CavanaghKelly" Company Registration Number: N1022996 Charity Registration Number: 104137 Buddy Bear Trust (Charltable Company Limited by Guarantee) Annual Report and Unaudited Flnanclal Statements For the year ended 3 1 August 2022
ONTENTS For the ear end d IAU ust 2022 Page General Information Directors, Report Independent Examlnerfs Report 9-10 statement of Financial Actlvities 11 Statement of Financlal Position 12-13 Notes to the Flnanclal Statements 14-23
Budd Bear Trust haritabl om an Limit d b Guarantee GENERAL INFORMATION Board of Directors Phyllis Agnew Brendan Mcconville Mary Murphy Jennifer Coggan John Daly Company Secretary Phyllis Agnew Reglstered Office Peto Centre Killyman Road Dungannon Co Tyrone BT71 6DE Company Reglstratlon Number N1022996 Charlty Reglstratlon Number 104137 Independent Examlners CavanaghKelly Chartered Accountants 36-38 Northland Row Dungannon Co Tyrone BT716AP Bankers Ulster Bank 39 Market Square Dungannon Co Tyrone BT70 IJJ Sollcitors Tughans Sollcltors Marlborough House 30 Victoria St Belfast Co Antrim BTI 3GG CavanaghKellyi Chartered Accountants & Statutory Auditors Page12
Budd Bear Trust ri abl DIRECTORS, REPORT for the ear ended 31 Au ust 2022 The Directors, who are the trustees for the purpose of charity law, have pleasure in presenting their report and the unaudited financial statements of the charitable company for the year ended 31 August 2022. The financial statements have been prepared in accordance wlth the Statement of Recommended Practice "Accounting and Reporting by Charities" (FRS 102) and the Companies Act 2006. Reference and Administration Detalls The reference and administration details of the charitable company are as shown on page 2. Objectives and Actlvltles The principal activity of the charltable company Is to relleve slckness of chlldren suffering from cerebral palsyi spina bifida and other motor neurone disorders. The main strategic objectlves of the Trust are: To provlde conductlve educatlon for chlldren who suffer from cerebral palsy and other motor dlsorders. To become a "malnstream" part of educatlon and therapy for chlldren sufferlng from cerebral palsy in Northern Ireland and to see greater integration of the exlstlng servlces of health and educatlon for such chlldren. The key aims of Buddy Bear Trust are to allow young people to benefit from this life chang5ng therapy and develop thelr own optlmum level of Independence. Publlc Beneflt Statement The Dlrectors of Buddy Bear Trust conflrm that they have complled wlth thelr duty under section 4(6) of the Charltles Act (Northern Ireland) 2008 to have regard to the Charlty Commlsslon for Northern Ireland's guldance on public beneflt and that the publlc benefit requSrement has Informed the activltles of the charltable company In the year ended 31 August 2022. Achlevements and Performance Children with Cerebral Palsy at the Buddy Bear Trust Conductlve Education School ("Buddy Bear School") benefited from a team lead by the prlnclpal and three other Peto trained Conductors, all of whom are reglstered wlth the General Teaching Council of Northern Ireland as well as two experienced Classroom Asslstants and a part-tlme Secretary. The Buddy Bear School was able to offer places to 26 chlldren in one of four maln groups belng: Parent and Child Group (Pre-Nursery); Nursery Group; School Group I; and School Group 2. CavanaghKellyr Chartered Accountants & Statutory Auditors Page13
Budd Bear Trust ritabl an Limit d b uarantee DIRECTORS. REPORT for the ear ended 31 Au ust 2022 Continued Children at the Buddy Bear School made great progress under the guidance of the Conductorsffeachers. Each child made visible progress throughout the year which pleased and motivated their parents to request more conductive education within the school. Children new to the school began the first stages of walkingi while others used the mounted wall bars in classrooms to pull themselves into a standing position and show new levels of mobility, all of which brought positive feedback from parents, One parent shared a quote wlth us "We are so grateful that our chlld attends Buddy Bear. Even with the pandemic the care, teaching sessions, progress and support he has received from the Buddy Bear team has been Incredlble. It has been amazing to see progress so much In such a short space of tlme and has filled us all wlth such hope and joy for the future. The school contlnued enhanced covld-19 protectlon processes