C03 CHEF OFFICERS THIRD SECTOR IA COMPANY UMITED BY GUARANTEEI FINANCIAL STATEMENTS EYEAR EN ARC 202 FORT CONSOLIDATED STATEMENT OF FINANCIAL ACTNMES IINCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AIARCH 2024 2024 Notes Unrestricted Restricted Funds Funds 2023 Unrestricted Re5tri¢ted Funds Funds Total Total Income and endowments from". DonatK)ns and legacies Charitsble Activities Other Trading Activities 292.712 109.718 256,463 549, 175 109,718 277,019 147,830 120.247 397,266 147,830 Totsl 402.430 256,463 658.893 424.849 120,247 545,096 Expenditure on: Charitable Activities Other Trading Actr¥ities 294.080 88,447 196.579 49D.659 88,447 300.217 89,586 148,156 448,373 89,586 Total 382,527 196,579 579.1t 389,803 148.156 537,959 Net Incomelloutgolng) 19,903 59.884 79,787 35,046 (27,909) 7,137 Transfers Net movement In funds 19.903 59,884 79.787 35,046 (27,909) 7,137 Reconcillation of funds Total funds brought forward 268.246 33.224 301.470 233,200 61.133 294.333 Total funds carried forward 288, 149 93.708 381.257 268,246 33,224 301,470 The statement of financial acts'vities indudes all gains and losses recognised in the year. All income and exFEndItU derive from Continui actrrfities. The notes on pages 21 to 31 fom part of these accounts. 16
COJ CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED 8Y GUARANTEE) FINANCIAL STATEMENTS E14DE0 3.1 MARCH X124 STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOIIJE AND EXPENDITURE ACCOUNT) OF THE CHARITY ALONE FOR THE YEAR ENDED 31 AIARCH 2024 2024 Notes unStrICted Restn"cted Funds Funds 2023 Unrestricted Restn'cted Funds Funds Total Total Income and endowments from: Donations and legaaes Charitsble Activities Other Trading Activities 21.271 292,712 21.271 256.463 549,175 58.244 277,019 58.244 120,247 397,266 Tolal 313,983 256.463 570.446 335,263 120.247 455.510 Expendlture on: Charitable Activities 294.080 196.579 490,659 300.217 148,156 448,373 Total 294.080 196,579 490.659 300,217 148,156 448.373 Net Incom(Outgolngl 19,903 59,884 79,787 35,046 (27,909) 7.137 Transfers Net movèment in funds 19,903 59.884 79,787 35,046 (27,909 7.137 Reconciliation ot funds Total funds brought forward 268.246 33,224 301,470 233,200 61,133 294,333 Total funds carrfed forwafd 288.149 93,108 381,257 268,246 33.224 301.470 The statement of financial actiwtss includes all gains and k)sses recognised in the year: All income and expendrture derive from conb"nuing activities. The notes on pages 21 to 31 forni part of these accounts. 17
C03 CHIEF OFFICERS THIRD SECTOR IA COIIPANY UMITED BY GUARAPITEe) FINANCIAL STATEMENTS "£NOED CONSOLIDATED BALANCE SHEET AS Af31 MARCH 2024 2024 2023 Fix•d assets Tangible assets 351 875 Current assets Debtors Cash at bank and in hand 10 76,257 53,515 338.760 392,275 440,060 Credttots: amounts falling due within one year 11 91.680 Net current assets 380,906 300.595 Total assets 106s current liabilities 381.257 301470 Funds Restricted funds Unrestricted Funds - General UnrestrKted Funds - Designated 12 13 13 93,108 288,389 240 33,224 274,627 6,381 Tot•1 funds 381257 301.470 These financial statements have been prepared in accordan with the p companies. The financial statements were approved by the dKe£tots on . ion applicable to small Mr Doclan Cunnane Trustee Date Ms Ja¢lnta Linden Tfustee 23Jivl2014 Date Company regi•tratlon Trumber N1037439 18
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMEPSIS REND 1MAR 2024 OA.THE Y The notes on pages 21 to 31 knm part of these accwnts. CHARITY BALANCE SHEET AS Ar MARCH 2024 Notes 2024 2023 Fixed assets Tangible assets 351 875 Current assets Debtors Cash at bank and in hand 10 164,328 268 283 432,611 171,472 202.099 373.571 Creditora: amounts falling due within on• year 11 Net current assets 380 906 Total assets loss current liablllties 381257 301,470 Funds Restricted funds Unrestricted Funds - General Unrestricted Funds - Designated 12 13 13 93.108 288.389 240 33.224 274.627 TOL11 fund$ 381257 301470 These financial statements have t)een pPared in a¢cordanee with the pr companies. The financial staternents were approved by the directors on . io pli¢able to small Mr Declan Cunnane Tfustee Date r.dL Ms Jacinta Linden Trustee Date C(*npany registration number N1037439 The notes on pages 21 to 31 fomi part of ihese accounts. 19
