Company registration number: N1686778 Charity registration number.. 665149 92Hands Trust (A company limited by guarantee) Annual Report and Financial Stat¢m¢nts for the Year Ended JI March 2024
92Hands Trust Contents Reference and Administrdtive Details Trustees, Report 2to5 Independent Examinevs Report 6t07 St&tement of Financial Activities Balance Sheet Statement of Cash Flows 10 Notes to the Financial Statements Ilto 16
92Hands Trust Reference and Administrative Details Chgrity Registration Number 665149 Company Registration Number N1686778 Registered Office 12 Mill Square Lisadell Avenue Port5tewart Co Londonderry BT55 7TB Accountants Thomas Oliver and Associates Limited Certified Public Accountant l Moygashel Mills Park Dungannon Co Tyrone BT717DH Page I
92Hands Trust Trustees, Report The trustees, who are directors for the purposes of company law, preseni the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. Objectives and activities Objects and aim We have started to make significant impact on the lives of those in need, and we look fonvard 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 organi5ations who share our vision. This year the Board expressed thanks to two outgoing Directors.. Rotser Warno¢k and Sam Lubyogo Lucas, who resigned from the board and welcomed three Tjew 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 eontinued to 5UPPOrt projects making a significant impact on the live5 of those in greater need in Uganda and we look fonward to develping this work to impact on more people in ihe years to come. The trustees have had regard to Ilie Charity Commission Nl's publie 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 Obje¢ts'. the prevention or relief of poverty by the delivery of training programme5 for women and young people to assist them in breaking the Cycle of poverty; the advancement of education by the delivery of grants. bursaries and financial support for academic studies the relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage. and th¢ advan¢em¢nt of citizenship or Gommunity development through th¢.. support and promotion of social entrepreneurship in order to help peopl¢ in Africa to start their own businesses and to gain employment. provision of mentoring, financial and business support to those with feasible business propositions. provision of global networking opportunities to connect small businesses in Africa with potential Customers. 5UPPOrters and investors. Page 2
92Hands Trust Trustees, Report The Trust h&8 contributed financial siipport 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 1 was delighted to see the growth and development of an e¢o-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 wa5 launched to create sustainable jobs in the immediate local community and this has already Created more than 10 llew jobs. This caf¢ will generate sustainable income and also serve as a platforni 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 Iraining, the women embark on a transfonnative journey through the Entrepreneurial Alternative prooramme, which paves the way for them to embrace entrepreneurship and start their businesses. A partnersliip with the era92 nd 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 deterniined women tum 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 tslented team have created so many success1 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 Northem Ireland to the range of social enterprises he developed. Emmanuel also shared his belief in moving away from traditional aid models towards social enterprise and busine55, in an inspiring interview on BBC Radio Ulster. We are immensely grateful for the 5UPPQrt we have received throughout the year. With the dedication of the Board members, the trust of our donors, and th¢ enthusiasm of our volunteers and staff, we are confident that the 9?h3nds 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.. Trustee5: Mr Tony Macaulay Mr Stephen Blevins Diane Holt (appointed 28 May 20241 Joy Hadden {appointed 28 May 2024) Mr Alan Wright (appointed 28 May 2024) Other Otyicers.. Mr Emmanuel Nsabaanye {Ceased 4 March 2024) Mr Sam Lucas Lubyogo (Ceased 4 March 2024) Mr Roger Antony Warnock (Ceased 15 November 2023) Structure* governanee and management Financial instrurnents Objedives andpolicies 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 ¢harity'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 instrnments for speculative purposes. Coshflow risk The charity's activities expose it primarily to the financial risks of change5 in foreign ¢llencY exchange rates and interest rates. The charity uses foreign exchange forward contracts and interest rate swap contracts to hedg¢ these exposures. Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows. Credil risk The charity's principal financial assets are bank balances and cash, trade and other r¢ceivable5, 2nd investments. The Charity'5 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 impaimient 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 eredit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-r&tiTkgs 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 cu5tom¢r5. 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-terni and short-temi 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 director5 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 Siandard 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 fin8n¢ial 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- select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable a¢curacy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2006and Charitie5 Act (Northern Ireland} 2008. They are a150 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 trusteeg are responsible for the maintenance and integrity of the Corporate and financial information included on the charitable company's website. Legislation governing the preparalion and dissemination of financial statements may differ from legislation in other jurisdiction5. The annual report was approved by the ISteeS of the charity on 4 September 2024 and signed on its behalf by: MrTo Trustee aulay Page 5
