ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2021
| Unrestricted Restricted funds funds 2021 2021 Notes £ £ Income from: Donations and legacies 3 15,000 - Charitable activities 4 10,008 334,253 Investments 5 72 - Total income 25,080 334,253 Expenditure on: Charitable activities 6 12,417 299,447 Net incoming resources before transfers 12,663 34,806 Gross transfers between funds (3,259) 3,259 Net income for the year/ Net movement in funds 9,404 38,065 Fund balances at 1 January 2021 29,990 37,129 Fund balances at 31 December 2021 39,394 75,194 |
TotalUnrestricted Restricted funds funds 2021 2020 2020 £ £ £ 15,000 2,500 10,000 344,261 13,774 191,371 72 97 - 359,333 16,371 201,371 311,864 16,972 199,792 47,469 (601) 1,579 - 8,180 (8,180) 47,469 7,579 (6,601) 67,119 22,411 43,730 114,588 29,990 37,129 |
Total 2020 £ 12,500 205,145 97 217,742 216,764 978 - 978 66,141 67,119 |
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
BALANCE SHEET
AS AT 31 DECEMBER 2021
| Notes Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Income funds Restricted funds 13 Unrestricted funds |
2021 £ 75,446 74,231 149,677 (36,597) |
£ 1,508 113,080 114,588 75,194 39,394 114,588 |
2020 £ 26,548 59,523 86,071 (20,025) |
£ 1,073 66,046 67,119 37,129 29,990 67,119 |
|---|---|---|---|---|
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2021 Thp cornpany is entitled to the exemption from the audi¢ requirement contained in section 477 of the Companie5 Art 2006, lor the year ended 31 December 2021, The diroctor5 acknowledge thèir responsibilities for ensuring that the charity keeps accounting record5 which comply with seilion 386 01 the Act and for preparing financial ststernen15 which give a true and fair view ol the stale of affairs of the company as at the end ol tle financial year and of its incomifflg resources and application ol resources, including its Income and eypenditure, for the financial ye?r in accordance with the requirements of Sections 394 and 395 and which othtP1115e comply with the requirements of ihe CompaMie5 Act 2006 relating to finartcial statements, w far as applicable io the company. The members have not required the company to obtain an audit ol its financial ststements for the year in guestion in accordance with Section 476, These financial statemints havé been prepar•d In accordance wth the provisions applicable to companies sybjecr to the small companies regime. The financial statements We approved by th? TrL55tees on Mi T Roberts Trujtee Company R•9l%tr•tlon No. N1613051
ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
Charity information
Action for Community Transformation Initiative is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 178-180 Shankill Road, Belfast, Co. Antrim, BT13 2BH, United Kingdom.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.
The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling , which is the functional currency of the charity . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2 Going concern
At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
The trustees have considered this in the knowledge that on the 30th January 2020, the World Health Organisation (WHO) announced Coronavirus as a global health emergency and, on the 11th March 2020, it announced that Coronavirus was a global pandemic.
1.3 Charitable funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4 Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
-
Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs
-
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
1.6 Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Straight Line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
1.7 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amounts of its tangible 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 (if any ) .
1.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors 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 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. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled.
