Company Number: N1665042 Charity Number: NIC108216 TM incredAE)LE inspire . empower . include IncredABLE Enterprises (A company limited by guarantse. not having a share Capital) Annual Report and Audited Financial Ststements for the financial year ended 31 March 2023 Daly Park & Company Ltd Chartered Accountants and Registered Auditors 4 Carnegie Street Luryan County Amiagh BT66 6AS Northern Ireland
IncredABLE Enterprises {A company limited by guarantee. not having a share capital) CONTENTS Page Reference and Administrative Information Trustees, Annual Report Statement of Trustees, Responsibilities IndependentAuditor's Report 8-10 Statement of Financial Activities 11 Balance Sheet 12 statement of Cash Flows 13 Notes to the Financial Statements 14-19
IncredABLE Enterprises (A company limited by guarantse, not having a share capltall REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Edwin Graham Alan Turtle Company Secretary Nigel Hampton Charity Number in Northern Ireland NIC108216 Company Number N1665042 Registered Office and Principal Address 162 Portadown Road Richhill Co. Armagh BT619LJ Northern Ireland Auditors Daly Park & Company Ltd Chartered Accountants and Règistered Auditors 4 Carnegie Street Lurgan County Armagh BT66 6AS Northern Ireland Banke Danske Bank 4548 High Street Portadown Co. Amiagh BT62 1LB Northern Ireland
IncredABLE Enterprises IA company Ilmlted by guarantee, not having a share capltal) TRUSTEES. ANNUAL REPORT for the financial year ended 31 March 2023 The trustees present their Trustees, Annual Report, combining the Directors, Report and Trustees, Report, and the audited financial statements for the financial year ended 31 March 2023. The financial stslements are prepared in accordan with the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charilies.. Statement of Recommended Practice applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Trustees, Report contains the infomialion required to be provided in the Trustees, Annual Report under the Statement of Recommended Practice {SORP) guidelines. The trustees of the charity are also charity Iruslees for the purpose of charity law and under the charity's constitution are known as members of the board of trustees. In this report the trustees of IncredABLE Enterprises present a summary of its purpose, governance, activities, achievements and finances for the financial year 31 March 2023. The charity is a registered charity and hence the report and results arè presented in a fomi which complies with the requirements of the Companies Act 2006 and, although not obliged to comply with the Statement of Recommended Practice applicable in the UK and Republic of Ireland FRS 102, the organisation has implemented tts recommendations where relevant in these financial statements. Aims & Objectives IncredABLE Enterprises empowers individuals wilh leaming difficulties to make choices, discover talents, realise passions. participate in community and become more independent. The organisation voluntarily runs a number of cafes that provide training, education and employment opportunities for people with autism andl or leaming difficulties. The organisation's aim is to help people with autism andl or learning difficulties to feel supported, valued and included whilst obtaining employment. Financial Review The results for the financial year are set out on page 9 and additional notes are provided showing income and expenditure in greater detail. Financial Results At the end of the financial year the charity has assets of £183,659 (2022 - £165,706) and liabilities of £105,944 {2022 £58,552). The net assets of the charity have decreased by £{29,439). structure, Governance and management The charity was set up in October 2019 as a company limtted by guarantee constituted under the Companies Act 2006 and is also registered with the Charity Commission for Northern Ireland as charitable company under ref NIC108216. The company is governed by its Memorandum and Articles of Association with the principal office of the company located at 162 Portadown Road. Richhill. The trustees of the company are its directors for the purposes of charity law. IncredABLE Enterprises is managed by board of voluntary trustees with expertence working in the charitable sector. Trustees are elected and appointed each year and can include representatives from some of the regional statutory agencies with experience working with individuals with autism I learning difficulties. Trustees receive an induction process which includes an explanation of the current and future plans for activity within the charity and guidance on governance and responsibilities of a trustee. The day to day management of incredABLE Enterprises is delegated to a management team headed by Nigel Hampton. CEO. which reports to the Board on a regular basis. The charily's main risk assessed by the board is ¢ashflow and the ability of the company to meet payments when they fall due. A reserves policy has been developed to help smooth cashflow pressure in circumstances where funding eases or is delayed. Reserves policy A reserves policy has been formulated to explain the rationale for holding reserves and the level of reseNes that is appropriate for the charity. The trustees review this on an annual basis and believe a free reserve target of three months njnning costs would be appropriate, i.e.. Approx. £200,000.
