COMPANY REGISTRATION NUMBER: N1685755 CHARITY REGISTRATION NUMBER: 109163 Northern Ireland Resources Network Company Limited by Guarantee Unaudited Financial Statements 31 March 2024
Northern Ireland Resources Network Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent examiner's report to the trustees Statement of financial activities {including income and expenditure account) 11 Statement of financial position 12 Statement of cash flows 13 Notes to the financial statements 14
Northern Ireland Resources Network Company Limited by Guarantea Trustses. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2024. Reference and administrative details Registered charity namo Northern Ireland Resources Network Charity reglstration number Company reglstratlon number N1685755 Prlnclpal office and registored The Milestone Centre office Quary Road Carrickmore Co Tyrone BT79 9AL 109163 The trustees Ms N Griffiths Mr M Campbell Ms H Clarke Mr D L Glendinning Mr L McNally Mr M Sloan (Resigned 8 January 2024) Company secretary NIA Independent examiner Mr Paul Leathem Muir Building 427 Holywood Road Belfast BT4 2LT
Northern Ireland Resources Network Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) (contlnu Year ended 31 March 2024 Structure, governance and management Dlrectorsrrrustees The Board of DirectOrsrUsteeS is responsible for the overall governan of the Company. The total number of Directorsrrrustees may not be less than three. Any Directorrrrustee is appointed for Iwo years but if willing to act shall be eligible for reappointment for a further hvo years. The Board elects one of its members to act as Chairperson for the term at their first meeting. The Board meets at least four times each year where the board reviews strategy and operational performance and set annual operating plans and budgets. The Board approves all applications for membership to the organisation. Directorsrrrustees are encouraged to attend appropriate extemal training events where these will help their role. The Board delegates the exercise of rtain tasks in connection with the management and administration of the Company to staff employed by the Company. This is controlled by requiring regular reporting back to the Board so that all decisions can be ratified in due course. Statement of Dlrectorsrrrustees's Re8ponslbllities and Corporats Governance The Company is registered with the Charity Commission for Northern Ireland. The DirectOrsruSteeS are responsible for their annual report and for the preparation of financial statements for each financial year which gives a true and fair view of the state of affairs of the Company and of the net movement in funds of the Company for that period. In preparing those financial statements, the DirectOrsrUsteeS are required to: Select suitable accounting policies and then apply them consistently Make Judgements and estimates that are reasonable and prudent Observe the methods and principles in the Charities SORP stste whether applicable accounting standards have been followed subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on the going concern basis unless is if inappropriate to presume that the company will continue in business The Directorsrrrustees are responsible for ensuring that the Company keeps proper accounting record5 which disclose with reasonable accuracy at any time the financial position ofthe Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that.. The Company is operating efficiently and effectively Proper records are maintained and financial infomiation used with the Company, or for publication is reliable The Company complies with the relevant laws and regulations
Northern Ireland Resources Network Company Limited by Guarantee Trustses. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Structure, governance and management (continued) Internal Controls Internal controls over all form5 of commitfflents and expenditure are in place to ensure that performance is monitored and the appropriate management information is prepared and reviewed monthly by executive management and quarterly by Ihe Board. The systems of internal control are deslgned to provide reasonable but not absolute assurance against material misstatement or loss. They include.. A Strategic Plan, Annual Business Plan and Annual Budget approved by the Board Regular consideration by the Board of financial results, VarIanS from budget and non-financial performance indicators Delegation of day to day management authority and appropriate segregation of duties: and Identification and management of risks Risk Statement An internal risk assessment has been undertaken in order to identify major risks to which the organisation is exposed. These have been identified as-. Financial need to develop further income stream5 and mitigate against risk of relian on one funder. agree and implement a reserves policy The Board recognises its responsibillties for the managementof risk and has in place a RiskAssessment which categorises risk in terms of severity, likelihood and consequences. The Assessment is reviewed annually and risk is monitored regularly
