BELFAST LOUGH SAILABILITY Trustees Annual Report and Unaudited Financial Statements for the year ended 31 December 2024 Registered Charity in Northern Ireland (NIC101461) Page | I
BELFAST LOUGH SAILABILITY Flnanclal Statements Year ended 31 December 2024 Contents CHARITY REFERENCE AND ADMINISTRATIVE DETAILS....... .. TRUSTEES, ANNUAL REPORT .. TRUSTEES OF THE CHARITY......... REFERENCE AND ADMINISTRATIVE DETAILS . STRUCTURE AND MANAGEMENT....... DESCRIPTION AND PURPOSE.... ACTIVITIES AND OBJECTIVES .... ACHIEVEMENTSAND PERFORMANCE...... PUBLIC BENEFIT STATEMENT........ FINANCIAL REVIEW............ GOING CONCERN.............. RESERVES POLICY...,....... RESPONSIBILITIES IN RESPEcf OF THE FINANCIAL STATEMENTS ......... RISK REVIEW........... INDEPENDENT EXAMINERS REPORT .. STATEMENT OF FINANCIAL ACTIVITY (INCLUDING INCOME AND EXPENDITURE ACCOUNTI ......... BAIANCE SHEET................ .11 .13 .14 NOTES TO THE ACCOUNTS... .15
BELFAST LOUGH SAILABILITY Year ended 31 December 2024 CHARITY REFERENCE AND ADMINISTRATIVE DETAILS Reglstered charlty name Belfast Lough Sailability Charity registration number NIC101461 Principal office Marina Bulldlng, 3 quayslde, Carrickfergus, BT38 8BE The trustees Mr D Todd Chairperson MrA 8Isp Vice Chairperson Ms A Blair Honorary Secretary Mrj Klnner Honorary Treasurer Bankers Danske Bank Donegal Sq West Belfast Co Antrim BTI 6JS The Co-operative Bank- Business Buslness Customer Services PO Box 4931 Swlndon SN4 4PL Independent examiner Simon Hopper F.C.A. Hopper & Co 6 Doagh Road Ballyclare BT39 9BG 31 P<ige
BELFAST LOUGH SAILABILITY TRUSTEES REPORT Year ended 31 December 2024 TRUSTEES, ANNUAL REPORT The Trustees present thelr report and the unaudited financial statements of the charity for the year ended 31, December 2024. The trustees have adopted the provisions of the Statement of Recommended Practice {SORP) Accounting and Reportlng by Charities ' {FRS102 Section IA) In preparing the annual report and financial statements of the charity. The financial statements have been prepared In accordance with the accounting policies set out In notes to the financlal statements and applicable accounting standards, Accounting and Reporting by Charities . Statement of Recommended Practice applicable to charities preparing thelr accounts in accordance with the Flnancial Reportlng Standard appllcable in the UK and Republic of Ireland issued In October 2019, the Financlal Reporting Standard applicable In the United Kingdom and Republic of Ireland (FRS 102 Section IA), the charity's governlng document, the Charitles Act (Northern Ireland) 2008, Charlties Act {Northern Ireland) 2013, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and UK Generally Accepted Practice, TRUSTEES OF THE CHARITY The trustees who have served during the year were as follows: Mr DTodd Mr A Bisp Ms A Blair Mr J Kinner Chairperson Vice Chairperson Honorary Secretary Honorary Treasurer REFERENCE AND ADMINISTRATIVE DETAILS The registered name of the charity is Belfast Lough Sailability, charity registration number: NIC101461 Principal off ice Marina Buildingi 3 Quayside, Carrickfergus, BT38 8BE The trustees Mr DTodd Mr A Bisp Ms A Blair Mrj Kinner Chalrperson Vice Chairperson Honorary Secretary Honorary Treasurer
BELFAST LOUGH SAILABILITY TRUSTEES REPORT Year ended 31 December 2024 Bankers Danske Bank Donegal Sq West Belfast Co Antrim BTI 6JS The Co-operative Bank- Business Buslness Customer Services PO Box 4931 Swlndon SN4 4PL Independent examiner Slmon Hopper F,C.A. Hopper & Co 6 Doagh Road Ballyclare BT39 9BG STRucfuRE AND MANAGEMENT Governlng Document Belfast Lough Sailability {BLSI1s a charity registered with the Charity Commlsslon for Northern Ireland. Its operations are governed by a Trust Deed. There are 4 Trustees named above who oversee the charit¢s activities and finances and decide how it will achieve Its objectives. DESCRIPTION AND PURPOSE BLS recognises sailing as a therapeutlc exercise benefiting those with physlcal, mental and learning difficulties. Its activities include tralning, recreation and competition; and the protection and preservation of health and safety. As s RYA Recognised Training Centre (RTC), BLS provides Instruction in sailingi powerboating and other skills. BLS supports the local community by providing safety boats & trained crews at open sea water events. ACTIVITIÈS AND OBJECTIVES BLS has a fleet of 17 sail/power boats and 4 kayaks. Working from Carrickfergus Marina and Harbour, BLS provides sailing & boatlng opportunities to PÈople with disabilities and from dlsadvantaged backgrounds.(participants). Participants can choose to enjoy recreational or leisure boatingi undertake tralnlng & education or compete In competitions. BLS has a team of qualified In5trurtors to provlde RYA internationally recognised quallflcatlons in saillng/powerboating, flrst ald, VHF radio, navigation & dlsability awareness. BLS also proactlvely promotes volunteering opportunlties to enhance a sense of 51 P¥lPP
