threefoldcord (A company limited by guarantee) Statement of Financial Aetivities for the Year Ended 30 June 2023 incor oratin the Income and Ex enditure Account 30.6.23 30.6,22 Unrestricted fund Restricted Total fiaS Totsl funds funds Notes Income and endowments from: Donations and legacies 21.098 Total ineome And endowments 21.098 21,098 13,460 Expenditure on: Charitable activities 15 174) Total expendilure (15,174) (15,174) (14.702) Net Incomel(ExpendAture) for the year 5,924 5,924 (1,242) TrAnsftr8 between fvnds Net movement in funds 5,924 5,924 (1,242) Reconciliation of Funds: TotAI funds brought forward 2,300 2,300 3.542 Totsl funds carried forw8rd The above amounts relate to continuing operations of the cornpany. The statement of financial activities includes all 8ains and losses recognised in the year. The notes forn] part of these financial statements Pagc 6
threefoldcord (A company limited by guarantee) Balance Sheet At 30 June 2023 30.6.23 30.6.22 Not¢s Fixed Assets: Tangible assets 11 1,027 Current Assets: Debtors Cash at bank and in hand 12 8,328 4.053 11.634 7,550 Creditors: Amounts falling due within one year 13 (4,437) (5,250) Net Current Assetsl(Liabilitie8) Net Assetsl(Liabilities) 8,224 2,300 Total Net As8etsl(Liabilitie$) The funds of the eharity: Unrcstricted funds Restricted fjjnds 14 8,224 2,300 Total charity funds The Balance Sheet continues on the following page. The notes forni part of these financial statements Page 7 continued...
threefoRdcord (A company limited by guarantee) Balance Sheet - continued At 30 June 2023 Trustees statsments for the yeAr ended 30 June 2023 For the financial year in question the company was entitled to exemptton under section 477 of the Companies A¢1 2Q06 r¢laiing to 6mall Gompanios. o memDers nave required the company to obtain an audit of its accoLints for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their respoiisibility for complyllig with the requirements of the Act with resp¢ct to accountllig records ]d for the preparatioii of accounts. These accounts have been prepared in COrdanCe with the provisions applicable to companies subject to the small coinpanies, regime. The financial ststements were &pproved by the Board of Trustees on 9 August 2023 and were sigiied on its behalf by: Harry F Director son Company Registrati4)h Number: N1065442 (Northern Ireland) The notes fomi part of these fiiiancial statements Page 8
threefoldcord (A company limited by guarantee) Notes to the Financial Statements for the Year Ended 30 June 2023 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant principal accounting polici¢s adopt¢(L judg¢m¢nts and key sourc¢s of cstimation uncertainty in the prepatation of the financial statements are set out below. These policies have been consistently applied to all periods presented unless otherwise stated. 1.1 Basis of preparation of financial statements The charitable company constitutes a public benefit entity as defined by FRS 102 and its operations and principal activities are as disclosed in the Report of the Trustees. The financial statements have been prepared in accordance with Charities SORP (FRS102) "Accowitillg and Reporting by ChaTities. Stat¢ment of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102)" (effective l January 2019), th¢ Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), applicable charity law. the Companies Act 2006 and United Kingdom Generally Accepted Practic¢. The financial statements are prepared in sterling, which is the functional currency of the charitable cornpany. Monetary amounts in these financial statements are rounded to the nvdrest £. Assets and liabilities are initially reLognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note(s). 1.2 Preparation of the accounts on a going Concern basis The financial statements have been prepared on a going concern basis as the Trustees are of the view that th¢ imjncdiate futur¢ of the charitable company for th¢ next 12 months is secure and that on this basis the assessment of the Trustees is that the charitable company is a going concern. 1.3 Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in fvrtherance of the purposes of the charitabl¢ company. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charitable company's work or for specific projects being undertaken by the charitable company, OT fldS which have been raised for particular purposes. The costs of raising and administering such funds are charged against the specific fund. 1.4 Income recognition policies Items of income are recognised and included in the accounts when the company is legally entitled to the income. any perfonnance conditions attached to the item of income have been met or are llY within the control of the company. the amount can be measured reliably and receipt is Considered probable. Income is deferred only when the charity has to fulfil conditions which are not fully within the control of th¢ charity before being entitled to it or where the donor/funder has specified that the income is to be ¢xpended in a future period. Income t&x recoverable in relation to donations received under Gift Aid or deeds of covenant is recogniged at the time of the donation. Pag¢ 9