92Hands Trust Independent Examiner's Report to the trustees of 92Hands Trust {'the Company,) I report to the charity truste¢s on my examination of the ac¢ounts of the Company for the year ended 3l March 2024. Respettive responsibilities of trustees xnd examiner As the Charity's trustees of 92Hands Trust (and also ils directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Art (Northern Ireland) 2008. Having salisfied myself that the accounts of 92Hands Trust are not required to be audiled under section 65 of Charities Act (Northern) Ireland 2008 and that an independent examination is needed. It is my responsibility to:_ examine the accounts under section 6S of the Charities Act to follow the procedures laid down in the general Directions given by the Charity Commission for Northem Ireland under section 65 (9)(b) of the Charities Act to state whether particular matters have come to my attention Basis of Independent Examiners, Report I have examined ytsur ¢harity accounts as required under section 65 of the Charities A¢t and my examination was carried out in accordance wilh the general Directions given by the Charity Commission for Northern Ireland under section 65(9){b) of the Charities Aet. 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 INstees concerning any such matters.. I confirm that no matters have come to my attention in conn¢¢tion with the examination giving me cause to believe: l. That accounting records were not kept in respect of 92Hands Trust as required by section 63 of the Charities 2. That the aG¢ounts 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 fvrther inforniation needed for a proper understanding of the accounts lobe 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 r¢sp¢ct of the matter (l) to (4) listed above and in onne¢tions with the following directions of the Charity Commission for Northern Ireland, I hav¢ found no matters that require drawing to your attention r and Associates Limited Certified Public Accountant 4 September 2024 Pag¢ 7
92Hands Trust Statement of Financial Activities for the Year Ended 31 March 2024 Uncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Note Income #nd Endowments from: Donations and legacies Other income 48.532 86 86 Total income 48.618 48,618 Expenditure on: Other expenditure (1)5.597) (135,597) Total expenditure (1)5,597) (lJS.597) Net expenditure (86.979) (86,979) Net movement in funds (86.979) (86.979) Reeonciliation of funds Total rtdS brought forward 86,608 86,608 Total funds Caled fonvard 10 (371) Unrestricted fund5 (371) Total 2023 Note Income and Endowments from: Donations and legacies 90.874 90,874 Total income 90,874 90,874 Expenditure on: Other expenditure (4,266) (4.266) Total expenditure (4.266) (4,266) Net income 86,608 86,608 Net movement in funds 86,608 86,608 Reconciliation of funds Total funds Carried forward io 86.608 86,608 All of the chartty's activities derive from continuing operations during the above two periods. The ndS breakdown for 2023 is shown in note l O. The notes on page5 1 I to 16 forni an inte(yral part of these financial statements. Page 8
92Hands Trust (Registration number: N1686778) Balance Sheet as at 31 March 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 87.114 34 169 169 87.148 Creditors: Amounts falling due within ont year Net (liabilities)lassets (540) (540) 371) 86,608 Funds of the eharity: Unrestrieted income funds Unrestricted funds (371) 86,608 Total funds 10 {371) 86.608 For the financial year ending 31 March 2024 the charity was entitled io exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Direetors, responsibilities: The members have not required the charity to obtsin an audit of its accounts for the year in question in accordance with section 476. and The directors acknowledge their responsibilities for complying wilh the requirements of the A with respect to accounting record5 and lh¢ preparation of acGounts. 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 TonyTf Trustee aulay The notes on pages I I to 16 form an integral part of these financial 5tat¢menls. Page 9
92Hands Trust Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operating activities Net cash (expenditure)lincome (86.979) 86,608 Working Capital adjustments Decreasel{increase) in debtors Increase in creditors 87.114 {87.114) 540 Net cash flows from operating activities 135 34 Net increase in cash and cash equivalents 135 34 Cash and ¢ash ¢quivalents at l April 34 Cash and cash equivalents at 31 March 169 34 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages I I 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 I Charity status The charity is limited by guarantee, incorporated in . and consequently doe5 not have share capital. Each of the trustees is liable to ¢ontribute an amount not exceeding £Nil towards the assets of the chaTity 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 Aceounting policies Summ8ry of signifjcant accounting policies and key a¢¢ountiDg estimates The principal accounting policies applied in the preparation of these financial Statements are set out below. These poli¢ies have been consistently applied to all