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COMPANY REGISTRATION NUMBER: NI044226
CHARITY REGISTRATION NUMBER: NIC101570
School Employer Connections Ltd
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2024
School Employer Connections Ltd
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
6
Statement of financial activities (including income and expenditure account)
7
Statement of financial position
8
Statement of cash flows
9
Notes to the financial statements
10
School Employer Connections Ltd
Company Limited by Guarantee
Trustees' 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 name
School Employer Connections Ltd
Charity registration number
NIC101570
Company registration number
NI044226
Principal office and registered
The Innovation Centre
office
Bay Road
Londonderry
BT48 7TG
United Kingdom
The trustees
Mr R Devine
Ms K O'Leary
Mr JP Harkin
Mr P Allen
Ms D Cartin
Ms N Griffiths
Mr P O Mianain
Mr M Patton
Independent examiner
Thomas Harkin F.C.C.A. Patrick Durkan & Co
Office 8 Springrowth House
Balliniska Road
Derry
BT48 0GG
Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated and registered as a charity on 1 October 2002. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. The company is recognised by HM Revenue & Customs as having charitable status, reference number XR60928.
The directors of the company are also the charity trustees for the purposes of charity law. Board members are based on having a balance between public, private and voluntary sectors. They are given an induction by the Chairman and Secretary covering the charity's structure and how it operates. The Board meets once every quarter to receive reports from management and deal with strategic and policy matters. The Chairman and the Charity Manager maintain regular contact between Board meetings.
All operational decisions are taken by the Charity Manager, Mr Owen Crozier. Strategic decisions are discussed at board meetings and actions agreed.
The major risks to which the charity is exposed are reviewed at board meetings and actions are agreed to minimise these. The Charity Manager maintains continuous risk monitoring and adapts action plans accordingly.
Risk Management
The Trustees, together with the Charity Manager monitor the charity's system and controls on an ongoing basis. The Trustees are satisfied that the major strategic, business and operational risks which the charity faces have been identified, and controls exist to mitigate those risks.
Objectives and activities
The company's object and principal activity is to:
- Promote the development and enhancement of linkages between the world of education and the world of work in its area of benefit by and in particular:
- Associating the statutory authorities, business sector, educational institutions, community, voluntary organisations and relevant individuals in a common effort to provide careers, employability and work-related learning opportunities for young people of school-going age within the area of benefit.
The charity's aims through all its activities are:
- To raise awareness among students, teachers and parents of career paths in each of our key sectors.
- To provide students, teachers and parents with high quality, up-to-date knowledge and information which will enable good career choices.
- To help young people to envision a positive future for themselves and raise their ambitions.
- To actively promote progression into sectors which are experiencing/forecasting workforce shortages and to discourage progression into areas of workforce superfluity.
Programme Objectives
- Offer a framework of engagement (i.e. programmes) between businesses and Post Primary Schools (a Business -Education Interface) for careers promotion.
- Promote career attractiveness.
- Highlight the technical, workplace or employability skills required.
- Promote pathways & careers progression routes.
- Deliver effective communications (i.e. web and social media presence).
- Link to STEM initiatives and other areas where there are labour shortages.
Address key issues:
- Shift perceptions about career attractiveness. Address & dispel myths.
- Career expectation
- Communicate up to date labour market information.
- Gender imbalance.
- Parental awareness.
- Talent drain.
- Supporting organisations / businesses.
- Commitment from Employers
- Post Primary School receptiveness (e.g. timetables, exams etc).
- Willingness for collaborative working to widen networks.
Outcomes:
- Shift perceptions by career promotion and awareness.
- " Collaboratively address the skills shortages.
- " Build and widen useful networks.
These Outcomes are achieved by delivery across SEC's three programmes:
Face to face and/or virtual:
1. Class Programme
2. Work Experience Programme
3. Website (Careers Hub)
Achievements and performance
The charity ceased all operations on the 30 June 2023. In the final three months of operations the charity completed its programme with the Department of Education and wound down the services of the charity and entered into a redundancy consultation with its employees. The charity also completed its programme with Derry City and Strabane District Council that included
1. Promoting the Digitial, Creative and Financial sectors to Year 10 pupils in the North West
2. Delivering the Virtual Class Programme "Inspiration Role Model" sessions to 16 Post-Primary Schools.
3. Delivering Face to face careers sessions to each Year 10 Group in the 16 Post-Primary Schools.
The charity also organised a work experience visit to Seagate.
