COMPANY REGISTRATION NUMBER: N1070562 CHARITY REGISTRATION NUMBER: NIC103976 The Welcome Organisation Company Limited by Guarantee Financial Statements 31 March 2024 FEB CHARTERED ACCOUNTANTS Chartered accountants & statutory auditor Linenhall Exchange 1 st Floor, 26 Linenhall Street Belfast Northern Ireland BT2 8BG
The Welcome Organisation Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Directors, annual report (incorporating the director's report) Independent auditorfs report to the members statement of financial activities (including income and expenditure account) 12 16 Statement of financial position 17 Statement of cash flows 18 Notes to the financial statements 19
The Welcome Organisation Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The directors, who are also the directors for the purposes of company law. present their report and the financial statements of the charity for the year ended 31 March 2024. Reference and adminislrative details Registered charlty name The Welcome Organisation Charity registratlon number NIC103976 Company reglstration number N1070562 Principal office and registered Townsend Enterprise Park office 36 Townsend Street Belfast BT13 2ES The directors Mr P Dohety Mr S Jackson Ms L Millar Ms K Strain Mr J Whyte (resigned 30 June 2023> Company secretsry Jo Daykin-Goodall Auditor FEB Chartered Accountants Chartered accountants & statutory auditor Linenhall Exchange 1st Floor, 26 Linenhall Street Belfast Norlhem Ireland BT2 8BG Bankers Bank of Ireland Belfast City Branch Belfast BT12BA Structure* govemance and management The Welcome Organisation is a registered charity and operates as a company Ilmlted by guarantee status. The company was established under a memorandum of association which established the objects and powers of the charitable company and is govemed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
The Welcome Organisation Company Limited by Guarantee Directors. Annual Report (Incorporating the Directorfs Report) (eontlnu8d) Year ended 31 March 2024 Objectives and actlvltles Strategic aims and a¢tlvities The strategic aims of the Organisation are as follows: a) Relieve the poverty and distress of people who are suffering from the effects of homelessness or the threat of homelessness in Northem Ireland (the 'area of benefit.), wilhoul distinction of sex, race, ethnicity, age, disability, or political, religious or other opinion in particular but not exclusively by the provision, or assistance in the provision, of.. {1) accommodation., {ii) advice, counselling and support Seices- {iii) befriending service- and {iv) droFFin centres b) Develop the skills and Gapacity of the members of the homeless communty in such a way that they are better able to identify and help meet their needs and to participate more fulty in society, c) Advance the education of the public about the needs of people who are suffering from the effects of homelessness or threatened homelessness. d) Pursue any other charitable purpose which the Directors think frt to pursue in conjunction with any of the charitable objects mentioned above Powers In furtherance of the said objects. but not further or otherwise. the Company shall have power to.. (a) provide or secure the provision of social and support services. educational and recreational facilities and practical assistance in the area of benefit., {b) provide or secure the provision of advice. counselling and infomiation and refer those in need of professional assistance to the relevant agencies; {c) provide, endow, fumish and fit out with all necessary fumiture and other equipment and maintain such buildings, premises, and centres as may from time to time be required for the purposes of th8 Company. (d) co-operate and enter into arrangements wyth any authorities, national, local or othernise" (e} bring together in conference representatives of voluntary organisations, Govemment departments, statutory aulhorities and individuals- (n arrange and provide for, either alone or with others. the holding of exhibitions, meetings, lectures, classes, seminars or Iraining courses, and recreational and other leisure - time activities. (g) collect and disseminate information on all matters relating to its objects, and to exchange such information with other bodies having similar objects whether in the United Kingdom or elsewhere,. (h) write, print or publish, in whatever form. such papers, books, periodicals, pamphlets or other documents, including films and recorded material, as shall further its objects, and to issue or circulate the same whether for payment or otherwise;
The Welcome Organisation Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 (i) accept subscriptions, donations, devises and bequests of and to Pufchase, take on lease or in exchange, hire or otheiSe acquire and hold any real or personal estate, maintain and alter any of the same as are necessary for any of the objects of the Company and (subject to such consents as may be required by law) sell, lease or otherwise dispose of or mortgage any such real or personal estate, having due regard to the requirements of, or conditions established by, statutory authorities or bodies providing funds or assistance of any kind to the Company: U) issu8 appeals, hold public meetings and take such other steps as may be required for the purpose of procuring contributlons to the ndS of the Company in the shape of donations, subscriptions or otherwise., (k) draw, make, accept, endorse, discount. execute and issue promissory notes, bills, Cheques and other instruments, and to operate bank accounts: (l) borrow or raise money for the objects of the Company on such ternis and (with such consents as are required by law) on such security as may be thought fit provided thal the Company shall not undertake any permanent trading activities in raising funds for the objects of the Company., (m) take and accept any gift af money, property or other assets, whether subject to any special trust or not, for any one or more of the objects of the Company; (n) invest th8 monies of the Company not immediatety required for ils objects in or upon such investments, securities or property as may be thought fit, subject nevertheless to such conditions (if any) and such consents (rf any) as may for the time being be imposed or required by law and subject also as hereinafter provided. (o) make any Charitable donation either in cash or assets for the fijrtherance of the objects of the Company. {p} establish and support any charitable association or body and to subscribe or guarantee money for charitable purposes calculated to further the objects of the Company., (q) make regulations for the proper supeNision, control and management of any property which may be so acquired- (r) employ and pay any person or persons not being a Director of the Company to supervise, organise, carry on the work of and advise the Company; Recrultment and Appointment of Board Members The Board of the company are also charty trustees for the purposes of charity law and under the company's Articles are known as members of the Board. Under the requirements of the Memorandum and Articles of Association the members of the re-elected at the Annual General Meeting. The Organisation is governed by a small competency-based Board drawing upon professionals from a range of relevant disciplines. The Member's role is to contribute to the effective govemance of The Welcome Organisation in promoting the vision, mission. aims and objectives of the organisation. Recruitment of Board Members follows a formal recruitment process based on th8 specific needs and skill set required.
