Charity registration number= 105267 African and Caribbean Support Organisation Northern Ireland Annual Report and Financial Statements for the Year Ended 31 March 2024 NBAS Chartered Accountant5 17 Carnmoney Road Glengorniley Newtownabbey BT36 6HL
African and Caribbean Support Organisation Northern Ireland Trustees, Report The trustees present the annual report together with the financial statement5 of the charity for the year ended 31 March 2024. Objectives and activities Public benefit Activities undertaken to furtherpublic benefit The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 201 I to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Structure, governance and management Financial instruments Objeclives andpolicies The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes. Casliflow risk The charity's activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows. Credil risk The charity's principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for iinpairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instrument5 15 limited because the counterparties are banks with high credit-rating5 assigned by international credit-rating agencies. The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers. Liquidity risk In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments. the charity uses a mixture of long-tenn and short-terni debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements. The annual report was approved by the trustees of the charity on ned on it5 behalf by: Ms Lorraine Gatsi-Barnett Trustee Page 2
African and Caribbean Support Organisation Northern Ireland Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements. the trustees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 201 I, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and oiher irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial inforn)ation included on the charitable company's website. Legislation governing the preparation and dissernination of financial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on 2Sand signed on its behalf by.. Ms Lorraine Gatsi-Barnett Trustee Page 3