Financial review
The results for the financial year are set out in detail on pages 7 - 20. The Trustees of School Employer Connections were able to carry out a managed cessation of the charity, ensuring that the charity met its obligations to its employees, creditors, funders and other relevant stakeholders. At the end of the winding up period the remaining funds totalling £4,585 were donated to the North West Volunteer Centre, a charity registered in Northern Ireland that had operations within the objectives of School Employer Connections.
School Employer Connections received a final core grant from the Department of Education for Northern Ireland which contributes to its core work as set out in the Trustee's Report. The other principal funding sources for the charity are currently by way of grants and donations. The main funders or donors for the year were:
Seagate Technology
Derry City and Strabane District Council
Reserves policy
Unrestricted funds are considered to be essential to provide sufficient funds to cover any shortfall in funding and fufil the legal obligations of the Charity in the event that current levels of funding are not maintained.
The reserves policy has been designed in order to recognise SEC's requirements for reserves considering the main risks to the charity. It has established a policy whereby the unrestricted reserves not committed should equate to six months total resources expended. At the closure of the charity on 30 June 2023 after paying all the creditors a sum of £4,585 remained. The charity trustees considered that the operations of the North West Volunteer Centre, charity registered in Northern Ireland, were within the charitable objectives of School Employer Connections Ltd , and accordingly a final donation equating to the last remaining funds of the charity was donated to the North West Volunteer Centre.
Given the passage of events since 31 March 2023 (see Plans for future periods) the focus of the Trustees, in relation to the reserves policy, has been to ensure that sufficient funds are retained to enable the company to meet its obligations to its employees, creditors, funders and other relevant stakeholders in the event of the cessation of operations by the company.
Plans for future periods
On 3 April 2023 School Employer Connections was advised by its principal funder, the Department for Education for Northern Ireland (DENI), that "in light of the significant budgetary pressures facing the Northern Ireland Block in 2023-24 and in the absence of a final budget allocation to the Department of Education by the Secretary of State, there will be a significant reduction in the budget available." The Department went on to say that it "had to take a number of very difficult decisions at this stage to provide an opening planning position. As discussed with the Team, the Department can offer an allocation of two month's budget cover amounting to £20k during which time we would hope that a final budget position can be reached; however, it is unlikely that any funding will be available thereafter to support existing programmes" It continued that "The Department will confirm the final position when the full budget has been confirmed„.but it is important to note that planning beyond that will not be possible and will be subject to significant financial pressure."
No further funding was forthcoming from the Department for any of the company's programmes after 31 May 2023. The Trustees therefore had no option but to initiate its agreed Exit Strategy and to make immediate preparations for the complete cessation of operations by the company. A key plank of this strategy was to arrange for the termination of the contracts of employment of all staff with effect from 30 June 2023, and to make any statutory notice and redundancy payments due to staff on their termination.
These arrangements were completed successfully at that time, and since then the company has remained available to consider any opportunities for future programmes, should the Department's funding position change as the 2023/24 Budget Year progressed. As there was no change in the Department's funding position by the end of December 2023, the Trustees commenced the formal wind-up of the company in early 2024.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 11 July 2024 and signed on behalf of the board of trustees by:
Mr R Devine
Trustee
School Employer Connections Ltd
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of School Employer Connections Ltd
Year ended 31 March 2024
I report to the trustees on my examination of the financial statements of School Employer Connections Ltd ('the charity') for the year ended 31 March 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the ‘2008 Act’) and the Companies Act 2006 (‘the 2006 Act’). You are satisfied that the accounts of the company are not required 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 the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the 2008 Act. Independent examiner's 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:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
Thomas Harkin F.C.C.A. Patrick Durkan & Co
Independent Examiner
Office 8 Springrowth House Balliniska Road Derry BT48 0GG
11 July 2024
School Employer Connections Ltd
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and Grants
5
30,074
30,074
134,794
Charitable activities
6
8,000
----
--------
--------
---------
Total income
30,074
30,074
142,794
----
--------
--------
---------
Test expenditure
Expenditure on charitable activities
7,8
7,157
53,882
61,039
177,898
Other expenditure
10
183
183
1,370
-------
--------
--------
---------
Total expenditure
7,340
53,882
61,222
179,268
-------
--------
--------
---------
Losses on impairment or disposal of operations
10,656
-------
--------
--------
