CavanaghKelly' Company Registration Number: N1022996 Charity Registration Number: 104137 Buddy Bear Trust (Charitable Company Limited by Guarantee) Annual Report and Unaudited Financial Statements For the year ended 31 August 2023
Budd Bear Trust ritable Com Limited uaran DIRECTORS. REPORT for the ear ended 31 Au ust 2023 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 2023. The financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting and Reporting by Charities" (FRS 102) and the Companies Act 2006. Reference and Administration Details The reference and administration details of the charitable company are as shown on page 2. Objectives and Activities The principal activity of the charitable company is to relieve sickness of children suffering from cerebral palsy, spina bifida and other motor neurone disorders. The main strategic objectives of the Trust are: To provide conductive education for children who suffer from cerebral palsy and other motor disorders. To become a 'mainstream" part of education and therapy for children suffering from cerebra I palsy in Northern Ireland and to see greater integration of the existing services of health and education for such children. The key aims of Buddy Bear Trust are to allow young people to benefit from this life changing therapy and develop their own optimum level of independence. Public Benefit Statement The Directors of Buddy Bear Trust confirm that they have complied with their duty under section 4(6} of the Charities Act (Northern Ireland) 2008 to have regard to the Charity Commission for Northern Ireland's guidance on public benefit and that the public benefit requirement has informed the activities of the charitable company in the year ended 31 August 2022. Achievements and Performance Children with Cerebral Palsy at the Buddy Bear Trust Conductive Education School ("Buddy Bear School") benefited from a team lead by the principal and three other Peto trained Conductors, all of whom are registered with the General Teaching Council of Northern Ireland as well as two experienced Classroom Assistants and a part-time Secretary. The Buddy Bear School was able to offer places to 26 children in one of four main groups being: Parent and Child Group (Pre-Nursery); Nursery Group,. School Group I; and School Group 2. CavanaghKellyi Chartered Accountants & Statutory Auditors Page13
Budd Bear Trust Charita ecom Limited b Guarantee DIRECTORS. REPORT for the ear ended 31 Au ust 2023 Continued Children at the Buddy Bear School made great progress under the guidance of the Conductors/Teachers. 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 walking, while others used the mounted wall bars in classrooms to pull themselves into a standing position and show new levels of mobilityi all of which brought positive feedback from parents. One parent shared a quote with us "We are so grateful that our child attends Buddy Bear. Even with the pandemic the care, teaching sessions, progress and support he has received from the Buddy Bear team has been incredible. It has been amazing to see progress so much in such a short space of time and has filled us all with such hope and joy for the future. Several children at the School were also able to make the transition to mainstream education at local primary schools during the year on a full time or part-time basls. Achievements and Performance in ear The Buddy Bear Trust continues to actively promote its five year 'Lifetime of Difference, project. The project is being funded for the next three years from the National Lottery Community Fund and the Mcclay Foundation. These vital funds serves as a platform but still leaves a shortfall for the optimum running costs of the school which we need to supplement with government funding and ongoing fund raising. The Buddy Bear Trust continues to rely heavily on volunteers to assist in the day to day operational running of the charity. Such volunteers are invaluable, and the charlty continues to be grateful for their continued 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 appreciate their time and effort. CavanaghKellyi Chartered Accountants & Statutory Auditors Page14
Budd Bear Trust Charit ecom an Limited Gu rantee DIRECTORS. REPORT for the ear ended 31 Au ust 2023 Continued Ind endent Scho Ilns tion 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 numeracy; Whether the accommodation is suitable and meets health and safety standards. The implementation of procedures for safeguarding and pastoral care. The quality of leadership and management The full inspection was carried out with findings and conclusions documented within an official report of inspection; DE Ref No. IS59 to which key findings have been noted below. Outcomes for Learners The pupils all have complex physical difficulties arising from medical conditions, despite these, they make steady progress in their physical, educational, communication and play skills targets. A small number of parents and family members shared with the inspectors their highly positive experiences of the school. They reported that their children are safe and very happy and appreciate the ongoing support they receive from staff to increase their skills in helping their children. It was also reported that the pupils are very well settled and enjoy their routines and activities in school and interact well with staff and visitors. ualit of Provision It was stated, the learning environment is highly inclusive