North West Lifelong Learning Ltd Charity No. N1104592 Company No. N1603130 Directors, Report and Unaudited Accounts 31 March 2023
North West Llfelong Learnlng Llmlted Contents Pages 2to4 Trustees, Annual Report Independent Examiner's Report ststernent of Financial Activities Summary Income and Expenditure Account Balance Sheet Statement of Cash flows Notes to the Accounts IOto17 Detailed Statement of Financial Activities 18to19 Page I
North West Llfelong Learnlng Llmlted Statement of Flnandal Artlvltles for the year ended 31 March 2023 Unrestrlcted funds 2023 Restrlcted funds Total funds Total funds 2023 2023 2022 Notes Income and endowments from: Donations and legacies Charitable activities Other trading activities 3,182 9,722 4,050 3,182 9,722 4,050 2,900 6,316 1,250 Total 16,954 16,954 10,466 Expendlture on: Other 11,817 1,792 13,609 12,469 Totsi 11,817 1,792 13,609 12,469 Net gains on investments Net Income/(expendlture) Transfers between funds 5,137 (1,792) 3,345 12,003) Net Income/(expendlturey before other 8alns/{losses) 5,137 (1,792) 3,345 {2,003) Other galns and losses Net movement In fvnds 5,137 {1,7921 3,345 (2,003) Reconclllatlon of funds: Total funds brought forward (4,795) {4,795) (2,792) Total funds carrled forward 342 (1,792) (1,450) (4,795} Page 6
North West Ufelon8 Learnlng Umlted Summary Income and Expendlture Account for the year ended 31 Marth 2023 2023 2022 Income 16,954 10,466 Gross Income for theyear Expenditure 16,954 10,466 13,414 12,273 Depreciation and charges for impairment of fixed assets 195 196 Total expendlture for the year Net in¢ome/(expenditure) before tax for the year 13,609 12,469 3,345 (2,0031 Net Income /(expendlture )for the year 3,345 (2,003) Page 7
North West Ufelong Learnlng Umlted Balance Sheet at 31 March 2023 Company No. N1603130 Notes 2023 2022 Flxed assets Tangible assets 11 195 Current assets Cash at bank and in hand 195 2,342 2,342 (3,792) (1,450) (1,450) 695 695 Credltors: Amount falling due within one year Net current Ilabllltles Totsi assets less current Ilabllltles Credltors: Amounts falling due after more than one year Net Ilabllltles exdudlng penslon asset or Ilablllty Total net Ilabllltles 12 14,176) {3,481) 13,286) {1,509) (4,795) {4,795) 13 (1,450) 11,450) The funds ofthe tharlty Restricted funds Restrlcted Income funds 14 (1,792) (1,792) Unrestrltted fvnds General funds 14 342 (4,795) (4,795} 342 Reserves 14 Total funds {1,450) (4,795) These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Art 2006 relating to small cornpanies. For the year ended 31 March 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Art 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. Approved by the board on 31 March 2023 And signed on its behalf by: Elizabeth Ferguson Trustee 31 March 2023 Page 8
North West Ufelong Learning Llmlted Statement of Cash ftows for the year ended 31 Marth 2023 2023 2022 Cash flows from operatlng actlvitles Net Income/(expendlture) per statement of Finandal Actlvltles 3,345 {2,003) Adjustments for: Depreciation of property, plant and equipment Decrease in trade and other receivables {Decrease)/lncrease in trade and other payables 195 196 (3841 195 Net cash provlded byllu5ed In) operatln8 actlvftles 3,156 (112) Net cash from Investln8 artlvltles Cash flows from Ilnandng artlvltles Repayment of borrowings (1,509) {232) Net cash used In flnancln8 actlvftles (1,509) {232} Net Increase/(decrease) In cash and cash equlvalents 1,647 (344) Cash and cash equlvalents at the be8lnnln8 of the year 695 939 Cash and cash equlvalents at the end of the year 2,342 595 Components of cash and cash equlvalents Cash and bank balances 2,342 695 2,342 695 Page 9
North West Lifelong Learning Limlted Notes to the Accounts for the year ended 31 March 2023 l Accountlng pollcles Basls of preparatlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparinE their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective I January 20151- (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Change In basls of accountlng or to prevlous accounts There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. Fund accountlnz Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charFty. