North West Lifelong Learning Ltd Charity No. N1104592 Company No. N1603130 Directors, Report and Unaudited Accounts 31 March 2024 Vale Accountants
North West Ufelong Leamln8 Llmlted Contents Pages Trustees, Annual Report Independent Examiner's Report Statement of Financial Activities 2to5 Summary Income and Expenditure Account Balance Sheet Statement of Cash flows 10 Notes to the Accounts Ilto18 Detailed Statement of Financial Activities 19to20 Page I
North West Ufelong Learnln8 Umlted ststement of Flnandal Acuvltles for the year ended 31 Marth 2024 Unrestrlcted funds Total fionds Total fvnds 2024 2024 2023 Income and endowments from: Donations and legacies Charitable activities Other trading artivities 2,630 8,245 2,630 8,245 3,182 9,722 4,050 Totsl 13,875 13,875 16,954 Expendlture on: Charitable activlties Other 451 451 13,134 13,134 13,609 Totsl 13,585 13,585 13,609 Net gains on investments Net Income 10 290 290 3,345 Transfers between funds Net Income before other 8alnsl(losses) 290 290 3,345 Other galns and losses Net movement In fund5 290 290 3,345 Recondllatlon of funds: Total funds brought forward (1.450) {1,450) (4,795 Totsi funds carrled forward {1,1601 11,160) 11,450) Page 7
North West Llfelong Learnlng Umlted Summary Income and Expendlture Account for the year ended 31 March 2024 2024 2023 Income 13,875 16.954 Gross Income for the year Expenditure 13,875 16.954 13,585 13,414 Depreciation and charges for impairment of fixed assets 195 Total expendlture for the year Net income before tax for thè year 13,585 13,609 290 3,345 Net Income for the year 290 3,345 Page 8
North West Llfekng Learnlng Umlted Balance Sheet at 31 March 2024 Company No. N1603130 Notes 2024 2023 Axed assets Tangible assets Current assets 12 Debtor5 Cash at bank and in hand 13 300 362 2,342 2,342 13,792) (1,450) (1,450) (1,450) 662 Credftors: Amount falling due wlthin one year Net current Ilabllltles 14 (1,822) (1,160) (1,160} (1,160) Totsi assets less current Ilabllltles Net Ilabllltles exdudlng penslon asset or Ilablllty Totsi net Ilabllltles 11,160) 11,450) The funds of the tharlty Restricted funds Unrestrlcted funds General fund5 Designated funds 15 15 12,5001 1,340 (1,160) {1,450) 11,450) Reserves 15 Tot31 funds (1,160) (1,4501 These accounts have been prepared in accordance with the special provislons of Part 15 of the Companies Act 2006 relating to small companies. For the year ended 31 March 2024 the company was entitled to exemptlon under 5ectlon 477 of the Companies Act 2006 relating to small companie5. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accountlng records and the preparation of accounts. Approved by the board on 31 March 2024 And signed on its behalf by: rT- Elizabeth Ferguson Trustee 31 March 2024 Page 9
North West Ufelong Learnlng Umlted ststement of Cash flows for the year ended 31 Marth 2024 2024 2023 Cash flows from Operat1 acdvltles Net Income per Statement of Flnandal Actlvltles 290 3,345 Adjustments for: Other gains/losses Increase in trade and other receivables Decrease in trade and other payables (300) Net cash (used In)/provlded by operatlng artlvltles (10) 3,156 Net cash from Investlnff acdvltles Cash flows frorn financlnB attivltles Repayment of borrowings I2,0) (1,509) Net cash used In flnandng actlvltle5 (2,000) 11,509) Net (decrease)/lncrease In cash and cash equlvalents (2,010) 1.647 Cash and cash equfvalents at the be8lnnln8 of the year 2,342 695 Cash and Éash equlvalents ai the end of the year 332 2,342 Components of tash and cash equlvalents Cash and bank balances 362 2,342 362 2,342 Page 10
North West Ufelon8 Learnln8 Umlted Notes to the Accounts for the year ended 31 March 2024 l Accountln8 polldes Basls of preparadon The financial ststements have been prepared in accordance with Accounting and Reporting by Charities: ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2015) - (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UX 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 acwunting policies Ivaluatlon rules and method of accounting) since last year and no changes have been rnade to accounts for previous years. Fund accountln8 Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestrirted funds earmarked by the trustees for particular purposes. Revaluation fundg These are unrestricted funds which include a revaluatlon reserve representlng the restatement of investment assets at their market values. These are avallable for use subject to restrictions imposed by the donor or through terms of an appeal. Restrlcted funds Income Recognition of income Income is included in the Statement of Financial Activities (SOFA) when the charity becomes entitled