Fpm P¥lw* 1.3knkntS In4G4 Cts Iltr-ffj. T*DIÉSIJS Td.. ThÈU7B3a26th1 AM AAB GROUP COMPAMY FPMAAB.COM | IIFO@FPMAAB.CIII Charity Re9iStration No. 103498 Cornpany Registration No. N1037439 (Northern Ireland) C03 CHIEF OFFICERS THIRD SEcfoR ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 AWARD WINNING ADVICE... V¢INIrfÉA INHIR Ntt MQZJSJ VATR4¥fA￿?￿• I E310￿lF￿ WIJ¢NC.JI FPV¢th*' C03 CHIEF OFFICERS THIRD SEcfoR LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr Declan Cunnane M5 Karen Gilmore Ms Jacinta Linden Mr Jonathan McAlpin Ms Anne-marie Mcclure Mr Andrew Irvine Mr Petsr Bry50n Mr Nigel Hampton Mr Gerard De?ne Mr Stephen Dalla5 Mr Martin Flynn Charlty number 103498 Company numb•r N1037439 31 Bruce Street Belfast Co. Antrlm North•m Ireland BT2 7JD Audltor FPM Account•nts Lim6tsd 1 - 3 Arthur Street Belfast Co. Antrim Northern Ireland BTI 4GA C03 CHIEF OFFICERS THIRD SECTOR CONTENTS Page Trustees, report ststement of tnjstees, responsibilities 12 Independent auditor's report 13- 18 Ststement of financial •ctivitie5 19 8•lance sheet 20-21 Ststement of cash II¢Ns 22 Notes to the financial ststements 23-34 C03 CHIEF OFFICERS THIRD SECTOR TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their report together tsrith the audited financial Statements for the year end￿ 31 Maich 2023 Objectives and artlvltie5 Principal Activltles and Results for the Year The principal artlvlty for the C03 Chief Officers 3rd Sector (C031 is in the promotion of excellence in leadership for the voluntary, community and social enterprise (fhirdl sector in Northern Ireland. Incoming resources for the year ended 31 March 2023 amounted to £455,S10 12022,. £334,719 1 and is attributable to the principal artivity. Strateglc Objectlves for C03 During the period April 2022 - March 2023 the Ofganisalion wa5 working to the 2022 - 2025 Strategic Plan which set out the vision of the organisation to achieve., A falr and connert•d souety with a vlbrJn¢ v•lu•d thlrd Mctor. led by influentl•l /•aders dell¥enng outstandinq impart We do that by Developlng inspIrat￿nal Innov•tlv4 andh￿fity s*illed thirdsector leader And our work 15 guided by the Values of Courage Empowering LeadershSp Unity Quality Social Justice Integrity The trustees paid due regard to guidance issued by the Charfty Commlssion In decidlng what aclivities the charlty should undertake. C03 CHIEF OFFICERS THIRD SEcfoR TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR EAIDED 31 MARCH 2023 Strateglc Aims 4nd Prioritles for Z022-2025 The Strategy for the three-year period sets out nine Strategic Aims under three Themes.. STRA TEGIC THEME I." ¥uildwKI connert thirdsector leader AIM 1. Develop leaders.. Build the leadership capacity of individuals in third 5ertor tsrganisations. AIM 2. Connert leader5'. Connect third sector leaders to each other and other sectors. AIM 3. Improve third Sector governance.. Support the improvement in third sertor governance and leadership capacity of trustees. AIM 4. Promote and build membership.. Expand, develop, and engage C03 membership. STRATEGIC THEME 2: Sffectlvely communicate ￿th C03s stakeholders and fftlluenee publkpolicy 4ndprackn. AIM S. Promote awarene55 of C03 and ensure effective communication with intemal and e￿ernal Stakeholders, AIM 6. Make a positive impact on the development of relevant public policy and prartice in collaboration with mernber5. srRATEGIC THEME 3.. Build a srrong e&YEctiwe organisafyon. AIM 7. Ensure C03 has the staff and other personnel required to achieve it5 aims and objertives ard they a￿ effectively supported and managed. AIM 8. Ensure C03 has the financial resources, pomises and other physical resources required to achieve its aims and objertives, AIM 9. Ensure C03 role-models best practice in its governance. Through the development and delivery of all our seNice5 we strive towards fulfilling our mission of developing Inspirational. innovative and highly skilled thlnl sertor leaders. (The Strategic Plan 2022-25 Is available to download on our ¥&ts%12.1 C03 CHIEF OFFICERS THIRD SEcfoR TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Strategic Alliance5 & Meetings C03 chief executive, Valerie Mcconville, meets quarterly with the chief executives of our Scottish and English counterparts ACOSVO and ACEVO exchanging ideas and best practice. C03 in partnership with the Chief Executive's Forum and Grant Thornton has delivered an innovative cross- sectoral Action Learnin9 Set progiamme. Thi5 prograrnme was widened to include senior managers as well as CEO'S. The Programme for senior mana9ers ran September- December 2022. C03 also eontinues to work with NICVA and RCN in delivering infra5trurture 5UPPOrt to the Third Sector in Northern Ireland, through the Regional Inftsstructure Support Programme. This programme is under review by Dfc but our current level of annual funding 1£32kl is secure until the end of March 2025. C03 has maintained and developed its connertion to our Swedish counterpart - Ideell Arena. In May 2022 we ran a very successful programme for 40 Swedish charity leaders. The group visited Coli Neighbourhood Partnership, East Belfast M155ion and heard from Volunteer Now, Action Cancer, Aware Nl and met C03 Board Trustees at an evening neI￿orkIng event. Working across engagernenl with the Department for Comrnunities. the National Lottery Community Fund, the NIO and other local Nl executive departments C03 continue5 to represent mernbers at policy level. We continue to meet with a range of stakeholders within the Third Sertor such os Enterprise Nl, Social