TIDES Training and Consultancy Company Limited by Guarantee Statsment of Financial Activities (including income and expenditure account) Yearended 31 March 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Income and endowments Donations and legacies Charitable activities Investment income 107,482 107,482 119,909 466 116,032 373,173 119,909 466 Total Income 120,375 107,482 227,857 489,205 Expendlture Expenditure on charitable activities Total expendlture 135,205 105,207 105,207 240,412 240,412 439,904 439,904 135,205 Net lexpendlture)Ilncome and not movement In funds {14,830) 2,275 (12,555) 49,301 Reconclllatlon of funds Total funds brought fOard Total funds carrlod forward 515,399 16,829 532,228 482,927 532,228 500,569 19,104 519,673 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 27 forni part of those financial statements. 14
TIDES Training and Consultancy Company Limited by Guarantee ststement of Financial Position 31 March 2024 2024 2023 Nots Flxed assets Tangible fixed assets Investments 14 15 5,494 8,444 5,495 8,445 Current assets Debtors Cash at bank and in hand 16 35,983 493,904 529,887 234,922 347,859 582,781 Credltors: amounts falllng due wlthin one y•ar Net current a85ets 17 15,709 58,998 523,783 514,178 519,673 Total assets le88 current Ilabilities 532,228 Net assets 519,673 532,228 Fund8 of the charlty Restricted funds Unrestricted funds 19,104 500,569 16,829 515,399 532,228 Totsl charlty funds 19 519,673 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These finanaal statements We approved by the board of trustees and authorised for issue on 26 November 2024, and are signed on behalf of the board by: Ms Gillian Hamilton Trustee The notes on pages 17 to 27 fomi part of these financial statements. 15
TIDES Training and Consultancy Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net (expenditurellincome (12,555) 49,301 Adjustments for.. Depreciation of tangible fixed assets other interest receivable and similar income Accrued expenses 2,950 (466) 79,378 2,951 50,171 Changes in.. Trade and other debtors Trade and other creditors 122,885 (46,613) 145,579 {4,831) 37,335 134,927 Cash generated from operations Interest received 466 Net cash from operating activities 146,045 134,927 Cash flow8 from Investlng activltles Purchase of tsngible assets Net cash used in investing activities (10,986) (10,986) Net Increase In cash and cash equivalents Cash and cash equlvalents at beglnning of year Cash and cash equivalonts at end of yoar 146,045 347,859 493,904 123,941 223,918 347,859 The notes on pages 17 to 27 fomi part of these financial statements. 16
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 Gonoral Information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Duncaim Complex, Duncairn Avenue, Belfast, Co. Antrim, BT14 6BP. 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 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS 102)) and the Companies Act 2006, Accounting pollclo8 Basls of preparation The financlal statements have been pPared on the historical cost basis, as modrfied by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entty. Going concern The Trustees have considered the going concern status of the charity 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 accounting in preparing the financial statements. Judgements and key sourcos of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund aecountlng 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 of0 sub-classes.. restricted income funds or endowment funds. 17
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accountlng policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity,. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement Is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement offinancial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable actrvities includes all costs incurred by a charity in undertaking activities that further its charrtable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditu that is neither related to raising funds forthe charity nor part of its expenditure on charitable activities. All costs are allocated to expenditu categories reflecting the use of the resource. Direct costs attributable to a single activity are all(xated directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 18
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting pollcles fcontlnued) Tangible assets (continued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gain5 and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, expt to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuatlon of an asset, less its residual value, over the useful economic life of that asset as follows: Fixtures and fittings Computer Equipment 25 % straight line 250h straight line 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. Investment8 in a88oclates Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated 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 taken through income or expenditure. Where it is impracticable 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 associate arising before or after the date of acquisition. Investments In Joint venture8 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 pri. At each reporting date, the investments are measured at fairvalue, with changes in fair value taken through income orexpenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. 19
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year anded 31 March 2024 Accounting policies (continued) Investments in jolnt ventures (continued) 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 acquisition. Impalrnient of fixed assats A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Imiere the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is. from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnan¢ial Instruments A financial asset or a financial liability is recognised only when the charity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investrnent is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are inits'ally recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fairvalue, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. 20
