or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date. allocated lo each of the cash-generating units that are expected to benefit from the synergies of the cofflbination, irrespective of whether other assets or liabilities of the charity are assigned to those units. 20
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Accounting policies {continugd) Financlal instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be pald or received and not discounted. Debt Instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expendllure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, Including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest Ihat Is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value. with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impairmenl, an impairment loss is recognlsed under the appropriate heading in the statement of financial activities in which the initial gain was recognlsed. For all equity instruments regardless of signrficance, and other financlal assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, lo the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carying amount would have been had the impaimient not previously been recognised. D•flned contributlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service Is provided. Prepaid contributions are recognised as an asset lo the extent that the prepayment will lead to a reduction in future payments or a cash refund. 21
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statsmants {conllnued) Year ended 31 March 2023 Accountlng pollcies (contlnuedj Deflned contribution plans {contlnufjdJ When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, Ihe liability is measured on a dlscounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The liability of the member is limited. Every member of TIDES undertakes to contribute to the assets of TIDES, in the event of the same being wound up while in membership or within one year afterwards, for payment of the debts and liabilities of TIDES contracting before ceasing to be a member, and of the costs. charges and expenses of winding up the same, and for the adjustment of the rights of the contributories amongst Ihemselves, such amount as many be required not exceeding one pound (£1.00) Donatlons and l•gacle8 Restricted Total Funds Funds 2023 Restrlcted Total Funds Funds 2022 Grants Community Relations Council South West College BYfES (EU Funding Peace IV) Department of Foreign Affairs - Cyprus Department of Foreign Affairs - Elevate Program 56.027 27.955 56,027 27,955 56,034 104,269 86,933 11,245 56,034 104,269 86,933 11,245 10.154 10.154 21,896 21.896 116,032 116,032 258,481 258,481 Charitable activlties Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Training & Mediation 373,173 373,173 256,454 256,454 22
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Expenditure on charltable actlvities by fund type Unrestricted Funds Restricted Total Funds Funds 2023 Direct costs Support costs 321,356 8,101 110,447 431,803 8,101 439,904 329,457 110,447 Unrestricted Funds Restricted Total Funds Funds 2022 Direct costs Support costs 172,777 1,420 255,938 428,715 1.420 174,197 255,938 430,135 Analysis of support CO8ts Support cosls Total 2023 Total 2022 Flnance costs Support costs - Depreciation 140 2,951 140 2,951 3,091 105 205 3,091 310 Net income Net income is stated after chargingl(crediting): 2023 2022 Depreciation of tangible fixed assets Foreign exchange dTfferences 2,951 205 2,094 10. Audltors remun•ratlon 2023 2022 Fees payable for the audit of the financial statements 4,800 4,800 23
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans 225.603 16,319 3.202 295,418 20,739 4.424 245,124 320,581 Redundancy Payments Total payments made during the year in relation to redundancy pay were £38,019 (2022: £3,335). The accounting policy is lo recognise termination payment liability on communication of intention to pay and when quantrfiable. Such payments are accounted for as staff costs. The average head count of employees during the year was 10 (2022: 15). No employee received employee benefits of more than £60,000 during the year (2022.. Nil). Key Management Personnel Key managemeni personnel include all persons that have authority and responslbility for planning, directing and controlling the activilies of the charity. The total compensation paid to key management personnel for servlces provided to the charity was £77.306 (2022: £73,243). 12. Trustee remuneration and expenses No members of the Board of Trustee reiVed remuneration during the year. No trustee or other person related to the Charity has any personal interest in any contraci or transaction entered into by the Charity during the year (2022 - Nil) There were no trustees, expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022. 24
TIDES Training and Consultancy Company Limited by Guarantee Notas to the Flnancial Statements {contlnued) Year ended 31 March 2023 13. Tangible flxed assets Fixtures and fittings Equipment Total Cost At 1 April 2022 Additions 5.588 20,640 10,986 26,208 10,986 At 31 March 2023 5,568 31,626 37,194 Depreclation At 1 April 2022 Charge for the year At 31 March 2023 5.568 20,231 2,951 25,799 2,951 5,568 23.182 28,750 Carrylng amount At 31 March 2023 8,444 8,444 At 31 March 2022 409 409 14. Investments There were no investment assets outside the UK The company's investment as the balance sheet date in the share capltal of the companies indude the following: Tides Trading Services Limited Registered office.. Duncairn Complex, Duncairn Avenue, Belfast, BT14 68P Nature of business: Dormant Class of share.. Ordinary Holding 100/0 2023 2022 Aggregate capital and reserves 15. Debtors 2023 2022 Trade debtors Prepayments and accrued income 126,020 108,902 234,922 123,696 156,562 280,258 25
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 16. Creditors: amounts falllng due within one year 2023 2022 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 8,635 4,676 9,572 36,115 58.998 9,795 4,672 6,953 239 21,659 17. Ooforred income 2023 2022 At 1 April 2022 Amount released to income 55,507 (55,507) At 31 March 2023 18. Pensions and other post retirement beneflts Defined contrlbutlon plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3.202 (2022: £4,424). At the year end an amount totalling £607 was outstanding to be paid (2022.. £1,121). 19. Analysis of charltable funds Unrestricted funds At 31 March 2023 At 1 April 2022 Income Expenditure Transfers General funds Internal Development 437,148 25,000 373,173 (329,457) 9,535 490,399 25,000 462,148 373,173 (329.457) 9,535 515,399 At 31 March 2022 At 1 April 2021 Income Expenditure Transfers General funds Internal Development 369,267 256,454 (174,197) (14,376) 25,000 437,148 25,000 462,148 369,267 256,454 (174,197) 10,624 26
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 19. Analysls of charitable funds (continued) Intemal Development These funds £25.000 represent unrestricted income deemed to be available to the Board for designated expenditure incurred as part of the operational and strategic review, investment in resources and internal development initiatives. some of which were not practically possible to schedule until post year end March 2021. R6Strlcted fund8 At 31 March 2023 At 1 April 2022 Income Expenditure Transfers Community Relations Council Housing Association Integraled Project South West College Byies Department of Foreign Affairs - Brexit Department of Foreign Affairs - Cyprus Extern Department of Foreign Affairs - Strategic Partners 18 56,027 (56,026) (19) 5.634 3,880 27,955 (27,955) (5,634) (3,880) (2) 11,245 10,154 (11,279) 10,120 21,896 (15,187) (110,447) 6,709 16,829 20.779 116.032 (9,535) At 31 March 2022 At 1 April 2021 Income Expenditure Transfers Community Relations Council Housing Association Integrated Project South West College Bytes Department of Foreign Affairs - Brexit Department of Foreign Affairs - Cyprus Extern Department of Foreign Affairs - Strategic Partners 56.034 {56.016) 18 1,247 5,634 3,880 (1,247) 104,269 86,933 (104.269) (86,933) 5,634 3,880 8,722 {8,720) 11.245 11.245 9.377 {9,377) 28.860 258,481 (255,938) (10,624) 20,779 27
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2023 20. Analysis of n•t assots between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets 8,444 8,444 506,954 16,829 523,783 532,228 Net assets 515,399 16,829 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Investment5 Current assets 409 409 461,738 462,148 20,779 20,779 482.517 482.927 Net assets 21. Analysls of changes In net debt At At 1 Apr 2022 Cash flows 31 Mar 2023 123,941 347,859 Cash at bank and in hand 223,918 22. Related partles There were no related party Iransactions for the year ended 31 March 2023 23. Ethlcal Standards In common with many other businesses of our size and nature our auditors assist the charity to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 28