Enterprise Northern Ireland, Rural Communities Network, VSB and Volunteer Now to build networks and connections and where p0$5ible to work in partnership. We have also strengthened our relationship with NICVA running several joint policy events in early 2023 and holding regular meetings. C03 a150 SUPPJrted members with an emergency session ro discuss the Suspension of thE DOH Core Grant tornpetition in March 2023 and ran a joint Emergency Summit with NICVA inviting politital leaders to discuss the fvndlng crisis in the Community & Voluntary sertor C03 CHIEF OFFICERS THIRD SECTOR TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Achlevements and perforrnance The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing Ilie charity's objectives and activities, and in planning its future activitie5. In particular. the trLJStee5 consider how planned activities will contribute to the objectives and activities that have been set. These athievements incltsde the following.. Develop Third Sector Leadership skills and knowledge. During the perriod April 22 March 23 C03 delivered 28 Leadership Development (frainingl event5 and further 5 Governance Training events reaching a total of 482 delegates. Thi5 included programmes like Leading Edge a high-end Leadersnip Development programme designed to prepare senior rnanagers for chief pxecutive roles. the ILM Certifitaie in Coaching and Mentoring and our Cross Seaoral Development Prograrnme and a wtde range of short courses including.. Applying to Trusts & Foundations Understanding Financial Accounts Telling Your Story with Impact Strategy Planning Reflettion & SupeNision Measuring Impact Unleashing the Power af Volunteets We continued to as51St members with Ca115 for Help throughout the year across areas including calls for office space, employrnent law services, insurance and risk service5 and much rnore. C03 held a number of flee workshops for members in conjunction with corporate partners which covered impcrtant tOPlCs not Dtherwise eosily available to members including.. How to read Charity Accounts- Harbinson Mulholland Embedding a Coaching Culture - UU Whistle 81owing Wcrthingtons Solicitor5 Inflation & Uncertainty - Ruffer How to Stop a Thief (Protettion from Cyber Attack) - HaTbinson Mulholland Optirnise CRM Systems - PTQaPtivlty Financial Wellbeing fof your Employee5 - Kith & Kin RefTe5h your Approach to Talent - Baker Tilly Mooney Mooré Mentsl 111 Health the next pandemic?_ Hope4Lile C03 CHIEF OFFICERS THIRD SECTOR TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR EAIDED 31 MARCH 2023 Facllitate Networking & Collaboration between Leader5 We held 34 netwolknng events including the C03 Leadership Conference. the Annual Leader9hlp Awards and reaching ai lolal of 1698 delegate5. We ran networking events including Ihe Laun¢h of Ihe Erasmus Shine programme, 8 Women's Health Evenl, and series of Walk & Talk wellbeing events. We held regular meellngs of the C03 Health Special Inler6sI Group and a series of Fonjms on HR and lor New To Post Chief Execullves. We also convened a Focus Group lo sull ￿ the update lo tho C03 LeadeTrhip Framework which will be launched in December 2023. C03 hostod a range of pollcy events in 22-23 Snduding.. Monetary Policy Updalg wllh the Bank of England Knowledge Round Table Sessions wllh Ihe D8partrnenl of Economy. DEpartmenl of Health, Oepartment for Comrrunllles. The Ex$culive Office, The Northem Ire18nd Office and with Clad8 Hanna MP. Infomialion Sassion on the UKSPF funding competition. Supporting third Se¢￿rS leaders through high quality leaming and dovelopmenl ha5 been a ￿ti¢?1 component of glrenglhenlng Iho sector and bulldlng leadgrship ¢apaclly. C03 insplres Ils member¥ lo have a greater impact in thoir organisafions enhancing servlce d8liv&ry and bringing a wider benefll lo so¢Joly as 8 whole, The development progr8mmes provlded by C03, tailored to the needs of18aders In the community and voluntary sector repr&59nl a significalll investment in leadershlp Gapablllty across the thlftl sgctor. Our developrnenl progiamrnes and ne￿OrkIng 8Vgnls offer pracilcal 8dvic8 and peer to peer le8rnlng that supports member5 on their leadershlp journey. Mentorfng & Forums Launched in December 2020 and support8d by tha National Lolt¢ry Ccmmunity Fund. the Financl81 Rasillence Menlorlng Programme offers tailored support lo 60 Ihlrd sector leaders, wlth a CU&iomi8ed mentoring programme, providing the 8$lecled leaders with a Mentor over an eighleLin-month timeframe to develop and enhance their fundraising and income generation skills. The prograrnme ha8 bg8n augmenlod with neNvorf(Ing opportunitles, training courses and Publ5￿tionS. C03 also runs a Fonjm for newly appolnted chief exocutlves whlch provld85 be¥poka Support lo th080 new io th& role. Our HR Forum ha$ provld¢d much noeded guldance lo leader8 on ihe Griucal Issues around employment bgst prath'*. In Autumn 2C123, we wlll launch a new Country Manag&r'5 Forum for those running Charities ba89d ou15ido Northem Ireland and le8dlng in Ihe partlcular circumslances which that enlalls. All our Forums allow members lo avail of peer learning. build ￿e￿orkS, share challenge$ in a safe and supported space and explore solutions together. C03 CHIEF OFFICERS THIRD SEcfoR TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Income from Tradin Artivitie5 ember5hip Fees and Seryires Income Our Membership Income for the year was £61.086 (2022,- £76,297) Income from events and services ha5 increased to £164,413 12022,. £94,065) Sponsorship C03 has a number of Corporate