The Welcome Organisation Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (contlrtU8d) Year ended 31 March 2024 All members of the Board give their time voluntarily and reGeived no benefits from the charity. Evaluation measures are used to ensure that services are appropriate, accessible and represent good value to ensure limited resources are used to their best advantage to most effectively meet presenting and underlying needs. The Welcome Organisation seeks to complement existing services rather than to compete. Senlor Leadership Team Ms. Jo Daykin-Goodall Ms. Mo Sykes Mr. Kieran Hughes Ms Colleen Hamilton Chief Executive Officer Head of Corporate seices Head of Fundraising & Marketing Head of Operations HOW OUR ACTIVITIES DELIVER PUBLIC BENEFIT Social Capital The Organisation creates value for people who are Currently homeless or at risk of homelessness and dis-connected from community and services by: supporting networks that connect individuals who are diverse, sustaining generalised reciprocily. -building diverse community through the delivery of services which challenge social marginalisation and isolation Achievements and evaluation of this objective is collected through case management oulcomes, outcome monitoring and client profiling. The Organisation supports individuals who are homeless or at risk of homelessness, offering a range of services to include crisis intervention, support and advice, and accommodation 5UPPOrt setvices which include a Drop-in Centre, Street Outreach. Floating support service and crisis and supported living accommodation for females. Collectively. all services provide 2417 coverage, 365 days a year. Soclal Economy As a social economy the Welcome Organisation employs 46 full-time and 7 part-time staff. In addition to this the organisation also supports volunteering and throughout the year 21 individuals were engaged in regular activity at our sites. A further 190 individuals assisled special projects including organising the Christmas gift appeal. We also commend the work of the volunteer fundraisers including the 45 individuals who ran in the Belfast Marathon for Welcome. Particular thanks this yaar to our Corporate Sponsors Mortgage IQ and the generosity of their staff, in particular everyone who took part in the various events they held throughout the year, including a fijndraising Night at the Races which raised over £5000 and the branch-to-branch cycle which also raised over £5000. The team also committed over 15 staff members to onewoff volunteering at Welcome.
The Welcome Organisation Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Health and Well Being The Organisation strives to prornote positive changes which enhance health and well-being and conlributes to the fuifilment of individual personslhuman aspirations and polential. This was the first operational year of our 10-bed therapeulic supported living unit for women who are horneless. living complex lives and ready to progress their journey towards independent living. The traurna infomed service recognises the unique situation of these women and provides 2417 support. We continue our other services providing a holistic range of interventions for people who are homeless or at risk of homelessness including: provision of food. clothing, personal hygiene facilities, laundry services and other interventions aimed at meeting basi¢ needs and reduce hami supporting individuals to sustain accommodation and prevent homelessness access to specialist services including counselling on drug and alcohol issues provision of regular health, housing and advisory Clinics personal support to help individuals develop the skills and knowledge to improve their own wellbeing, and develop resilience skills in the face of difficulties.
