Registration number NI020559
LIGONIEL IMPROVEMENT ASSOCIATION Company limited by guarantee
Annual report and financial statements
for the year ended 31 March 2024
LIGONIEL IMPROVEMENT ASSOCIATION
Statement of Financial Activities (Including Summary Income and Expenditure Account) for the year ended 31 March 2024
| Unrestricted | Restricted | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Funds | Funds | Total | Total | ||||||||||
| 2024 | 2024 | 2024 | 2023 | ||||||||||
| Income from: | Notes | £ | £ | £ | £ | ||||||||
| Income resources from | |||||||||||||
| generated funds: | |||||||||||||
| Other income | 18,208 | 104,109 | 122,317 | 153,108 | |||||||||
| Donations and legacies | 5 | 10,000 | - | 10,000 | 10,000 | ||||||||
| Investment Income | 6 | 113 | - | 113 | 139 | ||||||||
| Income from | 7 | - | 642,895 | 642,895 | 745,537 | ||||||||
| charitable activities | |||||||||||||
| Total | 28,321 | 747,004 | 775,325 | 908,784 | |||||||||
| Expenditure on: | |||||||||||||
| Expenditure on charitable activities 8 | (5,859 | ) | (691,339 | ) | (697,198 | ) | (782,897 | ) | |||||
| Expenditure on raising funds | 8 | (10,169 | ) | (102,476 | ) | (112,645 | ) | (119,573 | ) | ||||
| Total resources expended | (16,028 | ) | (793,815 | ) | (809,843 | ) | (902,470 | ) | |||||
| Net income before transfers | 12,293 | (46,811 | ) | (34,518 | ) | 6,314 | |||||||
| Transfer between funds | (19,898 | ) | 19,898 | - | - | ||||||||
| Net incoming resources | (7,605 | ) | (26,913 | ) | (34,518 | ) | 6,314 | ||||||
| Fund balances brought forward | 46,027 | 61,460 | 107,487 | 101,173 | |||||||||
| Fund balances carried forward | 38,422 | 34,547 | 72,969 | 107,487 |
All of the above results are derived from continuing gains and losses recognised in the year are included above.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The notes on pages 14 to 21 form an integral part of these financial statements.
LIGONIEL IMPROVEMENT ASSOCIATION
| Balance sheet as at 31 March 2024 2024 2023 Notes £ £ £ Fixed assets Heritage assets 9 27,000 Current assets Debtors 11 156,440 94,669 Cash at bank and in hand - 102,848 156,440 197,517 Creditors: amounts falling due within one year 12 ) (110,471 ) (117,030 Net current assets 45,969 Net assets 72,969 Capital and reserves Unrestricted funds 13 38,422 Restricted funds 13 34,547 General funds 72,969 |
£ 27,000 80,487 |
|---|---|
| 107,487 | |
| 46,027 61,460 |
|
| 107,487 |
The financial statements were approved by the Board on 24 November 2024 and signed and approved for issue on its behalf by
Emma rock (Dec 4, 2024 15:24 GMT)
Emma Rock Director
Registration number NI020559
The notes on pages 14 to 21 form an integral part of these financial statements.
LIGONIEL IMPROVEMENT ASSOCIATION
Cash flow statement
for the year ended 31 March 2024
| Cash flows from operating activities Surplus for year Reconciliation to cash generated from operations: (Increase) in trade debtors (Increase) in other debtors (Decrease) in trade creditors (Decrease) in other creditors Cash flow from investing activities Interest received Net decrease in cash in the year Cash at bank and in hand less overdrafts at beginning of year Cash at bank and in hand less overdrafts at end of year |
2024 £ £ ) (34,631 ) (11,260 ) (50,511 ) (9,963 ) (10,771 ) (117,136 113 113 ) (117,023 102,848 ) (14,175 |
2023 £ 6,175 2,325 40,071 14,623 15,934 139 |
£ 79,128 139 |
|---|---|---|---|
| 79,267 23,581 |
|||
| 102,848 |
LIGONIEL IMPROVEMENT ASSOCIATION
Notes to the financial statements
for the year ended 31 March 2024
1. Accounting policies
Company information
Ligoniel Improvement Association is a Company limited by guarantee, registered in Northern Ireland. The address of the registered office is 148 Ligoniel Road, Belfast, BT14 8DT.