to ensure a safe envlronment wlthln the school for the parents and chlldren. The processes Included: Staggered arrival/entrance times for parents and chlldren Temperature checks for all parents, chSldren and staff on entrance Slgn In book for contact detalls PPE Equipment worn by all staff throughout the day Sanitlslng statlons In every classroom, kltchen, bathrooms During the year, the school continued to receive various grants and financial support including furlough grants to ald the furlough of teachers and conductors where necessary. At the date of these flnanclal statements, the processes stated are still Sn place with Ilmlted access to the school only for conductors/teachers, parents and chlldren. Durlng the year the Buddy Bear Trust held a launch event for Its five year 'Llfetlme of Dlfference, project. The project includes plans to provide satellite sessions in both Belfast and Derryi thereby offerlng three locations and Sncreasing accessibillty for chlldren rlght across Northern Ireland. The project Is belng funded for the next flve years from the National Lottery Community Fund and the Mcclay Foundation. These vital funds serves as a platform but stlll leaves a shortfall for the optimum running costs of the school whlch we need to supplement wlth government fundlng and ongolng fund ralslng. The Buddy Bear Trust continues to rely heavily on volunteers to assist in the day to day operatlonal runnlng of the charity. Such volunteers are invaluable, and the charity contlnues to be grateful for thelr contlnued Input, The volunteers do not receive any remuneration; however, the charity will cover any costs of travel and expenses in order to ensure no volunteers are out of pocket for the costs they incur. Good volunteers are the backbone of any charity and we appreclate thelr tlme and effort. CavanaghKellyi Chartered Accountants & Statutory Auditors Page14
Budd Bear Trust harit bl nt DIRECTORS, REPORT for the ear ended 31 Au ust 2022 Continued Inde endent School Ins ection The school last had an inspection by the Education Training Inspectorate In December 2020 with the focus on: The learners, achievements and standards in literacy and numeracyi Whether the accommodation Is suitable and meets health and safety standards. The Implementatlon of procedures for safeguardlng and pastoral care. The quality of leadership and management The full inspection was carrled out with findings and concluslons documented wlthln an official report of inspection. DE Ref No. IS59 to which key flndlngs have been noted below. Outcomes or The puplls all have complex physical dlfflcultles arising from medlcal condltions, despite these, they make steady progress in their physlcal, educational, communlcatlon and play skills targets. A small number of parents and famlly members shared with the Inspectors their highly posltlve experiences of the school. They reported that thelr chlldren are safe and very happy and appreclate the ongolng support they recelve from staff to Increase thelr skllls Sn helplng thelr chlldren. It was also reported that the puplls are very well settled and enjoy thelr routlnes and actlvltles Sn school and Interact well with staff and vlsltors. uali of Provl lo It was Stated, the learnlng envlronment 15 hlghly Incluslve and nurturlng wlth chlld-centred, well-maintained, and very purposeful learning resources, Including a well-equipped sensory room and outdoor play space. The conductors/teachers' plan learnlng for each Indlvldual pupll. It Is thorough, comprehensive, and purp05eful, and Is monltored, revlewed and evaluated regularly through corroboratSve staff meetings. Furthermore, the resources used are well-planned, Imaginative and Ilnked closely to themes and to the pupll's Indlvldual Interests. The school is reported as Incluslve and has a highly posltlve ethos, addressln9 the educational, physlcal and health and well-belng needs of the puplls. The learning envlronment is highly incluslve and nurturing with chlld-centred, well-maintained, and very purposeful learnlng resources, Includlng a well-equlpped Sensory Room and safe poured rubber outdoor play space. dershi and The teachlng Prlncipal and staff are hlghly skilled and apply conslstent high standards of provision appropriate for the complex and wide range of learnlng and physical needs of the pupils. They continually self-evaluate and assess the progress made by the pupils as well as identifying and sustaining areas of improvement across the school. It was also reported that the board of trustees are highly committed to and support all aspects of the school. They meet regularly and are very well informed about safeguarding and the overall life and work of the school. CavanaghKellyi Chartered Accountants & Statutory Auditors Pagc15