The Welcome Organisation Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Achievements and performance Drop-ln Support Services Funding from the Housing Executive's homelessness budget is made available lo the Welcome Organisation to provide a Drop -in Centre for people who are rough sleeping, homeless or at risk of homelessness. The service provides for the basic needs of the individual (food, clolhing, showers, laundry facilities) and a place of refuge. The Drop-in is underpinned by the provision of individual tailored support which recognises the unique circumstances and needs of the service user and provides a gateway to a broad range of services which are difficult for marginalised people to access normally. These services include ac¢ess to heahcare in partnership with our colleagues at the Belfast Health Trust's Belfast Inclusion Health Service. benefit support, addiction services and mental health support. All services are delivered within a high tolerance, hami reduction model, which is central to the Organisation's success in working with people with complex needs and challenging behaviours. In this year 1390 unique clients used the Drop-ln services. presenting to US OV8r 16,000 times combined. Staff worked with clients lo ascertain their immediate and longer-term needs. On a daily basis clients were provided with a range of practical assistance including Glothing, washing facilities. The Drop -In services also provided three meals every day, equating to over ten thousand meals in the year. staff also provided support interventions in excess of 11,400 o¢¢asions this year, helping clients access accommodation. In addition to supporting clients to find accommodation, staff also supported over 1,250 individual applications for welfare and benefit claims and managed a further 2032 interventions related lo supporting clients with their immediate physicavmental health needs and access to addiction services. 24ri street Outreach The Street Outreach service is funded from the Housing Executive's Prevention of Rough Sleeping in Belfast budget. The service delivers a rapid response to individuals who find themselves rough sleeping in the city. In this year we recorded over 600 rough sleepers and throughout the year the Outreach Teams provided basic needs to those sleeping rough or engaging in street activity on over 17.000 occasions. The outreach teams proactively seek out those who are sleeping rough. providing food and hol drinks, building relationships and gaining trust in order to support their journey off the streets. This year as well as meeting their basic needs, the outreach teams helped rough sleepers to access relevant welfare benefits and financial 5UPPOrt on 1,498 occasions. The teams also provided help to rough sleepers on 7793 occasions in relation to their physical and mental health needs and referrals into addiction services. The Stre8t Outreach teams also provide an emergency respons8 service (Code 7's) to support 'blue light, services. Where appropriate, individuals are transported back to their hostella¢commodation or if this is not feasible to the Drop-in as a place of safety and to rest. This aspect of the Outreach service prevents misuse of acute SeiceS and eases the pressures on them. Within the year there were 790 Code 7 calls with 673 r8sponded to within 30 minutes (85°). The highest number of calls received W8re from the public (442 calls) followed by 134 calls reiVed from the PSNI.
The Welcome Organisation Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Annsgate Crisis Accommodation for Females The Welcome Organisation provides crisis accommodation services to women presenting with high levels of need. The 10-bed space crash facility based at Annsgate is used by women who would otherwise be sleeping out on the street. The service provides a place of safety and staff support clients on site. The demand on the service remains very high with 188 unique individuals using the facility in th8 year of which 63 % received support to move on from the service in a planned way. The facility is also recognised as a gateway service for women and enables them to access a wider range of more holistic services to meet their spectfic needs. Floatlng support servlces This service provided support up to 111 vulnerable individuals, who have secured accommodation and need additional support lo maintain their tenancy. The service delivers a range of high to low flexible support services responding to the clients, fluctuating needs. The seryices are tailored to each individuals, particular circumstances. Catherfn8 House This new seNice was launched in March 2023 and provides trauma infomed supported accommodation with staff on hand 24t7. This innovative service re¢ognises the impact of trauma and is sensitive to the specific needs of individuals living with trauma and moving towards independent living. In the year 27 individual women have been able to avail of this seNice with 12 making planned move on's to more permanent accommodation and 10 remaining in service. Moblle Health Unit The mobile health unit is now in its third year of operation and provides much needed medical support to the most vulnerable who would otherwise be unlikely to access the healthcare they need. Operating in Belfast and the North West in partnership wtth the Health Trusts the provision includes critical vaccination services and primary health care needs. The unit operates 5 days per week and visits an average of 8 locations each day. providing heatth care to 22 individuals per day. To conclude the review of services we also note that our staff are trained to administer Naloxone which is an evidence-based intervention that can save lives by blocking or reversing the effects of a heroin or opioid overdose. Naloxone is available across all our services and staff are trained to recognise the signs of overdose and to respond appropriately thereby reducing drug-related deaths. This year across the services. our staff administered Naloxone on 181 occasions.
The Welcome Organisation Company Limited by Guarantee Directors, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 PRINCIPLE FUNDING SOURCES Financial review Against the backdrop of finite resources and insecurities within the sector in relation to fijnding and lack of political stability it can be difficult to plan or develop services. Neverthele5S. the charity invested in training and infrastructure improvements throughout the year which has strengthened the overall ability to meet both compliance and increasing needs of service users into the future. Recurrent funding Services are primarily funded by the Housing Executive's Hom8lessness and Supporting People programmes by way of grant and contract income from Northem Ir81and Housing Executive. Funding {other) Aside from recurrenl funding we continue to generate income through fund raising activities and charitable donations. Our Charity of the Year partnership with Mortgage IQ has been very successful raising over £25,000 across various 8vents. Other notable fundraising efforts the charity would like to acknowledge and thank include Lunn's Jewellers {£2,514) and the Nl Human Rights Commission staff team (£1350). Seven people took part in our Belfast caSe Abseil raising a total of £985. As we seek to further develop our services the charity will continue to seek to diversify funding sources. Designated Reserves To make a judgment on the level of reserve ndS required. the Board consider the risks in respect of expendilure, unrestricted income and where appropriate restricted in¢ome and where funds can only be realised by the disposal of a fixed asset. A risk assessment is undertaken annually and detemiined using a risk Identification approach. Also taken into consideration are any extemal potential major risks to income and expenditure during the year. Designated reserves therefore reflect areas outlined in the Organisations Risk Register which is maintsined to ensure identified risks are mitigated for and managed appropriately.