Northern Ireland Resources Network Company Limited by Guarantse Trustees, Annual Report (Incorporating the Director's Report) {condnued) Year ended 31 March 2024 Structure. governance and management (contlnuod) Rlsk Management The organisation has in place 8 System of internal controls which governs its operations. These controls have been designed to provide a reasonable assuran against risk and include: A Governance Framework Financial processes and produreS A Strategic Plan, an Annual Business Plan and an Annual Budget which have all been approved by the Board Monthly review of the financi81 perfomance by the Executive Director including variance from budget and variance from cash flow and quarterly review by the Board of these performance indicators Objectives set annually for the organisation's activities. Progress against these objectives is morbitored monthly the Executive Director and quarterly by the Board against agreed targets and benchmarks Continual identification and management of risk Reserves Pollcy The DirectOrsruSteeS believe that the Company should hold financial reserves because.. It has no endowment funding and 15 currently dependent for income on Government grants It requires protection against and the ability to continue operats'ng despite unforeseen setbacks It requires the abiltty to tske advantage of change and opportunities to further its objectives The Directorstfrustees believe that the level of unrestricted reserves should be the equivalent of three months operaling costs calculated and reviewed annually. Reserves should be built up to the desired level and this will be an ongoing focus of the Board.
Northern Ireland Resources Network Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fconllnued) Year ended 31 March 2024 Objectlves and activitios Our mission is to promote sustainable reuse and repair as a practical and effective way of tackling Northern Ireland's waste generation and develop opportunities in the Circular Economy. Our Charity's objectives are: advancement of environmental protection or improvement of the natural environment by the promotion of community based reuse and repair of products and activities and by the promotion, advancement support and implementation of an effective and coordinated national neOrk in Northern Ireland for the development and implementation of sustainable policies and practices to promote the recovery, redistribution and reuse of all products, to promote social inclusion and the engagement of communities in accessing local environmental services and maintain a neOrk public presence to encourage waste prevention on a national level through events, conferences, newsletters, internet marketing, best practice guidance and support, policy development and representation and to liaise on a strategic level with similar network organisations across UK, Ireland, Europe and elsewhere advancement of community development and the promotion of social inclusion to support members in the delivery of employment and training programmes or research related to the reuse and repair of products which target disadvantage and provides opportunities for those furthest from the workplace advancement of education about environmental matters related to the reuse and repair or products and to promote training programmes or research related to the reuse and repair or products, social inclusion and community development the prevention or relief of poverty by supporting members through the supply of reused and paired items and goods for the benefit of the public
Northern Ireland Resources Network Company Limitad by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {continufjd) Year ended 31 March 2024 Achievements and performance Achlevements & Performance Two years have passed since the Northern Ireland Resources Network (NIRNI transitioned from a pilot project to becoming an independent organisation. During this time, NIRN secured a three-year business case agreement with the Department of Agriculture, Environment and Rural Affairs (DAERA), which now provides funding through revenue generated from the carrier b8g levy. During the 2023124 financial year, the Department of Agriculture, Environment and Rural Affairs (DAERA) increased its funding allocation to the Northern Ireland Resources NeOrk {NIRN). This enhanced support allowed NIRN to expand its team by employing two part-time staff members: a Community Network Manager and a Network Coordinator. These new roles significantly strengthened the neork'S capacity, enabling a greater focus on key initiatives and deeper engagement with its members. As a result, NIRN was better positioned to enhance collaboration, and advan its overarching goals of promoting reuse and repair within the community. NIRN has grown to encompass a diverse neOrk of over 40 full members, reflecting a wide range of organisations and initiatives committed to reuse, repair, and sustainability. This membership includes representats'on frorn all 11 Local Authorities in Northem Ireland. demonstrating strong collaboration with regional government. Additionally, it includes 6 Repair Cafés that provide spaces for communities to mend and restore items, 7 food-sharing organisations working to reduce food waste and promote redistribution, 9 charity shops contributing to circular economy practices through second-hand retsil, and 5 Supporter Members who advocate for and assist in advancing the goals of the reuse and repair sector. This year, NIRN introduced several initiatives to support its members and raise awareness about the reuse and repair sector. Among these was the launch of a monthly e-newsletter, designed to inform the public and spotlight the activities of NIRN'S members. To support the growth of members NIRN piloted Circular Resources Library, a platform that allows members to share skills, knowledge, and resources with one another and the wider community. The initiative aims to increase sector visibility and encourage broader engagement with clrcular economy Practi$. NIRN