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2024-03-31-accounts

Company registration number: NI686778 Charity registration number: 665149

92Hands Trust

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024

92Hands Trust

Contents

Reference and Administrative Details 1
Trustees' Report 2 to 5
Independent Examiner's Report 6 to 7
Statement of Financial Activities 8
Balance Sheet 9
Statement of Cash Flows 10
Notes to the Financial Statements 11 to 16

92Hands Trust

Reference and Administrative Details

Charity Registration Number 665149 Company Registration Number NI686778 Registered Office 12 Mill Square Lisadell Avenue Portstewart Co Londonderry BT55 7TB Accountants Thomas Oliver and Associates Limited Certified Public Accountant 1 Moygashel Mills Park Dungannon Co Tyrone BT71 7DH

Page 1

92Hands Trust

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024.

Objectives and activities

Objects and aims

We have started to make significant impact on the lives of those in need, and we look forward to building on our achievements in the years to come.

Our vision is to continue to grow our impact and improve the lives of those in need. We recognise that achieving our goals will require collaborative effors from all stake holders, and we welcome partnerships from individuals and organisations who share our vision.

This year the Board expressed thanks to two outgoing Directors: Roger Warnock and Sam Lubyogo Lucas, who resigned from the board and welcomed three new trustees: Joy Hadden, Diane Holt and Alan Wrght. In line with best practice Emmanuel Trinity fro charity CEOs changed his role from Director to Company Secretary.

Fundraising disclosures

We have received generous donations from charitable trusts and individuals which we have granted to the various projects and social enterprise initiatives to our partners in Uganda.

We extend our heartfelt appreciation to all our generous donors who have supported this work during the past year. Your contributions, both big and small, have made a real difference in the lives of those we serve. Your belief in our mission motivates us to strive for excellence and to continur to develop our work.

Public benefit

We have continued to support projects making a significant impact on the lives of those in greater need in Uganda and we look forward to develping this work to impact on more people in the years to come.

The trustees have had regard to the Charity Commission NI's public benefit requirement statutory guidance and are satisfied that the Charity complies with said guidance.

Throughout the past year we have supported a range of activities to fulfil the Charity’s Objects:

Page 2

92Hands Trust

Trustees' Report

The Trust has contributed financial support to various projects and initiatives in Uganda including supporting women out of poverty and into small business, child support and education, supporting the development of social enterprises, training young people in digital skills and providing business start-up loans. These projects would not have been possible without the dedication and commitment of our partners in Uganda.

On my visit to Kampala in July 2023 I was delighted to see the growth and development of an eco-system of sustainable social enterprises in the Kosovo slum community, now creating jobs for more than 80 people. It as an exciting and inspiring place to visit.

This year, a community cafe was launched to create sustainable jobs in the immediate local community and this has already created more than 10 new jobs. This cafe will generate sustainable income and also serve as a platform where graduates from the women’s training programme can have their internships and also sell their bakery products.

In the past year, 102 women gained valuable tailoring skills, 90 women with hairdressing expertise, 60 women with baking talents, and 48 women with the artistry of makeup. Upon completing their training, the women embark on a transformative journey through the Entrepreneurial Alternative programme, which paves the way for them to embrace entrepreneurship and start their own businesses. A partnership with the era92 fund has been a game-changer, providing 100 low-interest loans to women who have graduated from the programme. This financial support has been instrumental in helping these determined women turn their dreams into reality, as they establish and grow their small businesses.

I would like to recognize the vision, dedication and hard work of our partners on the ground in Uganda. Their tireless efforts of this talented team have created so many successful projects, and we are deeply grateful for their commitment and inspiration.

A highlight of the year was our New Africa Breakfast in Belfast in November 2023, when Emmanuel Trinity shared his vision for social enterprise as the most powerful and effective approach to addressing poverty in African countries and introduced people in Northern Ireland to the range of social enterprises he has developed. Emmanuel also shared his belief in moving away from traditional aid models towards social enterprise and business, in an inspiring interview on BBC Radio Ulster.

We are immensely grateful for the support we have received throughout the year. With the dedication of the Board members, the trust of our donors, and the enthusiasm of our volunteers and staff, we are confident that the 92hands Trust will continue to grow and create a positive impact in the lives of those most in need.

Thank you for your commitment and support, and we look forward to an even more fulfilling year ahead.

