COMPANY REGISTRATION NUMBER: N1068079 CHARITY REGISTRATION NUMBER: 107531 Foundation (Northern Ireland) Company Limited by Guarantee Unaudited Financial Statements 29 February 2024 Finegan Gibson Ltd Chartered accountants Causeway Tower 9 James Street South Belfast BT2 8DN
Foundation (Northern Ireland) Company Limited by Guarantee Financial Statements Year ended 29 February 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees 11 Statement of financial activities (including income and expenditure account) 13 statement of financial position 14 Notes to the financial statements 15
Foundation (Northern Ireland) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year ended 29 February 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 29 February 2024. Reference and administrative details Registered charity name Foundation (Northern Ireland) Charity registration number 107531 Company registration number N1068079 Principal office and regISted Carnegie Library office 121 Donegall Road Belfast BT12 5JL The trustees Mr A Leonard Mr J Holmes (Appointed 1 March 2025) Independent examiner Paul Dolan FCA Finegan Gibson Ltd Causeway Tower 9 James Street South Belfast BT2 8DN
Foundation (Northern Ireland) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continuedj Year ended 29 February 2024 Structure, governance and management The Northern Ireland Foundation (NIF) is a charitable company limited by guarantee, governed by ils Memorandum and Articles of Association. The organisation operates as a membership-based charity with three classes of membership-lndividual, Affiliate and Asso¢iate-who support Ihe charitable obje¢ls and, where applicable, participate in general meetings. Voting rights are reserved to Individual and Affiliate Members. The charity is overseen by a Board of Directors, who also act as the charity's trustees for the purposes of charity law. Directors are elected by the voting membership at General Meetings in accordance with the governing document, and the Board may appoint individuals to fill casual vacancies until the next election. Each year the Board appoints from among its members a Chair, Vice-chair, Treasurer and Secretary. The Board of Directors delegate day-to-day operations to the Project Managers and Coordinator, who report directly to the Board. The Trustees retain full responsibility for monitoring performance, financial stewardship, and compliance. The Board meets regularly and has overall responsibility for strategi¢ dire¢tion, governance, financial oversight and compliance. Operational decisions may be delegated to sub-committees or advisory groups where appropriate, though the Board retains ultimate responsibility for all activities. Trustees adhere to the charity's conflict-of-interest policy, and declarations are recorded in the minutes. The charity's governing document allows the Directors to invite non-voting advisors with relevant expertise to attend Board meetings in an advisory capacity. The Board also receives reports from the charity's delivery partner, Intemational Communities Organisation (ICO), which supports the implementation of international programmes on behalf of NIF. All expenditure, programme decisions and public-benefit outcomes remain subject to oversight and approval by the Board. New Trustees are appointed through open advertisement and nomination, ensuring a wide range of relevant skills and perspectives. Each Trustee receives an induction pack outlining governance responsibilities, policies, and Current programmes. Ongoing training is provided to ensure Trustees are aware oftheir duties under the Charities Act (Northern Ireland) 2008 and the Companies Act 2006. The charity has adopted standard policies covering safeguarding, data protection, equality and diversity. health and safety. and financial control. These policies are kept under review and updated as necessary to ensure continued compliance and best practice.
