Company Registration No. N1622S81 {Northern Irelandl LAGAN VILLAGE YOUTH & COMMUNITY GROUP (a company limited by guarantee) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
LAGAN VILLAGE YOUTH & COMMUNITY GROUP COMPANY INFORMATION Trustees Councillor John Kyle MRCGP Mr Keith Bradshaw Alderman Chris McGimpsey Ms Jenny Hughes Ms Jenny StewartAtlay Ms Carla Martin Ms Aleksandra Lojek Ms Lynne Mccormick Secretsry Sonya Laverty Company number N1622581 Registered charity number NIC102306 Registsred offlcè 15 Ballarat Street Belfast Co Antrim BT6 8FW Accountants David Lyttle & Co Ltd Emerson House 14B Ballynahinch Road Carryduff Belfast BT8 8DN
LAGAN VILLAGE YOUTH & COMMUNITY GROUP CONTENTS Page Trustees, report Independent Examinerfs report Statement of financial activities statement of financial postition statement of changes in equity 10 Notes to the financial statements Tho followlng page8 do not form part of the statutory flnanclal #tatements Detailed statement of finanrial activities 15 Schedule of resources expended 16
LAGAN VILLAGE YOUTH & COMMUNITY GROUP TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their report and audited financial statemenls for the year ended 31 st March 2024. This report is also the director's report required by section 415 of the Companies Act 2006. structure, Governance and Management Lagan Village Youth and Community Group is a charitable company limited by guarantee with no share capital, incorporated on 31 January 2014 and registered as a charity on 3rd March 2015. The company was established under a memorandum of association which eslablished the objects and powers of the charity and is govemed under ils article5 of association. The Trustees have pleasure in presenting this report of the Charity for the year ended 31 March 2024. The Dire¢tors of LVY&CG are also its Trustees for the purposes of charity law and are referred to as 'Trustees' throughout this report. As described the Charity's Trustees are responsible for the daily management of LVY&CG. LVY&CG is a registered private limited company, limiled by guarantee (Nl 6225811 and a registered charity (NIC. 102306) governed by its Articles of Association. Bankers Ulster Bank Message from the Chair The past year off 2023-24 has been anolher year of outstanding achievements and successes for Lagan Village Community Centre and its staff and volunteers. Despite relentless challenges placed on the organisalion and the community, including the cosl-of-living crisis and inflation leading to higher running costs and reduced funding opportunities, the charity continues to grow from strength to strength. Thi5 year, Lagan Village has engaged with more people than ever. It has extended its seNi¢es to residents across the Woodstock and Ravenhill wards and as a community organisation ensuring that its services are community oriented, relevant lo people's needs and inclusive lo all. Our commLtnily setvices have evolved over the years to meel demands and residents, priorities in providing the best support and opportunities available to them. Our aims have always been lo serve those who need it the most. Our communities Children, young people and family's development opportunities have always been fundamental to our strategic direction and with new support our services now also prioritise other age groups, including some of the most vulnerable residents SLtch as those with SEN, and aim lo address key issues for the local community such as social isolation, food insecurity, physical and mental wellbeing and employment. All contributing to make lives better for residents. These services are a pos11ive impact delivered by our centres staff inilialives we facililate at our Community centre, with the support of many dedicated and essential volunteers and residents. We are very grateful lo Ihose who have supported our projects and programmes for their significant, multi-annual financial support. Thank you lo all of them for Iheir vital funding over the year. The Board also wants to thank first-time funders and the many individual people who donate lime and energy, many who give regularly to our community activities and setvices. As always, I would like to Ihank our staff and volunteers for their hard work and commitment, as well as my fellow Trustees for their time and invaluable skills that ensure Lagan Village Community Centre continues to be a thriving asset for many in our communily. Recruitment and appointment of Trustees The directors of the company are also charity trustees for the purposes of charity law. The trustees have developed a policy for the recruitment of trustees that ensures Iheir collective experience, and skills are best able to meet the needs of the charity. New Trustees are appointed by members.