Page 3

92Hands Trust

Trustees' Report

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Mr Tony Macaulay Mr Stephen Blevins Diane Holt (appointed 28 May 2024) Joy Hadden (appointed 28 May 2024) Mr Alan Wright (appointed 28 May 2024) Other Officers: Mr Emmanuel Nsabaanye (Ceased 4 March 2024) Mr Sam Lucas Lubyogo (Ceased 4 March 2024) Mr Roger Antony Warnock (Ceased 15 November 2023)

Structure, governance and management Financial instruments

Objectives and policies

The charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity’s policies approved by the board of trustees, which provide written principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes.

Cash flow risk

The charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.

Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.

Credit risk

The charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments. The charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.

Page 4

92Hands Trust

Trustees' Report

Liquidity risk

In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the charity uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

Statement of trustees' responsibilities

The trustees (who are also the directors of 92Hands Trust for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that can 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 2006and Charities Act (Northern Ireland) 2008. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The annual report was approved by the trustees of the charity on 4 September 2024 and signed on its behalf by:

......................................... Mr Tony Macaulay Trustee

Page 5

92Hands Trust

Independent Examiner's Report to the trustees of 92Hands Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Respective responsibilities of trustees and examiner

As the charity’s trustees of 92Hands Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act (Northern Ireland) 2008.

Having satisfied myself that the accounts of 92Hands Trust are not required to be audited under section 65 of Charities Act (Northern) Ireland 2008 and that an independent examination is needed. It is my responsibility to:-

Basis of Independent Examiners' Report

I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.

An examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking expalnations from the trustees concerning any such matters.. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. That accounting records were not kept in respect of 92Hands Trust as required by section 63 of the Charities Act; or

  2. That the accounts do not accord with those records; or

  3. That the accounts do not comply with the accounting requirements of the Charities Act.

  4. That there is further information needed for a proper understanding of the accounts tobe reached.

Page 6

92Hands Trust

Independent Examiner's Report to the trustees of 92Hands Trust ('the Company')

Independent Examiner's Statement

I have completed my examination and have no concerns in respect of the matter (1) to (4) listed above and in connections with the following directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention

......................................

Thomas Oliver and Associates Limited Certified Public Accountant

4 September 2024

Page 7

92Hands Trust

Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
Donations and legacies
3
Other income
Total income
Expenditure on:
Other expenditure
4
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
10
Note
Income and Endowments from:
Donations and legacies
3
Total income
Expenditure on:
Other expenditure
4
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds carried forward
10		 Unrestricted
funds
£
48,532
86
48,618
(135,597)
(135,597)
(86,979)
(86,979)
86,608
(371)
Unrestricted
funds
£
90,874
90,874
(4,266)
(4,266)
86,608
86,608
86,608		 Total
2024
£
48,532
86
48,618
(135,597)
(135,597)
(86,979)
(86,979)
86,608
(371)
Total
2023
£
90,874
90,874
(4,266)
(4,266)
86,608
86,608
86,608

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 10.

The notes on pages 11 to 16 form an integral part of these financial statements. Page 8

92Hands Trust

(Registration number: NI686778) Balance Sheet as at 31 March 2024

Note
Current assets
Debtors
7
Cash at bank and in hand
8
Creditors: Amounts falling due within one year
9
Net (liabilities)/assets
Funds of the charity:
Unrestricted income funds
Unrestricted funds
Total funds
10		 2024
£
-
169
169
(540)
(371)
(371)
(371)		 2023
£
87,114
34
87,148
(540)
86,608
86,608
86,608

For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 8 to 16 were approved by the trustees, and authorised for issue on 4 September 2024 and signed on their behalf by:

......................................... Mr Tony Macaulay Trustee

The notes on pages 11 to 16 form an integral part of these financial statements. Page 9

92Hands Trust

Statement of Cash Flows for the Year Ended 31 March 2024

Note
Cash flows from operating activities
Net cash (expenditure)/income
Working capital adjustments
Decrease/(increase) in debtors
7
Increase in creditors
9
Net cash flows from operating activities
Net increase in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2024
£
(86,979)
87,114
-
135
135
34
169		 2023
£
86,608
(87,114)
540
34
34
-
34

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 11 to 16 form an integral part of these financial statements. Page 10

92Hands Trust

Notes to the Financial Statements for the Year Ended 31 March 2024

1 Charity status

The charity is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets of the charity in the event of liquidation.