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestricted funds which include a revaluation reserve representing the restatement of investrnent assets at their market values. These are available for use subject to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restricted funds Income Recognition of income Income is included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SOFA. Donatlons and legacies Voluntary income received by way of grants, donations and gifts is included In the the SOFA when receivable and only when the Charity has unconditional entitlement to the income. Tax reclaims on Income frorn tax reclaims is included in the SOFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are onSy included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/{losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on investment assets This includes any gain or loss on the Sale of investments. Page 10
North West Ufelong Learnlng Umlted Notes to the Accounts Expendlture Recognition of expenditure ExpendFture is recognised on an accruals basis. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities Services in the furtherance of its objects, including the making of grants and governance costs. All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. These include those costs associated with meeting the constitutional and statutory requirements of the Charty, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity. Grants payable Governance costs Taxatlon The charity is exempt from corporation tax on its charitable actlvitles. Freehold Investment property Investment properties are measured Inltlally at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are tsken to the Statement of Financial Activities as they arise. Stocks Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value whi¢h is the amount the charity would have been willing to pay for the items on the open market. Trade and other debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash and cash equlvalents Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. Trade and other credltors Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured Of estimated reliably. Credltors and provisions are norrnally recognised at their settlement amount after allowing for any trade discounts due. Page 11
North West Llfelong Learnlng Umlted Notes to the Accounts Research and development Expenditure on research and development is written off in the year in which it is incurred. Forelgn currendes Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charrty are recorded at the Tate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net incomelexpenditure. Leased assets Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reductlon of the lease obligation so as to achieve a constsnt rate of Interest on the rernalning balance of the liability. Finance expenses are recognised immediately, unless they are dirertly attributsble to qualifying assets, in which case they are capit31ised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. Penslon costs The charity operates a defined contribution plan for its employees. A defined contribution plan is a penslon plan under whlch the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds. Recdpt of donated goods, facllltles and servlces All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. 2 Company status The company is a private company limited by guarantee and consequently does not have share capital. Page 12
North West Ufelong Learnlng Umlted Notes to the Accounts 3 Ststement of Flnandal Artlvltle5 - prlor year Unrestrlcted funds 2022 Restricted funds Total funds 2022 2022 Income and endowments from: Donations and legacies Charitable activities Other trading activities Totsl 900 6,316 1,250 2,(K)O 2,900 6,316 1,250 8,466 10,466 Expendlture on: Other 10,375 2,094 12,469 Total 10,375 12,469 Net Income (1,909) {94) {2,003) Net Income before other 8alns/(losses) Other galns and10sse5: Net movement In funds 11,909) (94) {2,003) {1,909) (94) (2,003) Recondllatlon of funds: Total funds brought for¥vard Total funds carrled forward {2,792) (4,701) (2,792) (4,795) (941 4 Income from donatlons and le8acles Unrestrlcted Total Total 2023 2022 Grants & Donations 1,673 1,673 Grants & Donations (Prior Yrl Loan Written Off 2,900 1,509 3,182 1,509 3,182 2,900 5 Income from charltable artlvltles Unrestrlcted Total Totsi 2023 2022 Charity Shop Sales Educational Support 4,956 4,766 9,722 4,956 4,766 9,722 3,151 3,165 6,316 Page 13