C03 CHIEF OFFICERS THIRD SECTOR IA COMPAtrV LIMITED BY GUAPANTEÈI FINANCIAL STATEfyIENTS DE CONSOLIDATED STATEMENT OF CASH FLOWS 2024 2023. Noles Cash flows from operating actlvities Cash generated from operations 17 Investing a¢tivltles Purchase of tangible fixed assets Net cash (used invgenerated from Inv•stlng xllvfties Net cash used in financing act•vftles Net In¢reasel{decrease) In cash and cash equivalents 25,043 {118,999) Cash and cash eqUants of beginning of year 219 761 Cash and cash equlvalents at end of year Relating to: Bank balances and short tem deposits 20
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY UMITED BY GUARAhlTEEI FINANCIAL STATEMENTS YEAR ENDED 31 CH2 OR NOTES TO THE ACCOUNTS ACGOUNTING POLICIES la) Accounting conventlon These financial statements have been prepared under ihe historical cost convention and in accordance with applicable accounts.ng stsndards, the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities. effective January 2015 and FRS 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland" and the Companies Ad 2006. The principal accounting poliues. judgments and key sour5 of estimation uncertainty are set out bel(M. The directors consider that these accounting policies are suitable. have been consistently applied and are supported by reasonable and wudent Judgement and estimates. Group financial $t•tem•nts These financial statements consolidate the results of the Charrty and the trading company C03 Enterprises Ltd on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure knunts for the Charty alone has been presented on page 19. (b) Preparation of accounts on a going concern basls The trustees have prepared budgets and cash flows for a penod of at least twelve months from the date of the approval of the financial ststements. Having considered the circumstances, the trustees consrder it appropriate to Prepa the financial statements on a going conrn basis. Accordingly, these financial ststements do not include any adjuslments to the carying amounts and classification of assets and liabilities that may arise if the company is unable to continue as a going concern. (c) Income and endowments Income is recognised in the period in which the charity s entiued to receipt and thè amount can be measured with reasonable certainty. Income is deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has 5peafied that the income is lo be expended in a future pericrfj. Grants, including caprtal grants. from the govemment and other agencies have been included as income from activities in furtherance of the charity's objects where these amount to a contract for services. but included as donations where the money is given in response to an appeal or with greater freedom of use. for example. govemment block grants. Donated facilities are included at the value to the Charity where this can be quantified and a third paty is bearing the cost No arnounts are included in the financial statements for services donated by volunteers. (d) Expenditure Expenditure is included in the StatenEnt of Financial Activities on an accruals basis, exclusive of any VAT which can be recovered. Certain expenditure is ditlY attributable to specific activities and has been included in those cost categories. Certain other costs. which are attributsble to more than one activity. are apportioned across cost categories the basis of an estimate of the proportion of time spent by staff on those actNities. 21
