WOMEN IN BUSINESS NI LTD (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 MARCH 2023 CONTENTS PAGE Goneral Inforniatlon Trusto•8' Report Audltors. Roport stat•ment of Flnanclal Actlvitles 12-13 Balance Shoot 14-15 8tat•ment of Cash Flows Notes to tho Accounts 17-27 Company reglstratlon number N1054763 WOMEN IN BUSINESS NI LTD (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS E YEAR ENDED 31 MARCH 2023 FORT GENERAL INFORMATION DIRECTORS Anne Clydesdale Paula Leathem Keith Llppert Mairead Mackle John Mccully Andrea Mcllroy-Rose Jons Mlnne Angela Moore Nichola Robinson Slr David Sterllng SEc￿ARy AND REGISTERED OFFICE R08eann Kelly Arlhur House 41 Arthur Straet Belfast Northern Ireland BT14G8 AUDITORS Harblnson Mulholland Centrepoint 24 Omieau Avenue Belfast BT2 8HS BANKERS Danske Bank Donegall Square West Belfast BT16JS COMPANY REGISTRATION NUMBER N1054763 DATE OF INCORPORATION 2 August 2002 Charlty Reglstratlon Numb•r NIC103815 WOMEN IN BUSINESS NI LTD (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS YEAR ENDED 31 CH 2023 FOR TH TRUSTEES, REPORT Th8 Trustees present their annual report together with the audited financial statemgnts of the Women in Business Nl Ltd for the 1 Aprll 2022 to 31 March 2023. The Annual r8POrt serves th8 purposes of both a Trustees, report and a directors, r8POrt under company law. The Trustees contlrm that the Annual report and financlal statements of the charitable company comply with the current statutory requlrements, the requirements of the charitable company's governing document and the provisions of the Ststement of Recornmended Practice (SORP) applicable to charitles preparing their accounts in accordance with the Financial Raporting Standard applicable in th8 UK and Republic of Ireland (FRS102) (effectNe 1 January 2015) as amended by Update Bulletins 1 and 2. Slnc8 the company qualifies as small under section 382 of the Companies Act 2006, the Strateglc report required of medium and large companies under the Companles Act 2008 (strategic Report and Dlrectors, Report) Regulatlons 2013 has been omitted. Th8S8 financlal stateménts consolldate the r8sults of the Charlty and the tradlng company Dlverslty Mark Nl Ltd on a Ilne-by-line basis. The group was formed on 16th March 2021. A separate Statement of Flnancial Actlvltl8s and Income and Expenditure Accounts for the Charlty alone has been presented on page 13. Ob ectlves and actlvltles a. Pollcles and objectlvgs The CoMpan￿S pollci8s and obj8Ctlves ar8 the promotion of equality and dlversity In North8m Ireland by supportlng and encouraging women, Insofar as is exclusively charitable, to reach thelr full potentlal in business and thereby deliver a better economy and society In North8m Ireland. b. Stratogles for achleving objoctlvos All of the tharfty's actlvltles ar8 for the empow8rment of women and th8 advancement of dlverslty and Incluslon, and wlll therefore impact positlvely on the economy of Northem Ireland. . Actlvltlos undertakon to achleve objectlves The WIB Netsvork delivered ov8r 75 events wlth 4316 women engaged durlng th8 year. Thls Included an All Island Female Entrepreneurs Conference, a L8adershlp Conf8rence, a Women in Tech Conference and two Awards and a Chalrs lunch. 12 programmes were delivored 3 tlmes during the year includlng Yes You Can Female Enterprlse Support Programme and the Women Retum8rs Programme Press Refresh funded by the Dept of th6 Economy and dellvared In Partnarshlp wlth Belfasl Met. d. Maln actlvltlg8 undertaken to furth•r the compan￿8 purpose$ for tho publlG boneflt The V¥qB membership growth, events schedule and programmes delivered. in partlcular the Yes You Can Programme, and Press R8fresh. Diversty Mark Nl's continued grovrth, with new slgnatories and accessors and the launch of a new business unit Tlmely Careers for Women retumers in Jan 23 were the main activilies in achieving the obj8Ctives and futhering the charity's purposes for th8 public benefft. WOMEN IN BUSINESS NI LTD (A COMPAPfl UMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR NDEO 31 MARCH 2023 TRUSTEES, REPORT {CONT'D) Achlevements and erfomiance a. Maln achievements of the company WIBNI Ltd: Grew membership by 975 to 7515 New website launched Launched a Timely Careers - 540 vrfomen returners registered and delivered 4 events with 74 delegates. Delivered a full schedule of evants, conferences, and programmes DMNI Ltd Grew sSgnatories to 35 Increased accessor panel to 12 Awarded first gold accreditatkon Delivered 6 industry events b. Revlew of activltlos WIBNI are p18ased with the p8rformanc8 of tha charity during the year. Company objactlves were dellvered and the charfty is in a 80und financial positSon at th8 year and. ¢. Factorn rolevant to achlevo objectlves The Charity has 3 key 8Ctlvities focused on the delivery of objectives., membership events, conferences and programm8s, Tlmely Careers women returners support and Diversity accredltatlon. d. Fundralslng actlvitlos and Incomo generatlon The Charlty dld not fundrai88, Income generation is malnly through membership fees, events proffts, sponsorships and Diversity Mark signatory fees. e. Invastm•nt poll¢y and perfomiance The Charfty currently hold no investments, any cash held is used for activitles and cash flow throughout the year. Flnanclal revl . Golng concem After making appropriate enqulries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the flnandal statements. Further detalls regard5ng the adopuon of th8 going