North West Llfelon8 Learnlng Umlted Notes to the Accounts 6 Income from other tradlng acUvltle5 Unrestrlcted Total 2023 Total 2022 Wirtual Office & Support Services 4.050 4,050 1.250 4,050 4,050 1,250 7 Analysls of grants Actlvlty or programme Total 2023 Total 2022 RVAR Volunteers Actlvlty or programme Total Total 2022 2023 RVAR Volunteers 8 Other expendlture Unrestritted Restrlcted Totsl Total 2023 2022 195 Employee costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs 464 464 9,799 1,762 11,561 10,858 195 195 196 734 30 764 625 Legal and professional costs 625 625 595 11,817 1,792 13,609 12,469 9 Net Incomel{expendlture) before transfers 2023 2022 This is ststed after charging: Depreciation of owned fixed assets io Staff costs No employee received emoluments in excess of £60,000. 195 196 Page 14
North West Llfelong Learnlng Umlted Notes to the Accounts 11 Tanglble fixed assets Cost or revaluatlon At l April 2022 At 31 March 2023 Depreclatlon and Impalrment At l April 2022 Depreciation charge for the year At 31 March 2023 979 979 979 979 784 195 195 979 979 Net book values At 31 March 2023 At 31 March 2022 12 Credltors: amounts falling due within one year 195 195 2023 2022 Other loans Loans from trustees Other creditors Accruals 2,000 1,097 2,000 1,097 384 695 695 3,792 4,176 13 Credftors: amounts falling due after more than one year 2023 2022 Other loans 1,509 1,509 Page 15
North West Llfelong Learnlng Umlted Notes to the Accounts 14 Movement In funds Incomlng resources (Including other At l Aprfl galns/losses 2022 Resources expended At31 March 2023 Restrlcted funds: Restrlrted Inc(xne funds: DAERA Rural Micro Capital Grant Scheme 2022 Western Health & Social Care Trust (1,462) (1,4621 1330) 1330) Total 11,792) (1,792) Unrestrlcted funds: General funds (4,795) 16,954 (11,8171 342 Totsi funds (4,795) 16,9S4 (13,6091 {1,450) Purposes and restrictions in relation to the funds: Restricted funds: DAERA Rural Micro Capital £1242.75 Energy Efficiencies for Communal Areas Grant Scheme 2022 Western Health & Social Care £330 Positive Ageing Grant Trust 15 Analysls of net assets between funds Unrestrlcted funds Total Net current assets (1,450) (1,450) (1,450) (1,450) 16 Recondllatlon of net debt At31 At l Aprll 2022 March 2023 Cash flows Cash and cash equivalents 695 1,647 1,647 2,342 2,342 695 Borrowings (3,509) (3,509) 1,509 1,509 12,000) (2,000) Net debt (2,814) 3,156 342 Page 16
North West Llfelong Learnlng Llmlted Notes to the Accounts 17 Related party dlsclosures Contrdllnq porty The company is limited by guarantee and has no share capital,. thus no single party controls the company. Page 17
North West Llfelong Learnlng Limited Detalled Statement ol Flnandal Actlvltles for the year ended 31 March 2023 Unrestrlrte d fvnds 2023 Total fund5 Totsi funds 2023 2022 2023 Income and endowments from: Donations and legacies Grants & Donations Grants & Donation5 {Prior Yr) Loan Written Off 1,673 1,673 1,509 3,182 1,509 3,182 2,900 Charitable activities Charity Shop Sales Educational Support 4.956 4.766 9,722 4,956 4,766 9,722 3,151 3,165 6,316 Other trading activities Virtual Office & Support Services 4,050 4,050 4,050 4,050 1,250 1,250 Totsi Income and endowments 16,954 16,954 10,466 Expendlture on: other expenditure 195 195 Employee costs Staff training 464 464 464 464 Premises costs Rent Rates Light, heat and power Premises repairs and maintenance 6,603 202 6,603 202 3,294 5,920 382 2,222 2,994 300 1,462 1,462 2,334 9,799 1,762 11,561 10,858 General administrative costs, including depreciatlon and amortisation Depreciation of Bank charges General insurances 195 140 195 196 140 72 379 381 174 381 Subscriptions Sundry expenses 174 174 39 929 30 69 30 959 821 Legal and professional costs Accountsncy and bookkeeping 625 625 625 625 595 595 Page 18
North West Llfelong Learnlng Umlted Detailed Statement of Flnandal Actlvltles Total of expenditure of other costs Total expendlture Net gains on investments 11,817 1.792 13,609 12,469 11,817 1,792 13,609 12,469 Net Incomel(expendlturel 5,137 (1,792) 3,345 (2.003) Net Incorne/(expendltuiel before other 8alns/{losses) Other Gains 5,137 (1,792) 3,345 (2,0031 Net movement In funds 5,137 {1,792} 3,345 12,003) Reconclllatlon of funds: Totsl funds brought forward (4,795) 14,795) {2,792) Total funds carrled forward 342 (1,792) 11,450) {4,795) Page 19