1.10 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
1 Accounting policies
(Continued)
1.11 Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2 Critical accounting estimates and judgements
In the application of the charity’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. 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 estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3 Donations and legacies
| UnrestrictedUnrestricted Restricted funds funds funds 2021 2020 2020 £ £ £ Donations and gifts 15,000 2,500 10,000 Donations and gifts Bell Donation 15,000 - 10,000 Other - 2,500 - 15,000 2,500 10,000 |
Total 2020 £ 12,500 10,000 2,500 12,500 |
|---|---|
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
4 Charitable activities
| Unrestricted Income Restricted Income 2021 2021 £ £ Performance related grants 4,418 334,253 Other income 5,590 - 10,008 334,253 Analysis by fund Unrestricted funds 10,008 - Restricted funds - 334,253 10,008 334,253 Performance related grants Joseph Rowntree Charitable Trust - 45,067 International Fund for Ireland - PIP - 168,275 Social Enterprise - 7,304 TEO - 83,480 CFNI - - NI Community Development - - Compass - - Greater Shankill Partnership - - Community Arts Grant - 20,000 Belfast City Council - 2,264 Other 4,418 7,863 4,418 334,253 |
Total 2021 Unrestricted Income Restricted Income 2020 2020 £ £ £ 338,671 10,858 191,371 5,590 2,916 - 344,261 13,774 191,371 10,008 13,774 - 334,253 - 191,371 344,261 13,774 191,371 45,067 - 51,930 168,275 - 133,714 7,304 - - 83,480 - - - - 1,527 - - 1,000 - - 2,000 - - 1,200 20,000 - - 2,264 - - 12,281 10,858 - 338,671 10,858 191,371 |
Total 2020 £ 202,229 2,916 205,145 13,774 191,371 205,145 51,930 133,714 - - 1,527 1,000 2,000 1,200 - - 10,858 202,229 |
|---|---|---|
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
5 Investments
| Unrestricted | Unrestricted | |
|---|---|---|
| funds | funds |
|
| 2021 | 2020 |
|
| £ | £ |
|
| Interest receivable | 72 | 97 |
6 Charitable activities
| Unrestricted Expenditure Restricted Expenditure 2021 2021 £ £ Staff costs - 169,444 Programme Costs 11,263 79,333 Light & Heat - 3,859 Bank Fees 21 21 Subcontractor Costs - 20,544 11,284 273,201 Share of support costs (see note 7) 994 20,828 Share of governance costs (see note 7) 139 5,418 12,417 299,447 Analysis by fund Unrestricted funds 12,417 - Restricted funds - 299,447 12,417 299,447 For the year ended 31 December 2020 Unrestricted funds 16,972 - Restricted funds - 199,792 16,972 199,792 |
Total 2021 £ 169,444 90,596 3,859 42 20,544 284,485 21,822 5,557 311,864 12,417 299,447 311,864 |
Total 2020 £ 126,732 56,186 3,514 42 - 186,474 29,050 1,240 216,764 16,972 199,792 216,764 16,972 199,792 216,764 |
|---|---|---|
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
| 7 Support costs Support costs Governance costs £ £ Depreciation 753 - Rent & Rates 17,098 - Telephone 2,110 - Insurance 1,599 - PPS - - Advertising 162 - Computer Expenses 100 - Health & Safety Equipment - - Legal and professional - 4,500 Accountancy Fees - 1,057 21,822 5,557 Analysed between Charitable activities 21,822 5,557 |
2021 Support costs Governance costs £ £ £ 753 1,322 - 17,098 21,467 - 2,110 1,757 - 1,599 1,326 - - 401 - 162 67 - 100 100 - - 2,610 - 4,500 - - 1,057 - 1,240 27,379 29,050 1,240 27,379 29,050 1,240 |
2020 £ 1,322 21,467 1,757 1,326 401 67 100 2,610 - 1,240 30,290 30,290 |
|---|---|---|
Governance costs includes payments to the independent examiners of £9 20 (2020- £ 979 ) for accountancy fees.
8 Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
9 Employees
The average monthly number of employees during the year was:
| 2021 | 2020 |
|---|---|
| Number | Number |
| 6 | 4 |
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
| 9 Employees Employment costs Wages and salaries Social security costs Other pension costs |
(Continued) 2021 2020 £ £ 122,612 108,030 37,830 9,524 9,002 9,178 169,444 126,732 |
|---|---|
No employee received remuneration of more than £60,000 during the year (2020-NIL).
