Fighting Words Northern Ireland Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable aclivities Investment income other income 42.083 9.493 139 4,449 42,083 257,163 139 4.449 12,091 405,647 247,670 8.569 Total income 56.164 247,670 303,834 426.307 Expenditure Expenditure on charitable activities Total expenditure 9,10 25,760 331,452 357,212 311.685 25,760 331,452 357,212 311,685 Net (expenditure)lincome 30,404 183,782) {53,378) 114,622 Transfers betwean funds 18,497 (18,497) Net movement in funds 48.901 (102,279) 153,3781 114,622 Reconclllatlon of funds Total funds brought forward Totsl funds carrled forward 97,477 161,234 258,711 144,089 146,378 58.955 205,333 258,711 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The note5 on pag95 15 to 28 forni part of these financial $tat8mgnts. 13
Fighting Words Northern Ireland Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets 16 16.717 26,568 Current assets Debtors Cash at bank and in hand 17 41,234 157,114 85,588 152.664 198.348 238.252 Creditors: amounts falling due within one year Net current assets 18 9.732 6.109 188.616 232.143 Total assets le55 current liabllities 205.333 258,711 Net assets 205,333 258.711 Funds of the charlty Restricted funds Unrestricted funds 58,955 146,378 161.234 97,477 Total charity funds 20 205,333 258,711 For the year ending 31 March 2024 the charity was enlilled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities- The members have not r8quired the company to obtsin an audit of its financial statements for the year in question in accordance with section 476- The directors acknowledge their responsibilities forcomplying with the requirements ofthe Act with respect to accounting records and the preparation of financial ststements. These financial statements have been prepad in accordance wtth the provisions applicable to companies subject to the small companies. regime. These financial statements were approved by the board of trustees and authorised for issue on 11 December 2024, and are signed on behalf of the board by: /•7 AM Gallagher Trustee The nole5 on pages 15 to 28 fomi part of these financial statements. 14
Fighting Words Northern Ireland 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 Northem Ireland and a registered charity in Northem Ireland. The address of the regISted office is Connswater Shopping Centre, Bloomfield Avenue, Belfast. BT5 5LP. Statement of compliance These financial ststements 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 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 policies Basis of preparation The financial stataments 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's ability to continue. Judgements and key sources of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts raported. 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. Fund accountlng Unrestricted funds arè available for use at the discretion of the trustees to fvrther any of the charity's purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitment. Restricted funds are subjected to reslriciions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income fvnds or endowment funds. 15
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 March 2024 Accounting policies {continugdJ 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 economi¢ benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific 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 enliuement 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 services are recognised in the accounts when received if the valu8 can b8 reliably measured. No amounts are included for the contribution of g8n8ral volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requiremènt for it to be spent on a particular purpose and returned 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 includes any VAT which cannot be fully recovered, and is classified under headings of the 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 benèfit of its beneficiaries, including those support costs and costs relating to the governanc8 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. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct ¢osts attributable lo a single activity are allocated directly to that activity. Shared costs are apportioned beeen the activities they conlribute to on a reasonable, justifiable and consistent basis. Tanglble assets Tangible assets are initially recorded at cost. and subsequently stated at cost less any accumulated depreclation 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. 16