threefoldcord (A company limitsd by guarantee) Notes to the Financial Statements for the Year Ended 30 June 2023 1.5 Expellditure recognition policies and irrecoverable VAT Expenditure is recognised on an accruals basis once there is a legal or constructive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can b¢ m¢asur¢d reliably. Expenditure is classified under the following activity h¢adings'. Chitable activities include the costs of events undertaken to fiffther the pury)oses of the company and their associated support costs, including governance costs. Support costs are those costs incurred in support of direct expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and complianc¢ with constitutionaj and ststutory requireinents. The analysis of these costs is included in notes 5 and 6. Itrecoverable VAT is charged as a cost against the activity for which the expendiNre was incurred. 1.6 Tangible fixed assets and depreciation Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following basis.. Computer Equipment 250/0 Straight line The carrying value of the tangible fixed assets is reviewed annually for impaimient in period to detennine if events or changes in circumstances indicate the carryin8 value may not be recoverable. 1.7 Debtors Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid afler taking account of any trade discounts due. Any losses arising from impairnlent are recognised in expendithre. 1.8 Cgsh at bank and in hand Cash at bank and in hand includes cash and short terni highly liquid investments with a short maturity date of three montlis or l¢ss from the date of acquisition or opening of the dq)osit or similar account. 1.9 Impairnient Assets not measured at fair value are revicwed for any indication that the asset may be impaired at each balance sheet date. If such inth'cation exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds itg recoverable amounL an impainnent loss is recognised in profit or loss unless the asset is carried at a revalued ajnount where the impairniont loss As a r¢vaiuation dwr¢as¢. Page 10
threefoldcord (A company limited by guarantee) Notss to the Financial Statements for the Year Ended 30 June 2023 1.10 Creditors and provisions CT¢ditors and provisions are recognised where the charity has a present obligation resulting from a past event tliat will probably result in the transfer of fimds to a thii"d pty and the wnount due to settle the obligation wi be measured or estimated reliably. Creditors and provisions are nornially recognised at their settlement amount after allowing for any trade discounts due. When the effect of the tiine value of money is material, the amount of a provision shall be the present valuc of the amount expected to be required to settle the obligation. l.jl I'inancial instrnments The coinpany only has financial assets and financial liabilities of a kind that qualify as basic fmancial instThments. Basic financial instrurnents are initially recognised at transaction value and subsequently measured at their settlement value with the excq)tion of bank loans which are subsequently me&8ured at the carrying value plu8 acerued interest le8.8 repayments. 1.12 Critical Aeeounting judgements and estimation uncertainty Estirnates and judgements are continuajly evaluated and are based on historical experience and other factors, including expectations of future events that are beli¢v¢d to be reasonabl¢ under the circumstances. Th¢re are no critical judgements in applying the company's accounting policies. There are no critical accountiiig estiinates and assuinptions. LEGAL STATUS The charity is a company lirnited by guarantee, incorporated in the United Kingdom and registered in Northern IrelAnd, and accordingly does not have share capital. In the event of the charity being wound up, th¢ liability in respect of the guarantee is limit¢d to £10 per member of the charity. The charity's registered office address is given on page l of the Report of the Trustees. INCOME FROM DONATIONS & LEGACIES 30.6.23 Total 30.6.22 Total Donations from individuals 21,098 Of the above, £nil relates to restri¢t¢d funds (2022: £nil). NON-EXCHANGE TRANSACTIONS The charity has benefitted from the contribution ofunpaid general volunteers. Their contribution is not accowited for due to the lack of a reliable basis of measur•nent. Pagc 11
