COMPANY REGISTRATION NUMBER: N1654291 CHARITY REGISTRATION NUMBER: NIC108041 Equipping For Life Ltd Company Limited by Guarantee Unaudited Financial Statements 31 July 2024 Finegan Gibson Ltd Chartered accountants Causeway Tower 9 James Street South Belfast BT2 8DN
Equipping For Life Ltd Company Limited by Guarantee Financial Statements Year ended 31 July 2024 Page Trustees, annual report (incorporating the directorfs 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
Equipping For Life Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 July 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial stalements of the charity for the year ended 31 July 2024. Chair's report This report covers our sixth year of operation. Our partnerships with a growing number of local Primary Schools continues to increase and prosper with Equipping for Life providing help with reading, tennis coaching and careers education (Inspire). We work in many areas where deprivation has affected both achievement and aspiration and we partner with local schools to provide the best possible service to the children the schools consider would benefit most from the work. Equipping for Life endeavours to provide as much support to the schools as as possible and our relationships wilh them are based on supportive and mutually agreed objectives. The children we work wilh in our Reading Programme benefit from development of their reading skills and also from spending time on a one-to-one basis with dedicated volunteer tutors. We continue to provide extensive reading and play resources to each of our volunteer teams as well as appropriate training for using the resources. Research shows that there are many benefits for reading for children: Are more likely to overcome disadvantage caused by inequalities. Are more likely to be happier, healthier and experience better mental wellbeing and self-esteem. Are more likely to do better at school and make more progress across the curriculum. Are more likely to develop empathy and creativity. The wisdom, experience and dedication of our volunteers are the main reasons why the work of Equipping for Life is valued by our partner schools. Our 150+ volunteers are recruited from churches and, increasingly, from word of mouth through our volunteer community. We continue to refine our recruitment and training procedures to improve the induction experience of the new volunteers. EfL follows the advice and guidance of AccessNI and keeps its procedures in line with recommended best practice. We continue to expand into different areas and primary schools. During the year we increased the number of partner schools to 27 including North Belfast, East Belfast and Lisburn. We have plans to develop further partnerships in the coming year including in Lisburn, South Antrim. East-Antrim. East Belfast and Armagh. The staffing conlingent did not change throughout the year. and we continue to operate with 2.2 Full Time Equivalent staff. Bro David Jardine. Equipping for Life's Founder, continues to pray for and support the work of EfL through his involvemenl as a Trustee, recruitment of volunteers and donors. Mr Gordon Bell, who served as Chair of the Board of Trustees for 5 years stood down at the start of 2024. The Trustees and staff are very grateful for his wise and dedicated service. During the year Mrs Rosemary Wilson joined the Board as an advisor. Our fundraising activities continued successfully with sustainability and strategic planning being key
Equipping For Life Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontlnued) Year ended 31 July 2024 issues for the Trustees. We require financial assistance to pay for staffing. office facilities, ministries and for general administrative overheads. We are indebted to a number of individual donors and to trusts, who are acknowledged later in this report. God has been very faithful to Equipping for Life and we owe any success to Him. The Reading Programme continues to be the main outreach in Primary Schools and involves over 300 children. Over the last four years we have also developed the Tennis programme in North Belfast. This involved introducing Ihe children in eight Primary Schools to the sport of tennis. Our Tennis Coach and volunteers rotate around the schools throughout the year and provide basic tennis coaching. The qualitative evaluation by the school Principals remains overwhelmingly positive. The Inspire Programme, established in September 2022. has the vision of inspiring the children of the Shankill to unlock their potential and help shape their future working lives. For the 2023124 programme we involved aboul 400 children with events at Edenbrooke and Malvern Primary Schools. A5 was the case in the previous year, these events were only possible because of the help and support of several businesses and individuals (Inspire Facilitators) who gave so generously of their time and expertise. Inspire Facilitators, pupil and staff evaluations were oveNhelmingly positive= 95% of the Inspire Facilitators (who responded) strongly agreed that this was an excellent learning opportunity for the children- almost 90 % of the pupils (who responded) indicated at the end of the Inspire Day, that they had an idea of what they wanted to do when they grew up,. 100 % of the teachers (who responded) agreed or strongly agreed that the pupils learned a lol about the world of work. During the year we we also introduced follow-up activities with schools who had completed an Inspire Day. This included a field trip to the Welcome Church to learn about the inspirational lrfe of Amy Carmichael and the fascinating history of the textile mills and workers in North Belfast. Our hope is that a seed will be planted in the lives of these young children, the next generation on the Shankill Road, and that this will come to fruition as the children progress in life to achieve their full potential. Finally, I wsh to thank our Board members for their valuable input and assistance. The Trustees continue to endeavour to provide good govemance to the staff and volunteers of Equipping for Life. Rev. Colin Duncan Chairperson Equipping for Life Ltd