and nurturing with child-centred, well-maintained, and very purposeful learning resources, including a well-equipped sensory room and outdoor play space. The conductors/teachers' plan learning for each individual pupil. It is thorough, comprehensive, and purposeful, and is monitored, reviewed and evaluated regularly through corroborative staff meetings. Furthermore, the resources used are well-planned, imaginative and linked closely to themes and to the pupil's individual interests. The school is reported as inclusive and has a highly positive ethos, addressing the educational, physical and health and well-being needs of the pupils. The learning environment is highly inclusive and nurturing with child-centred, well-maintained, and very purposeful learning resources, including a well-equipped Sensory Room and safe poured rubber outdoor play space. Leadershi and niana ement The leaching Principal and staff are highly skilled and apply consistent high standards of provision appropriate for the complex and wide range of learning and physical needs of the pupils. They contlnually 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 Page15
Budd Bear Trust Charitable Com an Limited b Guarante DIRECTORS, REPORT for the ear ended 31 Au ust 2023 Continued nt School Ins ection inued 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 Conductive Independent School provides efficient and suitable instruction for the learners and that the school is to continue to be registered by the Department of Education to provide education. Hi h Profile Visits to the School The Directors encouraged the Political Leaders and Senior EA officials to visit the independent special school to understand why early intervention is important in the life of a child with cerebral palsy and the impact it can have on the parents and extended family. The Hungarian Ambassador was among the politicians to visit the school in the year. We valued the visits as the Politicians could speak with authority about the benefits of the school. The visits also reinforced the parents and let them know that their child was valuable. Joint Letter of su ort from the main Political Parties The Buddy Bear Trust continued to receive letters of support from political parties and a Joint 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 political party leaders, including Michelle O'Neill (Vice President of Sinn Fein) and Robin Swann MLA (Health Minister 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 meeting with the Secretary of Slate, the Minister of Education and the Permanent Secretary of Northern Ireland to meet with the Trustees to discuss funding arrangements and how the parents of children attending the school should be assisted. General Maintenance Converted a Classroom (upstairs) to a toilet and changing bench and area Converted other half of Classroom into a storage area Aim f r Next Year Address Councils about benefits of Buddy Bear Trust Provide lift to access flrst floor Employ two more Conductors as to meet needs of school and children Add additional rubber flooring outside CavanaghKellyi Chartered Accountants & Statutory Auditors Page16
Budd Bear Trust Chari able Com Limited b Guarantee DIRECTORS. REPORT for the ear ended 31 Au ust 2023 Continued Financial Review Financial Performance The charity earned net incoming resources of £124,934 (2022 incoming resou rces of £80,552) in the year to 31 August 2023 and at the year end the total funds of the charity amounted to £380,693 (2022 - £255,759) comprising unrestricted funds of £168,868 (2022 £149,859), restricted funds of £11,825 (2022 £5,900) and a designated reserve fund of £200,000 (2022 £100,000). Principal sources of funding and how this has supported the key objectives of the charitable company are disclosed in the notes to the financial statements. Reserves Policy The Buddy Bear Trust have a formal reserves policy and the trustees believe there are sufficient funds to meet the needs of the charity for the medium term. As the charity is heavily reliant on donations and funding from public bodies, the board believe it is imperative to hold a significant level of reserves so that the charity 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 having a share capital. The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In accordance with the Artlcles of Association, the members to retire by rotation shall be those who have been longest in office since their last election, and the relevant motion will be put at the Annual General Meeting. A retiring member shall be eligible for re-election. Directors The Directors during the year are the same as the Directors as listed on page 2. Taxation Status The charitable company is recognised as a charity by HN Revenue & Customs. Accordingly, the charitable company has availed of the exemptions contained in Chapter 3 Part 11 Corporation Taxes Act 2010 and Section 256 Taxation of Chargeable Gains Act 1992. Directors. Responsibilities The Directors are responsible for preparing the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements the Directors are required to: select suitable accountlng 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. CavanaghKellyi Chartered Accountants & Statutory Auditors Page17