The address of its registered office is: 12 Mill Square Lisadell Avenue Portstewart Co Londonderry BT55 7TB

These financial statements were authorised for issue by the trustees on 4 September 2024.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

92Hands Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Page 11

92Hands Trust

Notes to the Financial Statements for the Year Ended 31 March 2024

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Page 12

92Hands Trust

Notes to the Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

Page 13

92Hands Trust

Notes to the Financial Statements for the Year Ended 31 March 2024

3 Income from donations and legacies

Donations and legacies;
Donations from individuals and trusts
Total for 2024
Total for 2023
4
Other expenditure
Note
Independent examiner fees
Examination of the financial statements
Other resources expended
Total for 2024
Total for 2023
5
Independent examiner's remuneration
Examination of the financial statements
6
Taxation
The charity is a registered charity and is therefore exempt from taxation.
7
Debtors
Other debtors		 Unrestricted
funds
General
£
48,532
48,532
90,874
Unrestricted
funds
General
£
480
135,117
135,597
4,266
2024
£
480
2024
£
-		 Total
funds
£
48,532
48,532
90,874
Total
funds
£
480
135,117
135,597
4,266
2023
£
540
2023
£
87,114

Page 14

92Hands Trust

Notes to the Financial Statements for the Year Ended 31 March 2024

8
Cash and cash equivalents
Cash at bank
9
Creditors: amounts falling due within one year
Accruals
10 Funds
Balance at 1
April 2023
£
Unrestricted funds
General
86,608
Unrestricted funds
General
11 Analysis of net assets between funds
Current assets
Current liabilities
Total net assets		 Incoming
resources
£
48,618
Incoming
resources
£
90,874		 2024
£
169
2024
£
540
Resources
expended
£
(135,597)
Resources
expended
£
(4,266)
Unrestricted
funds
General
£
169
(540)
(371)		 2023
£
34
2023
£
540
Balance at 31
March 2024
£
(371)
Balance at 31
March 2023
£
86,608
Total funds at
31 March
2024
£
169
(540)
(371)

Page 15

92Hands Trust

Notes to the Financial Statements for the Year Ended 31 March 2024

Current assets
Current liabilities
Total net assets
12 Analysis of net funds
Cash at bank and in hand
Net debt
Net debt		 Unrestricted
funds
General
£
87,148
(540)
86,608
At 1 April
2023
£
34
34
At 1 April
2022
£
-		 Total funds at
31 March
2023
£
87,148
(540)
86,608
At 31 March
2024
£
34
34
At 31 March
2023
£
-

Page 16

92Hands Trust

Statement of Financial Activities by fund for the Year Ended 31 March 2024

Unrestricted Funds

Unrestricted Funds
Income and Endowments from:
Donations and legacies
Other income
Total income
Expenditure on:
Other expenditure
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
Unrestricted
Funds
2024
£
48,532
86
48,618
(135,597)
(135,597)
(86,979)
(86,979)
86,608
(371)		 Total
Unrestricted
Funds
2023
£
90,874
-
90,874
(4,266)
(4,266)
86,608
86,608
-
86,608

This page does not form part of the statutory financial statements. Page 17

92Hands Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Income and Endowments from:
Donations and legacies (analysed below)
Other income (analysed below)
Total income
Expenditure on:
Other expenditure (analysed below)
Total expenditure
Net (expenditure)/income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward		 Total
2024
£
48,532
86
48,618
(135,597)
(135,597)
(86,979)
(86,979)
86,608
(371)		 Total
2023
£
90,874
-
90,874
(4,266)
(4,266)
86,608
86,608
-
86,608

This page does not form part of the statutory financial statements. Page 18

92Hands Trust

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Donations and legacies
Appeals and donations
Other income
Bank interest payable
Other expenditure
Rent
Light, heat and power
Repairs and maintenance
Computer software and maintenance costs
Charitable donations
Sundry expenses
Care giving allowances and costs
Motor expenses
Travel and subsistence
Independent examiner's fee
Legal and professional fees
Bank charges		 Total
2024
£
48,532
48,532
86
86
(55)
(227)
(1,156)
(661)
(122,897)
(426)
(7,777)
(120)
(1,090)
(480)
(669)
(39)
(135,597)		 Total
2023
£
90,874
90,874
-
-
-
-
-
-
(2,822)
-
(903)
-
-
(540)
-
(1)
(4,266)

This page does not form part of the statutory financial statements. Page 19