COJ CHIEF OFFICERS THIRD SECTOA (A COP41PAI4Y LIMITED 8Y GUARANTEEI FINANCIAL STATEMENTS E YEAR ENDED 31 MARCH 24 RT NOTES TO THE ACCOUNTS (CONTINUED) (e) Depreclatlon of Fixed assots Tangible fixed assets are initialty valued at cost to acquire or construc( including costs directty attributsble to bringing the asset into working condition for its inlended use, and net of any VAT recoverable. At exh balance sheet date. the Carrying amounts of tangible assets are reviewed to determine whether there is an indication that those assets have suffered an impairment loss. Vthere the carrying value exceeds the estimated recoverable amunt (being the greater of fair value less costs to sell and value-in-usel, an impairment loss is reeognised by writing down the assets cash-generating unrts to their recoverable amount. An impaimient loss is recognised immediately in the profit and loss Any reversal of a previous impaimwit kjss is similarly recyy3nised imrnedÉately in the profit and loss. Oepreciation on the assets of the company is provided on the cost Df the assets. calculated at annual rates estimated to write off each asset over the term of its useful life. The rates in use are as follows". Fixtures, fittings and equipment 3 years Straht line (f) Impairment of red assets At each reporting end date, the group and the parent charitsble company review the carrying arrKJunts of its tangible and intsngible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists. the recLJverable amount of the asset is estimated in order to determine the extent of the impaimient loss (if any). Illhere it is not possible to estimate the recoverable amount of an individual asset. the group and the parent charitsble company ests.mate the recoverable amount of the cash-generating unit to which the asset bebngs. Intangible assets with indefinite useful INes and intsngible assets not yet available for use are tested for impairment annually. and whenever there is an indication that the asset may be irnpaired. Recoverable arrnunt is the higher of fair value less costs to sell and value in use. In assessing value in use. the estimated future cash fl17+VS are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks spectfic to the assel for which the estimates of future cash flows have not been adjusted. If the recoverab arrK*unt of an asset (or CaShenerating unit) is esbmated to be less than its carrying amount. the carrying amount of the asset (or cash-generating unit) is reduced to rts recoverable amount. An impaimient loss is recognised immediately in profit or loss. unless the relevant asset is carried at a revalued amount. in whth case the imp.airmeDt Ioss is treated as a revaluation decrease. Recognised impairment losses are reversed rf. and onty rf. Ihe reasons for the impairment loss have ceased to apply. ere an impairment loss subsequently reverses, the carying amount of the asset lor Cashenerating unit) is increased to the revised estimate of its recoverable amount, bul so that the increased carrying amount does not exed the carying amount that would have been detemined had no impairment loss been reeognised for the asset (or cash-generating unit) prior years. A reversal of an impaimEnt loss is recognised immediately in Pfofit or loss. unless the relevant asset is carried in at a revalued amount, in which case the reversal of the irnpaim)enl loss is treated as a revaluation increase. 22
C03 CTrIIEF OFFICERS THIRD SECTOR (A COMPANY UMITED BY GUAFIANTEEI FINANcL STATEMENTS E YEAR ENOED OR T NOTES TO THE ACCOUNTS (CONTINUED) (g) Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-terrn liquid investments with original maturibes of three months or less. (h) Penslon Scheme The company provides a defined contribution pension scheme. the assets of which are held Separate from those Of the company in an independently administered fund. Contributions to this scheme are charged to the profft and loss aco)unt as they become payable. (i) Fund accounting Funds held by the charty are erther. UnreStrted general funds - thes8 are funds which can be used in accordan with the cttarrtable Otyects at the disuetion of the trnstees. Designated funds - these are funds set aside by trE trustees out of unrestrrcted