Registration number N1020559 LIGONIEL IMPROVEMENT ASSOCIATION Company limited by guarantee Annual report and ffinancial statements for the year ended 31 March 2023
LIGONIEL INIPROI-E)qENT ASSOCI.¥TIOIN Contents P2ge Directors report AuditOTS' report 8-11 St(itetncnt of Financial Activities 12 Balance sheet 13 Cash fiow statement 14 Totes io the tinancial statemenis 15-22
LIGONIEL LMPROVEMENT ASSOCIATION Directors Report for the )"e2r ended 31 arCh ?023 The Directors present their report with the audited financial statements for the year ended 31 March ?023. The accounts have been preped in accordance with the accounting policies set out in note I to the accounts and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities PTepating their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irel8nd publi%hed in October 2019" Reference and Administrative Inforniation Chatity Name.. Ligoniel Improvernent Association Charity Registration number.. NIC100342 Company Registration number: N1020559 Registered Office: 148 Ligoniel Road. Belfast, B T14 8DT Business Address.. 148 Ligoniel Road. Belfast, BT14 8DT Directors M Mackessy Chair J Gray (resigned 4th August 2023) J Carmichael L Lawlor E Rock (appointed 9th August 2023) M Doherty (appointed 9th August 2023) F Mccann (appointed 9th August 2023 and resigned 14th November 2023) G Simpson (appointed 9th August 2023) E Huynh (appointed 2nd August 2023) J Crockard {appointed 3rd August 2023) Secretary M Morgan (resigned 10th August 2023) M Doherty (appointed l Oth August ?023) Auditors Mccreery Turkington Stockn]an LTD, l LaThyon Quay, Belfast. B TI 3LG Bankers Danske Bank Ltd, Donegall Square Wesl. Belfast, BTI 6JS Page I
LIGONIEL tMPROVEMENT ASSOCI.4TION Directors Report for the Jear ended 31 Trlarch 2023 Structhre, Governance and Management Governing Document Ligoniel ImprOvennt Association is a charitable company limited by guarantee. incorporated on 12th June 1987 and is registered as a charity. 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 contribut an amount not exceeding £1. Following a review, amendments were made to LIA'S Articles of Association to clarify aspects of the company's activities within the area. These amendments were ratified by the SGM of members on Thursday 13th December 2012. Recruitment and Appointment of Directors The directors of the company also ChltY trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association the directors retire by rotation and if eligible can offer themselves for re-election. Individuals are invited to serve ag direccors on the basis of their abiliiies and background ThTLth a view to achieving a balance between those from the business, voluntary and charity sectors. All new directOTS undertake a full induction programme. Direetors Induction and Training The dtrectors have conducted a review of the major riSKS to which the charlty is exposed. Where apprOlate. systems and procedures have been established to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for auihorisation of all transactions and projects. Procedures are Én place to ensur¢ compliance witlLhealth arAd safety requirements for staff, volunteers. clients and visitors to the premises. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity and its legal obligations. Organisational Structure At present Ligoniel Improvement Association has a Board of 8 directors who meei regularly and are responsible for the strategic direction of policy of the ch8Jity. A scheme of delegation is in place and dav io dav responsibility for the managernent of the orgallisation rests with the Chief Executllre. Page 2
LIGONIEL IMPROVEIMENT ASSOCIATION Directors Report for the year ended 31 March ?093 PrincipIes The BO.d of LIA llY understand thai they are responsible individually in law for board acri()nq and decisions. They are collectively responsible and accountable for enguring that the organisatioTh is performing well, is solvent and complies with all its obligations. The Board actively seeks to ensure that the organisarion understands and complies with its governing document. relevant laws. contractual obligations and the requirements of any Tegulatory bodies. The Board members <ils() understand that for the organisation to effectively meet the needs of not just the Ligoniel community but the other eaS in which it delivers a service, that a collaborativelpartnership approach is essential. LIA have therefore established links with a number of organisations at both a local and r¢gional level, with iepresentatives %itting on organisatioDs sllcb as the North Belfast Partnership Board, Belfast interface partnership, Belfast Hills Partnership, Advice NI, Healthy Living Centre regional Alliance and the Belfast Outcomes Group. Objectives The principal objectives of the cornpany remain the stimulation and promotion of economic and social developmenl in the Ligoniel area of Belfast. As noted above the articles of the association changed in 2014. The objectives of LIA, therefore now include. l. Pmmoting the efficiency and effectiveness of voluntary and comtnunity organisations and projects in the are<i by providino advice, infomation, education and trainino adtninisirative support and practical assistance. Promoting communily capacity building prograu]mes and piojects for people who have need of such assisiance. 