Wishing Well Family Centre Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds 2022 Unrestricted funds Total funds Note Income and endowments Donations and legaGies Charitable activities Investment income 55 520.873 55 579.175 4,912 661,153 32 58.302 Total income 520.929 58,302 579,231 666,097 Expendlture Expenditure on Gharitsble activities Total expenditure 516.020 82.404 598,424 585.599 516,020 82,404 598,424 585,599 Net (expenditure)fJncome and net movement in funds 4,909 (24.102) (19,193) 80,498 Reconciliation of funds Total funds brought forward Total funds carried forward 571,407 900.160 1,471,567 1,452,374 1,391.069 576.316 876,058 1.471,567 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on page5 14 to 24 fomi part of these finanGlal statements. 11
Wishing Well Family Centre Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets 12 1.057.407 1.065.101 Current assets Debtors Cash at bank and in hand 13 19,036 386,717 19,745 451,634 405,753 471,379 Creditors: arnounts falllng due within one year 14 10,786 64,913 Net current assets 394,967 406,466 Total assets lèss current liabilities 1,452,374 1.471,567 Net assets 1,452,374 1.471,567 Funds of the charity Restricted funds Unreslricted funds 876.058 576.316 900,160 571,407 Total charity funds 17 1,452.374 1.471.567 These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies, regime. These fsnancial statements were approved by the board of trustees and authorised for issue on 18 October 2023, and are signed on behalf of the board by: Mr K Johnst Trustee MrSDo Trustee bin The notes on pages 14 to 24 fomi part of these financlal ststements. 12
Wishing Well Family Centre Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows from operating activities Net (expenditure)lincome (19,193) 80,498 Adjustn7ents for." Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued expensesl(income) 53.476 (1) 1,496 420 42,031 132) 2,724 15791 Changes in." Trade and other debtors Trade and other creditors 709 (54,547) (17,640) 4,636 59,250 Cash generated from operations 188,528 Interest paid Interest received (1,496) {2,724) 30 Net Gash (used in)fftom operating activities (19,135) 185,834 Cash flows from investing activities Purchase of tangible assets Net cash used in investing activities (45.782) (45,782) (62,271) (62,271) Net (decrease)lincrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (64.917) 451.634 123.563 328,071 386.717 451,634 The notes on pages 14 to 24 forni part of these financial statements. 13
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charity is a public benefit entty and a private company limited by guarantee. registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 7-9 Alliance Crescent, Belfast, BT14 7PL. Statement of compliance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance wtth the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlng policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling. which is the functional currency of the entity. Wishing Well Family Centre meets the definition of a public benefit entity under FRS 102. Golng concern There are no material UnrtaIntieS about the charitys ability to continue. Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such. advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimation uncertainty The preparation of the financial statement5 requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on expenenGe an(i other faciors, Inclu¢Jlng expectIOnS of future events that are believed to be reasonable under the circumstances. 14
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 Accounting policies (¢ontinuedJ Fund accounting Unrestricted fund3 are available for use at the discretion of the tru3t¢e3 to further any of the charity's purposes. Designated funds are unrestricted fijnds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of two sub-classes: restricted income funds or endowment funds. Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity.. it is probable that the economic benefits associated with the transaction will flow to the charty and the amount can be reliably measured. The following specific policies are applied to particular categories of income= income from donations or grants is Cognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised vthen receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and seNices are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted SeICe. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed rf unspen( in which case it may be regarded as restricted. 15
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements fronllnued) Year ended 31 March 2023 Accounting policies fconlinuedj Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Èxpenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates= expenditure on raising funds includes the costs of all fundraising activities. events, non-charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiar5es, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising fijnds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently ststed at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An inGrease in the carying amount of an asset as a resurt of a revaluation. is recognised in other recognised gains and losses, unless it reverses a charge for impaimienl that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a resurt of revaluation. is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the ststement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset. less tts residual value. over the useful economic life of that asset as follows- Freehold property Long leasehold property Motor vehicles Equipment 20/0 Straight line 20/0 Straight line 25 /0 Straight line 25°A straight line 16
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (Connued) Year ended 31 March 2023 Accounting policies (continuedj Impaimient of fixed assets A review for indicators of impairment is Garried out at each reporting date, with the reGoverable amount being estimated where such indicators exist. Where the carying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing. when it is nol possible to estimate the recoverable amount of an individual asset, an eslimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill. the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a financial liability is recognised only when the Gharity becomes a party to the contraclual provisions ot the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instnjments, including derivatives, are initially recognised at fair value. unless payment for an asset is defeed beyond nomial business tem)s or financed at a rate of interest that is not a market rate. in which Gase the asset is measured at the present value of the future payments discounted al a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in vthich the initial gain was recognised. 17
