COMPANY REGISTRATION NUMBER: N1636289 CHARITY REGISTRATION NUMBER. NIC1Q4886 Integrated Education Fund Company Limited by Guarantee Financial Statements 31 March 2023 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Integrated Education Fund Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total fund5 Total fund5 2022 Unrestricted funds Note Incorne and end0%￿nents Donations and legacies Charitable activities Other trading activities Investment income Other income 320,924 66,318 17,554 20,886 48,443 1,155.263 18.974 369,367 1,221,581 36.528 20,888 245,419 352,061 17,067 15,208 50,000 Total income 425.682 1,222,680 1,648,362 679,755 Expgndlture Expenditure on raising funds.. Costs of raising donations and legacies Investment management costs Expenditure on charitable activities Other expenditure Total expenditure io 11 12 1S 140,129 21,258 161,387 150,352 111 837,785 293,590 104 790,042 1,083,632 104 433,823 811,300 1,245,123 988,248 Net (losse5)Igain5 on investments 16 (29,822) {29,822) 26,281 Nat Incomal(expenditure) 137,9631 411,380 373,417 (282,212) Transfers be￿een funds (3,750) Net movem&nt In funds 134,213) 407,630 373,417 (282,212) R8conciliation of fund5 Total fund5 brought foNard Total funds carried forward 1,419,107 366,933 1,786,040 2,068.252 1,384,894 774,563 2,159,457 1,786,040 The statement of financial activities includes all gains and losses recognised in the year. Ail income and expenditure derive from continuing acts'vities. The notss on pages 27 to 40 forni part of these financial statements. 24 Integrated Education Fund Company Limited by Guarantee ststement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets Investments 21 22 9,359 386,836 9,746 416,658 396,195 426,404 Current assets Debtors Cash at bank and in hand 23 218,920 1,805,576 98,728 1,438,662 2,024,496 1,537,390 Credltors: amounts falling due within one year Net current assets 24 261,234 177,754 1,763,262 2.159,457 1,359,636 Total assets less ¢urrgnt Ilabllltles 1,786.040 Net asset5 2,159,457 1,786,040 Funds of th8 charity Restricted funds Unrestricted funds 774,563 1,384,894 366,933 1,419,107 Total charlty funds 26 2,159.457 1,786,040 These financial statements have been prepared in accordance with the provlslons applicable to companies subject to the Small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 16 August 2023, and are signed on behalf of the board by: B Mcmaster (Treasurer) Trustee The notes on pages 27 to 40 lomi part oflhese financial 5tstements. 25 Integrated Education Fund Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows from operating aGtivities Net incomel{expenditure) 373,417 (282,212) Adjustment5 for Depreciation of tangible fixed a55et5 Net {losses)Igains on investments Other interest receivable and similar income Loss on disposal of tangible fixed assets Accrued (income)lexpenses 3,155 29,822 (20,886) 104 (184,3971 3,249 (26,281) (15,208) 8,966 Changes iii.. Trade and other debtors Trade and other creditors 72.308 75,377 49,558 182,534) (344,462) Cash generated from operatlons 348,900 Interest received 20,886 15,208 Net cash froml{used in) operating activities 369,786 (329,254) Cash flows from investlng activlties Purchase of tangible assets other investing cash flow adjustment Net cash (used in)lfrom investing activitles {2,872) 111 {2,872) 111 N8t Increasel{decr8asel In cash and cash equlvalents Cash and cash gqulvalents at beginnlng of year Cash and cash •qulvalents at end of year 366,914 1.438,662 {329,143) 1,767,805 1,438,662 1,805,576 The notes on pages 27 to 40 forni part of these financial slatements. 26 Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 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 Forestview. Purdy's Lane, Belfast, BT8 7AR. Stat8m8nt of compliance These financial statements have been prepared in compliance wth FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Ststement 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. Accountlng policles Basis of preparation The financial ststaments 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. Golng concern There are no material uncertainties about the charity'5 ability to conts'nue. Judgèmènts and k8y sources of estimatlon uncertalnty The preparation of the financial statements requlres management to make Judgements, estimates and assumptions that affect the amounts reported. These 8Stimates and judgements are continually reviewed and are based on experience and other factors, including expectatlons of future events that are believed to be reasonable under the Circumstances. Fund accounting Unrestricted 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. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one oftwo sub-classes.. restricted income funds or endowment funds. 