The members and directors present their report and the audited financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and applicable accounting standards, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006 and UK Generally Accepted Accounting Practice. They have also had regard for any other information required by the charity’s governing document.
Principal activity
The principal activity of the charitable company during the year continued to be the promotion of the charitable objects of assisting in the social welfare, education and physical well-being of young people from areas of social deprivation.
Ledley Hall exists to help young people take control of their lives. We work in partnership with children and young people as they seek to meet their personal, social, emotional, cultural, political, and physical needs. We offer young people guidance and support and encourage them to excel. Leading by example we promote values such as trust, honesty and friendship and dare young people to dream. In working to achieve these aims we will strive to create a climate of mutual respect, understanding and equality.
Vision Statement
To create an environment which is safe and secure, which is open to all young people regardless of gender, sexual orientation, religion, colour of skin etc.
A place where young people are valued, where they can make mistakes and we are still there for them.
A place where young people are listened to and encouraged and where they are provided with opportunities for personal and social development and new experiences.
A place where young people are our priority and a one stop shop, in terms of information and sign posting to other services etc.
Values Statement
• the dignity and worth of every young person
• individual differences
• the growing autonomy of every young person
• every young person’s right to be a voluntary participant in any helping process
• the potential of every young person
We achieve our strategic objective by operating a Youth Club in dedicated premises. We have done this since 1942. We deliver services to young people in the 5-25 age range. This centre operates full-time over 7 days and has over 300 registered members.
Much of what we have stated in previous trustees reports is still applicable. Our strategic objectives remain as before namely to assist young people in regard to taking control of their lives. Our aim is to provide a safe and secure environment for our young people, a home from home, a place where young people have opportunities for fun, making memories and learning in an informal way. We provide one-to-one support for young people and have an on-site counsellor.
The Board of Ledley Hall Boys’ and Girls’ Club Trust Limited confirm that they have had due regard for the guidance produced on public benefit by the Charity Commission for Northern Ireland, and are pleased to report that during the year the charitable company has continued to provide public benefits through the programmes and services we offer. In particular, the directors consider how planned activities will contribute to the aims and objectives they have set out.
Ledley Hall maintains excellent volunteer engagement. We have on average 55 volunteer hours per week. Over the 52 weeks of the year this equates to 2,860 hours per year. If this is conservatively valued at the average minimum wage for workers aged 21 years and older for the year of £11.44 an hour the volunteer effort amounts to over £32,718. Many of our programmes are reliant on volunteers and they are an essential part of what we do.
This has been another memorable year at Ledley Hall, with receiving the Kings Award for Voluntary Service an absolute highlight and recognition for all of those who have given their time over many years to make Ledley Hall a success.
Two of our trustees had the pleasure of attending a garden party at Holyrood House, and the formal presentation of the award being made by HM Lord Lieutenant Dame Fionnuala Jay O’Boyle in Belfast. This was the first Kings Award given out in HM King Charles III reign. This was a fantastic event with HM Lord Lieutenant piped into the room with bagpipes, an occasion that will never be forgotten by the volunteers present.
We also had a very successful Tower 2 Tower programme, the first of its kind delivered on a cross community, intergenerational basis with military veterans, learning together about the Somme and the historical context in which this took place, this year long programme culminating in a trip to France and Belgium.
We continue with our general programmes including breakfast club, homework club and our IABA affiliated boxing club.
We continue with our programme of inclusion with our Makaton programme the highlight of this, teaching young people Makaton that they can use in Ledley Hall and take out into the wider community, creating inclusive spaces for Makaton user. We continue to be the only holder of the Makaton Silver Award in Northern Ireland, which is a testament to the excellent work in this area.
Our Kindness Crew continue to work hard at providing food and provisions to local families and others within our community. These continue to be supported by our partnerships with Neighbourly, Mash Direct and the Hygiene Bank NI.
Much of our work is directly addressing educational underachievement and one of the ways in which we have done this, in partnership with the shared housing scheme, we have facilitated the Dolly Parton Imagination Library, which gives books to 0-5’s every month. We have further supported the availability of books to our community with our Kindness Crew’s Book Hut. This book hut provides books for all ages free of charge, which we facilitate on an ongoing basis through donations of books, this is incredibly well used.
Our primary objective is as always to address the needs of our young people and this is done through consultation with them, their parents and the wider community. We facilitate an annual assessment of need and create our programmes and opportunities around the needs expressed here. We also work to the Education Authorities Local Assessment of Need and the Local area plan for East Belfast and take into consideration the NISRA statistics for the area, in identifying the issues needed. The challenge is to do this as quickly as possible and respond to emerging needs effectively. Funding, and the availability of resources, continues to be an issue for us. Evaluations from our young people indicate satisfaction with the programmes delivered.