Foundation (Northern Ireland) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Directorfs Report) (continued) Year ended 29 February 2024 ObjeGtives and activities Charity's Objectives The Northern Ireland Foundation (NIF) was established to undertake resear¢h and promote educational activities on issues relating to a °Shared Future. in and from Northern Ireland. Today, its work focuses on building understanding, trust, and cooperation across divided communities and applying these lessons internationally in Contexts where peace, reconciliation, and inclusive govemance are urgently needed. The charity hosts and participates in dialogues, capacity building initiatives, and training programmes that promote cross-community understanding and share practical knowledge of peacebuilding. In Northern Ireland, Nl F continues to anchor its work locally through the restoration of the Carnegie Oldpark Library as a shared community hub for education, enterprise, arts, and civic engagement, embodying the principles of cooperation. inclusion, and mutual respect. Internationally, and through its delivery partner Intemational Communities Organisation (ICO), NIF shares relevant lessons from Northem Ireland's peace and reconciliation journey to support divided communities abroad. In addition, ICO collaborates with divided communities to highlight issues on the inlernational stage and works with the governments where they reside to find meaningful policy solutions. Charity's Activities In Northern Ireland, NIF has continued to root its work in the principles of community engagement and shared learning, strengthening its role as a bridge beeen Northern Ireland's "Shared Future" experience and international peacebuilding efforts. This includes ongoing collaboration with practitioners and experts from across Northern Ireland to inform reconciliation approaches abroad, ensuring that lessons from the peace process continue to support divided societies globally. Forum for Cities in Transition The Northern Ireland Foundation continued to provide secretariat services to the Forum, which is an international network of municipalities in divided societies. The Forum for Cities in Transition brings together protagonists from divided societies. Its guiding principle is that one divided society is in the best position to help another. ICO as an agent of NIF Internationally, through its delivery partner. the International Communities Organisation (ICO), NIF has further expanded its conlribution to peace, reconciliation, minority inclusion, and good govemance. In Cameroon, the ICO provided capacity-building through variou5 initiatives. ICO collaborated with the local council to enhance decentralisation and improve capacity in the areas of civic engagement and gender equality. ICO also collaborated with stakeholders from the English-speaking regions on a unified peace plan based on non-violence, human rights, and inclusive participation. NIFIICO also partnered with the Office of the Public Independent Conciliator to strengthen Complaint management, governance accountability, and access to rights at the local and regional levels.
Foundation (Northern Ireland) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (eontlnued) Year ended 29 February 2024 Objectives and activities (continued) In Israel-Palestine, NIFIICO supported a major diplomatic breakthrough, facilitating the joint commitment of Former Prime Minister Ehud Olmert and Former Foreign Minister Nasser Al-Kidwa to advance a 0-State solution based on mutual recognition and the 1967 borders. In Kosovo, NIFIICO strengthened minority participation through the Forum for Non-majority Communities, enabling representatives from the Serb, Ashkali, Turkish, Bosniak, and Roma ommunities to engage directly with government leadership. In Cyprus, NIFIICO supported efforts to advance dialogue on the Bizonal, Bicommunal Federation (BBF) solution through collaboration with the Cyprus Peace and Dialogue Centre. This work facilitated the dialogue beeen the divided communities, encouraging them to build on prior convergences, learn from best practice and work together towards a shared future. ICO also support human rights and economic cooperation initiatives which brought together Greek Cypriots and Turkish Cypriots. At the United Nations, NIFIICO significanlly deepened its advocacy work. Through high-level engagements in New York and Geneva, including meetings with the UN Secretary-General, Deputy Secretary-General. and High Commissioner for Human Rights, NIFIICO amplified the concerns of communities affected by conflict in Cameroon, Cyprus, and Kosovo. The charity also contributed multiple submissions to UN mechanism5, including reports on minority rights, excessive use of force, gendered barriers to participation. and human rights implementalion under the Universal Periodic Review. Across all of these activities, NIF ensures that charitable funds are tied to clear outputs and measurable outcomes. The core principle remains consistent: supporting peace by bringing people, communities, and institutions together to build trust. create opportunity, and strengthen inclusive governance. The Trustees have considered the Charity Commission's public-benefit guidance and are satisfied that all work undertaken during the year directly advances the charity's purposes. Across all of these activilies, NIF ensures that expenditure is linked to measurable outcomes, whether in Belfast or abroad. The core principle remains the same.. building peace through practical initiatives that bring people, civil society and government together, create opportunities, and support inclusive governance. Trustees have considered the Charty Commission's public benefit guidance and are satisfied that all activities undertaken during the year directly advance the charty's purposes. Strategic report The following seclions for achievements and performance and financial review form the strategic report of the charity.
