Our Social Space Ltd Company Llmited by Guarantee Statement of Flnanclal Actlvities Year ended 30 September 2023 2023 2022 Nots Unrestrlcled funds Restrict•d funds Total funds Totsl funds Income and •ndowm•nts Donabon and legacies Charitable actlvlbes 10.726 1,025 10.726 1,025 9,205 6.425 Total In¢om• 11,751 11.751 15.630 Expendilure ExFenditure on charitable actrvities 11,804 11.3 16,071 Total Expendltur• 11,804 11,903 16.071 Not Income and net rnovemont In funds -152 441 Roconclllatlon of funds Totsl fvnds brought forward 1,104 Total funds carrlod forward 511 663 Tho not•8 on pages 10 to 15 forni part of those flnanclal statements. Trustees'Annuol Report & Flnanciol Statement5 Page 8 of 15
Our Soclal Space Ltd Company Llmlted by Guarantee Balance Sheet Year ended 30 September 2023 2023 2022 Note Current Asset Cash at bank and in hand Debtors 511 663 11 Creditors.. amount falling due within one year 12 1390) (Nil) Net Current Assets 121 663 Net Asset 121 663 Funds of the charity Restricted funds Unrestricted funds Total charity funds 121 121 663 663 In approving these financial statements as directors of the company we hereby confimi: The company was entided to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The Board of Trustees ackno¥Medge their responsibilities for complying with the reqU1MentS of the Companies Act 2006 with respect to accounting records and preparation of the accounts. These accounts have been prepared in accordance with the provisions applicable to small companies subject to Ihe small companies regime and in accordance with SORP 102. These financial statements were approved by the board of trustees and authorised for issues on 20 June 2024, and are si9ned on behalf of the board by: Dr R Turner Trustee Ms McKenna Trustee The notes on pages 10 to 15 forni part of these financial statements. Trustees, Annual Report & Financial Stotement5 Poge 9 of 15
Our Social Space Ltd Company Limited by Guarantee Notes to the financlal statements Year ended 30 September 2023 General Infom)atlon The company is a private company limited by guarantee. registered in Northem Ireland. Th8 address of the registered office is 74 Sunnyside Street, Belfast, BT7 3EF. Statement of compllance The financial statements have been prepad in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.. the Statement of Recommended Practice applicable to Gharities preparing their accounts in accordance wth the Financial Reporting Standard appliable in the UK and Republic of Ireland (FRS 102) (Charities SORP {FRS102)) and the Companies Act 2006. Accounting pollcles Basls of preparation The financial ststements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabiltiies and investment properties measured at fair value through income or expenditure. The financial ststements are prepared in sterting. which is the functional GUenCY of the entity. Golng concern There are no material uncertainties about the chantys ability to continue. Judgements and koy sources of estlmatlon uncortaSnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors. induding expectations of fulure events that are believed to be reasonable under the circumstances. Fund accountlng Unrestrided funds are available for use at the discretion of the trustees to further any of the charitls purposes. Designated funds are unrestricted funds eamiarked by the trustees for particular future project or commitrnent. Restricted funds are subjecled to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall inlo one of two sutFdasses: restricted income funds or endowment funds. Incomlng resources All incoming resources are included in the ststement of financial activities vthen entitl8ment has passed to the charity. it is probable that the econornic beneffts associated wlth the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised bthen there is evidence of entiilement to th8 gift. receipt is probab18 and ils amount can be measured reliably. Trustee5'Annual Report & Finoncial Statements Page 10 of 15
Our Social Space Ltd Company Limited by Guarantee Notes to the financial statements (contlnued) Year ended 30 September 2023 3. Accounting pollclos (continued) Incoming resources (continued) legacy incom8 is recognised when receipt is probable and entitiement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the Cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted seNice. This is dasstfied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed rf unspent. in which case it may be regarded as restricted. Resources expendod Expendtture is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates- expendtture on raising funds Includes the costs of all fundraising activities. events, non- charttable trading activilies. and the sale of donated goods. expenditure on charitable activities includ8s all costs incurred by a charity in undertaking activtties that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitsble activities. other expenditure includes all expenditure that Is neither related to ralsing funds for the chaiity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated diredly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Flnanclal Instruments A financial asset or a financial liability is recognlsed only when the charity be(X)mes a party to the contractual provlslons of the InstNment. Basic financial instruments are initially recognised at the amount receivable or payable Induding any related transaction costs. Current assets and current Ilabllitles are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measur8d at amortlsed cost. Where Investments in shares are publidy traded or theSr falr value can otherwlse be measured reliably. the invesiment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequenlly measured at C05t less impairment. Tru5tees' Annuol Report & Finoncial Statements Poge 11 of 15
