Fighting Words Northern Ireland Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2025 2025 Restricted fijnds Total funds 2024 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Other trading acts'vities Investment income Other income 3,559 28,210 746 500 216,484 4,059 244,694 746 42,083 257,163 139 4,449 11,074 11,074 260,573 Total income 43,589 216,984 303,834 Expenditure Expenditure on charitable activities Total expenditure 10,11 35,424 261,644 261,644 297,068 297,068 357,212 357,212 35,424 Net expenditure 8,165 (44,660) (36,495) (53,378) Transfers beeen funds {775) 775 Net movement in funds 7.390 (43,885) (36,495) (53,378) Reconciliation of funds Total funds brought forward Total funds carried forward 146,378 58,955 205.333 258,711 205,333 153,768 15.070 168,838 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 pages 17 to 31 fomi part of these financial statements. 15
Fighting Words Northern Ireland Company Limited by Guarantee ststement of Financial Position 31 March 2025 2025 2024 Note Fixed assets Tangible fixed assets 17 1.600 16,717 Current assets Debtors Cash at bank and in hand 18 21.160 218,621 41,234 157,114 239,781 198,348 Creditors: amounts falling due within one year Net current assets 19 72,543 9,732 167,238 188,616 Total assets less current liabilities 168,838 205,333 Net assets 168,838 205,333 Funds of the charity Restricted funds Unrestricted funds 15.070 153,768 58,955 146,378 Total charity funds 22 168,838 205,333 For the year ending 31 March 2025 the charity was entitted to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities= The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476: The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements 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 authorised for issue on 8 December 2025, and are signed on behalf of the board by: P Crossan Trustee AM Gallagher Trustee The notes on pages 17 to 31 forni part of these financial statements. 16
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2025 General inforniation 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 Crescent Arts Centre, 24 University Road, Belfas( BT7 1 NH. 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 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 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. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparab'on 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. 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 fijture 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<lasses'. restricted income funds or endowment funds. 17
Fighting Words Northern Ireland Company Limited by Guarantse Notes to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies {¢onlinued) 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 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 reIpt 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 services 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 servi5 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 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 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 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 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. 18
Fighting Words Northern Ireland Company Limited by Guarantee Notss to the Financial Statements (continued) Year ended 31 March 2025 Accounting policies (c¢nUed) Tangible assets {continugd) 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. 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 10Yo Straight line 20°A straight line 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 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 g¢)odwill. the goodwill acquired in a business wmbination is, from the acquisition date, allocated to each of the cash4Jenerating 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 charty becomes a party to the contractual provisions 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 paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. 19
Fighting Words Northern Ireland Company Limited by Guarantse Notes to the Financial Ststements (eontinued) Year ended 31 March 2025 Accounting policies (continued) Financial instruments (Continued) Vvhere investments in shares are publicly traded or their fair value can otheise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. Ail other such investrnents 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 at fair value, with any changes recognised in the statement of financial activits-es. 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 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. 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 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 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 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 has 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 20