LAGAN VILLAGE YOUTH & COMMUNITY GROUP TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Potential candidates for the Board of Trustees receive a briefing pack about the roles and responsibilities of a Trustee and have the opportunily to allend a Board meeting and visit Lagan Village Community Centre lo understand ils work before offering themselves as a committed board member. Trustees are invited to meet senior staff members and participate in many of Ihe centre's activities. Organisational Structure and Governance The Board of Trustees is responsible for overall strategy and management of the organisalion. The day-to-day management of the charity. including staff and all financial malters. Everyday work matters is delegated lo the Community Development Officer, Administrator and our Youth Workers. Our volunteers fulfil other roles in the organisation with their support and help in many of the day-towday activities, The Board of Trustees meets approximately every month and including the annual AGM meeting which was well attended by a broad selection of people from across the community Annual Risk Asses8ment The Trustees periodically undertake a review of the major risks to which the charity is exposed to. Each year when considering the operating budget and strategic plan, the Trustees review the associated organisational risks. The senior management team also review operational systems and procedures and service area risk assessments to manage risks that are in place. We review and update our risk assessments, business continuity and emergency contingency plans annually. Our Vi8lon Our Charity 's vision is for everyone in the local community around the wider area of Ihe Woodstock ward of Easl Belfast to have a belter quality of life through access and particlpation in key services and activities. which build cohesion, a stronger and more resilient local community for all to live and exist in both peacefully and in safely. We are dedlcated to: 1. Providing inclusive and flexible services for families, children and young people, as well as Ihe wider community. 2. Delivering a meaningful and positive influence on the local community, ntribute to improving people's quality of life and provide practical Support. In welfare benefits, housing, edu¢alion, job opportunities, personal development and health and wellbeing. 3. Meeting the needs of the local community, especially people those with higher needs such as those who are most vulnerable, SEN and our senior citizens. 4. Through our community-based approach - acting as a community hub and Servi delivery that we can connect residents to everyday practical support and new opportunities. Some of our Communlty activities run over the past year At Lagan Village Community Centre, we endeavour to keep our programme of activities and support varied and accessible to all so that those who feel isolated, excluded or looking for new opportunities can feel as part and essential component of our community. Our hunger programmes which are Food support programmes that 5UPPOrted over 500 residents with weekly Food bags, including children, young and elderly people. Over 50 new residents registered with Ihe Food support programme, with food parcels and weekly lunch clubs operating over the past year. This is only possible with the support of our funders and the critical hard work of dedicated local volunteers who dedicaled over 2000 hours to their local community programmes that supported a range ofdiverse families and people.
LAGAN VILLAGE YOUTH & COMMUNITY GROUP TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In June, we launched the Wednesday lunch club over the summer holidays to Servi the needs of children and support those families who depend on free school meals and to ensure at least once a week a child gets a substantial meal. At Lagan Village Community Cenlre, we facilitate opportunities to bring people together through a number of opportunities to, improve wellbeing and reduce social isolalion. We were delighled to organise a number community events al which more than1500 people participated in a range of activities of the past year. One special programme was our garden projecl which was developed through a partnership beeen ourselves and residents lo provide access lo garden actiwlies for residents, to grow and produce a range of food items that can supplement their own food and also by giving to others who could also benefits from the'sow and Grow" programme. Every morning, the keep fit group welcomes people to participate in a range of activilies to gel active, spark people's interest, stay infomed and relax. Over 20 people were registered and participated regularly in Virbro plates, Aerial bungees, Hula Hooping, Dance and get active. The Health and Wellbeing programmes also include a range of other aclivilies and one of the mosl important is our "Lifeline "programme setup lo support those who feel vulnerable or need support in times of need. One of most vital programmes is during Ihe winter period, where we can provide an ideal 'warm space. for older people to come along lo where they can meel others and parti¢ipate in a range of activities. Our 'older people, support programme was boosted through the Happy Wnler Wellness project facilitated by our volunteers. Our community support team conne¢led with and supported 300 residents aged 65+ providing essential information and signposling io services and support locally. Garden club member John said - .1 have made friends with my fellow gardeners as well as residents that live near the garden area, coming out lo talk about what we are doing and offer their responses and share gardening stories. Children's activlties and ¢hildcare serviceg Our after-school activities for local childrén is a mixture of educatlonal, homework support and play