Equipping For Life Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 July 2024 Reference and administrative details Registered charity name Equipping For Life Ltd Charity registration number NIC108041 Company registration number N1654291 Principal office and registered 9c Argyle Business Centre office North Howard Street Belfast BT13 2AP The trustees (Served from 4 June 2024 to 9 September 2024) Rosemary Wilson Patricia Hutchinson {Se¢retary) Gordon Bell (Chairperson) Dr Lavinia Boyce Rev Colin James Duncan (Chairperson from 27th February 20241 Rev David Jardine {Founding Director) Suzanne Elizabeth Rebecca McLean Rachel Swift (Treasurer) Thomas John Stewarl (Resigned 27 February 2024) Independent examiner Conor Dolan FCA (Senior Statutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditors
Equipping For Life Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 July 2024 Structure¥ governance and management Governlng document The charity is a company limited by guarantee incorporated in the UK and registered in Northern Ireland and governed by a Memorandum and Articles of Association. The charitable company does not have share capital. The liability of each member is limited to an amount not exceeding £1 in the event of a winding up. The charity's registered office is given in the Reference and Administrative Details section of the Trustees, Report. Governance of the charitable company During the period under review the trustees met 5 times, usually al bi-monthly intervals. Trusteesldirectors are appointed by nominations, made in wrrting by any existing trustee. Nominated trustees are appointed by election by existing trustees. The trustees have overall responsibility for the organisation and for directing its activity, ensuring the charitable company is well run and delivering the outcomes for which it has been set up. Rachel Swift has been Honorary Treasurer since 7 September 2021. Pat Hutchinson has been Honorary Secretary since 15 March 2022. Audrey Curry was appointed Director of Equipping for Life on 1 October 2021. Audrey is responsible for the management of the organisation, reporting to the Board at each meeting. Professional advice is provided by Thomas Stewart. Related parties All trustees and senior staff complete a conflict of interest register annually in respect of potential transactions between Equipping for Life Ltd and its connected parties. Pay policy ft)r senior staff The pay of senior staff is reviewed annually. In view of the nature of the charitable company, the trustees benchmark against pay levels in olher community organisations working within the sector. The trustees (who are also directors of Equipping for Life Ltd for the purpose5 of ¢ompany law) are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (UK GAAPI. Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure of the charitable company for that period. In preparing these financial statements, the trustees are required to- 1. select suitsble accounting policies and then apply them consistently- 2. observe the methods and principles in the Charities SORP 2019 (FRS102)- 3. make judgements and aocounting estimates that are reasonable and prudent- 4. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial ststements- and 5. prepare the financial statements on the going concern basis unless it Is inappropriate to presume that the charFtable company will continue in operation. The trustee5 are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's Iransactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hen¢e for taking reasonable steps for the prevention and detection of fraud and other irregularities. The truslees are responsible for the maintenance and integrity of the corporate and financial
Equipping For Life Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 July 2024 information included on the company'5 website. Independent examiner Finegan and Gibson were appointed as Ac¢ountants. Small company provisions This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies
Equipping For Life Ltd Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (contlnued) Year ended 31 July 2024 Objectives and activities Vision: Young people and families equipped and empowered; communities revitalised. Mission- To equip people so they can fulfil their potential. Values- Faith, Integrity, Equalily, Commitment and Hope. The charitable company's legal objects as set out in its governing document (Articles of Associalion) are- The prevention or relief of poverty., The advancement of education., and The advancement of religion. Its aims are: 1. To develop and refine volunteer enabled initiatives, that have measurable outputs and outcomes, and are delivered, in partnership with schools, churches and communities in North and West Belfast; 2. To explore the possibility and then expand into other areas. towns and cities through the application of tried and tested volunteer enabled initiatives, in partnership with schools, churches and communities- and 3. To research and identrfy new opportunities, partnerships and initiatives through which volunteer teams can assist young people, their families and their Communities be equipped, empowered and revitalised., and 4. To enable sound governance. finanrE, administration and further development. Main Activities, Projects, Services.. Promotion of EFL Recruitmenl of volunteers Access Nl checking of volunteers Training of volunteers Placing volunteers in schools - Volunteer management Volunteer evaluation Pilot employability support, in partnership with training organisations Identify opportunities to work in partnership with community cohesion initiatives Governance of EFL Internal and external communications staff recruitment and training Financial management of EFL Income generation Administration Volunteers are sourced from local churches and other organisations. including schools and colleges and through recruitment by existing volunteers. Public benefit The trustees have complied with the duty to have due regard to the Charity Commission for Northern Ireland's statutory guidance on the public benefit requirement issued under the Charities Act (Nll 2008. The trustees believe that the charitable company provides a public benefit in a number of ways through the undertaking of a range of projects.