IncredABLE Enterprises {A company Ilmlted by guarantee, not havlng a share capital) Achievements Café incredABLE @ Jethro Our Café in the Jethro Centre is running strong, open 5 days a week offering made to order meals from a carefully- crafted menu. Additionally, Café inoredABLE caters for internal Jelhro Centre clients as well as outside groups regularly, giving participant trainees the opportunity lo learn catering in addition to cooking, setving, using the till, and more. Café incredABLE @ Jethro increased the lolal sales by 360/0 for the 2022-23 financial year. serving 18.102 customer transactions, but most importantly, employing and supporting 7 individuals with a learninglintelleclual disability andlor autism. Café incredABLE @ South Lake Our Itagship Café in South Lake Leisure Centre {SLLC) in Craigavon also continues to shine. We are proud of the service we offer at SLLC. and we are even more proud that this café, in addition to having become a community hub, continues to be a place where we offer training, employmenl, and meaningful daytime activity for individuals with a learninglintellectual disability andlor autism within our café spaces. Our customer base continues to remain loyal, and we seNe as many people who come lo the South Lake Leisure Centre just for a coffee or breakfast as we do those who are in the SLLC already for Iheir own purposes and stop by for refreshment before or after. Café incredABLE @ South Lake increased the total sales by 100/0 for 2022-23 financial year, serving 135,463 customer transactions, but most importantly, employing and supported 13 individuals with a learninglintellectual disability andlor autism. Café incredABLE @ Banbridge Leisure Centre Through our Suc$$fUl collaboration with Armagh City, Banbridge and Craigavon Borough Council we were awarded the lender to operate a third café on the firsl floor of Banbridge Leisure Centre and Café incredABLE @ Banbridge Leisure Centre launched on the 71h November 2022. Our social enterprise cafes have gained traction as a means of achieving social impact while sustaining a profitable business model. A cafe designed to accommodate individuals with learningfintellectual disabilities and autism setves as an inclusive space and an employment plalforrn for this underserved community. This latest development for the charity further extended our geographical reach to another town within our area of operation and provides much needed additional provision for individuals with a learninglintellectual disability andlor autism. The café has created seven new jobs and is open seven days a week serving a range of freshly made hot and cold options as well as in-house catering for events being held within the centre. Trustees The trustees who served throughout the financial year, except as noted. were as follows: Edwin Graham Alan Turtle In accordance with the Constitution. the trustees retire by rotation and, being eligible. offer themselves for re-election. The secretary who served during the financial year was: Nigel Hampton
IncredABLE Enterprises IA company Ilmlted by guarantee, not having a share capitall Public Benefit The direct benefits which ftow from our purposes include 3060providing meaningful social, recreational. educational and daytime activitie5 for individuals with 8 learning or an intellectual disability. We provide young people with an opportunity and a space lo be creative and learn new skills in a safe. structured enviionmenl, and to have fun doing it. This improves the wellbeing, self-esleem, and quality of life for people with a learning l inlelleclual disability. We equip these people with the skills they need lo have meaningful careers, prospects and sgcial engagement. These benefits are demonslraled through our provision of training and employment and education foi people wilh leaming disabilities and or aulism. Café ineredABLE has helped these people lo obtain Level One Qualification5 in catering and hospitality. We have employed some of our café trainees and hope lo employ more who corne through our Iralning programme. Our vision is a soelely where individuals with leaming 1 intellectLtal disability and l or autism are supported, valued and included. People with learning l intellectual disabilities and their carers often require recurring if not lifelong support. We help to make these people wilh more autonomy and independence. These purposes do not lead to harm. The charily's beneficiaries are people with a leaming l intellectual disability In the Soulhem Health & Social Care Irusl area. They also include family members and carers of those who are diagnosed with a learning I intellectual disability. All members Of the community a welcome in our café and can benefit from our purposes. Compliance with Sector-wide Legislation and Slandards The charity engages pro-actively with legislation. standards and codes which are developed for Ihe sector. IncredA8LE Enlerpiises subscribes lo and is compllant with the following- The Companies Act 20C6 The Charities SORP (FRS 1021 Auditors The auditors, Daly Park & Company Ltd. (Chartered AOUntants) have indicated their willingness lo continue in office in accordance with the provisions of Section 485 of the Companies Act 2006. Approved by the Board of Trustees on 11th DeGember 2023 and signed on its bghalf by: Alan Turtfe Trustee