concem basls can b8 found In the accountlng pollci88. WOMEN IN BUSINESS NI LTD (A COMPANY UMITED BY GUARANTEE) FINANCIAL STATEMENTS ENDED 31 H 2023 FOR THE TRUSTEES. REPORT (CONT'D) b. Reserves pollcy The total reserves of the charity as at 31 March 2023 were £249.968. It is the policy of the charity that unrestricted reserves which have not been designated for a particular purpose should be maintslned at a level to ensure that in the event of a significant drop in funding, it will b8 able to continue the charity's current activities for a period of between three to six months, while consideration is given to ways in which additional funds may be raised. Matsrlal Investments poIIcy The Charity do not hold any Investments. d. Princlpal rl8ks and unc•rtalntlo8 Th8 Charty has dev8loped a draft risk reglster for rev1￿ and approval wtth th8 board. •. Flnanclal risk managgm•nt obJ8ctlve• and pollcles The Charity has developed a draft risk register as noted above. f. Prlnclpal fundlng The charlty is fund8d through M8mbership fees, events profits, sponsorship and signatory fees. structure ovemance and mana erne . Constitutlon Women in Business Nl Ltd Is registered a8 a charitable company Ilmited by guarantee and vrds set up by a Memorandum of Assoclation. The company is constituted under a Memorandum of Assoclatlon dated 1210412005 and 18 registered charity (NIC103815) and a company {N1054763). The nam8 of the charity is Women In Business Nl Ltd and the address of the prlnclpal office and registered offlc8 Is located at Arthur House. 41 Arthur Street, Belfast, BT14GB. The names of the trustses durfng the perfod wero as follows: Anne Clydesdale Paula Leathem Keith Lippert Mairead Mackle John Mccully Andrea Mcllroy-Rose Jons Mlnne Angela Moor8 Nichola Robinson, Chalr Sir Davld Sterling WOMEN IN BUSINESS NI LTD {A COMPANY LIMrrED BY GUAPANTEE) FINANCIAL STATEMENTS FOR THE EAR ENDED 3 MARCH 2023 TRUSTEES, REPORT {CONT'D) The principal object of the company is to create a more equal and diverse community in Northem Ireland and thereby deliver a better economy and society In Northem Ireland by supporting and encouraging women insofar as Is exclusively charitable to reach their full potential in buslness. b. Method8 of appointment or alection of Trustses The management of the company is the rasponsibility of the Trusteas who are elactad and co-optad under th8 ienns of the Memorandum of Association. Trustees are chosen to maximise the breadth of experience and knowledge of the Board as a whole. c. Organlsatlonal structure and decl8ion4naklng pollcles WIBNI is l)oth a charity and a company limited by guarantee and is govemed by its memorandum and artlcles of assoclation. The recruitment of elected and co-opted trustees is conducted by the Board of Dlrectors. Directors are re-e18Cted at the Annual General Meetlng. The Board of Dlrector8 meets quarterly to over8ee the management of the charity. The Board of Directors employs a Chief Executive who bs responsible for the day-to-day management of the charty. The Directors have a Strateglc Plan In plac8 for 2018-2023. Pollcles and procedur8s are revlew8d on an on-golng basls. d. Pollcies adopted for tho induction and tralning of TrusteOS The charlty r8cognises that a h8althy tumov8r of board mernbers ensures that fresh and independent thlnking Is available and strengthens the corporate govemance of the organlsation. The charity has new directorltrustee recruitment & induction process policy outlined In our govemance manual for tlmelines for recruitment to our board. The policy is currently under review. •. Pay pollGy for koy managomont personnel A sub committee will review the pay and remuneration of staff mambers on an annual basis taking into account avallable resourcing and levels of remuneration In other charitable organisatlons. f. R•latsd paty rnlatlonshlps The tharlty does not have a formal pollcy in place. However. all Trustees are required to declaro any related party relationships they have at the board meeting. g. Flnanclal rlsk management The Trustee5 have assessed the major rlsks to which the company Is expos6d. In partlcular those related to the operations and finances of the conipany. and are sat15fied that systems and procedures are in place to mitigate exposure to the major risks. WOMEN IN BUSINESS NI LTD (A COMPANY UMITED BY GUARAKfEE) FINANCIAL STATEMENTS FOR THE YÉAR ENnFD 21 MNRC 2023 TRUSTEES. REPORT (CONT'D) Plans for future perlods Women In Business Nl Ltd plan trj continue with the current activities to achieve the stated aims and objectsvas. Th8 further plans of th8 Charity will b8 reviewed at the Strat8gic Plan review which is ongoing. In April 2023. a r8solution was passed to merge Dlversity Mark (Nl) Ltd and Women in Business Nl Ltd. Diversity Mark (Nl) Ltd will remaln a domiant company. Funds held as custodlan There are no funds held as custodian. ststement of Tru8ta88' respon8lbllitleB The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Klngdom Accounting Standards (Unit8d Kingdom G8n8rally Accept8d AGGountlng PraGtlcè). Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statement5 unless they are satisfied that they give a true and faSr view of the state of affairs of the company and of its incoming resources and appllcation of resources, includlng its income and expenditure, for that period. In preparing these financlal statements, the Trustees are requlred to: select 8Uitabl8 accounting policies and then apply them consistently., obseNe th8 methods and prfndples of the Charities SORP (FRS 102): make judgements and accounting estimates that are reasonable and prudent; state whethar applicable UK Accountlng Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial 8tatsments', prepar8 the financlal statements on th8 going conc8m basis unless It Is inappropriata to presume that the company will continue in business. The Trustees are responslbl8 for keeplng adequate accountlng records that are SLrfficlent to show and explaln the company's transactlons and disclose viith reasonable accuracy at any tlme the financial position of the company and enable them lo ensure that the fjnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the cornpany and hence for taking reasonable steps for the prevention and detection af fraud and other IrregularitSes. Dlsclosurn of inforniatlon to audltors Each of the persons who are Trustees at the time when this Trustees, report is approved has confirmed that: so far as that Trustee is aware, thera is no r6levant audit infomiation of which the charity's auditors are unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any re￿vant audit inft)rmation and to estsbllsh that the tharivs auditors are aware of that infomiation. WOMEN IN BUSINESS NI LTD {A COMPANY UMITED BY GUARANTEE) FINANCIAL STATEMENTS FnR TMF YFAR FNnED IAARf.H ?n?? TRUSTEES, REPORT {CONT'D) Auditors The auditors. Harblnson Mulholland, have Indicated their willingness to continue in offlce. The designated Truste8s wlll propose a motion reappointing th8 auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees on and sign8d on their behalf by: CWL John Stephen Mccully Trustee Date WOMEN IN BUSINESS NI LTD (A COMPANY UMITED BY GUARANTEE} FINANCIAL STATEMENrs TH_E YEAR ENnFn il UARf:H 2021 FO INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WOMEN IN BUSINESS NI LTD Opinion We have audited the financlal statements of Women in Business Nl Ltd (th8 'charity') and its subsidiary (the 'group') for the year ended 31 March 2023 which comprise the group statement of financlal activltles, the group balance sheet. the group statement of cash flows and the notes to the financlal statements. including slgnificant accounting policles. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of th8 State of the group's and the parent charitable company's affairs as at 31 March 2023 and of its incoming resources and resources expended in the period then ended; have been properly prepared In accordance with United Kingdom Generally Accepted Accounting Practice: and hav8 been prepared in accordance with the requlrements of the Compani8s Act 2006 Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and appllcable law. Our responsibilities under th088 Standards are further described In the Auditorfs responsibilities for the audit of the accounts section of our report. We are Independent of the company in accordance with the ethlcal requirements that ar8 relevant to our audit of the accounts in th8 UK, Including th8 FRC'S Ethlcal Standard. and we have fulfilled our other 8thlcal responsiblllties In accordance wlth these requir8ments. We believe that the audit evidence we have obtalned is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the Trustees, use of th8 golng concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collactlvely, may cast significant doubt on the charity's abS1ty to continue as a going concern for a period of atleast twelve months from whon the financial statements are authorised for Issue. Our responslbllitles and the responslbillties of the Trustees wlth respect to golng concem are dascrlbed in the relevant sections of this r8POrt. other Infomiatlon The other information comprises the Information induded in the annual report other than the financial statements and our aud¢tor's report thereon. The Trustees are responsible for the other Information contalned within the annual r8POrt. Our opinlon on the financial statements does not COV8r the other infomiation and we do not express any form of assurance concluslon ther80n. Our responsibilty Is to read the other information and, in doing so, consider whether the other information is materially inconslstent with the financlal statements or our knowledge obtalned in the course of the audll. or otherwise appears to be materially misstated. If we identify such materfal inconslstencles or apparent materlal mlsstatements. We are requlred to detemilne whether thls glves rls8 to a material mis5tstement in the financial statements themselve5. If. based on the work we have performed. we conclude Ihat there is a material mi55tatement of this other information. we are required to report that fact. We have nothing to report in thls regard. WOMEN IN BUSINESS NI LTD (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR ENDED 21 MARCH 2023 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF WOMEN IN BUSINESS NI LTD (CONTINUED) Oplnlons on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit: the information given In the Directors. Report. which Indudes the Dir8Ctors' Report and the Strategic Report prepared for the purposes of company law, for the financial year for whlch the accounts are prepared is consistent with the accounts: and the directors, r8POrt included within the Trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception We have nothing to réport In respect of the following matters In relation to which the Charltles (Accounts and Reports) Regulations 