The Welcome Organisation Company Limited by Guarantee Directors. Annual Report (Incorporating the Director's Report) (conflnued) Year ended 31 March 2024 The Organisation has adopted a policy to build up and retain cash reserves equalling 6 months running costs, to reflect: historic delays in statutory funding receipts, withdrawal or reduction of govemment funding support for organisational growth Reserves and Risk are reviewed regularly as part of the business planning and included in financial reporting at regular Board meetings. In this financial year it was agreed to use reserves to support organisational growth and specifically used lo purchase a vehicle for the Oulreach Service, substantive upgrade the IT infrastruclure and to deliver a robust training plan for all staff and the production of a new Staff Handbook. Risk Management The Board has conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal Control Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Policies and proGedures are in place lo ensure compliance with health and safety of staff, volunteers, Clients and visitors services. Procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. In the year all organisational policies were reviewed and a new Staff Handbook developed to provide guidance and detail on all policies and procedures. Charltable Status The Organisation Continues to be registered as a charity with the Northern Ireland Charities Commission and evidenced compliance standards.
The Welcome Organisation Company Limited by Guarantee Directors. Annual Report (Incorporating the Directorfs Report) {eontlnuèd) Year ended 31 March 2024 Directors. responsibllities statement The directors, who are also directors for the purposes of company law, are responsible for preparing the directors, report and the finanGial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity directors to prepare financial statements for each year which give a true and fair view of the stale of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure. for that period. In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP. make judgements and accounting estimates that are reasonable and prudent., prepare the financial statements on Ihe going concem basis unless it is inappropriate to presume that the Charity will continue in business. The directors are responsible for keeping ad8quat8 accounting records that are sufficient to show and explain the Charity's transactions and disGlose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 10-
The Welcome Organisation Company Limited by Guarantee Directors, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 31 March 2024 Auditor Each of the persons who is a director at the date of approval of this report confirms that.. so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware., and they have taken all steps that they ought to have taken as a director to make themselves awar8 of any relevant audit information and to establish that the charity's auditor is aware of that information. The auditor is deemed to hav8 been re-appointed in accordance with section 487 of the Companies Act 2006. Small company provisions This report has been prepared in ac¢ordanc8 With the provisions applicable to ¢ompani8s entitled to the small companies exemption. The directors, annual report was approved on 24 od0r 2024 and signed on behalf of the board of twstees by.. Mr J Whyte Director 11
The Welcome Organisation Company Limited by Guarantee Independent Auditor's Report to the Members of The Welcome Organisation Year ended 31 March 2024 Opinion We have audited the financial statements of The Welcome Organisation (th8 'charity'} for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, siat8ment of cash flows and the related notes, including a summary of significant accounting policies. 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 AGGepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year Ihen ended,. have been properly prepared in accordance with Uniled Kingdom Generally Accepted Accounting Practice. hav8 been prepared in accordance wth the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibililies for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our olher ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to golng concern In auditing the financial statements. we have concluded that the directors, use of the going concern 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 collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least iwelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant Sections of this report. 12-
The Welcome Organisation Company Limited by Guarantee Independent Auditor's Report to the Members of The Welcome Organisation (contlnued) Year ended 31 March 2024 other Infonnation The other information comprises Ihe infomiation included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information. Our opinion on the finanGial ststements does not cover the other information and, except to the extant otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so. consider whether the other infomialion is materially inconsistent with the financial slatements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is a material misstatement in the financial statements or a material misstatement of the oth8r information. If, based on the work we have perfomied. we conclude that there is a material misstatement of this other InfoatiOn. we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomiation given in the dir8clors' report for the financial year for which the financial statements are prepared is consistent with the financial ststements,. and the directors, report has been prepared in accordance with applicable legal requirements. Matters on whl¢h we are required to report by exception In Ihe light of the knowledge and understanding of the charity and its environment oblained in the course of the audit, we have not idenlified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visiled by us- or the financial ststements are not in agreement with the accounting records and retums., or certain disclosures of directors, remuneration specified by law are not made; or we have not received all the information and explanations we require ft)r our audit. or the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantsge of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. 13-