threefoldcord (A company limited by guarantee) Notes to the Financial Statements for the Year Ended 30 June 2023 EXPENDITURE ON CHARITABLE ACTIVITIES Activities uttdeytsken directly Support costs Year ended 30 June 2023 Totsl costs Unrestricted funds Grants to individuals Motor & travel Ti'aining Telephon¢ & internet Depreciation Bank fees Governance costs (note 6) 2,400 10,145 2,400 10,145 1,246 398 343 142 500 1,246 398 343 142 500 2,629 Restricted funds TOTAL LxPE1ITuRE 12,545 2,629 Activities undertaken directly Support costs Total costs Year ended 30 June 2022 Unrestricted funds Grants to individuals Motor & travel Training Telephone & internet Printing, postage & stationery Marketing Professional fees Bank fees Governance costs (note 6) 3,100 9,695 3,100 9,695 299 368 299 368 72 72 520 144 500 520 144 500 13,319 1,383 Restricted fimds TOTAL EXPEfiDITURE 13,319 1,383 14,702 Page 12
threefoldcord (A company limitsd by guarantee) Notes to the Financial Statements - conlinued for the Year Ended 30 June 2023 GOVERNANCE COSTS 30.06.23 30.06.22 T&x return fee 500 500 500 500 NET IIYCOMEI(EXPENDITURE) FOR THE YEAR This is Stated after ChargIn(crediting). 30.06.23 30.06.22 Cost of independent examination 500 500 ANALYSIS OF STAFF COSTS AND DIRECTORS, REMUNERATION AND EXPENSES No salaries or wages have been paid to employees, including the truste¢s, during the year. The average monthly number of employees during the year was as follows: 30.06.23 30.06.22 There were no trustees, benefits or expenses paid for the ye8r ended 30 June 2023 nor for the year ended 30 June 2022. RELATED PARTY TRANSACTIONS During the year, the total amount of donations received from trustees, without conditions and on which gift aid will be claiined was £5,500 (2022: £3,600). The CEO, Brendan Mccauley, father of truste£ Mary Mccauley was in receipt of expens¢s payments for mil¢ag¢ £3,150 (2022: £3,150), telephone and internet £399 (2022: £368). travel £2,543 (2022: £2,867) and travel-related subsist¢n¢e £2,717 (2022.. £2,577). There was an outstandillg balance due to Brendan Mccauley at 30 June 2023 of £3.937 (2022: £4,750). 10. CORPORATION TAX The company is exempt from tsx on income and gains to the extent that these are applied to its haritable objects. Page 13
threefoldcord (A company limited by guarantee) Notes to the Financial Statements - continued for the Year Ended 30 June 2023 11. TANGIBLE FIXED ASSETS Computer Equipment Totsls COST At l July 2022 Additions Disposals 1,370 1,370 At 30 June 2023 DEPRECIATION At l July 2022 Charge for year Eliminated on disposats 343 343 At 30 June 2023 343 343 NET BOOK VALUE At 30 June 2023 At 30 June 2022 12. DEBTORS 30.06.23 30.06.22 Other d¢btors 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.06.23 30.06.22 Accruals and deferred income Other creditors 500 3,937 500 4,437 Page 14
threefoldcord (A company limited by guarantee) Notes to the Financial Statements - continued for the Year Ended 30 June 2023 14. FUNDS OF THE CIIARITY Net movement in fund8 Transfers belween funds At 30.0&23 Year ended 30 June 2023 At 01.07.22 Unrestricted funds Gcneral fund Restricted funds TOTAL FUNDS 2.300 5,924 8,224 Th¢ General fund is th¢ "free reserves" after allowing foi all designated fimds. Net movement in nd& includ¢d in th¢ above are as follows: Net movement in funds Income Expendithre Unrestricted funds General fund 15 174) 5,924 Restrlcted funds TOTAL FUNDS 15 174) Net movement in funds Transfers between funds At 30.06.22 Year ended 30 June 2022 At 01.07.21 Unrestricted funds General fimd Restrieted funds TOTAL FUNDS 2,300 The General fimd is the "frec rcserves- after allowing for all designated funds. Pagc 15
threefoldcord (A company limited by guarantee) Notes to the Financial Ststements - continued for the Year Ended 30 June 2023 14. FUNDS OF THE CHARITY continued Net movement in funds, included in the above are as follows.. Net movement in funds Income Expendfiture Unrestricted funds Gcneral fund 13.460 Restricted fund8 TOTAL FUNDS 14 702) 15. ANALYSIS OF TOTAL NET ASSETS BETWEEN FUNDS 30.06.23 Total funds Unrestricted fund Restrieted funds As at 30 June 2023 Fixed assets Current assets Current liabilities 1,027 11,634 1,027 11.634 30.0622 Total funds Unrestricted Restricted fund funds As at 30 June 2022 Current assets Current liabilities 7,550 7,550 16. CONTROLLING PARTY Th¢ board of dtrectors is the ultimate controlling paty. Page 16