Youth Lyric Limited Company Limited by Guarantee statement of Financial Activities (including income and expenditure account) Year ended 30 June 2023 2023 Unreslricled funds Total funds 2022 Total funds Note Income and endowments Donations and legacies Charitable activities other trading activities Total income 22,640 119,493 9,593 22,640 119.493 9.593 9,576 114,836 5.158 151,726 151,726 129,570 Expenditure Expenditure on charitable activities Total expenditure 148,800 148,800 148,800 107,125 107,125 148,800 Net income and net movement in funds 2,926 2,926 22,445 Reconciliation of funds Total funds broLJght forward Total funds carried forward 17,709 17.709 (4,6761 17,769 20,635 20,635 The statement of financial activities includes all gains and10sses recognised in the year. Al income and expenditure derive from continuing activities. The notes on pages 5 to 12 form part of thèse financial statements.
Youth Lyric Limited Company Limited by Guarantee Statement of Financial Position 30 June 2023 2023 2022 Note Fixed assets Tangible fixed assets 13 3,672 1.046 Current assets Stocks Debtors Cash al bank and in hand 14 15 200 2,522 18,739 200 2,703 30,880 21,461 33,783 Creditors: amounts falling due within one year Net current assets 16 4,498 17,060 16,963 16,723 17,769 17,769 Total assets less current Ilabilities 20,635 20,635 Net assets Funds of the charlty Unrestricted funds 20.635 17.769 Total charity funds 18 20.635 17,769 For the year ending 30 June 2023 the charity was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of ils financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. e fnancial statements were approved by the board of I and are signed on behalf of the board by.. aulhorised Issue on,. Bry8 Rcr tee The note5 on pages 5 to 12 form part of these financlal statements.
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 30 June 2023 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 398 Springfield Road, Belfast, B T127DU. Anlrim. statement of compllance These financial statements have been prepared in compliance wlh FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Slalement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. Accounting policies Basls of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no malerial uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unreslricled funds are available for use at the discretion of the trustees lo further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment, Restricted funds are subjected lo restrictions on their expenditure declared by the donor or Ihrough the terms of an appeal. and fall into one of iwo sub-classes.. restricted income funds or erldowmenl funds.
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements {contAnuedJ Year ended 30 June 2023 Accounting policies fcontlnuedj Incomlng resources All incoming resources are included in the slalement of financial 8clivilies when entitlement has passed lo the charity.. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement lo the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services 15 recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a conlraclual requirement for il to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classified under headings of the statement of financial activities to which il relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charilable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for Ihe benefit of ils beneficiaries, including those support costs and costs relating to the governance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charily nor part of ils expenditure on charitable aclivilies. All costs are allocated lo expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute lo on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the dale of revaluation less any subsequent ac¢umul8led depreciation and subsequent accumulated impairment losses.
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2023 Accounting policies (contlnued) Tanglble assets (contlnued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that ha8 previously been recognised as expenditure within the s181emenl of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses. except to which il offsets any previous revaluation gain. in which case the loss is shown within other recognised gains and losses on the statement of financial activities. Depreciation Depreciation is calculated so as lo write off the cost or valuation of an asset. less ils residual value, over the useful economic life of that asset as follows.. Fixtures and fittings Equipment 20 % slraighl line 330/0 slraighl line Impairment of fixed assets A review for indicators of impairment is Carried out at each reporting date, with the recoverable amount being estimated where such indicalors exist. Where the carrying value eXed$ the recoverable amount. the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when il is not possible lo estimate the recoverable amount of an individual asset. an estimate is made of the recoverable amount of the cash-generating unil lo which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition dale. allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination. irrespective of whether other assets or liabilities of the charity are assigned to those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs lo complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock lo ils present location and condition. Financial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 30 June 2023 Accounting policies (contlnued) Financial instruments (¢ontlftJuedJ Current assets and current liabilities are subsequently measured at the cash or other consideration expected lo be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Vvhere investments in shares are publicly traded or their fair value can otheise be measured reliably, the investment is subsequently measured al fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed al a rale of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rale of interest for a similar debt instrument. Other financial instruments are subsequently measured at lair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment. an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Deflned contrlbutlon plans Contributions to defined contribution plans are recognised as an expense in the period in which the relaled service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead lo a reduction in future payments or a cash refund. When contributions are not expected lo be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee Youth Lyric is a company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements (¢ontlnuedJ Year ended 30 June 2023 Donations and legacles Unreslricled Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Donations 22,640 22.640 9.576 9,576 Charilable activitles Unrestricted Total Funds Unreslricled Total Funds Funds 2023 Funds 2022 Grants Fees and other activities 1,746 117,747 1,746 117.747 15,070 99,766 15,070 99,766 119,493 119,493 114,836 114,836 Other trading activlties Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Fundraising events Merchandise sales 5,208 4,385 5,208 4.385 5.158 5,158 9,593 9,593 5.158 5,158 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Charitable activities 148,800 148,800 107,125 107,125 Expendlture on charltable actlvltles by activity type Activities undertaken Total funds directly 2023 Total fund 2022 Charitable activities 148,800 148.800 107,125 10. Net income Nel income is slated after chargingl{creditingl'. 2023 2022 Depreciation of tangible fixed assets 2,578 718
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 30 June 2023 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2023 2022 Wages and salaries Employer contributions to pension plans 30,246 1,585 16,426 455 31,831 16,881 The average head count of employees during the year was 2 (2022= 1}. No employee received employee benefits of more than £60,000 during the year (2022.. Nil). 12. Trustee remuneration and expenses There were no Iruslees, remuneration or other benefits for the year ended 30 June 2023 nor for the year ended 30 June 2022. There were no Iruslees, expenses paid for the year ended 30 June 2023 nor for the year ended 30 June 2022. 13. Tangible fixed assets Fixtures and fillings Equipment Total Cost At 1 July 2022 Additions 2,971 1,276 5,204 4,247 5,204 At 30 June 2023 2,971 6,480 9,451 Depreciation At 1 July 2022 Charge for the year At 30 June 2023 2,551 420 650 2,158 3,201 2,578 2,971 2,808 5,779 Carrying amount At 30 June 2023 3,672 3,672 AI 30 June 2022 420 626 1,046 14. Stocks 2023 2022 Raw materials and consumables 200 200 10
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements (conttinuodj Year ended 30 June 2023 15. Debtors 2023 2022 Prepayments and accrued income Other debtors 241 2,462 2.522 2,522 2,703 16. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income Social security and other taxes other credilors 3,802 146 550 15,618 782 660 4,498 17,060 17. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined conlribution plans was £1.58512022'. £4551. 18. Analysi5 of charitable funds Unrestricted funds At Income Expenditure 30 June 2023 It 1 JLFly 2022 General funds 17,709 151,726 (148,8001 20,635 Al Income Expenditure 30 June 2022 411 July 2021 General funds 14,676} 129,570 (107,1251 17,769 11
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements fcontlnuedj Year ended 30 June 2023 19. Analysls of net assets between fund$ Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 3,672 21,461 {4,4981 20,635 3,672 21,461 14,4981 20.635 Unrestricted Total Funds Funds 2022 Tangible fixed assets Current assets Creditors less than 1 year Net assets 1,046 33,783 117,0601 17,769 1,046 33,783 117,0601 17,769 12