---------
Net expenditure
( 7,340)
( 23,808)
( 31,148)
( 47,130)
-------
--------
--------
---------
Transfers between funds
(23,698)
23,698
--------
--------
--------
---------
Net movement in funds
( 31,038)
( 110)
( 31,148)
( 47,130)
Reconciliation of funds
Total funds brought forward
31,038
110
31,148
78,278
--------
--------
--------
---------
Total funds carried forward
31,148
--------
--------
--------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
School Employer Connections Ltd
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Current assets
Debtors
15
15,002
Cash at bank and in hand
57,430
----
--------
72,432
Creditors: amounts falling due within one year
16
41,284
----
--------
Net current liabilities
31,148
----
--------
Total assets less current liabilities
31,148
----
--------
Net liabilities
31,148
----
--------
Funds of the charity
Restricted funds
110
Unrestricted funds
31,038
----
--------
Total charity funds
19
31,148
----
--------
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 question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with 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 11 July 2024 , and are signed on behalf of the board by:
Mr R Devine
Mr P Allen
Trustee
Trustee
School Employer Connections Ltd
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Net expenditure
(31,148)
(47,130)
Adjustments for:
Depreciation of tangible fixed assets
3,090
Government grant income
( 2,096)
Interest payable and similar charges
284
302
Accrued income
( 2,300)
( 1,936)
Changes in:
Trade and other debtors
15,002
( 1,423)
Trade and other creditors
( 38,984)
36,355
--------
--------
Cash generated from operations
( 57,146)
( 12,838)
Interest paid
( 284)
( 302)
--------
--------
Net cash used in operating activities
( 57,430)
( 13,140)
--------
--------
Cash flows from investing activities
Purchase of tangible assets
( 2,445)
Proceeds from sale of tangible assets
10,656
--------
--------
Net cash from investing activities
8,211
--------
--------
Cash flows from financing activities
Government grant income
2,096
--------
--------
Net cash from financing activities
2,096
--------
--------
Net decrease in cash and cash equivalents
( 57,430)
( 2,833)
Cash and cash equivalents at beginning of year
57,430
62,190
--------
--------
Cash and cash equivalents at end of year
59,357
--------
--------
School Employer Connections Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The charity is a private company limited by guarantee and a registered charity in Northern Ireland. The address of the registered office is The Innovation Centre, Bay Road, Londonderry, BT48 7TG, United Kingdom.
2. 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 (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial 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.
Going concern
The Charity was informed by the Department of Education in March 2023 that due to departmental financial pressures it would not continue core funding beyond June 2023. In response to this the trustees took the decision to initiate its agreed Exit Strategy and to make immediate preparations for the complete cessation of operations by the charity, and the charity finally ceased to operate on 30 June 2023. The Board of Trustees does not consider that the going concern basis of accounting is appropriate and the accounts have been prepared on a cessation basis.
Judgements and key sources of estimation uncertainty
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, 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 funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
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 services 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 activities, 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 between the activities they contribute to on a reasonable, justifiable and consistent basis.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & Fittings
-
over 10 years
Office Equipment
-
over 5 to 10 years
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received. Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise 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 the statement 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 the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement 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 impairment not previously been recognised.
Defined 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. 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.
4. Limited by guarantee
The company is limited by guarantee and has no share capital. The liability of each member in the event of winding-up is limited to £1.
5. Donations and grants
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Donations
School Donations
Other Donations
200
200
Inner City Trust
Grants
Department of Education
19,995
19,995
The Honourable The Irish Society
Derry & Strabane District Council
9,589
9,589
Wesleyan Community Foundation
Seagate
400
400
Government grant income
Other donations and legacies
Honourable Irish Society
(110)
(110)
----
--------
--------
30,074
30,074
----
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
School Donations
12,362
12,362
Other Donations
Inner City Trust
2,500
2,500
Grants
Department of Education
109,334
109,334
The Honourable The Irish Society
1,163
1,163
Derry & Strabane District Council
5,411
5,411
Wesleyan Community Foundation
1,928
1,928
Seagate
Government grant income
2,096
2,096
Other donations and legacies
Honourable Irish Society
--------
---------
---------
14,862
119,932
134,794
--------
---------
---------
6. Charitable activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Services provided under contract
8,000
8,000
----
----
-------
-------
The charity has contracted to provide virtual work experience placements.