Budd Bear Trust haritabl om Limit d b uarant DIRECTORS. REPORT for the ear ended 31 Au ust 2022 Continued Inde endent School Ins ection Continu Safe uardin It was reported at the time of the inspection, the arrangements for safeguarding learners, take account of and reflect, the guidance from the Department of Education. It was concluded in the Inspection from the ETI that Buddy Bear Trust Conductlve Independent School provides efficient and suitable instruction for the learners and that the school Is to contlnue to be reglstered by the Department of Educatlon to provlde education. Hi hPr it The Dlrectors encouraged the Polltlcal Leaders and Senlor EA oflicials to visit the Independent special school to understand why early interventlon Is Important In the life of a child with cerebral palsy and the Impact It can have on the parents and extended family. Sir Jeffrey Donaldson, Doug Beatie and Colum Eastwood were among the polltlclans and counclllors to vlslt the school In the year. We valued the vlslts as the Polltlclans could speak wlth authority about the beneflts of the school. The vlslts also relnforced the parents and let them know that thelr chlld was valuable. er om the aln Polltlcal Partle The Buddy Bear Trust contlnued to recelve letters of support from polltlcal partles and a Jolnt Letter signed by the Political leaders of the 5 main parties, showing their continued support to Buddy Bear Trust. Along with previous letters received from all politlcal party leaders, Including Michelle O'Neill (Vice Presldent of Slnn Féln) and Robln Swann MLA (Health Mlnlster for Northern Ireland), it is clear to see the continued support for the work and care carried out by Buddy Bear Trust. We are actively trying to secure a meetlng wlth the Secretary of State, the Minister of Education and the Permanent Secretary of Northern Ireland to meet wlth the Trustees to dlscuss funding arrangements and how the parents of chlldren attending the school should be asslsted. in Complete converting outdoor former toilet block into storage for blkes and mobility toys Palnt decklng area ms or Next Year Convert a Classroom (upstairs) to a tollet and changing bench and area Convert other half of Classroom into a storage area Make a promotional vldeo Address Council about benefits of Buddy Bear Trust Provide lift to access first floor Employ two more Conductors as to meet needs of school and children CavanaghKellyi Chartered Accountants & Statutory Auditors Page16
Budd Bear Trust om Limit d b Guar nt DIRECTORS, REPORT for the ear ended 31 Au ust 2022 Continued Financial Review Financial Performance The charity earned net Incoming resources of £80,552 (2021 outgoing resources of £80,652) in the year to 31 August 2022 and at the year end the total funds of the charity amounted to £255,759 (2021 £175,207) comprising unrestrirted funds of £149,859 (2021 £66,540), restrlcted funds of £5,900 (2021 £8,667) and a deslgnated reserve fund of £IOO,000 (2021 £ioo,000). Prlnclpal sources of funding and how thls has supported the key objectlves of the charitable company are disclosed In the notes to the financial statements. Reserves Policy The Buddy Bear Trust have a formal reserves pollcy and the trustees belleve there are sufficlent funds to meet the needs of the charity for the medium term. As the charity is heavily reliant on donations and fundlng from public bodles, the board belleve It Is Imperatlve to hold a slgnlflcant level of reserves so that the charlty can continue to operate should there be any unexpected fall in incoming resources. structure, Governance and Management Organisational Structure The charitable company Is a company limited by guarantee, not havlng a share capital. The charltable company was establlshed under a Memorandum of Assoclatlon whlch establlshed the objects and powers of the charitable company and Is governed under St5 Articles of Assoclatlon. In accordance wlth the Artlcles of Assoclatlon, the members to retlre by rotatlon shall be those who have been longest in office since their last election, and the relevant motion will be put at the Annual General Meetlng. A retlrlng member shall be ellglble for re-electlon. Directors The Dlrectors durlng the year are the same a5 the Dlrectors as115ted on page 2. Taxatlon Status The charitable company is recognlsed as a charity by HM Revenue & Customs. Accordlngly, the charitable company has avalled of the exemptlons contalned In Chapter 3 Part 11 Corporatlon Taxes Act 2010 and Sectlon 256 Taxatlon of Chargeable Galns Act 1992. Directors, Responslbllltles The Directors are responsible for preparlng the financlal statements In accordance wlth applicable law and United Kingdom Accountlng Standards (United Klngdom Generally Accepted Accounting Practlce). Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charltable company and of the Incoming resources and appllcatlon of resources, Includlng the income and expendlture, of the charitable company for that year. In preparing these flnanclal statements the Dlrectors are required to; select suitable accounting policies and apply them consistently; observe the methods and principles in the Charities SORP (FRS 102); make judgements and estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. CavanaghKellyR Chartered Accountants & Statutory Auditors Page17
Budd Bear Trust Limit d b Guarantee DIRECTORS, REPORT for the ear ended 31 Au ust 2022 Continued The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Small Companies Exemption The above report has been prepared In accordance wlth the special provisions relating to small companles wlthln Part 15 of the Companles Act 2006. This report was approved by the Board of Dlrettors on 12 May 2023 and signed on its behalf by: Reglstered offlce: Peto Centre Killyman Road Dungannon Co. Tyrone BT71 6DE Brendan Mcconville DIREcfoR ra ionN er: N1022 li CavanaghKellyi Chartered Accountants & Statutory Auditors Page18
Budd Bear Trust ri abl imit db Gu rant INDEPENDENT EXAMINER'S REPORT to the members on the unaudited financial statemen of Budd Bear Trust for the ear end 31Au ust 2022 We report on the financial statements of the company for the year ended 31 August 2022 which are set out on page5 11 to 23. Respectlve Responsibilitie5 of Directors and Independent Examiner As the charitable company's Directors, who are the trustees for the purpose of charity law, you are responsible for the preparation of the financial statements In accordance with the requirements of the Companies Act 2006. Having satisfied ourselves that the charitable company is not subject to audit under company law, and Is eliglble for independent examination, it Is our responslblllty to: examine the accounts under sectlon 65 of the Charities Act (Northern Ireland) 2008. follow the procedures laid down In the general Directlons given by the Charlty Commission for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008; and state whether partlcular matters have come to our attentlon. Basls of Independent Examlner's Report We have examlned your charltable company's financSal statements as requlred under sectlon 65 of the Charities Act (Northern Ireland) 2008 and our examlnatlon wa5 carried out In accordance with the general dlrections given by the Charity Commlssion for Northern Ireland under section 65(9)(b) of the Charitles Act (Northern Ireland) 2008. The examlnatlon Included a revlew of the accountlng records kept by the charltable company and a comparison of the accounts presented wlth those records. It also Includes con51deration of any unusual Items or dlsclosures In the accounts and seeklng explanatlons from you as charltable company Dlrectors concernlng any such matters. Our role Is to state whether any materlal matters have come to our attentlon glvlng us cause to belleve: That accountlng records were not kept In accordance wlth sectlon 386 of the Companles Act 2006; or That the accounts do not accord with those accountlng record5; or That the accounts do not comply with the accountlng requirements of sectlon 396 of the Companles Act 2006 and with the methods and principles of the Charities Statement of Recommended Practlce appllcable to charitle5 preparing thelr accounts In accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland; or That there Is further Informatlon needed for a proper understandlng of the accounts to be reached. CavanaghKellyi Chartered Accountants & Statutory Auditors Page19