2008 require us to report to you rf, In ouropinion: the information glven in the financial statements is inconsistent in any material respect with the Trustees, report. or sufficient accounting records have not b8en kept. or certain disclosures of trustees, remuneration specified by law are not made; or wa have not re￿IVed all the Infonnatlon and explanations w6 require for our audit. R•sponslbllltlos of dlrectors AS explained mor8 fully in the Statem8nt of DSrectors' responslblllties, the Directors. who are also the dlrectors of the charity for the purpose of company law, are responsible for the preparatlon of Ihe financial statements and for being satisfied that they give a true and fair view, and for such Internal control as the D1￿CtOrS d8temiine Is necessary to enable the preparation of financlal statements that are free from material misststement. whether du8 to fraud or error. In preparing the financial statements, the Directors are re8ponsible for assessing the charity'8 ability to continue as a going concern, disclosing, as applicable. matt8rs related to going concem and using the going ￿ncern basis of accountlng unless th8 Dlrectors 81th8r intend to Ilquldate th8 charttabl8 company or to cease operations, or hav8 no reallstlc alternative but to do so. Audltorfs responslbllltlos for the audlt of the financlal statements Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement. whether due to fraud or error, and to issue an auditorfs report that Indudes our oplnion. Reasonable assur8nGe is a high level of assurance but 18 not a guarantee that an audit conducted In accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered materfal if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on th8 basis of these flnancial statern8rrts. Our approach to identrfying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectlvely had the appropriate compet8nce, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations: we identified the laws and regulations applicable to the company through discussions with directors andlor senior management, and from our commerdal knowledge and experience of th8 sector. We focused on speciflc laws and regulatlons whlch we consider8d may have a dir8Ct material effect on the flnancial statsments or the operations of the company. Including Companles Act 2006. taxation legislatlon, data protectlon. anti-bribery. empk)yment. envlronmental and heamh and safety legislation we a55e5sed th8 extent of compliance With the laws and regulations identified above through making enquiries of management and inspecting legal co￿eSpOndence. and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 10 WOMEN IN BUSINESS NI LTD IA COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS THE YEAR ÉD31 CH FO INDEPENDENT AUDITORS, REPORTTO THE MEMBERS OF WOMEN IN BUSINESS NI LTD (CONTINUED) We assessed the susceptiblllty of the company's finandal statements to material misstaternent, Including obtalnlng an understanding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptlbility to fraud. their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the rlsk of fraud through management bias and override of controls, we: perfomied analytiGal procedures to identify any unusual or unexpected relationships. tested journal entries to identify unusual transactions: assessed whetherludgements and assumptions made In detemilning the accounting estlmates set OLrt in Note 2 were indlcative of potentSal bias: and Investigated the rationale behind signlficant or unusual transactions. In response to the rlsk of Irregularltles and non-compllance wlth laws and regulatlon8, we deslgned procedures which included. but were not limited to: agreeing financial statement disclosures to underlying supporting documentation; reading the minutes of meetings of those charged with governanc8', enquiring of management as to actual and potential litigation and claims: and reviewing correspondence with HMRC and the company's legal advisors. There are inh8rent limitstions In our audit procedures d8SCTlbed above. The more removed that lav and regulations are from financlal transactlons, tha less1Sk8ly it is that we would becom8 aware of non- compllance. Audlting standards also Ilmit the audit procedures requlred to Identify non-compllance with laws and regulations to enquiry of the dlrectors and other management and the inspection of regulatory and legal correspondence, if any. Material mlsststements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. Uso of our rnport Thi8 report is made solely to the charitable company's member8, a8 a body. in accordance with Chapter 3 of Part 16 of th8 Companies Act 2006. Our audit work has been undertaken so that W8 might state to th8 parent charitabl8 company's members thos8 mattars we ar8 r8qulred to state to them in an audltofs report and for no other purpos8. To the fullest extent perm1tt8d by law, w8 do not accept or assume responslbility to anyon8 Other than the cornpany and the charitable GoMpan￿8 m8mbars as 8 body. for our audlt work, for this report, or for the oplnlons we havg formed. Angela raigan FCA (Senior Statutory Auditor) For and on behalf of Harbinson Mulholland. Chartered Accountants and Statutory Auditors Centrepoint 24 Omieau Avenue Belfast BT2 8HS Date ..w..l.ia.l.13 Harbinson Mulholland is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of sectlon 1212 of the Companies Act 2006. WOMEN IN BUSINESS NI LTD (A COMPANY LIMITED BY GUARAprrEE) FINANCIAL