IncredABLE Enterprises {A company limited by guarantee. not having a sharè capital) STATEMENT OF TRUSTEES, RESPONSIBILITIES for the financial year ended 31 March 2023 The trustees, who are also directors of IncredABLE Enterprises for the purposes of company law, are responsible for preparing the financial statements in accordance with applicable law and regulations. Compary law requires the Iruslees as the directors lo prepare financial slalements for each financial year. Under that law the Iruslees have elected to prepare the financial slalemenls in accordance with United Kingdom Generally Accepted Accounting Praclice (United Kingdom Accounting Standards an¢J applicable law) including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A {Small Enlities). Under company law the Iruslees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affaifs of the company and of the surplus or deficit of the company for that period. In preparing these finan¢ial slalemenls. the trustees are required lo.. select suitable accounting policies and apply them consistently.. obseNe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and pwdenl; slate whether the finaneial statements have been prepared in accordan wilh the relevant finanaal reporting framework, identify those standards, and note the effect and the reasons for any material departure from those slandaids., and prepare the financial slalemenls on the going ¢on¢ern basis unless it is inappropriate lo presume that the ehanty will continue in operation. The Iruslees are responsible for keeping adequate accounllng records that are sufficient to show and explain the harity's Iransaclions and disclose with ieasonable accuracy at any lime the financial pusilion of thè charity and enable them to ensure that Ihe financial slaiemenls comply with the Companies Act 2006 and. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trnstees are aware.. there is no relevant audit inform81ion linformalion needecl by the charity's auditor in connection wilh preparing Ihe audilorfs report) of which the charity's auditor is unaware. and the trustees have taken all the steps Ihal Ihey ought to have taken as Iruslees in order to make themselves aware of any relevant audit information and lo establish that the charivs auditor 15 aware of that information. Approved by the Board of Trustees on 11th December 2023 and Signed on its behalf by: Alan Turtlg Trustee
INDEPENDENT AUDITOR'S REPORT to the Members of IncredABLE Enterprises {A company limited by guarantee, not havlng a share capital) Report on the audit of the flnancial statements Opinion We have audited the charity financial slatemenls of IncredABLE Enterprises {'the charity,) for the financial year ended 31 March 2023 which comprise the Statement of Financial Activities (incorporating an Income and Expenditure Account), Ihe Balance Sheet, the Slatemenl of Cash Flows and notes to the financial statements, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" applying Section 1A of that Standard and Accounting and Reporting by Charities.. Statement of Recommended Practi applicable lo charities preparing their accounts in accordance with FRS 102. In our opinion. when reporting in accordance with a fair presentation framework the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its deficit for the financial year then ended-, have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi., and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Acl (Northern Ireland) 2008. Basis for opinion We conducted our audit in accordan with Intemalional Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitses for the audil of Ihe financial statements section of our report. We are independent of the charity in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concem In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating lo events or conditions Ihat. individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern ft)r a period of at least twelve months from the date when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respe to going conrn are described in the relevanl sections of this report. Other Infomation The other information comprises the information included in the annual report other than the financial statements and our Auditor's Report thereon. The trustees are responsible frjr the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly staled in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsislencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we condude Ihat there is a material misstatement of this other infomiation, we are required to report that fact. We have nothing lo report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit= the information given in the Trustees, Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements,. and the Trustees, Annual Report has been prepared in accordance with applicable legal requirements.