Budd Bear Trust Charitable an Limited b Gu rante DIRECTORS, REPORT for the ear ended 31 Au ust 2023 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 with the special provisions relating to small companies within Part 15 of the Companies Act 2006. This report was approved by the Board of Directors on 29 July 2024 and signed on its behalf by: Registered office: Peto Centre Killyman Road Dungannon Co. Tyrone BT71 6DE rtrtr Mr Brendan Mcconville DIRECTOR Com Chari an Re istration Number: N1022996 Re istration Number: 104137 Mrs Phyllis Agnew DIRECTOR CavanaghKellyi Chartered Accountants & Statutory Auditors Page18
Budd Bear Trust Charitab om Limited Guarantee INDEPENDENT EXAMINER'S REPORT to the members on the unaudited financial statements of Budd Bear Trust for the ear ended 31 Au ust 2023 We report on the financial statements of the company for the year ended 31 August 2023 which are set out on pages 11 to 23. Respective Responsibilities of Directors and Independent Examiner As the charitable company's Directors, who are the trustees for the purpose of charity law, you are responsib5e for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied ourselve5 that the charitable company is not subject to audit under cornpany law, and is eligible for independent examination, It is our responsibility to: examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008; follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008. and state whether particular matters have come to our attention. Basis of Independent Examiner's Report We have examined your charitable company's financial statements as required under sectlon 65 of the Charities Act (Northern Ireland) 2008 and our examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act (Northern Ireland) 2008. The examination included a review of the accounting records kept by the charitable company and a comparison of the accounts presented with those records. It also includes consideration of any unusual Items or disclosures in the accounts and seeking explanations from you as charitable company Directors concerning any such matters. Our role is to state whether any material matters have come to our attention giving us cause to believe: That accounting records were not kept in accordance with section 386 of the Companies Act 2006; or That the accounts do not accord with those accounting records; or That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland. or That there is further information needed for a proper understanding of the accounts to be reached. CavanaghKellyi Chartered Accountants & Statutory Auditors Page19
Budd Bear Trust Chari ble Com an Limited Guar ntee INDEPENDENT EXAMINER'S REPORT to the members on the unaudited financial statements of Budd Bear Trust for the ear ended 31 Au ust 2023 Continued Independent Examiner's Statement We have completed our examination and have no concerns in respect 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 Auditors 36-38 Northland Row Dungannon Co. Tyrone BT71 6AP Date: 29 July 2024 CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 10
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Budd Bear Trust Charitable Com Limi rantee STATEMENT OF FINANCIAL POSITION as at 31 Au ust 2023 Note 2023 2022 Non-current Assets Property, Plant and Equipment 35,815 39,196 Current Assets Receivables Cash and cash equivalents 45,907 316,304 362,211 230,873 230,873 Payables: Amounts falling due within in one year 10 Net current assets 344 878 216 563 Net Assets 11 380,693 255,759 REPRESENTED BY: Unrestricted funds Restricted funds Designated funds Total Funds 12 12 12 168,868 11,825 200 000 380 693 149,859 5,900 100 000 255 759 The Directors, statements shown on the followlng page form part of this Statement of Financial Position. CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 12
Budd Bear Trust Charitable C an Limited b Guarant STATEMENT OF FINANCIAL POSITION as at 31 Au ust 2023 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 required the company to obtain 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 accounting records which comply with Section 386. and for preparing financial statements which give a true and fair view of the state of affairs 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 with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. The notes on pages 14 to 23 form an integral part of the financial statements. The financial statements were approved and authorised for issue by the Board of Directors on 29 July 2024 and signed on their behalf by: Brendan Mcconville DIRECTOR Phyllis A DIRECTOR Com hari an Re istration Numb r: N1022 istrati nNum er: 104137 96 CavanaghKelly, Chartered Accountants & Statutory Auditors Page | 13
Budd Bear Trust Charitable Com Limite Guaran ee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2023 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 up, 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 public benefit entity as defined by FRS 102. The financial statements are stated in £ sterling which is the functional currency of the charitable company. 2. ACCOUNTING POLICIES The following accounting policies have been applied conslstently in dea ling with items which are considered material in relation to the charitable company's financial statements. 2.1 Statement of Compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charites: Statement of Recommended Practice (SORP) applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective l January 2019 (Second Edition), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. 