Partner5 who continue to generously 5UPPOrt C03 h05ting our free networking events. C03 is particulafly grateful to Evelyn (Smith & Williarnsonl for their support of the C03 Annual Conference and Awards Income from Charitable Activities The level of funding from grants has increased from March 2022 £115,827 to £120,247 in 2023. C03 continue5 to work collaborativety with NICVA and RCN to prowde generic support to the sèctor vnder the Regional Infrastructure Support Programme supported by the Department of Communities. This funding has been extended until March 2024. C03 CHIEF OFFICERS THIRD SECTOR TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Reserves Poli C03 Finance, Audit and Risk Committèe and &¥ecLrtive have considered the reserves required by the Association to meet its liabilities and any unforeseen and eKraordinary costs. C03 has sought the avice of its auditors in setting this policy. We updated this flguye to build in the tunning costs of the organisation which has increased our reserve target. Six months staff costs £1S3.715 Vncluding redundancy provision) SLX months running costs £28.464 Final audi¢ HR & Legal Advice £6,600 Totsl £188,779 At th15 point, the total required to provide an adequate reserve amounts to £188,T19 C03,5 actual level of unrestrirted reserve5 is £274,627. Desl nated fvnds Following VAT advlce and meetin9 the eligibS1ity standards of HMRC'S Educational Status we have ring- fenced all income and expenditure related to this. With the dI￿rt costs and an apportlonment of staff time applied it may be the case that this designated fvnd will be in a negative. The board except this and agree that the accumulative surplu5 and deficits are important to record and note within the accounts, lollowing the guidance of HMRC VAT Notice 70130 C03 CHIEF OFFICERS THIRD SEcfoR TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Risk Mana ement The Executive Committee has considered ihe major risks to which C03 is exposed. Systems and procedures h￿e been established to manage those risks. The Finance, Audit and Risk Committee review and amend the Risk Reglster at each meeting, reporting and highlighting major risks to the full Board meeting. The Risk Procedure was updated in July 2022 following a workshop with the Board of Trustees and CEO led by Willis. The Traffic Light system highlights the biggest risks and mitigations are agreed by the Committee and w*der Board of Trustees. Staff The organisation employed five individua15 fvlltime and one part time during 202212023. Chief Executive Member SeThices Manager Finance & Events Administrator Events and Communications Executive Programme & Membership Coordinator (P Dirertor of C03 Enterprises (Engage Executive Talentl Valerie Mcconville Suzanne Courtney Nichola Johnston Louise Cahoon Andreina Ojeda Patrick Minne C03 also has 3 srnall number of volunteers who provide 5UPPQrt to C03 throughout the yeaT. We would like to thank all of the volunteer rnentors who have supported the C03 Mentoring Programme. emb rshi As the network for third sector leaders, C03 offers it5 members support, cannection, advocacy and development programm25 to grow and sUPPOrt its rnembership base. Over the course of the past year we have expanded the range of support and development opportunities for our rnembers. Increasingly the need for effective confident leadership is plain. We continue to provide first class leadership development for membery tc increase the capacity and expertise in the sector. C03,5 membership 15 broken down into a range of categories highlighted below. We reco9nise that leadership developrnent and 5UPPOrt 15 reqUI￿d at every level within an or9anisation. Our members drive forward social chan9e across society, leading and working in a wlde range of organisations, from small community based 9lOUPS to the biggest social enterprises and chantie5 across Nl. Cate Full Members ICEOI Associate Members IDifectorl Corporate Members Trustee Ne￿Ork Interim Executr've Panel, Coaches & Mentors, Honorary members and Senior Fellows No. 282 234 146 53 otal membeT5hi a5 of October 2023 [' October 2022 Membership was 722 marking an increase in the period of 6.8%) 771 C03 CHIEF OFFICERS THIRD SECTOR TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORD (CONTINUED) FOR THE YE4R ENDED 31 MARCH 2023 Plans for the Future In the year 202212023 C03 developed and launched a new Strategic Plan for 2022- 2025 which shape our activity and outpltt. The Board of Trustees developed a new vision, mission and values, set out strategic aim5 and objectives. (The Strategic Plan is available to download on our web51te.I The work in 2022-23 will see C03 continue to diversify its funding streams so as to offer a broadv range of products and services. We will explore new sources of income including through corporate svpport, statutory fijnding opportunities and Twsts & FoundatlQllS. We have build a strong working relationship and understanding with key funders like the National Lottery Community Fund and are actively exploring alternate funders for large scale programmes. We have used refreshed branding and membership marketing collateral to continue to build the C03 brand and to grow the membership base through effective joln us marketing campaigns, networking and dirert sales. Engage Executive Talent, C03,5 social enterprise has continued lo grow and remains a steady source of income into the charity. We were awarded Domiant Accounts Funding of £100,000 over three year5 in October 2022. This funding ha5 allowed us to hire a RecnJitment