**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|