Youth Lyric Limited Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 30 June 2024 2024 Unrestricted funds Total funds Total funds 2023 Note Income and endowments Donations and legacies Charitable activities other trading activities Total income 20.572 109,494 10,752 140,818 20,572 109,494 10,752 140,818 22,640 119,493 9,593 151,726 Expendlture Expenditure on charitable activities Total expenditure 157,632 157,632 148,800 157,632 157,632 148,800 Net lexpenditure)lincome and net movement in funds {16,8141 116,814) 2.926 Reconclllation of funds Total funds brought forward Total funds carried forward 20,635 20,635 17.709 3,821 3.821 20.635 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The note5 on pages 6 to 13 form part of these financial statements.
Youth Lyric Limited Company Limited by Guarantee Statement of Financial Position 30 June 2024 2024 2023 Note Fixed assets Tangible fixed assets 13 1,937 3,672 Current assets Stocks Debtors Cash at bank and in hand 14 15 225 200 2,772 200 2,522 18,739 3,197 21,461 Creditors: amounts falling due withln one year Net current assets 16 1.313 4,498 16,963 20,635 1,884 Total asset$ less current liabilities 3,821 Net assets 3,821 20,635 Funds of the charity Unrestricted funds 3,821 20,635 Total charity funds 18 3,821 20.635 For the year ending 30 June 2024 the ch8rity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo 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 ofthe Act with respect to accounting records and the preparation of financial stalemenls. These financial statements have been prepared in accordance with the provisions applicable to companies subject lo the small companies, regime. The ina cial slalemenls were approved by the board of I ..121.112.1....., s and aulhorisedJopis ue and are signed on behalf of the board by.. ryans stee man ruslee The note5 on pages 6 to 13 form part of these flnanclal statements.
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements Year ended 30 June 2024 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 Spiingfield Road, Belfast, BT127DU, Anlrim. Statement of compllance These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelarld IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. Accountlng policies Basis of preparatlon 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 al fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the enlily. Going concern There are no material 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, eslimales 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 lo be reasonable under the circumstances. Fund accountlng Unreslricled funds are available for use al the discretion of the Iruslees to further any of the charity's purposes. Designated funds are unreslricled funds earmarked by the Irustees for particular future project or commitmerll. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds.
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 30 June 2024 Accounting policies (contlnuedj Incoming resources All incoming resources are included in the slalemenl of financial activities when enlillemenl has passed to the Charity., il 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 ils amount can be measured reliably. legacy income is recognised when receipt is probable and enlillement is established. income from donated goods is measured al the fair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost lo the donor or the eslimaled 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 is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for il to be spent on a particular purpose and returned if unspent. in which case il may be regarded as restricted. Resources expended Expendilure 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 aclivilies, events, non- charitable trading activities, and the sale ol donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of ils beneficiaries. including those support costs and costs relating to the goverrlance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor pari 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 lo that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consislenl basis. Tangible assets Tangible assets are initially recorded al cost, and subsequently staled al cost less any accumulated depreciation and impairment losses. Any tangible assets carried al revalued amounts are recorded at the lair value at the dale of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 30 June 2024 Accounting pollcles (contlnueLI) Tangible assets (conllnued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless il reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of 2n 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 to 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 200/D Straight line 330/D Straight line Impairment of fixed assets A review lor indicators of impairment is carried out at each reporting dale, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly, Prior impairments are also reviewed for possible reversal al each reporting date. For the purposes of impairment lesling. when it is not possible lo estimate the recoverable amount ol an individual asset, an estimate is made of the recoverable amount ol the cash-generating unil to which the asset belongs. The cash-generating unit is the smallest idenliliable group ol 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 date, allocated lo each of the cash-generaling units that are expected lo benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned lo those units. Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock lo ils present IoGation and condition. Financial Instruments A financial asset or a financial liability is recognised only when the charity becomes a party lo the conlraclual provisions of the inslrumenl. 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 2024 Accounting poll¢les (¢ontlnuÉd} Financial instruments {¢onllnued) Current assets and current liabilities are subsequently measured al the cash or cilher consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured al amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at 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 al lair value, unless payment for an asset is deferred beyond normal business terms or financed at 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 al fair value, with any changes recognised in the slalement of financial activities, Wth the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured al cost or amortised cost are reviewed for objective eviden 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 ol financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individLJally 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, lo 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. Defined contribution plans Contributions lo defined contribution plar)s are recognised as an expense in the period in which the related seryice is provided. Prepaid contributions are recognised as an asset lo the extent that the prepayment will lead to 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 dale 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 lo £1 per member of the charity
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ended 30 June 2024 Donations and legacies Unrestricted Totsl Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donatlons Donations 20.572 20,572 22,640 22,640 Charitable activities Unreslricled Total Funds Unreslricled Total Funds Funds 2024 Funds 2023 Grants Fees and other activities 1,746 117,747 1,746 117.747 109.494 109,494 109,494 109,494 119,493 119.493 other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundraising events Merchandise sales Other income 8,660 2,795 1,297 6,660 2,795 1.297 5,208 4,385 5,208 4,385 10,752 10.752 9.593 9,593 Expenditure on charltable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Charitable activities Support costs 154,936 2,696 154,936 2,696 148,800 148,800 157,632 157,632 148,8(10 148,800 Expenditure on charitable activities by activity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Charitable activities Governance costs 154.936 154,936 2,696 148,800 2,696 154,936 2,696 157,632 148,800
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements fconllnue6} Year ended 30 June 2024 10. Net lexpendlturellincome Net lexpendilurellincome 15 Stated after chargingl(crediling)'. 2024 2023 Depreciation of tangible fixed assets 1,735 2,578 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer Gonlribulions to pension plans 27,847 1,471 1,008 30.246 1.585 30,326 31,831 The average head count of employees during the year was 312023.. 21. No employee received employee benefits of more than £60,000 duiing the year12023'. Nill. 12. Trustee remuneration and expenses There were no Iruslees, remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023. There were no trustees, expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023. 13. Tangible fixed assets Fixtures and rillings Equipment Total Cost At 1 July 2023 and 30 June 2024 Depreciatlon At 1 July 2023 Charge for the year At 30 June 2024 2,971 6,480 9,451 2,971 2,808 1,735 5,779 1,735 2,971 4,543 7,514 Carrying amount At 30 June 2024 1,937 1,937 3,672 Al 30 June 2023 3,672 10
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements (contAnueLI) Year ended 30 June 2024 14. Stocks 2024 2023 Raw materials and consumables 225 200 15. Debtors 2024 2023 Prepayments and accrued income Other debtors 200 2,522 200 2,522 16. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income Social security and other taxes Other creditors 313 3,802 146 550 1,000 1,313 4.498 17. Pensions and other post retlrement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation lo defined contribution plans was £1,00812023.' £1,585). 18. Analysis of charitable funds Unrestricted funds At Income Expenditure 30 June 2024 qt 1 July 2023 General funds 20,635 140,818 1157,6321 3,821 Al Income Expenditure 30 June 2023 qt 1 July 2022 General funds 17,709 151,726 1148,8001 20,635 11
Youth Lyric Limited Company Limited by Guarantee Notes to the Financial Statements fconfinued) Year ended 30 June 2024 19. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 1,937 2,972 {1,313) 3,596 1,937 2,972 (1,3131 3,598 Unrestricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 3,672 21,461 {4,498) 20,635 3,S72 21,461 {4,4981 20,635 12