Lift - Labour In Faith And Trust Statement of Financial Activities (Including Summary Income and Expenditure Account) for the year ended 31 March 2024 Unrestricted Restricted Funds Funds Year Total Year Total 2024 2024 2024 2023 tncome from: Charitable income Not&$ 338,579 338,579 292.014 Total income 338,579 338.579 292,014 Expenditure on: Charitable activities (361.166) (361.166) (323.146) Total expenditure (361,166) (361,166) (323,146) Net Ineome before transfers (22.587) (22,587) (31,132) Transfer between funds Net incoming resources (22.587) (22.587) (31.132) Fund balances brought forward 122,717 122,717 153,849 Fund balances carried forward 100.130 100.130 122.717 All of the above results are derived from continuing activxties.All gains and losses recognised in the year are included above. The notes on pages 6 to 8 forni an integral part of the financial statemen Page 4
Lift - Labour In Faith And Tht Balance sheet as at 31 March 2024 2024 2023 Notes Current assets C&sh at bank and in hand 108,754 128.750 108,754 128.750 Creditors: amounts falling due within one year (8.624) (6.033) Net current assets 100.130 122,717 Net assets 100,130 122.717 Capital and reserves Unrestricted funds 100,130 122,717 General funds 100,130 122.717 The financial statements were appmved by the Board on 13 November 2024 and signed and approved for issue on its behalf by Walter Maguire Trustee The notes on pages 6 to 8 forni an integral part of these financial statements. Page S
Lift- Labour In Faith And Trust Notes to the financial statements for the year ended 31 March 2024 Accounting policies 1.1. Basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. The financial sthtements have been prepared in accordance with Accounting 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 {FRS 102). the Charlties Act 2011 and UK Generally Accepted Accounting Practice. The financial slatements are prepared on a going concern basis under the historical cost convention. modified to include certain items at fair value. The financial statements are preped in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all Yea presented unless otherwise slated. 1.2. Fund Accounting Unrestricted funds are available for use at the discretion of Ihe trustees in furtherance of the general objectives of the chilY. Designated funds are unrestticted funds eatmarked by the directors for particular purposes. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the tenns of an appeal 1.3. Resources Incoming resources All incoming resources are included in the SOFA when the charity is legally entitled to the income and the amount Can be quantified with reasonable accuracy. Donations are included &s income when they are received. No amounts are included in the financial statements for services donated by volunteers. Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregale all costs relating to the calegory. Where costs cannot be directly atttibuted to particular headings they have been allocated to activities on a basis consistent with use of the resources. Page 6
Lift - Labour In Faith And Trust Notes to the financial statements for the year ended 31 March 2024 . continued 2. CharitAble income Unrestricted Restricted Total 2024 2024 2024 Total 2023 Donations and grants Cafe income Bank interest 146.355 192.006 218 146,355 192.006 218 128.654 163.142 218 338.579 338.579 292,014 Unrestricted Restricted Total 2024 2024 2024 Total 2023 TotAI rourceS expended Costs directly allocated to charitable activities Staff and pension costs Redundancy costs Project costs Madagascar expenses Cafe direct costs Insurance Light and heat Repairs and service Printing. postage and stationery Telephone Bank fees General expenses Charitable donations 143,565 3.500 46.104 49.346 70.986 4,645 18.447 2.072 5.596 2.344 417 4,104 10,040 143.565 3,500 46.104 49.346 70.986 4.645 18.447 2.072 5.596 2.344 417 4.104 10.040 144,196 42.496 32.874 62.966 5.057 11,107 2.151 4.379 2.685 450 8,715 6,070 361.166 361,166 323.146 Page 7
Lift- Labour In Faith And Tt Not to the financial statements for the year ended 31 March 2024 . continued Creditors: amounts falling due within one year 2024 2023 VAT Accruals 6.802 1,822 6.033 8.624 6,033 Unrestricted Analysis of net assets between funds reserve fund Total Fund Balances at 31 March 2024 represented by: Current assets Current liabiliti 108.754 (8.624) 108.754 (8.624) Total net assets 100,130 100,130 The general reserve represents the free funds of the charity which are not designated for particular pUoSe$. Page 8