3. Delivering projects and services that will relieve poverty. 4. Advancing. promoting and preserving the conservation maintenance and protection of features of the landscape. waterways, streams and wateT courses with geographical, historic. physical or amenity value. 5. Promoting cooperation and networking between voluntary and community organisations in the area. 6. Supporting conimunity development and wellbeing activities. MForking with partners to support community cohesion. Page 3
LIGONIEL IMPROVEIlqENT ASSOCIATION Directors Report for the >'ear ended 31 March 2023 Annual Ceneral Meeting Keport for Ligoniel Improvement Association tntroduction: As we reflect on the past year, the journey of the Ligoniel Improvement Association ILIA) has been one ked by resilience and dedication. Emer(ring from the shadows of the pandemic, our community has shown remarkable strength in the face of adversity. Supporting Families.. In our mission to provide unwavering support to families in need, the Ligoniel Healthy Living Centre became a beacon of hope. We have welcomed 171 families through our doors, offering not just assistaDc¢ but a sense of belonging. Collaborating with the North Belfast CommunÉty Food BanL we extended a Rifeline to 73 families through food bank referrals and distributed Christmas gffts to 136 children with new toys. Empowering Youth and Schools: Our cofftn)itment to the next generation remained n'ave[ltig. From after-school footbalE programs to educational initiatives promoting health and wellness, we engaged with primary and secondary school students, nurturing their potenual and fostering a sense of community spirit. Community Health and Well-being: RecognisiThg the importance of holistic well-being, our community health promotion programs flourished. From invigoraung fitness classes to therapeutic activities Rike fishing, yoga, and gardening, we empowered participants to embrace healthier lifestyles and fostered a sense of con]munity pride. Exploring History and Society: Deliling into the annals of hi510ry. our prOaMS on women's and men's history provided invaluable insights into the evolving roles and contributions of genders throughout the ages. Through study visits and facilitated sessions, participants gained a deeper understanding of our collective heritage and societal dynamics. Celebrating Community Spirit: Tlroughout the ye, our calendar was filled with vibrant community events, each one a testament to the resilience and spirit of Ligoniel. From the spook-tacular festllTlties of Halloween to the joyous celebrations of Cknistmas and the wamith of sunTh]er gatherings, we came toGether as one community, united in spirit and purpose. Providing Guidance and Support: In our role as advisors advocates. we fielded over 5.800 enquiries, guiding individuals througb the labyrinth of bureaucracy and maximising benefits to the tune of £14,244,000. Our Presence at tribunals secured over £14 million in Tefunds, ensuring justice and financial relief for those in need. Page 4
LIGONIEL IMPROVEMENT ASSOCIATION Djrectors Report for the year ended 31 March 2023 Ligoniel Environment and Heritage site: OUT commitrnent to environmental conservation and heritage preservation remains unwavering. We will continue to explore new initiatives, engage with the community, and strengthen our p8rtTherships to ensure that the Ligoniel Environment and Heritage Site remains a beacon of beauty, hisiL)ry, ]d inspllation for generations to come. As we reflect on our achievements and Iwk forw to the opportunities that lie ahead, we extend our heartfelt gratitude to all those who have supported and contributed to our endeavours. Together, we will continue to nurture and protect the nattal and cultural treasures that make Ligoniel truly special. IA)oking Forward: As we set our sights on the ture, our focus is fllinly on the years ahead. Engaged in a thorough ieview of all of our services, we aim to strengthen our foundations and secure sustainable funding for the long tenn. Our commttment to th¢ community remaiThs steadfast, our detern]ination unshakeable. LIA believe that in partnership with the conllnunity we will navigate the challenges ahead and emerge even stronger and more resilient. In Sumnwy: The journey of the Ligoniel Improvement Association is one of overcoming challenges, fostering community spirit, and demonstrating unwavering dedication and we eagerly anticipafr the next year's challeng¢s for the organisation. Page 5
