C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 2025 Notes Unrestricted Restricied Funds Funds 2024 Unrestricted Restricted Funds Funds Total Total Income and endowments from". Donations and legacies Charitable Activities Other Trading Activities Investment Income 274.166 157,431 4,093 181.762 455.928 157.431 4,093 292,712 109,718 256,463 549,175 109,718 Total 435,690 181.762 617.452 402,430 256,463 658,893 Expenditure on: Charitable Activities Other Trading Activities 304.126 88.824 195,780 499,906 88.824 294,080 88.447 196,579 490,659 88,447 Total 392.950 195.780 588,730 382.527 196.579 579,106 Net Incomel(Outgoing) 42.740 (14.018) 28.722 19.903 59.884 79.787 Transfers Net movement in funds 42,740 (14,018) 28,722 19,903 59,884 79.787 Reconciliation of funds Total funds brought foThvard 288,149 93.108 381,257 268,246 33.224 301.470 Total funds carried foThvard 330,889 79.090 409,979 288,149 93,108 381,257 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 22 to 32 form part of these accounts. 17
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2025 STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) OF THE CHARITY ALONE FOR THE YEAR ENDED 31 MARCH 2025 2025 Notes Unrestricted Restricted Funds Funds 2024 Unrestricted Restricted Funds Funds Total Total Income and endowments from: Donations and legacies Charitable Activities Investment Income 68.607 274,166 4,093 68.607 181,762 455,928 4,093 21,271 292,712 21,271 256,463 549,175 Totsl 346.866 181.762 528.628 313,983 256,463 570,446 Expenditure on: Charitable Activities 304.126 195,780 499,906 294,080 196,579 490,659 Total 304,126 195.780 499,906 294,080 196,579 490,659 Net Incomel(Outgoing) 42,740 (14,018) 28,722 19,903 59,884 79,787 Transfers Net movement in funds 42,740 (14,018) 28,722 19,903 59,884 79,787 Reconciliation of funds Total funds brought forward 288,149 93,108 381,257 268,246 33,224 301,470 Total funds carried forward 330,889 79,090 409,979 288,149 93,108 381,257 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 22 to 32 form part of these accounts. 18
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONSOLIDATED BALANCE SHEET ASA T 31 MARCH 2025 Notes 2025 2024 Fixed assets Tangible assets 351 Current assets Debtors Cash at bank and in hand 10 26,876 514,384 541,260 76,257 363,803 440,060 Creditors: amounts falling due within one year {131,281) {59.1541 Net current assets 409,979 380,906 Total assets less current liabilities 409,979 381,257 Funds Restricted funds Unrestricted Funds- General Unrestricted Funds- Designated 12 13 13 79,090 331,707 (818) 93,108 288,389 (240) Total funds 409,979 381,257 These financial statements have been prepared in accordan with the provisions applicable to small ompanies. The financial statements were approved by the directors on 2211012025. MrDeclan Cunnane Trustee Date: 2211012025 V(wr. a L Mrs Jaclnta Llnden Trustee Date: 2211012025 Company registration number N1037439 The notes on pages 22 to 32 form part of these accounts. 19
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CHARITY BALANCE SHEEr ASA T 31 MARCH 2025 Notes 2025 2024 Fixed assets Tangible assets 351 Current assets Debtors Cash at bank and in hand 10 138,397 392,227 530,624 164,328 268,283 432,911 Creditors: amounts falling due within one year {120,645) (51,7051 Net current assets 409,979 380,906 Total assets less current liabilities 409,979 381,257 Funds Reslricted funds Unrestricted Funds- General Unrestricted Funds- Designated 12 13 13 79,090 331,707 (818) 93,108 288,389 (240) Total funds 409,979 381,257 These financial statements have been prepared in accordan with the provisions applicable to small ompanies. The financial statements were approved by the directors on 2211012025. MrDeclan Cunnane Trustee Date: 2211012025 V(wr. a L Mrs Jaclnta Llnden Trustee Date: 2211012025 Company registration number N1037439 The notes on pages 22 to 32 form part of these accounts. 20
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 CONSOLIDATED STATEMENT OF CASH FLOWS 2025 2024 Notes Cash flows from operating activities Cash generated from operations 17 Investing activities Purchase of tangible fixed assets Net cash (used in)Igenerated from investing activities Net cash used in finanGing activities Net increasel{decrease) in cash and cash equivalents 150.581 25,043 Cash and cash equivalents of beginning of year 363 803 338 760 Cash and cash equivalents at end of year 14 Relating to: Bank balances and short temi deFX)sits 21