Equipping For Life Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (ctintinued) Year ended 31 July 2024 Strategic report The following sections for achievements and performance and financial review form the strategic report of the charity. Achievements and performance In 202312024, the sixth year of operation.. 1. 5 Meetings of Trustees during the year. 2. 9 Meetings of Sub-committees during the year. 3. Monthly Leadership meetings during the year. 4. 8 Child Protection training sessions held for new volunteers. 5. 18 new volunteers recruited. 6. 150 aclive volunteers working in schools end of Academic year 2023 with 12 more recruited in July but not in schools. 7. Number of partner schools increased to 27. 8. Reading and play resources provided to each new Team. 9. 8 schools receiving free tennis coaching involving 1 tennis coach and 2 volunteers. 10. Regular contact maintained with all Head Teachers. 11. Regular contact maintained with all Volunteer Tutors. 12. 5 Training and celebration sessions held with Volunteers Tutors and Team Leaders, lunch included. 13. Contact made via weekly Zoom prayer meetings. 14. 43 Prayer events held during the year (including weekly Zoom prayer meetings). 15. Total number of supporting Prayer Partners 240 plus 505 Praying Volunteer Tutors. 16. 2 Inspire Days hosted in Greater Shankill Schools involving 400 children. 17. 2 Amy Carmichael Days in partnership with the Welcome Church, Cambrai Street, Belfast. 18. Partnerships developed with over 30 businesses and individuals who assisted at the Inspire Days.
Equipping For Life Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 July 2024 Financial review The results for the year are set out on pages 12 to 13. The charitable company incurred a deficit for the year of £32.882 (2023- deficit £90,508), of which £2,506 (2023:£5,534) was restricted. Reserves policy The charitable company's ongoing policy is to retain a minimum level of reserves which matches the needs of the organisation both at the current time and in Ihe foreseeable future. The trustees will strive to maintain reseNes in the future sufficient to meet statutory obligations, committed expenditure, core salaries and running costs for a period equivalent to 3-6 months annual expenditure. The charitable company will continue to monitor compliance with this policy on a regular basis and the Board will review the appropriateness of Ihe policy annually. In addition to Ihis minimum level of reserves, Equipping for Life Ltd aspires lo build reserves for the purposes of strategic growth and development in line with its Operational Plan as summarised under "Plans for the future" Free reseNes are those unrestricted reserves not designated, nor invested in fixed assets, which are available for general use and which can be designated for the future developments. At 31 July 2024 their level was £33,864 {2023-.£24,9361. Three to six months. core salaries and running costs and statutory redundanoy liabilities would equate to approximately £21,396 £42,791 (2023:£28,858-£57,7161. Going concern The trustees have a reasonable expectation that Ihe charilable company has adequate resources to continue in operational existence for the foreseeable fvture. For this reason, they adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. Risk management The principles of good governan¢e are embedded within all aspects of Equipping for Life Ltd.'s operations with management and staff being keenly aware of the Board's responsibility of ensuring that the organisation protects itself from financial exposure and reputational damage. A close working relationship is maintained between the Board and management to ensure that operationally staff are aware of the standards required of them by Ihe Board and that the Board is always in a position to provide guidance and support to management in Ihe discharge of their duties. This 0-WaY relationship is a key feature of Equipping for Life Ltd.'s governance arrangements and is a key strength of the charitable company.