10 Tangible fixed assets
| 10 | Tangible fixed assets | ||
|---|---|---|---|
| Plant and equipment | |||
| £ | |||
| Cost | |||
| At 1 January 2021 | 7,246 | ||
| Additions | 1,188 | ||
| At 31 December 2021 | 8,434 | ||
| Depreciation and impairment | |||
| At 1 January 2021 | 6,173 | ||
| Depreciation charged in the year | 753 | ||
| At 31 December 2021 | 6,926 | ||
| Carrying amount | |||
| At 31 December 2021 | 1,508 | ||
| At 31 December 2020 | 1,073 | ||
| 11 | Debtors | ||
| 2021 | 2020 | ||
| Amounts falling due within one year: | £ | £ | |
| Other debtors | 75,446 | 26,548 |
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
12 Creditors: amounts falling due within one year
| Notes Other taxation and social security Deferred Income Accruals |
2021 £ - 35,679 918 36,597 |
2020 £ 2,618 16,000 1,407 20,025 |
|---|---|---|
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
13 Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
| Movement in funds | Movement in funds | Movement in funds | Movement in funds | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Balance at | Incoming | Resources | Transfers | Balance at | Incoming | Resources | Transfers | Balance at | ||
| 1 January | resources | expended | 1 January | resources | expended | 31 December | ||||
| 2020 | 2021 | 2021 | ||||||||
| £ | £ | £ | £ | £ | £ | £ | £ | £ | ||
| Regenerate | - | - | - | - | - | 400 | (400) | - | - | |
| Joseph Rowntree Charitable Trust | 3,671 | 51,930 | (50,732) | - | 4,869 | 45,067 | (51,197) | 1,261 | - | |
| Cooperation Ireland | 2,600 | - | - | (2,600) | - | - | - | - | - | |
| NIHE | 2,206 | - | - | (2,206) | - | - | - | - | - | |
| International Fund for Ireland | 31,879 | 133,714 | (133,333) | - | 32,260 | 168,275 | (154,152) | 1,998 | 48,381 | |
| ICRC | 934 | - | - | (934) | - | - | - | - | - | |
| CFNI | 400 | 1,527 | (1,527) | (400) | - | - | - | - | - | |
| Social Enterprise | - | - | - | - | - | 7,304 | (6,827) | - | 477 | |
| Belfast City Council | - | - | - | - | - | 2,264 | (2,264) | - | - | |
| Compass | 2,040 | 2,000 | (2,000) | (2,040) | - | - | - | - | - | |
| Greater Shankill Partnership | - | 1,200 | (1,200) | - | - | - | - | - | - | |
| Bell Donation | - | 10,000 | (10,000) | - | - | - | - | - | - | |
| NI Community Development | - | 1,000 | (1,000) | - | - | - | - | - | - | |
| Community Foundation | - | - | - | - | - | 20,000 | (20,000) | - | - | |
| TEO | - | - | - | - | - | 83,480 | (57,144) | - | 26,336 | |
| ANBC | - | - | - | - | - | 5,435 | (5,435) | - | - | |
| MVCDF | - | - | - | - | - | 1,678 | (1,678) | - | - |
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
13 Restricted funds
| Restricted funds Wilsons Auctions Beth Johnson |
- - 43,730 |
- - - - 201,371 (199,792) |
- - (8,180) |
- - 37,129 |
200 (200) 150 (150) 334,253 (299,447) |
(Continued) - - - - 3,259 75,194 |
|---|---|---|---|---|---|---|
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ACTION FOR COMMUNITY TRANSFORMATION INITIATIVE
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2021
| 14 Analysis of net assets between funds Unrestricted Fund Restricted Fund 2021 2021 £ £ Fund balances at 31 December 2021 are represented by: Tangible assets 1,030 478 Current assets/ (liabilities) 38,364 74,716 39,394 75,194 |
TotalUnrestricted Fund Restricted Fund 2021 2020 2020 £ £ £ 1,508 1,073 - 113,080 28,917 37,129 114,588 29,990 37,129 |
Total 2020 £ 1,073 66,046 67,119 |
|---|---|---|
15 Related party transactions
There were no disclosable related party transactions during the year (2020 - none) .
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