Foundation (Northern Ireland) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnued) Year ended 29 February 2024 Achievements and perfomiance Examples of outputs and outcomes of the charity's Work Cameroon.. ICO supported the development of Gender Coordination Committees within five local councils across the North West and South West. Ico-facilitated dialogue among leaders of the former British Southern Cameroons resulted in a reduction in violence. Over 100,000 children returned to school as violence decreased, reflecting improved ground conditions linked to locally owned peace efforts. Governance accountability enhanced through cooperation with the Office of the Publi¢ Independent Conciliator. Israel-Palestine-. The ICO facilitated the Olmert-Al-Kidwa talks, which aim to revitalise intemational support for a negotiated two-state solution. This joint peace plan hopes to be presented to senior global leaders, contributing to renewed diplomati¢ momentum. Kosovo.. Engagement with the Forum for Non-majority Communities strengthened the inclusion of Serb and other minority groups in national decision-making. ICO launched The Economic Prosperity Fund which hopes to unlock million in commitments new investments benefitting minority-owned enterprises, with projects designed to promote cross-community economic cooperation. Cyprus.. More than 200 stakeholders participated in dialogues, consultations, or advocacy events aimed at advancing reconciliation. The EMBRACE project delivered cross-community legal support, trust-building initiatives, and international engagement to address rights-based obstacles to peace. United Nations.. NIFIICO produced multiple high-quality human rights submissions to UN mechanisms and facilitated the participation of minority and indigenous leaders at the UN Forum for Minority Issues. EMRIP, and UPR processes. These interventions strengthened global awareness of the challenges faced by partner communities and amplified their voices in international policymaking. Through these projects, the charity delivered substantial public benefit, supporting ¢onflict-affected communities, strengthening governance systems, enabling the participation of indigenous and minority groups, and promoting inclusive, rights-based approaches to peace. Trustees a satisfied that the charity's work in 2024 demonstrably improved trust, participation, and opportunities for disadvantaged or divided groups.
Foundation (Northern Ireland) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 29 February 2024 Financial review Financial Results The current assets decreased to £6,826 {2023- £10,072), while creditors falling due within one year increased to £664,020 12023: £661,920}. The Company's net liabilities therefore increased to £657,194 {2023= £651,848), representing a deterioration of £5,346 compared to the prior year. The movement in the year reflects a reduction in current assets and a modest increase in outstanding liabilities. The Company's liabilities continue to be ¢on¢entrated with a single Greditor. The trustees have reviewed the financial position and continue to assess strategies aimed at improving the balance sheet position over time. Further details regarding these plans and the basis on which the accounts have been prepared are set out in the Going Concern section of this report. Pollcles on programrne expenditure The Foundation has in place a clear programme expenditure and grant-making policy to ensure that all funds are spent responsibly and deliver measurable impact. All grants or programme costs are lied to written agreements that set out objectives. permitted uses, and reporting requirements. Proposals undergo due diligence and are approved against slrategic and financial criteria. Expenditure is monitored through narrative and financial reports. with staff oversight. audits. and site visits where appropriate. Strong internal financial controls ensure compliance with charity law and funder obligations, and outcomes are assessed to demonstrate real benefits for communities and to inform future learning. Information about the contribution made by volunteers At Foundation (Northern Ireland) volunteers are central to advancing our mission of supporting communities globally to build a more equitable and peaceful future. We involve volunteers in a variety of ways, including through research fellowship programmes that contribute to our peacebuilding agenda. and through specialised intemships that focus on areas such a5 advocacy, digital Communications, project coordination, and policy development. These roles allow volunteers to gain valuable experience while meaningfully contributing to NIF'S work. Volunteers are always supervised by a member of staff, who conducts an induction, develops a tailored work programme, and oversees their outputs to ensure a constructive and supportive learning environment. Our recruitment process upholds our commitment to equal opportunities, ensuring fairness, in¢lusion, and compliance with relevant legal standards. Through this structured approach, volunteers are integrated into NIF'S team in a way that both supports their development and strengthens the impact of our organisation. How expenditure supports the charlty's objectlves All expenditure during the year was directed towards advancing the charity's objects as defined in its governing document= undertaking research and promoting educational activities on issues relating to a "Shared Future" in and from Northern Ireland. Programme delivery The majority of funds were spent on project activities such as community programmes in Northern Ireland (e.g. the Carnegie Oldpark initiative) and international initiatives under