Equipping For Life Ltd Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (continuedj Year ended 31 July 2024 Plans for future periods Objectives.. 1. Aim." To develop and refine volunteer enabled initiatives, that have measurable outputs and outcomes, and are delivered, in partnership with schools, churches and communities in North and West Belfast. 1.1 Greater Shankill collective approach to EFL volunteer led educational support 1.2 Further develop literacy support in primary schools 1.3 Explore further appropriate employability support for local primary schools 1.4 Pilol and develop a whole school partnership model 1.5 Explore and pilot communily education initiatives in partnership with local groups and organisations 2. Aim.. To explore the possibility and then expand into other areas, towns and cities through the application of tried and tested volunteer enabled initiatives, in partnership with schools, churches and communities. 2.1 Continue to develop links with schools in Armagh, Lisburn, East Belfast and East Antrim to enable strong and stable partnerships to be established 2.2 Increase the number of volunteer teams in the development areas 2.3 Refine the recruitment, training and support procedures to enable new teams to provide more effective mentoring in schools 3. Aim.. To research and identify new opportunities, partnerships and initiatives through which volunteer teams can assist young people. their families and their communities be equipped, empowered and revitalised. 3.1 Identify opportunities to work in partnership with schools, businesses and individuals to empower primary aged children to develop into caring and effective adults 3.3 Build on the work done through the Inspire Days to enable schools to ¢ontinue to develop their careers provision and education 4. Aim." To enable sound governance, flnance. administration and further development 4.1 Effective governance of EFL 4.2 Organisational handbook of required legal and operational related policies and procedures 4.3 Effective internal and external communications 4.4 Effective marketing IPRlmedia plan 4.5 Effective volunteer recruitment and management 4.6 Effective staff and volunteer training plan 4.7 Effective financial management of EFL 4.8 Effective income generation strategy 4.9 Effective administration of EFL 4.10 Further development of EFL planned and modelled effectively 4.11 Effective management of liaison with EFL ¢entres
Equipping For Life Ltd Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (¢ontlnuèd) Year ended 31 July 2024 The trustees, annual report and the strategic report were approved on 11 March 2025 and signed on behalf of the board of trustees by- Rev David Jardine (Founding Director) Trustee Rachel Swi Trustee Treasurer) 10
Equipping For Life Ltd Company Limited by Guarantee Independent Examiner's Report to the Trustees of Equipping For Life Ltd Year ended 31 July 2024 I report to the trustees on my examination of the financial statements of Equipping For Life Ltd ('the charity'l for the year ended 31 July 2024. Responsibilities and basis of report As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the '2008 Act,) and the Companies Act 2006 {'the 2006 Act,). You are satisfied that the accounts of the company are not required by charity or company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9){b) of the 2008 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection 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 the 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 Act other than any requirement that the accounts give a 'true and fairf 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 Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). 11
Equipping For Life Ltd Company Limited by Guarantee Independent Examiner's Report to the Trustses of Equipping For Life Ltd (continued) Year ended 31 July 2024 I confirm that there are no other matters to which your attention should be drawn to enable a proper understsnding of the accounts to be reached. Finegan Gibson Ltd Chartered accountants & statutory auditors Independent Examiner Causeway Tower 9 James Street South Belfast BT2 8DN 27 February 2024 12
Equipping For Life Ltd Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 July 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities 10,715 12,985 10,715 61,735 19,276 5.207 48,750 Total income 23.700 48,750 72,450 24,483 Expenditure Expenditure on charitable activities Total expenditure 131,5041 (31.5041 {54.078) (54,078) 185,582) (114,991) 185,582) (114,991) Net expenditure (7,804) {5,328) (13,132) (90,508) Transfers between funds {2,822) 2,822 Net movement in funds (10.626) {2,506} (13,132) {90,508) Reconciliation of funds Total funds brought forward Total funds carried fonNard 126,456 2,506 128,962 219,470 115,830 115,830 128,962 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 pages 15 to 25 form part of these financlal statements. 13
Equipping For Life Ltd Company Limited by Guarantee Statement of Financial Position 31 July 2024 2024 2023 Note Fixed assets Tangible fixed assets 14 704 1,520 Current assets Debtors Cash at bank and in hand 15 120 153,011 153,131 126,227 126,227 Creditors: amounts falling due within one year Net current assets 16 11,101 25,689 115,126 127,442 Total assets less current liabilities 115,830 128,962 Net assets 115,830 128.962 Funds of the charity Restricted funds Unrestricted funds 2,506 126,456 115,830 Total charity funds 18 115,830 128.962 For the year ending 31 July 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 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 11 March 2025. and are signed on behalf of the board by.. Rev David Jardine (Founding Director) Truslee Rachel Swift (Treasurer) Trustee The notes on pages 15 to 25 form part of these financlal statements. 14