1.1. Accounting convention
The accounts have been prepared in accordance 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 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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2. Tangible fixed assets and depreciation
Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:
At each reporting period end date, the Company 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). Where it is not possible to estimate the recoverable amount 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 future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future 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 cash-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 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.
LIGONIEL IMPROVEMENT ASSOCIATION
Notes to the financial statements
for the year ended 31 March 2024
.................... continued
1.4. Financial Instruments
The Company 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 Company's balance sheet when the Company 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
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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Society after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 business 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.
LIGONIEL IMPROVEMENT ASSOCIATION
Notes to the financial statements
for the year ended 31 March 2024
.................... continued
1.5. Equity instruments
Income recognition
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once 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 the reporting end date, taking into account the risks and uncertainties 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 grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
1.8. Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2.
Net incoming resources for the year
Auditors' remuneration
| 2024 | 2023 |
|---|---|
| £ | £ |
| 2,800 | 2,290 |
LIGONIEL IMPROVEMENT ASSOCIATION
Notes to the financial statements for the year ended 31 March 2024
.................... continued
3. Statement that no expenses were paid to directors or connected persons
No expenses were paid to directors or persons connected with them.
4. Employees
| Year | Year | |
|---|---|---|
| ended | ended | |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 541,554 | 597,019 |
There were no employees earning over £60,000 in the two years ended 31 March 2024.
| 5. Donations and legacies Unrestricted Restricted Total 2024 2024 2024 £ £ £ Donations and management fees 10,000 - 10,000 10,000 - 10,000 |
Total 2023 £ 10,000 |
|---|---|
| 10,000 |
In the year ended 31 March 2023 £10,000 of the donation and legacies income was unrestricted.
| 6. Investment income Unrestricted Restricted Total 2024 2024 2024 £ £ £ Interest Receivable 113 - 113 113 - 113 |
Total 2023 £ 139 |
|---|---|
| 139 |
In the year ended 31 March 2023 £139 of the investment income was unrestricted.
LIGONIEL IMPROVEMENT ASSOCIATION
Notes to the financial statements
for the year ended 31 March 2024
.................... continued
| 7. Income from Unrestricted Restricted Total charitable activities 2024 2024 2024 £ £ £ Regeneration - 151,474 151,474 Advice - 303,674 303,674 Community - 41,747 41,747 Healthy Living & Environment - 146,000 146,000 - 642,895 642,895 |
Total 2023 £ 165,465 417,153 30,225 132,694 |
|---|---|
| 745,537 |
In the year ended 31 March 2023 £745,537 of the income was restricted.
LIGONIEL IMPROVEMENT ASSOCIATION
Notes to the financial statements
for the year ended 31 March 2024
| .................... continued Unrestricted Restricted Total 2024 2024 2024 £ £ £ 8. Expenditure on Expenditure on charitable activities Salaries and pensions - 541,554 541,554 Direct project expenses 3,115 139,928 143,043 Travel and subsistence 2,744 7,107 9,851 Training and welfare - 2,750 2,750 5,859 691,339 697,198 Expenditure on raising funds Audit fees - 2,800 2,800 Legal and professional fees 1,526 16,692 18,218 Rent, heat and light 2,110 54,169 56,279 Insurance - 5,300 5,300 Telephone and fax 699 11,339 12,038 Stationery and printing ) (248 5,584 5,336 Subscriptions 681 4,440 5,121 Computers and equipment 721 660 1,381 Bank charges and interest 925 - 925 Sundry expenses 3,755 1,492 5,247 10,169 102,476 112,645 |
Total 2023 £ 597,019 167,616 14,317 3,945 782,897 |
|---|---|
| 2,290 10,515 57,769 6,312 12,284 8,729 6,158 10,302 896 4,318 |
|
| 119,573 |
In the year ended 31 March 2023 £41,445 of the expenditure was unrestricted with £861,205 of the expenditure being restricted.