BELFAST LOUGH SAILABILITY TRUSTEES REPORT (¢onVd) Year ended 31 December 2024 inclusion and self-worth in Its members. BLS travels throughout the island of Ireland to provide opportunities to those in need of our facilities. ACHIEVEMENTS AND PERFORMANCE Our activities promote social inclusion, increase confidence and self-esteem and promote community values along with many added health benefits. Our RYA RTC provldes education and trainlng to people of all abilitles and backgrounds. BLS organlses an annual programme of activity to develop members, skills, host and participate in competltions and support community events. During 2024, BLS'S main actlvities included but Was not limited to:. Maintenance of Fleet The 2024 Season started well with essential maintenance being carried out on Saturday mornings over the wlnter months to ensure all craft and equipment were fully operational for the commencement of on the water actlvlties. The BLS motor launch Rosy had signiflcant refurbishment repairs carrled out to make the boat fully operational for the 2024 season. October- December. Winterisation of fleet and essential maintenance commenced to make ready the fleet for the 2025 season. The BLS drop bow motor launch Searover was lifted out of the water for a full refurbishment. Purchase of 'Barnab Following a bequest from Elizabeth Black, a long standing BLS member, a funding campalgn was launched to secure funding to purchase a new safety boat 'Barnaby', named after Elizabeth's assistance dog. Additional funding was secured from the Ulster Garden Village, Awards for All, LFT Charitable Trust, Belfast Harbour and the Halifax Foundation. Barnaby was purchased and named and launched on 22 June 2024. nd Bes oke Trainin Pro ramme From May- July, BLS volunteers devised and delivered a 12 week training programme on Shore to develop members, skills in alignment with the RYA Sailability & Powerability logbook Scheme. 6 | Pic
BELFAST LOUGH SAILABILITY TRUSTEES REPORT (convd) Year ended 31 December 2024 May- September. Bespoke training sessions were provided in the Hansa 303s & Hawk 20s to develop sailors, skills to compete in regattas organised by the three Sailabllity Centres in Nl. This training has Increased our members, confidence significantly, increaslng their ability to compete In racing, and increasing their desire to develop their skills further. Grou Vislts BLS continued to provide 'out of the norm, activities to special needs schools and adult centres over the summer months: enabling each Indlvidual to participate in an active, healthy activlty; improvlng their quality of life and building a stronger communlty splrit amongst BLS members and visiting group members. Sailin & Power boatln activities April- September. Saturday morning & Wednesday evening weekly sessions were delivered which included open sessions, training and building skills. On l June, BLS delivered a RYANI Discover Sailing Taster event for people with disabilities from other Sailing Clubs on Belfast Lough; to raise awareness of BLS & increase participation by dlsabled people, In June, BLS members and boats travelled to Lough Erne Yacht Club to compete against Lough Erne Sailability and Lough Foyle Sailability members, earning a creditable 2nd place overall in the first of three Sallabillty Regattas. In July, BLS Hosted the Belfast Lough Sailability Regatta with competitors from | Lough Erne and Lough Foyle Sailability centres competing at Carrickfergus. BLS was delighted to win the event. In September, BLS members and boats travelled to Greencastle in Donegal to compete in the Lough Foyle Sallability Regatta and was again delighted to win the event. Communi Su ort BLS provides safety cover and volunteer support as a number of events across Belfast Lough to support the local community. Thes include:_ Carrickfergus Triathlon- 2nd June ILCA Ulsters @ CAYC- 22. & 23, June Cross the Lough Swim- 20th July
BELFAST LOUGH SAILABILITY TRUSTEES REPORT Iconvd) Year ended 31 December 2024 th CSC RS Championships-9th_ 11 August CSC Regatta- 17th August st GP14 Championshlps @ CSC- 31 August & 1st September Annual Reco nition Event On 12th October BLS held it Annual Recognition Event, to recognise the fantastic achievements and commitment of its members (volunteers and particlpants). 7 x Trophies and 7 x Certlficates were awarded. PUBLIC BENEFIT STATEMENT The Trustees and Management Committee of BLS confirm that they have had due regard for the guidance produced on public benefit by the Charity Commission for Northern Ireland and are pleased to report that during the year the charity has continued to provide publlc benefits through the programmes, activities and Services offered. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set out. FINANCIAL REVIEW The charlty returned a surplus of £11,955 (2023: surplus £15,492) for the year. As at 31 December 2024, the charity has funds carried forward of £180,623 (2023: £168,668). GOING CONCERN The actlvlties of the charity is dependent on ongoing fundraising activlties. The Trustees are of the opinion that the charity has sufficient resources at the date of approval of these financial statements to meet commitments which will arise in the year from the date of signing this report. RESERVES POLICY The charity aims to retain unrestricted reserves at minimum one year's expenditure. The trustees consider that this ensures that in the event of a significant drop in funding they will be able to continue actlvities while working to source alternative funding. The charity has maintained this level of funding throughout the year.
BELFAST LOUGH SAILABILITY TRUSTEES REPORT (cont'd) Year ended 31 December 2024 RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS The trustees are responsible for preparing the Trustees ' Report and the flnancial statements in accordance with applicable law and Unlted Kingdom Accounting Standards {United Klngdom Generally Accepted Accounting Practice). Charity law requires the trustees to prepare financial statements for each flnanclal year which give a true and fair view of the state of affairs of the charlty and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and princlples in the Charitles SORP 2019 (FRS102}' make judgements and accountlng estimates that are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subjert to any material departures disclosed and explalned in the financial statements; and prepare the financial statements on the going concern basls unless It Is Inapproprlate to presume that the charity will continue to operate. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the charities Act (Northern Ireland) 2008 and Charities Act {Nolthern Ireland) 2013 and Charities (Accounts and Reports) Regulations {Northern Ireland) 2015. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's webslte. Legislation In the Unlted Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. RISK REVIÈW A review of major risks has been undertaken by the Trustees and systems and procedures implemented to manage identified rlsks. Thè principal risks are in relatlon to the likelihood of reputational damage and financial risks associated wlth the expectation of ongoing financial support from funders. These
BELFAST LOUGH SAILABILITY TRUSTEES REPORT (conyd) Year ended 31 December 2024 risks are mitigated by the Trustees regularly monitoring the various activities of the charity at stated meetings and by reviewing available fundlng streams. FUTURE PLANS It is the Trustees, intention to develop the present actlvities of the charity with a focus on:. Increase the number of people with disabilities participating in BLS activities. Increase the number of volunteers supporting people with disabilities. Continue a programme of bespoke trainlng aligning wlth a RYA Sailability & Powerability Logbook Scheme. Provide RYA accredited courses to all mernbers. Complete funding to refurbish SeaRover. Provide community support to other organisatlons. Disclosure of Information to Independent Examiner So far as each of the trustees in office at the date of approval of these flnancial statements is aware: there is no relevant audit information of which the charity's independent examiner is unaware; and they have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant information for the independent examination and to establish that the charity's Independent examiner is aware of that informatlon. Independent Examiner Hopper & Co., have Indlcated their wlllingness to remain in office and a resolutlon for their re-election will be proposed at the forthcoming Annual General Meeting. Approved by the trustees at a meeting on 26 March 2025 and slgned on its behalf by: Ms A Blair Trustee Mr DTodd Trustee 101 Pagp
BELFAST LOUGH SAILABILITY INDEPENDENT EXAMINERS REPORT Year ended 31 December 2024 INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF BELFAST LOUGH SAILABILITY I report on the financial statements of Belfast Lough Sailability for the year ended 31st December 2024 which are contained within the 2024 Annual Report. Respective responsibilities of trustees and Independent examiner Belfast Lough Sailabllity's trustees are responsible for the preparation of the financial statements in accordance with the terms of the Charities Act (Northern Ireland} 2008. Belfast Lough Sailablllty's trustees consider that an audlt is not required under sectlon 65{21 {audit) of the Charities Act (Northern Ireland) 2008 for the year and that an independent examlnation under section 64(1) of