Camphill Social Fund (N.1.) Company Limited by Guarantee Ststsment of Financial Activities (including income and expenditure account) Year ended 31 January 2024 2024 Restricted funds Total funds Total funds 2023 Unrestricted fvnds Not8 Income and endowments Investment income 39,472 141,012 180,484 215.440 Totsl income 39,472 141,012 180,484 215,440 Expenditure Expenditure on raising funds.. Investment management costs Expenditure on charitable activities Total axpendlture 11,935 90,501 102,436 38,643 64,500 103,143 50,678 155,001 205,579 41,973 132.260 174,233 Net losses on investments 16,568 53,642 70,210 437,434 Net expenditure and net movement in funds 179,532) 115,773) {95,305) 1396,227) Reconciliation of funds Toial funds brought fomard Total fund8 carrled forward 2,121,354 2,041,822 6,868.477 8,989,831 8.894,526 9,386,058 8,989,831 6,852,704 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 14 to 21 fonn part of these financlal statements. 11
Camphill Social Fund (N.1.) Company Limited by Guarantee Statement of Financial Position 31 January 2024 2024 2023 Note Fixed assets Investments 12 8,200.233 8,135,239 Current assets Debtors Cash at bank and in hand 13 292 727,910 728,202 5,045 888,034 893,079 Credltors: amounts falllng due wlthln one year Net current assets Total assets less current Ilabllities 14 33,909 694,293 8,894,526 8,894,526 38,487 854,592 8.989,831 8,989,831 Net assets Funds of the charity Restricted funds Unrestricted funds 6,852,704 2,041,822 15 8,894,526 6,868,477 2,121,354 8,989,831 Total charity funds These financial statements were approved by the board of trustees and authorised for issue on 23 October 2024. and are signed on behalf of the board by.. Mr S Biskovitch Trustee Mrs K Shea Trustee The note5 on pages 14 to 21 form part of thesg financial statements. 12
Camphill Social Fund (N.1.) Company Limited by Guarantee Statement of Cash Flows Year ended 31 January 2024 2024 2023 Cash flows from operating activltles Net expenditure (95.305) (396,227) Adjustments for Net losses on investments Dividends, interest and rents from investments Other interest receivable and similar income 70,210 437.434 (173,541 I (215.4401 (6,943 Changes in.. Trade and other debtors Trade and other creditors Cash generated from operations Interest received Net cash used in operating activities 4.753 (1} (4,578) 1,406 (205,404) (172,828) 6,943 1198,461) (172,828) Cash flows from Inv88ting activit188 Dividends, inlerest and rents from investments Purchases of other investments Proceeds from sale of other investments other investing cash flow Net cash from investing activities 173,541 14,362,125} 4,158,607 992,202 68,314 (1,165.669) 38,337 41,973 215,440 Net decrease in cash and cash equivalents Cash and cash equivalents at b8glnnlng of year Cash and cash equlvalents at end of year (160,1241 {130,855} 888,034 1,018,889 727,910 888,034 The notes on pages 14 to 21 fomi part of these financial statements. 13
Camphill Social Fund (N.1.) Company Limited by Guarantee Notes to the Financial Statements Year ended 31 January 2024 Genoral Information The charity is a public benefit entity and a private company lirnited by guarantee, registered in Northem Ireland and a registered charity in Northern Ireland. The address of the registered office is 169 Newry Road, Kilkeel, Newry, BT34 4EX. statement of compliance These financial slatements 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 lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accountlng pollcies Basis of preparatlon The fi'nancial 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. Judg•ments and key sources of estlmation uncertalnty The preparation of the financial statements requires management to make judgements. estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Fund accountlng 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 trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by Ihe donor or through the terms of an appeal, and fall into one of0 sub-classes. restricted Income funds 01 endowment funds. 14
Camphill Social Fund (N.1.) Company Limited by Guarantee Notes to the Financial Statements (contiftued) Year ended 31 January 2024 Accounting policies (continu Incoming resources All incoming resources are included in the statement of financial actlvilies when entitlement has passed to the charity.. il is probable that the economic benefits associated with the transaction will flow lo 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 lo measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and seNices 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 Gontractual requirement for it lo be spent on a particular purpose and returned if unspent, in which case It may be regarded as restricted. Resource5 expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classifi'ed under headings of the statement of financial activities to which it relates.. expenditure on raising fund5 includes the costs of all fundraising activities, event5, non- charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs ir%curred 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 charity apportioned to charitable activities. other expenditure includes 811 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 reflectlng the use of the resource. Direct costs attributable to a single activity are allocated directly lo that activity. Shared costs are apportioned beeen the activities they contribute to on a reasonable, justifiable and consistent basis. Investments Unlisted equity investments are initially recorded al cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value with Ghanges in fair value being recognised in income or expenditure. 15