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 March 2024 Accounting policies (continuad) Tangible assets (¢ontinued) 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 wtthin the statement of financial activities. A decrease in the carying 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. Depreciation 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.. Long leasehold propety Equipment 10¥0 Straight line 200/0 Straight lina Impairment 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 cash-genèrating unit to which the asset belongs. The cash-gen8rating unit is th8 smallest identifiab18 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 impaim)ent 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 benefil 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 charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the Gash or other consideration expected to be paid or r8C8ived and not discounted. Debt instruments are subsequently measured at amortised cost. 17
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (contlnuèd) Year ended 31 March 2024 Accounting policles (contlnued) Financial instruments (contlnued) 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 instruments. including 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 not 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 instruments are subsequently measured atfaii value, with any changes recognised in the statem8nt 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 impairm8nt at the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is reGognisad under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Oth8r 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 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. Deflned contribution plans Contributions to defined COntrbll0n 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 exlent that the prepayment will lead to 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 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. Limited by guarantee Fighting Words Northern Ireland is a company limited by guarantee and ha5 no share capital. In the event of the charity being wound up. the liability in respect of the guarantee is limited to £1 per member of the charity 18
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (continuéd) Year ended 31 March 2024 Donations and legaci8S Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations Allen & Overy Foundation The Rick O'shea Book Club The Ireland Funds 20.857 5,000 8,371 7.855 20,857 5,000 8.371 7,855 12,091 12,091 42.083 42,083 12.091 12.091 Charitable activities Unrestricted Fund5 Restricted Total Funds Funds 2024 Departm8nt for Communities Arts Council of Northern Sreland Belfast City Council Department of Foreign Affairs, Reconciliation Fund Fighting Words Ireland - Story Seeds Coca Cola Thank You Fund Community Relations Council Backstaga Trust Nalional Lottery Dormant Accounts - Naxt Chaptar Garfield Weston Foundation Hope for Youth Enkalon Foundation Esmé Mitchell Trust Clothworkers, Foundation Community Foundation for Northern Ireland Irictoria Homes Trust The Foyle Foundation JP Mcmanus Charitable Foundation Tomar Trust Halifax Foundation for Northern Ireland RTE Toy Show Appeallcommunity Foundation Nl Future Screens Nl Access to Work- Communitites Nl Belfast Harbour Community Awards Arts & Business- Blueprint Nl Executiv& CGRU Ireland Funds- Individual Donors Ireland Funds- Heart of the Community Awards Amazon Literary Parlnership 27,690 21,802 27,690 21,802 65,767 7,544 2,685 65,767 7,544 2,685 31,667 10,000 5,000 31,667 10,000 5,000 10,000 10,000 25,000 25.000 9,756 21.420 1,339 9,756 21.420 1,339 3,000 3,000 1,993 1,993 5,000 7.500 5,000 7.500 9,493 247,670 257.163 19
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Charitable activlties (Gontinued) Unrestricted Funds Restricted Total Funds Funds 2023 Department for Comtnunities Arts Council of Northem Ireland Belfast City Council Department of Foreign Affairs, Reconciliation Fund Fighting Words Ireland - Story Seeds Coca Cola Thank You Fund Communty Relations Council Backstage Trust National Lottery Dormant Accounts - Next Chapter Garfield Weston Foundation Hope for Youth Enkalon Foundation Esm8 Mitchell Trust Clothworkers, Foundation Community Foundation for Northern Ireland Victoria Homes Trust The Foyle Foundation JP Mcmanus Charitable Foundation Tomar Trust Halrfax Foundation for Northern Ireland RTE Toy Show Appeallcommunity Foundation Nl Future Scréens Nl Access to Work- Communitites Nl Belfast Harbour Community Awards Arts & Business- Blueprint Nl Executive- CGRU Ireland Funds- Individual Donors Ireland Funds- Heart of the Community Awards Amazon Literary Partnership 13.863 26.306 17,843 129,457 13,863 26.306 17.843 129.457 4,842 24,600 36,752 10,000 4,842 24,600 36,752 10,000 500 1,000 500 1,000 2,000 2.000 3,500 3.500 19,748 25,993 5,000 19,748 25,993 5,500 500 21,919 6,675 5,000 27,000 7.459 21,919 6,675 5.000 27,000 7,459 3,841 4,349 7.500 3,841 4,349 7,500 13,841 391.806 405,647 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Bank Interest 139 139 20