Analyst to work alongside PatTick to grow the social enterprise. With significant recruitment experience. Le51ey Dugan has already made a significant contribution to growing the business which will in tum deliver an increased contribution to the charity in the coming years. The Board of C03 Enterprises has been strengthened with the addition in early 2023 of two new members bringing executive recwitment and media expeTTence respectively. The value of effective and ￿slI1ent leadership has never been more evident. Influential leaders instill confidence in their colleagues, inspire when situations look bleak and help tackle challenging 5ituation& They foster creativity and inncvation in their teams and allow their organisations to thrive. C03 supports individual leadets through tall0￿d development mentoring. coaching and peer supporL We facilitate networf¢ing and bring leaders together to share challenges, exchange ideas and explore 501ution5. C03 has a long and proud history of supporting the sector at large in prattical ways-, providing representation and suppctrt on key issues and providing access to policy makers, funders and 5rakeholders. We have grown our artivity in this are in resp0ft5e the funding crisis in Northern Ireland exacerbated by pressures on inflation and the cost.of-living. Robust evaluation systems and a refreshed focus on assessing the impact of our work, allows us to ontinuou51y refresh our membership 5eryice5 to ￿flect the changing needs of members.. developing new trainlng courses, fonjms and member benefits and ensuring excellent value for rnoney. C03 is the leadership infrasfructure support organisation for the community & voluntary sector in Northern Ireland and we wrll continue to Nse to the challenges facing our rnember5, providing support and direttion, representation and advocacy and excellent leadership development. CObCHFEF OFFICERS THIRD SECTOR TRIITEES. REPORT (INCLUDING DIRECfORS' REPORT) (CONTINUED) FOI..THE YEAR EIVDED 31 MARCH 2023 StruthFP Governance and Mana ement C03 i a company limited by guarantee 3nd a registered charity. Its governing document 15 the emrJr,éLtm and Articles of Association. The Memorandum and Articles OF Association {Mems & Arts) durin.4thi5 period had been updated in 2018 and were updated again in October 2022. Execth Committee members are all Dirertors of the Com an The f(O)&ving individuals were members of the Exeartive Commlttee and Dirertors of C03 during the period,1 April 2022- 31 March 2023 Anne*te Mcau jaCints￿.den DecIaTr￿￿￿nane Jonatiw'M￿1n Karenknre Andr￿￿Ille Peter *tson Nigel Iknpion Martintynn. StephoLlalla5 Jayne (appointed December 20221 10- C03 CHIEF OFFICERS THIRD SECTOR TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Honorary Officer5 Anne-marie Mcclure was appointed to the role of Chair in December 2020 and will step down at the AGM 24th Ottober 2023. Jacinta Linden was appointed to the role of Vice Chair in December 2020 and will succeed to the position of Chair at the AGM 24th October 2023. Declan Cvnnane was appointed as Treasurer in December 2017 and continue5 in this role. jonathan McAlpin was elerted and as Vice-chair and will succeed to that position at the AGM 24th October 2023. Durtng 2020/2021 C03's Executive Committee (Board of Trv5teesl met four times to review progress plan for the organisation. 8th June 2022 14th September 2022 7th December 2022 8th March 2023 Flnance Audit and Rlsk Committee During this year, C03,5 Finance, Audit and Risk Committee sulTrgroup met to provide scnjtiny and support in audit and risk matters on the followng dates.. 1 Ith May 2022 17th August 2022 9th NovembeT 2022 8th February 2023. A remuneration cornmittee met on 25th May 2Q22 and on the 1st September 2022. Auditor FPM-AAB Accountants Limited were appolnted as èudltor to the company and a resolution proposing that they be rtrappointed will be put at a General Meeting. Disclosur• of inforniation to audttor Each of the trustees has confirmed that there 15 no infomiation of which they are aware which is relevant to the audit. but of which the auditor is unaware. They have further confirmed that they have taken apwopriate steps to identify such relevant information and to establish that the auditor is aware of such infornation. Auditor FPM Accountants Limited were appointed a5 auditor to the company and a resolution proposing that they re-appointed will be put at a Ge ral Meeting. e truste was ¢)ord of Trustees. Ms Anne-marie Mcclure Tnjstee 11 C03 CHIEF OFFICERS THIRD SECTOR STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 AIARCH 2023 STATEMENT OF TRusfEES' RESPONSIBILITIÉS FOR THE YEAR ENDED 31 MARCH 2022 The directors, who are the Trustees, are responsible for preparing the DI￿lor$, Report and the financial statements in accordance with applicable law and regulations. Company law ￿quireS the Direttors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Prartice Iunited Kingdom Accounting Standards and Applicable Lawl. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the and of the profit or loss of the for that period. In preparing these financial statements, the Directors are required to.. 5elert suitable accounting policies and then apply them consistently, Make judgments and e5timate5 that are reasonable ond prudent,. Prepare the financial Statements on the going concern basis unless it is inappropriate to pregjme that the will continue in business. The DITertors are responsible for keeping adequate accounting records that ore sufficient to show and explain the '5 transactions and disc105e with reasonable accuracy at any time the financial position of the and enable them to ensure that the financial statements cornply with the Companie5 Act 20065. The Directors a￿ also responsible for safeguarding the assets of the and hence for taking ￿aSOnable steps for the prevention and detection of fraud and other irregularities. eroft Anne-marfe Mcaure Chaii Dated.. 