The Welcome Organisation Company Limited by Guarantee Independent Auditor's Report to the Members of The Welcome Organisation (continued) Year ended 31 March 2024 Responslbilities of directors As explained more fully in the direGtors' responsibilities statement, the directors (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements. the directors are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Audltor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordan¢e with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or erTor and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tak8n on the basis of these financial statements. Irregularities, including fraud, are instan5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is detailed below: We oblained an understanding of the legal and regulatory framework applicable to the Company through enquiry of management, industy research and the application of cumulative audit knowledge. We identified tha following principal laws and regulations relevant to the Company - Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and Ihe accounts, balances and disclosures within the financial statements which may be susceptible to rnanagement bias. Our understanding was obtained through review of the financial statements for significant accounting estimates, analysis of joumal entries, walkthrough of the key control cycles in place and enquiry of management. As part of an audit in accordance wth ISAS (UK), we exercise professional judgment and malntain professional sceplicism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material mi55tatement resulting from fraud is higher than for one resulting from error, as fraud may involve Gollusion, forgery. intentional omissions, misrepresentations, or the override of intemal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. 14-
The Welcome Organisation Company Limited by Guarantee Independent Auditorfs Report to the Members of The Welcome Organisation (continued) Year ended 31 March 2024 Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. Conclude on the appropriateness of the directors. use of Ihe going concern basis of acGounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going conGern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, rf such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditols report. However. future events or conditions may cause the charity to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentats'on. We communicate with those charged with govemance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditols report and for no other purpose. To the fullest exienl permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this r8POrt, or for the opinions we have fomied. Michael Flannigan (Senior Statutory Auditor) For and on behalf of FEB Chartered Accountants Chartered accountants & statutory auditor Linenhall Exchange 1 st Floor, 26 Linenhall Street Belfast Northem Ireland BT2 8BG 24 October 2024 15-
The Welcome Organisation Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Investment income 185,608 2.150,306 2.335,914 2,042,784 30,054 3,103 11,059 11,059 Total income 196,667 2,150,306 2,346,973 2,075,941 Expenditure Expenditure on raising funds.. Drop in Centre Crisis Accommodation street Outreach Management and admin Floating Support Calherine House Complex Lives Christmas Grants Women's Services Mobile Health Unit 25,221 552,919 244,789 521.683 352.652 158.771 465,909 27.103 9,479 28,062 34,090 578,140 244.789 545,859 418,710 159,550 465.909 27,103 9,479 28,062 34,090 351,483 177,210 370,611 623,360 191,157 89,466 10 11 12 13 14 15 15 15 24.177 66.058 779 Total expenditure 116.235 2,395.457 2,511,691 1,803,287 Net {expendlture)Iln¢ome and net movement in funds 80.432 (245.151) {164,717) 272,654 Transfer of funds {168.383> 168,383 Reconciliation of funds Total funds brought forward Total funds carried forward 1.453,179 76,768 1,529,947 1,257,292 1,365.229 1,365,229 1,529,947 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 19 to 32 forni part of these financial statements. 16-
The Welcome Organisation Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 20 296,556 325,880 Current assets Debtors Cash at bank and in hand 21 101,688 1.071,683 52.909 1,318,115 1,371,024 1.173,371 Creditors: amounts falling due within one year Net Current assets 22 104,699 166,958 1,068,673 1,204,066 Total assets less current liabilities 1,365,229 1,529,946 Net assets 1,365,229 1,529,946 Funds of the charlty Reslricted funds Unrestricted funds 76,768 1,453,179 1,365,299 Total charity funds 24 1.365,229 1.529,947 These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 24 October 2024, and are signed on behalf of the board by: Mr J Whyte Director The notes on pages 19 to 32 fomi part of these flnanclal statements. 17-