general furmds for Speci future purposes or prqects. Restricted funds - these are fijnds that can only be used for paitular restricted purpose5 Within the objects of the chanty. RestrtionS arise when specrfied by the donor or when the funds are raised lor parb'cular restricted purposes. Further explanatron of the natu and purpose ol each fund is included in the notes to Ihe financial statements. ti) Flnancial as80ts The group and the pant charitable rnpanY have elected to apply the provisions of Section 11 '8asic Financial Instruments, and Sects'on 12'0ther Financial Instruments Issues. of FRS 102 to all of its financial instruments. Financial assets are recognised in the group's and the parent charitsble company's statement of financial position when the group and the parent charitable company become party to the contraclual provisions of the instrun*nt. Financial assets a classified into specffied categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. Basrc financial assets, which include trade and other receivables and cash and bank balances. are initially measured at transacb'on price including transaction costs and are subsequently Camed at amortised cost using the effective interest method. unless the arrangement constitutes a financing transactron. where the transaction is measured at the present value of the future receipts discounted al a markel rate of interest. Other financial assets classrfied as fair value Ihrough profit or k)ss are measured at fair value. Loans and receivables Trade debtors, loans and other receivables that have fixed or deteminable payments that are not quoted in an acb've market are classified as 'loans and receivables,. Loans and receivables are measured at amortised cost using the effects've interest method, bess any impairmenL 23
C03 CHIEF OFFICERS THIRD SECTOR (A COMPANY UMITED 8Y GUAPAMTEE) FINANCIAL STATEMENTS EARE RC 2024 R THE NOTES TO THE ACCOUNTS ICONTINUED Interest is recognised by applying the effective interest rate. except for short-term receivables when the recognition of interest would be irnmaterial. The effective interest method is a method of calculating the amortised c05l of a debt instrument and of alloGating the interest income over the relevant period. The effective interest rate is the rate that exactiy discounts ests"mated future cash receipts through the expected life of the debt instrument to the net rarrying amount on initial recognition. Impaim?ent of financial assets Financial assets, other than those held at fair value Ihrough profft and loss, are assessed for indicators of inwairment at each reporhng end date. Financial assets are inyired where there is objective evidence that, as a result of one or more events that wcurred after the initpl recognition of the financial asset the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. Derecognition DllinanGial assets Financial assets are derecognised cmty when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset arKI substsntially all the risks and rewards of ownership lo another enbty. (k) Financlal liabi1Stl•s Basic financial liabilrties are initially rreasured at transaction pri. unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Other financial liabilities classified as fair value through profft or loss are measured at fair value. Other financial liabilities Other finanoal liabilitEs are initially measured at fair value, net of IransactK)n costs. They are subsequently measured at amortised cost using the effective interest methrjj. with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the anKJrt15ed cost of a ffftancial liability and of allocating interest expense over the reEevant period. The effecbve interesl rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability to the net carrying amount on initial recognition. Derecognition of financial liabilities Financial liabilities are derecognised when. arml onty when, the group's and parent charitable company's obligations are discharged, canlled. or they ewre. (11 Taxation As a registered charity. C03 Chief Officers Third Sector 15 not liable to either Income Tax or Corporation Tax. (m) Critical accounting estimates and Judgements In the application of Ihe group's and pant charitsble cornpany's }Unting pollcies, the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets army liabilib'es that are not adIlY apparent frorn other sources. 24