STATEMENTS EARENDED 31 CH 2023 FORT CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023 2023 Not8s Unrestrtd8d Restricted Funds Funds 2022 Unr8Stricted Restrict8d Funds Funds Total Totsl Income and ondowments from: Charitable actlvities Investments Other incom8 other tradlng actlvltles 907,452 907,452 388.227 186 129.944 52.000 149,811 538,038 186 129,944 52,000 146,136 146.136 Total 1,053,588 1,053,588 570,357 149,811 720,168 Expendltura on: Charitable actlvlties Commercial trading activltle8 1,090,710 1.090.710 528.412 21.670 214,192 742,604 21,870 Totsl 1,090,710 1,090,710 550,082 214,192 764,274 Net Incomel(Outgolng) (37,122) (37,122) 20.275 (64,381) (44,106) Transfers Net movement In funds (37,122) (37,122) 20,275 (64,381) (44,106) Roconclllatlon of lunds Total funds brought forward 234,624 234.624 214,349 64,381 278,730 Total funds ¢arrl•d forward 197,502 197,502 234,624 234,624 The statement of financial actrrfities includes all gains and losses recognised in the year. All income and expendlture derive from continuing activitles. The notss on pages 17 to 27 form part of these accounts. 12 WOMEN IN BUSINESS NI LTD (A COMPANY UMITED BY GUAIW4TEE} FINANCIAL STATEMENTS R THEYEAR 31 MARCH 20 STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) OF THE CHARITY ALONE FOR ThIE YEAR ENDED 31 MARCH 2023 2023 Notes Unrestricted Restricted Funds Funds 2022 Unrestrlcted Restrfcted Funds Funds Total Total Income and endowments from: Charitable activitie8 Investments Other Income Other trading actlvitios 877,317 877,317 487,815 186 78,322 149,811 637,626 146,136 146,136 78,322 Total 1,023,453 1,023,453 566.323 149.811 716,134 Expendlturo on: Charltable actlvities Commercial trading activitles 1,025,745 1,025,745 528,412 214,192 742,604 Total 1,025.745 1,025,745 528,412 214,192 742.604 Not Incomel(Outgolng) (2,292) (2,292) 37.911 (64.381) (26,470) Transfer• Net movement In funds (2,292) (2,292) 37,911 (64,381) {26,470) Reconclllation ol fundg Total funds brought forward 252,260 252,260 214,349 64.381 278.730 Total funds carrled forward 249,968 249,968 252,260 252,260 The statement of financlal activttles Includes all galns and losses recognised in the year. All income and expenditu￿ derive from contlnuing activities. The notes on pages 17 to 27 form part of Ih8se accounts. 13 WOMEN IN BUSINESS NI LTD (A COMPANY LIMrrED BY GUARANTEE) FINANCIAL STATEMENTS HE YEAR END 31 MARCH 2023 FOR CONSOLIDATED BALANCE SHEET ASAT31 MARCH 2023 Notes 2023 2022 Flxed assets Tangible assets 36.795 43,580 Currnnt assats Debtors Cash at bank and In hand 10 247.415 301461 548,876 186.568 383,818 570,388 Cr•dltors: amounts falllng due wlthln on• y•ar 11 388 169 379 342 N•t curront a55•ts 160 707 Total a$sets1oss current Ilabllltle8 197,502 234,624 Crodltor• . amounts falllng due after more than one year 197 502 Funds Unrestricted funds Restricted funds 12 197,502 234,624 Total funds 197 502 These financial statements have been prepared In accordanc8 With the provisions ap Gompania8. Th8 financAal stat8m8nts ware approved by the directors on .LQ.' i .i.:24 Ilcabl8 to small John St•ph•n Mccully Trustee 20 2o IJ Th8 notes on pag8s 17 to 27 form part of these accounts. Company reglstratlon number N1054763 14 WOMEN IN BUSINESS NI LTD {A COMPANY UMITED BY GUARAprfEEI FINANCIAL STATEMENTS FOR THEYEAR ENDE ARCH 20 CHARITY BALANCE SHEET ASAT31 MARCH 2023 Notes 2023 2022 Flxed assets Tangible assets 30.262 42.647 CuThent assots Debtors Cash at bank and In hand 10 234,955 267,979 502,934 161.664 352 663 514,327 Cr•dltors: amounts falllng due wlthln on• y•ar 11 283 228 304 714 N•t current assets 219 706 Total assats less curront Ilabllltles 249.968 252.260 Crodltor• . arnounts falllng due after mor8 than one year 249 968 252 260 Funds Unrestricted funds Rastrlcted funds 12 249,968 252,260 Total funds 249,968 252.260 These financial ststements have been prepared In accordance wlth th8 provisions appllcable to small companias. The financial stat8m8nts were approved by the directors on .LQ.'.Il.. 23 Stephen Mcculiy Trusts• Th8 notes on pag8s 17 to 27 form part of these accounts. Company reglstratlon number N1054763 15 WOMEN IN BUSINESS NI LTD (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS THE YEAR END D 31 MARCH 2023 CONSOLIDATED STATEMENT OF CASH FLOWS 2023 2022 Not8S Cash flow8 from operatlng activities Cash generated from OP8rations 17 Investing activltles Purchase of tangibla fixed assets Not cash {u80d In)Igen•ratod from Invosting actlvltlej N•t cash us8d In flnanclng actlvltles Net Increasel(decreaso) In cash and cash equlvalents {82,357) (32,467) Cash and cash equivalents of beginning of year 383 416 285 Cash and cash oqulvalonts at end of year Relatlng to: Bank balances and short term deposits 16 WOMEN IN BUSINESS NI LTD (A COMPANY UMrrED BY GUAIiANTEEI FINANCIAL STATEMENTS EMDED 31 MA CH 2023 FOR THE NOTES TOTHEACCOUNTS ACCOUNTING POLICIES (a) Accountlng convention These financial statements have been prepared under the historlcal cost convention and in accordanca with applicabl8 accounting standards. the Statement of Recommended Practice (SORP)'Accounting and Reporting by Charities. effective January 2015 and FRS 102 The Financial Reporting Standard Appllcable 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 dlrectors conslder that these accounting pollc18s are sultable, have been consistently applled and are supported by reasonable and prudent judgement and estlmates. Group flnancial statements