The Welcome Organisation Company Limited by Guarantee statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activities Net (expendilure)lincome (164,717) 272,654 Adjustn7ents for.. Depreciation of tangible fixed assets 94,042 104,292 Change5 in.. Trade and other debtors Trade and other creditors (48,779) 39,374 {62,2591 (135,0941 (181,714> 281.226 Cash generated from operations Cash flows from Investing actlvlties Purchase of tangible assets Proceeds from sale of tangible assets Net cash used in investing activities (64,718) (78,079) 11,221 (66,858) (64,718} Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year {246,432) 1,318,115 214,368 1,103,747 1,071,683 1,318.115 The notes on pages 19 to 32 forni part of these financial statements. -18-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charty is a public benefit entity arKI a private company limited by guarantee. registered in Northern Ireland and a registered charity in Northem Ireland. The address of Ihe registered office is Townsend Enterprise Park. 36 Townsend Street, Belfast, BT13 2ES. Statement of compliance These financial statements have been prepared in Compliance with FRS 102, The Financial Reporting Standard applicable in Ihe UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting pollcles Income recognition Incoming resources represent grant funding from statutory bodies and community programmes, donations from the public. sundry income from other sources and investment income. Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at falr value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entty. Pension contributions The pensions cost chargèd in the financial statements represents the contribution payable by the company during the year. Going concern Covld-19 Management has considered the consequences of COVID-19 and other events and conditions, and it has determined that, while signrficant, they do not create a material uncertainty that casts significant doubt upon the entity's ability to continue as a going concern. The directors have considered the adequacy of working capital facilities available to the company, and have prepared budgets and cashflow statements and management accoLtnts post year end, and are satisfied that it is appropriate for the financial statements to be prepared on a going concern basis. The impact of COVID-19 on future perfomian¢e and therefore on the measurement of some assets and liabilities or on liquidity might be significant and might therefore require disclosure in future financial statements, but management has determined that they do not create a material uncertainty that Casts doubt upon the entity's ability to continue as a going concern. 19-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2024 Accounting policies (conllnu•d) Expendlture recognition Capital gntS received in respect of the acquisition or construction of fixed assets are credited to deferred capital grants in the balance sheet and are released to the income and expenditure account over the useful economic life of the asset for which the grant was awarded. Debtors Debtors are recognised at Ihe settlement amount due after any discount offered. Prepayments are valued at Ihe amount prepaid. Creditors Creditor5 and provisions are recognised where there is a present obligation resulting from a past evenl thal wlll probably result in the transfer of funds to a third paty and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due. Employee benefits When employees have rendered service to the charity. short-tem employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable. The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires the Board to make judgements, estimates and assumptions that affect the amounts reported. These eslimates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstance5. The estimates and underlying assumptions are reviewed on an ongoing basis. Forelgn currencles Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the r8POrting date, with any gains or losses being taken to the statement of financial activities. -20-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accounting policies (continued) Fund accounting Unrestricted funds - Unrestricted funds are available to be used in the furtherance of the general charitable objectives of the company. Restricted funds - Restrided funds are subject to restrictions on use, which are legally binding. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity-, it is probable that the eGonomic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specrfic policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount Gan be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliabty measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contraded service. This is classified as unrestricted fvnds unless there is a contractual requirement for it to be spent on a particular purpose and returned rf unspent, in which case it may be regarded as restricted. Resources expended Expenditure Is included in the financial ststements on an accruals basis and includes VAT where applicable. Staff costs including related overhead costs are allocated to activities on the basis of estimated ts'me spent on those activities. Tangible assets All fixed assets are initially re¢orded at cost. Depreciation Deprecialion is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic lrfe of that asset as follows: Property Improvements Motor Vehicles Equipment 10 /0 straight line 200/0 Straight line 25°/0 straight line 21