LIGONIEL tMPROVEMENT ASSOCIATION Directors Rert for the year ended 31 March 2023 IDancial Review Th¢ audited accounts show th¢ perforn]ance of the chlty for the ye. Principal Funding Sources The principle source of fijnding was grants from various funders. Investment policy Any sutplus funds would be placed in deposit accounts. R£8erYes Policy The directors retain fvnds in the Chlty in ord¢r to providc sufficieni working Capital to facilitate the ongoillg activities. The target for unrestticted fund reserves is six months support costs in cash at bank Page 6
LIGONIEL [MPROvEENT ASSOCIATION Direetors Report for the year ended 31 Mare.h 2(12.3 Statement of Directors, Responsibilities The directors are responsible for preparing the Directors Report and the financial statements in accordance with dpplicdble l<lW dnd United KAiigdoAiI A¥couiiting Standards (United Kingdom Generally Accepted Accounting Practice). Company law Tequires the directors to prepare flnancial statements for each financial year, which give a true and fair view of the stat¢ of affair8 of the company and of the incoming resources and application of resources, including the income and expenditure. of the Chilable company for the year. In preparing those fmancial statements the directors are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the ChaTtties SORP. make judgments and estimates that are reasonable and prudent" state whether applicable UK 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 it is inappropriate to presume that the company will continue in operation. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the fanCIal position of the company and to enable them to ensure that the financial statements comply with the CompaThies Act ?006. 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. Auditors In accordance with the company's articles, a resolution proposing that Mccreery Turkington Stockman Ltd be reappointed as auditor of the company will be put at a General Meeting. - Each of the trustees has confirn]ed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is is unaware. They have further confmned that they have taken appropriate steps to identify such relevant infonnation and to establish that the auditor is aware of such inforniation. This report was a roved by the Board on I lth March 2024 M Mackessy. Director Page 7
LIGONIEL IMPROVEMENT ASSOCIATION Independent auditors, report to the members of LIGONIEL TMPROVEMENT ASSOCIA TION We have audited the fiiidnLial statements of LIGONIEL IMPROVEMENT ASSOCL4TION for the Ye ended 31 March 9023 which compiise the Statement of Financial Actiirities. the Sunllnary lllcome and Expenditure Account, the Balance Sheet and the relatd notes.The financial reporting framework thai h&s been applied in their preparaiinn is applic.able. law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {Untted Kingdom Generally Accepted Accounting Practice). In our optnion, the accounts: give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and applicatioTh of resources. for the Year then ended. - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting PractiLe" and havc bcen Prep<ed in accordance with the requirement5 of the companie.s Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable la.. Our responsibilities under those standards are further described in the Auditor'5 responsibilities for the audit of the financial statements section of our report. We independent of the charity in accordance with the ethical requirements that are relevanr to our audit of the financial statements in the UK, includin(T the FRC'S Ethical standd, and we have fulfilled our other ethical responsibiliues in accordance with these requirements. We believe thal the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Ollp and association in accordance with the ethical requirements that are relevant to our audit of the financial siaiements in the UK, which includes the FRC'S Ethical Standard and we have fijlfilled our other ethical responsibilities in accordance with these requirements. Conclusions relatiDg to going concern The trustees have prepa1 the fllwicial stafrmellts on the going concern basis as they do not intend to liquidate the Company or to ccasc their operations. They have also concluded that theTe Jie no material - UTJcertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year fron] the date of approval of the financial stalements ("the going concern period"). In our evdluation of the trustee's