THE ADSUM FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED31ST MARCH 2024 Company Registration f4umber: N1071403 Charities Registration Number: NIC102284
THE ADSUM FOUNDATION ANNUAL REPORT AND FII¥ANCIAL STATEMENTS FOR THE YEAR ENDED 31- MARCH 2024 CONTENTS Pages Report of th¢ Trustees Independeni Auditors Report Statement of Financial Activities (incorporating income and expenditure account) Sratement of Financial PositionlBalance Sheet io Cash Flow Statement Note5 to the financial statements 12- 18
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES (INCORPORATTNG DIREcfoRS' REPORT) The Directors (who aTe a150 the Irustees) are pleased to present their annual report together with the financial statements of the charity for the year ending 31 st March 2024, which are prepared to Meet the requirement5 for a directors, report and accounts for Companies Act purpose5. The directors have adopted the provisions of the Companies Act 2006 and Accounting and ReporEing by Chariiies: Statement ot Recommended Practice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and R¢public of Ireland (Charities SORP - FRSI 02), in preparing the annual report and financial statements of the charity. Achievements and performance Once again. the focus of our work over the past 12 monlhs has been vital projects in Madagascar and we continue to support Nral communities creatingi access to essenlial services such as water. educalion, sanitation. and healthcare. Through the inslallalion of 28 borehole wells, almost 8.400 people now have access io safe and susiainable sources of water. Prior 10 this, communities often relied upon open, unproiected waier sources, significant distances from their homes. The provision of reliable. clean water closer to their homes and places of studylwork truly is life changing,. Water technicians and local managem¢nt committees were trained at each site to ensure care. mainlLnance and susiainability of every boreliolL drill¢d. Our school building programme saw neiy 5 schools in remote locations bringing bright classrooms and safe education to pupils for many years to come. Around 850 pupils will access education in Iheir newly biiili PTirnary schools at the 51art of the new acadeniic year. Every School is furnished, includes a ne block of lalrines, and teacher and pupils are provided with resources packs. We also enhanced the school library colleclions al each of our existing schools, allocating 65 story book packs. Our adult literacy project in the Androy region of Southern Madagascar ensured that over 7,000 people commenced the first stage of the prografflme acros5 300 localion5 during Ihe financial year. As they have done every year over the past decade, Adsurn Bike Aid volunteers have been collecting and reconditioning hiindreds of bikes, with the plan lo ship, and distribute around 800 bikes during 2024. The bikes are commonly shared with family members and neiglibours, growing the impacl and prospects of the beneficiaries in remote village5, and during the financial year another 350 bike5 made their way into their hands. Our piloi project of well building in the Androy region was up and runnin? with delivery of the well drilling equipment and training taking place during the past year, and the teams on the Jound have battled through the local challenges and coniinue to look for solutions to the problem of the search for clean and safe water. C105er to home, we have once agyain been able to hosl our'Battle of Flrains, Table Quiz fundraiser, which has once again bLcomL a staplL fundrai.%ing dnd nLtWolng event in our cdlLnddr. Thc gratiludc from and irnpact of our ivork on Malagasy communitiL% motiViiiL'4 a8 we plan our future work lo changc morc livcs. Wc are grdteful to our supp()rters for their continued commiimenl to help ihe lives of people in nccd acros8 Madagascar. Our Grants and Partnerships Manager has been a great addition to the Adsum team. helping Adsum Foundation continue our work in Madagascar and exploring new oprtUnitIes.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES (CODtinued) Fin2neiAI revitiv and funds policy During the year, the Foundation's incoming resources for distribution totall¢d £41).041, with its Tesources expended on charitable activities totalling £386,153. The resources expended were principally in support of development needs in Madagascai. The operating costs of the Foundalion were met entirely by LFT Charitable Trust so that l 00(/ko of any money donated to OT through the Foundation goes directly to our partners and Ihe projects on the ground. At the year end the Foundation had £87,873 of cash funds available for distribution and the Directors have already committed £51.600 of this to their partne in Madagascar who are involved in many progrdmrnes across the charity spectrurn, includino projects with themes such as education, health, water and sustainable livelihood projects. The net incoming resources for the year amounting lo £?6,888 as shown in the statement of financial aciivities on pa&ve 9 have