27 Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 Accounting pollcies (continued) 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 charity and the amount can be reliably measured. The following 5pe¢ific policies are applied to particular categories of income- income from donations or grants is recognised 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 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 denved from the cost to the donor or the estimated resale value. Donated facilities and Se￿iceS 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 seNices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure inGludes any VAT which cannot be fulw recovered, and is classified under headings ofthe statement offinancial 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 the charity apportioned to Charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. AII ¢05ts 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 stated 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. Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements (conlinuedj Year ended 31 March 2023 Accounting polici8S (continued) Tanglble assets leontlnuèd) 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 activities. 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. Depreciatlon 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.. Furniture Office equipment 25YD reducing balance 25% reducing balance Investments Unlisted equity investments are inilially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impaimient. Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure. Impaimient of fixed asset5 A review for indicators of impaimient 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 impaimients are also reviewed for possible reversal at each reporting date. For thè 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 cash-generating unit to which the asset belongs. The Gash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash Inflows that are largely Independent ofthe cash inflows from other assets or groups of assets. For impalrment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, 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. Defined contribution 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 future payments or a Gash refund. 29 Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements (eontlftuod) Year ended 31 March 2023 Accounting policies fcontlnue(l) Defined contribution plans (contlnuedj 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 Integrated Education Fund is a company limited by guarantee and accordingly does not have a share capital. Every member of the Gompany undertakes to Gontribute SUGh amount as may be required not exceeding £1 to the assets of the charitable company In the event of its being wound up while he or she is a member, or within one year after hè or she ceases to be a member. Donations and logacies Unrestricted Funds Restricted Total Funds Funds 2023 Donations McGrath Trust Individuals & corporates Integrated schools 125,000 190.445 5,479 125,000 238,888 5,479 48,443 320,924 48,443 369,367 Unrestricted Funds Restricted Total Funds Funds 2022 Donations McGrath Trust Individuals & corporates Integrated schools 125,000 86,128 1,191 125,000 119,228 1,191 33,100 212,319 33,100 245,419 30 Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements (eontlnued) Year ended 31 March 2023 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2023 Community Relations Council Leonard Family Other trusts & foundations Pears Foundation Hagan Homes Individuals & corporates including sponsorship Irish Department of Foreign Affairs and Trade Community Foundation Nl National Lottery Fund - Dormant Accounts Fund Nl IFI - Communities in Partnership Programme Eighty Eight Foundation Ulster Garden Villages Northern Ireland Office (NIO> 235 60,000 60,199 40,000 300,000 24,742 93,453 23,180 9,385 39.069 100.000 20,000 385,000 1,155,263 235 60.000 76,170 40,000 350,000 25,089 93.453 23,180 9,385 39,069 100,000 20,000 385,000 1,221,581 15,971 50,000 347 66,318 Unrestricted Funds Restricted Total Funds Fund5 2022 Community Relations Council Leonard Family Other trusts & foundation5 Pears Foundation Hagan Homes Individuals & corporates including sponsorship Irish Department of Foreign Affairs and Trade Community Foundation Nl Natsonal Lottery Fund - Dormant Accounts Fund Nl IFI - Communities in Partnership Programme Eighty Eight Foundation Ulster Garden Villages Northern Ireland Office INIO) 1,625 60,000 32,479 20,000 1,625 60,000 32,479 20,000 104,526 33,431 104,526 33,431 100,000 100,000 352,061 352,061 Other trading activiti83 Unrestricted Funds Restricted Total Fund$ Fund5 2023 Fundraising events Gift Aid 13.064 4,490 3,974 15,000 17,038 19,490 17,554 18,974 36,528 31 Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 Unrestricted Fund5 Restricted Total Fund5 Funds 2022 Fundraising