also benefits from funding under the National Lottery Climate Action Fund through a partnership with The Playhouse in Derry. This collaborative project, Artitude, seeks to inspire communities to engage in climate action and circularity through the arts. As part of this initiative, NIRN has adopted storytelling as a powerful tool to highlight the impact and activities of its members. One outcome has been the launch of a monthly podcast series. During European Week for Waste Reduction {EIIvwR), NIRN produced a special podcast series focusing on the theme of packaging waste. The series featured interviews with a diverse range of stakeholders, including representatives from the Department for the Economy and DAERA, local authorities, and the Dean of Sustsinability at Ulster University- This series was recognized for its impact, earning a nomination in the NGO category at the ElIlAIVR awards, Whe it secured a spot among the top three finalists. NIRN successfully applied for and obtained membership to RREUSE, a prominent neork representing reuse and repair organisations across Europe. Membership provides NIRN with valuable Opportunities to connect with a broader network of organizations in this field, enabling knowledge exchange and collaboration. Through thi5 membership, NIRN can share insights with its members while also learning from best practice5 across Europe. Additionally, membership enhance5 the visibility of NIRN. its members, and their activities on a European stage.
Northern Ireland Resources Network Company Limited by Guarantee Trustses, Annual Report (Incorporating the Director's Report) fcontinued) Year ended 31 March 2024 Our members continue to lead the way with creative and innovative efforts to advance reuse and repair initiatives. A key part of NIRN'S role is to document the extensive environmental, social, and economic benefits these activities generate. Data collected for 2023 highlights the remarkable impact of their efforts.. collectively, our members diverted over 8,000 tonnes of materials through reuse, repair, and lending activities, resulting in an estimated reduction of more than 40,000 tonnes of C02 emissions. Additionally, training and education remain central to their mission, with over 10,000 individuals receiving education or upskilling opportunities to further support sustainability practices. Through our members over 300,000 people were supported through reuse and repair, helping to alleviate the cost of living challenges. With an expanded team, NIRN is intensifying efforts to promote reuse and repair, recognizing that much work remains in raising awareness, suppjrting members, and advancing education. Significant challenges and opportunities lie ahead as NIRN continues to expand its initiatives, striving to establish reuse and repair as essential pillars of environmental sustainability. Financlal revlew A detailed overview of the financial perforrnance of NIRN is included in the Financial Statements. The income generated and expenditure incurred was for the purpose of delivering the Department of Agriculture, Environment & Rural Affairs grant project for Reuse & Repair neork. Trustees, responsibllities Statement The trustees, who are also directors for the purposes ofcompany 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). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles in the applicable Charities SORP., make judgments and accounting estimates that are reasonable and prudent., prepare the financial ststements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequ8te accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any tirne the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
Northern Ireland Resources Network Company Limited by Guarantee Trustses, Annual Report (Incorporating the DirectOS Report) (contlnued) Year ended 31 March 2024 The trustees, annual report was approved on g Dember 2024 8nd signed on behalf of the board of trustees by.. Mr M Sloan Trustee
Northern Ireland Resources Network Company Limlted by Guarantee Independent Examiner's Report to the Trustees of Northern Ireland Resources Network Year ended 31 March 2024 I report to the trustees on my examination of the financial statements of Northem Ireland Resources Network ('the charity,) for the year ended 31 March 2024. Responsibilitles and basis of report As the trustees of the company (and also its dlrectors for the purposes of company law) you are responsibl8 for the preparation of the financial statements in accordance with the requirements of Charities Act (North8rn Ireland) 2008 (the '2008 Act,) and th8 Companies Act 2006 {'the 2006 Act,). You are satisfied that the accounts of the company are not r8quir8d by charity or company law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under Section 65 of tha 2008 Act. In carrying out my examination I have followed the genaral Directions giv8n by the Charity Commission for Northem Ireland under section 65{9)(b) of the 2008 Act. Indapendent oxamlnorfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or the financial statements do not accord with ihose records; or the financial statements do not comply with the accountlng r8quirem8nis of section 396 of th8 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a maiter consldered as part of an independent examination,. or the financial statements hav8 not been prepared in accordance with the methods and principles of the Stalem8nt of Recommended Practic8 for accounling and r8POrting by charities applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021.