conclusions, we considered the inheient risks to the Company's business model and analysed how those risks might affect the Company. s financial resources or ability to continue operations over the going concern period. In auditing the financial statements, we have concluded that the trustee, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfonned, we have not identified any material uncertaiThties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from the dale when the financial statements are authorised for issue. However. as we cannot predict all fi]ture events or conditions and a5 subsequent events may result in outcomes that are inionsisienl with judoemenL5 that were reasonable ai ihe time ihev were made, the absence OA. reteTenLe to a maierial uncertainly in this auditor, s report is not a guaTante¢ that the Company wyill continue in operation. Page 8
LIGONIEL IMPROVEMI ENT ASSOCIATION Extent to which the audit was capable of detecting irregularities, including fraud Irregularities, including traud, are instance8 ot non-compli<1nce with laws and regulations. We desicrn procedures in Kine Miith our responsibilities, oudined aboiye, to detect material mtsstatements in respcct of irregularities. including fraud. The extent to which our procedures are capable of deteciing irregularities,. including fraud is detailed below: We gained an understating of the legal and the regulatory frame'0rk applicable tn the company and the industry in which it operates and considered the risk of acts by the company which were contrary to applicable laws and regulations, including fraud. These included but were not limited to compliance with United Kingdom Generally Accepted Accounting Practice (United Kingdotn Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland and applicable law)" We focused on laws and regulations that could gtve rige to material misstatement in the financia] statements. Our tests included but were not limited to.. agreeTrt of the financial statement disclosures to underlying supporting documentation" enquiries of management" review of minutes of board meetings thToughout the petiod. and considering the effectiveness of the control environment and monitoring compliance with laws and regulations. We also communicated releirant identified laws and regulations and potential fraud risk to all engagement team members and remained alert to ally indications of fraud or non-compliance with laws and regulations throuohout the audit. There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from events and transaction reflected in the financial slatements, the less likely we would become aware of it. As in all of our audits we addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that iepresellted a risk of material misstatement due to fraud. Our audit procedures were designed to respond to Tisks of material misstatement in the financial statements, recognising that the risk of noQ deieciing a material mi.sstatement due to fraud is higher than the risk of nol detecting one resulting from erri)r, as fraud may involve deliberate concealtnent by, for exatnple, forgery. misrepresentations or through collusion. There inherent litnitations in the audit procedures perforn]ed and the thrther removed non-compliance with laws and regulations is from the events and transactions Teflected in the financial statetnellts, the less likely we are lo become aWe of it. A further descrKption of our responsibilities for the audit of the accounts is located on the Financial Reporting CouDciI' s website at". http.'/lwww.frc.org.ukJauditorsresponsibilities. This description fonns part of our auditoVs report. Page 10
LIGONIEL IMPROVEMENT ASSOCIATION *:<r" - This report is made soleLy to the chatitable company's members, as a body, in accordaDce wirh Chapter _3 of Part l fi of Ihe COIIIp1ieS Aci 91106. Our autht work has bee.n iindttrtaken si) that we mi.Eht 4tLlte 10 Ihe chciritable compally's mLmbcts those matte15 ,¢ are required io stalc Ic) IhLill in auditors, rLpori and for no other pPOSe. To the tullest extent perniitted by laiv. WL do not accept or assume responsibility L() (y{)e other than tbe charitable company <ind the charitable company, 5 members as a body, for our audit work, for this report, or for the opinions we have fonned. Richard Mcclay FCA (Senior Statutory Auditor) For and on behalf of MLC.reery Turkington Stockman LTD l Lanyon Quay BELFAST BTI 3LG Chartered Accountants Ilth March 2024 Page 11
