Charity Registration No. NIC108847 (Northem Ireland) Company Registration No. N1686223 SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) CHARITY INFORMATION Directors Chee Shong Soon Eileen McKendry-Gray Mary Robinson Secretary Eileen McKendry-Gray Company number N1686223 Charity number 108847 Registered office 9 Marine Court Newtownabbey Antrim BT37 OFE Independent examiner PGM Chartered Accountants 405 Lisburn Road Belfast BT9 7EW Bankers Danske Bank PO Box 123 Donegall Square West Belfast BT16JS SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page Charity Information Trustees, Report Independent Examiner's Report statement of Financial Activities (including Income and Expenditure Account) Balance Sheet Notes to the Financial Statements 8-11 SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees (tho are also directors of the charitable company for the purposes of company law), present Iheif report and independently examined financial statements for the year ended 31 March 2024. The trustees confirm that the Annual Report and Financial Statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Accounting and Reporting by Charities, Statement of Recommended Practice. applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in Ihe UK and Republic of Ireland (effective 1 January 2019). Second Chance Ballet Ltd's Mission & Vision To provide accessible classes To provide opportunities for dancers To welcome a diverse range of dancers To promote wellbeing strategic Goals To enable adults of all ranges of age to discover the art of ballet in its cultural, artistic and historic form Allow participants to perform in public at a non-professional level Provide access to all members of the public to the culture and experience of classical ballet Programme of Activities forthe 23124 Year We held regular ballet classes ranging from beginners to experienced including Silver Swans (aged 55+). These were very well attended with many new members joining the classes in the year. A new public performance of Swan Lake is planned for May 2024 to be held in Stranmillis University College Thealre. Due to the demand for Adult Beginner Ballet classes, Second Chance Ballet have collaborated with Queens University, Belfast to offer one class per week in Queens University Sports Centre. Going Concern The trustees have reasonable expectations that the charity can continue its operations for the foreseeable future. For this reason, they continue to adopt Ihe going concern principle in preparing the financial statements. Risk Management The trustees have assessed the major risks to which the charitable company is exposed, to those relating to the operations and finances ofthe company and are satisfied that systems and procedures are in place to mitigate exposure to major risks. Statement of Trustees Responsibilities The trustees are responsible for preparing the Trustees, Annual Report and the Financial Statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the directors and the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company. In preparing these financial statements the trustees are required to-. Select suitable accounting policies and apply them consistently., Make judgments and accounting estimates that are reasonable and prudent; Prepare the ffinancial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, ANNUAL REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the company and for taking reasonable steps for the prevention and detection of fraud and other irregularities. This réport was approved by the trustees on ICI..... .2￿4 and signed on their behalf by.. Chee S Chair g Soon son of the Trustees SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SECOND CHANCE BALLET LTD FOR THE YEAR ENDED 31 MARCH 2024 I report to the charity trustees on my examination of the financial statements of Second Chance Ballet Ltd for the year ended 31 March 2024 set out on pages 6 to 11. Respecttve responsibilities of Trustees and Examiner As the charity trustees (arsd also the directors ofthe company for the purposes of company law) you are responsible for the preparation of the accoLtnts in accordance wth the requirements of the Companies Act 2006. Having satisfied myself that the charity is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to: examine the accounts under section 65 of the Charities Act {Northem Ireland) 2008- follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act-, and state whether particular matters have come to my attention. Basis of independent examiner's 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. The examination included a review ofthe accounting records kept by the charity and a comparison ofthe accounts presented with those records. It also included consideration of any unusual items or disclosure5 in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe.. 1. That accounting records were not kept in accordance with section 386 of the Companies Act 2006 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland 4. That there is further information needed for a proper understanding ofthe accounts to be reached. Independent examiner's statement I have completed my examination and have no concerns in respect ofthe matters (1) to (4) listed above and. in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention. Paul McAreavey FCA PGM Chartered Account 405 Lisbum Road Belfast BT9 7EW Date SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds 2024 Unrestricted Funds 2023 Notes Incoming resources 15,967 19.108 Expenditure on: Charitable activities 112,094) (13,547) Surplus for the year 3,873 5,561 Total funds brought forward at 1 April 2023 5,561 Total funds carried foruard at 31 March 2024 11 9,434 5.561 The statement of financial activities has been prepared on the basis that all operations are continuing operations. There are no recognised gains or losses other than those passing through the statement of financial activities. SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Current assets Debtors Cash at bank and in hand 330 10,184 6,641 Total current assets 10,514 6,641 Liabilities: Creditors.. amounts falling due within one year Net current assets 9,434 5,561 Total assets less current liabilities 9,434 5,561 Creditors- amounts falling due after more than one year Net assets Total funds - unrestricted 11 5,561 For the financial year ended 31 March 2024 the company was entitled 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 of its finan¢ial statements for the year in queslion in accordance wth section 476. The Trustees acknowledge their responsibilities for complying with the requirements ofthe Companies Act 2006 wilh respect to accounting records and the preparation of financial statements. 