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS ACCOUNTING POLICIES (a) Accounting convention These financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards, 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 Act 2006. The principal accounting policies. judgments and key sources of estimation uncertainty are set out below. The directors consider that these accounting policies are suitable. have been consistently applied and are supported by reasonable and prudentjudgement and estimates. Group financial statements These financial statements consolidate the results of the Charity and the trading company C03 Enterprises Ltd on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Accounts for the Charity alone has been presented on page 18. (b) Preparation of accounts on a going concern basis The trustees have prepared budgets and cash flows for a period of at least twelve months from the date of the approval of the financial statements. Having considered the circumstances, the trustees consider it appropriate to prepare the financial statements on a going concern basis. Accordingly, these financial ststements do not include any adjustments to the carrying 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 is entitled to receipt and the 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 specified that the income is to be expended in a future pericmj. Grants, including capital grants, from the govemment and other agencies have been included as income from activities in furtherance ofthe 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 orwith greaterfreedom of use. forexample, government block grants. Donated facilities are included at the value to the charity where this can be quantified and a third party is bearing the cost. No amounts are included in the financial ststements for services donated by volunteers. (d) Expenditure Expenditure is included in the Statement of Financial Activities on an accruals basis, exclusive of any VAT which can be recovered. Certain expenditure is directly attributsble to spectfic activities and has been included in those cost categories. Certain other costs. which are attributable to more than one activity. are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activities. 22
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS (CONTINUED) (e) Depreciation of Fixed assets Tangible fixed assets are initially valued at cost to acquire or construcl, including costs directly attributable to bringing the asset into working condition for its intended use, and net of any VAT recoverable. At each balance sheet date, the carrying amounts of tangible assets are reviewed to detem)ine whether there is an indication that those assets have suffered an impaimient loss. Where the carrying value exceeds the estimated recoverable amount (being the greater of fair value less costs to sell and value-in-use), an impairment loss is recognised by writing down the assets cash-generating units to their recoverable amount. An impaimient loss is recognised immediately in the profit and loss. Any reversal of a previous impairment loss is similarfy recognised immediately in the profit and loss. Depreciation on the assets of the company is provided on the cost of 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- Fixiures, frtlings and equipment 3 years straight line (fj Impairnient of fixed assets At each reporting end date, the group and the parent charitsble company review the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). Where it is not possible to estimate the recoverable amount of an individual asset, the group and the parent charitable company estimate the recoverable amount of the cash-generating unit to which the asset belongs. Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impaimient annually. and whenever there is an indication that the asset may be impaired. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows 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 specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carying amount. the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed rf. and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exed the carrying amount that would have been determined had no impaimient loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried in at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. 23
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS (CONTINUED) (g) Cash and cash equivalents Cash and cash equivalents indude cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less. (h) Pension Scheme The company provides a defined contribution pension scheme. the assets of which are held separately from those ofthe company in an independently administered fund. Contributions to this scheme are charged to the profit and loss account as they become payable. (l) Fund accountlng Funds held by the charity are either= Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. Designated funds these are fvnds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Restricted funds these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when the funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ti) Financial assets The group and the parent charitable company have elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 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 charitable company's statement of financial position when the group and the parent charitsble company become party to the contractual provisions of the instrument. Financial assets are classified into specified categories. The classification depends on the nature and purpose of the financial assets and is determined at the time of recognition. Basic financial assets. which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless Ihe arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Other financial assets classified as fair value through profit or loss are measured at fair value. Loans and receivables Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as 'loans and receivables,. Loans and receivables are measured at amortised cost using the effective interest method, less any impaimient. 24
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS (CONTINUED) Interest is recognised by applying the effective interest rate, except for short-tenn receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carying amount on initial recognition. Impairment of financialassets Financial assets. other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss. Derecognition of financial assets Financial assets are derecognised only vthen the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity- (k) Financial liabilities Basic financial liabilities are initially measured at transaction price, 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 profit or loss are measured at fair value. Otherfinancial liabilities Other financial liabilities are initially measured at fair value, net of transaction costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated fvture cash payments through the expected lrfe of the financial liability to the net carrying amount on initial recognition. Derecognition of finanalI1abIlitS Financial liabilities are derecognised when. and onlywhen, the group s and parent charitable company s obligations are discharged. cancelled. or they expire. (l) Taxation As a registered charity. C03 Chief Officers Third Sector is not liable to either Income Tax or Corporation Tax. (ml Critical accounting estimates and judgements In the application of the group's and parent charitable company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sou[s. 25
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS (CONTINUED) The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimates are recognised in the period 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 revision affects both current and future periods. The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below. Tangible fixed assets Tangible assets are depreciated over their useful lives taking into account residual values where appropriate. The actual lives of the assets are assessed annually and may vary depending on a number of factors. In reassessing asset lives factors such as maintenance programmes are taken into account. Residual value assessments consider issues such as the remaining live of the asset and the estimated value in use. DONATIONS AND LEGACIES Group 2025 Company 2025 2024 2024 Unrestricted Donations 68,607 68,607 21,271 21,271 INCOME FROM OTHER TRADING ACTIVITIES Group 2025 Company 2025 2024 2024 Unrestricted Recruitment Services Income VAT FRS Benefrt 150,146 7,285 157.431 105,909 3,809 109.718 26
C03 CHIEF OFFICERS THIRD SECTOR IA COMPANY LIMITED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS (CONTINUED) INCOME FROM CHARITABLE ACTivrriES 2025 Unrestricted Restricted Funds Funds 2024 Unrestricted Restricted Funds Funds TOL91 Totsl Membership Income Income from Events Other 54,654 175,221 37,291 54,654 175,221 37,291 98,774 179,422 8,516 98,774 179,422 8,516 performan Related Grants.. DSD- VCU - Regional Infrastructure Support Programme Halifax Foundation NIHC SIG National Lottery Dormant Dormant- ATR UGV Ltd Other 35.679 9.043 59,087 35.679 9.043 59,087 32.018 32.018 67,850 67,850 99,845 99,845 47,500 47,500 30,CM)O 32,203 15.750 30,000 32,203 15,750 7,000 7,000 274,166 181,762 455,928 9,250 9,250 6,000 256,463 549,175 6,000 292,712 STAFF COSTS AND NUMBERS Group 2025 Company 2025 2024 2024 Wages and salaries Social security costs Other pension costs 274.533 31.936 27.825 334,294 259,016 223,961 20,188 26,498 16.408 23.154 295,612 273,613 206,636 14,501 12,170 233,307 The average number of persons employed by the company {excluding Diredors) during the year was as follows.. Group 2025 Company 2025 2024 2024 Charitable activities There was one employees whose annual remuneration was £70.000 or more (2024.. 1) The total amount of employee benefits received by key management personnel in the period was £75,302 {2024'. £78,725). The key management personnel of the Company comprises 1 member of staff12024'. 1),. the CEO. 27