the years pres¢nted. unless otherwise stated. Statement of eomplianct The financial slatem¢nts have been prepared in accordance wilh 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 Linder FRS 102. Assets and liabilities are initially recognised at historical cost or transa¢tion value unless otherwise stated in the relevant accounting policy notes. Goizjg eoncern The trustees consider Ihal 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. Incorne and endowments All income is recognised once the Gharity 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 Donalions and legocies Donations are recognised when the charity has been notified in wrtting of both the amount and settlement date. In the event thal a donation is subject to conditions that require a level of perfomance by the charity before the charity 15 entiiled to the fvnds, the in¢ome is deferred and not recognised until either those conditions are 1]Y mel or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be lfilled in the reporting period. Expenditure All expenditure is recognised once there is a legal or eonstructive 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 b¢ directly attributed to partiCLilar headings they have been allocated on a basis consistent with the use of resoLErces. with central staff cost5 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 ¢on5idered to pas5 the tests set out in Paragraph I Schedule 6 of the Finance Act 201 O and therefore it meets th¢ definition of a charitable company for UK corporation tax purposes. Aecordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I I of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Acl 1992, to the extent thal 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 debtor5 are recognised initially at the transaction price. They are subsequently measured at amortls¢d cost using the effective interest method, less provision for impaim)ent. A provision for the impairn)ent of trade debtors is established when there is objective evidence that the charity iyill not be able to collect all amounts due according to the original ternis of the receivables. Cash and cash equivglents Cash and cash equivalents comprise cash on hand and call deposits. and other short-terni highly liquid inv¢5tments 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 Int¢re5t-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortl5ed cost, with the difference bettveen the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of FinancTal Activilie5 over the period of the relevant borrowing. Interest expense is recogni5ed on the basis of the effective interest method and is included in interest payable and sirnilar 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 ihe reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the tnjstees discretion in fvrtherance of the objectives of tlie charity. Fin8nci41 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 inlo. 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 15 nonnally the transaction price excluding transaction cost5), unles5 the arranget7]ent ¢onstitutes a fjnancing transa¢tion. If an arrangement constitutes a financing tran5aetion. the financial asset or financial liability is measured at the presenl value of (he future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offsd 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 COT)tra¢tual rights to the ¢ash flows from the financial asset expire or are settled, b) the charity Iransfers to another party substantially all of the risk5 and rewards of ownership of the financial asset. or ¢) the charity, despite having retained some, but not all. significant risks and rewards of ownership, has tranSfe¢d control of tlie asset to another party. Financial liabilities are dere¢ognis¢d only when the obligation specified in the contrath is dis¢harged, ¢ancelled or expires. Page 13
92Hands Trust Notes to the Financial Statements for the Year Ended 31 March 2024 3 Income from donations And legacies Unrestricted funds General Total funds Donations and legacies- Donations from individuals and trusts Total for 2024 Total for 2023 90,874 90,874 4 Other expenditure Unrestricted funds General Tot81 funds Note Independent examiner fees Examination of the financial statements Other resources expended 480 135,117 480 135,117 Total for 2024 135,597 135.597 Total for 2023 4.266 4,266 5 Independent examiner's remuneration 2024 2023 Examination of the financial statements 480 540 6 Taxation The Charity 15 3 registered charity and 15 therefore exempt from taxation. 7 Debtors 2024 2023 Other debtors 87,114 Page 14
92Hands Trust Notes to the Financial Statements for the Year Ended 31 March 2024 8 Cash and eash equivalents 2024 2023 Cash at bank 169 34 9 Creditors: amounts falling due Ivithin one year 2024 2023 Accrua15 540 540 10 Funds Balance at I April 2023 Incoming resources Resources expended Balance 9t 31 Mareh 2024 Unrestricted funds General 86.608 48,618 (lJ5,597) (371) Incoming rt50urces Resourees expended Balance at 31 March 2023 Unrestricted funds General 90,874 14,266) 86,608 I l Analysi5 of net assets between funds Unrestricted funds GenerAI Total funds at 31 March 2024 Current assets Current liabilities 169 (540) 169 (540) Total nel assets (371) (371) Page 15
92Hands Trust Notes to the Financial Statements for the Year Ended 31 March 2024 Unrestricted funds General Totsl funds 8t 31 March 2023 Current assets Current liabilities 87.148 {540) 87,148 {540) Total net assets 86,608 86,608 12 Analysis of net funds At l April 2023 At31 March 2024 Cash at bank and in hand 34 34 Net debt 34 At31 March 2023 At l April 2022 Net debt Page 16