time so they can learn and thrive al their own pace. From computer training to sports. reading Club lo our super popular cooking club, 35 children have learned new skills, mel new friends and had fun during their participation on the programme. A range of local families used our After School provision Ihis year, and ¢hildren aged 4 to 16 years have attended our club provision while their parents have an opportunity of free lime or also participate in one of training or our health and wellbeing programmes. Our Mums N Tots Playscheme provision is supporting over 20 molhers with up to 20 children aged up lo 4 years attending each week. Through the Lunch programme (Holiday and Food Programme), we have offered many free places to 'vulnerable children. children with special needs and children whose parents are at work joined the playschemes throughout the year. We are proud to be an indusive provision, where all children are supported to be able lo join in. Youth activities and training Lagan Village Youth centre has always been a Spa for young people. Our open-access youth provision has grown this year with an average of 35 young people attending our daily sessions. The Youth Club counted 35 regular members aged 7- to 17-year-olds. Activities are yovth-led and, with our annual Summer Schemes and other weekly programmes seen a lot of young people attending. Other programmes included a DJ workshops, residentials, and other exciting projects was delivered and on offer so local young people can learn new skills, relax and meet others in a safe and inclusive environment. Services and activitles Our impact is evidence by the large and growing number of people we see attending our projects and programmes throughout Ihe year. Our foolfall increases each year which demonstrates that our activities and services meet needs and demands of our local community.
LAGAN VILLAGE YOUTH & COMMUNITY GROUP TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Many people, including local families using our popular childcare provisions, young people and older residents living close to the centre. For the Food Hub, we had to define a calchment area i which is approximalely over a s-mile radius around the centre. For some aclivities, people Iravelled from other parts of Belfast to attend either or Fun in the Park programme, or our Santas Grotto Christmas shows. We also offer a space for other groups and individuals to use for their own activities, events and courses. Some groups have been operaling al our centre for many years, but new activities start each year. We are careful that all services and activities in the centre complement each other to offer a wide range of a1VitieS for Ihe wider community. Some of the other maln actlvltles on offer: . Aerobics ¢lass- a very dynamic and friendly class open to all. * After School Club. Seniors Club over 50,5 lunch club with chalr yoga classes and social activities open to all every Wednesday. Community Yoga- a weekly wellbeing class, every Tuesday morning. After school clubs for children daily after school activities including cooking, IT and dance. Food Hub - provision of food and essential items lo local residents and families. • Holiday Summer scheme- a popular holiday provision for children age 7 to 17 YEARS. IT training and employability programme- run for peopl8 to gain qualifications and secure employment. Sports multi sports sessions for all. Dance - a weekly energetic dance class to make healthier. Women only fitness classes delivered by a qualified coach. • Youth club - open lo all young people age 7 to 18 years old, led by young people themselves, held on Monday and Friday evenings. Zumba - a free weekly class. Futuré plans Our community is growing and benefiling more people and many more groups. Our community centre services is broadening its opportunities by going beyond the walls of our cenlr& and its team's reach lo ensure that we do not only offer access activities to all, bul also create opportunities which will be life changing for the people we work with. We refer to other services, work in collaboration with like-minded organisations to increase our impact, find solutions for individual and community issues, engage with people who do not yet access our servIS and have developed a stimulating programme that caters for people from O to 99. Our priority for the coming financial year 15 to continue to diversify and to prioritise fundraising so we can sustain our services, as well as pilot and deliver new ones adapting to and caring for our local community. We will do a I we can to keep our most popular SeiceS (e.g. childcare provision, wellbeing activities and Food Hub), but are fully aware that we need lo identify new ways of delivering some of these services, while running costs continue to rise as well as challenges for many ofour Community members. Through community organising, our aim is to find out what are the key issues affecting people and find solutions together to address them. Our Community Team will continue to deliver a range of seiceS for some of our most vulnerable neighbours. Our Childcare and Youth Team will also focus on providing a safe and fun space for local children and young people, so parents and carers can work, train or study, and young people learn and thrive. Another priority will be to recruit more communily volunteer members with lived experience to join the Board and develop a new strategic plan for the Charity for 2024-27. Finally, our centre is used every day of the year, 7 days per week. Lagan Village Community Centre now needs some attention as soon as sufficient funds are raised for a general refurbishment. We look fOard to working with our long- term partners and new ones, the many residents who volunteer at our centre (you are essentiall), and our funders and supporters.