Equipping For Life Ltd Company Limited by Guarantee Notes to the Financial Statements Year ended 31 July 2024 General information 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 9c Argyle Business Centre, North Howard Street, Belfast, 8T13 2AP. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Ihe 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 IFRS 102) (Charities SORP (FRS 10211 and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cosl 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 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. Critical judgements in applying the entity's accounting policies There are no critical judgements in applying the charitable company's accounting policies. Critical accounting estimates and assumptions - There are no critical accounting estimates and assumptions. 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 Ihe 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 sub-classes.. restricted income funds or endowment funds. 15
Equipping For Life Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial a¢tivities 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 re¢eipt 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 unreslricted 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 a5 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 allocaled directly to that activity. Shared costs are apportioned beeen 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. 16
Equipping For Life Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 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 reGognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure within the ststement 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: Equipment 250/0 straight line Impairment of fixed assets A review for indicators of impairment is carried out at each reporting dale, 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 15 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 unils 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 re¢ognised 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 asset5 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. 17
Equipping For Life Ltd Company Limited by Guarantee Notes to the Financial Ststements (contlnued) Year ended 31 July 2024 Accounting policies (continued) Financial instruments (continuedj 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 impaimient. 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 Ihe future payments discounted at a market rate of interesl for a similar debt instrument. other financial instruments are subsequently measured at fair value, with any changes recognised in Ihe statement of financial activities, with the exception of hedging ir7Struments 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 conlribution plans are recognised as an expense in the period in which the related seNice 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 wtthin 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 Equipping for Life 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. 18
Equipping For Life Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 July 2024 Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations Ardbarron Trust Donations in Kind 10.615 10,615 10,276 9,000 10,276 9,000 100 100 10,715 10,715 19,276 19,276 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 Ardbarron Trust Ulster Gardens Village Sundry Mason Glen Benefact Trust 11,000 11.000 1.985 1,985 39,750 9,000 39,750 9,000 12,985 48,750 61,735 Unrestricted Funds Restricted Total Funds Funds 2023 Ardbarron Trust Ulster Gardens Village Sundry Mason Glen Benefact Trust 5.000 5,000 207 207 207 5,000 5,207 19
Equipping For Life Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 July 2024 Expenditure on charitable activities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Charitable activities Support costs 454 31,050 4,965 49,113 54,078 5,419 80,163 31,504 85,582 Unrestricted Funds Restricted Total Funds Funds 2023 Charitable activities Support costs 27,648 71.809 27,648 87,343 15,534 99.457 15,534 114,991 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Charitable activities Governance costs 5,419 78.477 1,686 83,896 1,686 85.582 113,179 1,812 5,419 80,163 114,991 Analysis of support costs Analysis of support cost5 Total 2024 Total 2023 staff costs Premises General office Finance costs Governance costs 67,467 5,224 4,783 938 1,751 67,467 5,224 4,783 938 1,751 69.780 4,984 5,846 1,364 5,861 80,163 80,163 87,835 10. Net expenditure Net expenditure is ststed after chargingl(crediting): 2024 2023 Depreciation of tangible fixed assets 916 1,319 20
