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 nLtWo￿lng 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 op￿rtUnitIes.

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 transfe￿ed 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 f￿ancia] 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 direc￿rS, 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 e￿Or, 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 t￿allOn 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 reVie￿ed. and adjusied. if appropriate, at ihe end of each
reporting period. l-he effect of any change is acCoUn￿d 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 f￿anCIal 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
O￿l¢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 d1reclor￿truSlees 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