been transfeed from the company's funds. The company plans lo continue its aclivities in the forthcoming years. The Adsum Foundation does not hold any funds on behalf of others. The Trustees do not consider a Reserve Policy is necessary given the current financial arrangement in place with LFT Chariiable Trust which meets l 00 % of the Foundation's operating costs. Objectives and Activilie5 (and how they deliver publi¢ benefit) The Company 15 a non-profit making entitv which funds educaiion, health, sustainable livelihoods and water and sanilalion project5 in the developingy world. with a focus on Madagascar. The Company's activities benefit the public by: providing relief for persons, who are in conditions of need. hardship or dislress as a result of local, national or internatioiial disaster or by reason of their social aiid economic circumstances. The direct benefits which llow from this purpose include improved l)ealth outconies, iniproved educatioi) and lif¢ and job opportunities. 2. providing relief of patients suffering from disease or sickness, or who are convalescent, disabled, handicapped or infinn. The direct benefits which flow froin this purpose include iniproved health outcomes, the provision in Ihe ii)terests of social welfare of recreaiional facilities for such patients aiid the relief in cases of financial distress of the dependents of such patients or ofdeceased patients. It would also include research into the causes and treath)ents of disease on iemis that the results of such research are published. 3. furthering the education (including social and physical trainin2) of children and young persons. The direct benefits which flow from this purpose include Improved education. .job prospects. life skills and as a result living conditions for ihem and their families. These can all be demonstrated through local and government statistics and feedback from beneficiaries and their familie5. These purposes would not lead to harni. The charity's beneficiaries could be anyone locally, nationally or internationally. There is no private benefit. In selling our objeciives and planning our activities for the year, the trustees have considered the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charity's purposes and provide a benefit to its beneficiaries. The Trllstees have had regard to the Charity Commission's Public Benefit requirement.
THE ADSUM FOUNDATIOIN REPORT OF THE TRUSTEES (CODtinued) Reference and sdministrative details Registered charity name: The Adsum Foundation Directors and Trustees who held office during the year. and in the period since 31 Maich 2024 to the date these accounts were approved. were as follows: Mr. Gavin Lonergan Mrs. Anne-marie Lonergan Mr. Bernard Casey Ms. Annalisa Mcmanus (appointed 10105124) Charity Commission Tegistrdtion number: NIC102284 Company Registration Nutnber: N1071403 Registered office I Principa] Office: 4 ATJnadale Avenue Belfast BT7 3JH Structure, governance and management The Company is a charity limit¢d by guarantee without share capital whi¢h avails of the "Limited" exemption. The company is govemed by its Memorandum and Articles of Association dated ?3 December 2008. En the event of the Company being wound up, members are required to contribute an amounr not exceeding £10. Th¢ Board is responsible for the overall governance of the Company 2nd is actively involved in the day-to-day management of the organisation. Directors are appointed in line with the Memorandum and Articles of Association of the company. The Board of Directors are also known as Trusiees for the purposes of the Charity Commission. The Trustees are responsible for Ihe overall governance of the charity. Risk management The directors have conducted a review of the rnajor risks lo which the charity is exposed. Financial risk is reviewed on a monthly basis having due regard to ongoing income and expenses. Statement of directors, responsibilities The directors (who are the trustees of The Adsum Foundation} are responsible for preparing the director5, report and the financial statcmcnts in accordancc with appliL£iblc Idw r¢gulalions. Company law requires the directors to prepare financial 51alements for each financial year. Under that law the directors have prepared the t-mancial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdorn Accounting Standards amd applicable law). Under Company law Ihe directors must not approve the financial statements UT]less they are sali5fied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including income and expenditure for that peiiod. In preparing these fmancial statements. the directors are required to.. select suitable accounting policies and apply them Consisienily: observe the methods and principles in the Charities SORP-FRS102' make judgements and CoUntIng estimates thal are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the fmancial Statement. and prepare the fLnancial statements on the going concem basis unless It is inappropriate to presume that the company will continue in business.
