THE ADSUM FOUNDATION STA TEMEwf OF FINANCIAL AcfivITIES INCoRPORATI,G INCOME AND EENDITuRE 5T ACCOLNT FOR THE YEAR ENDED 31 IIIARCH 2013 Unrostrleted Funds Restrieled Funds Total Total 2023 2023 2023 2022 IncominE resources Note Donaiions income 93,267 265,673 358,940 67?,176 'rolal Rpcoine 93,267 265,673 358,940 673,176 Resources expended: Chari(able activi(ies 93267 374,067 467,334 578,193 Total expenditure 93,267 374,067 467J34 578,193 Net movement In funds (108,394) 1108J94) 94,983 Reconeillation of funds: Total funds brought forward 120,274 120,274 25,29 I Total funds cgrried forward 11,880 11,88 120,274 The statement of financial acuvities include5 all gains and losses recognlsed in the year. All income and expenditure derives from ¢onunuiMg aciivifies. Th¢ rjotes OTJ pages 12 to 18 foKm Part of these finxneial ststemen
THE ADSUM FOUNDATION STA TEMENT OF FINATrICL4L POSITION I BALANCE SHEET AS AT 31ST MARCH 2023 Note 2023 2022 Fixed assets Tangible fixed assets Iniangible fixed asseLs Tot fixed Assets 2,989 1,647 2,989 1.647 Current assets Debtors Cash ut bank- donations account Cash al bank- oveTheads account Total current assets io 10,322 281.015 7,141 298,478 376,010 231,75LI 23.652 631,420 Crediiors - amounis failing due within one year Total ereditors 289,587 289J87 512.793 512,793 Net current assels S,891 I 18,627 Total net assets 12 11,880 120.274 Unrestrlcted funds General fund.s Total unrestricted funds RtrIcted funds Total charity funds 13 11,880 11,880 120,274 120.274 The financial siatemenL8 have been prepared in accordance with the provisions dpplicahle to companies subject to the small coinpanies, regime Under Th= Cotllpanies Aci 2006 alld with Charities S0R-FRs102. The llotes on pages 12 10 18 aye an integral part of these financial statements. lThe financial statements on pages 9 to 18 werc approved by thc Board of TrUseS on 29 June 2023 and signed on ILS behalf by.. Anne-marie Lonergan rnard Casey Tstee Trustee The notes on pe5 12 10 18 Ir)m) part of these financial.gtsiemcnLs 10
THE ADSUM FOUNDATION CASH FLOW ST A TEMENT FOR THE YEAR ENDED 31ST MARCH 2023 2023 2022 Cash tlow from operating aetivities Nel {(Juigoing)/incoming resourc&s (108J94) 94,983 Depreciation 848 416 DecreÉlsel{increase) in dcbtors 36S,688 (171 ?08) {Decrea.8e)lincrease itL ercditors 1223206) 148.211 AcquisitlOD of tangible [ed assets- (2,190) (l.l74) Net 1ncred.se In cash for the year 32,746 71.248 ca.sll and cash equivalents ai (he beginning of the year 255,410 184,.162 Cash and cash equivalents at the end of the year 288,156 255,410 The notes on pages 12 to 18 forn) part of these fiTJaDeial stateTnents
THE ADSUM FOUNDATION NOTES TO THE FtNANCIAL STATEFlENTS FOR THE YEAR ENDED 31ST NfARCH 2023 l. Company information The Company is limited by guarantcc and is incorporated in N'orthern Ireland. The addre.%s of tLie registcrcd office is 4 Annadale Avenue, Belfutst. The financial sldiemenis were authorised for issue by the Board on 29 lune 2023. 2. Ateounting policies The principal accounting w)lieies adopted. judgements and key sourceb of estintsiion ullceriaimly in rhe preparation of the financial stalcmcnts are as follows= Basis of preparation The financial siateiiienLN hdve been prepared on a going concern basis in aCCord¢ce wilh Accounting and Reporting by Charilie.s.' S(atement of Recut[ellded Practice applicable to chariiies preparing theu. accounts in accordance with ihe Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS L02) (Charities SORP (FRS 102)), the Financial Reporting stsndd applicabl¢ in thc UK tsud Republic of Ireland {FRS 102) and the Co[npEIes Act 2006. The Foundation meet8 the definilion of a public benefit enliry under FRS 102. Assets and liabilities aro inilially rccognised at historical eosi and tTan.82Clion value unless otherwise stdted in the relevant accounting policy noie(.8). Prepar&tAon of aceounts on a going conLern basis The Foundaiion generally meeis ILS day to day working capital reqiiiremenls from ils annual incoire. The Trustees have obtained and reviewed clsh flow foreca.81s for the con]ing year and based on these aTe .4atisfied Ihal the Foundauon has resources to provide 2 reasonable expeciaiioi) thai it can continuc to meel ils fmancial obligations &$ thcy fall due foT the foreseeable fuiure. These financial.staiemenLS thcrcforc have been prepared on a going concern basis. Incoming resources AIL incoming r¢50urces are included in the Starement of Financial Activities when the Foundation is enlitled io the income, li is probable that the income will be received and the amount can be qu8nlxfied with reasonable accuracy. Incoming resources comprise of all cash receivable