These financial statements consolidate the results of the Charlty and the tradlng company Diversity Mark Nl Ltd on a Ilne-by-line basis. A separate Statement of Financial Activlties and Income and Expenditure Accounts for the Charity alon8 has be8n presented on page 14. (b) Proparatlon of accounts on a golng concem basls The trust88s have prepared budgets and cash flows for a perlod of at least tsvelve months from the date of the approval of the financial statements. Having considered the circumstances, the trustees consider it appropriate to prepare the financlal statements on going concem basis. Accordlngly, these financial statements do not include any adjustments to the carylng amounts and classification of assets and liabillties that may arise if the company is unable to continue as a going concem. (c) Incomo and endowments Income Is recognised In th8 P8ri0d In which tha charity Is entitled to r8C8lPt and the amount Gan be measured wlth reasonable certainty. Income is d8ferred only when the charity has to fultll cOnd￿lOnS before becoming entitled to it or where the donor has speclfled that the Income Is to be expended In a future period. Grants, including capital grants. from the government and other agenGies have been Included as income from adivitles in furtherance of the Gharity's objects where these amount to a contract for services, but Included as donations Ytheré tho money is glven in response to an appeal or with greater freedom of use. for example. govornment block grants. Donated facilities are included at the value to the charity where this can be quantified and a third party is bå the cost. No amounts are included in the financial statements for services donated by volunteers. (d) Expondlture Expenditure Is included in Ihe Statement of Financial Activities on an accruals basis, exclusive of any VAT which can b8 recovered. Certaln expenditu￿ Is directly attributable to speclfic activities and has been included in those cost categorfes. 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. 17 WOMEN IN BUSINESS NI LTD (A COMPANY LIM￿E0 BY GUARANTEE) FINANCLAL STATEMENTS FOR THE YEAR DED 31 MARCH 20 NOTES TO THE ACCOUNTS (CONTINUED) (e) Depreciation of Flxed assets Tangible fixed assets are Inilially valued at cost to acqulre or construct, Including costs directly attributable to brlnging the asset Into working condltion for its intended use, and net of any VAT recoverable. At each 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. Where the carrying value exc8eds the estimated recoverab18 amount (being the greater of fair value18ss costs to sell and value-in-use), an impairment loss is recognised by writing down the assets cash%en8rating units to their recoverab18 amount. An impalmient Ioss is Tecognis8d immediately in the profit and loss. Any reversal of a previous impairment loss Is similarly 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 terni of Its useful life. The rates in use are as follows: Flxtures, fittings and equipment 3-5 years straight Ilne (fj Impalrniont of flxed assets At each reporting end date, the group and the parent charitable company revlew the carying amounts of its tanglble and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recov8rable amount of the asset 18 8Stlmated In order to determin8 the extent of th8 Impairment loss (If any). Where It Is not possible to estimate the recov8rable amount of an indlvidual asset, the group and the parent charitable company estlmate the recoverable amount of the cash-generating unit to which th8 asset belongs. Intangibl8 assets with indefinlte useful lives and intangible assets not yet av8ilable for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. Recoverable amount Is the hlgher of fair value less costs to sell and value in use. In assessing value in use, the estimated futur8 cash flows are discounted to their present valu8 uslng a pr8-tax dlscount rat8 that reflects current market assessments of the tlme value of money and the risks specific to the asset for vthich the estimates of future cash flows hav8 not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carying amount of the asset {or cash-generating unit) is reduced to its recoverable amount. An impairrnent loss Is rocognised immediately In profit or loss, unless the relviant asset is carried at a revalued amount, In which case the Impairmont loss is treated as a revaluatk)n decrease. Recognlsed Impairment losses are reversed If. and only if. the reasons for the impainnent loss have ceased to apply. Where an impalmient loss subs6quently reverses. the Garrying amount of the asset (or cash-generatlng unit) is increased to the revlsed estimate of Its recoverable amount. but so that the increased carrying amount does not exceed the carying amount that would have been detemiined had no impaimient loss been recognised for the asset (or cash-generating unit) prior years. A reversal of an impaimient loss is recognised immedlately in profit or loss, unless the relevant asset is carried in at a revalued amounl. in which case the reversal of the impalnnent loss is treated as a revaluatlon increase. 