2022-03-31-accounts - Teach Na Failte

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CHARITY REGISTRATION NUMBER: NIC107120

Teach na Failte Financial Statements 31 March 2022

SP McCAFFREY & CO Chartered accountants & statutory auditor 50 Campsie Road Omagh Co Tyrone BT79 0AG

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Statement of Financial Activities

Year ended 31 March 2022

			2022		2021
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	4	5,497	92,703	98,200	179,693
Charitable activities	5	15,438	-	15,438	5,204
Total income		20,935	92,703	113,638	184 897
Expenditure
Expenditure on charitable activities	6,7	26,069	92,703	118,772	173,577
Total expenditure		26,069	92,703	118,772	173,577
Net (expenditure)/income and net
movement in funds		(5,134)	-	(5,134)	11,320
Reconciliation of funds
Total funds brought forward		16,006	-	16,006	4,686
Totalfundscarriedforward		10,872	-	10.872	16,006

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 12 to 18 form part of these financial statements.

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Statement of Financial Position

31 March 2022

		2022	2021
	Note	£	g
Fixed assets
Tangible fixed assets	12	695	595
Current assets
Debtors	13	11,950	20,202
Cash at bank and in hand		8,628	5,402
		20,578	25,604
Creditors: amounts falling due within one year	14	10.301	10,193
Net current assets		10,277	15.411
Total assets less current liabilities		10,872	16,006
Funds of the charity
Unrestricted funds		10,872	16,006
Totalcharityfunds	15	10,872	16,006

These financial statements were approved by the board of trustees and authorised for issue on 27 September 2022, and are signed on behalf of the board by: wo) 5fs — \ Ne ENG, YS SS Or Murray T Stewart Trustee Trustee

The notes on pages 12 to 18 form part of these financial statements.

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Notes to the Financial Statements

Year ended 31 March 2022

General information The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 39 Bowling Green, Strabane, BT82 8BW. 2. Statement of compliance These financial statements nave 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 Charities Act (Northern Ireland) 2008.
Statement of compliance
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.

Disclosure exemptions

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 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical 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 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 of two sub-classes: restricted income funds or endowment funds.

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Notes to the Financial Statements (continued)

Year ended 31 March 2022

Accounting policies (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 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.
e legacy income is recognised when receipt is probable and entitlement is established. e 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 services 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.
e 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.
e 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.

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Notes to the Financial Statements (continueg)

Year ended 31 March 2022

Accounting policies (continued)

Tangible assets (continued)

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.

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-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 goodwill, the goodwill acauired in a business combination is, from the acquisition date, 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.

Donations and legacies

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Donations
Rental Contribution	~	_	-
Donations	5,497	~	5,497
Grants
International Fund for Ireland - Peace Impact
Programme	=	41,178	41,178
Co-Operation Ireland - Open Doors	=	44.975	44.975
National Lottery Community Fund	-	-	-
Derry & Strabane Council	-	125	125
VCSE COVID Recovery Fund	oad	6,425	6,425
	5,497	92,703	98,200
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
	£	£	#
Donations
Rental Contribution	5,200	-	5,200
Donations	9,761	-	9,761

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Notes to the Financial Statements (continued)

Year ended 31 March 2022

4. Donations and legacies (continued)

				Unrestricted	Restricted	Total Funds
				Funds	Funds	2021
				£	£	£
	Grants
	International Fund for Ireland - Peace	Impact
	Programme			-	66,918	66,918
	Co-Operation Ireland - Open Doors			_	91,664	91,664
	National Lottery Community Fund			-	2,500	2,500
	Derry & Strabane Council			-	3,650	3,650
	VCSE COVID Recovery Fund			-	=	=
				14,961	164,732	178,693
5.	Charitable activities
		Unrestricted		Total Funds	Unrestricted	Total Funds
			Funds	2022	Funds	2021
			£	£	£	cS
	Activities		15,438	15.438	5,204	5,204
6.	Expenditure on charitable activities	by fund type
				Unrestricted	Restricted	Total Funds
				Funds	Funds	2022
				£	E	£
	Peace Impact Programme			-	41.178	41,178
	Co-Operation Ireland			-	44,975	44,975
	Support costs			26,069	6,550	32,619
				26,069	92,703	118,772
				Unrestricted	Restricted	Total Funds
				Funds	Funds	2021
				a	£	£
	Peace Impact Programme			-	66,918	66,918
	Co-Operation Ireland			-	91,664	91,664
	Support costs			8,845	6,150	14,995
				8,845	164,732	173,577
7.	Expenditure on charitable activities	by activity type
		Grant	funding		Total funds	Total fund
		of activities Support costs			2022	2021
			£	£	£	e
	Peace Impact Programme		41,178	-	41,178	66,918
	Co-Operation Ireland		44.975	=	44.975	91,664
	Governance costs		-	32,619	32,619	14.995
			86,153	8,570	118,772	173,577

7. Expenditure on charitable activities by activity type

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Notes to the Financial Statements (continued)

Year ended 31 March 2022

8. Analysis of support costs

		Analysis of
		support costs	Total 2022	Total	2021
		£	£		2
	Premises	6,811	6,811		5,038
	General office	86	86		-
	Bank fees	173	173		101
	Activity Costs	22,949	22,949		1,307
	Auditors fees	1,500	1,500		2.499
	Sundries	1,100	4,100		—
		32,619	32,619	14,995
9.	Auditors remuneration
			2022	2021
			£		£
	Fees payable for the audit of the financial statements		2,500		2,500
10.	Staff costs
	The total staff costs and employee benefits for the reporting period are		analysed as	follows:
			2022	2021
			£		£
	Wagesandsalaries		66,628	131,739

The average head count of employees during the year was 4 (2021: 5).

No employee received employee benefits of more than £60,000 during the year (2021: Nil).

11. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

12. Tangible fixed assets

	Equipment
	£
Cost
At 1 April 2021 and 31 March 2022	595
Depreciation
At 1 April 2021 and 31 March 2022	~
Carrying amount
At 31 March 2022	595
At31March2021	595

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Notes to the Financial Statements (continued)

Year ended 31 March 2022

13.	Debtors
				2022	2021
				£	£
	Trade debtors			11,950	20,202
14.	Creditors: amounts falling due within one year
				2022	2021
				£	£
	Bank loans and overdrafts			-	1,142
	Trade creditors			5,970	4,869
	Grant in Advance			4,331	4,182
				10,301	10,193
15.	Analysis of charitable funds
	Unrestricted funds
					At
		At			31 March 202
		1 April 2021	Income	Expenditure	2
		£	£	£	£
	General funds	16,006	20,935	(26,069)	10,872
					At
		At			31 March 202
		1 April 2020	Income	Expenditure	1
		£	£	E	£
	General funds	4,686	20,165	(8,845)	16,006
	Restricted funds
					At
		At			31 March 202
		1 April 2021	Income	Expenditure	2
		£	£	£	f
	Restricted Funds	-	92,703	(92,703)	~
					At
		At			31 March 202
		1 April 2020	Income	Expenditure	1
		£	£	£	£
	RestrictedFunds	-	164,732	(164,732)	~

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Notes to the Financial Statements (continued)

Year ended 31 March 2022

16. Analysis of net assets between funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Tangible fixed assets	595	-	595
Current assets	14,147	6,431	20,578
Creditors less than 1 year	(3,870)	(6,431)	(10,301)
Net assets	10,872	~	10,872
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2021
	£	£	£
Tangible fixed assets	595	-	595
Current assets	21,422	4,182	25,604
Creditors less than 1 year	(6,011)	(4,182)	(10,193)
Netassets	16,006	-	16,006