Budd Bear Tru hari abl om Limited b Gu rante INDEPENDENT EXAMINER'S REPORT to the members on the unaudited fjnancial statements of Budd Bear Trust for the ear ended 31 Au ust 2022 Continued Independent Examiner's Statement We have completed our examination and have no concerns In respert of the matters listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention. CAVANAGHKELLY Chartered Accountants & Statutory Audltors 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 12 May 2023 CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 10
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Budd Bear Tru haritabl an Limited b Guarantee STATEMENT OF FINANCIAL POSITION as at 31 Au ust 2022 Note 2022 2021 Non-current Assets Propertyi Plant and Equlpment Current Assets Recelvables Cash and cash equivalents 14,164 122 478 136,642 230 873 230,873 Payables: Amounts falllng due withln In one year 10 Net current assets 216 563 129 997 Net Assets 11 255 759 175 207 REPRESENTED BY: Unrestrlcted funds Restricted funds Deslgnated funds Total Funds 12 12 12 149,859 5,900 loo 000 255 759 66,540 8,667 100 000 175 207 The Dlrectors, statements shown on the followlng page form part of thls Statement of Flnanclal Posltlon. CavanaghKellyA Chartered Accountants & Statutory Auditors Page | 12
Budd Bear Trust haritabl om Limit d b rant STATEMENT OF FINANCIAL POSITION as at 31 Au ust 2022 Continued These financial statements have been prepared in accordance with the provisions applicable to small companies regime within Part 15 of the Companies Act 2006. For the financial year ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006. The Directors confirm that the members have not requlred the company to obtaln an audit of its financial statements for the year in question in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibilities for ensuring that the charitable company keeps accountlng records which comply wlth Sectlon 386. and for preparing financial statements which glve a true and fair view of the state of affalrs of the charitable company as at the end of the financial year and of Its incoming or outgoing resources for the financial year in accordance wlth the requlrements of sectlons 394 and 395 and whlch otherwise comply wlth the requlrements of the Companles Act 2006 relating to financlal statements, so far as appllcable to the charltable company. The notes on pages 14 to 23 form an Integral part of the flnanclal statements. The financial statements were approved and authorlsed for Issue by the Board of Dlrectors on 12 May 2023 and slgned on thelr behalf by. LL Brendan Mcconvllle DIRECTOR Com Charl an Re Istratlon Number: N1022996 Re 1Stration Number: 104137 CavanaghKellyi Chartered Accountants & Statutory Auditors Pago | 13
Budd Bear Trust haritabl om an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2022 I. GENERAL INFORMATION Buddy Bear Trust is a charitable company limited by guarantee incorporated in Northern Ireland. In the event of the charitable company being wound Upi the liability in respect of the guarantee is limited to £1 per member of the charitable company. The address of the registered office Is as shown on page l. The charitable company constitutes a publlc benefit entity as defined by FRS 102. The financial statements are stated In £ sterllng whlch Is the functional currency of the charitable company. 2. ACCOUNTING POLICIES The followlng accountlng pollcles have been applled conslstently in deallng with Items whlch are consldered materlal In relatlon to the charitable company's financial statements. 2.1 statement of Compllance The flnancial statements have been prepared in accordance with Accounting and Reporting by Charltes: Statement of Recommended Practlce (SORP) appllcable to charltles preparlng thelr financlal statements in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS 102) effectlve l January 2019 (Second Edltlon), the Flnanclal Reportlng Standard appllcable In the Unlted Klngdom and Republlc of Ireland (FRS 102) and the Companles Act 2006. 2.2 Basls of Preparation The flnanclal statements are prepared on a golng concern basls under the hlstorlcal cost convention unless otherwise stated in the relevant accounting policy. Historical cost is generally based on the falr value of the conslderatlon glven in exchange for assets. 2.3 Cash Flow Statement The charltable company has applled Update Bulletin 2 as published on 5th October 2018 (effective l January 2019) and does not Include a cash flow statement on the grounds that it is applying FRS 102 Section IA. 2.4 Income and Endowments (l) Charitable Activities Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions. It is recognised as earned as the related services or goods are provided. Grant income is recognised in the Statement of Financial Activities when receivable. Grant income included in this category provides funding to support projects and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 14