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (contlftu•d) Year ended 31 March 2024 Accounting policies (¢ontlnued) Impairment of fixed assets A review for indiGators of impairment is Carried out at each reporling date, with the recoverable amount being estimated where such indic2tors exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for F)ossible reversal at each reporling date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual assel, an estimate is made of the recoverable amount of the cash-g8nerating unit to which the asset belongs. The cash-generating unit is the smallest identtfiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impaiment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the Combination, irrespe¢tlV8 of whether other assets or liabilities of the charity are assigned to those units. Defined contributlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are rewgnised as an asset to the extent that the prepayment wll lead to a redu¢tion in future payments or a cash refvnd. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service. the liability is Measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee The Welcome Organisation is a company limtied by guarantee, not having share capital. It is also a charity registered with the Charity Commission. Donations and legacles Unrestricted Funds Restricted Total Funds Funds 2024 Donations NIHE Supporting People Housing Benefrt Donations Grants Gift Aid Income Tax Rental Income 1,149,969 684,379 215,956 20,566 58,370 1,133,299 684,379 215,956 181,232 68,282 15,030 21,066 2,335,914 160,666 9,912 15,030 21,066 185,608 2,150.306 -22-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Donations and legacies (conlinued) Unrestricted FLfnds Restricted Total Funds Funds 2023 Donations NIHE Supporting People Housing Benefrt Donations Grants Gift Aid Income Tax Rental Income 1.165.715 365,155 48,480 38,552 83,853 1,165,715 365,155 48,480 340.692 83,853 18,171 20,717 302.140 18.171 20,717 199,778 1.843,005 2,042,784 Charltable activities Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 other income 30,054 30,054 Investment income unstriCted Funds Restricted Total Funds Funds 2024 Bank interest receivable 11.059 11,059 Unreslricted Funds Restricted Total Funds Funds 2023 Bank interest receivable 3.103 3,103 Drop In centre Unrestricted Funds Restricted Total Funds Funds 2024 Wages and salaries Client Weare Heat and light Repairs and maintenance Postage, printing and stationery Telephone and computer costs Rent, rates and insurance Depreciation- property improvements other staff expenses General Expenses Recruitment 396,180 53,831 23,815 25.818 396,180 53,831 23,815 25,818 3,454 26,730 3,454 26,730 25,221 2,404 7.729 12,959 578,140 25,221 2,404 7,729 12,959 25,221 552,919 -23-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements {eontlnued) Year ended 31 March 2024 Drop in centre (¢ontlnued) Unrestricted Funds Restrict8d Total Funds Funds 2023 Wages and salarles Client welfare Heat and light Repairs and maintenance Postage, printing and stationery Telephone and computer costs Rent, rates and insurance Depreciation - property improvements Other staff expenses General Expenses Recruitment 301,086 301,086 17,602 17.602 7,626 796 1,259 7,626 796 1,259 18,610 18.610 25 2,628 1.851 25 2.628 1,851 36,212 315,271 351,483 Crlsis accommodation Unrestricted Funds Restricted Total Funds Funds 2024 Wages and salaries Heal and light Client welfare Repairs and maintenance General Expenses Telephone Rent, rates and insurance Recruitment Staff Expenses Equipment hire and rental 198,084 6,956 6,679 5,445 2,850 959 17,350 5.698 592 176 198,084 6,956 6,679 5,445 2,850 959 17,350 5,698 592 176 244,789 244,789 Unrestricted Funds Restricted Total Funds Funds 2023 Wages and salaries Heat and light Client welfare Repairs and maintenan General Expenses Telephone Rènl. rates and insurance Recruitment Staff Expenses Equipment hire and rentsl 141.504 6,227 261 2,113 979 1,141 16.003 9,718 141,504 6,227 261 2,113 979 1,141 16,003 9,718 177.210 177,210 -24-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (eonllnued) Year ended 31 March 2024 10. Street outreach Unrestricted Funds Restricted Total Funds Funds 2024 Wages and salaries Clienl welfare Rent. rates and insurance General expenses Postage, printing and stationery Motor vehicles Repairs and maintenance Telephone Depreciation - motor vehicles Recruitment staff Expenses 480.790 480,790 7,012 6,683 447 7.012 6,683 447 30,805 704 30,805 704 17,165 17,165 2,254 2,254 24,177 521.683 545,859 Unrestricted Funds Restricted Total Funds Funds 2023 Wages and salaries Client welfare Rent, rates and insurance General expenses Postage, printing and stationery Motor vehicles Repairs and maintenance Telephone Depreciation - motor vehicles Cleaning Siaff Expenses 314,928 7.550 314,928 12,681 5.131 706 79 29,486 254 470 706 79 29,486 254 470 11,807 200 11,807 200 16,938 353,673 370,611 -25-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 11. Management and Administration Unrestricted Funds Restricted Total Funds Funds 2024 Wages and salaries Client welfare Pension provision Rent, rates and insurance Travel and subsistence Postage, printing and stationery Telephone and computer expenses Heat and light Office expenses Audit fees Legal and professional fees Promotional costs Membership fees Depreciation - equipment Bank fees Equipment hire and rental General expenses Repairs and maintenance Other staff expenses R8cruitment 225,584 225,584 12,914 6,500 33,358 1,487 307 8,768 10,206 7,165 3,300 15,392 1,357 6,240 51,657 1,849 4,699 7,797 4,274 5,647 10,209 12,914 6,500 33,358 1,487 307 8,768 10.206 7,165 3,300 15,392 1,357 6,240 51,657 1,849 4,699 6.310 4,274 5,647 10,209 1.487 66,058 352,652 418,710 11. Management and Administration Unrestricted Funds Restricted Total Funds Funds 2023 Wages and salaries Client welfare Pension provision Rent, rates and insurance Travel and subsistence Postage. printing and stationery Telephone and computer expenses Heat and light Office expenses Audit fees Legal and professional fees Promotional costs Membership fees Depreciation- equipment Bank fees Equipment hire and rental General expenses Repairs and maintenance Other staff expenses Motor expenses Recruitment Profiu Loss on Disposal 289,383 289,383 49 4,860 54,871 49 4,860 54,871 13,699 38,328 9,121 3,300 4,117 2,801 8,200 13,699 38,328 9,121 3,300 4,117 2,801 8,200 73,873 961 16,476 48,378 6,809 26,912 3,005 