the Charities Act (Northern Ireland) 2008 is required. It is my responsibility to.. examine the accounts to state whether partlcular matters have come to my attention. Basis of independent examlner's report My examination was carried out under Sectlon 65 of the Charities Act (Northern Ireland) 2008. An examination includes a review of the accountlng records kept by the Charity and a comparlson of the financlal statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from the trustees concerning any such matters. The procedures do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the financlal statements. Independent examlner's statement In the course of my examination, no matter has come to my attention: (l) which gives me reasonable cause to believe that in any material respect the requirements: to keep proper accounting records In accordance wlth Section 63 of the charities Act (Northern Ireland) 2008, and to prepare flnancial statements which accord wlth the accounting record5 in accordance with Section 64 of the Charities Act {Northern Ireland) 2008 have not been met; or
(2) to which, in my oplnlon, attention should be drawn in order to enable a proper understanding of the financial statements to be reached. S Hopper FCA Partner Hopper & Co 26 March 2025 12 | Page
BELFAST LOUGH SAILABILITY STATEMENT OF FINANCIAL ACTIVITY (INCLUDING INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 December 2024 Note Unrestrlcted Funds Restrlcted Funds Total 2024 Total 2023 Income from: Donations and legacies Cha ritable Actlvlties Investment Income Other Income 13,027 3,366 162 26,524 39,551 3,366 162 50,945 8,651 151 3,727 Total Income 16,555 26,524 43,079 63,954 Expendlture on: Charitable activities 29,804 1,320 31,124 48,462 Total Expenditure 29,804 1,320 31,124 48,462 Net Income 113,249) 25,204 11,955 15,492 Transfer in funds 18,624 (18,624) Net movement in funds Funds brought forward 5,375 168,668 6,580 11,955 168,668 15,492 153,176 Funds carried forward 15 174,043 6,580 180,623 168,668 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognlsed during the year.
BELFAST LOUGH SAILABILITY BALANCE SHEET As at 31 December 2024 Note 2024 2023 Fixed Assets Tangible Fixed Assets Total flxed assets 13 123,297 123,297 124,908 124,908 Current Assets Cash and cash equlvalents Total current assets 58,166 58,166 44,600 44,600 Creditors: amounts falling due wlthln one year Total Credltors 14 840 840 840 840 Net Current Assets 57,326 43,760 Total Net Assets 180,623 168,668 Funds of the charlty Unrestricted funds General funds Restrlcted funds Total charlty funds 15 174,043 6,580 180,623 168,668 168,668 These flnancial statements were approved by the board of trustees and authorised for issue on 26 March 2025 and are signed on behalf of the board by: Ms A Blair Trustee Mr D Todd Trustee The notes on pages 13 to 24 form part of these financial statements.
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS for the year ended 31 December 2024 I. ACCOUNTING POLICIES General Informatlon The charity constitutes a public benefit entity as defined by FRS 102. The address of the principal office is Marina Building, 3 Quayside, Carrickfergus, Co Antrim, BT38 8BE. Statement of compliance The flnancial statements have been prepared In accordance with the accounting policies set out In notes to the financial statements and appllcable accounting standards, Accounting and Reporting by Charities: Statement of Recommended Practice appllcable to charities preparlng their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republlc of Ireland issued in October 2019, the Flnancial Reporting Standard applicable In the United Kingdom and Republic of Ireland {FRS102 Section IA), the charity's governing document, the Charities Act (Northern Ireland) 2008, Charitles Act (Northern Ireland) 2013 , The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, and UK Generally Accepted Practlce. The financial statements are prepared on a going concern basis under the 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 pollcies applied in the preparation of these financial statements are set out below. The trustees consider that these policies are sultable, have been conslstently applied and are supported by reasonable and prudent judgements and estimates. FUND ACCOUNTING The charity has various types of funds for which it is responsible, and which require separate disclosure. A definitlon of the various types of funds is as follows: Restricted fund5 comprise (a) income from endowments which is to be expended only on the restricted purposes intended by the donor and Ib) revenue donations or grants for a specific charitable activity intended by the donor. Where these fund5 have unspent balances, interest on thelr pooled investment Is apportioned to the individual funds on an average balance basis.