Budd Bear Trust ri bl om an Limit d b Gu nt NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2022 Continued 2. ACCOUNTING POLICIES (Continued) 2.4 Income and Endowments (Continued) (11) Donatlons and Legacies Donations and Legacy income includes incoming resources from gifts, donations and grants and is recognised in full in the Statement of Financial Activities when receivable. Activities for generating fund5 are commercial activities whlch are recogni5ed as earned when the related goods and services are provided. 2.5 Expendlture Expendlture Is recognSsed when a Ilablllty Is Incurred. Contractual arrangements and performance related grants are recognlsed as goods and servlces are supplied. Where costs cannot be dlrectly attrlbuted to a particular headingi they have been allocated to activities on a basls conslstent wlth use of resources. Staff costs and overhead expenses are allocated to activitles on the basis of staff time spent on those actlvltles. (l) Charltable Actlvltles Thls comprlses all the resources applled by the charltable company In undertaking Its work to meet its charitable objectives. Charitable activities will Include the costs of governance arrangements whlch relate to the general runnlng of the charltable company. 2.6 Fund Accountlng The charltable company has three types of funds for whlch It Is responsSble at the year end: Unrestrlcted Funds Funds whlch are expendable at the dlscretlon of the Dlrectors In furtherance of the objectives of the charitable company. In addition, funds may be held in order to finance capital investment and working capital. Designated Funds Monles whlch has been set aslde to cover costs should there be a Significant and unforeseen reductlon In funding. Restrlcted Funds - Monles received for speciflc purposes. Such purposes are wlthln the overall aims of the charlty. CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 15
Budd Bear Trust om Limit d b rant NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2022 Continued 2. ACCOUNTING POLICIES (Continued) 2.7 Propertyi Plant and Equipment and Depreciation Propertyi plant and equlpment are initially recorded at cost. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised. Depreclatlon 15 provlded at rates calculated to write off the cost less resldual value of each asset over its expected useful life, as follows: Office Furniture School Equipment Computer Equipment Leasehold Improvements 150/0 Straight Line 250/0 Reduclng Balance 20010 Straight Line 40/0 Stralght Llne 2.8 Trade and Other Payables Trade and other payables are Inltlally recognlsed at falr value and thereafter stated at cost. 2.9 Taxatlon As a charlty, the charltable company Is not Ilable to Corporatlon Tax. 2.10 Cash and Cash Equlvalents Cash and cash equlvalents Includes cash In hand, deposlts held at call wlth banks, other short term hlghly Ilquld investments with original maturities of three month5 or less. 2.11 Crltlcal accountlng estlmates and Judgements In the appllcatlon of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptlons about the carrylng value of assets and Ilabllltles that are not readlly apparent from other sources. The estimates and associated assumptions are based on hlstorlcal experlence and other factors that are considered to be relevant. Actual results may differ from these estlmates. The estimates and underlylng assumptlons are reviewed on an ongoing basis. Revisions to accountlng estlmates are recognlsed In the period in which the estimate is revised were the revlslon affects only that period, or in the period of the revlslon and future perlods were the revision affects both current and future periods. Crltlcal Judgements In applying the entity s accounting policies There are no critical Judgements in applying the company's accounting policies. Critical accounting estimates and assumptions There are no accounting estimates in applying the company's accounting policies. CavanaghKellyr Chartered Accountants & Statutory Auditors Page | 16