TIDES Training and Consultsncy Company Limitsd by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policios (continued) Financial instruments (continued) Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined 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 to the extent that the prepayment will lead to a reduction in futu payments or a cash refund. lthen 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, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmit•d 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 aSIng to be member, and of the costs, charges and expenses of winding up the same, and for the adjustment of the rights of the contributories amongst themselves, such amount as many be required not exceeding one pound {£1.00) Donatlons and legacles Restricted Total Funds Funds 2024 Restricted Totsl Funds Funds 2023 Grants Community Relations Council South West College Department of Foreign Affairs - Cyprus Department of Foreign Affairs - Elevate Program 46,007 46,007 56,027 27,955 10,154 56,027 27,955 10,154 11,639 11,639 49,836 49,836 21,896 21,896 116,032 107,482 107,482 116,032 21
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Training & Mediation 119,909 119,909 373,173 373,173 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable 466 466 Expendlture on charitable actlvitle8 by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Direct costs Support costs 127,365 7,840 135,205 105,207 232,572 7,840 240,412 105.207 Unrestricted Funds Restricted Total Funds Funds 2023 Direct costs Support costs 321,356 8,101 110,447 431,803 8,101 329,457 110,447 439,904 Analysls of 8UPPOrt CO8ts Depreciation Total 2024 Total 2023 Finan costs Support costs- Depreciation 90 2,950 90 2,950 140 2,951 3,091 3,040 3,040 10. Net (expenditurelllncome Net (expenditure)lincome is stated after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 2,950 2,951 22
TIDES Training and Consultsncy Company Limitsd by Guarantee Notes to the Financial Statsments (coneinued) Year ended 31 March 2024 11. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 4,800 4,800 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 152,912 9,292 3,115 165,319 225,603 16,319 3,202 245.124 Redundancy Payments Total payments made during the year in relation to redundancy pay were £nil(2023.' £38,019). The accounting policy is to recognise termination payment liability on communication of intention to pay and when quantifiable. Such payments are accounted for as stsff costs. The average head count of employees during the year was 6 (2023.. 10). No employee ceiVed employee benefits of more than £60,000 during the year (2023.. Nil). Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directs'ng and controlling the activities of the charity- The total compensation paid to key management personnel for services provided to the charity was £45,091 (2023.'£77,306). 13. Trustee romuneration and expenses No members of the Board of Trustee received remuneration during the year. No trustee or other person related to the Charity has any personal interest in any contract or transaction entered into by the Charity during the year (2023 - Nil) There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 23
TIDES Training and Consultancy Company Limited by Guarantse Notss to the Financial Statements (continued) Year ended 31 March 2024 14. Tangiblo fixed assets Fixtures and fittings Equipment Total Cost At 1 April 2023 and 31 March 2024 Depreciatlon At 1 April 2023 Charge for the year At 31 March 2024 5,568 31,626 37,194 5,568 23,182 2,950 26,132 28,750 2,950 31,700 5,568 Carrylng amount At 31 March 2024 5,494 5,494 8,444 At 31 March 2023 8,444 15. Investments There were no investment assets outside the UK The company's investment as the balance sheet date in the share capital ofthe companies include the following.. Tides Trading SeNices Limited Registered office.. Duncairn Complex. Duncairn Avenue, Belfast, BT14 6BP Nature of business: Dormant Class of share.. Ordinary Holding 100% 2024 2023 Agggrate capital and reserves 16. Debtors 2024 2023 Trade debtors Prepayments and accrued income 5,642 30,341 35,983 126,020 108,902 234,922
TIDES Training and Consultancy Company Limited by Guarantee Notss to the Financial Statements (contlnued) Year ended 31 March 2024 17. Credltors: amounts falllng due within one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 4,553 8,000 3,224 (68> 15,709 8,635 4,676 9,572 36,115 58,998 18. Penslon8 and other post retlrement benefits Deflned contrlbutlon plans The amount recognised in income or expenditure as an expense In relation to defined contribution plans was £3,11512023.' £3,202). At the year end an amount totalling £731 was outstanding to be paid (2023: £655). 19. Analysis of charltable funds Unrestricted funds At 31 March 20 24 At 1 April 2023 Income Expenditure Transfers General funds Internal Development 490,399 25,000 515,399 120,375 (131,545) (3,6601 (135,205) 479,229 21,340 500,569 120,375 At 31 March 20 23 At 1 April 2022 Income Expenditure Transfers General funds Intemal Development 437,148 25,000 462,148 373,173 (329,457) 9,535 490,399 25.000 373,173 (329,457) 9,535 515,399 Internal 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. 25
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 19. Analysis of Charltable funds (continued) Rostricted funds At 31 March 20 At 1 April 2023 Income Expenditure Transfers Community Relations Council South West College Bytes Department of Foreign Affairs - Brexit Department of Foreign Affairs - Cyprus Department of Foreign Affairs- Strategic Partners 46,007 (46,0071 10,120 11,639 (20,066) 1,693 6,709 16,829 49,836 (39,134) (105,207) 17,411 19,104 107,482 At 31 March 20 23 At 1 April 2022 Income Expenditure Transfers Community Relations Council South West College Bytes Department of Foreign Affairs- Brexit Department of Foreign Affairs - Cyprus Department of Foreign Affairs - Strategic Partners 18 5,634 3,880 56,027 27,955 (56,026) (27,955) (19) (5,634) (3,880) (2) 11,245 10,154 {11,279) 10,120 21,896 (15,187) (110,447) 6,709 20,779 116,032 19,535) 16,829
TIDES Training and Consultancy Company Limited by Guarantee Notes to the Financial Statsments {conrfnued) Year ended 31 March 2024 20. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets 5,494 5,494 495,074 500,569 19,104 514,178 519,673 Not assets 19,104 Unrestrlcted 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 21. Analysis of changes In net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 347,859 146,045 493,904 22. Related partles There were no related party transactions for the year ended 31 March 2024 23. Ethlcal standards In common with many other businesses of our size and natu our auditors assist the charity to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 27