INDEPENDENT AUDITOR'S REPORT to the Members of IncredABLE Enterprises IA company limited by guarantee. not having a share capital) Matters on whlch we are required to report by exception In the light of our knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not idenlified material misslatements in the Trustees, Annual Report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept-, or the financial slatements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made., or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial stalements in accordance with the small companies regime and take advantage of the small companies, exemption in preparing the Trustees. Annual Report. Responsibilities of trustees for the financlal statements As explained more fully in the Slatement of Trustees, Responsibilities set out on page 5, the trustees are responsible for the preparation of the financial statements and for being satisfied that they gtve a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable, matters relaled to going concern and using the going concem basis of accounting unless management either intends to liquidate the charity or to cease operations, or has no realistic alternalive bul to do so. Auditor's responsibilities for the audit of the financial ststements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a material misstatemenl when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to inftuence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. There is an inherent difficulty in detecting irregularities during audit. However the effectiveness of enlity's controls, Ihe nature and extent of audit procedures performed, gives us confidence in detecting irregularities. Further snfonnation regarding the scope of our responsibilities as auditor As part of an audit in accordance with ISAS (UK). we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or erTOr, design and perform audit procedures responsive to those risks. and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circUmstans, but nol for the purpose of expressing an opinion on the effecliveness of the charity's internal control. Evaluate Ihe appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by trustees. Conclude on the approprialeness of the trustees, use of the going concern basis of accounting and, based on the audit eviden obtained, whether a material uncertainty exists relaled to events or conditions Ihat may casl significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists. we are required to draw attention in our Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future evenls or conditions may cause the charity to cease to continue as a going cOnrn. Evaluate the overall presentation, slructure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
INDEPENDENT AUDITOR'S REPORT to the Members of IncredABLE Enterprises IA Company limited by guarantee. not having a share capital) We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control Ihat we identify during our audit. The purpose of our audit work and to whom we owe our responsibilities This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report. or for the opinions we have fomied. Ruairi Maginn IS ior Statutory Auditor) for and on behalf of DALY PARK & COMPANY LTD Chartered Accountants and Regislered Auditors 4 Carnegie Street Lurgan CountyArmagh BT66 6AS Northern Ireland 11th December 2023 10
IncredABLE Enterprises IA company Ilmlted by guarantee. not having a share capital) STATEMENT OF FINANCIAL ACTIVITIES Ilncorporatlng an Income and Expendlture Account) for the financial year ended 31 March 2023 Unrestricted Funds 2023 Total Unrestricted Funds 2022 Total 2023 2022 Notes Income Donations and legacies Charitable activities Self-generated income Investments 19,070 19,070 27,168 27,168 968,617 968,617 763,835 19 763,835 19 Total income 987,687 987,687 791,022 791.022 Expenditure Charitable activities 4.1 1,017,126 1,017,126 695,624 695,624 Net Incomellexpendlture) Transfers between funds (29,439) (29,4391 95.398 95,398 Net movement in funds for the financial year (29,4391 129,439) 95,398 95,398 Reconciliation of funds Balances brought forward at 1 April 2022 14 107,154 107,154 11,756 11,756 Balances carried forward at 31 March 2023 77,715 77,715 107,154 107,154 The Statement of Financial Activities includes all gains and losses recognised in the financial year. All income and expenditure relate to continuing activities. The notes on pages 1410 19 form part of the financial stalernents 11