LAGAN VILLAGE YOUTH & COMMUNITY GROUP TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Responsibilities of the Trustees The Charities Act requires the Trustees to prepare financial statements and a report for each financial year which gives a true and fair view of the state of affairs of the charity at the end of the year and of the surplus or deficiency for the year then ended. In preparing the financial statements, the Trustees are required to select suitable accounting policies, and then apply them on a consistent basis. making judgements and estimates that are prudent and reasonable. They must also prepare the financial statements on the 'going con¢ern' basis unless it is inappropriate to presume that the Charity will not continue in business. The Trustees are responsible for keeping proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the Charity and to enable Ihem to ensure that the financial statements comply with the Charities Act 1993. The Truslees are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and deteclion of fraud and oth8r irregularities. The trustees (who are also the directors for th8 purposes of company law) who have served during the year were.. Councillor John Kyle MRCGP Mr Keith Bradshaw Alderman Chris McGimpsey Ms Jenny Hugh8s Ms Jenny StewartAllay Ms Cada Martin Ms Aleksandra Lojek Ms Lynne Mccormick One of our most endearing will be the annual Santa's Christmas show and grotto which is erected outside the main entrance lo the communily centre and which we had on different occasion a number of high profile people such as the loGal MLA Mr Christopher Stalford who turned on the lights for the community in 2020. It wa5 a very sad that lat&r on that Christopher passed away. He will be solely missed by all in our community and by his family and friends. We have had Belfast City Council Lord Mayors, deputy Lord Mayors and also the High Sherriff of Belfast attend a number of our community events along with local MLAS GrantslFunding All the funds administered in grants by the charity are governed by procedures and limits laid down and agreed in advance between Ihe charity and those partners funding Ihe grant s¢heme$. Financial review All the funds administered in grants by the charity are governed by procedures and policies laid down and agreed in advance between the charily and those partners funding the grant schemes. All financial procedures for the group are reviewed annually to ensure thal all policie5 and procedures are updated to conform lo any new financial legislation that has been introduced. Plans for Future Periods We are hoping to develop the centre with a new extension and refurbishment. Architectural drawings and funding applications have been submitted for grant aid to allow us to provide the facilities that this community needs to further develop.
