threefoldcord (A company limlted by guarantee) Statement of Financial Activities f r the Year Ended 30 June 2024 inco oratin the Income and E% enditure Account 30.6.24 30.6.23 Restricted Total ndS Total llds funds Unrestricted fund Notes Income and endowments from: Donations and legacies 15,672 15,672 21,098 Total income and endowments 15,672 15,672 21,098 Expenditure on: Charitable activities 22,536) Total expenditure (22,536) (22,536) (15,174) Net Income/(Expenditure) for the year (6,864) (6.864) 5.924 Transfers between funds Net movement in funds (6.864) (6,864) 5.924 ReconciRiYation of Funds: Total funds brought fonvard 8.224 8,224 2,300 Total funds carried forward 1,360 1,360 8,224 The above amounts relate to continuing operations of the company. The statemeiit of fanCIal activities includes all gains and losses iecognised in the year. The notes fonn part of these fInancial statements Page 6
threefoldcord (A company limited by guarantee) Balance Sheet At 30.June 2024 30.6.24 30.6.23 Noteg Fixed Assets: Tangible a8set8 685 1,027 Current Assets: Debtots Casli at baitt and in hand 12 3.093 886 8,328 3,306 3,979 11,634 Creditors: Amounts falling due within one year 13 (3.304) (4.437) Net Current Assets/(Liabilities) 675 7,197 Net Assetsl(Liabilities) 1,360 8.224 Total Net Assetsl(Liabilities) 1,360 8.224 The funds of the chgrity: UnretTrtrict¢d funds Restricted fuiids 14 1,360 8,224 Total charity funds 1,360 8,224 The Balance Sheet continEiCS on the following page. The notes forni part of these financial statements Pag¢ 7 ontinued...
threefoldcord (A Company limited by guarantee) Balance Sheet- eontinued At 30 June 2024 Trustees statements for the year ended 30 June 2024 For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relatiiig to small companies. No mcmbers have required the company to obtain an audit of its accoiints for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibility for complying with the requireineiits of the Act with respect to accounting records and for tlie preparation of accouiits. These accouiits have been prepar¢d in accordance with tl)e provisions applicable to companies subject to the small coinpanies, regime. The financial statements were approv¢d by tlie Board of Trustees on 6 March 2025 and were signed on its behalf by: Harry Fe Director gLIS Coinpaiiy Registration Nuinber: N1065442 (Northeni Ireland) The notes fonn part of these financial stakments Page 8
threefoldcord (A company limited by guarantee) Notes to the Financial Statements for the Year Ended 30 .June 2024 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant principal accounting policies adopted. judgements and key sources of estimation Ullcertainty in the preparatioii of the fiiiancial statenients are set out below. These policies have been consistently applied to all periods presented unless otherwisc stated. 1.1 Basis of preparAtion of financial statements Thc 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 bttn prepared in accordance with Charities SORP (FRS102) "Accounting and Reportiiig by Cliarities.. 'Stateiiieiit of Recoinnieijded Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabl¢ in the United Kingdom and Republic of tr¢land (FRS 102)" (¢ff¢ctive l January 2019), the Financial Reporting Standard applicable in the United Kingdom and Repiiblic of Ireland (FRS 102), applicable charity law, the Companie8 Act 2006 and United Kingdom Generally Accepted Practice. The fanCIal statements are prepared in sterling. which is the functional currency of the charitable company. Monetary amounts, in these financial statements ar¢ round¢d io the nearest £. Assets and liabilities are initially recognised at historical cost or transaction value unless othenvise stated in the relevant accounting policy note(s). 1.2 Preparation of the accounts on a going concern basis The tinancial staterncnts have been prepared on a going concern basis as the Trustees are ot- the view that the immediate future of the charitable company for the next 12 months is secure and that on this basAS the assessment of the Trustces is that tli¢ cliaritable coinpany is a going concern. 1.3 Fund accounting Unrestricted fvndq are available fnr u,se at the discretinn of the Truqteeq in furtherance of the purposes of the eharitablc company. Rcstricted ndS are donations which the donor has specifled are to be solely used for particular areas of the charitable company's work or for specific projects beKng undertaken by the charitable company, or funds which have been raised for particular purposes. The costs of ralsing and administering .such funds are charged against the specific fund. 1.4 Income recognition policies Items of income are recogni8ed and included in the accounL8 when the company is legally entitled to the llicome, any perfomiance conditions attached to the item of income have been met or are fully withTn 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 whicli are not fully within th¢ Control of th¢ charity b¢for¢ being entitled to it or where the donor/funder has specifi¢d that the income is to be expended in a fuiure period. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Page 9