THE ADSUM FOUNDATION REPORT OF THE TRUSTEES {continu¢d) The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitsble company and enable them to ensure that the financial statements Comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charTtable company and hence for taking reasonable steps for the Prevention and detection of fraud and other irregularities. In the c&se of each director in otrice at the date the Directors. Report is approved: so far &$ the director is aware. there is no relevant audit inforniation of which the charity's auditors are unaware" and they hav¢ taken all the steps that they oughi to have taken as a director in order to make themselves aware of any relevant audit infomiation and to establish that the charitable company's auditors are aware of that inforniation. Funds held as custodian tru51ee on beh¥dlf of other5 The charity does not hold any funds on behalf of others. Auditors A resolution to appoint auditors will be proposed at the Annual General Meeting. Small companies provision statement This report has been prepared in accordance with ihe special provision5 relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. Approved by the Board on 15th August 2024 and signed on its behalf by: avin Lonerg
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ADSUM FOULYDATION (Company registration number Nl 071403) OpÉnion We have audited the fmancial ststements of The Adsum Foundation for the year ended 3 ISI March 2024, which comprise the Statement of Financial Activities, Balance Sheet. Cash Flow Statemeni and notes to the financial statements. including a sumrnary of significant accounting policies. The ftnancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Fknancial Reporting St]dard 102 The Financial Reportino Standard applicable in the UK and Republic of Ireland (United Kingdom Generdlly Accepted Accounting Practice)- (Charities SORP {FRS I O?)}. In our opinion the financial stalemenls-. give a true and fair view of the stale of the charitable company's affairs as at 31" March 2024 and of its incoming resources and their application for Ihe period then ended. have been properly prepared in accordance with United Kingdom G¢n¢Tally Ac¢ept¢d Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit in accor(Jiince wilh International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilitie5 under those slandards are further described in the Auditor's responsibilities for the audit of the financial 51alemenls seclion of our report. We are independent of the Company in accordance with the ethical requirements ihal are relevant to our audit of the financial slalemenls in the Uk, including the FRC'S Ethical standard, and we have fulfilled our other eihical responsibilities in accordance with these requiremei)ts. We believe that the audit evidence we have obtained is suffiLient and appropriaie lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial slatemenls, we have concluded that the directors. use of the going concern basis of accounling in the preparation of ihe financial statejnents is appropriate. Based on the work we have perfomied. we have not identified any material uncertainties relaling to events or conditions that, individually or collectively. may c&sl significanl doubt on Ihe company's ability to continue as a going Concern for a period ofai least twelve months trom wheT] ihe financial ststeTnents are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to uFoingF concern are described in the relevant sections of this report. Other information The directors are responsible for the other intom)ation. The other infom)ation comprises the inforniation included in the aThnual report. other than the financial statemcnts and our auditor's report thereoT]. Our opinion on the fmancial statements does not cover the other infonnalion an(L except to the exlenl otherwise explicitly stated in our report, we do not express any form of as5uran¢¢ conclusion fhereon. In connection with our audit of the financial statements, our responsibtlity is to read the other information and, in doing so, consider whether the other inforniation is materiallj. inconsistent wilh ihe financial statements or our knowledge obtained in the audit OT Otherwise appears to be materially misstated. If we identify such material incon515tencie5 or apparent material Tllisstatements. we are required to detennine whether there is a material isstatement in the fJnan¢ial statements or a material misslaleinent of the other inforniation. If, based on the. work we have performed, we conclude that there is a material misstatetnent of this other inforniation, we are required to report that fact. We have nothing to Teport in this regard.