LAGAN VILLAGE YOUTH & COMMUNITY GROUP TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In the coming years, we expect substantial changes in the public sector to continue to affect Lagan Village Youth and Communiiy Group. and a continuing theme will be to develop new income streams as public funding opportunities continue to become more challenging. This and other extemal issues continue to impact on Lagan Village both on a financial basis and in the general running of the charity. We hope that targets set out above will be successfully achieved this year and in the years to come. Statement of directors. responsibilities The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. Charity law requires the trustees to prepare financial statements for each financial year. Under that law Ihe trustees have elected to prepare the financial statements in accordance wilh Uniled Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including ils net income and expenditure for the year. In preparing those finan¢ial statemenls, the trustees afe required select suitable accounting policies and then apply Ihem consistently.. make judgement5 and estimates thal are reasonable and prudent., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable a¢¢uracy at any lime the financial position of the charity and enable them lo ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance with the special provisions relating to small Companies within Part 15 of the Companies Act 2006. By order of the trustees Councillor John Kyle MRCGP Chairperson Dale 30 September 2024
LAGAN VILLAGE YOUTH & COMMUNITY GROUP INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LAGAN VILLAGE YOUTH & COMMUNITY GROUP FOR THE YEAR ENDED 31 MARCH 2023 Independent Examiners Report to the Trustees of Lagan Village Youth & Communlty Group I report on the accounts of the Trust for the year ended 31 March 2023, which are set out on pages 8 to 16. Respective responsibilities of charlty trustees and examiner As the charity's Trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibility to.. examine the accounls under section 65 of the Charities Act follow the procedures laid down in th8 general Directions given by the Commission under section 65(9}(bl of the Charitiès Act * state whether particular matters have come lo my attention. Basls of Independent examlner's report I have examined your charity accounts as required under section 85 of Ihe Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65{9)(bl of the Charities Act. My examination included a revlew of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity Trustees concerning any such matters. My role is to state whether any material matters have come to my attenlion giving me cause to believe.. 1. That accounting records were not kept in accordance with section 63 of the Charities Act. 2. That the accounts do not accord with those 3¢counting records. 3. That the accounts do not Comply with the accounting requirements of the Charities Act. 4. That there is fvrther information needed for a proper understanding of the accounts to be reached. Independent examlner's statement I have completed my examination and have no concerns in respect of the matters (1) to {4) listed above and. in connection with following the Directions of the Charity Commission for Northem Ireland. I have found no matters that require drawing to your attention. /VqJ., Nelson Boyle ACA for and on behalf of David Lyttle + Co Ltd Chartered Accountants 30 September 2024 Emerson House 14B Ballynahinch Road Carryduff Belfast BT8 8DN
LAGAN VILLAGE YOUTH & COMMUNITY GROUP STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestrlcted funds funds 2024 2024 Total 2024 Total 2023 Incoming resources Incomlng resources fmm charitable activities Grant income Page 15 150,580 150,580 153,307 Other incomlng resources Paga 15 1,965 1,965 3,955 Total incomlng resources 150,580 1,965 152,545 157,262 Resources expended Charitable activities Governance costs Pago16 Page 16 (130,180) {6,791) (130,180) (6,791) (135,388) 17,096) Total resources expended (136,971) (136,971) (142,484) Net Incomlnglloutgolng) resources 13,609 1,965 15,574 14,778 Net movement in fund8 13,609 1.965 15,574 14,778 Total funds brought forward at 1 April 2023 88,259 32,459 120,718 105,940 Total funds carrled forward at 31 March 2024 101,868 34,424 136,292 120,718 The statement of financial acts'vities has been prepared on thé basls that all operations are continuing operations. There ar6 no recognised gains and losses other than those passing through the statement of financial activities.