Foundation (Northern Ireland) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 29 February 2024 the ICO brand {e.g. minority rights consultations in Kosovo, education access projects in Cameroon, and cross-community dialogue in the Middle East and Cyprus}. These directly support education, reconciliation, and building more inclusive societies Research and educalional outputs Expenditure also Covered research fellowships, policy consultations, and events (such as the House of Lords Kosovo briefing) designed to gather evidence, promote knowledge exchange, and influence policy on peacebuilding and shared futures. Capacity building and partnerships - Funds supported training, leadership development, and small grants for community organisations and SMES, enabling local partners to advance peace and development goals sustainably. Operational and governance costs - A small proportion of expenditure was used for governance, compliance, and oversight, ensuring that all activities are properly monitored and align with the charity's objects and public benefit duty- In this way, every area of expenditure can be traced directly to furthering the charity's aims of education, research, and building a shared future both in Northern Ireland and internationally. Charity's Public Benefit The Northern Ireland Foundation (NIF) advances education and understanding relating to peace, reconciliation. and a "Shared Future" rooted in lessons learned in and from Northern Ireland. The benefits flowing from this purpose include increased awareness of positive peacebuilding practices, improved skills for practitioners and community actors, and enhanced cooperation across divided or marginalised groups. These benefits are evidenced through participant feedback, partner evaluations, and regular internal review of our programmes. When working with individuals and communities affected by conflict or trauma, there is a risk of reinvoking difficult experiences. This risk is managed through robust safeguarding policies and a slriGt code of conduct for staff and volunteers. Trustees consider that the proven educational and reconciliatory benefits significantly outweigh this limited risk. The charity's beneficiaries are the general publi¢, both in Northem Ireland and internationally, including participants who attend conferen¢es, exchanges. community programmes, and educational activities. Some private benefit inevitably arises for suppliers of services, but this is incidental and necessary to deliver the charity's purposes. All procurement follows recognised good-practice standards to ensure transparency and value for money. Reserves Policy The trustees have considered the Charity's need to maintain reserves in accordance with Charity Commission guidance. At the reporting date. the Gharity does not hold free reserves. As set out in the Statement of Financial Position, the charity is in a net liability position, which primarily reflects amounts owed to a related party for seNices provided under contract, rather than liabilities arising from routine trading or short-term operational costs. The trustees recognise the importance of building appropriate reserves over time to support financial resilience and long-term sustainability. However, given the charity's current funding model and stage of development, available resources have been prioritised for programme delivery in fvrtherance ofthe Charity's charitable objectives.
Foundation (Northern Ireland) Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 29 February 2024 The trustees note that settlement of the related-paty liability is expected to be managed over time, including through the planned realisation of assets, and that the creditor has demonstrated ongoing support for the charity's work. The trustees therefore consider that this liability does not psent an immediate operational cash-flow risk. The trustees keep the charity's financial position under regular review and intend to develop a formal reserves policy as income streams become more predictable and levels of unrestricted funding increase. In the interim, financial risk is managed through close oversight of expenditure, careful ¢ash-flow management, and ongoing support from related organisalions and partners. Going Concern The Company had net liabilities of £657,194 (2023: £651,848). Current assets decreased during the year from £10,072 to £6,826, while liabilities due within one year increased to £664,020 (2023.. £661.920). Net liabilities therefore increased by £5,346. The trustees have carefully considered the Company's financial position. While the Director had previously indicated an intention to support the Company through the donation of digital copper holdings, this strategy had not been implemented during the financial year under review. The Director has reaffirmed their commitment to provide financial support through the transfer of digital copper holdings held via associated entities. These holdings are listed on recognised exchanges and are intended to be realised progressively, with proceeds applied toward reducing the outstanding creditor balance. The principal creditor remains supportive of a structured repayment approach. Although a material uncertainty exists due to the Company's net liability position and the dependence on the Director's continued support, the trustees believe that there is a reasonable expectation that sufficient funds will be realised to enable the Company to meet its obligations as they fall due. Accordingly, the financial statements have been prepared on a going concem basis.