IncredABLE Enterprises IA company Ilmited by guarantee, not having a Share capital) Company Number.. N1665042 BALANCE SHEET as at 31 March 2023 2023 2022 Notes Fixed Assets Tangible assets 29.167 33.199 CurrentAssets Stocks Debtors Cash al bank and in hand 10 11 1.000 62,561 90,931 700 50,560 81.247 154,492 132,507 Credltors.. Amounts falllng due wlthin one year 12 1105.9441 (58,5521 Net Current Assets 48,548 73,955 Totsl Assets less Current Liabilities 77.715 107,154 Funds General fund {unreslricted) 77,715 107.154 Total funds 14 77,715 107.154 These financial statements have been prepared in accordance with the special provisions relating to sm811 ompanie5 Wlthin Part 15 of the Companies Act 2006. The financial statements have been prepared in accordance with the provisions applicable lo companies subjecl lo the small companies. regime and in accordance with FRS 102 'The Financia5 Reporting Standard applicable In the UK and Republic of Ireland" applying Section 1A of that Standard. Approved by the Board of Trustees and authorised for issue on 11th December 2023 and signed on its behalf by Alan Turtle Trustee The notes on pages 14 to 19 form part of the financial slatemenls 12
IncredABLE Enterprises STATEMENT OF CASH FLOWS for Ihe financial year ended 31 March 2023 2023 2022 Notss Cash flows from operating activities Net movement in funds Adjustments for.. Depreciation Interest re1vable and similar income (29,439} 95,398 6,611 6.225 (19) (22,828) 101.604 Movements in working capital.. Movement in stocks Movement in debtors Movement in creditors (3001 2,109 47,392 (400) (14,383) 43,313 Cash generated from operations 26,373 130,134 Cash flows from investing activities Interest received Payments to acquire tangible assets 19 {27,668) {2,579) Net cash generated from investment activities (2.5791 {27.649} Cash flows from financing activities Advances to subsidiarieslgroup companies {14,110) (25.526) Net decrease in cash and cash equivalents Cash and cash equivalents at 1 April 2022 9,684 81,247 76,959 4,288 Cash and cash equivalents at 31 March 2023 17 90.931 81.247 13
IncredABLE Enterprises {A company limitgd by guarantse, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 March 2023 GENERAL INFORMATION IncredABLE Enterprises is a company limited by guarantee incorporated in Northem Ireland. The regislered Offi of the charity is 162 Portadown Road. Richhill, Co. Amiagh, BT61 9LJ. Northern Ireland which is also the principal place of business of the charity. The financial statements have been presented in Pound Sterling (£) which is also the functional currency of the charity- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity's financial slatements. Basis of preparation The financial statements have been prepared on the going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102" applying Section 1A of that Standard. As permitted by the Companies Act 2006, the charity has varied the standard formats in that act for the Statement of Financial Activities and the Balance Sheet. Departures from the standard formals are to comply with the requirements of the Charilies SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. Statement of compliance The financial statements of the charity for the financial year ended 31 December 2017 have been prepared on the going concern basis and in accordance with the Statement of Recommended Practice {SORP) "Accounling and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102" applying Section 1A of that Standard. Fund accounting The following are the categories of funds maintained.. Restricted funds Restricted funds represent income received which can only be used for particJJlar purposes, as specified by the donors. Such purposes are within the overall objectives of the charity. Unrestricted funds Unreslricled funds consist of General and Designated fjJnds. General funds represent amounts which are expendable at the discretion of the board. in furtheran of the objectives of the charity. Designated funds comprise unrestricted funds that the board has, at its discretion. set aside for particular purposes. These designations have an administrative purpose only, and do not legally restrict the board's discretion to apply the fund. 14