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Core Charity Costs
50,123
50,123
Support costs
2,572
3,759
6,331
Exceptional costs of charitable activities
4,585
4,585
-------
--------
--------
7,157
53,882
61,039
-------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Core Charity Costs
159,022
159,022
Support costs
9,319
9,557
18,876
Exceptional costs of charitable activities
-------
---------
---------
9,319
168,579
177,898
-------
---------
---------
The charity had funds totalling £4,585 after ceasing it activities and paying all its creditors. The charity trustees considered that the operations of the North West Volunteer Centre, a charity registered in Northern Ireland, were within the charitable objectives of School Employer Connections Ltd , and accordingly a final donation of this amount was made to the North West Volunteer Centre.
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Core Charity Costs
50,123
4,607
54,730
172,205
Governance costs
1,724
1,724
5,693
Exceptional cost of charitable activities
4,585
4,585
--------
-------
--------
---------
54,708
6,331
61,039
177,898
--------
-------
--------
---------
9. Support costs-
Core Charity Costs
Total 2024
Total 2023
£
£
£
Premises
1,608
1,608
6,300
Communications and IT
1,013
1,013
176
General office
985
985
5,662
Governance costs
1,724
1,724
5,694
Marketing
204
204
603
Travel
797
797
441
-------
-------
--------
6,331
6,331
18,876
-------
-------
--------
10. Other expenditure
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Sundry expenses
183
183
----
----
----
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Sundry expenses
1,000
370
1,370
-------
----
-------
11. Net expenditure
Net expenditure is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
3,090
----
-------
12. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
840
1,040
Other assurance services
600
1,260
-------
-------
1,440
2,300
-------
-------
13. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
48,229
146,254
Social security costs
3,717
Employer contributions to pension plans
1,894
9,051
--------
---------
50,123
159,022
--------
---------
The average head count of employees during the year was 6 (2023: 6 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Number of direct staff
4
4
Number of administrative staff
1
1
Number of management staff
1
1
----
----
6
6
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
14. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
In the year ended 31 March 2024 no trustees received reimbursement for expenses paid on behalf of the charity.
15. Debtors
2024
2023
£
£
Prepayments and accrued income
1,296
Funding debtors
13,706
----
--------
15,002
----
--------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
2,300
Social security and other taxes
1,897
Pension contributions
368
Other creditors
36,719
----
--------
41,284
----
--------
17. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 1,894 (2023: £ 9,051 ).
18. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2024
2023
£
£
Recognised in income from donations and legacies:
Government grants income
2,096
----
-------
In the previous year the charity received Government Job Start Scheme grants totalling £2,096.
19. Analysis of charitable funds
Unrestricted funds
At 1 Apr 2023
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2024
£
£
£
£
£
£
General funds
31,038
(7,340)
(23,698)
--------
----
-------
--------
----
----
At 1 Apr 2022
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2023
£
£
£
£
£
£
General funds
76,598
22,862
(10,319)
(47,447)
(10,656)
31,038
--------
--------
--------
--------
--------
--------
Restricted funds
At 1 Apr 2023
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2024
£
£
£
£
£
£
Department of Education
30,074
(53,882)
23,808
The Foyle Foundation
Department for Communities - Job Start Scheme
Derry City & Strabane District Council
Wesleyan Communuty Foundation
The Honourable The Irish Society
110
(110)
----
--------
--------
--------
----
----
110
30,074
(53,882)
23,698
----
--------
--------
--------
----
----
At 1 Apr 2022
Income
Expenditure
Transfers
Gains and losses
At 31 Mar 2023
£
£
£
£
£
£
Department of Education
109,334
(158,709)
49,375
The Foyle Foundation
1,680
(1,680)
Department for Communities - Job Start Scheme
2,096
(2,096)
Derry City & Strabane District Council
5,411
(5,411)
Wesleyan Communuty Foundation
1,928
(1,928)
The Honourable The Irish Society
1,163
(1,053)
110
-------
---------
---------
--------
----
----
1,680
119,932
(168,949)
47,447
110
-------
---------
---------
--------
----
----
The restricted funds relates to funding for the following projects:
Department of Education Northern Ireland - Core funding for the work of the Charity
Derry City and Strabane Council - Promotion of Digital, Creative and Financial Technology Sectors to Year 10 pupils.
Seagate Technology - travel costs for school pupils travelling to work experience at Seagate.
20. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Tangible fixed assets
Current assets
----
----
----
Net liabilities
----
----
----
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
110
110
Current assets
31,038
31,038
--------
----
--------
Net liabilities
31,038
110
31,148
--------
----
--------
21. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
57,430
(57,430)
--------
--------
----