Foundation (Northern Ireland) Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuedj Year ended 29 February 2024 Plans for future periods Over the coming year, the charity intends to deepen and expand its programmes in Northern Ireland and internationally, while remaining firmly anchored in its founding purpose of promoting a "Shared Future." A key priority will be to continue strengthening the charity's slrategic partnership with the International Communities Organisation {ICOI. ensuring that Northern Ireland's experience of reconciliation continues to inform peacebuilding efforts across regions facing division and conflict. In the Middle East. the charity hopes that the peace initiative advanced by Fomier Prime Minister Ehud Olmert and Former Foreign Minister Nasser Al-Kidwa will lead to a formal agreement between principals and encourage further initiatives aimed at social cohesion. mutual understanding, and a shared future based on dignity and security for both peoples. The charity intends to support activities that bring communities together, promote dialogue, and reinforce practical pathways towards a sustainable peace. In Cameroon and across West Africa, the charity plans to build on its growing engagement with governments, civil society, and minority communities to strengthen governance systems, improve the protection of human rights, and enhance the resilience of underserved regions. This will include supporting mechanisms for communily participation. developing new models of locally led power-sharing, and improving economic opportunities for minority and marginalised groups. The charity also plans to increase capacity-building initiatives for local councils and public institutions, drawing on comparative lessons from Northern Ireland and other peace processes. At the international level, the ¢harity will continue to engage with the United Nations system, expanding its dialogue with UN agencies, treaty bodies, and member states. This will include contributing to emerging discussions related to the implementation of the Pact for the Future, advancing protections for minority and indigenous communities, and ensuring that the perspectives of divided and conflict-affected groups are represented in global policymaking. The charity will also support ICO'S Research Centre as it develops best-pra¢ti¢e guidance for states working to implement their human rights commitments. NIF will fvrther expand its efforts to gather, refine, and share learning from Northern Ireland's peace process particularly in economic revitalisation, institutional refomi, community reconciliation, human-rights-based governance, and cross-community dialogue. This learning will continue to inform programmes in Kosovo, Cameroon, Cyprus. the Middle East, and any additional ¢ontexts where support is requested. These plans will be developed in aGGordance with trustee oversight, available resources. and continued assessment of public benefit, ensuring that all expansion remains aligned with the charity's objects and commitment to promoting peaceful, inclusive, and resilient communities. The charity's relationshlp with related parties The Northern Ireland Foundation (NIF) is a registered charity. To advance its charitable objectives, NIF established International Communities Organisation (ICO), a not-for-profit company limited by guarantee, which acts as its delivery partner. While ICO is not itself a registered charity, it operates under agreements that make clear it is an agent of NIF when delivering programmes and spending funds. This arrangement allows NIF to draw on ICO'S specialist expertise, staff, and international networks, while retaining oversight and accountability for charitable expenditure.
Foundation (Northern Ireland) Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (contlnuedj Year ended 29 February 2024 All funds disbursed to ICO are subject to written agreements setting out purposes, budgets, and reporting requirements. NIF'S trustees retain responsibility for ensuring ¢haritable funds are applied properly, receive regular reports on activities and outcomes, and exercise approprlate oversight of ICO'S work. This ensures that all expenditure is directed towards NIF'S charitable purposes and that proper controls are in place, while enabling effective delivery of impact on the ground. The trustees, annual report and the strategic report were approved on 26th February 2026 and signed on behalf of the board of trustees by.. Mr J Holmes Trustee 10
Foundation (Northern Ireland) Company Limited by Guarantee Independent Examiner's Report to the Trustees of Foundation (Northern Ireland) Year ended 29 February 2024 I report to the trustees on my examination of the financial statements of Foundation (Northern Ireland) ('the ¢harity') for the year ended 29 February 2024. Responsibilities and basis of report The charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the ¢harity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to.. examine the accounts under section 65 of the Charities Act. to follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act; and to state whether particular matters have come to my attention. Independent examiner's ststem8nt- matter of Gon¢ern identified In forming our opinion on the financial ststements, which is not modified, we have considered the adequacy of the disclosures made in note 19 to the financial statements concerning the charity's ability to continue as a going concern. The charity was in a net liability position of £657,194 at the balance sheet date. with £664,020 within creditors. This liability position because of a large creditor balance owed, along with Ihe matters explained in note 19 to the financial statements, indicate existence of a material uncertainty, which may cast doubt on the charity's ability to continue as a going Concern. These financial statements do not include the adjustments that would result if the charity was unable to continue as a going concern. I confirm that no other matters have come to my attention in ¢onnection with my examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 386 of Ihe 2006 Act; or the financial statements do not accord with those records; or the financial statements do not comply with the accounting requirements of section 396 of the 2006 A¢t other than any requirement that the accounts give a 'true and fai¢ view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Pra¢ti¢e for accounting and reporting by charities applicable to charities preparing their accounts in aGGordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 11