Fighting Words Northern Ireland Company Limited by Guarantse Notss to the Financial Ststements (w?tinuedJ Year ended 31 March 2025 Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2025 Donations Donations Allen & Overy Foundation The Rick O'shea Book Club The Ireland Funds 3,559 500 4,059 3,559 500 4,059 Unrestricted Funds Restricted Total Funds Funds 2024 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 42,083 42,083 21
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements {continuedJ Year ended 31 March 2025 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2025 Arts Council of Northern Ireland Belfast City Council Fighting Words Ireland - Story Seeds SEUPB Peaceplus Coca Cola Thank You Fund Community Relations Council National Lottery Dormant Accounts - Next Chapter Garfield Weston Foundation Graffiti Theatre Company Clothworkers, Foundation The Foyle Foundation Halifax Foundation for Northern Ireland RTE Toy Show Appeavcommunity Foundab'on Nl A&0 Shearman Foundation Future Screens Nl Access to Work- Communities Nl Arts & Business- Blueprint Ireland Funds- Individual Donors Ireland Funds- Heart of the Community Awards Amazon Literary Partnership DFA Strategic Partnerships Fighting words Ireland - Creative Ireland Irish American Partnership Ulster Garden Villages- School Residency pilot Esme Mitchell Charitable Trust AABIE- ABB Charitable Initiative 52,178 16,852 52,178 16,852 3,205 813 3,205 813 8,249 8,249 5,000 5,000 10,000 10,000 21,038 21,038 13.500 13,500 993 993 6.500 6,500 63,964 26,685 7,557 5,000 2,000 1,160 244,694 63,964 26,685 7,557 5,000 2,000 1,160 28,210 216,484 22
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2025 Charitable activities (continued) Unrestricted Funds Restricted Total Funds Funds 2024 Arts Council of Northern Ireland Belfast City Council Fighting Words Ireland - Story Seeds SEUPB Peaceplus Coca Cola Thank You Fund Community Relations Council National Lottery Dormant Accounts - Next Chapter Garfield Weston Foundation Hope for Youth Clothworkers, Foundation The Foyle Foundation Halifax Foundation for Northern Ireland RTE Toy Show Appeallcommunity Foundation Nl A&0 Shearman Foundation Future Screens Nl Access to Work- Communities Nl Arts & Business- Blueprint Ireland Funds- Individual Donors Ireland Funds- Heart of the Community Awards Amazon Literary Partnership DFA Strategic Partnerships Fighting words Ireland Creative Ireland Irish American Partnership Ulster Garden Villages - School Residency pilot Esme Mitchell Charitable Trust A4BIE- ABB Charitable Initiative 27.690 21.802 65.767 27,690 21,802 65,767 7,544 2,685 31,667 10,000 5,000 10,000 25,000 7,544 2,685 31,667 10,000 5,000 10,000 25,000 9,756 9,756 21,420 1,339 3,000 21,420 1,339 3,000 1,993 5,000 7.500 1,993 5,000 7,500 9,493 247.670 257,163 other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 other income 746 746 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Bank Interest 139 139 23
Fighting Words Northern Ireland Company Limited by Guarantee Notss to the Financial Ststements (continued) Year ended 31 March 2025 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2025 Funds 2024 Earned Income 11,074 11.074 4,449 4,449 10. Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2025 Cultural education Support costs 35,424 155,584 106,060 191,008 106,060 35,424 261,644 297,068 Unrestricted Funds Restricted Totsl Funds Funds 2024 Cultural education Support costs 25,760 225,747 105,705 251,507 105,705 25,760 331.452 357,212 11. Expenditure on charitable activities by activity type Acttvtties undertaken directly Support costs Total funds 2025 Total fund 2024 Cultural education Governance costs 191.008 103,730 2,330 106,060 294,738 2,330 354,926 2,286 191,008 297,068 357,212 12. Analysis of support costs Analysis of support costs Cultural education Total 2025 Total 2024 Staff costs Premises General office Finance costs Governance costs 40,596 7,861 4,184 51,089 2,330 40.596 7.861 4,184 51.089 2.330 41,210 12,229 7,280 42,700 2.286 106,060 106.060 105,705 24
Fighting Words Northern Ireland Company Limitsd by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 13. Net expenditure Net expenditure is stated after chargingl(crediting)= 2025 2024 Depreciation of tangible fixed assets 3.772 4,459 14. Independent examination fees 2025 2024 Fees payable to the independent examiner for: Independent examination of the financial statements 2,330 1,733 15. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows". 2025 2024 Wages and salaries Social security costs Employer contributions to pension plans 175,861 11,423 4,819 173,414 10,736 3,598 192,103 187,748 The average head count of employees during the year was 6 (2024: 7). No employee received employee benefits of more than £60.000 during the year (2024.. 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 £100,152 {2024:£80,767). 16. Trustee remuneration and expenses The Charity Trustees were not paid or receNed any other benefits from employment with the Charity in the year (2024-. nil). No charity trustee received travel expenses during the year of (2024: nil). No charity trustee received payment for professional or other services supplied to the charity (2024: nil). 25