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (condnuedj Year ended 31 March 2023 Accounting policies (continued) Flnanclal Instruments fconunuedj For all equity instruments regardless of significance, and other tinancial assets thal are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not resutt in a Garying amount of the financial asset that exceeds what the carrying amount would have been had the impaiment not previously been recognised. Deflned ¢ontrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in fijture payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limlted by guarantee The charity is a company limited by guarantee and every member undertakes to contribute to the assets of the company in the event of tt being wound up, such amount as may be required not exceeding £5. Donation5 and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations 55 55 4.912 4.912 18
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (condnuod) Year ended 31 March 2023 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2023 BHSCT Nursery Fees Service Fees Belfast City Council Education Authorlty Department for Communities Other Income HMRC Grants Early Years Ulster Community Covid 168,998 2.865 302.136 168,998 2,865 302,136 3,606 45,410 54,696 1.164 3,606 45,410 54,696 1,164 300 300 520,873 58,302 579,175 Unrestricted Funds Restricted Total Funds Funds 2022 BHSCT Nursery Fees Service Fees Belfast City Counul Education Authority Department for Communities Other Income HMRC Grants Early Years Ulster Community Covid 192,257 192,257 256,747 256,747 41,476 41,335 52,686 498 4.610 27,018 44.526 41,476 41,335 52.686 498 4,610 27,018 44,526 566,991 94,162 661.153 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 32 32 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2023 Total fund 2022 Direct charitable activity Governance Costs 496.968 496,968 101.456 475,695 109,904 101,456 496.968 101,456 598,424 585,599 19
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Net {expenditure)fincome Net (expenditurevincome is stated after chargingl(crediting)- 2023 2022 Depreciation of tangible fixed assets Fees payable for the audit of the financial ststements 53,476 4.637 42,031 4,370 10. Staff costs The total staff costs and employee benefits for the porting period are analysed as follows.. 2023 2022 Wages and salaries Social security costs Employer contributions tr) pension plans 431,016 16,292 6,611 431,195 16,243 6,018 453,919 453,456 The average head count of employees during the year was 3712022: 34). The average number of full-time equivalent employees during the year is analysed as follows.. 2023 2022 No. Number of staff 37 34 No employee received employee benefits of more than £60,000 during the year (2022.. Nill. Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controllirbg the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £72.733 {2022'.£75,444). 11. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees 20
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 12. Tangible fixed assets Long Freehold leasehold property property Motor vehlcles Equlpment Total Cost At l April 2022 Additions 494,391 728,686 15,000 100,921 1.338,998 45,782 45,782 At 31 March 2023 494,391 728,686 15,000 146,703 1,384.780 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 149.063 9.528 59,943 14.574 15,000 49,891 29,374 273,897 53.476 158.591 74.517 15,000 79,265 327.373 Carrying amount At 31 March 2023 335.800 654,169 67.438 1.057,407 At 31 March 2022 345.328 668,743 51.030 1,065,101 The Executive Office who have assessed with funding in relation to the land and buildings extension work above have iaken a charge over the associated assets dated 13th December 2016. 13. Debtors 2023 2022 Other debtors 19,036 19,745 14. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income Other creditors 4,817 5,969 4,397 60,516 10,786 64,913 21
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 15. Deferred Income 2023 2022 At 1 April 2022 Amount released to income 1,2Ei6 (1,266> At 31 March 2023 16. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £6,611 (2022- £6,018). 17. Analysis of charitable funds Unrestricted funds At 31 March 202 At 1 April 2022 Income Expenditure Transfers General funds Designated Fund 491,407 80,000 520,929 (516.020) 496,316 80,000 571.407 520,929 (516,020) 576,316 At 31 March 202 At 1 April 2021 Income Expenditure Transfers General funds Designated Fund 346.807 80,000 571,935 (507,335) 80.000 491,407 80.000 426.807 571,935 (507,335) 80,000 571.407 Wishing Well Family Centre have a designated reseNe for the purpose of acquiring and maintaining new premises. 22
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (eontlnuèdj Year ended 31 March 2023 17. Analysis of charitable funds (continuedj Restricted funds At 31 MarGlI 202 Al 1 April 2022 Income Expenditure Transfers Dfc Funding Capital Reserve Fund TEO- SIF New Build Capital Reserve Fund Belfast City Council Summer Scheme 17,078 256,903 626.179 54.696 (54.696) (9,528) (14.574) 17,078 247,375 611,605 3,606 (3,606) (82,404) 900.160 58.302 876,058 At 31 March 202 At 1 April 2021 Income Expenditure Transfers Dfc Funding Capital Reserve Fund TEO- SIF New Build Capital ReseNe Fund Belfast City Council Summer Scheme 17,078 266.431 640.753 52,686 (52,686) (9,528> (14.574) 17,078 256,903 626,179 40.000 40.000 (80,000} 1,476 (1.476) (78.264) 964.262 94.162 (80,000) 900,160 The capital reserve relates to capital grants reiVed for the purchase of the premises at Alliance Crescent. The fund will be fully amortised over the lrfe of the premises. 23
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 18. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 198.427 388.675 (10,786) 576,316 858,980 17,078 1,057,407 405.753 (10.786) 1.452.374 876,058 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 228.428 407,892 (64.913) 571,407 836,673 63,487 1,065,101 471,379 (64,913) 1,471,567 900,160 19. Corporation taxation The Charity's activities fall within the exemptions affordeij by the provisions of the Income and Corporation Taxes AGt 1988. Accordingly. there is no taxation charge in these accounts. 20. Contingent liabilities A contingent liability exists to repay grant5 received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees. the tenns of the Letters of Offer have been, or will be, complied with and no liability is expected. 21. Related parties There were no related party transactions during the period. 22. Analysis of changes in net debt At At 1 Apr 2022 Cash flows 31 Mar 2023 Cash at bank and in hand 451,634 (64,917) 386.717 23. Related parties K Johnston is an employee and holds the position of deputy, K Johnston's spouse is the Chairperson of the Charity. 24