Northern Ireland Resources Network Company Llmited by Guarantee Independent Examinerfs Report to the Trustees of Northern Ireland Resources Network (conlinuod) Year ended 31 March 2024 I confirm that there are no other matters to which your attention should be drawn to enable a prop8r understanding of the accounts to be reached. Mr Paul Leathem Ind8pendent Examiner Mulr & Addy Chartered Accountants Muir Building 427 Holywood Road Belfast BT4 2LT 9Dec24 10
Northern Ireland Resources Network Company Limited by Guarantee Statsment of Financial Activities (including income and expenditure account) Year ended 31 March 2024 Period from 11 Feb22to 31 Mar 23 Year to 31 Mar 24 Unrestricted Restricted funds funds Total funds Total funds Note Income and endowments Donations and legacies Charitable activities 2,550 12,932 15,482 125,000 127,550 12,932 97,000 Totsl Income 125,000 140,482 97.000 Expenditure Expenditure on charitable 8Ctivities Total expenditure 8,219 8,219 105,740 113,959 90,588 90,588 105,740 113,959 Not Income 7,263 19,260 26,523 6,412 Transfers beteen funds (4,713) 4,713 Net movement in fund8 2,550 23,973 26,523 6,412 Reconcillatlon of funds Total funds brought forward Total funds carried forward 6,412 6,412 32,935 2,550 30,385 6,412 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. Tho notss on pages 14 to 22 forrn part of these financial statsments. 11
Northern Ireland Resources Network Company Limited by Guarantee ststament of Financial Position 31 March 2024 2024 2023 Nots Current assets Debtors Cash at bank and in hand 12 32,150 18,042 50,192 28,728 4,439 33,167 Credltors: amounts falling due within one year Net current assets 13 17,257 26,755 32,935 6,412 6,412 Total assets less current Ilabllities 32,935 Net assets 32,935 6,412 Fund8 of the charlty Restricted funds Unrestricted funds 30,385 2,550 6,412 Total charlty funds 15 32,935 6,412 For the 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 members have not required the company to obtain an audit of its financial statements for the year in questlon in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Actwith respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 9 Dec 24, and are signed on behalf of the board by: Ms N Griffiths Trustee Mr M Sloan Trustee The notss on pages 14 to 22 form part of these financial statements. 12
Northern Ireland Resources Network Company Limitsd by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activltles Net income 26,523 6,412 Adjustments for Interest payable and similar charges Accrued expenses 40 2,377 5,675 Ch8nges in.. Trade and other debtors Trade and other creditors (3,422) (15,173) 13,603 (28,728) 24,378 Cash generated from operations 4,479 Interest paid Net cash from operating activities {40> 4,439 13,603 Not Increase In cash and cash equlvalents Cash and cash equlvalents at beginning of yaar Cash and cash equivalents at end of year 13,603 4,439 18,042 4,439 4,439 The notes on pages 14 to 22 forni part of these financial staternènt8. 13
Northern Ireland Resources Network Company Limited by Guarantee Notss to the Financial Statsments Year ended 31 March 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is The Milestone Centre, Quarry Road, Carrickmore, Co Tyrone, BT79 9AL. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 IFRS 102) (Charities SORP {FRS 102)) and the Companies Act 2006. Accounting pollci08 Bas18 of preparatlon The fi'nancial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estlmatlon uncertainty The preparation of the financial ststements 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, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted fLJnds are subjected to restrictions on theirexpenditure declared by the donor or through ihe terms of an appeal, and fall into one of sub-classes.. restricted income funds or endowment funds. 14