Budd Bear Trust ri bl om Limit d b uar NOTES TO THE FINANCIAL STATEMENTS For he r ended 31 Au ust 2022 Continued 2. ACCOUNTING POLICIES (Continued) 2.12 Financial Instruments (i) Financial assets Basic financial assets, including trade and other receivables, cash and bank balances and amounts owed by related partles and are initially recognised at transactlon prlce, 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. Such assets are subsequently carrled at amortised cost uslng the effectlve Interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of Smpalrment. If an asset Is Smpalred the Impalrment loss Is the difference between the carrylng amount and the present value of the estlmated cash flows discounted at the asset's origlnal effectlve Interest rate. The Impalrment loss Is recognlsed In profit or loss. If there Is decrease In the Impalrment loss arlslng from an event occurrlng after the Impairment was recognised, the Impairment Is reversed. The reversal Ss such that the current carrying amount does not exceed what the carrylng amount would have been had the Impalrment not prevlously been recognlsed. The Impa5rment reversal Is recognlsed In proflt or loss. Flnanclal assets are derecognlsed when (a) the contractual rlghts to the cash flows from the asset explre or are settled, or (b) substantlally all the rlsks and rewards of the ownershlp of the asset are transferred to another party or (c) despite havlng retalned some significant rlsks and rewards of ownershlp, control of the asset has been transferred to another party who has the practlcal abllity to unllaterally sell the asset to an unrelated thlrd party wlthout Imposlng additlonal restrictions. (11) Flnancial Ilabllitles Basic financial liabilities, includlng trade and other payables, bank loans and overdrafts and amounts owed to related partles are Inltlally recognlsed at transactlon prlce, unless the arrangement constltutes a financing transaction, where the debt instrument Is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it Is probable that some or all of the facility wlll be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that It Is probable that some or all of the faclllty will be drawn down, the fee is capitalised as a pre-payment for Ilquldity services and amortised over the period of the facility to which it relates. Trade payables are obligatlons to pay for goods or services that have been acquired in the ordinary course of busine55 from suppliers. Accounts payable are cla55ified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 17
Budd Bear Trust ritabl om an Limit d b uar nt Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2022 Continued 2. ACCOUNTING POLICIES (Continued) Financial liabilities are derecognlsed when the Ilablllty Is extlngulshed, that Is when the contractual obllgatlon is discharged, cancelled or expires. (111) Offsettlng Financial assets and Ilabilitles are offset, and the net amounts presented In the flnanclal 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 reallse the asset and settle the liabillty simultaneously. 2.13 Penslon and other post retlrement obllgatlons The charlty operates a deflned contrlbutlon penslon scheme whlch Is a penslon plan under whlch fixed contributlons are pald Into a penslon fund and the charity has no legal or constructive obllgation to pay further contrlbutlons even If the fund does not hold sufficlent assets to pay employees the beneflts relatlng to employee servlce In the current or prlor perlods. Contributlons to defined contributlon plans are recognlsed In the Statement of Flnancial Activitles when they are due. If contrlbutlon payments exceed the contributlon due for the servlce, the excess Is recognlsed as a prepayment. CavanaghKellyr Chartered Accountants & Statutory Auditors Page118
Budd Bear Trust om Limit d b Guarant NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au t 2022 Continued 3. INCOME AND ENDOWMENTS Unrestricted Restricted Designated Funds Funds Funds 2022 2022 2022 Total Funds 2022 Total Funds 2021 Charitable Activities Halifax Foundation for Northern Ireland Education and Library Boards Total Charitable Activities 8,000 8,000 266 131,942 131,942 39,836 139,942 139,942 40,102 Income from Charitable Activities in the year ended 31 August 2021 of £40,102 was made up of £266 restrlcted funds and £39,836 unre5trlcted funds. Unrestricted Restrlcted Deslgnated Funds Funds Funds 2021 2021 2021 Total Funds 2021 Total Funds 2020 Donatlons and Legacles Donatlons Community Foundatlon Mcclay Foundatlon Covld 19 Grant Furlough Grant Edward Gostllne Main Grants Bally Thomas Charitable Fund Mld Ulster Councll PHA Fund Total Donations and Legacies 43,080 100,000 43,080 100,000 21,566 25,000 100,000 11,826 100,000 11,826 67,982 41,591 10,000 250 250 2,324 255,156 255,156 173,463 Income from Donatlons and Legacies in the year ended 31 August 2021 of £173,463 was made up of £173,463 unrestricted funds. CavanaghKelly. Chartered Accountants & Statutory Auditors Page | 19