threefoldcord (A company limited by guarantee) Notes to the Financial Statements for the Year Ended 30 .Tune 2024 1.5 Expenditure recognition policies and irreeoverable VAT Expenditui"e is recognised on an accruals basis oncu there is a legal or constructive obligation to make a payment to a third party, it Is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Charitable activities include the costs of events undertaken to further the purposes of the company and their associated support costs, including governance costs. Support Costs are those costs incurred in support of d2rcct expenditure on the obj¢cts of the Company and include project management carried out at H¢adquarter8. Cyovernance coqts are thos¢ in¢u¢d in connection with administration of the company and compliance with constitutional and statutory requirements. The analysis of these costs is incliided in notes S and 6. Irrecoverable VAT is charged as a Lost dgainst the aLtivity for whiLh the expenditur¢ wab inLurred. 1.6 T Angible fixed assets and depreciation Tangible fixed assets are stated at cost less accumulated depreciatioii and iinpairineiit losses, Depreciation is prov&d¢d at rat¢s calculated to write off tlie cost of fixed assets, less their estimated residual value, over their expected useful lives on the following ba818: Computer Equipment 250/0 Straight line The carrying value of the taiigible fixed assets is revicw¢d aiiiiually for iinpairment in period to deterniine if events or changes in circumstanc¢s indicate the carrying value inay not be recoverable. 1.7 Debtors Debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amoiint prepaid after taking account of any trade discounts due. Any loss¢s arisiiig from impairnient aiE recognised iii expeiiditure. 1.8 Cash at bank and In hand Cash at bank and in hand includes cash and short tenn highly liquid investmcnts with a short maturity date of three months or less from the date of acquisition or opening of the deposit or similar account. 1.9 Impairment Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverablc amount of the asset, or the asset's cash generating UlllL is estimated aiid compared to the carrying amount. Wliere th¢ carrying amount exceeds it8 recoverable amount, an impairment Loss is recognised in profit or loss unless th¢ asset is arried at a revalued amount where the impainnent loss is a revaluation decrease. P2ge 10
threefoldcord (A company limited by guarantee) Notes to the Financial Statements for the Year Ended 30 June 2024 1.10 Creditors and provisions Creditors and provisions are recognised where the charity has a present obligatioii resulting froni a past event that will probably result in the transfer of funds to a thÈrd party and the amount du¢ to Settle the obligation can be measured or e.stiinatcd reliably. credito and provisions are nomially recogniscd at their settlement amount after allowing for any trade discounts due. When the effect of the time value of money is material, the amount of a provision shall be the present value of the amount expected to be rcquÉred to settle the obligation. 1.11 Financial instruments The coinpany only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financtal instruments are initially recognised at transaction value and subsequently me&8ured at their.settlement value with the exception of bank loan8 which are subsequently measured at the carrying value plus accrued interest less repayments. .1.12 Critical accounting judgement$ and estimation un¢ertYdinty E5timat¢s and judbyements ar¢ continually evaluated and are based on historical experience and other factors, including expectations of flire evcnts that are believed to b¢ reasonabl¢ under the circuimstances. Tliere al'e no criticaljudgejnents in applyLLig the company's accounting policies. There are no critical accounting estimatcs and assumptions. LEGAL STATUS The charity is a eompaiiy liiiiited by guarantee. inCoorated in the Uiiited Kingdom and registered in Northern Ireland, and accordingly does not have share capital. In the event of the charity beiiig wound up, the liability in re.8pect of the guarantee is limited to £1 O per member of the charity- The charity's registered office address is giv¢n on page l of the Report of the Trustees. INCOME FROM DONATIONS & LECACIES 30.6.24 Total 30.6.23 Total Donation8 from individuals 15,672 21,098 Of the above. £nil relates to restricted funds (2023: £nil). NON-EXCHANGE TRANSACTIONS The charity has benefitted from the contiibution of unpaid general volunteers. Tlieir contribution is not accounted for due to the lack of a reliable basis of measurement. Pagell