to, and virtually certaln 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 incorne and related expendlture is expenditure reported gross in the SOFA. Donations and legacies Voluntsry income received by way of grants, donations and glfts Is included In the the SOFA when receivdble and onty when the Charty has unconditional •ntltl¢m?nt to the incom•. Tax reclaims on Income frorn tsx 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 only included in income (with an equivalent arnount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help recelved 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. a55ets Gains/(losses) on investment assets This includes any gain or loss on the sale of investments. Page 11
North West Ufelong Learnlng Umlted Notes to the Accounts Expwthture Recognition of expenditure Expenditure is recognised on an accruals basi5. 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 as%)ciated with attracting voluntary Income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charty in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of 8rants 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 constitutlonal and statutory requirements of the Charity, including any audivindependent 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 charlty Is exernpt from corporation tsx on Its charitable activlties. Freehold Investment property Investment properties are measured inltially at cost and subsequently at falr value at each balance Sheet date and are not depreciated. All gains or losses are taken 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 which is the amount the charity would have been willing to pay for the items on the open market. Trade and other debttys 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 cornprlse 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 positlon, 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 ttedltors 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 or estimated reliably. Creditors and provisions are normalty recognised at their settlement amount after allowing for any trade discounts due. Page 12
North West Ufelong Learnlng Umlted Notes to the Accounts Researth and development Expenditure on research and development is written off in the year in which it is incurred. Forelgn currencjes 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 charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are tsken into account in arriving at net income/expenditure. Leased assets Where the charity enters into a lease which entails taking substsntially all the risks and rewards of Dwnershlp of an asset, the lease Is treated as a flnance lease. Leases which do not transfer substsntially 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 charty 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 lessorls included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reductlon of the lease obllgation so as to achieve a constsnt rate of interest on the remainln8 balance of the Ilability, Finance expenses are recognised immediately, unless they are directty attributable to qualifyin8 assets, In which case they are ¢apitali$•d In accordan¢o with tha charity's poIIGy on borrowing Gosts, Assets held under finance leases are depreciated In the same way a5 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 operatlng 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 contributlon plan for Its employees. A defined contributlon plan is pension plan under which the company pays fixed contributions into a separate entity. Once the contrlbutions 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. Recelpt of donated 8oods. fadlltles and seThlces All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. 2 Ccmnpany status The company is a private company limited byguarantee and Consequently does not have share capital. Page 13
North West Ufelon8 Learnlng Umlted Notes to the Accounts 3 Statement of Flnandal Actlvltles - prlor year Unrestricted funds funds Totsl funds 2023 2023 2023 Income and endowments from: Donations and legacies Charitable activities Other trading actlvitles Totsi 3,182 9,722 4,050 3,182 9,722 4,050 16,954 16,954 Expendltufe on: Other 11,817 1.792 13,609 Total 11.817 1,792 13,609 Net Income 5,137 {1,792) 3,345 Net Income before other 8alns/(losses) Other 8alns and losses: Net movement In funds 5,137 (1,792) 3,345 5,137 (1,792) 3,345 Recondllatlon of funds: Total funds brought forward Totsi funds carrled forward (4.795) 342 14,795) {1,450) (1.792) 4 Income from donatlons and legade5 Unrestritted Totsi Total 2024 2023 Grants & Oonatlons Grants & Donations (Prlor Yrl Loan Written Off 2,630 2,630 1,673 1,509 3.182 2,630 2,630 5 Income from charltable acuvltles Unrestrlcted Totsi Total 2023 2024 Charity Shop Sales Educational Support 4,045 4,200 8,245 4,045 4,200 8,245 4,956 4,766 9,722 Page 14