Camphill Social Fund {N.l.) Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 31 January 2024 Accounting policies (continu•d) Impairment of fixed ass8ts A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that inclsjdes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefil from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned lo those units. Financial Instrument8 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. Current assels 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 othetwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such inveslments 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. Otherfinancial 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 w8s recognised. 16
Camphill Social Fund (N.1.) Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 January 2024 Accounting policies fcontinuad) Financlal instrument8 (contiftu8d) 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 eilher 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 recagnised. Limlted by guarantee The company Is limited by guarantee, the members being required to pay not more than £5 in the event of a winding up. Investment income Unrestricted Funds Restricted Total Funds Funds 2024 ncome from listed investments Bank interest receivable 40,951 (1,479) 39,472 132,590 8,422 141,012 173,541 6,943 180,484 Unrestricted Funds Restricted Total Funds Funds 2023 Income from listed investments Bank interest receivable 46.660 168,780 215,440 46,660 168,780 215,440 Investment management Costs Unrestricted Funds Restricted Total Funds Funds 2024 Administration of investments 11,935 38,643 50,578 Unrestricted Funds Restricted Totsl Funds Funds 2023 Administration of investments 13,402 28.571 41,973 17
Camphill Social Fund (N.1.) Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 January 2024 Expenditure on Charitable actlvities by fund type Unrestricted Funds Restricted Total Funds Funds 2024 Donations Professional Fees Geneial Expenses Support costs 64,460 21,758 1,033 3,250 64,500 128,960 21,758 1,033 3,250 90,501 84.500 155,001 Unrestricted Funds Restricted Total Funds Funds 2023 Donations Professional Fees General Expenses Support costs 48.497 23.320 987 3,250 76,054 56,206 104.703 23,320 987 3,250 132,260 56,206 Net10gses on investments Unrestricted Funds Restricted Total Funds Funds 2024 Gainsl{losses) on listed investments GainsllSossesl on other investment assets (46,636) (150,9971 (197,633) 30,068 97,355 127,423 (16,568) (70.210) 153,6421 Unrestricted Fund5 Restricted Total Funds Funds 2023 Gainsl(losses> on listed investments Gainsl{losses} on other investment assets (14,339) (113,704) 1128,043) 1103,755) {205,636) (309,391) (118,0941 1319,3401 {437,434} Auditors remuneratlon 2024 2023 Fees payable to the charity's auditor and its associates for other services.. Audit-related assurance services 3,250 3,250 18
Camphill Social Fund (N.1.) Company Limited by Guarantee Notes to the Financial Statements (ct)ntlnued) Year ended 31 January 2024 10. staff costs No employees are or have been engaged during the course of the financial year by Camphill Social Fund (Nll The average head count of employees during the year was Nil12023: Nil). No employees received employee benefits of more than £60,000 during the year {2023.. Nill. 11. Trustsa remuneration and expenses No members of the Board of Trustee received any remuneration during the year. No Trustee or other person related lo the Charity has any personal interest in any contract or transaction entered into by the Charity during the year12023 £Nill During the year ended 2024 reimbursements for travel & meeting expenses were made to 1 Trustees amounting to £225 (2023 2 trustees amounting to £1481 12. Investments Cash or cash Listed equivalents investments Total Cost or valuatlon At 1 February 2023 Additions Disposals Fair value movements other movements 424,110 7.711,129 8,135,239 4,362,125 4,362,125 (4,228,817) (4,228,8171 127,423 127,423 (195,737) 8,200,233 (195,737) 228,373 At 31 January 2024 Impaimient At 1 February 2023 and 31 January 2024 Carrying amount At 31 January 2024 At 31 January 2023 7,971,860 228,373 7,971,860 7,711,129 8,200,233 8,135,239 424,110 All investments shown above are held at valuation. Flnanclal assets held at falr value The fair value of financial assets is determined by their market value. The investments held are currenlly under the management of LGT and Investec. 13. Debtors 2024 2023 Prepayments and accrued income Other debtors 292 942 4,103 292 5,045 19
Camphill Social Fund (N.1.) Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 31 January 2024 14. Creditors: amounts falling due withln one year 2024 2023 Accruals and deferred income 33,909 38.487 15. Analysis of charltablè funds Unr88trlcted funds At l February 2023 At Gains and 31 January losses 2024 Income Expenditure General funds 2,121.354 39,472 (102,436) {16,5681 2,041,822 At 1 February 2022 At Gains and 31 January losses 2023 Incorne Expenditure 189,456) (118.094) 2,121,354 General funds 2,282,244 46,660 Restricted funds At 1 February 2023 At Gains and 31 January losses 2024 Income Expenditu Co-workers Old Age Fund 6,868,477 141,012 {103,1431 (53.642) 6,852,704 At 1 February 2022 At Gains and 31 January losses 2023 Income Expenditure Co-workers Old Age Fund 7,103,814 168,780 (84,777) (319,3401 6,868,477 20
Camphill Social Fund {N.l.) Company Limited by Guarantee Notss to the Financial Statsments (conlinuèd) Year ended 31 January 2024 16. Analysis of net agsets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Investments Current assets Creditors less than 1 year Net a88ets 1,935,030 129,639 (22,8471 2,041,822 6,265,203 598,563 111,062} 6,852,704 8,200,233 728,202 133,909) 8,894.526 Unrestricted Funds Restricted Total Funds Funds 2023 Investments Current assets Creditors less than 1 year 2.085,936 71,209 135,7911 2,121,354 6.049,316 821,857 12,6961 6,868,477 8.135.252 893,066 138,4871 8.989.831 Net assets 17. Flnancial instruments The carrying amount for each category of financial instrument is as follows.. 2024 2023 Financial assets measured at falr valu? through income and expenditure Financial assets measured al fair value through income and expenditure 7,971,868 7.711,129 18. Analy8ls of changes In net debt At At 1 Feb 2023 Cash flows 31 Jan 2024 Cash at bank and in hand 888,034 (160,1241 727,910 21