2.2 Basis of Preparation The financial statements are prepared on a going concern basis under the hlstorical cost convention unless Otherwise stated in the relevant accounting policy. Historical cost is generally based on the fair value of the consideration given in exchange for assets. 2.3 Cash Flow Statement The charitable company has applied 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 (i) 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 Charitabl Com an Limited b Guar ntee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2023 Continued 2. ACCOUNTING POLICIES (Continued) 2.4 Income and Endowments (Continued) (li) Donations and Legacies Donations and Legacy income includes incorning resources from gifts, donations and grants and is recognised in full in the Statement of Financial Activities when receivable. Activities for generating funds are commercial activities which are recognised as earned when the related goods and services are provided. 2.5 Expenditure Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods and services are supplied. Where costs cannot be directly attributed to a particular headingi they have been allocated to activities on a basis consistent with use of resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activlties. (i) Charitable Activities This comprises all the resources applied by the charitable company in undertaking its work to meet its charitable objectives. Charitable activities will include the costs of governance arrangements which relate to the general running of the charitable company. 2.6 Fund Accounting The charitable company has three types of funds for which it Is responsible at the year end: Unrestricted Funds Funds which are expendable at the discretion of the Directors 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 Monies which has been set a51de to cover costs should there be a significant and unforeseen reduction in funding. Restricted Funds Monies received for specific purposes. Such purposes are within the overall aims of the charity. CavanaghKelly, Chartered Accountants & Statutory Auditors Page | 15
Budd Bear Trust Charitable Com Limi ntee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2023 Continued 2. ACCOUNTING POLICIES (Continued) 2.7 Propertyy Plant and Equipment and Depreciation Property, plant and equipment 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. Depreciation is provided at rates calculated to write off the cost less residual 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 Reducing Balance 200/0 Straight Line 40/0 Straight Line 2.8 Trade and Other Payables Trade and other payables are initially recognised at fair value and thereafter stated at cost. 2.9 Taxation As a charity, the charitable company is not liable to Corporatlon Tax. 2.10 Cash and Cash Equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short term highly liquid investments with original maturities of three months or less. 2.11 Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revlsed were the revision affects on ly that period, or in the period of the revision and future periods were the revision affects both current and future periods. Critical judgements in applying the entity s accounting policies There are no critical judgements in applying the company's accounting policles. Critical accounting estimates and assumptions There are no accounting estimates in applying the company's accounting policies. CavanaghKellyi Chartered Accountants & Statutory Auditors Pagel 16
Budd Bear Trust Chari le Com Limited b G rantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2023 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 parties and are initially recognised at transaction price, 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 carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit o r loss. If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownershipi control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. (li) Financial liabilities Basic financial liabilities, including trade and other payables, bank loans and overdrafts and amounts owed to related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future 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 will 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 facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment Is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. CavanaghKelly, Chartered Accountants & Statutory Auditors Page | 17
Budd Bear Trust Chari ble Com Limited b Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2023 Continued 2. ACCOUNTING POLICIES (Continued) Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. (iii) Offsetting Financial assets and liabilities are offset, and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 2.13 Pension and other post retirement obligations The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current or prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for the service, the excess is recognised as a prepayment. CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 18