LIGONIEL IMPROVEMENT ASSOCIATION Statement of Financial Aetivxties (Including Summary Income and Expenditure Account) for the )'ear ended 31 March 2023 Unrestricted Restricted Funds Funds Total Total 2023 2023 2023 2022 Income from: Incoiiie resourcesfiom generatedfynds." Other income Donations and legacies Investment Income . Income from chilable activities Notes 972 10.000 139 152,136 153.108 10,000 139 745,537 745.537 144.553 15.000 165 604.583 Tot21 ii.iii 897,67.1 908,784 764,301 Expenditure on: Expendire on charitable activities 8 ExpenditUTe on raising funds (16,377) (25,068) (766,520) (782,897) (94,505) (119.573) (658,141 (95,052 Total resources expended (41,445) {861,025) (902.470) (753,193 Net inconje before traThsfers (30,334) 36,648 6.314 11.108 Transfer between funds 84,859 (84,859) Net incorning resources 54.525 (48,211) 6,314 11,108 Fund balances brought forward Fund balances carried forward 44,220 56.953 101,173 90,065 98,745 8,742 107,487 101,173 All of .the above results deTived from continuing gains and losses recognised in the year are included above. The statement of fanCIal activities also complies with the requir¢m¢nts for an income and expellditu account under the Companies Act 2006. The notes on pages 15 to 22 form an integral part of these financial statements. Page 12
LIGOINIEL TrIPROVFMENT ASSOCIATION Ba]ance sheet as at 31 March 2023 2023 2022 Fixed assets Heritage assets 27,000 27,000 Current assets Debtors Cash at bank and in hand 11 94.669 102,848 137,065 23,581 197,517 160,646 Creditors: amounts falltng due withln one year 12 (117.030) (86,473) Net current assets 80,487 74,173 Net assets 107,487 101,173 Capital aDd reserves UDrestsicted funds Restiicted ndS 98,745 8,742 44,220 56,953 13 General funds 107,487 101,173 The financial statements were approved by the Board on I l March 2024 and signed and approved for issue on its behalf by Director Registration Dumber N1020559" Tbe notes on pages 15 to 22 fom an integral part of these flnancial statemenl Pgge 13
. LIGONIEL IMPROVEMENT ASSOCL4TION Cash flow statement for the year ended 31 March 2023 2023 2022 Cash tlows from operating activities Surplus for year Reconciliation to cash generated from operations: Decrease in trade debtors Decrease in other debtors Increase in trade creditors tncrease in other creditors 6,175 10,943 2,325 40,071 14,623 15,934 (524) (77.263) 13,766 14.757 79,128 (38,321) C&sh flow from investing activities Interest received 139 165 139 165 Net fin¢re2se in cash in the year Cash at bank and in hand less overdrafts at beginning of year 79,267 (38,156) 23.581 61,737 Cash at bank and in hand less overdrafts at end of year 10?,848 23,581 Page 14
LIGONIEL IMPRov&ENT ASSOCIATION Notes to the financial statements for the year ended 31 Mareh 2023 Accounting policies Company information LÉgoniel Improvement Association is a Company limited by guarantee. registered in Northern Ireland. The address of tbe registered office is 148 Ligoniel Road, Belfast, B T14 8DT. 1.1. Accounting convention The accounts have been prepared in accordance with the charity's MemoranduLn and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Chartties". 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 published in October 2019". The charity is a Public Benefit Entity as defined by FRS 102. The financial statements aTe prepared in sterling. which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The fanCIaL statements have been prepared under the historical cost convention, modified to Include the revaluation of fyeehoEd properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 12. Tangible fixed assets and depreeiation Depreciation is provided at rates calculated to write off the cost less residual value of eacb asset ov¢r its expected ugeful life, as follows: At each reporting period end date, the Company reviews the caIllg amounts of its tangible assets to determine whether there is any indicalion that those asseis have suffered an impairment loss. If any such inth'cation exists, the recoverable amount of the asset is estimated in ordeT to determine the extent of the impairment loss (if anyj. Where it is not possible to estimate the recoverable amouni of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated tllre cash flows are discounted to their present value using a pre-t&x discount rdte that reflects cuent rnarket assessments of the tAme value of money and the risks specific to the asset for which the estimates of futUTe cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or casll-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit and loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. 1.3. Cash at bank and in hand Cash and cash equiv8Jents include cash in hand, deposits held at call with banks, other short-term liquid investtnents with original maturities of tlll'ee months or less, and bank OiTerdrafts. Bank overdrafts are shown within boThowings in current liabilities. Page 15