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS Icont'd) 31 December 2024 Unrestricted funds are funds which are expendable at the discretion of the Charity in furtherance of its objectlves. In addition to expenditure on activities such funds may be held In order to finance capital Investment and working capltal. Designated funds are general funds set aside by the trustees for 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 wlll be received. For donations to be recognised the charlty will have been notified of the amounts and the settlement date in writing. If there are conditlons attached to the donation and this requires a level of performance before entitlement can be obtained, then Income is deferred until those conditions are fully met or the fulfllment 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 government and 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 met, 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 unless they relate to a specified future period. Other income represents income that cannot be reported under the other analysis headings provided within the SOFA. Incoming resources wlth related expendlture Where incoming resources have related expenditure (as with insurance proceeds) the incoming resources and related expenditure are reported gross In the SOFA. 16 | Page
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 Grants and donations Grants and donations are only included in the SOFA when the charity has unconditlonal entitlement to the resources. Tax reclalms on donatlons and gifts. Incomlng resources from tax reclaims are included in the SOFA at the same tlme as the gift to which they relate. (Ivl Contractual Income and performance related grants This is only included in the SOFA once the related goods or services have been dellvered. Glfts In kind Gifts in kind are accounted for at a reasonable estlmate of their value to 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 incomlng resources when receivable. (vl) Donated services and facilities These are only included in incomlng resources Iwlth 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 estlmated value to the charity of the service or facility received. (vii) Investment income This Is included in the accounts in the period to which it relates. (vlll) 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 LIABILITIES All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. It is categorised under the following headings: Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries and includes salary costs, support service expenses, and an apportionment of support costs; Other expenditure represents those items not falllng into the categories above.
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 Llablllty recognitlon Llabilities are recognised where there is a legal or constructlve obligation to make payments to third parties, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Governance costs These are shown wlthin charitable activlties and include the costs of preparatlon and examination of accounts, the costs of trustee meetlngs and cost of any legal advice to trustees on governance or constltutlonal matters. Grants wlth performance conditions Where the charlty gives a grant with conditlons for its payment being a speclflc level of service or output to be provided, such grants are only recognised in the SOFA once the reclplent of the grant has provided the specified service or output. (Iv) Grants payable wlthout performance conditlons 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. Support costs Support costs are those that assist the work of the charity but do not directly represent charitable activitles and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to cost of ralsing funds and expenditure on charitable activities on a basis consistent with use of the resources. Premises overheads 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 activity. Employee benefits When employees have rendered service to the charity, sholt-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Value Added Tax The charity is not registered for VAT purposes, therefore expenditure is shown gross of VAT. 18 | Page
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS (convd) 31 December 2024 ASSETS Tangible Fixed Assets 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 cost of tangible fixed assets, less their estimated residual values, on a straight-line basis over the expected useful economic Ilves of the assets concerned. The principal annual rates used are as follows: Equipment IOOA Reducing balance In accordance with FRS102, assets under construction are not depreciated untll such times as they are available for use. Where the recoverable amount of a flxed asset is found to be below its net book value, the asset is written down to the recoverable figure and the loss on impairment is recognised in the SOFA. Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees, best estlmate of market value. Leases Rentals payable under operating leases are charged to the SOFA 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 galns 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 a5 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 financi31 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 those involving estimate5 have been made in the process of applying the above accounting policies that have had the most signlficant effect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 depreciation method and asset useful lives The estlmates and a55umptions are reviewed on an ongoing basis considering the current and future market conditions. 2. DONATIONS AND LEGACIES Unrestricted Funds Restrlcted Funds Total 2024 Total 2023 Donatlons Other Donations Black Santa Donatlon 6,937 9,424 1,500 16,361 1,500 31,732 1,000 Grants Funding 6,090 15,600 21,690 18,213 13,027 26,524 39,551 50,945 3. CHARITABLE ACTIVITIES Unrestricted Funds Restrlcted Funds Total 2024 Total 2023 Membershlp Group Visit RTC Course Fees Events T-shirts 1,210 1,040 40 1,031 45 1,210 1,040 40 1,031 45 1,208 1,063 400 6,380 3,366 3,366 8,651
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 4. INVESTMENT INCOME Unrestrlcted Funds Restrlcted Funds Total 2024 Total 2023 Bank Interest Receivable 162 162 151 162 162 151 5. OTHER INCOME Unrestricted Funds Restrlcted Funds Total 2024 Total 2023 Gain on dispos31 of tangible flxed assets held for charitls own use 3,727 3,727 6. STAFF COSTS Staff costs for the current and preceding financlal years were £Nil.