12,745 5,472 73,873 961 16,476 48,333 6,809 26,912 3.005 12,745 5.472 45 73.967 549,393 623,360 -26-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (cofttlnu•rfJ Year ended 31 March 2024 12. Floating support Unrestricted Funds Restricted Total Funds Funds 2024 Wages and salaries Client welfare Rent. rates and insurance Travel and subsistence Heat and light Equipment hire and rental General expenses Telephone Repairs and maintenance staff expenses Motor expenses Recruitment 139,992 139,992 779 6,683 4,057 779 6,683 4,057 (6,374) 1,593 (6,374) 1,593 592 1,940 10,289 592 1,940 10,289 779 158,771 159,550 Unrestricted Funds Restricted Total Funds Funds 2023 Wages and salaries Client welfare Rent, rates and insurance Travel and subsistence Postage, printing and stationery Heat and light Equipment hire and rental General expenses Telephone Repairs and maintenance Staff expenses Recruitment 167,465 160 167.465 570 410 5,968 23 120 480 8,592 1,953 5.986 5,968 23 120 480 8.592 1.953 5,986 410 190,747 191.157 13. Catherine House Unrestricted Funds Restricted Total Funds Funds 2024 Wages and salaries Client Welfare Travel and subsistence Postage, printing and stationery Heat and light Equipment hire and rental General exp8nses Recruitment Rent, rates and insuranc8 Telephone Repairs and maintenance Staff expenses 324,722 5,798 124 10 3,497 968 15.663 324,722 5,798 124 10 3,497 968 15,663 110,000 871 592 3,664 110,000 871 592 3,664 465,909 46S,909 -27-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (Gontlnutd) Year ended 31 March 2024 13. Catherlne House (¢ontlnued) Unrestricted Funds Restricted Total Funds Funds 2023 Wages and salaries Client Welfare Travel and subsistence Postage. printing and stationery Heal and light Equipment hire and rental General expenses Recruitment Rent, rates and insurance Telephone Repairs and maintenance 20,896 20,896 611 1,636 16,680 22,733 24,333 148 2.424 1,636 16,680 22,733 24,333 148 2.424 89,466 89,466 14. Complex Lives Unrestricted Funds Restricted Total Funds Funds 2024 Wages and salaries Client Welfare Office Expenses Travel and subsistenc8 General expenses 25.752 535 552 171 93 25,752 53S 552 171 93 27.103 27,103 14. Complex Lives Unrestricted Funds Restricted Total Funds Funds 2023 Wages and salaries Client WeSfare Office Expenses Travel and subsistence 15. Other departments Unrestricted Funds Restricted Total Funds Funds 2024 Christmas Grants - client welfare Women's services - wages & salaries Women's services- general exp&nses Mobile Health Unit- wages & salaries Mobile Health Unit- repairs & maintenance Mobile Health Unit- equipment hire 9,479 27,956 106 26,004 6,644 1,441 9,479 27,956 106 26,004 6,644 1,441 71,630 71,630 Unrestricled Funds Restricted Total Funds Funds 2023 other departments -28-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 16. Net {expenditure)lin¢ome Net (expenditureyincome is stat8d after charging1{cr8diting): 2024 2023 Depreciation of tangible fixed assets 94,042 104.292 17. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 3,300 3,000 18. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 1,701,664 117,110 26,290 1,135,389 82,799 17,073 1,845,064 1,235,261 No employee received employee benefits of more than £60.000 during the year (2023.. Nil). The average head count of employees during the year was 84 (2023: 80). The average number of employees during the year is analysed as follows- 2024 2023 Drop in Centre Crisis Accommodation Street Outreach Administration AnnsGate Floating Bank Catherine House Complex LiveslLink Workerl Mobile Health Unit 14 15 19 25 12 14 14 84 80 19. Trustee remuneration and expense5 None of the trustees received any remuneration in the year. -29-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 20. Tangible fixed assets Land and buildings Motor vehicles Equipment Total Cost At 1 April 2023 Additions 682,145 12,962 105,677 31,298 438,415 20,458 1.226,237 64,718 At 31 March 2024 695,107 136,975 458,873 1,290,955 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 537,217 25,220 71,499 17.165 291,641 51,657 900,357 94,042 562,437 88,664 343,298 994,399 Carrying amount At 31 March 2024 132,670 48,311 115,575 296,556 At 31 March 2023 144,928 34,178 146.774 325,880 21. Debtors 2024 2023 Prepayments and accrued income Other debtors 100,938 750 35,703 17,206 101,688 52,909 22. Creditors: amounts falling due within one year 2024 2023 Trad8 creditors Accruals and deferred income Social security and other taxes Pension provision other Creditors 53,129 23,136 15,817 8,855 3,762 18,925 114,097 29,650 1,144 3,142 104,699 166,958 23. Penslons and other post retlrement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribulion plans was £6,500 (2023: £4,860). -30-
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2024 24. Analysis of charitable funds Unrestricted funds t 1 April 2023 Income Expenditure Transfers At 31 March 2024 Unrestrided funds 1.453,179 196,667 (116,235) (168,383) 1,365,229 At 1 April 2022 Income Expenditure Transfers At 31 March 2023 Unrestricted funds 1.257,292 323.414 (127,527) 1,453,179 Restricted funds t 1 April 2023 Income Expenditure Transfers At 31 March 2024 Restricted funds 76.768 2.150.306 (2,395,457) 168,383 At 1 April 2022 Income Expenditure Transfers At 31 March 2023 Restricted funds 1,752,527 (1,675,758) 76.768 24. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed asset5 Current assets 296,556 1,068,672 296,556 1,068,672 Net assets 1,365,229 1,365,229 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets 325,880 1.127,299 325,880 1,204,067 76,768 Net assets 1,453,179 76,768 1,529,947 31
The Welcome Organisation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 25. Analysis of changes in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 1,318,115 (246,432) 1,071,683 -32-