Northern Ireland Resources Network Company Limited by Guarantee Notes to the Financial Statements {continued) Year ended 31 March 2024 Accounting policies (contlnuedj Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with 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 when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement 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 seNices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure 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.. expenditure on raising funds includes the costs of all fundraising actlvities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities 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 charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity 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 directly to that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. 15
Northern Ireland Resources Network Company Limited by Guarantse Notas to the Financial Ststements (conllnued) Year ended 31 March 2024 Accounting policies fcontinued) Financial instruments A financial asset or a financial liability is recognised only when the entity becomes a paty to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or otherconsideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. VNhere investments in shares or preference shares are publicly traded or their fair value can otherwlse be measured reliably, the investment Is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments 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 profit or loss, with the exception of hedging instruments in a designated hedging relationship (see hedge accounting policy). Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of irnpairment at the end of each reporting date. If there is objects've evidence of impairment, an impairment loss is recognised under the appropriate heading in the ststement of financial activities in which the initial gain was recognised. For all equity 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 basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impaiment not previously been recognised. Deflned contribution plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. 16
Northern Ireland Resources Network Company Limited by Guarantee Notes to the Financial Statements Icontlnuedj Year ended 31 March 2024 Accounting pollcles (continued) Deflned contribution plans (conlinued) When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Llmited by guarantee The company is an incorporated company limited by guarantee. The company was established under a Memorandum of Association which established the objects and powers of the company and is governed under its Articles of Association. In the event the charity is dissolved, every member promises, whi15t serving as a member or within one year after it ceases to be a member, to pay up to £1 towards.. payments of those debts and liabilities of the Charity incurred before helshe ceased to be a member., payment of the costs, charges and expenses of winding up,. and the adjustment of rights of contributors among themselves Donatlons and legacles Unrestricted Fund5 Restricted Total Funds Funds 2024 Donatlons Donations 1,000 1,000 Grants Grants receivable - DAERA 125,000 125,000 Subscriptions Subscriptions 1,550 2,550 1,550 127,550 125,000 Unrestricted Funds Restricted Total Funds Funds 2023 Donatlons Donations Grants Grants receivable - DAERA 97,000 97,000 Subscriptions Subscriptions 97,000 97,000 17
Northern Ireland Resources Network Company Limited by Guarantee Notss to the Financial Statsmants (contlnuedj Year ended 31 March 2024 Charltable activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Artitude Project 12,932 12,932 Expendlture on charitable activltles by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Sustainable reuse & repair Support costs 8,219 103,940 1,800 105,740 112,159 1,800 113,959 8,219 Unrestricted Funds Restricted Totsl Funds Funds 2023 Sustainable reuse & repair Support costs 88,788 1,800 88,788 1,800 90,588 90,588 Expenditure on charitable actlvities by actlvity typè Activities undertaken directly Support Total fund8 costs 2024 Total fund 2023 Sustainable reuse & repair Governance costs 112,159 112,159 1,800 88,788 1,800 1,800 1,800 112,159 113,959 90,588 Independent examlnatlon foes Period from Year to 11 Feb 22 to 31 Mar 24 31 Mar 23 Fees payable to the independent examiner for.. Independent examinats'on of the financial statements 1,800 1,800 18