LIGONIEL IMPROVEMENT ASSOCIATION
Notes to the financial statements
for the year ended 31 March 2024
.................... continued
| Freehold | Freehold | ||||
|---|---|---|---|---|---|
| 9. | Heritage assets | Land and | |||
| Buildings | Total | ||||
| £ | £ | ||||
| Cost | |||||
| At 1 April 2023 | 27,000 | 27,000 | |||
| At 31 March 2024 | 27,000 | 27,000 | |||
| Net book values | |||||
| At 31 March 2024 | 27,000 | 27,000 | |||
| At 31 March 2023 | 27,000 | 27,000 |
The Heritage asset, detailed above, is freehold land at a cost of £27,000. The land was purchased to help improve the local environment and involve local people in a range of community initiatives related 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. Tangible fixed assets
| Cost At 1 April 2023 At 31 March 2024 Depreciation At 1 April 2023 At 31 March 2024 At 31 March 2024 11. Debtors Other debtors Ligoniel Community Enterprises Ltd Accrued income Prepayments |
Plant Total £ £ 33,781 33,781 33,781 33,781 33,781 33,781 33,781 33,781 - - 2024 2023 £ £ 17,096 5,836 21,902 5,449 114,024 80,153 3,418 3,231 156,440 94,669 |
Plant Total £ £ 33,781 33,781 33,781 33,781 33,781 33,781 33,781 33,781 - - 2024 2023 £ £ 17,096 5,836 21,902 5,449 114,024 80,153 3,418 3,231 156,440 94,669 |
|---|---|---|
| 94,669 |
LIGONIEL IMPROVEMENT ASSOCIATION
Notes to the financial statements
for the year ended 31 March 2024
| .................... continued | .................... continued | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 12. | Creditors: amounts falling due | 2024 | 2023 | |||||||||
| within one year | £ | £ | ||||||||||
| Bank overdraft | 14,175 | - | ||||||||||
| Deferred income | 34,547 | - | ||||||||||
| Trade creditors and accruals | 42,994 | 52,957 | ||||||||||
| Other taxes and social security costs | 18,755 | 64,073 | ||||||||||
| 110,471 | 117,030 | |||||||||||
| General | Restricted | |||||||||||
| 13. | Statement of funds | reserve | reserve | |||||||||
| account | account | Total | ||||||||||
| £ | £ | £ | ||||||||||
| Total reserves at 1 April 2023 | 46,027 | 61,460 | 107,487 | |||||||||
| Total income for the year | 28,321 | 747,004 | 775,325 | |||||||||
| Total expenditure for the year | (16,028 | ) | ) (793,815 |
(809,843 | ) | |||||||
| Transfer between funds | (19,898 | ) | 19,898 | - | ||||||||
| Total reserves at 31 March 2024 | 38,422 | 34,547 | 72,969 | |||||||||
| The general reserve represents the free funds of the charity which are not designated for particular | ||||||||||||
| purposes. | ||||||||||||
| General | Restricted | |||||||||||
| 14. | Analysis of net assets between funds | reserve | reserve | |||||||||
| fund | fund | Total | ||||||||||
| £ | £ | £ | ||||||||||
| Fund Balances at 31 March 2024 | ||||||||||||
| represented by: | ||||||||||||
| Heritage Assets | 2,000 | 25,000 | 27,000 | |||||||||
| Current assets | 36,422 | 120,018 | 156,440 | |||||||||
| Current liabilities | - | ) (110,471 |
(110,471 | ) | ||||||||
| Total net assets | 38,422 | 34,547 | 72,969 |
The general reserve represents the free funds of the charity which are not designated for particular purposes.
LIGONIEL IMPROVEMENT ASSOCIATION
The following page does not form part of the statutory accounts.
LIGONIEL IMPROVEMENT ASSOCIATION
Detailed trading profit and loss account and expenses schedule for the year ended 31 March 2024
| Income Other income Donations and legacies Charitable activities Administrative expenses Wages and salaries Direct project costs Rent payable Insurance Printing, postage and stationery Telephone Computer costs Travelling Legal and professional Audit Bank charges Staff training General expenses Subscriptions Operating (loss)/profit Other income and expenses Investment income Interest received Net (loss)/profit for the year |
2024 £ 541,554 143,043 56,279 5,300 5,336 12,038 1,381 9,851 18,218 2,800 925 2,750 5,247 5,121 113 |
£ 122,317 10,000 642,895 775,212 809,843 ) (34,631 113 ) (34,518 |
2023 £ 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 6,158 139 |
£ 153,108 10,000 745,537 |
|---|---|---|---|---|
| 908,645 902,470 |
||||
| 6,175 139 |
||||
| 6,314 |