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE ADSUM FOUNDATION (cotTrtinued} Opinions on other matters prescribed by the Companies Act 21M16 In our opinion, based on the work undertaken in the course of the audit: the information given in the direclors, report for the fancia] period for which tbe financial Statements are prepared is consistent with ihe financlal statements- and the directors, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of (he company and ils environment obtained in the course of the audit. we have not identified material missiatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires s to report to you if. in our opinion.. adequate accounting records have nor been kepi by the company, or retums adequate for our audit have not be¢n received from branches not visiied by us- or the financial stat¢ments are not in agreement with the accounring records and reNrns' or certain disclosures of direcrS, remuneralion specified by law are not made; or we have noi received all the information and explanations w¢ require for our audit; or Responsibilities of directors As explained more fully in the directors. responsibilities staiement (set out on pages ? to 5), the directors (who are also the Iruslees of the charitable company) are responsible for Ihe preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal contn)l as ihe directors detennine is necessary to enable the preparation ol. fmancial siaiements that are free from material misstaternent, whether due to fraud or error. In preparing the financial staternen15, the direciors are reswnsible for assessing the company's ability to continue as a going concem, disclosing, a5 applicable. matters related to going concern and using the going concern basis of accounting unles5 the directors either intend to liquidate the company or to cease operations, or have no realisttc alternative but to do so. Auditor s responsibilities for the audil of the fingncial $12tements Our objectives are to obtsin reasonable assurance about whether the fmancial statements as a whole are free from material misstatement, whether due to fraud or eOr, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance. but i5 nol a guarantee that an audit conducted in accordance with ISAS (U K) will always delect a material mis51atemenl 'hen il exists. Misstatements can arise from fraud or error and are considered material if, individually. or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis ol. these financial statements. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the aiidit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perforni audit procedures responsive to those risks. and obtatn audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a maleria misstatement Tesulting from fraud is higher than for one resulting from error. as fraud may involv¢ collusion, forgery, intentional omissions. misrepresentations. or the override of inlernal control. Obtain an understanding ot- internal control relevani to the audit in order to design audtt procedures that are appropriat¢ in the circumstance5, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.
INDEPENDEIYT AUDITORS, REORT TO THE MEMBERS OF THE ADSUM FOUNDATION (continued) Auditor's respoDsibilities for the audit of the rtnAneial ststelnenls feonlinued) Irregularities, including fraud, are instance5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above. to detect tnaterial misstatetnents in Tespect of irregularities, including fraud. The extent to which our procedures are capable of deiecting irregularities includiTJg fraud is detailed below- We identified the laws and regulations appltcable to the company through discussion5 With directors and key personnel, and from our own knowledge and experience of the charitable sector. We focused on specific laws and regulations which we considered may have a direct material effect on ihe financial statenients or the operations of the company. including the Companies Act 2006 and tallOn legislation, while also giving consideration to data protection regulations. employment law and health and safety legislation. The engagement Partner ensured that the engagemenl team collectively had the appropriate competence, capabililies and skills lo identify or recognise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit. We assessed ihe susceptibility of ihe company's financial staiements 10 material missialemenL including obtaining an undersL2nding of how fraud might occur. Wc did so through discussions wilh m(Inagemcnt as to their assessmenl ot areas where fraud or non-compliance might occur, as well as considLrinb ihe internal controls in place to miligate risks of fraud and non-compliaTJ¢e. In order to ascertain the exteni of compliance with the laws and regulations, we made enquiries of management as to whether there was any a¢al or poten(ial litigation, we reviewed legal corTespondence. we