ASSOCIATION OF FRIENDS OF FERMANAGH COUNTY MUSEUM RECEIPTS & PAYMENTS ACCOUNT - STATEMENT OF FINANCIAL ACTIVITY FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted Funds Funds 2023 2023 Total 2023 Total 2022 Income Donations Membership Subscriptions Bank Interest received Gift Aid Fern]anagh & Omagh District Council - Refund 350 1,407 144 350 1407 144 350 960 26 88 xpenditure BAFM Membership Bank Fees Accountancy 393 37 54 484 393 37 54 484 400 30 720 Net Income (Expenditure) for the year 3,417 3,417 274 Total Funds brought forward Total Funds carried fonvard
ASSOCIATION OF FRIENDS OF FERMANAGH COUNTY MUSEUM STATEMENT OF ASSETS AND LJABILITIES FOR THE YEAR ENDED 31 DKCEMBER 2023 At Incoming l Jan 2023 Resources Outgoing At At Resources 31 Dec 2023 31 Dec 2022 Funds Reconciliation Restricted Funds Unrestricted Funds - General Funds 484 Total Funds Bank and Cash Balances Bank Deposit Accounts Bank Current Account Cash in Hand 12,096 7.914 11,916 4,983 16 Other Assets (Unrestricted Funds) Monies owed to Fermanagh County Museum The financial statements were approved by the Board of Trustees on 23 October 2023 and were signed on its behalf by: Mr Samuel Robinson - Trustee
ASSOCIATION OF FRIENDS OF FERMANAGH COUNTY MUSEUM NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 I. ACCOUNTING POLICIES Income & Expenditure recognition policy Income and expenditure included within the Receipts and Payments Account have been accounted for on a cash receipts basis. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services to its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Taxation The charity is exempt from corporation tax on its charitable activities. Fund Accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objccts of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 2. TRANSACTIONS WITH THE TRUSTEES There were no transactions with the Trustees during the year.