North West Llfelong Learnlng Llmlted Notes to the Accounts 6 Income from other tradlng actlvltles Unrestricted Totsi Totsi 2023 2024 Virtual Office & Support SeNices 3.(X)O 4.050 3,lJ)O 4.050 7 Expendlture on charltable actlvftles Unrestricted Totsi 2024 Totsi 2023 Expenditure on choritable octivities Charlty Shop Sales Educational SilPPOrt Grants made 124 124 320 320 Govemonce costs 451 451 8 Anatysls of grants Grants to Indhrfduals A(ty or pro8ramme Total 2024 Total 2023 RVAR Membershlp Festival of Learning 20 20 300 300 320 320 Grant fundln8 of actlvltles Actlvlty or wo8rarnme Total 2024 Totsi 2023 RVAR Mernbership Festival of Learning 20 20 300 300 320 320 Page 15
North West Ufelong Learnlng Umlted Notes to the Accounts 9 Other expendlture Unrestrlcted Totsi 2024 Totsi 2023 Employee costs Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General adrninistrative costs 652 652 10,727 10,727 11.561 195 I,ioo 655 1,100 635 764 Légal ahd professional costs 625 13.134 13,134 13,609 10 Net Income before transfers 2024 2023 This Is srated after Charging: Depreciation of owned fixed assets 11 Stsff costs No employee recelved emoluments in excess of £60,000. 12 Tan8lbl• flx•d ass•ts 195 Cost or revaluatlon At l April 2023 At 31 March 2024 979 979 979 979 DepraJafjon and Impaliment At l Aprll 2023 At 31 March 2024 979 979 979 979 Net book values At 31 March 2024 At 31 March 2023 13 Debtors 2024 2023 Prepayments and accrued income 300 300 14 Credltors: amounts falling due within one year 2024 2023 Other loans Loans from trustees Accruals 2,LKIO 1,097 695 1,097 725 1,822 3,792 Page 16
North West Llfelon8 Learnlng Umlted Notes to the Accounts IS Movement In funds Incomln8 resources {Includlng other At l Aprll 8alnsllosses 2023 Resources expended At31 March 2024 Restritted funds: Unrestrlcted funds: General fvnds (1,450) 12,375 (13,425) (2,500) Deslgnated funds: Honorary Irish Society Causeway Coast & Glens Council 500 {160) (1601 Total 1,51)0 1,340 Totsi funds (1,450) 13,875 (13.585) (1,160) Purposes and restrictions in relation to the funds: Designated funds: Honorary Irish Society Causeway Coast & Glens Council £1,000 Safe Guarding £5(X) Social Connections 16 Analysls of net assets between lund$ Unrestrlrted funds Total Net current ag3ets (1,160 (1,160) 11,160) 11,160) 17 Reconclllatlon ol nèt debt At31 March 2024 At l Aprll 2023 Cash flows Cash and cash equivalents 2,342 2,342 {1,980) (1,980 362 362 Borrowings (2,000) (2,000) 2,CK)O Net debt 342 20 362 Page 17
North West Ufelong Learnlng Umlted Notes to the Accounts 18 Related party dlsdosures Controlllng party The company is limited by guarantee and has no share capitsl. thus no single party controls the company. Page 18
North West Ufelong Learnlng Umlted Detsikd Statement of Flnandal Actlvltles for the year ended 31 March 2024 Unrestrlcted funds Totsi fvnds Totsi funds 2024 2024 2023 Income and endtrents from: Donations and legacies Grants & Donations Grants & Donations (Prior Yr) Loan Written Off 2,630 2,630 1,673 1,509 3,182 2,630 2,630 Charitable activities Charity Shop Sales Educational Support 4,045 4,200 ,245 4,045 4,200 8,245 4.956 4,766 9,722 Other tradlng actlvltles Virtual Office & Support Services 3,(X)O 3,lY)O 4,050 4,050 Totsi Income and endowments 13,875 13,875 16,954 Expendlture on: Charitable activlties Charity Shop Sales Educational Support Grants made 124 124 320 451 320 451 Totsi of expendfture on charltable artlvltles 451 451 Employee costs Staff training 652 652 652 464 652 464 Premises costs Rent Rates 6,868 230 6.868 230 6,603 202 3,294 Light, heat and power Premises repalrs and maintenance 3,594 3,594 35 35 1,462 10.727 10,727 11,561 General administrative cogts, including depreciation and amortisation Depreciation of Bank charges General insurances 195 140 102 102 336 336 381 Stationery and printing 50 50 Page 19
North West Llfelong Learnlng Umlted Oetalled Statement of Flnandal Actlvltles Subscriptions Sundry expenses 191 421 1,100 191 421 1.100 174 69 959 Legal and professional costs Accountsncy and bookkeeping 655 655 655 625 655 625 Total of •wndltura gf othw Gosts Totsi expendlture Net gains on investments 13,134 13,134 13,609 13,585 13,585 13,609 N•t Incom• 290 290 3,345 Net Income before other 8alns/(losses) Other Gains 290 290 3,345 Net movemwt In funds 290 290 3,345 Recondllatlon of funds: Total funds brought forward (1,450) 11,450) 14,795) Total funds cairlod luNard (1.160) (1,160) (1,4501 Page 20