inspected tax correspondence and we perfonned analytical procedures lo identify any unusual or unexpected activity. A further description of our responsibilities is available on ihe Financial Reporting Council's website at wwH,.frc.org.uklauditorsresponsibilities. This description fom)s parr ol- our auditor's report. Use ofour report This repon is inade 501ely lo the company'5 members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act ?006. Our audil work has been undertaken so that we might state lo the Company's membets those matters we are required to state to them in an auditor's report and for no other purpose. To the fvllest extent pemitted by law. we do not accepc or assume responsibility to anyone other than the company and the company's m¢mbers as a body. for our audit work. for this report. or for the opinions we have fornied. Peter Stevenson (Senior Statulory Auditor} For and on behalf of- Stevenson and Wilson Chartered Accounianls. Sthiutory Auditor 22 - 30 Broadway Avenue Ballymena B T43 7AA 15 August 2024
THK ADSUM FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ST ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Funds Restricted Funds Total Total 2024 2024 2024 2023 Incoming resources Note Donations income Investment income 79,894 80 413,041 492,935 80 358.940 Total income 79,974 413,041 493,015 358,940 Resources expended: Charitable activities 79,974 386,153 466,127 467,334 Total exptnditure 79,974 386.153 466,127 467,334 Net movement in funds 26,888 26,888 (108,394) Reconciliation of funds: Total funds brought forward 11,880 11,880 120,274 Total funds carried forward 38,768 38,768 11,880 The statement of fillancial activilies includes all gains and105ses recogTnised in the year. All income and expenditure derives from continuing activiti¢s. The notcs OD pages 12 to 18 forni part of these financial slatements
THE ADSUM FOUNDATION STATEMENT OF FINANCIAL POSITION / BALANCE SHEET AS AT 31- MARCH 2024 Note 2024 2023 Fixed assets Tangible fixed assets Iniangible fixed assets Tot21 fixed assets 3J96 1.750 5,146 2,989 2.989 Current assets Debtors 10 147,665 87073 14,870 250,408 10,322 281,015 7,141 298.478 Cash at bank - donafions accouni Cash at bank - overheads account Tolal currenl assets Creditors- amounts falling due within one year Total ereditors 216,786 216.786 289,587 289,587 Net eurrent assets 33,622 8,891 Total net assels 12 38,768 11.880 Unrestrieted funds General funds Total unrestrteled funds Restricted funds Total charity funds 13 13 38.768 38,768 11,880 11,880 The financial slalemenls have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime under The Companies Act 2006 and with Charities SORP-FRS 102. The notes on pages 12 to 18 are an integrdl part of these financial ststements. The financial statements on pages 9 to18 were approved by the Board of Trustees on 15th Aug on its behalf b).: st 2024 and signed Anne-marie Lonergan ard C&sey Trustee Trustee The notes on p¢S 12 10 18 fom) part of thesc financial siatements 10
THE ADSUM FOUNDATION CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024 2024 2023 Cash flow from operating activities Net incomingl(outgoing) resources 26,888 (108,394) Depreciation and amortisation 2,42S 848 (Increase)/decrease in debtors (137J43) 365.688 Decrease in creditors (72,801) (22i206) Acquisition of fixed assets (4,S82) (2,190) Net {decrease)lincregse in e2sh for the year (185,413) 32,746 Cash and cash equivalents at the beginning of the year 288,156 255.410 Cash and eash equivalents at the end of the year 102,743 288.156 The ntsles on page% 12 10 114 f()rm p&rt of these finanLial sLitements
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 J. Company informatio The Company is lÉmited by guarantee and is incoryjorated in Northern Ireland. The address of the registered office is 4 Annadale Avenue, Belfast. The financial siaiemenls were authorised for issue by rhe Board on 15 August 2024. 2. Aceounting policie5 The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the fmancial 5talemenls are a5 folloivs: Basis of preparation The financial statemenis have been prepared on a going concern basis in accordance with Accounling and Reporting by Chariries: Siat¢menl of R¢comm¢nd¢d Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Siandard applicable in the U K and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)), Ihe Financial Reponing Standard applicable in the UK and Republic of Ireland (FRS 102) and th¢ Companies Act ?006. The Foundation meets the defmition of a public benefil enlity under FRS 102. Asseis and liabilities are initially recognised at historical cost and transaciion value unless otherwise stated in the relevant accounting polRcy noie(s). Preparatlon of accounts on g going concern basis The Foundation generally meets ils day 10 das, working capital requirements froTn its annual incorne. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied Ihat the Foundation has resource5 to provide a reasonable expectation that it can continue io meet its financial obligations as they fall due for th¢ foreseeable tUre. These financial statements therefore have been prepared on a going concern b&sis. Incoming resources All incoming resources are included in the Ststement of Financial Activities when the Foundation is entitled to the income, it is probable that the income ivill be received and the arnount can be quantified with reasonable accuracy. Incoming resources comprise of all cash receivable for the accounting period including any related tax recoverable under Gift Aid. Revenue government grants are included in the Stalement of Financial Activilies in the period in which the related expenditure is incurred. Resources expended Expenditure is recognised once there 15 a legal or constnjclive obligation to make a payment to a third paty, it is probable that settlemenl will be required and the amount of the obligation can be measured reliably. Charitable expenditure comprises those costs incurred by the charity, in tbe delivery of its activities and Services to its beneficiaries. It includes both costs Ihat can be allocated directly to such activities and those costs of an indirect natrjre necessary lo suppon them. The operating costs of ihe Foundation conlinue to be met by LFT Charitable Trust and Alterity Investments Limited so that l 00 % of any" money donated to the Foundation goes directly to our partners and the projecis on the ground. Pensions The Foundation operates a defined contribution scheme for all slarT. Employer contributions are charged through the income and expenditure wheii incurred. 12
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (contlnlled) l. Accounting policies (conlinued) Tangible assets The tangible assets of the Foundation comprise of computer equipment and fixtures and fittings. The tangible a55ets are depreciated at a rate calculated to reduce them to residual value at the end of their exp¢cted nornial life on a straight-line basis at a raie of ?OO/o per annum. The assets, residual values and useful lives are reVieed. and adjusied. if appropriate, at ihe end of each reporting period. l-he effect of any change is acCoUnd for prospectively. Tangible assets are derecognised on disposal or when no future economic benefjts are expected. On disposal, the difference between the new disposal proceeds and the carrying amouni is recognised in ihe statement of fmancial activities and included in "otlier operating gainsl(losses)" Intangible assels Expenditure on the company's website is capitalised and amortised over the period expected to benefit. An amortisation rate of 500/0 on a Slraighi-line basis has been used for this PUTPOSC. Short-lerm debtors 2nd creditors Debtors and creditors with no sialed interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debiors, are reviewed at ihe reporting date to detern)ine if there is any evidence of potential impairnient. Any losses arising from impairment arv recognised in Ihe income statement in operaiing expenses. Cash and cash equivalents Cash and cash equivalents include cash in hand, depx)silS held ai call with banks, other short-terni highly liquid investments with original maturities of three months or less and bank overdrdfts. Finaneial inslruments The Foundation only h&s financial assets and financial liabilities of a kind that quality as basic financial instruments. Basic financial insiruments are initially recognised at transaction price and subsequently mL&4urcd at their s¢ttlcm¥nt valu¢. Funds Fund5 are classified as either unrestricted funds or restricted funds, defined as follows. Unrestricted ndS are expendable at the diKretion of the trustees in fijrtherance ofthe objects of the ¢hority. If parts of the unrestricted funds are eannarked ai the discreiion of the trustees for a particular purpose, they arc designated as a separate fimd. This designation has an administrative purp05e only and does not legally restrict the trustees, discretion lo apply the fijnd. Restricted funds are fund5 Subject to specific requirements a5 to their use which may be declared by the donor or with their authority or Created through legal processes, but siill wiihin the wider objects of the Foundaiion.
