BELFAST NATURAL HISTORY & PHILOSOPHICAL SOCIETY STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 OCTOBER 2022 Unrestiicted Restricted fiinds funds 2022 2022 Total Unrestricted Restricted funds funds 2021 2021 Total 2022 2021 Notes Income and endowments from: Charitable activities Other income 14.470 32 720 15,190 32 11.229 6,003 17,232 Total income 14,502 720 15,222 11,235 6.003 17,238 Ex enditure on.. Charitable activities 16,822 16.822 8,716 8.716 Net lexpenditurellincome for the yearl Net movement in funds 12,320) 720 11,600 2,519 6,003 8,522 Fund balances at 1 November 2021 328,198 6.003 334,201 325,679 325,679 Fund balances at 31 October 2022 325,878 6,723 332,601 328,198 6,003 334.201 The statement of financial activities indudes all gains and losses recognised in the year. All Income and expendrture derive from continuing activities.
BELFAST NATURAL HISTORY & PHILOSOPHICAL SOCIETY BALANCE SHEET AS AT31 OCTOBER 2022 2022 2021 Notes Fixed assets Tangible assets 300,000 300,000 Current assets Debtors Cash al bank and in hand 4,881 28,626 4,362 30,769 33,507 35,131 Creditors: amounts falling due within one year 10 19061 1930) Net currenl assets 32,601 34,201 Totsl a6sets less current liablllties 332,601 334,201 Income funds Restricted funds Unrestricted funds 6.723 325,878 6,003 328,198 332,601 334,201 The financial statements were approved by the Trustees on . i)<LW ?oa7 Trustee
BELFAST NATURAL HISTORY & PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2022 Accounting policies Charity information Belfast Nalural History & Philosophical Society is a charty registered with the Charity Commission for Northem Ireland (CCNI).. 1.1 Accounting convention These accounts have been prepared in accordance with FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland. {"FRS 1021 and "Accounting and Reporting by Charities: Statement of Recommended Practio applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).. The chartty is a Public Benefrt Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charilies not to prepare a Statement of Cash Flows. The financial statemenls are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these finanaal statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concem At the time of approving the financial ststements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going conrn basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and Uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the chartty is legally entitled to it after any perfomance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are re¢ognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions requi deferral of the amount. Income tax recoverable in relation to donalions received under Gfft Aid or deeds of covenant is recognised at the time of the donation. 1.5 ExpendFture Expenditure is recognised once there is a legal or constructNe obligation to transfer economic benefit to third paty, it is probable that a transfer of economic beneffts will be required in settlement, and the amount of the obligation Gan be measured reliably.
BELFAST NATURAL HISTORY & PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Accounting policies {Continued) 1.6 Tangible fixed assets Tangible fixed assets are inilially measured at cost and subsequently measured at C05t or valuation, net of depreciation and any impairment losses. Tangible fixed assets in¢lude a property which is considered a herilage asset. It is the Charity's policy lo maintain the property in a slate of good repair, therefore no depreciation is necessary. The Trustees consider that the value Stated in the accounls reflects the fair value of the buildin9 as al 3151 October 2021. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over thelr useful lives on the following bases.. Freehold land and buildings Computer equipment Alarm system 250A straight line 25.10 straight line The gain or loss arising on the disposal of an asset is determined as the differen beeen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairn)ent of fixed assets Al each reporting end date, Ihe charity reviews the carrying amounts of tts 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 extenl of Ihe impairmenl loss lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call wilh 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. 1.9 Flnanclal instruments The Gharily ha5 elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Olher Financial Instruments Issues, of FRS 10210 all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contraclual provisions of the inslrument. Financial assets and liabililies are offset, with the net amounts presenled in the financial statements, when there is a legally enforceable right lo sel off the recognised amounls and there is an intention lo settle on a net basis or to realise the asset and settle the liabiltty simultsneousty. Basic flnancial assets Basic financial assets. which indude debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are 5ubsequenUy 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.
BELFAST NATURAL HISTORY & PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities, induding creditors and bank loans are initialty recognised at transaction price unless the arrangement conslitutes a financing transaction. where the debt in51rument is measured at the presenl value of the future payments discounted at a market rate of intèrest. Finanryal liabilities dassified as payable within one year are not amortised. Debt instruments are subsequendy 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 operations from suppliers. Amounts payable are dassified as ent liabilities if payment is due within one year or less. If not, they are presenled as nofvcurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effe1ve interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the chariVs contractual obligations expire or a discharged or cancelled. Critical accounting estimates and judgements In the application of the charity's accounting policies. the truslees are required to make judgements, estimates and assumpiions about the carrying amount of assels and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien¢e and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions a reviewed on an ongoing basis. Revisions to a¢untIng estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both ciirrent and future periods.
BELFAST NATURAL HISTORY & PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Charltable activities Unrestricted Income Restricted Income Totsl Unrestricted 2022 Income 2021 Restricted In¢omfr 2021 Total 2021 2022 2022 Book funding Grave resloratlDns Bicentenary dinner Members, subscription and donations Rent Map sales 3,203 2,800 3,203 2.800 720 720 4,540 4,540 2.680 7,200 50 2,680 7,200 50 2.374 7,950 905 2,374 7,950 905 14,470 720 15,190 11,229 6,003 17,232 Analysis by fund Unrestricted funds Restricted funds 14,470 14,470 720 11,229 11,229 6,003 720 8,003 14,470 720 15,190 11.229 6,003 17,232 Other income Unrestricted Unreslricled fund$ funds 2022 2021 Bank interest ceIVed 32 10-
BELFAST NATURAL HISTORY & PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Charitable activlties Unrestricted Unrestricted expenditure expenditure 2022 2021 Repairs and maintenance Insurance Rates and water Printing and stationery Lecture fees and expense5 Independent examination fee Ground rent Membership fees General expenses Event expenses 6,459 3.437 473 401 350 780 1.727 2,558 1.388 602 634 900 24 681 202 1122) 5,018 16,822 8,716 16,822 8,716 Trustees None of the trustees (or any persons connected with them) recerved any remuneration or benefrts from the charity during the year. Employees There were no employees. Tangible fixed assets Freehold land and buildings CompLrter Alarni system •quipment Totsi Cost At 1 November 2021 300,000 2,350 1,832 304,182 At 31 October 2022 300,000 2.350 1,832 304,182 Depreciation and impainnent At 1 November 2021 2,350 1,832 4,182 At 31 October 2022 2,350 1.832 4,182 Carrying amount At 31 October 2022 300,000 300,000 At 31 October 2021 300,000 300,000 11
BELFAST NATURAL HISTORY & PHILOSOPHICAL SOCIETY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 OCTOBER 2022 Dèbtors 2022 2021 Amounts falllng due within one year: Trade debtors Other debtors 1.217 3,664 350 4,012 4.881 4,362 10 Creditors: amounts falling due within one year 2022 2021 Trade credrtors Accruals and deferred income 126 780 930 906 930 11 Analysis of net assets between funds Unrestricted Restricted funds funds Total Unrestrlcted Restricted funds funds Total 2022 2022 2022 2021 2021 2021 Fund balances at 31 October 2022 are represented by.. Tangible assets Current asselsllliabilitiesl 300,000 25,878 300,000 32,601 300,000 28.198 300.000 34.201 6,723 6,003 32S,878 6,723 332,601 328.198 6,003 334,201 12 Related paty transactions There were no disclosable related party transactions during the year (2021 none). 12-