threefoldcord (A company limited by guarantee) Notes to the Financial Statements for the Year Ended 30 June 2024 EXPENDITURE ON CHARITABLE ACTIVITIES ActlVAties undertaken directly Support costs Year ended 30 June 2024 Total cost% Unrestricted funds Grants to individuals Motor & ts'av¢l Printing of books Training Software Website Telephone & internet Deprcciation Bank fees Governance cosLs (note 6) 7,000 8.951 4,612 7,000 8.951 4,612 60 459 14 460 342 138 500 60 459 14 460 342 138 500 20,563 1,973 22,536 Restricted funds TOTAL EXPENDITURE 20,563 22.536 Activities undertaken directly Support costs Total costs Year ended 30 June 2023 Unrestricted funds Grants to individuals Motor & travel Training Telephone & 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 12,545 15,174 Restricted funds TOTAL EXPENDITURE 12,545 2,629 15,174 Pa£¢ 12
threefoldcord (A company limited by guarantee) Notes to the Financial Statements - continued for the Year Ended 30 June 2024 GOVERNAIYCE COSTS 30.06.24 30.06.23 Independent examination fee 500 500 500 500 NET INCOME/(EXPENDITURE) FOR THE YEAR This is stated after chargingl(crediting): 30.06.24 30.06.23 Cost of independent ¢xamination 500 500 ANALYSIS OF STAFF COSTS AND DIRECTORS, REMUNERATION AND EXPENSES No salaries or wages have been paid to eniployees, including the trustees, duriiig the year. The average monthly number of employee8 during the year was a,8 follow8: 30.06.24 30.06.23 There were no trusteesl benefits or expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023. RELATED PARTY TRANSACTIONS Duriiig tlie year, tlie total aniouiit of doiiatioiis received froin trLiStees, witl)out Conditions and on which gift aid will be Claimed was £4,600 (2023: £5,500). The CEO, Brendan McCauRey, father of trnstee Mary Mccauley, was in r¢c¢ipt of expenses payments for mileage £3,150 (2023: £3,150), printing of books £1,072 (2023: £nil), telephone and internet £460 (2023: £399), travel £2.477 (2023: £2,543) and trdvel-related subsistence £2,256 (2023: £2,717). Ther¢ was an outstanding balance due to Br¢ndan McCaul¢y at 30 June 2024 of £2,804 (2023: £3,937). 10. CORPORATION TAX The company is exempt from tax on income and gains to the extent that these are applied to its charitable objects. Page 13
threefoldcord (A company liniited by guarantee) Notes to the Financkal Statements - continued for the Year Ended 30 June 2024 11. TANGIBLE FIXED ASSETS Computer Eqiiipment Totals COST At l July 2023 Additions Disposals 1,370 1,370 At 30 June 2024 1.370 1.370 DEPRECIATION At l July 2023 Chai'ge for y¢ai" Eliminated on disposals 343 342 343 342 At 30 June 2024 685 685 NET BOOK VALUE At 30 June 2024 685 685 At 30 June 2023 1,027 ,027 12. DEBTORS 30.06.24 30,06.23 Other debtor8 3,093 8.328 13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 30.06.24 30.06.23 Accruals and deferred income Other creditors 500 2,804 500 3,937 3,304 4,437 Pag¢ 14
threefoldcord (A company limited by guarantee) Notes to the Financial Statements - continued for the Year Ended 30 June 2024 14. FUNDS OF THE CHARITY Net movement in funds Transfers between funds At 30.06.24 Year ended 30 June 2024 At 01.07.23 Unrestricted fund$ General fvnd 8,224 6,864) 1,360 Restricted funds TOTAL FUNDS 8,224 6.864) 1,360 Th¢ General fund is the "free reserves" after allowing for all designated funds. Net movement in fvnds, included in the above are as follows: Net movement in funds Income Expenditure Unrestricted funds General fund 15,672 Restrlcted funds TOTAL FUNDS 15,672 22,536) 6,864 Net movement in funds Transfers between funds At 30.06.23 Year ended 30 June 2023 At 01.07.22 Unrestricted funds General fund 2,300 5,924 8.224 Restricted funds TOTAL FUNDS 2,300 5,924 8.224 The General fund is the 'free reserves" after allowing for all designated funds. Pag¢ 15
threefoldcord (A company limited by guarantee) Notes to the Financial Statements - continued for the Year Ended 30 June 2024 14. FUNDS OF THE CHARITY continued Net inovement in funds, included in the above are as follows: Net movement in fund$ Income Expenditure Unrestricted funds General fund 21,098 15,174) 5.924 Restricted funds TOTAL FUNDS 21,098 15,174) 5,924 15. ANALYSIS OF TOTAL NET ASSETS BETWEEN FUNDS 30.06.24 Total funds Unrestricted fund Restricted funds As at 30 June 2024 Fix¢d assets Current assets Currcnt liabilitics 685 3,979 3,304) 685 3,979 1,360 1,360 30.06.23 Total funds Unrestricted Restricted fund funds As fit 30 June 2023 Fixed 2.%%ets Cui'r¢nt assets Current liabilities 1,027 11,634 4,437 1,027 11,634 4,437) 8,224 8,224 16. CONTROLLING PARTY The board of directors is the Ultinte controlliiig paty. Page 16