Spectrum Centre Trust Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2023 2023 Restricted funds Total funds Total funds 2022 Unrestricted funds Note Income and endowments Donations and legacies Other trading activities Other income 2,775 2,220 1,575 5,998 5.998 Total income 5.998 5,998 6,570 Expenditure Expenditure on charitable activities Total expenditure 7,374 7,374 5,892 7,374 7,374 5.892 Net {expenditure)lincome and net movement in funds (1.376) (1,376) 678 Reconciliation of funds Totsl funds brought forward Total funds carried forward (13.116) (14.492) 19 (13,09n (14,473) (13,775) (13,097) 19 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 9 to 14 fo part of these financlal ststements.
Spectrum Centre Trust Company Limited by Guarantee statement of Financial Position 31 March 2023 2023 2022 Nots Current assets Cash at bank and in hand 3.801 717 Creditors: amounts falling due within one year Net current liabilities 13 18,274 13,814 14,473 13,097 Total assets less current liabilities (14,473) (14,473) (13,097) {13,097) Net liabilities Funds of the charity Restricted funds Unrestricted funds 19 (14.492) (14.473) 19 (13,116) (13,097) Total charity funds 14 For the year ending 31 March 2023 the charrty was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Director8, responsibilities.. The members have not required the company to obtain an audtt of r(s financial statements for the year in question in accordance with section 476: The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of fin8nci81 statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 10 October 2023. and are signed on behalf of the board by.. Mr J S Redpath Trustee The notes on pages 9 to 14 forni part of these financial ststements.
Spectrum Centre Trust Company Limited by Guarantee Notes to the Financial Ststements Year ended 31 March 2023 General information The charty is a public benefit entty and a private company limf(ed by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 331 Shankill Road, Belfast, BT13 3AA. Statement of compliance These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, thg. 8txtement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in slei liny. whiGh 15 the functional currency of the entity. Going concern There are no material uncertainties about the charity's abilty to continue. Judgements and key sources of estimation uncertainty The judgements (apart from those involving estimations) that management has made in the process of applying the entty's accounting policies and that have the most signrficant effect on the amounts recognised in the financial statements are as follows.. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future projed or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds.
Spectrum Centre Trust Company Limited by Guarantee Notes to the Financial Statements (¢on(InuedJ Year ended 31 March 2023 AGcounting policies (conunuedj Incoming resources All incoming resources are included in the statement of financial activrties when entitlement has passed to the charity", it is probab that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The followin9 specific policies are applied to particular categories of income.. income from d()nAtinng nr grants is recognised when therÈ is evidence of entitlement to thÈ gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received rf the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of seNices is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a conlractual requirement for it to be spent on a particular purpose and returned if unspent. in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accwals basis as a liabilty is incurred. Expenditu includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which it relates: expenditure on raising funds includes the costs of all fundraising activities. events, nonwcharttable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs inCued by a chartiy in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charty nor part of its expenditure on charitable acttvities. All costs are allocated to expenditure &*egories reflecting the use of the resoUe. Direct costs attributable to a singl8 acttvity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Financial instruments A financial asset or a financial liabilty is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Spectrum Centre Trust Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 31 March 2023 Accounting policies (¢ontinuedJ Financial instruments (Continued) Basic finanGial instruments are initialty recognised at the amount receivable or payable including any related transaction costs. Current assets and cuent liabilities are subsequentty measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impaimienL Other financial instruments. including derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond nomial business tems or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instrutnents are 5ub5equentty mea5uied at fail value. wilh dny ch(Inge5 recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equty instruments regardless of significance, and other financial assets that ar8 individually significant. these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Limited by guarantee The company, being a company limtied by guarantee, dS not have share capital. The liability of members of the company is limited to £1 per member. Donations and legacies Restricted Total Funds Funds 2023 Restricted Total Funds Funds 2022 Grants Grants receivable 2,775 2,775 10
Spectrum Centre Trust Company Limited by Guarantee Notes to the Financial Statements (Conllnued) Year ended 31 March 2023 Other trading activities Unrestricted Funds Restricted Totsl Funds Funds 2023 Other trading income 5,998 5,998 Unrestricted Funds Restricted Total Funds Funds 2022 Other trading income 2,220 2,220 Other income Unrestricted Totsl Funds Unrestricted Total Funds Funds 2023 Funds 2022 Intercompany write offs 1.575 1.575 Expenditure on charitsble activities by fund type unstrICted Funds Restricted Total Funds Funds 2023 Charitable Activities Support costs 4,971 2,403 4.971 2,403 7,374 7,374 Unrestricted Funds Restricted Total Funds Funds 2022 Charitable Activities Support costs 4.984 4,984 908 908 908 4,984 5,892 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Totsl funds 2023 Total fund 2022 Charitable Activities Govemance costs 4,971 123 2,280 2,403 5,094 2.280 5,117 775 4,971 7,374 5,892 11
Spectrum Centre Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 10. Analysis of support costs Analysis of support costs Total 2023 Total 2022 Finance costs Governan costs 123 2,280 123 2,280 133 775 2,403 2,403 908 11. Independent examination fees 2023 2022 Fees payable to the independent examiner for. Independent examination of the financial statÈmpnts 2.280 775 12. Trustee remuneration and expenses No renumeration or other benefrts from employment wrth the charity or a related entity were received by the twstees. 13. Creditors: amounts falling due within one year 2023 2022 Trade creditors Amounts owed to group undertakings Accruals and deferred income Social security and other tsxes 2,180 1.250 2,988 11,856 18,274 1,250 708 11,856 13.814 14. Analysis of charitable funds Unrestricted funds At 1 April 2022 At 31 March 2023 Income Expenditure Transfers General funds (13,116) 5.998 (7.374) (14,492) At 1 April 2021 At 31 March 2022 Income Expenditure Transfers General funds (13,794) 1.575 {908) (13,116) 12
Spectrum Centre Trust Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2023 14. Analysis of Gharitable funds (c(lInued) Restricted funds At 1 April 2022 At 31 March 2023 Income Expenditure Transfers Restricted Fund 1 19 19 At 1 April 2021 At 31 March 2022 Income Expenditure Transfers Restricted Fund 1 19 4.995 {4,984) (11) 19 15. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net Ilabllltles 3.782 {18.274) (14,492) 19 3,801 (18,274) {14,473) 19 Unrestricted Funds Restricted Total Funds Funds 2022 Current assets Creditors less than 1 year Net Ilabilities 698 (13.815) {13,117) 19 717 (13,815) (13,098) 19 13