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 7. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestrlcted Funds Restrlcted Funds Total 2024 Total 2023 Charltable Actlvities Support Costs 3,550 26,254 3,550 27,574 5,357 43,105 1,320 29,804 1,320 31,124 48,462 ANALYSIS OF SUPPORT COSTS Unrestricted Funds Restrlcted Funds Total 2024 Total 2023 General Office Tralning CSC Costs Insurance Repairs & Maintenance Accountancy fees Fuel Costs Bank Charges Subscriptlons Deprecatioh 605 16 1,651 5,660 2,730 840 806 52 195 13,699 605 16 1,651 6,160 3,550 840 806 52 195 13,699 1,152 783 2,848 5,716 16,482 840 1,327 47 365 13,545 500 820 26,254 1,320 27,574 43,105 2211)ap,e
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 9. NET EXPENDITURE Net Expendlture Is stated after tharging/(crediting): Total 2024 Total 2023 Depreciation of tangible fixed assets Gains on Dlsposal of tangible fixed assets 13,699 13,545 13,727) 13,699 9,818 10. INDEPENDENT EXAMINATION FEES Total 2024 Total 2023 Fees payable to independent examiner for: Independent examination of the financial statements 840 840 11. TRUSTEES REMUNERATION AND EXPENSES The Trustees received no remuneration from the charity during the current or preceding financlal years. 12. TAXATION The charity is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading actlvities carried out in the furtherante of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. The charity is not registered for VAT and, accordingly, all their expenditure is inc5u5ive of any VAT incurred. 231 Page.
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 13. TANGIBLE FIXED ASSETS Fixturès & Flttings Cost At beginning of the year Additlons Disposals At end of the year 252,119 12,088 264,207 Depreciation At beglnning of the year Depreciation Disposals At end of the year 127,211 13,699 140,910 Net book value at beglnning of the year Net book value at end of the year 124,908 123,297 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Total 2024 Total 2023 Accruals & Deferred income 840 840 241 Page
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 15. FUND BALANCES Funds 2024 Balance at start Income Expendltu Surplus l Transfer re (Deficit) Balance at end Unrestrlcted Funds General fund Designated Funds 69,025 99,643 16,555 (16,105) 25,654 (13,699) (13,6991 94,679 85,944 18,624 Total 168,668 16,555 (30,104) 11,955 18,624 180,623 Restrlcted Funds DSNI Fundlng Halifax Grant Belfast Harbour Black Santa Ulster Garden Villages Carrick Literary 800 3,624 10,000 1,500 10,000 600 1720) 80 3,624 10,000 1,500 10,000 (10,000) 80 (3,624) (5,000) 5,000 1,500 (600) Total 26,524 (1,3201 25,204 18,624 6,580 Funds 2023 Balance at start Income Expendltu Surplus l Transfer re (Deflcit) Balance at end Unrestrlcted Funds General fund Designated Funds 43,715 109,461 60,227 3,727 134,9171 25,310 {13,5451 (9,818) 69,025 99,643 Total 153,176 63,954 (48,462) 15,492 168,668 Restricted funds includes money raised to but equipment, the receipt of this income I treated as restricted until the asset is purchased and the funds then transferred to designated once the asset is in use for general charitable purposes.
BELFAST LOUGH SAILABILITY NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restrlcted Funds Funds Total 2024 Fixed Assets Net Current Assets 123,297 50,746 123,297 57,326 6,580 174,043 6,580 180,623 Unrestrlcted Restricted Funds Funds Total 2023 Fixed Assets Net Current Assets 124,908 43,760 124,908 43,760 168,668 168,668 17. FINANCIAL COMMITMENT No contracts had been placed for future capital expendlture at the balance sheet date 18. ETHICAL STANDARDS In common with many other organisatlons of our size and nature, we use our independent examiner to prepare and assist in the preparation of the financial statements. 19. RELATED PARTIES There were no related party transactions durlng the year (2023: £Nil). 261 Page