C03 CHIEF OFFICERSTHIRDSECTOR IA COMPANY LIMrrED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS (CONTINUED) EXPENDITURE Analysis of resources expended 2025 2024 Member Development and Events Miscellaneous 145.289 432 145.721 167,982 75 168,057 Share of support costs (see breakdown below) 338,603 300,236 Share of govemance costs (see breakdown below) 15.582 22,366 Other Trading Activities 88.824 588.730 88,447 579 106 Analysis by fund Unrestricted funds Restricted funds 392,950 195.780 588,730 382,527 196,579 579,106 Analysis of support & governance costs 2025 2024 Staff Costs DepreatIOn Rent Insurance Telephone Bank Charges Web and IT Costs and Subscriptions. Sundry Costs Equipment Hire Postage, Printing and Stationery Associate Membership Fees Recruitment costs Governance cost 273.613 351 24,345 1,081 1.949 1,298 13,050 6.006 233,307 524 26.542 2,119 2,403 1,061 12,715 5,749 3.798 1.952 11,160 15,582 4,092 2,578 8,640 22.366 354,185 322,602 28
C03 CHIEF OFFICERSTHIRDSECTOR IA COMPANY LIMrrED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS (CONTINUED) NET INCOMING RESOURCES FOR THE YEAR This is stated after charging 2025 2024 Depreciation 351 524 Auditors remuneration INCOME FROM TRADING ACTIVITIES C03 Chief Officers Third Sector is the sole member of C03 Enterprises Ltd (company number N1652430). The summary financial perfomiance of the subsidiary alone is: 2025 2024 Turnover Expenditure Net Profitl{Loss} 157.431 157431 109,718 109 718 TANGIBLE FIXED ASSETS Group and Company Fixtures and fittings Cost Al 1 April 2024 Additions 14,781 At 31 March 2025 14,781 Depreciation and impaim)ent At 1 April 2024 Depreciation charged in the year At 31 March 2025 14,430 351 14,781 Carrying amount At 31 March 2025 At 31 March 2024 351 29
C03 CHIEF OFFICERSTHIRDSECTOR IA COMPANY LIMrrED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS (CONTINUED) 10 DEBTORS Group 2025 Company 2025 2024 2024 Trade debtors Amounts owed by subsidiary undertaking Prepayments and accrued income 26,876 66,270 3,248 47,324 135,149 107,017 9,987 9,987 Amounts owed by subsidiary undertaking are unsecured, interest free, have no fixed date of repayment and are repayable on demand. 11 CREDITORS: amounts falling due within one year Group 2025 Charitable Company 2025 2024 2024 Deferred income Trade creditors Other creditors Accruals 53,221 47,993 9,636 20,431 131281 27.125 3,469 9,802 18.758 53,221 44,896 2,097 20,431 120 645 27,125 2,994 2,828 18.758 12 RESTRICTED FUNDS OF THE CHARITY The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. Balance at Movement in Resources 1 April Incoming Outgoing 2024 Transferof Balan at Funds 31 March 2025 NIHC SIG Halifax Donnant- ATR Dormant UGV Ltd RISP National Lottery Community Fund 59.087 (13.302) (19,7351 (2,976) (5,258) (43.276) (19.7551 (35,679) (55,799) 45,785 19,735 9,043 32,203 30.000 15.750 35.679 6,067 26,945 293 13.569 4.005 55,799 Total funds 93.108 181,762 {195,780) 79,090 30
C03 CHIEF OFFICERSTHIRDSECTOR IA COMPANY LIMrrED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS (CONTINUED) 13 UNRESTRICTED FUNDS OF THE CHARITY The unrestricted funds of the charity comprise the unexpended balances ofdonations and grants which are not subject lo specrfic conditions 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 Incoming Outgoing 2024 Transfer of Balance at Funds 31 March 2025 Unrestricted Funds General Unrestricted Funds Educational Ringfencing 288,389 (240) 260,469 175,221 (217,151) {175,799) 331,707 (818) Total funds 288,149 435.690 (392,950) 330,889 14 ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Fixed Assets Other Net Assets Total Restricted funds 79,090 79,090 Unrestricted funds 330 889 330 889 409 979 409 979 15 RELATED PARTIES Included in debtors as at 31 March 2025 is a balance of £135.149 {2024: £107.017) in respect of monies owed from C03 Enterprises Ltd. C03 Chief OfFicers Third Sector is the sole member of C03 Enterprises Ltd. 16 EVENTS AFTER THE REPORTING DATE There have been no material events, oCCu1ng after the reporting dale that require adjustments to or disclosure in the financial statements. 31
C03 CHIEF OFFICERSTHIRDSECTOR IA COMPANY LIMrrED BY GUARANTEEI FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE ACCOUNTS (CONTINUED) 17 RECONCILIATION OF OPERATING SURPLUS TO NET CASH FLOW FROM OPERATING ACTIVITIES 2025 2024 Net incoming resources for the year Depreaation 28,722 79,787 351 524 Increasel(decrease) in creditors 72,127 {32,5271 {22,7411 25,043 Decreasel(increase) in debtors 49,381 Net cash Inflowl{oufflow) from operating activltles 150,581 32