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY UMITEO 8Y GUARANTEE} FINANCIAL STATEMENTS EAR ENDEO 1 MARC 20 .FO NOTES TO THE ACCOUNTS ICONTINUED) ' The estimates and associated assumptions a based on hislorical experEnce and ottr factors that a considered to be relevant. Actual results may differ from these eskn'mates. The estimates and underlying assumplions are reviewed on an ongoing basts. Revisions to accounting estimates are recognised in the perjod in which the estimate is revised. if the revision affects only that period, or in the period of the revision and future periods if the vIsion affects tjoth current and future periods. The estimates and assumptK>ns which have a significant risk of caLssing a material adjustment to the carrying amount of assets and liabilities are ouuined below. Tangible fued assets Tangible assets are depreciated over thetr useful lives taking into account residual values where appropriate. The actual lives of the assets are assessed annualty and may vary depending on a number of factors. In reassessing asset lives factors such as maintenance programmes are taken into account. Residual value assessrnents consKler issues such as the remaining live of the asset and the estimated value in use. DONATIONS AND LEGACIES Grou 2024 2023 2024 2023 Unrestricted Donations 21.271 21.271 58,244 58,244 INCOME FROM OTHER TRADING ACTNMES Grou 2024 Com 2024 an 2023 2023 Unrestricted Recruitment Services IncofT VAT FRS Benefit 105,909 3.809 109.718 142.192 5.638 147.830 25
C03 CHIEF OFFICERS THIRD SECTOR (A COMPANY LlhlTED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENOED MARCH 2024 NOTES TO THE ACCOUNTS (CONTINUED) INCOME FROM CHARtrABLE ACTivrriES 2024 unStrICted Restncted Funds Funds 2023 Unrestricted Restricted Funds Funds Total Totsl Membership Incoff Income from Events Other 98.774 179.422 8.516 98.774 179,422 8.516 61,086 164,413 61,086 164,413 Performance elated DSD- VCU- Regiona Infrastructure Supwrt Pn)gramme Halifax Foundalion SIG National Lottery Domiant UGV Ltd Other 32.018 32,018 34,610 34,610 9,400 9,400 67.850 99.845 47,500 9,250 67.850 99,845 47,500 9,250 6,000 76,237 76,237 6,000 51,520 51,520 292,712 256.463 549,175 277,019 120.247 397,266 STAFF COSTS AND NUMBERS Com 2024 an 2024 2023 2023 Wages and salaries Social security costs Other pension costs 259.016 20,188 16.408 295,612 205.172 206,636 21.121 14,501 16.030 12,17Q 242,323 233,307 155,323 15,466 11.944 182,733 The average number of persons employed by the company (excluding D1ctOrs> during the year was as follows: Grc 2024 an 2023 2024 2023 Charitable activities There was one employees whose annual remuneration was £70.000 or more (2023.. None) The total amount of employee benefits received by key management personnel in the period was £78,725 (2023.. £45,393). The key management personnel ol the Company comprises 1 member of staff (2023.. 1), the CEO. 26
C03 CHIEF OFFICERS THIRD SECTOR IA COMPAMY UMtTED 8Y GUARANTEE} FINANCIAL STATEMENTS RENO RCH 20 FOR NOTES TO THE ACCOUNTS ICONTINUED) EXPENDrruRE Analysis of resources expended 2024 2023 Member Development and Events Member Support Services Miscellaneous 167,982 179,443 457 150 180,050 75 168,057 Share of support costs (see breakdown bel(AY) 300,236 235,420 Share of governance costs (see breakdown below) 22,366 32,903 Other Trading Activities 579.106 537 959 Analysis by fund Unrestricted funds Restricted funds 196,579 382 527 579,106 148,156 389.803 537 959 Anatysls of support & govomance costs 2024 2023 Stsff Costs Depreciation Rent Insurance Telephone Bank Charges VQeb and IT Costs and subscript$. Sundry Costs Equipment Hi Postsge, Printing and Stationery Associate Membership Fees Recruitment costs Audit Fees Legal and Professional Executive Committee Bad Debt Expense 233,307 524 26,542 2,119 2,403 1,061 12,715 5,749 506 4,092 2,578 8,640 3,480 16,083 2.803 186,059 524 18,247 2.120 2,687 719 5,628 12.450 3,226 3.760 2,101 12,419 27