Budd Bear Trust Charitable Com an Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2021 Continued 3. INCOME AND ENDOWMENTS (Cont'd) Unrestrirted Restricted Designated Funds Funds Funds 2022 2022 2022 Total Funds 2022 Total Funds 2021 Investment Income Bank Interest Recelvable Total Investment Income 165 165 194 165 165 194 Income from Investment Income In the year ended 31 August 2021 of É194 was made up of entirely unrestricted funds. 4. RESOURCES EXPENDED Unrestrlcted Restrlcted Deslgnated Funds Funds Funds 2022 2022 2022 Total Funds 2022 Total Funds 2021 Charltable Actlvltles Wages and salaries Pension costs Insurance Llght and heat Repalrs and maintenance Prlntlng, postage and statlonery Classroom expenses Copler Rental Telephone Fundraising and promotion costs Accountancy Bank charges General expenses Subscriptions Depreciation of propertyi plant and equipment Total Resources Expended 220,088 41,479 4,490 10,500 6,599 220,088 41,479 4,490 10,500 6,599 176,641 44,546 8,368 6,166 10,769 1,075 1,075 1,262 4,151 1,958 1,246 1,383 4,151 1,958 1,246 1,383 22,533 1,900 1,273 1,408 8,418 118 5,390 597 4,452 8,418 118 5,390 597 7,219 6,971 138 3,290 570 8,576 2,767 311,944 2,767 314,711 294,411 Expenditure on Charitable Activities in the year ended 31 August 2021 of £294,411 was made up £290,457 unrestrlcted expenditure and £3,954 restricted expenditure. CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 20
Budd Bear Trust om an Limi nt NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2021 Continued 5. NET INCOME/(EXPENDITURE) FOR THE YEAR Net incomel(expenditure) is stated after charging/(crediting): 2022 2021 Depreciation of propertyi plant and equipment 7,219 8,576 6. INDEPENDENT EXAMINER'S REMUNERATION The Independent examlner's remuneratlon amounts to an Independent examination fee of £3,000 (2021- £2,912). 7. STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charltable company durlng the year was 7 (2021 7). The total staff costs and employee's benefits was as follows: 2022 2021 Wages and salarles (Includlng soclal securlty) Pension costs 220,088 176,641 261 567 221 187 The charltable company has one employee who recelved total employee benefits (excludlng employer penslon costs) of between £70,000 and £80,000 during the reportlng period. 7.1 DIRECTORS. REMUNERATION The Dlrectors received nor walved any remuneratlon or any other benefits during the year and no reimbursements of expenses Incurred. CavanaghKellyi Chartered Accountants & Statutory Auditors Pagel 21
Budd Bear Trust haritabl om an Limit d b uarant NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2022 Continued 8. PROPERTY, PLANT AND EQUIPMENT Office Furniture School Computer Leasehold Equipment Equipment Improvements Total Cost At 31 August 2021 Additions At 31 August 2022 30,242 46,636 38,348 1,204 39,552 28,623 143,848 1,204 145,052 30,242 46,636 28,623 Depreciatlon At 31 August 2021 Charge for year At 31 August 2022 29,711 287 33,014 31,573 4,339 98,637 105 856 Net Book Values At 31 August 2022 244 At 31 August 2021 531 9. RECEIVABLES 2022 2021 Accrued Income io. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 2021 Trade payables Taxation and social security Accruals 288 10,266 96 3,537 CavanaghKellyA Chartered Accountants & Statutory Auditors Page | 22
Budd Bear Trust haritabl Com an Limi uarant NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2022 Continued 11. ANALYSIS OF NET ASSETS Unrestricted Restricted Designated Funds Funds Funds 2022 2022 2022 Total Funds 2022 Total Funds 2021 Property, Plant and Equipment Current Assets Current Liabilities 33,296 5,900 39,196 45,210 130,873 100,000 230,873 136,642 149 859 100 000 255 759 175 207 12. ANALYSIS OF FUNDS Openlng Balance Income Expenditure Transfer Between Funds Closing Balance Cash for Klds Restricted Funds 8,667 (2,767) 5,900 Unrestrlcted Funds 66,540 395,263 (311,944) 149,859 Deslgnated Funds 100,000 loo,000 Total Funds 175 207 395 263 314 711 255 759 CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 23