IncredABLE Enterprises {A company limited by guarantee, not having a share capitsll NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 Mah 2023 Income Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled to the income, perfomiance conditions attached lo the ilem(s) of income have been met, the amounts involved can be measured with sufficient reliability and it is probable that the income will be reiVed by the charity. Income from charitable activities Income from charitable activities include inwme earned from the supply of services under contractual arrangements and from performance related grants which have conditions that specify the provision of particular services to be provided by the charity. Income from government and other co-funders is recognised when the charity is legally enlilled to Ihe income because it is fulfilling the conditions contained in the related funding agreements. Vvhere a grant is received in advance, ils recognition is deferred and included in creditors. Where entitlement occurs before income is received, it is accrued in debtors. Grants from governments and other co-funders typically include one of the following types of condrtions= Performance based conditions: whereby the charity is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the charity is meeting the core objectives of a grant agreement, it recognises the related expenditure, to the extent that it is reimbursable by the donor, as income. -Time based conditions= whereby the charity is contractually entilled to funding on the condition that tt is utilised in a particular period. In these cases the charity recognises the income to the extent it is utilised within the period specified in the agreement. In the absence of such conditions, assuming that receipt is probable and the amount can be reliably measured, grant income is recognised once the charity is nottfied of entitlement. Grants reiVed towards capital expenditure are credited to the Statement of Financial Activilies when received or receivable, whichever is earlier. Expenditure Expenditure is analysed between costs of charitable activities and raising funds. The costs of each activity are separately accumulated and disclosed, and analysed according to their major component5. Expenditure is recognised when a legal or constructive obligalion exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation can be reliably measured. Support costs are those fvnctions that assist the work of the charity but cannot be attributed to one activity. Such costs are allocated to activities in proportion to staff time spent or other suitable measure for each activity. Tangible fixed assets and depreciation Tangible fixed assets are stated at mst or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimaled residual value. over Iheir expected useful lives as follows.. Fixtures, fittings and equipment Motor vehicles 150/0 Straight line 250/0 Straight line Inventories Inventories are stated at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items. Cost includes all costs incurred in the normal course of business in bringing them to their present location and condition. Inventories comprise fundraising materials. It is not considered practicable to value inventories of unsold donated goods at the financial year end. Debtors Debtors are recognised at the settlement amount due after any discount offered. Prepaymenls are valued at the amount prepaid net of any trade discounts due. Income recognised by the charity from government agencies and other co-funders. but not yet received at financial year end. is included in debtors. Cash at bank and in hand Cash at bank and in hand comprises cash on deposit at banks requiring less than three months. notice of withdrawal. 15
IncredABLE Enterprises IA company limitgd by guarantee, not having a share capital) NOTES TO THE FINANCIAL STATEMENTS ntinued for the financial year ended 31 March 2023 Taxation and deferred taxation No current or deferred taxation arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred. Deferred tax is recognised in respect of all timing differences that have originated bul not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligalion to pay more tax in the future. or a right to pay less lax in the fvture. Timing dIfferenS are temporary diffèrences between the charity's taxable income and its results as staled in the financial statements. Deferred tax is measured on an undiscounted basis at the tax rates Ihat are anticipated to apply in the periods in which the timing differences are expected to reverse. based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. INCOME DONATIONS AND LEGACIES Unrestricted Restricted Funds Funds 2023 2022 Donations and legacies 19,070 19.070 27.168 CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds 2023 2022 Income from charitable activities 968.617 968,617 763.835 INVESTMENTS Unrestricted Restricted Funds Funds 2023 2022 Investments 19 EXPENDITURE CHARITABLE ACTIVITIES Direct Costs Other Costs Support Costs 2023 2022 Expenditure on charitable activities 995.332 21,794 1,017,126 695,624 SUPPORT COSTS Charitable Activities 2023 2022 Support 21,794 21,794 18,475 ANALYSIS OF SUPPORT COSTS 2023 2022 Audit fees 3,425 11,758 6,611 3,510 8,740 6.225 Bank fees Depreciation Total Support 21,794 18.475 16