LAGAN VILLAGE YOUTH & COMMUNITY GROUP STATEMENT OF FINANCIAL POSITION AS AT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 24,127 25,629 Current assets Debtors Cash at bank and in hand 861 112,879 915 95,674 113,740 96,589 Creditors: amounts falling due withln one year (1,575) (1,500) Net ¢urrent as8ets 112,165 95,089 Total assets less current Ilabllltles 136,292 120,718 Income funds Restricted funds Unrestricted funds 101,868 34,424 63,793 14,228 Profit and loss reserves 136,292 120.718 For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the CompaniesAcl 2006 relating to small companies. The trustees responsibilities for complying with Ihe requirements of the Act with respect to accounting records and the preparation of financial statements. The members have not required the Company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subjecl to the small companies regime. The financial statements were approved by the twstees and authorised for issue on 30 September 2024 and are signed on its behalf by.. Councillor John Kyle MRCGP Chairperson Date .' 30 September 2024 Company Registration No. N1622581
LAGAN VILLAGE YOUTH & COMMUNITY GROUP STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2024 Share Profit and capital loss reserves Totsl Balance at 1 Aprfl 2022 105,940 105,940 Year ended 31 March 2023: Profit and tolal comprehensive income 14,778 14,778 Balance at 31 March 2023 120,718 120,718 Year ended 31 March 2024: Profit and total comprehensive income 15,574 15,574 Balance at 31 March 2024 136,292 136,292 io-
LAGAN VILLAGE YOUTH & COMMUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Company Informatlon Lagan Village Youth & Community Group is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 15 Ballarat Street, Belfast, Co Antrim, BT6 8FW. 1.1 Accounting convention The financial statements have been prepared in accordancè with Accounting and Reporting by Charities.. statement of Recommended Pracli¢e applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (FRS 102) effective 1 January 20151 (Charities SORP (FRS 1021), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the CompaniesAct 2006. Lagan Village Youth & Community Group meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical Cost and transaction value unless otherwise stated in the relevant accountancy policy nole{s). The financial statements are prepared on a going concern basis. The financlal statements are prepared in sterling, which is the functlonal currency of the company. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties lif applicable} and to include Investment properties and certain financial instruments at fair value. The principal a¢¢ountlng polici8s adopted ar8 set out below. 1.2 Fund accountlng Unrestricted funds are available for use at the dlscretion of the charity trustees in furtherance of the general objectives of the charity. Restricted funds are subjected to reslriction5 on their expendlture Imposed by the provider of funds. All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular Calegories of income: Incoming resources from grants, where related to perfomiance and specific deliverables, are accounted for as the charity earns the right to consideration by ils performance. Investment income is included when receivable. Any income received by the charity in advance of the due date upon which il becomes receivable is deferred unlil that due dale. 1.3 Incoming Resources All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.. Incoming resources from grants, where related lo performance and specific deliverables, are accounted for as the charity eams the righl to consideration by its perfomiance. Investment income is included when receivable. Any income received by the charity in advance of the due date upon which it becomes re1vable is deferred until that due date. 11
LAGAN VILLAGE YOUTH & COMMUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.4 Tangible fixed assets Tangible fixed assels are initially measured al Cost and subsequently measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as to wrile off the cost or valuation of assels less their residual values over their useful lives on the following bases.. Land and buildings Fixtures, fittings & equipment Compuler equipment not depreciated 250/0 reducing balance 33.311A straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and Ihe carrying value of the asset, and is credited or charged to profit or loss. 1.5 Cash and cash equivalents Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-lerm liquid inv&stments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are Shown within borrowings in current liabilities. 1.6 Flnancial instruments The company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of Its financial instrumenls. Financial instruments are recognised in the company's stalement of financial position when the company becomes party to the contractual provisions of the inslrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial a$$et8 Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including Iransaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaclion is measured al the present value of the future reiptS discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Classification of financlal Ilabilities Financial liabilities and equily instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 12-