Equipping For Life Ltd Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 July 2024 11. Independent examination fees 2024 2023 Fees payable to the independent examiner for: Independent examination of the financial ststements 1,638 1,440 12. 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 55,778 10,908 780 59,859 9,342 579 67,466 69.780 The average head count of employees during the year was 4 (2023: 4). The average number of full-time equivalent employees during the year is analysed as follows.. 2024 2023 Part time equivalent 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 £37,484 (2023:£36,654). 13. Trustee remuneration and expenses As a member of the Society of Saint Francis. Brother David Jardine (founder and trustee of Equipping for Life Ltd) has tsken a vow of poverty and is not in a receipt of a salary. He is paid expenses by Equipping for Life Ltd and in the year ended 31 July 2024 received £Nil (2023:£139), £Nil of which was from restricted received from this purpose12023.' £Nil). With these exceptions, there were no trustees, remuneration, benefits or expenses for the year ended 31 July 2024 and no trustee received payment for professional or other services supplied to the charitable company in the period. 21
Equipping For Life Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 July 2024 14. Tangible fixed assets Equipment Cost At 1 August 2023 Additions 5,275 100 At 31 July 2024 Depreciation At 1 August 2023 Charge for the year At 31 July 2024 Carrying amount At 31 July 2024 At 31 July 2023 5,375 3,755 916 4,671 704 1,520 15. Debtors 2024 2023 Prepayments and accrued income 120 16. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Social security and other taxes 9.981 1,120 24,820 869 11,101 25,689 17. 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 £780 {2023'. £5791. 22
Equipping For Life Ltd Company Llmited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 July 2024 18. Analysis of charitable funds Unrestricted funds At 1 August 202 At Transfers 31 July 2024 Income Expenditure General funds Designated Funds 26,456 100,000 23,700 6.280 (37,784) (31.504) 12,822) 53,614 62,216 126,456 23,700 (2,822) 115,830 At 1 August 202 At Transfers 31 July 2023 Income Expendilure General funds Designated Funds 156,430 50,000 19,483 (99,457) 150,000) 50,000 26,456 100,000 206.430 19,483 (99,457) 126,456 Funds amounting to £25,000 had been earmarked to support the future development of regional "approved centres" in 2021. A decision was made by the trustees to release this in 2022. The Reading Programme is the core aspect of Equipping for Life's work in the community. Over the past 18 months the number of schools partnering with EfL has almost trebled, with nearly 250 children per week having 30-minutes sessions with our Volunteer Tutors. These sessions offer invaluable opportunities for one-to-one reading and mentoring support to the children. £50,000 has been designated to enable the Reading Programme to Gontinue this year. 23
Equipping For Life Ltd Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 July 2024 18. Analysis of charitable funds feonflnued) Restricted funds At 1 August 202 At Transfers 31 July 2024 Income Expenditure Various- Parents, food hampers Donibristle Trust- Tennis Ulster Garden Villages- salaries & rent Mason Glen Tennis Reading Inspire 621 1,885 (621) (1,8851 10,000 26,750 12,000 (10,000) 126,750) (14,822) (54,078) 2,822 2,506 48,750 2,822 At 1 August 202 At Transfers 31 July 2023 Income Expenditure Various- Parents, food hampers Donibristle Trust- Tennis Ulster Garden Villages- salaries & rent Mason Glen Tennis Reading Inspire 621 12,419 621 1,885 (10,534) 5,000 15,0001 13,040 5,000 (15,534) 2.506 24
Equipping For Life Ltd Company Limited by Guarantee Notes to the Financial Statements fcontinued) Year ended 31 July 2024 19. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 704 126,227 (11,101) 115,830 704 126,227 (11,101) 115,830 Unrestricted Funds Restricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 1,520 145.625 {25,689) 121,456 1,520 153,131 {25,689) 128,962 7,506 7,506 20. Non-exchange transactions The charitsble company benefits from the contribution of unpaid volunteers, including Volunteer Tutors. Their contribution is not accounted for due to the lack of a reliable basis of measurement. The tutors, training is provided internally, supplemented by training provided free of charge by NICVA and churches. The charitable company also benefits from the ongoing maintenance of its website by Alan Graham, a volunteer who has gained some experience in this area. 25
Equipping For Life Ltd Company Limited by Guarantee Management Information Year ended 31 July 2024 The following pages do not form part of the financial statements. 26
Equipping For Life Ltd Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 July 2024 2024 2023 Income and endowments Donations and legacies Donations Ardbarron Trust Donations in Kind 10,615 10,276 g,000 100 10,715 19,276 Charitable activities Ardbarron Trust Ulster Gardens Village Sundry Mason Glen Benefact Trust 11.000 5.000 207 1.985 39,750 9,000 61.735 5,207 Total income 72,450 24,483 27
Equipping For Life Ltd Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 July 2024 2024 2023 Expenditure on charitable activities Charitable activities Activities undertaken directly Activity costs restricted tennis Aclivity costs - restricted Activity costs - unrestricted Brother David expenses Marketing, Publicity and Fundraising Staff expenses 1,620 2,994 454 10,459 11,445 139 5,253 352 351 5,419 27,648 Support costs Salaries and pension PAYE Pension costs Rent Heat & Light Subscriptions Insurance Printing and Stationery Postage Office equipment General expenses Governance costs Telephone Bank charges Depreciation Consultancy fees Broadband Repairs and Maintenance 55,778 10,908 780 3,579 846 356 800 1,095 348 964 1,282 16 678 22 916 49 60 59,859 9,342 579 3,570 460 810 624 484 851 796 1,512 49 661 45 1,319 4,000 240 330 78.477 85,531 Governance costs Governance costs - accountsn¢y fees 1,686 1,812 Expenditure on charitable activities 85,582 114,991 Net expenditure 113,132) 190.508) 28