THE ADSUM FOUNDATION
STA TEMEwf OF FINANCIAL AcfivITIES INCoRPORATI￿,G INCOME AND E￿ENDITuRE
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
R￿trIcted 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 TrUs￿eS on 29 June 2023 and signed
on ILS behalf by..
Anne-marie Lonergan
rnard Casey
T￿stee
Trustee
The notes on p￿e5 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 STATEF*lENTS 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 stsnd￿d applicabl¢ in thc UK tsud Republic of Ireland
{FRS 102) and the Co[npE￿Ies 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 rela￿d 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 alloca*d 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 pU￿ose. 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 jUdge￿ents 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 pU￿oseS of applicllblc taxation leg￿lation 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 trus￿eS 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 expe￿SeS, 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 r￿ed 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[L￿dable
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 ¥h￿ilable 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