Direct beneficiaries of course are our membership. Indirectly, for instance, parents are supported through their children availing of additional support mechanisms within the community. The wider community benefits when young people are equipped to play their part in the community and we would respectfully submit that we assist young people to do so.
We have regard to public benefit and endeavour to be guided by the Charity Commission from Northern Ireland. There is no private profit or benefit derived from our operations. All is done for the Public Benefit.
There have been no significant financial developments. Our financial situation is dependent on the funding received. There are no new factors affecting the financial position of the trust.
Our plans for future periods are as always to address the needs of the young people as set out in our mission and vision statements. We try to maintain a reserves policy where possible.
Total income for the year was £145,449 (2023: £141,595). Income from donations and legacies amounted to £145,271 (2023: £141,422) and income from investments amounted to £178 (2023: £173).
Total expenditure on charitable activities in the year amounted to £142,201 (2023: £137,685).
The net income for the year amounted to £3,248 (2023: £3,910).
The balance sheet shows that the charitable company had a surplus of £358,394 as at 31 March 2024 (£355,146 as at 31 March 2023). This includes restricted funds carried forward of £188,063 (2023: £181,715) and unrestricted funds of £170,331 (2023: £173,431). Unrestricted funds excluding fixed assets (free reserves) are £25,409 (2023: £21,259).
The results for the financial year are set out fully in the financial statements.
The directors consider the company’s financial position at the date of the balance sheet to be satisfactory and that the charity is in a satisfactory position to carry on its charitable activities.
Reserves policy
It is the policy of the charity to maintain free reserves which matches the needs of the trust, both at the current time and in the foreseeable future. This provides sufficient funds to cover running costs which include management, administration and support costs. Free reserves are those unrestricted reserves not designated nor invested in fixed assets which are available for general use.
The principal funding is from grants and donations.
The Ledley Hall Boys' and Girls' Club will continue to promote the improvement of social welfare, the fostering of community harmony, the improvement of health and physical well-being and the advancement of education in Northern Ireland. In particular we will address the needs of young people as they arise. We consider flexibility to be a very important aspect of meeting the needs of the young people.
Ledley Hall Boys’ and Girls’ Club Trust Limited is a charitable company limited by guarantee and does not have a share capital. It is governed by a Memorandum and Articles of Association and the liability of each member is limited to an amount not exceeding £1.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Recruitment, appointment, induction and training
Many of the present members have been involved in the charity for a number of years and so are familiar with its work. The members regularly review the requirements of the charity and the possibility of a need for additional members. Any new members would be appointed by applying in writing to the Council for admission and be proposed by a member. The Council may reject the application or if not the Council will submit the application to the next annual general meeting of the Trust or to an extraordinary general meeting convened at the direction of the Council. The applicant shall be approved by an extraordinary resolution of the members of the Trust passed by a majority of those present.
Michelle Fullerton carries out the day to day management of the charity and has delegated authority for operational matters including finance and staffing. The directors manage all other business decisions and meet on a quarterly basis.
Organisational structure and related parties
The members and directors oversee the running of the charitable company. The related parties are the members, directors and their close family.
Risk management
The directors have overall responsibility for ensuring that the charity has in place an appropriate system of controls, financial and otherwise, to provide reasonable assurance that;
the charity is operating efficiently and effectively;
its assets are safeguarded against unauthorised use or disposition;
proper records are maintained and financial information used within the charity or for publication is reliable;
the charity complies with relevant laws and regulations; and
the charity’s systems of financial control are designed to provide reasonable, but not absolute assurance against material misstatement or loss.
The members and directors have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate any exposure to major risks. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the premises. These procedures are periodically reviewed at least annually to ensure that they continue to meet the needs of the charitable company.
The trustees, who are also the directors of Ledley Hall Boys' and Girls' Club Trust Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
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 Charities SORP;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time 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.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
The auditor, GMcG BELFAST, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
The trustees' report was approved by the Board of Trustees.
Opinion
We have audited the financial statements of Ledley Hall Boys' and Girls' Club Trust Limited (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and
the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit; or
the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.
As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing potential risks of material misstatement in respect of irregularities, including fraud and non-compliances with laws and regulations, we considered the following:
The nature of the industry and sector, control environment and business performance, including the company’s remuneration policies for directors, bonus levels and performance targets, if any;
Results of our enquiries of management about their own identification and assessment of the risks of irregularities;
Any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to:
Identifying, evaluating and complying with laws and regulations and whether they were aware of any instance of non-compliance;
Detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; and
The internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the charitable company for fraud and identified the greatest potential for fraud in income recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the charitable company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies Act 2006, and local tax legislation.
In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty.
