Wishing Well Family Centre Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Reslricted funds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Investment income 505 463,731 505 551,588 55 579,175 87,857 Total Income 464,236 87.857 552,093 579,231 Expenditure Expenditure on charitable activities Total expenditure 480,077 111,959 111,959 592,036 592,036 598,424 598,424 480,077 Not OXP8ndlture and net movement In funds (15,841) (24,102) (39,943) {19,193) Reconciliatlon of funds Total funds brought forward Total funds carried forward 576,316 660,475 876,058 851,956 1,452,374 1,412,431 1,471,567 1,452,374 The statement of financlal activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 15 to 25 fomi part of those financial statements. 12
Wishing Well Family Centre Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 13 1,004,388 1,057,407 Current assets Debtors Cash at bank and in hand 14 29,099 394,864 19,036 386,717 423,963 405.753 Credltors". amounts falling due within one year Net ¢urrent assets 15 15,920 10,786 408,043 394,967 Total assets less current liabilities 1,412,431 1,452,374 Net assets 1,412,431 1.452,374 Funds of the charlty Restricted funds Unrestricted funds 851,956 560,475 17 1,412,431 876,058 576,316 Total charlty funds 1,452,374 These financial stalements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime, These financial statements were approved by the board of trustees and authorlsed for issue on 21 November 2024, and are signed on behalf ofthe board by.. Mr K Johnsto Trustee Mr S Dobbin Trustee opuw L,I The notes on pages 15 to 25 form part of these flnancial statements. 13
Wishing Well Family Centre Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operatlng actlvltles Net expenditure (39,943) (19.1931 Adjustments for.. Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar charges Accrued {income)lexpenses 53,019 53.476 {11 1,496 420 1,873 {92) Changes in.. Trade and other debtor5 Trade and other creditors (10,063) 5,226 709 154,547} 117,640) Cash generated from operations 10,020 Interest paid Interest received (1,8731 11,4961 Net cash fromllused in) operating activities 8,147 (19,135) Cash flows from Investlng actlvlties Purchase of tangible assets Nel cash used in investing activities (45,782) (45,782) Net Increasel(decrease) In cash and cash equlvalents Cash and cash equlvalents at beglnning of year Cash and cash equivalents at end of year 8,147 386,717 (64,917) 451,634 394,864 386,717 The notes on pages 15 to 25 form part of these financial statements. 14
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General Information The charity is a public benefit entity 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 ¢ompllan¢e 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 Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP {FRS 102)) and the Companies Act 2006. Accounting pollcles Basls of preparatlon The financial slalements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at falr 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. Going concern There are no material uncertalnties about the charlty's ability to continue. Dl8cIo8ure exemptlons 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 ofFRS 102.. (al Disclosures in respect of financial instruments have not been presented. Judgements and key sources of estimation uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, Including expectations of future events that are believed to be reasonable under the circumstances. 15
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (eontlnuédj Year ended 31 March 2024 Accounting policies (contlnu•d) Fund accounting Unreslricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Reslricted 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. Incomlng 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 wilh the transaction will flow lo the charily and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donallons or granls Is recognlsed when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlemenl 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 lo the donor or the estimated resale value. Donated facilities and services a 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 seNice. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 16
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2024 Accounting policies (¢ontlnued) Resourc88 expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure 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 beneficiaries, including those support costs and costs relating to the governance of Ihe charity apportioned to charitable activities. other expenditure includes all expenditure Ihat is neither related to raising funds 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 belmeen the activities they contribute to on a reasonable, jLSStifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently staled at cost less any accumulated depre¢iation and impairment losses. Any tangible assets carrled at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreclatlon and subsequent accumulated Impalrment losses. An increase in the Carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activilies. A decrease in the carrying amount of an asset as a result 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 statement of financial activities. Depraciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Freehold propety Long leasehold propety Motor vehicles Equipment 2% straight Ilne 20A straight line 25 % straight line 250/0 Straight line 17
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Ststements (continuedj Year ended 31 March 2024 Accounting policles (¢ontlnuedJ Impaimient of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying 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 not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the ash-generating unit to which the asset belongs. The cash-generaling 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, alloGated to each of the cash-generating units that are expected lo benefit from the synergies of the combination, irrespective of whether other asset5 or liabilities of the charity are assigned to those units. Flnancial Instruments A financial asset or a financial liability is recognlsed only when the charity becomes a party to the contractual provlsions of 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 pald or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where inveslmenls 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 instruments, inGluding derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is nol a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instrumenls 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 re¢ognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. 18