Budd Bear Trust Ch ritable an Limited b aran NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2023 Continued 3. INCOME AND ENDOWMENTS Unrestricted Restricted Designated Funds Funds Funds 2023 2023 2023 Total Funds 2023 Total Funds 2022 Charitable Activities Halifax Foundation for Northern Ireland Education and Library Boards The Pathway Fund Total Charitable Activities 10,500 10,500 8,000 125,605 125,605 120,275 5,833 141,938 5,000 5,000 10,833 146,938 11,667 139,942 Income from Charitable Activities in the year ended 31 August 2022 was made up entirely of unrestricted funds. Unrestricted Restricted Designated Funds Funds Funds 2023 2023 2023 Total Funds 2023 Tota I Funds 2022 Donations and Legacies Donations Community Foundation Mcclay Foundation Covid 19 Grant Mid Ulster Council Total Donations and Legacies 13,677 125,900 8,000 21,677 125,900 43,080 100,000 loo,000 loo,000 loo,000 11,826 250 255,156 241,577 8,000 249,577 Income from Donations and Legacies in the year ended 31 August 2022 was made up entirely of unrestricted funds. CavanaghKelly, Chartered Accountants & Statutory Auditors PagL | 19
Budd Bear Trust haritable Com an Limi rantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2023 Continued 3. INCOME AND ENDOWMENTS (Cont'd) Unrestricted Restricted Designated Funds Funds Funds 2023 2023 2023 Total Funds 2023 Total Funds 2022 Investment Income Bank Interest Receivable Total Investment Income 1,080 1,080 165 1,080 1,080 165 Income from Investment Income in the year ended 31 August 2022 of £165 was made up of entirely unrestricted funds. 4. RESOURCES EXPENDED Unrestricted Restricted Designated Funds Funds Funds 2023 2023 2023 Total Funds 2023 Total Funds 2022 Charitable Activities Wages and Salaries Pension costs Rates and water Insurance Light and heat Repairs and maintenance Printing, postage and stationery Classroom expenses Copier Rental Telephone Fundraising and promotion costs Accountancy Bank charges General expenses Subscriptions staff Training Depreciation of propertyi plant and equipment Total Resources Expended 199,748 4,013 1,281 8,730 11,237 14,944 5,000 204,748 4,013 1,281 8,730 11,237 14,944 220,088 41,479 4,490 10,500 6,599 727 727 1,075 2,370 2,096 1,436 1,748 2,370 2,096 1,436 1,748 4,151 1,958 1,246 1,383 8,146 115 3,844 472 50 4,629 8,146 115 3,844 472 50 6,704 8,418 118 5,390 597 2,075 7,219 265,586 7,075 272,661 314,711 Expenditure on Charitable Activities in the year ended 31 August 2022 of £314,711 was made up £311,945 unrestricted expenditure and £2,766 restricted expenditure. CavanaghKellyi Chartered Accountants & Statutory Auditors Pagc | 20
Budd Bear Trust Chari le an Limited Gu rantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2023 Continued 5. NET INCOME/(EXPENDITURE) FOR THE YEAR Net income/(expenditure) is stated after charging/(crediting}: 2023 2022 Depreciation of property, plant and equipment 6. INDEPENDENT EXAMINER'S REMUNERATION 6,311 7,219 The independent examiner's remuneration amounts to an independent examination fee of £3,150 (2022 £3,000). 7. STAFF COSTS AND EMPLOYEE BENEFITS The average number of persons employed by the charitable company during the year was 7 (2022 - 7). The total staff costs and employee's benefits was as follows: 2023 2022 Wages and salaries (including social security) Pension costs 204,748 220,088 208 761 261 567 The charitable company has one employee who received total employee benefits (excluding employer pension costs) of between £70,000 and £80,000 during the reporting period. 7.1 DIRECTORS, REMUNERATION The Directors received nor waived any remuneration or any other benefits during the year and no reimbursements of expenses incurred. CavanaghKelly, Chartered Accountants & Statutory Auditors Page121
Budd Bear Trust Charitable Limited Guarantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2023 Continued . PROPERTY, PLANT AND EQUIPMENT Office Furniture School Equipment Computer Leasehold Equipment Improvements Tota I Cost At 31 August 2022 Additions At 31 August 2023 30,242 3,323 33,565 46,636 39,552 28,623 145,053 3,323 148,376 46,636 39,552 28,623 Depreciation At 31 August 2022 Charge for year At 31 August 2023 29,998 590 36,420 33,955 5,484 105,857 112 561 Net Book Values At 31 August 2023 2,977 3,182 35,815 At 31 August 2022 244 10,216 5,597 23,139 39,196 9. RECEIVABLES 2023 2022 Accrued Income 48,907 io. PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade payables Taxation and social security Accruals 632 12.027 4,674 288 10,266 3,756 CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 22
Budd Bear Trust Chari ble Com an Limi rantee NOTES TO THE FINANCIAL STATEMENTS For the ear ended 31 Au ust 2023 Continued 11. ANALYSIS OF NET ASSETS Unrestricted Restricted Designated Funds Funds Funds 2023 2023 2023 Total Funds 2023 Total Funds 2022 Property, Plant and Equipment Current Assets Current Liabilities 31,990 3,825 35,815 39,196 154,211 8,000 200,000 362,211 230,873 168,868 200,000 380,693 255 759 12. ANALYSIS OF FUNDS Opening Balance Income Expenditure Transfer Between Funds Closing Ba lance Cash for Kids The Pathway Fund Lift Appeal Restricted Funds 5,900 (2,075) (5,000) 3.825 5,000 8,000 13,000 8,000 11,825 5,900 {7,075) Unrestricted Funds 149,859 384,595 (265,586) (100,000) 168,868 Designated Funds loo,000 loo,000 200,000 Total Funds 255 759 397 595 272 661 380 693 Cash for Kids This was funding received towards the cost of installing outdoor play equipment for children with complex needs. The Pathway Fund This project is supported by The Pathway Fund which is administered by Early Years the organisation for young children and funded by the Department of Education. This funding was for the provision of 6 children with complex needs and to facilitate parent workshops. Lift Appeal This was donations received for the purpose of installing a lift on the Buddy Bear premises. CavanaghKellyi Chartered Accountants & Statutory Auditors Page | 23