Northern Ireland Resources Network Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 10. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: Period from Year to 11 Feb 22 to 31 Mar 24 31 Mar 23 Wages and salarie5 Social security costs Employer contributions to pension plans 51,402 30,600 1,839 721 53,252 31,321 The average head Count of employees during the year was 3 (2023.. 1). The average number of full-time equivalent employees during the year Is analysed as follows: 2024 2023 No. No. Number of staff No employee received employee benefits of more than £60,000 during the year (2023.. Nil). Key Managemant Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of tlie charity. The total compensation paid to key management personnel for services provided to the charity was £32,466 (2023.'£31,321). 11. Trustee remuneration and expenses Remuneration no remuneration or other benefits from employment with the charity or a related entity were received by the trustees. Expen8é8 During the year ended 2024 no trustees have claimed for reimbursement of expenses for travel (2023- 1 trustee claimed £20) During the year ended 2024 5 trustees have claimed expenses paid directly to third parties for hotel accommodation amounting to £572 (2023- 2 trustees claimed a total of £318. 12. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 32,150 21,750 6,280 698 32,150 28,728 19
Northern Ireland Resources Network Company Limited by Guarantse Notes to the Financial Statements f¢on¢inued) Year ended 31 March 2024 13. Credltors: amounts falling due within one year 2024 2023 Trade creditors Accruals and deferred income Social security and other taxes Other creditors 7,248 8,052 1,258 699 21,335 2,377 3,043 17,257 26,755 14. Pen8ion8 and other post retlremont beneflts Deflned contrlbutlon plan8 The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,839 (2023.. £721). For the period ended 31 March 2024 £69912023: £1,357) wa5 Outstanding. 15. Analysls of charltable funds Unrestricted funds At 31 March 20 24 At 1 April 2023 Income Expenditure Transfers General funds 15,482 (8,219) (4,713) 2,550 At 11 February 2022 At 31 March 20 23 Income Expenditure Transfers General funds 20
Northern Ireland Resources Network Company Limit8d by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 15. Analysls of charitable funds fcontinuedj Restricted funds At 31 March 2024 At 1 April 2023 Income Expenditure Transfers DAERA - Reuse & repair network 6,412 125,000 (105,7401 4,713 30,385 At 11 February 2022 At 31 March 2023 Income Expenditure Transfers DAERA- Reuse & repair neOrk 97,000 (90,5881 6,412 DAERA - reuse & repair network Northern Ireland needs to establish and maintain a reuse and repair network to meet the statutory recycling targets, combat climate change and to deliver a circular economy. Transfers between funds During the year an amount of £4,713 was transferred from unrestricted general fund to the restricted DAERA- reuse & repair network. A new funding source was established that has allowed for the re-allocation of costs previously claimed against the DAERA restricted fund. 16. Analysls of net assets botween funds Unrestricted Funds Restricted Total Funds Funds 2024 Current assets Creditors less than 1 year Net assets 2.550 47,642 (17,257) 30,385 50,192 (17,257) 32,935 2,550 Unrestricted Funds Restricted Total Funds Funds 2023 Current assets Creditors less than 1 year 33,167 (26,755) 6,412 33,167 (26,755) 6,412 Net assets 21
Northern Ireland Resources Network Company Limitsd by Guarantse Notes to th8 Financial Statements (conllnuedj Year ended 31 March 2024 17. Analysls of changes in net debt At 31 March 2024 At 1 April 2023 Cash flows Cash at bank and in hand 4,439 13,603 18,042 18. Golng concern The company has limited accumulated unrestricted funds as at 31st of March 2024 and the primary focus is in the successful delivery of the DAERA grant project. The Trustees of NIRN are working on a 3-year strategy that will support additional unrestricted income streams with a view to accumulating future unrestricted funds. The Trustees are confident that it is appropriate to prepare the financial statements on a going concem basis. 22