12- Fpm AN AA8 GROUP COMPANY C03 CHIEF OFFICERS THIRD SECTOR INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF C03 CHIEF OFFICER5 THIRD SEcfoR Opinion We have audited the financial statements of C03 Chief Officers Third Sector {the 'charity'l for the year ended 31 March 2023 which comprise the statement of financial activitie5. the balance sheet, the statement of cash flows and the notes lo the financial Slatemeti.rs, including significant accoup.ting policies, T￿e financlal reporting Iramework that has beer applied in Iheir preparation is applicable law and United Kingdom Accounting STandards, including FRS 102 The Financial Reporting StandaKd applicab/É> in the UK and Republic of Ireland (United Kingdorn Generally Accepted Accounting Practice). In our opinion, the financial 5tatement5'. give a Irue and fair view of the state of the charitable company'5 affair5 as at 31 March 2023 and of its incoming re50urce5 and application of resources, for the year then en(Jed,' have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Art 2006. Ba$55 for oplnion We conducted our audit in accordance with International Standards on Auditing IUJQ (ISAS (Ukll and applicable law. Our re5ponslbilitie5 under those srandards are further described in the Auditors responsibilities lor th* audit ol the lin&nci31 statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of the financial statements in the UK includlng the FRC'S Ethical Stsndard, and we have fullilled our other ethical responslbilities in accordance W￿1￿ these requirement5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 13 wth.fpmaab.com l info"&fpmaab.com Fpm AN AAB GROUP COMPANY C03 CHIEF OFFICERS THIRD SECTOR INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF C03 CHIEF OFFICERS THIRD SECTOR Conclusions relating to going concem In auditing the financial statements, we have concluded that the trustee5' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. sed on the work we have performed, we have not identified any material uncertainties relating lo events or conditions that, individually Qf collectively, may cast significanl doubt on the charity's ability ro tor)tinue as a going concern for a period of ai least twelve months from when the financial statements are aurhorised for issue. Our responsibilities and the responsibillties of the trustees with respect to going concem are described In the relevant sections of this report. Oth•r Information The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are re5pon5ible for the other informolion contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any farm of assurance conclusion thereon. Our responsibility is to read the other inforrnation and, in doing 50, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the aud5t, or otherwistr appears to be materially misstated. If we identlfy such material inconsistencies or apparent material misstatements, we are required to determine whether thi5 gives rise lo a material misstatement in the financial statemenrs themselves, If, based on the work we have performed, we conclude that there is a matèrial misstatement of this othEr information, we are required to report that fact. We have nothing to report in thi5 regard. 14- www.fpmaab.com l infiThpmaab.com Fpm AM AAB GROUP COMPANY C03 CHIEF OFFICERS THIRD SEcfoR INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF C03 CHIEF OFFICERS THIRD SEcfoR Matters t)n which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2(X18 require us to report to you if, in oui opinion.. the information given in the financial statements is inconsistent in any material respect with the trustee5' report., or sufficient accounting record5 have not been keptr, or the financial statements are not in agreement with the accounting records.. or we have not received all the information and explanations we require for our audit. Responslblllties of trust•es As explained more fully in the statement of trustee5' responsibilitie& the trustees, who are a150 the dirertor5 of the charity for the purpose ol company law, are responsible for the preparation of the financial statements and for being Satisfied that they give a true and fair view, and for such internal control as the ttustees determine 15 necessary to enable the preparation of financial statements that a￿ free from matenal misstaEemenL whether dLre to fraud or error. In preparing the financial ststements. the trustees are responsible for a55es5ing the charity's ability to continue as a going concem, disclosing as applicable, matters related to going concern and using the going concern basis of (counting iJnles5 the trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic altematNe but to do $0. 