event5 Gift Aid 6,567 10,500 17,067 6,567 10,500 17,067 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank interest receivable 20,886 20,886 15,208 15,208 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Dept for Communitie5, COVID-19 Charities Fund 50,000 50,000 10. Costs of raising donations and legacies Unrestricted Funds Restricted Total Funds Funds 2023 Wages and Salaries Employers NIC Pension Costs Other employee benefits Fundraising costs 98.606 10,223 4,791 852 25,657 14,732 1.742 737 73 3,974 113,338 11.965 5,528 925 29,631 140,129 21,258 161,387 Unrestricted Funds Restricted Total Funds Funds 2022 Wages and Salaries Employers NIC Pension Costs Other employee beneffts Fundraising costs 112,497 11,047 4,669 998 21,141 112,497 11,047 4,669 998 21,141 150,352 150,352 32 Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 11. Investment managemont costs Restricted Total Funds Funds 2023 Restricted Total Funds Funds 2022 Transfer of Investment 111 111 12. Expondlture on charitablo activiti85 by activity type Activities undertaken Grant funding directly of activitie5 Support Total funds costs 2023 Total fund 2022 Development & Growth of Integrated Education Govemance costs 237,930 609,670 218,594 17.438 1,066,194 17,438 1,083,632 823,836 13,949 237,930 609,670 236,032 837,785 13. Analysis of 5UPPOrt costs Development & Growth of Integrated Education Total 2023 Total 2022 staff costs Premises Communications and IT General office Human resources Governance costs Advocacy costs 145,616 40,838 3,233 2,895 10,661 17,438 15,351 145,616 40,838 3,233 2,895 10.661 17,438 15,351 125,650 36,793 4,547 3,978 1,005 13,949 8,671 236,032 236.032 194,593 33 Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements f¢ontinue 1,384,894 At 1 Apr 2021 Gains and At 31 Mar losses 2022 Income Expenditure Transfers General funds 1,620,621 284,094 1513,0291 1,140 26,281 1,419,107 37 Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements (conlinued) Year ended 31 March 2023 26. Analysis of charitsble funds (continued) Restrlcted funds At 1 Apr 2022 Gains and At 31 Mar losses 2023 Income Expenditure Transfers Trust Programme The Carson Awards Parental Engagement Campaign other funds Irish Dept. of Foreign Affair5 & Trade Leonard Family Community Foundalion Nl Mitzi Gillespie Family Fund Lincoln Awards Hagan Homes Northern Ireland Office (NIO) National Lottery Fund - Dormant Accounts Fund Nl IFI - Communities in Partnership Programme 22,894 75,000 (39,795) 13,750) 54,349 49,594 (25,878) 23,716 172.244 (222) 125.923 121,136 (98,863) 170.6001 199,304 50,314 93,453 67,500 {88.548) 4.905 164,500 97,000 5,679 23,180 (28,859) 19,744 8,034 275,000 18,0001 1252.9281 19,778 22,072 385,000 {161,478) 223,522 9,385 (6,783) 2,602 39,069 (29,568) 9,501 366,933 1,222,680 (811,300) (3,750) 774,563 Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 26. Analysis of charitable funds fcontinved) At 1 Apr 2021 Gains and At 31 Mar losses 2022 Income Expenditure Transfers Trust Programme The Carson Awards Parental Engagement Campaign Other funds Irish Dept. of Foreign Affairs & Trade Leonard Family Community Foundation Nl Milzi Gillespie Family Fund Lincoln Awards Hagan Homes Northern Ireland Office (NIO) National Lottery Fund- Dormant Accounts Fund Nl IFI - Communitie5 in Partnership Programme 28,164 20.000 (24,270) 11,000) 22,894 66,660 (17,066) 49,594 146,133 45,388 207.306 59,469 {181,1951 (105,079) 172,244 1222) 31,930 32,853 33,431 67,500 (65,361) (3,353) 97,000 48,720 (43,041) 5,679 29,994 17,789 (29,854) 16,000) (140) 7,955 19,744 447,631 395,661 {475,219) (1,1401 366,933 The transfers be￿een funds relate to the contribution out of restricted funds to the core costs of the organisation. 39 Integrated Education Fund Company Limited by Guarantee Notes to the Financial Statements {eontlftu•dJ Year ended 31 March 2023 27. Analy51$ of net assets between funds Unrestricted Fund5 Restricted Total Funds Funds 2023 Tangible fixed assets Investment5 Current assets Creditors less than 1 year Net assets 9,359 386,836 1,249,933 1261,2341 1,384,894 9,359 386,836 2,024,496 (261,234) 2,159,457 774,563 774,563 Unrestricted Funds Restricted Total Funds Funds 2022 Tangible fixed assets Investments Current assets Creditors less than 1 year Net a559ts 9,746 416,658 1,170,457 (177,7541 1.419,107 9,746 416,658 1,537.390 1177,7541 1,786,040 366,933 366.933 28. Analysis of changas in net debt At At 1 Apr 2022 Cash flow5 31 Mar 2023 Cash at bank and in hand 1,438,662 366,914 1,805,576 29. Contingencios A contingent liability exists to repay grants and funds 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 is expected. 30. Related parti85 There were no other related party transactions incurred during the year (2022- nil), other than the reimbursement of expenses made to trustees (see note 20). 40