C03 CHIEF OFFICERS TrIRD SECTOR IA COMPANY UMITED BY GUARANTEE) FINANCIAL STATEMENTS . FOR THE.YEA ENO MARCH 2024 NOTES TO THE ACCOUNTS (CONTINUED) NET INCOMING RESOURCES FOR THE YEAR This is stated after charging 2024 202 Depreciab'on 524 524 Auditors remuneration INCOME FROM TRADING ACTIVITIES C03 Chief Officers Third Sector is the sole member of C03 Enterprises Ltd (company numbei N1652430). The summary financial performance of the subsidiary alone is.. 2024 2023 Tumover Expenditure Net ProfiU(Loss) 109.718 .109.718 147.830 147 830. TANGIBLE FIXED ASSETS Group and Company Fixtures and fittings At 1 April 2023 Additsons At 31 March 2024 14.781 Depre¢iation and impaimient At 1 April 2023 Depreciats'on charged in the year At 31 March 2024 13.906 524 Carrying amount At 31 March 2024 351 At 31 March 2023 875 28
COJ CHIEF OFFICERS THIRD SECTOR {A COMPAIIY LIPJITED 8Y GUARANTEEI FINANCIAL STATEMENTS REND 20 FOR NOTES TO THE ACCOUNTS (CONTINUED) 10 DEBTORS Group 2024 CharitabFe Company 2024 2023 2023 Trade debtors Amounts owed by subsKliary undertaking Prepayments and accrued incoff 66,270 44,677 47.324 34,534 107.017 130,125 9.987 164,328 171472 9.987 8.838 Amounts owed by subsidiary undertaking are unsecured. interest free. have no fixed date of repayment and are rePaYae on demand. CREDITORS: amounts falling due within one year Group 2024 Charitable Company 2024 2023 2023 Deferred income Trade creditors Other creditors Accfuals 27,125 3.469 9,802 18,.758 31,613 28,277 19,910 27,125 2.994 2.828 18.758 51.705 31.613 23,302 6.541 91.680 72,976 12 RESTRICTED FUNDS OF THE CHARirY The restricted funds of the charity comprise the unexpended balances of donations and grants held on Irust subject to specific conditions by donors as to how they may be used. Balance at Movement in Resources 1 April 2023 Incoming Outgoing Transfer of Balance at Funds 31 March 2024 SIG Dormant UGV Ltd RISP National Lottery Comrnunty Fund 67.850 47,500 9,250 32.018 (48,115) {33,931> (5,245) (32,018) 77,270 19,735 13,569 4.005 55.799 Total funds 33.224 256.463 {196,579) 93.108 29
C03 CHIEF OFFICERS THIRD SECTOR IA COAIPANY LIAIITED BY GUARAMTEEI FINANCIAL STATEMENTS EN NOTES TO THE ACCOUNTS IcoKfiNUED) 13 UNRESTRICTED FUNDS OF THE CHARITY The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific condibons by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes Balance at Movement in Resources 1 April 2023 Incoming Outgoing Transfer of Balance at Funds 31 March 2024 Unrestrlcted Funds General Unrestricted Funds Educatronal Ringfencing 274.627 333,213 (319.451) 288,389 240 Totsl funds 268.246 402.430 {382,527) 288,149 14 ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Fixed Assets Other Net sels rotal Restrieted funds 93,108 93,108 Unrestricted funds 351 288 .149 1 S RELATED PARTIES Induded in deblors as at 31 March 2024 is a balance of £107.017 (2023.. £130,125) in spect of monies owed from C03 Enterprises Ltd. C03 Chief Ofters Third Sector is the sole mèmber of C03 Enterprises Ltd. 16 EVENTS AFTER THE REPORTING DATE There have been no material events. occurring after the reporting date that require adjustments to or disclosu in the financial statements. 30
C03 CHIEF OFFICERS THIFU> SECTOR (A COMPANY LIPIITED BY GUARANTEEI FINANCIAL STATEMENTS ENDEO RCH 2024 RTH hlOTES TO THE ACCOUNTS ICONTINUED) 17 RECONCILIATION OF OPERATING SURPLUS TO NET CASH FLOW FROM OPERATING ACTMTIES 2023 2023 Net irKoming resources for the year Depreciation Increasel(decrease) in creditors Decreasel(increase) in debtors 79,787 7,137 524 524 (32,527) 22,741 25,557 85.782 Net Cash inflowllouffiow) from operating activities 25,043 118.999 31