15- www,fpmaab.com l infoi_ tlfprnaab.com Fpm AN AAB GROUP COMPANY C03 CHIEF OFFICERS THIRD SECTOR INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF C03 CHIEF OFFICERS THIRD SEcfoR Audltor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 65 of the Charities Art {Northem I￿land) 2C4)8 and report in accordance with the Act and relevant regulatlons made or having effect thereundpr. We design procedures in line with our responsibilities, ovilined above, to detect material misstatements in respect of IrregulBr,.ries, Including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, Is derailed below. lffegularitie5, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect of irregularitie5, including fraud. The e*tent to which our procedures are capable of detecting irregularities, Including fraud. is detailed below. We obtained an understanding of the legal and regulatory framework applicable to the company threu9h enquiry of mana9ement. secror research and the application of cumulative audit knowledge. We identified the following principal laws and regulaticns relevant to the company - Companies Act 2006, Charities Act {Northern Ireland) 2008 and the Accounting and Reporting by Charities.. Statement of Re(ommenrJed Practice applicable to charities preparing their accounts in accordance wilh the Financiol Reporting Standard applicable in the UK and RepLtblic of Ireland IFRS 1021 (effective 1 January 20191. We developed an understanding of the key fraud risks to the entity (including how aud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclDsures within the financial statements which may be susceptible to management bias. Our understanding was obtained through review of the flnancial statements for significant accounting eslimates, analysis o7f journal entries, walkthrough of the key controls cycles in place and enquiry of Management. 16- www.fpmaab.com l info(alpmaab.com Fpm AN AAB GROIIP COMPANY C03 CHIEF OFFICERS THIRD SECTOR INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF C03 CHIEF OFFICERS THIRD SECTOR Our procedures to respond to those risks identified included, but were not limited to.. Enquiry of managemenL and the entlty'5 solicitors around actual and potential litigation and claims, Enquiry of management to identify any instances of non-compliance with law5 and regulations. Reviewing minutes of meetings of those charged with 9ovemance. Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with appllcable laws and regulations. Auditing the risk of management override of controls, including through testing jcurnal entries and other adjustments for appropriateness, and evaluating thé business rationale of significant transactions outside the normal course of busine5S. Our objectives are to obtain reasonable assurancè about whether the ffnancial Statements as a whole are free from material mi55tatewnenf whether due to fraud or error. and to issue an auditor's report that includes ovr opipion. Reasonable a55urance is a high level of assurance but is not a guarantèe Ihat an audit conducted in accordance with ISAS (UK) will always detect a material rnisstarement when It exists. Misslatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision5 of users taken on the ba515 of these financial statements. A f¢Jrther description of our responsibilities is available on the Financial Reporting Council's website at.. https.'l/www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's ￿port. 17- w.fprnaab.com l infoifyfpmaab.com AM AAB GROUP COMPANY C03 CHIEF OFFICERS THIRD SECTOR INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF C03 CHIEF OFFICERS THIRD SEcfoR This report is made solely to the charitable company'5 members. as a body, in accordance wirh Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audif work has been undertaken so Ihat we might state to the charitable company's members those maners we are required to stale to them in an auditors, report and for no other purpose. To the fijllest extent permitted by law, w? do not accept ty as5urr7e responsibility to anyone other than the charitable company and its members as a body, for our audit work, for this report, or for the opinions we have formed. JLfir4 Lowry Grant (Senlor Statutory Audltor) fDr and on behalf of FPM Accountants Limted Chartered Accountants Ststytory Audltors 1 3 Arthur Street Belfast Co. Antrim Northern I￿rand BTI 4GA FPM Accountants Limited is eligible for appointment as auditor of the charity by vinue of its eligibility for appointment as auditor of a company under of sertion 1212 of the Companies Act 2¢)J6. 18- www.fpmaab.com l info0pmaéb.com C03 CHIEF OFFICERS THIRD SECTOR STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR fHE YEAR ENDED 31 MARCH 2023 Unrestrirted Restrlrted funds funds 2023 2023 Tthal Unrestricted Restri(ted funds funds 2022 2022 Totsl 2023 Notes 2022 Income from: Donations and legacies Charitable activities Investments S8,244 277,019 58,244 397,266 35,961 182,852 79 35,961 298,679 79 120,247 11 S,827 Totsl Income 335,263 120.247 455,510 278.892 115.827 334,719 Ex enditure on: Charitable activities 300,217 148.156 448.373 182,806 105,164 287,970 Gross transfers between fiJnd5 Net income/(expenditure) for the y•4r/ N•t movement in funds 1,725 11,7251 35,046 (27,9091 7,137 37.811 8,938 46,749 Fund balances at i April 2022 233,200 61,133 294,333 195,389 52,195 247,584 Fund balanc•s at 31 March 2023 268,246 33,224 301.470 233,200 61,133 294.333 The statement of financial artivities include5 all gains and losses recognised in the year. All income and expenditure dèrive from continuing acti￿rIes. The statement of financial activities 3150 complies with the requirements for an income and expenditure account under the Companies Act 2006. C03 CHIEF OFFICERS THIRD SEcfoR BALANCE SHEET ASAf31 MARCH2023 Notes 2023 2022 Tangible assets Current assets Debtors Cash at bank and in hand 10 875 1.399 11 171A72 202,099 139.297 219,761 Crndlton." •rnounts falNn9 du• withl one year 373,571 359,058 12 (n976) Net current assets 166,124) Tot•1 •xs•ts l•Js ¢urr•nt li4blllties 300,595 292.934 301A70 294,333 Incom• funds Restricted fijnds Unrestricted funds Designated fun65 General unre5trlcted funds 14 33,224 61.133 15 (6,381) 274,627 135.367) 26&561 268,246 233,200 301A70 2y.333 C03 CHIEF OFFICERS THIRD SECTOR BALANCE SHEET (CONTINUED) ASAf31 MARCH2023 The Company is entitled to the e¥emption from the audit requirement contained in sertion 477 of the Componies Aci 2006, for the year ended 31 hAarch 2023, although an audtl has beÈn carried out under section 65 of the Charities Act (hiorthern Ireland) 2008 The directors acknowlecge their responsibilities for ensuring that Ihe charity keep5 accounting records which comply with seaion 386 of rhe Act and for preparing fiftancial statements which give a rrue and fair view of the state of affairs of the company as at rhe end of the financial year and of its incoming resources and application of resources, including Its incon7e and exper)diture. for the financial year in accordance with the requirements of sertions 394 and 395 and which othe￿iSe comply with the requirement5 of the Companies Act 2006 reldtlng to financial 5tatement5, 50 fèr as applicable to the company. The members have not ￿qUired rhe company to obtain an audit of its financial statemenrs under rhe requirerftents of the Companies Acr 2006, for the year in question In accordance with section 476. subjett to the small cornpanies re9ime. rhese financial stètements have been prepared in accnrdance with rhe provisions appllcable to companies The financial staiemenrs were approved by rhe fru5tees on Mr Declan Cunnane Trustee Ms Anne-marie Mcclure Trust•• Comp•ny Re9iStratlon No. N1037439 -21- C03 CHIEF OFFICERS THIRD SECTOR STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAR012023 2023 Cash flows from operatlng activities Cash (absorbed by)/generated frorn operations 2022 18 Investlng artivfties Purchase of tangible fixed as5et5 Investment income received 117,6621 82,656 Net ¢•sh used In Inv•stlng a¢W•s (2,097) 79 •t c•sh us•d In flft•nclng arfl¥ltl•$ (2,018) Nei (decrease)Tin¢r•ase in e•sh •nd cash equivalents Cash and cash equivalents 4t beginnlng of year (17,662) 80.638 C•sh and cash equiv41ènts •t •nd of year 219,761 139,123 202,099 219.761 22. C03 CHIEF OFFICERS THIRD SECTOR NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 thfARCH 2023 Accounting policies Charity infoimation C03 Chief Ofricer5 Third Sector is è private company limited by guarantee incorporated in Northern Ireland. The registered office .15 37 8ruce ScreeT. 8elfa5t, Co. Antrim, 8T2 7JD. Northern Ireland. 1.1 Ac¢ountin9 convention The financial sraterTrent5 have beer. prepared in accordance With the charity's governing document, the Companies Aci 2006 and 'Accounting and Reporting by Charities.. Statement of Recommended Practice ppIic3ble to charilies Preparing rheir accounis in accordance with ihe Financial Reporting Srandard Benefit Entity a5 defined oy FRS 702. applicable in the LIK and Republic of Ireland (FRS 7021 leftective l January 2019)" The charity 15 è Public The Financial statement5 are prepared in sterling, which is the functional currency of rhe charity. Monetary amounts in these financial stètements are rounded lo the nearest £. rhe finan¢ial staiernents have been prepared under the historical ¢05t convention. The principal accounting policies adopted are set out below. 1.2 Goin9 ¢oncern At the time of approving the financial statements, the trustees have a reasonable expectation that the harity has adequate rèsources lo continue in operational existence for rhe foreseeable fiJture. Thus the trustees cpntinue to adopt the going concem basis of accounting in Preparing the financial 5tatement5. 13 Charitable funds objertlves. Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable Restrltted funds are subject to specific conditions by donors as to hew they may be used. The purposes and Uses of the resrricte£Y funds are ser out in the notes to the financial stotements. charity. Endowfftent funds are Subject to Specific conditlOn5 by donors that the capital must be maintained by the 1.4 Income Income is recognised when the charity is legally entitled to if after any performance conditions have been met. the amounts can be measured reliably. and it is prabable that income Will be received. Cash donations are retognised on receipt. Other donations are recognised once the charity ha5 been notified of the donotion, unless performance conditions require deferral of the arnounl. Income tax Iiffte ol the donation. recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the Legacies are recognised on ￿ceIpt or otherwise if the charity has been notified of an irnpending treated as a contingent asset. distribution, the amount .,s known, and receipt is expetted. If the amount is not known, the legacy s -23_ C03 CHIEF OFFICERS THIRD SECTOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR fHE YEAR ENDED 37 MARCH 2023 Accounting policies 1.5 Expenditure (Continuedl which can be recovered. Expenditure is included In the Statement of Financial Activities on an accrL'a15 basis, exclusive of any VAT Certain expenditure is directly attrib￿able to specific activities and has been incluéed in those cost Calegorie5. Certain other costs, whrch are attributable to more than one activity. are apportioned xross C05t categories On the basis of an estimate of the proportion of lime spent on those activities. 