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (continu•d) Financlal Instruments (contlnued) For all equity instruments regardless of significance, and other financial assets that 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 re¢ognised immediately. to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the Carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Contributions lo 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 lo a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of Ihe reporting dale in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of Ihe discount is recognised as an expense In the period in which it arises. Llmlted by guarantee The charity is a company limited by guarantee and every member undertakes to contribute lo the assets of the company in the event of it being wound up, such amount as may be required not exceeding £5. Donatlons and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Oonations Donations 505 505 55 55 19
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Ststements (contlnuedj Year ended 31 March 2024 Charitable activities Unrestricted Funds Restrlcted Total Funds Funds 2024 BHSCT Nursery Fees Service Fees Belfast City Council Education Authority Department for Communities Other Income Early Years 170,335 25,760 259,902 1,399 170,335 25,760 259,902 1,399 35,631 52,226 6,335 35,631 52,226 6,335 463,731 87,857 551,588 Unrestricted Funds Restricted Total Funds Funds 2023 BHSCT Nursery Fees Service Fees Belfast City Councll Education Authority Department for Communities Other Income Early Years 168,998 2,865 302,136 168,998 2,865 302,136 3,606 45,410 54,696 1,164 300 3,606 45,410 54,696 1,164 300 520,873 58,302 579,175 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank interest receivable Expenditure on charitable actlvltles by actlvlty typ8 Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Direct charitable activity Governance costs 521,672 521,672 70,364 592,036 496,968 101,456 70,364 521,672 70,364 598,424 20
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 31 March 2024 Net expenditure Net expenditure is stated after chargingl{crediting)'. 2024 2023 Depreciation of tangible fixed assets 53,019 53,476 10. Auditors remuneration 2024 2023 Fees payable for the audit of the financial statements 4,725 4,637 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salarles Social security costs Employer contributions to pension plans 429,085 7,032 6,950 431,016 16,292 6,611 443,067 453,919 The average head count of employees during the year was 30 (2023.. 371. The average number of full-lime equivalent employees during the year Is analysed as follows.. 2024 No. 2023 No. Number of staff 30 37 No employee received employee benefits of more than £60,000 during the year (2023.. Nil). Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £76,66812023'.£72,733). 12. Trustee remuneration and expenses No remuneration or other benefits from employment with the charity or a related entity were received by the trustees 21
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 13. Tangible fixed assets Long Freehold leasehold property property Motor vehicles Equipment Total Cost At 1 Aprll 2023 and 31 March 2024 494,391 728,686 15,000 146,703 1,384,780 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 158,591 9,528 74,517 14,574 89,091 15,000 79,265 28,917 108,182 327,373 53,019 168,119 15,000 380,392 Carrying amount At 31 March 2024 326,272 639.595 38,521 1,004,388 67,438 1,057,407 At 31 March 2023 335,800 654,169 The Executive Office who have assessed with funding in relation to the land and buildings extension work above have taken a charge over the associated assets dated 13th December 2016. 14. Debtors 2024 2023 Other debtors 29,099 19,036 15. Credltors: amounts falllng due withln one year 2024 2023 Accruals and deferred income Social security and other taxes Other creditor5 4,725 6,675 4,520 4,817 5,969 10,786 15,920 16. Penslons and other post retlrement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £6,950 (2023.. £6,611). 22
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 17. Analysis of charitabl8 funds Unr8Strlcted funds At 31 March 202 At 1 April 2023 Income Expenditure Transfers General funds Designated Fund 496,316 80,000 464,236 (480,077) 80,000 {80,000) 560,475 576,316 464,236 {480,077) 560,475 At 31 March 202 At 1 April 2022 Income Expenditure Transfers General funds Designated Fund 491,407 80,000 571,407 520,929 1516,020) 496,316 80,000 576,316 520,929 {516,020) Wishing Well Family Centre have a designated reseNe for the purpose of acquiring and maintalning new premises. Restrlcted funds At 31 March 202 At 1 April 2023 Income Expenditure Transfers Dfc Funding Capital Reserve Fund TEO- SIF Belfasl City Council Summer Scheme Education Authority 17,078 247,375 611,605 52,226 (52,226) (9,528) (14,5741 17,078 237,847 597,031 35,631 {35,631) (111,9591 876,058 87,857 851,956 At 31 March 202 At 1 April 2022 Income Expenditure Transfers Dfc Funding Capital Reserve Fund TEO- SIF Belfast City Council Summer Scheme Education Authority 17,078 256,903 626,179 54,696 {54,696) (9,528) (14,574) 17,078 247,375 611,605 3,606 (3,6061 900,160 58,302 (82,404} 876,058 23
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements {contlnu•dJ Year ended 31 March 2024 17. Analysis of charitable funds f¢ontinued) The capital reserve relates to capital grants received for the purchase of the premises at Alliance Crescent. The fund will be fully amortised over the life of the premises. 18. Analysls of net assets betW88n funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Nat assets 169,510 406,885 {15,920} 560,475 834,878 17,078 1,004,388 423,963 (15,920) 1,412,431 851,956 Unreslricted 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 19. Ethlcal standards In common with many other businesses of our size and nature we use our audltors to prepare and submlt returns to the tax authorities and asslst with the preparation of the financial statements. 20. Corporatlon taxatlon The Charity's activities fall within the exemptions afforded by the provisions of the Income and Corporation Taxes Act 1988. Accordingly, there is no taxation charge In these accounts. 21. Contingent liabilltles A contingent liability exists to repay grants received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees, the terms of the Letters of Offer have been, or will be, complied with and no liability 15 expected. 22. Analysis of changes In net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank and in hand 386,717 8,147 394,864 24
Wishing Well Family Centre Company Limited by Guarantee Notes to the Financial Statements {¢ontinued) Year ended 31 March 2024 23. Related parties K Johnston is an employee and holds the position of deputy, K Johnston's spouse is the Chairperson of the Charity. 25