Foundation (Northern Ireland) Company Limited by Guarantee Independent Examiner's Report to the Trustees of Foundation (Northern Ireland) (eontlnuedj Year ended 29 February 2024 I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding ofthe accounts to be reached. Paul Dolan FCA Independent Examiner Finegan Gibson Lld Causeway Tower 9 James Street South Belfast BT2 8DN 261h February 2026 12
Foundation (Northern Ireland) Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 29 February 2024 2024 Restricted funds Totsl funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Other income 252,340 1,900 254,240 126,875 5,713 950 950 Total income 253,290 1,900 255,190 132,588 Expenditure Expenditure on charitable activities Totsl expenditure 258,636 1,900 260,536 152,023 152,023 258,636 1,900 260,536 Net expenditure and net movement in funds (5,346) (5,346) {19,435) Reconciliation of funds Total funds brought forward Total funds carried forward (664,426} (669,772) 12,578 12,578 {651,848) (632,413) (657,194) (651,848) 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 15 to 23 form part of these financial staternents. 13
Foundation (Northern Ireland) Company Limited by Guarantee Statement of Financial Position 29 February 2024 2024 2023 Note Current assets Cash at bank and in hand 6,826 10,072 Creditors: amounts falling due within one year Net Current liabilities 14 664,020 661,920 657,194 651,848 Total assets less Current liabilities (657,194) (651,848) (657,194) (651,848) Net liabilities Funds of the charity Restricted funds Unrestricted funds 12,578 12,578 (669,772) (664,426) (657,194) (651,8481 Total charity funds 16 For the year ending 29 February 2024 the charity was entitled 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 reGords 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 26th February 2026, and are signed on behalf ofthe board by.. Mr J Holmes Trustee The notes on pages 15 to 23 fonn part of these financial staternents. 14
Foundation (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements Year ended 29 February 2024 General information The charity is a public benefit entiiy and a private limited company by guarantee, registered in Northern Ireland. The address of the regislered office is Carnegie Library, 121 Donegall Road, Belfast, BT12 5JL. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Stsndard 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 IFRS 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 In forming our opinion on the financial statements, we have considered the charity's ability to continue as a going concern. The charity is in a £657,194 net liability position at year end, this indicates the existence of a material uncertainty which may cast significant doubt about the harity's ability to continue as a going Concern. The financial statements do not include the adjustments that would result if the charity was unable to Continue as a going concem. Judgements and key sources of estimation uncertainty The preparation 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. Signrficant Judgements There are no signifi¢antjud9ements (apart from those involving estimates) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements. 15
Foundation (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 29 February 2024 Accounting policies (continuedj Fund accounting Unrestrled 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 fulure project or commitment. Restricted funds are subjected to restrictions on their expenditu 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. 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 transa¢tion will flow lo 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 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 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. 16
Foundation (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (continve¢¥ Year ended 29 February 2024 Accounting policies (continued) Resources expended Expenditure is recognised on an a¢¢ruals 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, juslifiable 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. 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 impaimient 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: Plant and machinery Fixtures and fittings 200h straight line 200/0 Straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the reGoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairmenls are also reviewed for possible reversal at each reporting date. 17
Foundation (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (eonlinued) Year ended 29 February 2024 Accounting policies (continued) Impairment of fixed assets (continued) 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 Ihe cash-generating unit to whiGh the asset belongs. The ¢ash-generating unit is the smallest idenlifiable 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 acquired 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. Financial instruments A financial asset or a financial liabilty is recognised only when the charity 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. 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 re¢ognised at fair value, unless payment for an asset is deferred beyond normal business tem)s 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 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 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 rdit risk characteristics. 18
