IRFU Charitable Trust (Northern Ireland) Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30 April 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Investment income Other income 3,592 3,592 17,000 1,458 1,458 5,050 Total income 5,050 17,001 Expenditure Expenditure on charitable activities Total expenditure 926 926 926 926 926 926 Net incomel(expendlture) and net movement in funds 4,124 4,124 16,075 Reconciliation of funds Total funds brought forward Total funds carried forward 1,327 1,327 27,495 28,822 32,946 12,747 31,619 28,822 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 6 to 11 form part of these financial statements. IRFU Charitable Trust (Northern Ii'eland) Company Limited by Guarantee Statement of Financial Posltion 30 April 2024 2024 2023 Current assets Debtors Cash al bank and in hand Ngte 12 4,501 29,345 33,846 7,619 22,103 29,722 Credltors: amounts falling due within one year Net current asset8 Total assets less curront Ilabllltles Net assets 13 900 900 32,946 32,946 28,822 28,822 28,822 32,946 Funds of tlie Charity Reslricled funds Unreslrlcled funds Total ¢harlty funds 31,619 1,327 17,402 11,420 14 32,946 28,822 For the year ending 30 April 2022 the Charity was enlilled lo exemption from audit under section 477 of tho Companies Act 2006 relatin9 to small companies. Directors, responsibilities: The members have not required the company lo obtain an audit of Its financial slalomenls for the year in question in accordance with section 478. The directors acknowledge their responsibilities for complying with the requlremenls of the Act wllh respect lo accounllng records and the preparallon of flnanclal slalemenls. These financial slalemenls have been prepared in accordance with the provlslon$ applicable lo companies subject lo the small companies, reglme. These financial statements were approved by the board of Iruslees and aulhorlsed for i55ue on 31 December ?023, and are signed on b8half of the board by. Mr T tvl Rlngland Director The notes on pages 6 to 11 form part of these financial stOt¢ments. IRFU Charitable Trust (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements Year ended 30 April 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in N,Ireland and a registered charity in Northern Ireland. The address of the registered office is CIO Ulster Branch IRFU, 85 Ravenhill Park, BELFAST, BT6 ODG. Statement of compliance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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 (FRS 102) (Charities SQRP (FRS 102)) and the Companies Act 2006. Accounting policles Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estlmatlon uncertainty No significant estimates or judgements have had to be made in the compilation of the financial statements. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the directors for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. IRFU Charitable Trust (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 April 2024 Accounting policies (continued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity., it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relales-. expenditure on raising funds includes the costs of all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charily apportioned to charitable activities. other expendilure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. IRFU Charitable Trust (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 30 April 2024 Accountlng policies (continued) Financial instruments (continued) Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Limited by guarantee The l.R.F.U Charitable Trust (Northern Ireland) is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of it being wound up while he or she is a member, or within one year after he or she ceases to be a member. Donations and legacles Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Donations Donations 3,592 3,592 17,000 17,000 IRFU Charitable Trust (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 April 2023 Investment incomo Restricted Funds Totsl Funds Restricted 2024 Funds TotaL 2023 Bank interest receivable Other income Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Gift Aid 1,458 1,458 Expenditure on charitable activities by fund type Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Player support Support costs 926 926 926 926 926 926 926 926 Expenditure on charitable actlvities by activity type Activities undertaken directly Support Total funds costs 2024 Total fund 2023 Player support Governance costs 926 926 926 926 926 926 926 926 IRFU Charitable Trust (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 April 2023 10. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Nil The average head count of employees during the year was 1 (2022.. 1). The average number of full-time equivalent employees during the year is analysed as follows- 2024 No. 2023 Number of staff There were no persons employed by the charity during the year. No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 11. Trustee remuneratlon and expenses The Trustees of the charity received no remuneration during the year. 12. Debtors 2024 2023 Other debtors 4,501 7.619 13. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 900 900 14. Analysis of charitable funds Unrestricted funds At 1 May 2023 At Income Expenditure 30 April 2024 Unrestricted Fund - General funds 1,327 1,327 At 1 May 2022 At Income Expenditure 30 April 2023 Unrestricted Fund General funds 1,327 1,327 10- IRFU Charitable Trust (Northern Ireland) Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 April 2023 Restricted funds At 1 May 2023 At30 April 2024 Income Expenditure Restricted Fund Player Support fund 27,495 5,050 (926} 31,619 At 1 May 2022 At Income Expenditure 30 April 2023 Restricted Fund Player Support fund 11,420 17,001 1926) 27,495 15. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Current assets Creditors less than 1 year Net assets 1,327 32,519 {900) 31,619 33,8846 (900) 32,946 1,327 Unrestricted Funds Restricted Totsl Funds Funds 2023 Current assets Creditors less than 1 year Net assets 1,327 28,395 1900) 27,495 29722 (900) 28,822 1,327 16. Flnancial instruments No transactions occurred requiring disclosure under the financial instruments regulations. 17. Related parties The company is owed £3,592 from the Irish Rugby Union Charitable Trust12023'. £7,619), its Counterpart in the Republic of Ireland. 11