for the accounting perirf including any relad lax recoverable uoder Gift Aid. Revenue government grants are IDclUd in the Stat¢in¢Dt of Financial Aclivilies in the period in wbicb rhc relaied expenditure is incurred. Resources expended Expenditure is recognised once there is a legal or constructive obligation to make a payment to a ihird pyty, it is prob&ble that settlement will be TequirLd and ihe amount of the obliEatTon be measured r¢li&bly. Charitable eApendiMre comprise5 those costs incurred by the charity thc delivery of ils activities and services to its beneficiarles. l¢ includes both cosls that can be allocad direeily 10 such activities alld those costs of an indirect nature necessary to support them. The operating c051s of the Foundation continue (o be mei by LFf Charitable Trust alld Alterity Investments Lin]ited so that l(Ki% of any money donated to the Foundation g( directly to our parthers and the Projects on the ground. Pensions The Foundation operate.s a defined contribution scheme foi all staff. Employer contributions aTe charged through the income and expenditure when incurred. 12
THE ADSUM FOUNDATION TrIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 {contillued) l. Accounting policies (continued) TaDgible assets The tangible asscts of thc Foundation comprise of computer equipment aDd fixtures and fiiiings. The tangible assets are depreciated at a rate calculated to reduce them lo residual value at the end of their expected nornial life on a .straight-line basis at a rate of 20% per annum. The assets. residiial valueg and u.seful lives are reviewed, and adjusted, if appropriate, al the cnd of reporting period. The effect of any change is accounled for prospectively. Tdngiblc &ss¥ts are derecognised on diqpnsal or when no fuwre economic benefits are expected. On dtsposal, Ihc diff¢rcnc¢ be¢ween the new disposal proceeds ihe carying amount is recogni.sed in the qtaiement of rinancial aciivilies 2nd included in niher operating gain(]0$esj" Intangible assets. Expenditure on the company'8 websi is capita]ised and amortised over the period expected to bencfil. An ¢imortisation raie of 50% on a straight-line basis has been used for this purpose. ShnrÉ-term debtTrrs and creditors Debtors and creditors with no staled interesi rate and receivable or payable wiihin one y&qr are recorded at transaciion price. Financial assets, including debiors, are reviewed ai Ihe reporting date to determine if thcre is any evidence of poienual impairnienl. Any losses arising from impairmenl are recognised in the income statement in operaiing expenses. Cash and eash equlvdlents Cash and cash eqLiivalenis include cash in hand, depnsiLS held ai call with bAnks. other short-ierm highly liquid invcstments with original maturities of Ihrce months or less and bank overdrafLS. Financial instruments Tbe Foundation only has financial assets and financial Liabilities of a kind that quality As basAc financial instruments. Basic financial ins¢Nmenis are initially recognised at transaction price and .subsequently measured al their SeLilenienl value. Funds Fund.s are classified &s either unrestricted funds or r&stricted funds, defined &$ follow.s. Unre5tricc¢d funds are expendable ai the discrttion of the trusie¢s in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked ai th¢ dis¢rcts"on of the Irusiees for a particular pUose. they are designated as a seporate fund. This designation has aa administrative PUTpose only and does not legally restrict the trustees, discretion to apply the fund. Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through lega] processe% but still within the wider objects of the Foundation. 13
THE ADSUM FOUNDATION NOTES TO THE Fll¥ANCtAL STA TET+AENTS FOR THE YEAR ENDED 31ST MARCH 2023 (continued) 2. Critical accountiDg jUdgeents and ostimatioll ullcertaiDty Estimates and.judgmenls made in the process of preparing the financial statements are continually evaluated atLd buscd on historical experience and other fac(ors, including expectatii)ns of future event5 that are believed to be reasonable undeT the circum.siances. The Trn4lee.s do noi consider that iheTe are any critical judgmenis made in applying ihc Company's accounting policics or that there are any crLlical accounLing cstitnatcs or assuTnplions which may have a significani risk of causing a material adju.stment to carrying atnounls of assets and liabilitie,8 wiihin the next financial year. Donalions Income Unrostric¢ed Funds R&stricted Funds Total ToT&I 2023 2023 2023 2022 DotLations from L Charilable Tnjsl Donation.8 from general public Tax recovered on donations 93,267 32,234 229,689 3,750 125,501 229,689 3,750 503,670 169,506 93,267 265,673 358.940 673,176 4. Charitable activities Unrestricted Fiinds Restricted Funds Total Total 2023 2023 2023 2022 Churit4bl¢ donations Wage5 and salaries Propcrty co.sLs Foundation running costs Administration costs Oiher expenses 374,067 374,067 35,499 30,624 4,182 19,845 3,117 5 A2,986 25,589 26,586 3,732 7.614 1,686 35,499 30,624 4,182 19,845 3.J 17 93,267 374.067 467,334 578,193 14