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (contlnuad) Year ended 31 March 2024 Other Incomo Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Other income Earned Income 186 8,383 186 8,383 4.449 4,449 4.449 4,449 8,569 8.569 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Cultural education Support costs 25,760 225.747 105,705 251.507 105,705 25,760 331,452 357,212 Unrestricted Funds Restricted Totsl Funds Funds 2023 Cultural education Support costs 15.297 8,949 191,937 95,502 207,234 104,451 24.246 287,439 311,685 10. Expenditure on charltable actlvltles by actlvlty type Activities undertaken directly Support Total funds costs 2024 Totsl fund 2023 Cultural education Governance costs 251,507 92,734 12.971 344.241 12.971 303.378 8.307 251,507 105.705 357.212 311.685 21
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (eontinued) Year ended 31 March 2024 11. Anatysis of support costs Analysis of support costs Cultural education Tolal 2024 Total 2023 Staff costs Premises General office Finance Costs Govemance costs 41,210 12,229 7,280 32,015 12,971 41,210 12,229 7,280 32,015 12,971 30,081 30,325 1.687 34,051 8,307 105,705 105,705 104,451 12. Net (expendlture)lincome Net (expenditure)lincome is stated after chargingl{crediting)'. 2024 2023 Depreciation of tsngible fixed assets Loss on disposal of heritage assets 4,459 20.779 6,419 13. Independent examlnation fees 2024 2023 Fees payable to the independent examinerfor: Independent examinallon of the financial statements 1,733 1,575 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 173,414 10,736 3,598 155.424 8,400 3,035 187.748 166,859 The average head count of employees during the year was 7 (2023: 6). 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 £80,767 (2023.'£79,282}. 22
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (¢ofttinued) Year ended 31 March 2024 15. Trustee remuneratlon and expenses The Charity Trustees were not paid or received any other benefits from employment with the Charity in the year {2023: nil). No charity trustee r8C8iV8d travel expenses during the year of (2023.. nill. No charity trustee received payment for professional or other services supplied to the charity (2023.. nil). 16. Tangible fixed assets Long leasehold property Equipment Total Cost At 1 April 2023 Additions Disposals At 31 March 2024 32,902 12.681 (32,902) 12,681 13,248 2.706 46,150 15,387 (32,9021 28,635 15,954 Deprociation At 1 April 2023 Charge for the year Disposals At 31 March 2024 12,123 1,268 (12.123) 1.268 7,459 3,191 19.582 4,459 {12,123) 11,918 10,650 Carrying amount At 31 March 2024 11.413 5.304 16,717 At 31 March 2023 20,779 5,789 26,568 17. Debtors 2024 2023 Trade debtors Prepayments and accrued income 40,569 665 83,709 1,879 41,234 85,588 18. Credltors: amounts falling due wlthln one year 2024 2023 Trade creditors Accruals and deferred income Social s8curity and other tsxes 96 4,148 5,488 823 1,894 3,592 9,732 6,109 23
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (¢ontlnu•d) Year ended 31 March 2024 19. Penslons and other post retlrement beneflts Defined contrlbution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £3,598 (2023.. £3,035). 20. Analysis of charltable funds Unrostricted funds At 31 March 20 24 At 1 April 2023 Income Expenditure Transfers General funds Designated Fund 77,477 20,000 56,164 (25,760) 18,497 126,378 20,000 146.378 97,477 56.164 (25,760) 18,497 At 31 March 20 23 At 1 April 2022 Income Expenditure Transfers General funds Designated Fund 50,928 34.501 (24,246) 16.294 20,000 77,477 20,000 50,928 34,501 (24,246) 36,294 97,477 Restrlctsd funds At 31 March 20 24 At 1 April 2023 Income Expenditure Transf8rs Ulster Garden Villages Limited Belfast City Council Department of Foreign Affairs and Trade, R8conciliation Fund Garfield Weston Foundation Trusthouse Charitabl8 Foundation Esmé Mitchell Trust Victoria Homes Trust The Foyle Foundation 3.110 (3.110) 16,852 {16,852) 59,020 (52,147) 6,873 10,000 10.000 20,000 3,500 (3,500) (25,000) 25,000 24