2These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small Companies regime. The financial statements were approved and authorised for issue by the Board on and are si ed on its behalf by: Chee hong Soo Trustee Mary Robinson Trustee Company Registration No. N1686223 SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1 Accounting policies 1.1 Charity infomiation Second Chance Ballet Ltd is a charitable company limited by guarantee, incorporated in Northern Ireland. The registered office is 9 Marine Court, Newtownabbey, Co Antrim, BT37 OFE and the company registration number is N1686223. The charity is a public benefit entity as defined by FRS102. 1.2 Basis of preparation The financial statements have been prepared in accordance with the Companies Act 2006, the Statement of Recommended Practice.. 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) issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charilies Act (Northern Ireland) 2008, and UK Generally Accepted Accounting Practice. These financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements have been presented in sterling, which is the functional currency of the charity. The principal accounting policies adopted are set out below. 1.3 Fund accounting Income includes unrestricled fvnds. Unrestricted ￿ndS are ￿ndS which are available for use at the discretion ofthe trustees in fttrtherance of the general objectives of the company and have not been designated for other purposes. Restricted funds are fvnds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against Ihe specific fund. 1.4 Income recognition All incoming resources are included in the Statement of Financial Activities (SOFA) then the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met. it is probable that the income will be received and the amount can be measured reliably. If the entitlement is not met then these amounts are deferred. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the ilem. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such fa¢ilitie5 and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with Ihe SORP. SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 1.5 Expenditure recognition All expenditure is accounted for on an accruals basis and has been classiffied under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Costs of raising funds., Expenditure on charitable activities includes. and Other expenditure representing those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. 1.6 Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call wilh banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.7 Debtors and creditors receivable I payable within one year Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure. 1.8 Impainnent Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists. the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in proffit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease. 1.9 Provisions Provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits wtll be required in settlement and the amount can be reliably estimated. 1.10 Foreign currency translation Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded atthe rate ofexchange atthe balance sheet date. All differences are taken to the profit and loss account. 1.11 Taxation The company is exempt from corporation tax, due to its charitable status. 1.12 Going concem The financial statements have been prepared on a going concern basis as the trustees believe Ihat no material uncertainties exist. The trustees have considered the level of funds held and Ihe expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure and level of reserves are for the charity to be able to continue as a going concern. SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 1.13 Cash flow statement The Charities SORP 2019 recommends that cash flow statements should be prepared for larger charitable entities, however the UK accounting guidelines also allow for smaller entities to elect not to produce cash flow statements. Second Chance Ballet Ltd meets the definition of a small entity in terms of the UK accounting standards and Ihe SORP 2019. The trustees have elected not to prepare cash flow slatements in terms of provisions allowed to smaller entities. Judgements and key sources of estimation uncertainty There are no judgements (apart from those involving estimates) which have been made in the process of applying the above accounting policies that have a significant effect on amounts recognised in the financial statements. There are no key assumptions concerning the fvture and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities wthin Ihe next financial year. Unrestricted Funds 2024 Unrestricted Funds 2023 3. Incoming resources Charitable activities Donations 15,967 15,476 3,632 15,967 19,108 Unrestricted Funds 2024 Unrestricted Funds 2023 4. Resources expended Charitable activities Costumes and props Rent So￿are costs Travelling expenses Royal Academy of Dance membership Accountancy Bank charges Insurance Website costs Entertaining 6,403 3,150 397 2,247 177 5,073 5,505 232 773 121 1,080 31 463 119 150 47 151 282 240 12,094 13,547 10 SECOND CHANCE BALLET LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Independent examiner's remuneration The independent examiner's remuneration amounts to an independent examination fee of£nil. 6. Trustees, remuneration None ofthe Trustees (or any person connected with them) received any remuneration during the year ended 31 March 2024 {2023 - £nil). 7. Trustees, expenses The Trustees received no payments for expenses during the year ended 31 March 2024 (2023- £nil). Employees The average number of employees during the year ended 31 March 2024 was nil. (2023: nil). Debtors 2024 2023 Other debtors 330 330 10. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 1,080 1,080 1,080 1.080 11. Analysis of net assets between funds Unrestricted Funds Restricted Funds Total Funds Current assets Current liabilities 10,514 11,080) 10,514 11,080) 12. Members, liability The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amoLFnts as may be required not exceeding £1 O each.