18 WOMEN IN BUSINESS NI LTD (A COMPANY LIMITED BY GUARANTEE) FINANCIAL STATEMENTS FOR THE YEAR DED 31 MAR 2023 NOTES TO THEACCOUNTS (CONTINUED) (g) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with orbginal maturities of three months or less. (h) Ponslon Schame The company provides a defined contribution pension scheme, the assets of which are held separately from those of the company in an independently admlnistered fund. Contributions to thi5 scheme are charged to the profit and loss account as they become payable. (l) Fund accountlng Funds held by the charlty are either: Unrestricted general funds - these are funds whlch can ba used In accordance wlth the charitable objects at the discretion of the trustees. Deslgnated funds these are funds Set aside by the trustees Out of unr8Stricted general funds for specific future purposes or projects. Restricted funds - these are funds that can only be used for partlcular restricted purposes within the objects of the charty. Restrictions arise when specified by the donor or when the funds are raSsed for particular restrlcted purposes. Further explanatlon of the nature and purpose of each fund Is included in the note8 to the financial statements. U) Flnanclal ag90ts The group and the parent charftable company have elected to apply the provislons of Sectlon 11 'Baslc Flnanclal Instruments, and Section 12 '0ther Flnanclal Instruments Issues, of FRS 102 to all of Its financial instruments. Flnancial assets are recognlsed In the group's and the parent charitable company's statement of financial position wh8n the group and the parent charitabl8 company become party to tha contractual provlslons of the instrument. Flnanclal assets are classffied Into specified categories. The cla8slfi¢atlon depends on the naturo and purpose of the financial assets and Is dotermined at the time of recognition. Baslc financlal assets, whlch Sndude trade and other receSvable3 and cash and bank balances. are inltially measured at transaction price includlng transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the 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. Oth8r financial assets classified as fair value Ihrough profit or loss are measured at fair value. Loans and receivables Trade debtors, loans and other receivables that have fixed or determlnabl8 payments that are not quoted in an actlve market are classified as 'loans and recelvables,. Loans and receivables are measured at amortised cost using the effective interest method. less any impalrment. 19 WOMEN IN BUSINESS NI LTD (A COMPANY UMITED BY GUARANTEEI FINANCIAL STATEMENTS ENDED 31 MA CH 2023 FOR THE NOTES TO THE ACCOUNTS (CONTINUED) Interest Is r8cognised by applying the effective interest rat8, except for short-term 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 allocatlng the Interest income over the relevant perlod. The effectlve interest rate Is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition. Impainnent of financial assets Financial assets. other than those held at fair value through profit and loss, are assessed for indicators of impairm&nt at each reporting end date. Flnancial 8SS8ts ar8 impalred where there Is objectlv8 evidence that, as a result of one or more events that occurred after the initial recognltlon of the financlal asset. the estimated future cash flows have been affected. The impalment loss is recognlsed in profit or loss. DereGognltlon of finan￿.81 assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire. or when it transfers the flnanclal asset and substantially all the risks and rewards of ownership to another entity. (k) Flnancial Ilabilitlos Basic financial liabllities are initially measured at transaction price, unl888 the arrangement constltutes 8 tlnanclng transactlon. where the debt instrument Is m8asured at the present value of the future r8ceipts dlscount8d at a market rate of interest. Other financlal liabllities classified as fair value through profit or loss are measured at fair value. Other financial liabilitlgs Other financial liabilities are initially measured at fair value, net of transaction costs. They are subsequently measured at amortiS8d cost using the effective interest method, with interest expense recognised on an effective yield basis. The effectlve interest method is a method of calculating the amortlsed cost of a financial Ilability and of allocating interest expens8 over the relevant P8riod. The eff8Ctive interesl rate Is the rat8 that exactly dlscounts estimated future cash payments through the expected Ilfe of the flnancial Ilabllity to the net carying amount on Initial recognltlon. Derecognltlon of fin8ncl81 Ilabllltles Financial liabilitles are derecognlsed when. and only when. the group's and parent charitable company s obligations are discharged, cancelled, or they expire. (l) Taxatlon As a reglstered charlty, Women In Business Nl Ltd Is not liable to either Income Tax or Corporatlon Tax. (m) Crltlcal accountlng estlmate$ and Judgement8 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 sources. 