1.6 Tangible fixed assets Tangible fixed a55ets are iniiially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairmeoi losse& Depreciatron is recognised so as to Write off the cost or valuation of assets les5 their residual value5 over their usefvi lives on the following b8ses: Fixtures and flttings 3 year5 Straight line The 9ain or loss arising on the disposal of an asset 15 determined as the difference between the sale proceed5 and the carrying value of the asset, and 15 recognised in net income/lexpenditure) for the year. 1.7 Impaimient of fixed a5set$ At each reporting end date. the charity revlews the carrying amounts of its tangible assets to determine Wheiher there is any indicarion thai those assets have suffered an impairment loss. If èny such indication impairmen¢ loss (if anyj. exists, rhe recoverable amount of the asset is estirnated in order to determine the extent of the 1.8 Cash and cash e9ulvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other 5hort-term liquid investments with original maturities of three monrhs or less, and bank overdrafts. Bank overdrafts are shown Within borrowings in Current liabilities. 1.9 Financial Instniments The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Sertion 12 'Orher Financial Instrument5 155Ues' of FRS 102 to all of It5 financial iTrstrumentS. ContractLtal provisiDn5 of the instrument. Financlèl instruments are recognised in the charity's ba145nce sheet when the charity becomes paty to the Financial assets and liabilities are offset With the net amounts presented in the financial statwnent5, when ther& is a legally enforceable right to set off the reco9nised amovnts and there is an intenbon to Settle on a net basis or to realise the asset and settle the liability simultaneou51y. -24- C03 CHIEF OFFICERS THIRD SECTOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accotsntln9 policie$ Basie Inancialassets Basic financial assets, which inclutte debtors and cash ond bank balances, are inltially measured al transacLion price including transaction costs and 3re subsequently carried at amortised cost using the effective interest method unless rhe arrangement constitutes a financlng tran5attion. where the transaction is measured at the present value of the future receipts dlscounted at a market rate of iiterest. Financi81 assets classified as receivable within one year are not amortised. (Continued) financia//iabii/iies Basic r Inancial liabilities, including creditors and bank loans are initially recognised at transaction price unles5 the arrangement constitutes a financing trap5artion, where the debt instrument is mÈasured at the preseni value of :he fU[U￿ payments discounted at a market rate of inierest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, Using the eftertive interest rate method. Trade creditors are obligatlons to pay for goods or services that have been a¢qUi￿d in the ordinary coijrse of Operations from suoplrers. Amounts payable are classified as current liabilities if payment is due within one year or les5. If not. they are presented as non-current liabilities. Trade credltors are recognised method. inirially at transartlon price and subsequently measured at amortised cost V5ing the effective interpst Derecognti/on off financia///abilities cancelled. Financial liabilities are dereco9nised when the charity's contractual obligations expire or are discharged or 1.10 Employee benefits are received. The cost of any unused holiday entitlement 15 recognised in the period in which the employee'5 service5 Termination benefits are recognised immediately as an expense when the charity is demonstrably ommitted to terminate the employment of an employee or to provide termination benefits. Criucal accotsntln9 •Stlrn•tes and Judgements In the application of the charity's accounting policies. the trustees are required to make judgements. estimales and aSSLimptions about the carrying amount of assets and liabilities that are not fftadily apparent frorn other sources. The estimates and associated assumptions are based on historical estimates. experience and other factors that are considered to be relevant. Actual results may differ from these rhe estimates and underlying a5stsmptions are reviewed on an ongoing basis. Revisions to accounting esrimates are reco9nised In the Period in which the estimate is revised where the revision affert5 only future periods. that period, or in the period of rhe revision and future periods where the revision affects both current and -25- C03 CHIEF OFFICERS THIRD SECTOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2023 Donations aftd legacies Uniestrirted Unrestricted funds fvnds 2023 2022 Donations and gift5 58,244 35,961 Charftsble artivltlej Unr•strlrt•d Inron Z023 Restrirt*d In¢om• Z023 Tot41 Unr•Jtrl¢tid 2023 Inrnm• 2012 RisMrt•d Incom• Total 2022 20Z2 Membership Income Performance related grants Income fram Events 61.086 61,086 76,297 76,297 57,520 764,413 120,247 171,767 164,413 11490 94,065 115,827 128.317 94.065 277,019 120,247 397,266 181852 115.827 Analysis by fund Unrestritted funds Restritted funds 298,679 277.019 120,247 277,019 120,247 182,852 182,852 115,827 115,827 277,079 120,247 397,266 182,852 115,827 298,679 Performance related graots OSD _ VCU Regional Infrastructure Support Programme alifax FoLtndation Victoria kiousing National Lottery Other 34.610 9.400 34,610 9,400 33,7S1 9,500 33,751 (9,5LIO) 110,000) 172,5761 2,490 76,237 10,0 51,520 7&237 51,520 72,576 1490 57,520 120.247 171,767 12,490 115,827 128,317 C03 CHIEF OFFICERS THIRD SECTOR NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH a123 Total Unrestrirted funds 2023 2022 Interest receivable 79 Charltsble a