Our procedures to respond to the risks identified included the following:
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Enquiring of management concerning actual and potential litigation and claims;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reading minutes of meetings of those charged with governance and reviewing correspondence with tax authorities; and
In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 14 to 25 form part of these financial statements.
The notes on pages 14 to 25 form part of these financial statements.
Ledley Hall Boys' and Girls' Club Trust Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 1 Ledley Hall Close, Beersbridge Road, Belfast, BT5 4SW.
The charitable company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Article of Association.
The charitable company constitutes a public benefit entity as defined by FRS 102.
The financial statements have been prepared in accordance with applicable accounting standards, Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. We believe that the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding and support from the Education Authority, other funders and bank will be more than adequate for the charitable company's needs. We believe that no further disclosures relating to the charitable company's ability to continue as a going concern need to be made in the financial statements.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of overheads and support costs.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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 item. 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 facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure.
Voluntary income received by way of donations and gift is credited to revenue on a receivable basis.
Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. Where estimating the fair value is practicable upon receipt it is recognised in stock and ‘Income from other trading activities’. Upon sale, the value of the stock is charged against ‘Income from other trading activities’ and the proceeds are recognised as ‘Income from other trading activities’. Where it is impracticable to fair value the items due to the volume of low value items they are not recognised in the financial statements until they are sold. This income is recognised within ‘Income from other trading activities’.
Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset.
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 entitlement is not met then these amounts are deferred. Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period. Grants which contribute towards specific expenditure on fixed assets are credited to the statement of financial activities n full upon receipt.
Income is deferred when it relates to a future event and is recognised on completion of the event.
Income from trading activities includes income earned from fundraising events to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Investment income is interest earned through holding cash at bank. Interest income is recognised when receivable.
Other income represents income that cannot be reported under the other analysis headings provided within the Statement of Financial Activities.
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries and includes salary costs and an apportionment of support costs;
Governance costs include the costs attributable to the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustee meetings and reimbursed expenses.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand, deposits held at call with 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.
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
The charitable company is exempt from income tax and capital gains tax to the extent that its income and gains are applied for charitable purposes. No tax charge has arisen in the year.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Judgements are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The trustees consider it appropriate to allocate these funds based on interpretation of donations received.
The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The trustees regularly review these asset lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in asset lives can have a significant impact on depreciation and amortisation charges for the period.
Grants
Subscriptions and activities
Motor/Travel Expenses
80th Anniversary
Kings Coronation
TV
Food Supplies
Grotto
Boxing
Light and Heat
Cleaning
Club Activities
Food for all
The charity considers its key management personnel to compromise the board of trustees, who received no remuneration in the current or prior year.
Nil (2023: - Nil) directors are accruing pension arrangements.
The directors did not have any expenses reimbursed during the year (2023 - £Nil).
The average monthly number of employees during the year was:
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
The transfer of funds represents depreciation on restricted fixed assets transferred out of unrestricted funds to restricted funds and fixed assets transferred from unrestricted funds to restricted funds.
The charitable company has a contingent liability to repay grants received if the company fails to comply with certain conditions stipulated in the letter of offer and terms and conditions of contract under which the grants were paid. The trustees do not exceed any claims to be made in this respect.
The Department of Education for Northern Ireland agreed to make a grant to the company of a sum not exceeding £300,000 towards expenditure incurred by the company subject to terms and conditions contained in an Indenture dated 31 December 1987. If within 50 years from this date the conditions of the grant no longer apply, there shall be payable to the Department by the company a sum which the Department considers equitable but which does not exceed the sum determined by the calculation set forth in Articles 11(5) of the Order.
The Childhood Fund Support Service, under the EU Special Programme for Peace and Reconciliation - Childhood Fund, agreed to make a grant of £32,000 to the company towards the establishment of a play care group for children of primary school age subject to terms and conditions contained in an agreement dated 18 July 1997. If the company defaults on certain conditions specified in the agreement it is required to repay such part of the project funds as is in its possession at the date of default.
The Department of Education for Northern Ireland agreed to make a grant to the company of a sum not exceeding £166,747 towards expenditure incurred by the company subject to terms and conditions contained in an Indenture dated 7 October 2013. If within 22 years from this date the conditions of the grant no longer apply, there shall be payable to the Department by the company a sum which the Department considers equitable but which does not exceed the sum determined by the calculation set forth in Articles 8(3) of the Order and it is hereby declared that any sum payable to the Department under the provisions of the covenants shall be in addition to and not in substitution for any other sum payable to the Department under the provision of these presents.
During the year the charity entered into the following transactions with related parties:
During the year, a trustee made a non-interest bearing loan to the charitable company. The balance owing to the director at the year end was £2,513 and is included in other creditors.