Foundation (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 29 February 2024 Accounting policies (continued) Financial instruments (contlnuedj 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 ¢arrying 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 relaled 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 The company, being a company limited by guarantee, does not have share capital. Donations and legacies Unrestricted Funds Restricted Total Funds Funds 2024 Donations Donations 252,340 1,900 254.240 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Donations 112.825 14,050 126.875 Charitable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gift aid other income 5,638 75 5,638 75 5,713 5,713 19
Foundation (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 29 February 2024 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 other income 950 950 Expenditure on charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 Charitable Activities Support costs 256,523 2,113 1,900 258,423 2,113 258,636 1,900 260,536 Unrestricted Funds Restricted Total Funds Funds 2023 Charitable Activities Support costs 136,027 1,946 14,050 150,077 1,946 137,973 14,050 152,023 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Charitable Activities Governance costs 258,423 258,423 2.113 150,077 1,946 2,113 258,423 2,113 260,536 152,023 10. Independent examination foes 2024 2023 Fees payable to the independent examiner for= Independent examination of the financial ststements 2,100 1,920 20
Foundation (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 29 February 2024 11. Stsff 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 222,598 25,491 3.969 98,230 10,856 2,073 252,058 111,159 The average head count of employees during the year was 4 (2023- 3). The number of employees whose remuneration for the year fell within the following bands, were.. 2024 2023 No. No. £60,000 to £69,999 12. Trustee mUneration and expenses No trustee received any remuneration during the year. No trustees received expenses during the year. 13. Tangible fixed assets Plant and Fixtures and machinery fittings Total Cost At 1 March 2023 and 29 February 2024 5,683 332 6,015 Depreciation At 1 March 2023 and 29 February 2024 Carrying amount At 29 February 2024 At 28 February 2023 5,683 332 6,015 14. Creditors: amounts falling due within ono year 2024 2023 Amounts owed to group undertakings Accruals and deferred income 660,000 4,020 660,000 1.920 664,020 661,920 21
Foundation (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 29 February 2024 15. 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 £3,969 (2023.. £2,073). 16. Analysis of charitable funds Unrestricted funds At 29 February 2024 At 1 March 2023 Income Expenditure General funds (664,426) 253,290 (258,636) (669,772) At 28 February 2 023 At 1 March 2022 Income Expenditure General funds (644,991) 118,538 (137,973) (664,426) Restricted funds At 29 February 2024 At 1 March 2023 Income Expenditure Restricted Donation 12,578 1,900 (1,900) 12,578 At 28 February 2 023 At 1 March 2022 Income Expenditure Restricted Donation 12.578 14,050 (14,050) 12,578 22
Foundation (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 29 February 2024 17. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Current assets Creditors less than 1 year Net liabilities (5,752) (664,020) (669,772) 12,578 6,826 (664,020) (657,194) 12,578 Unrestricted Funds Restricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net liabilities (2,506) (661,920) (664,426) 12,578 10,072 (661,920) (651,848) 12,578 18. Foundation Nl expenses Foundation Nl Expenses In the year ICO paid expenses on behalf of NIF to the total of £29,922. These expenses will not be reimbursed. 19. Going concern The Company had nel liabilities of £657,194. The trustees recognise that this represents a material uncertainty which may Gast significant doubt on the Company's ability to continue as a going concern. The Company's liabilities are substantially owed to a single creditor. The Director has indicated an intention to support the Company through the donation of digital copper holdings held via associated entities. These holdings are listed on recognised exchanges and are expected to be realised over time, with proceeds applied toward reducing the outstanding creditor balance. The creditor has indicated a willingness to consider a structured repayment approach. Based on the Directorfs stated commitment to provide financial support and the ongoing cooperation of the principal ¢reditor, the trustees consider it appropriate to prepare the financial statements on a going concern basis. However, the position remains dependent on the successful implementation ofthe proposed support. 23
Foundation (Northern Ireland) Company Limited by Guarantee Management Information Year ended 29 February 2024 The following pages do not form part of the financial statements. 24
Foundation (Northern Ireland) Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 29 February 2024 2024 2023 Income and endowments Donations and legacies Donations 254.240 126,875 Charitable activities Gift aid other income 5,638 75 5,713 Other incom8 Other income 950 Total income 255,190 132,588 25
Foundation (Northern Ireland) Company Limited by Guarantee Notes to the Detailed Ststement of Financial Activities Year ended 29 February 2024 2024 2023 Expenditure on charitable activlties Charitable Activities Activities undertaken directly Wageslsalaries Employer's NIC Pension costs Rates & water Light & heat Repairs & maintenance Events Other costs Subscriptions Western Union 222.598 25,491 3,969 96 1,170 2,424 1,446 446 98,230 10.856 2,073 174 2,057 29,091 6,311 425 860 783 258,423 150,077 Governance costs Independent Examination Fee Legal and other professional fees 2,100 1,920 26 2,113 1,946 Expenditure on charitsble activities 260,536 152,023 Net expenditure (5,346) (19,435) 26