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL.STATEMENTS FOR THE YEAR ENDED 31.ST MARCH 2023 (conunuedl i. Taxalion The Foundation is recognised as a charity for the pUoseS of applicllblc taxation leglation and is therefore not subjeci to taxation on its charitdblc tivities. 6. Transfers between funds Unrestricted funds are .%pent or kpplied at ihe discreiion of the truseS t() further any of the charity's purposes. Unrestricted funds e2n be used to supplemeni expenditure made fram restricted funds. 7. Analysis of staff costs, Irustee remuneration and expeSeS, and the cost of key managen]ent personnel 2023 2022 Employe&s Sali1ries and wages Pension contributions 34,800 699 25,237 352 Tolal 35,499 25,589 The average number of ernployee5 during the year. w&$ as follows: 2023 2022 Number Number Direciors Administration There arc no eTnployees in T¢c¢ipt of eTnployc¢ n¢fIts in excess of £60.000. Key managLlJ)ent ar¢ deemed to Lomprise the Directorb. No saIary Piiid io the direclors 12022.- none). No tTU5toc or # pcrson reldted to a trustee had any personal in$t in any conirdct or transaction entered into by the charity during the ye(Ir. 15
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2023 (continued) 8. Tangible fixed assets Office F4uipmeDt Fixtures and Fittings Cost As at I" April 2022 Addilions 7.406 2.190 420 7.826 2,190 As at 31, March 2023 9,596 420 10,016 Depreeiation As ac I, April 20?? Depreciation charge for the year 6,095 806 84 42 6,179 848 As at 31° l¥larch 2023 6,901 126 7,027 Net book value at 31A¢ March 2023 Net book value at 31" March 2022 2,695 294 .336 2,989 1.647 9. Intangible red assets Website Total Cost As Ilt I ' April 2022 Additions 4.259 4,259 As at 31" March 2023 4.2)9 4,259 Amortisation As at 1° April 2022 Amortisation 4,259 4,259 As at 31Jt March 2023 4,259 4,259 Net book value at 31, March 2023 Nel book value at 31" Mareh 2022 16
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STATEMEPflS FOR THE YEAR Ef4DED 31ST fvIARCH 2023 (continued) 10. Debtors 2023 2022 Donations re¢eivabl¢ Gift aid re[Ldable Other debtor5 and prcpaymenls 375,000 i94 416 4.344 i,978 10,322 376,010 I l. Creditors: amounts due within one year 2023 2022 Donations payuble Deferred incomc Other crediiors and accnJ218 273.478 7.642 8,467 377,077 133,143 2.573 289.i87 512,793 12. Analysis of net assets Unrestricted General Restricted Total Fixed assets Current asscts Current liabilicies 2.989 13,119 {16,108) 2,989 298,47 (289.5871 285,359 (273,479) Net &ssets at 31 Marth 2023 11,880 11,880 17
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STA TEME.Ts FOR THE YEAR ENDED 31ST MARCH 2023 (eoniinued) 13. Funds of the eompany Al l April ?022 At 31 March 2023 Incotne Expenditllre Restricted funds Donations fund 1?0.274 120,274 265,671 265,673 (374,067) (374,067) 11,880 11,880 Unrestricted funds General fund 93.267 93,267 358,941b (93,267) (93,267) (467,334) Total funds 121)274 11,880 ose of restricted funds These funds ar¢ io b¢ us¢d towards the support of thc charilablc work of the Charity. 14. Financial instruments At the balance sheet date the Foundaiion held the following financial instruments: 2023 2022 Finuncial a.88ets that are debt instruments measured at amortised cost 4.844 288,320 -175,594 510,220 Financial liabilities EneJsured ai aJnortised cos( 15. Related party trAnsaetions In¢luded in income is a donation of £93.267 received from LFT Charitable Trnst (2022: £65.207) 10 meei the company'.5 overhead costs and a donaiion of £32,234 received froin Lrr Charitsble Tru8t (2022.. £438.463) for the company to utse for its ¥hilable activities. Ai ihe year-end there were no doJ)ationb receivable from LFf Charitable Tnxsl (202!: £375.0001. Both chariiies have a common trustee Mr. Gavin Lonergan. None of the direclor,4/truscee,4 received Temuneration as detailed at nole 7. Mr Gavin Lonergan wa.s re- imbursed £2,033 during the year for charitable activity expenses paid per.%onally. 16. Funding commitments The Comp&ny bad no unconditional charithble funding eommitments ai the balance sheet date, beyond those whieh have been recognised in these accounts (2022-. nil). 17. Controlling party During the ye4r The Adsum Foundaiioll was under the control of the Trustccs (who are also the direclor.8). 18