LAGAN VILLAGE YOUTH & COMMUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Basic financial liabilities Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless Ihe arrangement conslitules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitiès classified as payable within one year are not amortised. Debt inslruments are subsequently carried al amortised cost, using th8 effective interest rate method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as ¢urrent liabilities if paymenl is due within one year or less. If not, they are presented as non-currenl liabilities. Trade credilors are recognised initially al transaction price and subsequently measured at amortised cost using the effective interest method. 1.7 Equlty Instruments Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equlty instruments are recognised as liabilities once they are no longer al the discrelion of the company. Changes in the fair value of derivatives that are dasignated and qualify as fair value hedges are recognised in profit or loss immediately, logether with any Changes in the fair value of the hedged asset or liability thal are attributable to the hedged risk. 1.8 Employee benefits The costs of short-lerm employee benefits are recognised as a liability and an expense, unless Ihose Costs are required to be recognised as part of the cost of slock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed lo terminate the employment of an employee or lo provide termination benefits. Judgements and key sourceg of estimatlon uncertalnty In the applicalion of the company's accounting policies, the trustees are required to make judgements, estimates and assumptions about Ihe carrying amounl of assets and liabilities that are not readily apparent from other sources. The eslimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are vieWed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate 15 revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. 13-
LAGAN VILLAGE YOUTH & COMMUNITY GROUP NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Tangible fixed assets Land and Plant and buildings machinery etc Total Cost At 1 April 2023 Additions 14,250 56.925 2,368 71,175 2,368 At 31 March 2024 14,250 59,293 73.543 Depreclation and Impaimient At 1 April 2023 Depreciation charged in the year 45,546 3,870 45,546 3,870 At 31 March 2024 49,416 49,416 Carrying amount Al 31 March 2024 14,250 9,877 24,127 At 31 March 2023 14,250 11,379 25,629 Employees The average monthly number of persons (including trustees) employed by Ihe company during the year was 5 {2023 - 5}. Taxatlon The company is a regislered charity and thus is nol liable to pay corporation tax. Debtor8 2024 2023 Amounts falling due withln one year: Prepayments 861 915 Credltors: amounts falling due wlthln one year 2024 2023 Accruals and olher creditors 1,575 1,500 Charity Number The company'5 registered charity number is.. 102306 14-
LAGAN VILLAGE YOUTH & COMMUNITY GROUP DETAILED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOMEAND EXPENDITUREACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Rèstrlcted Unre8trlcted Funds Funds 2024 2024 Total 2024 Totsl 2023 Incoming resources from charltable activities Co-operation Ireland GVRT Belfast City Council 8ig Lottery Department for ¢ommunities EA Belfast Region CDHN Peter Harrison Anton Jurgens NIHE Todds Leap John Moores Foundation Rank Foundation Apex Housing Community Relations Councll CFNI Huner programme Radius Various Other Funders < £1,000 each fijnder 1,204 1,485 24.328 13,525 88,809 3,279 1,204 1,485 24,328 13,525 88,809 3,279 19,356 9,053 97,897 3,000 2,550 3,000 4,000 1.580 3,000 4,000 1,580 3,586 2,107 5,000 3,650 2,030 2,155 1,687 2,085 1,170 2,085 1,170 1,000 2,375 2,740 1,000 2,375 2,740 1,236 150,580 150,580 153,307 Other Incomlng resources Room Hire 1,965 1,965 3,955 Total in¢omlng resourc88 150,580 1,965 152,545 157,262 Resources expended Charitable aclivilies Governance costs {130,180) (6,791) (130,180) (6,791) {135,3881 (7,096) Total resources expended (136,971) (136.971) 1142,484} Net Incomingl{outgoingl resOue3 13,609 1,965 15,574 14,778 15-
LAGAN VILLAGE YOUTH & COMMUNITY GROUP SCHEDULE OF RESOURCES EXPENDED FOR THE YEAR ENDED 31 MARCH 2024 Restrlcted Unrèstricted Fundg Funds 2024 2024 Total 2024 Total 2023 Charitable a¢tlvltle8 Support ¢osts Wages and salaries Employer's NIC Events and facilitators fees Rates Cleaning Light and heal Property repairs and maintenance Insurance Bank charges Printing and slationery Telephone Sundry expenses Depreciation 67,675 4,680 33,594 382 3,694 2,927 6,575 2,636 286 1,036 1,921 903 3,871 67,675 4,680 33,594 382 3,694 2,927 6,575 2,636 286 1,036 1,921 903 3,871 71,749 5,664 29,456 348 3,414 7,197 4,430 2,631 234 1,135 1,624 1,375 6,131 130,180 130,180 135,388 Governance costs Accountancy Staff Costs 1,575 5,216 1,575 5,216 1,498 5,598 6,791 6,791 7,096 Totsl resources expended 138,971 136,971 142,484 16-