Our Social Space Ltd Company Limited by Guarantee Notes to the financial statements (contlnued) Year ended 30 September 2023 3. Ac¢ountSng pollcles (contlnued) Flnanclal Instruments (Contlnued) Other financial instruments, including derivatives, are initially r8cognised at fair value, unless payment for an asset is daferred beyond normal business terms or financed at a rate of intarest that is not a market rate, in which case th8 ass8t is measured at the present value of the future payrnents discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the ststement of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at th8 end of each reporting date. If there is objective evidence of impairment. an impairment loss is r8cognis8d under the appropriate heading in the stat8m8nt of financlal activities in which the initial gain was r8cognised. For all equty instruments regardless of significance, and other financial assets that are individually significant. these are assessed individually for impairment. Other financial assets are either assessed Individually or grouped on the basls of similar credit risk characteristics. Any reversals of impaimient are recognised immediately, to the exient that the reversal does not result in a carying amount of the financial asset that exceeds what the carying amount %w)uld have been had the Impalrment not prevlously been r8cognlsed. Deflned contrfbutlon plans Contributions to defined contribution plans are recognlsed as an expense in the period in vthich the related seNice is provlded. Prepald conlnbutions are recognised as an asset to the extent that the prepayThent will lead to a reducilon In future paymenis or a cash refund. When contn'bution8 are not expected to be settled wholly wtthin 12 months of the end ol the reporting date in which the employees render the related service, Ihe liability is measured on a discounted present value basls. The unwlndlng of the dlscounl Is recognlsed as an expense Sn the perSod In whlGh It arise8. Llmltod by guarantse The company Is an Incorporated company Ilmlted by guaranlee wllh charitable status. The Ilability of the members is limited to £1 per member. Trustees. Annual Report & Flnonciol Stotements Page 12 of 15
Our Social Space Ltd Company Limited by Guarantee Notes to the financlal statements (contlnued) Year ended 30 September 2023 Donatlons & Logacles Unrestrlcted Fund8 Restrlcted Funds Total Funds 2023 Donatlons Donations 10.726 10.726 10.726 10,726 Unrestrted Funds Restricted Funds Total Funds 2022 Donatlon8 Donations 9.205 9,205 9,205 9,205 Charttablo actlvllles Unrn8trlded Funds Rostrlcted Funds Total Funds 2023 Halrfax Foundation QU8 Film Hub Nl SLA 500 525 500 525 Unrestrlcted Funds Restrlcted Funds Total Funds 2022 Halrfax Foundation QUB Fllm Hub Nl SLA 3,300 3.300 3,125 3,125 3.125 6,425 3,300 Trustees, Annuol Report & Finonciolstatements Poge 13 of15
Our Social Space Ltd Company Limited by Guaranteo Notes to the financlal statements (contlnued) Year ended 30 September 2023 Expendltur•8 Unrestrlcted funds R¢$trlcted funds Total funds 2023 Salary Teacher Feès Room Hire Equlpment Hlre Licences Membership Insurance Web5itelMarketing Other 5.261 2.675 2.325 25 181 95 976 253 13 5,360 2,675 2,325 25 181 95 976 253 13 11,804 99 11,903 Unrestricted Funds Restricted Funds Totsl Funds 2022 Salary Teacher F88S Room Hire Equlpment Hire Licences Membershlp Insurance WebsltelMarketin9 Cxher 6.440 1.39) 3.295 1,200 1.200 7.640 2,590 4,195 403 403 95 924 211 13 95 924 178 13 33 Total Expondltur• 12,335 16,071 Taxatlon The charity is a registered charity and is therefore exempt from taxatlon. Number of omploy3 The average number of employees during the year were as follows.. Period No. Period No. 2023 2022 No employee recelved employee beneffts of more than £60.000 during the year (2022: Nil). 10 Trust00 rnmuneratlons and expons The Trustees receive remuneration totalling £0 during the year. The Trustees had no expenses relmbursed in the year. Tru5tee5'Annuol Report & Finonciol Statements Page 14 of 15
Our Social Space Ltd Company Limited by Guarantee Notes to the financial statements (contlnued) Year ended 30 September 2023 11 Debtors 12 Credltorn: amount falllng due wlthln one year 2023 2022 Trade creditors 390 13 Penslon and other post rotlrement boneflts D•fln•d contrlbutlon plans The amount recognlsed In Income or expenditure as an 8xpense In relation to defined contribution plans was £50.80. 14 Futuro financlal commltments The company is currently In a rent-free perlod (to be reeWed September 2024). Annual rent will be £7,800. Trustees'Annuol Report & Finonclol Stotements Poge 15 of 15