20 WOMEN IN BUSINES8 NI LTD (A COMPANY UMThED BY GUARANTEE) FINANCIAL STATEMENTS THE YEAR DED 31 H 2023 NOTES TO THE ACCOUNTS (CONTINUED) The estimates and assoclated assumptlons are based on historical experience and other factors that are considered to be re18vant. Actual r8sults may differ from these 8Stimates. The estlmates and underlying assumptions are reviewed on an ongolng basls. Revisions to accounting estimates 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 hav8 a significant risk of causing a material adjustment to the carying amount of assets and liabilities are outlined below. Tanglble fixed assets Tangible assets are d8preclated over thelr useful lives taking Into account resldual values where appropriate. Thg actual Ilves of the assets are assessed annually and may vary depending on number of factors. In reassesslng asset lives factors such as maintenanc8 programmes are taken into account. Residual value assessments consider issues such as the remaining live of the asset and the estimated value in use. INCOME FROM CHARITABLE ACTivrnES 2023 Unrestricted Restricted Funds Funds 2022 Unrestricted Restricted Funds Funds .Total Total Programme fijnding 302,844 302.644 128,574 149.811 278.385 Events 304,798 304,798 181,863 181,863 Membership 300.010 300.010 77,790 77.790 907,452 907.452 388,227 149,811 538,038 OTHER INCOME 2023 Unrestrlctod Restrlcted Funds Funds 2022 Unrestrlctgd Restricted Funds Funds Total Total Advertising & sponsorship Donation from subsidiary 148,136 146,136 78.322 78,322 51.622 51.622 146.136 146,136 129.944 129,944 21 WOMEN IN BUSINESS NI LTD (A COMPANY UMrrED BY GUARAwfEEI FINANCIAL STATEMENTS OR THE YEAR ENDED 31 MARCH NOTES TO THE ACCOUNTS (CONTINUED) STAFF COSTS AND NUMBERS 2023 2022 Salaries and wages Soclal security costs Pension costs 403,237 41,017 26.287 238,289 18.634 470,532 271,443 One employee recelved emoluments of more than £60,000 (2022: One). No expenses were relmbursed to the dlrectors of the company (2022: None). The total amount of employee benefits received by key managernent personnel In the period was £188,834 (2022.. £110,612) The Charity considers its key management personnel compri8es of the Chlef Executbve and Managlng Director. The averag8 numbers of employees (Including casual and part-tlme staff) durlng the year was as follows: 2023 Number 2022 Number Trustees Employees 20 16 DIRECTORS, REMUNERATION 2023 20 Directors, emolument Tha dlrectors dld not recelve any remuneratSon during the year for their servlces as directors. WOMEN IN BUSINESS NI LTD {A COMPANY UMrrED BY GUARATrifEE) FINANCIAL STATEMENTS ENDED 31 MARCH 2023 FOR THE NOTES TO THE ACCOUNTS (CONTINUED) EXPENDITURE Analysls of resources expended 2023 2022 Staff costs Event costs Website development Buslness development Outsourclng costs Participant costs Diverslty Mark {Nl) direct costs 470.532 237,400 25.436 4,648 20.508 173,896 70,740 1.003,160 271.443 118,681 14,355 2,228 64.145 216,964 709.486 Share of support costs (see note 8) 71,605 40.595 Share of govemance costs (see note 8) 14.193 1.097 710 Analy818 by fund Unrestricted funds Restricted funds 1,097.710 550,082 1.097.710 764.274 Analysls of support & govemance costs 2023 2022 DepreGlation Insurance Telephone Management & admlnlstratlon PR & Marketlng Staff training Bank interest & charges Audit & accountancy fees Legal & professM)nal fees 13,609 6,833 2.964 202 2,252 28.060 1.078 2,170 5.400 5,829 1.558 5.651 38.817 4,512 4,494 11.385 4,560 87.550 54.788 23 WOMEN IN BUSINESS NI LTD {A COMPANY UMITED BY GUARANTEE FINANCIAL STATEMENTS EYEARE DED 31 MARCH 2023 NOTES TO THE ACCOUNTS (CONTINUED) NEf INCOMING RESOURCES FOR THE YEAR This is stated aft8r charglng 2023 2022 Depreclation 13,785 7,053 Auditors remuneration INCOME FROM TRADING ACTIVITIES Women in Buslness Nl Ltd Is the so18 memb8rof Dfverslty Mark (N.1.) Ltd (company number N1848334). During the year ended 31 March 2023, Div8rslty Mark (N.1.) Ltd became a reglstered charity. The financlal information for 31 March 2023 has therefore been Includ8d In charftable actlvltes. 2023 2022 Sales - Diverslty Mark (N.1.) Ltd Administrative expenses Deficit for the financial year 52,000 121258 (69,258) TANGIBLE FIXED ASSETS Group Flxtureg and flttlngs At 1 Aprll 2022 Addltlons At 31 March 2023 66,097 73,097 Deprnciatlon and Impalrmont At 1 April 2022 Depreciation charged In th8 year At 31 March 2023 22.517 13.785 36.302 Carrying amount At 31 March 2023 At 31 March 2022 43.580 24 WOMEN IN BUSINESS NI LTD IA COMPANY LIMrrED BY GUARANTEE) FINANCIAL STATEMEKrs R ENDED 31 CH20 FOR THE Y NOTES TO THE ACCOUNTS (CONTINUED) Charity Fixtures and flttlngs Cost At 1 April 2022 Additions At 31 March 2023 64,944 D•prnclatlon and Impalrmont At 1 April 2022 Depreciatlon charged In the year At 31 March 2023 22,297 12,385 Carrylng amount At 31 March 2023 30.262 At 31 March 2022 42.647 10 DEBTORS Group 2023 Charitable Company 2023 2022 2022 Trade debtors Other debtors Prepayments and accrued Income 233,495 183.568 206,074 150,003 14.961 9,143 2.518 234.955 161.664 3,000 247 415 186.568 11 CREDITORS: amounts falllng due wlthln one year Group 2023 Charitable Company 2023 2022 2022 Trade creditors Other tax and social securty Accruals and deferred income Other credltors 70,088 137.290 65,681 35.023 246.830 204,608 5.570 2,423 388,169 379,342 67,477 134.433 65.401 34.600 144.780 133.258 5,570 2.423 283,228 304.714 25 WOMEN IN BUSINESS NI LTD were payable to the fund and were included in other creditors. 15 RELATED PARTIES Included In debtors as at 31 March 2023 is a balanc8 of £14,960 (2022: £9,143) In respect of rnonles owed from Dlversity Mark (N.1.) Ltd. Women in Buslness Nl Ltd is the sole member of Oiversty Mark (N.1.) Ltd. 16 EVENTS AFTER THE REPORTING DATE In April 2023, a resolution was passed to merge DSversity Mark (Nl) Ltd and Women In Business Nl Ltd. Diversty Mark (Nl) Ltd will remaln a dormant company. 17 RECONCILIATION OF OPERATING SURPLUS TO NEf CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net incoming resources for the year Depreclatlon Increa8el(deGrease) In creditors Decreasel(increase) In debtors Net cash Inflowl(outflow) from 0￿￿tIng activltles (37.122) 13,785 (44.106) 7,053 8,827 136,196 60,847 83,582 75,357 27