IncredABLE Enterprises IA Company limitsd by guarantee, not having a share capltal) NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 March 2023 NET INCOME 2023 2022 Net Income Is stated after charyingl(creditingl: Depreciation of tangible assets Auditors remuneration Revenue grants received 6.611 3,425 (8,000) 6,225 3,510 (26,668) INVESTMENT AND OTHER INCOME 2023 2022 Revenue grants received Bank interesl 8,000 26,668 19 8,000 26,687 EMPLOYEES AND REMUNERATION No remuneration was paid to any trustee in the current or previous firbancial year. Number of employees The average number of persons employed (including executive trustees) during the financial year was as follows.. 2023 Number 2022 Number Employees 22 The staff costs comprise.. 2023 2022 Wages and salarres Pension costs 449,102 14,704 352,930 4.081 463.806 357.011 TANGIBLE FIXED ASSETS Fixtures. flttings and equipment Motor vehicles Total Cost Al 1 April 2022 Additions 20.498 2.579 21.000 41,498 2,579 At 31 March 2023 23.077 21,000 44.077 Depreciation At 1 April 2022 Charge for the financial year 5,149 3.461 3,150 3,150 8,299 6,611 Al 31 March 2023 8,610 6,300 14,910 Net book value At 31 March 2023 14.467 14,700 29,167 At 31 March 2022 15,349 17.850 33,199 17
IncredABLE Enterprises (A company limited by guarantse, not havlng a share capital) NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 March 2023 10. STOCKS 2023 2022 Finished goods and goods for resale 1,000 70) 11. DEBTORS 2023 2022 Trade debtors Amounts owed by related parties Prepayments and accrued income 17.882 44,579 100 19,991 30,469 100 62,561 50,560 12. CREDITORS Amounts falling due within one year 2023 2022 Trade creditors Taxation and social security costs Accruals and deferred income 55,947 47,131 2,866 27.410 28,342 2,800 105,944 58,552 13. RESERVES 2023 2022 At 1 April 2022 {Deficit)ISurplus for the financial year 107,154 129,439} 11.756 95,398 At 31 March 2023 77,715 107,154 14. FUNDS 14.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Funds Total Funds At 1 April 2021 Movement during the financial year 11,756 95.398 11.756 95,398 At 31 March 2022 Movement during the financial year 107,154 (29,439) 107,154 (29.439) At 31 March 2023 77,715 77,715 14.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 April 2022 Income Expenditure Transfers between funds Balance 31 March 2023 Unrestricted funds Unrestricted General 107,154 987,687 1,017,126 77,715 Total funds 107,154 987,687 1.017.126 77,715 18
IncredABLE Entsrprises IA company limited by guarantee. not having a share capital) NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 March 2023 14.3 ANALYSIS OF NET ASSETS BY FUND Fixed assets - charity use Current assets Current liabilities Total Unrestricted general funds 29,167 154,492 (105,944) 77,715 29,167 154,492 (105,944} 77,715 15. STATUS The charity is limited by guarantee not having a share capital. The liability of the members is limited. Every member of the company undertakes to contribute to the assets of the company in the evenl of its being wound up while they are members. or within one financial year thereafter, for the payment of the debts and liabilities of the company contracted before they ceased to be members, and the costs, charges and expenses of winding up, and for the adjustment of the rights of the contributors among themselves, such amount as may be required. not exceeding £ 1. 16. RELATED PARTY TRANSACTIONS The Irustees of IncredABLE Enterprises are also trustees of IncredABLE. At the year-end £44.579 (2022 - £30.469) was owed from IncredABLE in respect of financial assistance as disclosed in Note 10 to the financial statements. 17. CASH AND CASH EQUIVALENTS 2023 2022 Cash and bank balanS 90,931 81,247 18. POST-BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial year-end. 19