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (contlnu•d) Year ended 31 March 2024 20. Analysls of charltable funds {eontlnu8d) JP Mcmanus Charitable Foundation Tomar Trust Northern Ireland Executive, T'.BUC Nerve Centre National Lottery Heritage Fund Backstage Trust ACNI - Project 2021-22 Enkalon Foundation Dormant Accounts Community Relations Council Future Screens Nl Access to work- Communities Nl Belfast Harbour Community Awards Arts & Business- Blueprint ACNI- Project 2022-23 Arts Council Arts Development Fund Ireland Funds Heart of the Communty Awards 19,651 116,006) 3,645 21,230 (21,230) 2.771 31.668 (27,193) 7,246 2,685 21,420 (2,685) (22,254) 9,326 8,492 1,339 (1.339) 4.994 (4.794) 200 22,429 5,203 3,000 1,187 (20.229) (6,390) {200) 5,000 5,000 (4,806) (1941 25
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (ctsntinuèd) Year ended 31 March 2024 20. Analysis of charltablè funds {continued) Department for Comfflunities Victoria Homes Trust Halifax Foundation Nl Dept of Culture- Story Seeds Hope for Youth Belfast City Council - Arts & Heritage Clothworkers. Foundation CFNI via The RTE Toy Show Appeal Coca Cola Fund ACNI - Heallh & Safety Equipment Grant 2023124 Restricted fund 74 - desc in alcs 65,767 5,000 (61.903) (5,000) 3,864 4,950 (4.950) 10.000 {1,960) (8,040) 9,756 7,543 (5,315) (3,908) (4,441) 3,635 3.956 (1,444) (2,512) 22,547 (22,547) (331.452) 161,234 247,670 (18,497) 58.955 At 31 March 20 23 At 1 April 2022 Income Expenditure Transfers Ulster Garden Villages Limited Belfast City Council Department of Foreign Affairs and Trade, Reconciliation Fund Garfield Weston Foundalion Trusthouse Charitable Foundation Esmé Mitchell Tnjst Victoria Homes Tnjst The Foyle Foundation JP Mcmanus Charitable Foundation Tomar Trust Northem Ireland Executive. T.'BUC Nerve Centre 3,110 117,243) 3.110 (600) 17,843 4,376 129,457 (70,438) (4.375) 59,020 10,000 10.000 (2,020) 2,500 2,020 (2.500) 1.000 (1.000) 15,000 (15,000) 20.384 20.949 19.748 25.993 {19.748) (27,291) (20,384) 19,651 (7,546) 4,448 7,459 (11) 98 (4,448) 26
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 20. Analysis of charltable funds (contlnued) National Lottery Heritage Fund Backstage Trust ACNI - Project 2021-22 Enkalon Foundation Domiant Accounts Community Relations Council Future Screens NS Access to work- Communities Nl Belfast Harbour Community Awards Arts & Business- Blueprint ACNI- Project 2022-23 Arts Council Arts Development Fund Ireland Funds Heart of the Communty Awards Department for Communities Victoria Homes Trust Halifax Foundation Nl Dept of Cultur8 - Story Seeds Hope for Youth Belfast City Council- Arts & Heritaga Clothworkers, Foundation CFNI via The RTE Toy Show Appeal Coca Cola Fund ACNI - Health & Safety Equipment Grant 2023124 Restricted fund 74 - desc in alcs 655 3,910 17,353 500 15.923 {250) (9.731) (7,671) (500) (49.904) (405) 2,451 110,761) (500) 24,600 1.079 500 36,752 21,230 2,771 (2.671) 4.842 21.919 (4.003) (12,493) 1.832 (100) 9.326 6,675 (6.205) (470) 5,000 (6) 4.994 27,000 22,547 (4.571) (17.344) 22,429 5.203 2,680 (2.680) 4,349 (4,349) 13,863 3.500 5,000 (15,111) 1,248 3,500 (5,000) 93,161 391.806 (287.439) {36,294) 161.234 Transfers have taken place during the year which relates to fixed assets. Fighting Words Northern Ireland used funding to purchase assets which have been transferred to Unrestricted Funds as Fighting Words Northern Ireland fully own the assets, no restrictions have been placed on these assets. 27
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 21. Anatysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 16,717 139,393 (9.7321 146,378 16,717 198,348 (9,7321 205,333 58.955 58.955 Unrestricted Funds Restricted Totsl Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 26,568 77,018 (6.109) 97,477 26.568 238.252 (6,109) 258.711 161,234 161,234 22. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of the charity's primary objectives. 23. Ethlcal standards In common with many other businesses of our size and nature we use our auditors to prepare and submit r8tums to the tax authorities and assist with tha preparation of the financial statements. 24. Contingen¢les A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees. the terms of the Letters of Offers have been, or will be, complied with and no liability is expected. 25. Related parties No related parties in the year. 28
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2024 29