LIGONIEL iNiPROVE. r*T'ASSOCL4TION Notes to the financial statements for the year ended 31 March 2023 . continued 1.4. Financial Instruments The Company has elected to apply the provisions of Section I I 'Basic Financial Instruments and Section 12 '0ther Financial Instruments Issues of FRS 102 to all of its financial instnmients. Financial insttuments recognised in the Company's balanee sheet when the Company becomes party to the contractual provisions of the instrument. Financial assets and liabilitieg are off.qeL with the net amounts presented in the fmancial statements, when theie is a legalIy ellforceable right to set off the recogDised atnounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simUltaeOuSLy. Basic financial assets 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 effKtive interest method unless the arrangement constitutes a fmancing transaction, where the transaction is measured at the present value of the filmre receipts discounted at a market rate of interest. Financial assets classified as receivable within one Ye are not amortised. Classification of financial liabilities Financial liabilities and equity instmments are classified according to the substance of the contractual arrangements eDtered into. An equity instrument is any contract that evidences a residual interest in the assets of the Society after deducting all of its liabilities. asic finanaal liabilities Basic financial liabilities. including creditors, bank loans. loans from fellow group companies aThd pteference shares that are classified as debt, e initially Tecognised at transaction price unless tlie arr8ngement constitutes a financing transaction, where the debt instnllnent is meLsured at the present value of the future payments discountcd at a market rate of interest. Financial liabilities classified &8. payable within one year are not ajnorfised. Debt instruments are subsequently carried at 8mortised cost, using the effective interest rate method._ Trade creditors are obligations to pay for goods or services that have been acquiTed in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities rf payment is due within one year or less. If not, they are presented as non-CUfTent liabilities. trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Page 16
LIGONLEL IMPROVENIENT ASSOCIATION Notes to the finanei21 statements for the year ended 31 March 2023 . continued 1.5. Equity instruments Income recognition Equity instruments issued by the Company are recorded at the pmceeds received. net of direct issue cLists. Dividends payable on equity instrnments are recognised as liabilities ODGe they are no longer at the discretion of the Company. 1.6. Provisions Provisions are recognised when the Company has a legal or constructive present obligation as a result of a past event. it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at tbe reporttng end date, taking into account the risks and uncertaints¢s surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision in measured at present value the unwinding of the discount is recognised as a finance cost in profit and loss in the period it arises. 1.7. Government grants Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the granls will be received. A grant that specifies performance conditions is recognised in income when the perf0m]Ce conditions are met. Where a giant does not specify perfonnance conditions it is recognised in income when the proceeds. are received or ieceivable. A grant received before the Tecognition"".Critia are satisfied is '41 recognised as a liability. 1.8. Employee beneflts -. The costs of short-terni employee benefits are recognised as a liability atld an expense. unle8s those costs e required to be recognised as part of the cost of stock ()r fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Tennination benefits are recognised immediately as an expense when the company is demonstrably conunitted to tern]inate the employment of an employee or to provide tern)ination benefits. Net incoming resources for ihe year 2023 21122 Auditors, remuneration ?,290 2.390 Page 17
LIGONIEL IMPROVEMENT ASSOCIATION. 2 Notes to the fuvancial sta¢emeDts for the year ended 31 March 2023 . continued Statement that nv expens& were paid to directors or connected persons No expenses were paid to directors or persons connected with them. Employees Year ended Year ended Employment costs 2023 2022 Wages and SaIleS 597,019 519,929 There were no employees earning over £60,000 in the two years ended 31 Mch ?023. Donations and legacies Unrestricted Restricted 2023 2023 Total 2023 Total 2022 Donations and management fees 10,(KK) 10,000 15,000 10,000 10.000 15,000 In the year ended 31 March 202? £15,000 of the donation and legacies income was unrestricted. Investment income Unrestricted Restricted 2023 2023 Total 2023 Total 2022 Interest Receivable 139 139 165 139 165 In the s'ear ended 31 March £165 of the iDITestment income MTas unrestricted. Page 18