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2025 17. Tangible fixed assets Long leasehold property Equipment Total Cost At 1 April 2024 Additions Disposals At 31 March 2025 12,681 15,954 218 (7,609) 8,563 28,635 218 (20,290) 8,563 {12,681) Depreciation At 1 April 2024 Charge for the year Disposals At 31 March 2025 1,268 1,268 (2,536) 10,650 2,504 (6,191) 6,963 11,918 3,772 (8,727) 6,963 Carrying amount At 31 March 2025 1,600 5,304 1,600 16,717 At 31 March 2024 11,413 18. Debtors 2025 2024 Trade debtors Prepayments and accrued income 2,864 18.296 21,160 40,569 665 41,234 19. Creditors: amounts falling due within one year 2025 2024 Trade creditors Accruals and deferred income Social security and other taxes 1.902 65.107 5.534 96 4,148 5,488 72.543 9,732 20. Deferred income 2025 2024 Amount deferred in year 62.777 26
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2025 21. 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 £4,819 (2024- £3,598). 22. Analysis of charitable funds Unrestricted funds At 1 April 2024 At Income Expenditure Transfers 31 March 2025 General funds Designated Fund 126,378 20,000 146.378 43,589 (35.424) {775) 133,768 20,000 43.589 (35,424) (775) 153,768 At 1 April 2023 At Income Expenditure Transfers 31 March 2024 General funds Designated Fund 77.477 20.000 56,164 (25,760) 18.497 126,378 20,000 97.477 56.164 (25,760} 18,497 146,378 Restrlcted funds At 31 March 202 At 1 April 2024 Income Expenditure Transfers Ulster Garden Villages Limited Belfast City Council Department of Foreign Affairs and Trade, Reconciliation Fund Garfield Weston Foundation Ulster Garden Villages Victoria Homes Trust The Foyle Foundation Tomar Trust 16,852 (16,852) 6,873 63,964 (69,405) 1,432 20,000 (20,000) 5.000 5,000 3.645 (3,645) 27
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2025 22. Analysis of charitable funds {continue Backstage Trust Dormant Accounts Community Relations Council Future Screens Nl Access to work- Communities Nl Belfast Harbour Community Awards Arts & Business- Blueprint ACNI- Project 2023-2024 7,246 8.249 (15,495) 8.492 21,038 (24,795) 4,735 200 (200) 5.000 13,500 (18.116) 384 1,187 (1,187) 28
Fighting Words Northern Ireland Company Limited by Guarantse Notes to the Financial Statements (Continued) Year ended 31 March 2025 22. Analysis of charitable funds (c¢>ntlnued) Ireland Funds Heart of the Community Awards 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 - 202412025 ACNI project 2023-2024 Donnelly Group Foundation SEUPB Peaceplus Fighting Words Ireland Creative Ireland ACNI Small Capital Grants 5.000 (5,000) 3.864 (758) 3,106 3.635 813 49,272 (4,133) (49,272) 315 500 3,205 {500) (3,234) 29 26.685 (27.431) 746 1,719 (1,621) (261,644) 98 58,955 216,984 775 15,070 At 31 March 202 At 1 April 2023 Income Expendtture Transfers Ulster Garden Villages Limited Belfast City Council Department of Foreign Affairs and Trade, Reconciliation Fund Garfield Weston Foundation Ulster Garden Villages Victoria Homes Trust The Foyle Foundation Tomar Trust Backstage Trust Dormant Accounts Community Relations Council Future Screens Nl 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) (16.006) (21,230) (27,193) 25,000 19.651 21.230 2,771 3,645 31.668 7,246 2.685 21.420 (2,685) (22,254) 9,326 8,492 29
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2025 22. Analysis of charitable funds (continuedj Access to work- Communities Nl Belfast Harbour Community Awards Arts & Business- Blueprint ACNI- Project 2023-2024 Ireland Funds Heart of the Community Awards 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 - 202412025 ACNI project 2023-2024 Donnelly Group Foundation SEUPB Peaceplus Fighting Words Ireland - Creative Ireland ACNI Small Capital Grants 1.339 (1,339) 4,994 (4.794) 200 22,429 3,000 (20.229) (200) 5,000 5.203 1,187 {6.390) 5.000 (4.806) (194) 65,767 5.000 (61,903) (5,000) 3,864 4,950 (4,950) 10,000 (1,960) (8,040) 9,756 7,543 3,956 22,547 (5,315) (3,908) (1,444) (22,547) (4,441) 3,635 (2,512) 161,234 247,670 (331,452) (18.497) 58,955 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 Northem Ireland fully own the assets, no restrictions have been placed on these assets. 30
Fighting Words Northern Ireland Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 31 March 2025 23. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2025 Tangible fixed assets Current assets Creditors less than 1 year Net assets 1,600 163.752 {11,584) 153,768 1,600 178,822 (11,584) 168,838 15,070 15,070 Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 16,717 139,393 {9,732) 146,378 16,717 198,348 {9,732} 205,333 58,955 58,955 24. 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. 25. Contingencies A contingent liability exists to repay grants and Trust monies reiVed 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. 26. Related parties No related parties in the year. 31