BELFAST LOUGH SAILABILITY STATEMENT OF FINANCIAL ACTIVITY (INCLUDING INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 December 2023 Note Unrestricted Funds Restrirted Funds Total 2023 Total 2022 Income from: Donations and legacies. Charitable Activities Investment Incorrfe Other Income 50,945 50,945 16,119 16,581 61 141 151 3,727 151 3.727 Total Income 63,954 63,954 32,902 Expenditure on: Charitable activities 48,462 48.462 37,235 Total Expenditure 48,462 .48,462 37,235 Net Income 15,492 15,492 (4,333} Net movement in funds Funds brought forward 15,492 153,176 15.492 .153.176 (4,333) 157.509 Funds carried lorward 15 168,668 168,668 153,176 All income and expenditure derive from continuing activities. The statement of financial activities includesall gains and losses recognised duringthe year.
BELFAsf LOUGH SAILABILrrY BALANCE SHEEr As at 31 Deomber 2023 Note 2023 2022 Fixed A55ets Tangible Ftx.ed Assets Totsl flxed assets I1408 124.908 125,130 125,130 Current Assets .Cash and cash equiyalents Total curr.Ent 3S5ets 44.600 44,600 28,886 28,886 Creditors: amounts falling due withln one yeBr. Total Creditor5 14 840 840 A40 840 Net Current A55ets 43,760 28.046 Total Net Assets 168.658 153,176 Funds of the charlty Unrestricted funds General funds Total tharity fvnds 15 168.668 168.668 153,176 153,176 These financial ststements were 3pproved by the board of trustee5 and authori5ed for issue on 27 March 2024 and are si&ned on behalf of the board by: Mrs A Taylor Trustee Mr DTodd Tnkstee The notes on pages 13. to 24 form part of these financial statements.
BELFAST LOUGH SAILABILITY NOTES TO THE Accou[5 for the year ended 31 December 2023 I. ACCOUNTING POLICIES General information The charity constitutes a public benefit entity as defined by FRS 102. The address of the principal office is Marina Buildin& 3 Quayside, Carrickfergus: Co Antrim, BT38 8BE. Statement of compliance The financial statements have been prepared in accordance with the accounting policies set out in notes to the financial statements and applicable accounting standards. Account.ing 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 issued in October 2019. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102 Section IA), the charity's governing document, the Chartties Act (Northern Ireland} 2008, Charities Act. (Northern Ireland) 2013., The Charities (Accounts and Reports) Regulations (Northern Ireland} 2015, and UK Generally Accepted Practice. The financial statements are prepared on a going concern basis underthe historical cost convention. The financial statements are prepared in Sterling which is the functional currency of the charity rounded to the nearest £1. The significant accounting policies applied in the preparafion of these financial statements are set out below. The trustees consider that these pulicies are suitable have been consistently 3pplted and are supported by reasonable and prudentjudgements and estimates. FUND ACCOUNTING The charity has various types of fundsfor which il is responsible, and which require separate disc105ure. A definition of the various types of funds is as follows., Restricted funds comprise {aJ income from endowments which is to be expended only on the restricted purposes intended by the donor and (b) revenue donations or grants for a specific charitable activity intended by the donor. Where these funds hav.e unspent balances. interest on their pooled investment is apportioned to the individual f.unds on an average balance basis. 131 Page
BELFAST LOUGH SAILABIUTY NOTES TO THE ACCOUNTS (conVd} 31 December 2023 Unrestricted funds are funds which are expendable at the discretion of the Charity in furtherance of its objectives. In addition to expenditure on activities such funds may be held in order to finance capital investment and working capital. Designated funds are genetal funds set aside by the trusteesfor use in.the future. INCOMING RESOURCES All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably,.and it is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If ther.e are conditions attached to the don3tion and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is Within the control of the charity, and it is probable that they will be fulfilled. Voluntary income received by way of donations and gift is credited to revenue on a receivable basis. The charity receives grants in respect of support services. Income from governmentand other grants are recognised at fair value when the charity has entitlement after any PErformance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably. If entitlement is not meL then these amounts are deferred. Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable unle55 they relate to a specified future period. Other inco.me represents income that cannot be reported under the other analysis headings provided within the SOFA. Incoming resources with related expend iture Where incoming resources have related expenditure13S Wlth insurance proceeds) the incoming resources and related expenditure ale reporLed gross in the SDFA:
BELFAsf LOUGH SAILABILrrY NOTESTO THE ACCOUNTS {conVd) 31 December 2023 Grants and donations Grants and donations are only included in the SOFA when the charity has unconditional entitlement to the resources. Tax reclaims on donations and gifts. Incoming resources from tax reclaims are included in the SOFA at the same time as th.e giftto which they relate, {iv) Contractual income and performance related grants This is only included in the SOFA once the related goods or services have been delivered. (v) Gifts in kind Gifts in kind are accounted for at a reasonable estimate of their valueto the charity or the amount actually realised. Gifts in kind for sale or distribution are included in.the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable. (vi) Donated services and facilities These are only included ill incoming resources (with an equivalent amount in resources expended) where the benefit.to the charity is reasonably quantifiable, measurable and material. The value place on these resources is.the.estimated value to the charity of the service or facility receiv.ed. (vii) Investment income This is included in the accounts in the period to which it relates. (viii) Investment gains and losses This includes any gain or loss on the sale of Investments and any gain or loss resulting from revaluing investments to market value at the end of the year. EXPENDITURE AND UABILITIES All expenditure is accounted for on an accruals basis and ha5 b.een classified under headings that aggregate all costs related to the.category. It is categorised under the follawing headings: Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of it5 acttvities and services for its beneficiaries and includes salary costs. support service expenses, and an apportionmerrt of support COStS; Other expenditure representsthose items not falling into the categories above. 151 Page
BELFAST LOUG H SAILABILITY NOTES TO THE ACCOUNTS (conyd) 31 December 2023 Liability recognition Liabilities are recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be reqLJired, and the amount of the obligation can be measured reliably. Governance costs These are shown within charitable activities and include the costs of preparation and examination of accounts, the costs of trustee meetings and cost of any le&al advice to trustees on governance or constitutional matters. Grants with perfOrMan.cOnditlOnS Where the charity gives a.grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. (iv) Grants payable without performance conditions These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. (v) Support costs Support costs are those that.as5iSt the work of the charity but do not directly represent charitable activities and include ofFice costsj govemance costs and administrative payroll costs. They are incurred directly in s.upport o.f expenditure on the objects of the.charity. Where sUPPOrt costs cannot be directly attributed to particular headings, they have been allocated to rost of raising funds and expenditure on charitable activities on a basis consistent with use ofthe resources. Premises overhead5 have been allocated on a basis consistent with the use of the resources. Staff costs and other overheads have been allocated based on time spent, per capita and act.ivity. Employee benefits When employees have rendered service to the charity, sholt-term employee benefits to which the employees are entitled are recognised 3t the undiscounted amount expettedto be paid ITr exchange for that Service. Value Added Tax The charity is not registered for VAT purposes. therefore expenditure is shown gr055 of VAT. 161 Page
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUTrtTS (cont'd) 31 December 2023 ASSETS Tangible Fixed A55ets The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated so. as to write off the £ost of tangible fixed assets, less their estimated residual value5, on a straight-line basis over the expected useful economic lives of the assets concerned. The principal annual rates used are as follows: Equipment IO% Reducing balance In accordance with FRS102. assets under coThstruction are not depreciated until such time5 as they are available for use. Where the recoverable aniount of a fixed asset is found to be below it5 net bookvalue, the a55et is written down to.the recoverable figure and the loss on impairment.is recognised in the SOFA, Investments Investments quoted on a recognised stockexchange are valued at market value at the year end. Other investment assets are included at trustees. best estimate of market value: Leases Rentals payable under operating leases are charged to the SQFA on a straight-line basis over the period of the lease. Tax The charity benefits from various exemptions afforded by tax legislation. It is therefore not liable to corporation tax on income or gains falling.due within those exemptions. Recovery is made of tax deducted from receipts under. gift aid. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure are sufficient with the level of reserves for the charity to be able to continue as a going concern. Judgements and key sources of estimation uncertainty The following judgements including thos.e involving estimate5 have been madE in the process of applying the above accounting policies that have had the most significant effect on the aTnounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carrying amounts of ass.ets and liabilities within the next financial year:
BELFAST LOUG H SAILABILITY NOTES TOTHE ACCOUTrtrs (convd) 31 December 2023 depreciation method and asset useful lives The estimates and assumptions are reviewed on an ongoing basis considering the current and future market conditions. 2. DONATIONS AND LEGAaES Unrestricted Fund5 Restricted Funds Total 2023 Total 2022 Donations Other Donations Black Santa Donation 31,732 1,000 31,732 1,000 3,644 750 Grants Funding 18,213 18,213 11,725 50,945 16,119 3. CHARITABLE AcfiviTIES Unrestricted Funds Restricted Funds Totsl 2023 Total 2022 Member5hiy Group Visit RTC Course Fees Events Presidents Cup T-shirts 1,208 1,063 40G 6,380 1.208 1,063 400 6,380 1298 1,479 996 1,980 10,798 16,581 18 | Page
BELFASf LOUGH SAILABILITY NOTESTOTHE ACCOUNTS {conVd) 31 December 2023 4. INVESTMENT INCOME Unrestricted Funds Restricted Funds Total 2023 Total 2022 Bank Interest Receivable 151 151 61 151 151 61 5, OTHER INCOME Unrestricted Funds Restricted Funds Total 2023 Total 2022 Gain on disposal of tangible fixed assets held for charitvs own use 3,727 3,727 141 3,727 3,727 141 6. STAFF COSTS Staff costs for the £urrent and preceding financial years were £Nil. 19 Ipage
BELFAST LOUGH SAIL4BILITY NOTES TO THE ACCOUNTS (cont'd) 31 December 20Z3 7. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Funds Restritted Funds Total 2023 Total 2022 Charitable Activities Support Costs 5,357 43,105 43.105 29,905 48,462 48,462 37,235 8. ANALYSIS OF SUPPORT COSTS Unrestricted Funds Restricted Funds Total 2023 Total 2022 General Office Training CSC Cost5 Insurance Repair5 & Mainter¥ance Accountancy fees Fuel Costs Bank Charges Subscriptions Deprecation 1,152 783 2,848 5,716 16,482 1,152 783 2,848 5,716 16,482 840 1,327 47 365 13.545 1,631 640 1,760 4,978 4,768 840 1,095 45 245 13,906 1,327 47 365 13,545 43,105 43,105 29,908 20 | Pagye
BELFAST LOUGH SAILABILITY NOTESTO THE ACCOUNTS (convd) 31 December 2023 9. NET EXPENDITURE Net Expenditure is stated after charging/(crediting)". Total 2023 Total 2022 Depreciation of tangible fixed assets Gains on Disposal of tangibje fixed asset5 13,545 (3,727) 13,906 {141) 9,818 13,765 10. INDEPEND.ENT EXAMINATION.FEES Total 2023 Total 2022 Fees payable to independent examiner for: Independent examination of the financial statements 840 840 11. TRUSTEES REMUNERAT.ION AND EXPENSES The Trustees received no remunerationfrom the charity during the current or preceding financial years. 12. TAXATION The charity is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried out in the furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. The charity is not registeredfor VAT and, accordingly, all their expenditure is inclusive of any VAT incurred. 211 Page
BELFAST LOUGH SAILABILITY NOTESTO THE ACCOUNTS (convd) 31 December 2023 13. TANGIBLE FIXED ASSETS Fixtures & Fittings Cost At beginning o.f the year Additions Disposals At end of the year 253,556 30,063 (31,5001 252,119 Depreciation At beginning of the year Depreciation Disposals At end of the year 128,426 13,545 (14,760) 127,211 Net book value.at beginning of the year Net book value.at end of the year .125,130 124,908 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Total 2023 Total 2022 Accruals & Deferred income 840 221 Pag
BELFAST LOUGH SAILABIUTY NOTESTO THE ACCOUNTS (convd) 31 December 2023 15. FUND BALANCES Funds 2023 Balance at start Income Expenditu Surplus / Transfer re (Deficit) Balance at end Unrestricted Funds General fund Designated Funds 60,227 3,727 69,025 109.461 (13,545) (9,818) Total 153,176 63,954 (48,462) 15,492 168,668 Funds 2022 Balance at start Income Expenditu Surplus / Transfer re (Deficit) Balance at end Unrestricted Funds General fund Designated FUlS 34,283 123.226 32,761 141 (23,329) 9,432 (13,906) (13.765.) 43,715 109,461 Total 157,509 32,902 (37.235) (4 333) 153,176 231 Page
BELFAST LOUGH SAtLABILITY NOTES TO THE ACCOUNTS (convd) 31 December 2023 16. ANALYSIS OF NEfASSETS BEfwEEN FUNDS Unrestrirted Restricted Funds Funds Total 2023 Fixed Assets Net Current Assets 124,908 43,760 124,908 43,760 168,668 168,668 Unrestricted Restricted Funds Funds Total 2022 Fixed Asset5 Net Current Assets 125,130 28,046 125,130 28,046 153,176 153,176 17. FINANCIALCOMMITMENT No contracts had been placed for future capital expenditure atthe balance sheet date 18. ETHICAL STANDARDS In common with many other Drganisations of our size and nature, we use our independent examiner to prepare and assist in the preparation of the financial staternents. 19. RELATED PARTIES There were no related party transactions durtng the year (2022: £Nil}. 241 Pdge