THE ADSUM FOUNDATION NOTES TO THE FIIYANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (conlinued) 2. Critical accounting judgements and estimation uneert2inty Estimates and judgEnents made in the process of preparing the fanCIal statements e continually evaluated and are based on historical experience and oiher faciors, including expeclalions of future events that are believed to be re&sonable under the circumsiances. The Trustees do not consider thal there are any critical judgments made in applying the Company's accounting policies or ihal there are any critical accounting estimates OT assumptions which may have a significant risk of causing a material adjustment to carrying amounts of &ssets and liabilities wiihin the nexi financial year. Donalions income Unrestricled Funds Re5trieled Funds Total Totsl 2024 2024 2024 2023 Donations from LFT Charitable "frust Donations from general public Tax recovered on donations 79,894 231,794 178.091 3.156 311,688 178,091 3,156 125,501 229,689 3.750 79,894 413,041 492,935 358,940 4. Charitable activities Unrestricted Restricted Funds Totsl Total 2024 2024 2024 2023 Charitable donations Wages and Salaries Properry costs Foundation running costs Administration costs Other expenses 386.153 386,153 25,888 31,980 5,748 10,271 6,087 374,067 35,499 30,624 4,182 19,845 3,117 25,888 31,980 5,748 10271 6,087 79,974 386,153 466,127 467,334 14
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (continued) 5. Taxation The Foundation is recognised as a charity for the PUTP05es of applicable t&xation legislation and is therefore not subject to taxation on its charilable aclivilies. 6. Transfers between funds Unrestricted fund5 are spent or applied at the discretion of the trnsiees to further any of the charity's purposes. Unrestricted funds can be used to supplement expenditure made from restricled funds. Analysis of staff cosls, trustee remuneration and expenses, and ihe cost of key management personnel 2024 2023 Employees Salaries and wages Pension contributions 25,791 97 34,800 699 Total 35,499 The average number of employees during the year, was as follows: 2024 2023 Number Nuinber Directors Administralion There arc no employees in receipi of emplo)'ee benefits in excess of £60.000. Key managernent are deemed to comprise the Directors. No salary wa5 paid io the directors (?073: none). No trustee 01 a person related to a trustee had any personal interest in any contract or tTansaclion entered into by the charity during the year. 15
THE ADSUM FOUNDATION INOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (conlinued) 8. Tangible fixed asset5 Ol¢e Equipmenl Fixtures and Fittings Total Cost As at I, April 2023 Addition5 9,596 1,082 10,678 420 10,016 1,082 11,098 As at 31" March 2024 420 Depreelation As at 1st April 2023 Depreciation charge A$ at 31 Mareh 2024 6.901 591 126 84 7.027 675 7,702 7,492 210 Net book value at 31, March 2024 Nel book value at 31, March 2023 3,186 9.695 210 294 3,396 2.989 Intangible fixed a55els Webslte Total Cosrt As ai l April 2023 Addttions Disposal As at 31. March 2024 4,259 3,500 (4,?.59) 3,500 (4,?59) 3,500 Atnortssation As al I, April 2023 Eliminated on disposal Amortisation As at 31" March 2024 4,259 (4,259) 1,750 1,750 4,259 {4,259) 1,750 1,750 Net book value at 31" March 2024 Net book value at 31. March 2023 16
THE ADSUM FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 (coNtinued) 10. Debtor5 2024 2023 Donations receivable Gift aid recoverable Other debtors and prepayments 147,131 4,344 5,978 534 147.66S 10,322 I l. Creditors: amounts due within one year 2024 2023 Donations payable Deferred income Other creditors and accruals 177,098 36,729 2.959 273,478 7,642 8,467 216,786 289.587 12. Analysis of net assets Unrestricted General Restricied TotBI Fixed assets Current assets Current liabilities 5.146 34,542 (39.688) 5,146 250,408 (216,786) 215.866 (177,098) Net assets at 31 March 2024 38,768 38,768
THE ADSUM FOUNDATIOIY NOTES TO THE FINANCIAL STATEMENT5 FOR THE YEAR EI¥DED 31ST MARCH 2024 (conllnued) 13. Funds of the company At l April 2023 At 31 March 2024 Income Expenditure Restricted fund5 Donations fund 11,880 11.880 413,041 413,041 (386,153) 1386,153) 38,768 38.768 Unrestrieted funds General fund 79,974 79.974 493,015 (79,974) (79,974) (466,127) Total funds 11,880 38,768 Pur ose of Testricte fund These funds are to be used towards Ihe support of the charitable work of the charity. 14. Financial inslruments At the balance sheel date rhe Foundation held the following financial instruments., 2024 2023 Financial assets Ihat are debt instruments measured at amortised cosl 147.131 213,827 4,844 288,3?0 Financial liabilities measured al amortised 0St 1 S. Related partv transactions Included in income is a donation of £79,894 received from LFT Charitable Trust (2023: £93,267) to meet the company's overhead costs and a donation of £231,794 received froln LFT Charitable Trust (2023: £32,234) for the compdny to use for its charitsble activities. Ai the year-end there were donations receivable frorn LFT Charitable Trust 01 £147,131 (2023.. NIL). Both charities have a common trustee Mr. Gavin Lonergan. None of the d1reclortruSlees received remuneration as detailed at note 7. 16. Funding commitments The Company had no unconditional charitable funding commitments at the ba]ance sheet date. beyond those which have been re¢ogni5ed in these arcounts (2023- nil). 17. Controlling party During the year The Adsum Foundation was under the control of the Trustees (who are also the directors). 18