LIGONtEL ThIPR0vENT ASSOCIt&TION Notes to the financial statsments for the year ended 31 March 2023 . continued Income from charAtable activities Unrestricted Restricted Total 2023 2023 2023 Total 2022 Re¥eiiei'dliull Advice Comrounity Healthy Living & Environment 165,465 165,465 417,153 417,153 30,225 30,225 132,694 132,694 180,95 6 275,152 28,150 120.325 745,537 745,537 604,583 In the Y ended 31 March 2022 £604.583 of the income was restiicted. Page 19
LIGONIEL if*lPROVEMENT ASSOCIATION Notes to the fllLqllcial statements for the year ended 31 March 2023 . continu Unrestrieted Restricted Totsl 2023 2023 2023 Total 2022 8. Expenditure on Expenditure on charitsble activities Salariès and pensions Dit proiKt expenses Travel and subsistence Training and welfare 3,074 593,945 10,703 156,913 2,600 11,717 3,945 16J77 766,520 782,897 597.019 167,616 14,317_ 519.929 126,923 11,289 658,141 Expenditure on raising funds Audit fees Legal and professional fees- RenL heat and light Insurance Telephone and f Stationery and printing Subscriptions Computers and equipment Bank cbarges and interest Sundry expenses 50 9.786 2,340 729 49,369 6,102 11,284 8,145 4,712 9,636 2,390 2,298 57,169 6,269 9,412 4,820 1,406 5,781 135 5,372 57,769 6,312 12,284 8,729 6,158 10,302 896 4,318 210 1,000 584 666 896 2,130 2.188 25,068 94,?05 119573 95,052 In the year ended 31-March 2022 £24.187 of the expenditure was unrestricted with ' £729,006 of the expenditure being restsicted. Page 20
LIGONIEL IMPROVEMENT ASSOCIATION Notes to the financial ststements for the )'ear ended 31 March 2023 . continued Freehold Land and Buildings Heritage assets Total Cost At l April 2022 27,1 27,000 At 31 March 2023 27,000 27.IX)O Net book values At 31 March 2023 27.000 27,000 At 3 1 March 2022 27,000 27.000 The Heritage asset, detailed above. 15 freehold land at a cost of £97,000. The land was purchased to help improve the local environment and involve local people in a range of community iniliatives relaled to the environment. Planning approval has been granted in June 2017 to develop the Corn Mill site as an environmental centre. No funding is currently in place and as such the Directors consider the cost of the land is the same as its market value. 10. Tayygible fixed assets Plant Total Cost At l April 20?2 At 31 March 2023 33,781 33,781 33.781 33,781 epreciation At l April 2029 33.781 33,781 At 31 March 20?3 33,781 33,781 At 31 March 2023 ii. Debtors 2023 2022 Other debtors Ligoniel Communit) Enterprises Ltd .4ccrued incorne Prepayments 5,836 5,449 80,153 8,161 7,418 116,614 4,872 94,669 137,065 Page 21
LIGONIEL INIPROVEMEKf ASSOCIATION Notes to the financial statements for the year ended 31 March 2023 . continued 12. Creditors: amounts falllng due within one year 2023 2022 Deferred income Trade creditors and accruals Other ¢S and social security costs 19,867 38,334 28,272 52,957 64,073 117,030 86.473 General Restricted 13. Statement of funds reserve reserve account accollnt Total Total reserves at l April 2022 Total income for the yeaT Total expenditure for the ye Transfer between funds 44,220 56.953 101,173 11,111 897,673 908,784 (41,445) (861.025) (90?,470) 84,859 184.859) Total reserves at 31 Marcb 2023 98,745 8,742 107,487 Th¢ general reserve represents the free fimds of the charity which not designated for partIcar purposes. General Restrlcted reserve fund 14. Analysis of net a&qets between funds "Tr. ...- reserve . fund Total Fund Balances at 31 March 2023 represented by: Heritage Assets Current assets Cuffent liabilities 2,000 96,745 25,000 27,000 100.772 197.517 (117,030) (117,030) Total net assets 98.745 8,742 107,487 The general reserve represents the free funds of the charity which ate not designated foT particular pUOses. Page 22
LIGOYL IEL ]ThIPROTrEMENT ASSOCIATION The following pag¢ does not forni part of the statutory accounts.
LIGOMEL RovEMENT ASSOCIATION Detailed trading profit and loss account and expenses schedule for the year ended 31 March 2023 2022 Income Other incon Donations and legacies Charitable activities 153,108 10,000 745,537 144,553 15,000 604.583 908,645 764,136 Administrative expenses Wages and Sa1]eS Direct project costs Rent payable Insurance PAintTng, postage and stationery Telephone Computer costs Travelling -l£gal and professional Audit Bank charges Staff training General expenses SubscrAPtions 597,019 167.616 57,769 6,312 8,729 12,284 10,302 14,317 10,515 2,290 896 3,945 4.318 6.158 519,929 126,923 6.269 4.820 9,412 5,781 11.289 2.298 2.390 135 5,372 1,406 902,470 753,193 Operating profrt 6,175 10,943 Other income and expepse5 Investment incorne . Interest received 139 139 165 Net profit for the year 6,314 11,108