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 th￿e financial statemen
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Lift - Labour In Faith And Th￿t
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.
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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 prep￿ed 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 ch￿ilY.
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.
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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 r￿ourceS 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
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Lift- Labour In Faith And T￿￿t
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
pU￿oSe$.
Page 8