Charity Registration No. 102637 Company Registration No. N172847 INorthern Ireland) HMRC ref. XT13985 BORING WELLS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
BORING WELLS LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrsA Craig Mr M Mccann Mr M Mccleary Mr P Buchanan Mr G McDade Charity number 102637 Company number N172847 HMRC ref. XT13985 Principal Registered Office St. Christopherfs Church 70 Mersey Street Belfast BT4 IEW Independent examiner CG Taggart Accountancy Services 17 Cypress Crexent Donaghadee Co. Down BT21 IJIG Bankers The Co-operative Bank p.l.c. P.0. Box 101 Balloon Street Manchester M&)4EP
BORING WELLS CONTENTS Page Trustees, port Independent examinerfs report Statement of financial adivtties Balance sheet Notes to Ihe financial statements 9-17
BORING WELLS STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrirted General funds Unrestricted Designated funds Restricted Total Total funds 2024 2023 Notes Income from: Donations and legacies Charitable Activities 113,923 13,770 127.693 60,433 116,370 53,167 60,433 Total Income 113,923 13,770 60,433 188,126 169,537 endlture on: Charitable activities 122,894 16.510 57.409 196,813 165,805 Net (outgoln8)lincomln8 resources before transfers 18,971) {2,740) 3.024 (8,687} 3,732 Transfers Net income/(expendlture) for the yearl Net movement In funds (8,971) (2,7401 3,024 18,6871 3,732 Total funds brou8ht fonvard 202,531 10,030 27,766 240,327 236,595 Total funds ¢arrled forward 193,560 7,290 30,790 231,640 240,327 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on page 9 to 17 form part of these financial statements.
BORING WELLS BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible a$5ets Current assets Debtors Cash at bank and in hand io 40,802 192,361 10,937 231,630 233,162 242,567 Creditors: amounts falling due within one year li {1,522} 12,240) Net current assets 231,640 240,327 Total assets less current Ilabllltles 231,640 240,327 Income funds U nrestricted General funds Unrestricted Designated funds Restricted funds 193,560 7,290 30,790 202,531 10,030 27,766 Total funds 231,640 240,327 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024. The trustees acknowledge their responsibilities for ensurin8 that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure. for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Art 2006 relatin8 to financial statements, so far as applicable to the company. The members have not required the company to obtain an audit of its financial statements for the year in question accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees on --i/9_-- 202J Lr Mr Michael Mccann Trustee Company Registration No. N172847 Trustee
BORING WELLS NOTES TO THE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 l Accounting policies Charity informatlon Boring Wells is a private company limited by guarantee incorporated in Northern Ireland. The registered office is St. Christopher's Church, 70 Mersey Street, Belfast, BT4 IEW. I:1 Accounting tonventlon The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities- Statement 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 (as amended for accounting periods commencing frorn l January 20191 and applicable charity law. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities FRS 102 not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Basls of Accounts Preparation - Ordinary Reallsation Basls At the time of approvin8 the financial statements, the trustees have established a new company wlth new memorandum and articles to succeed the present company. The charity originally was a network of different projects but is now one project so its objects needed to be articulated in a different way. These new memorandum and artitle5 have been a8reed by the Trustees, the company had been registered and we await final approval from the Charities Commission and HMRC. The new company is The Larder Belfast" Company number N1715819. The balance of our funds will be transferred to this new charity, in accordance with our present provisions. we hope early in 2025 and the current company will close. The new company will continue the charitable work on an uninterrupted basis. Consequently the trustees have not adopted the going concern basis of accounting in preparing the financial statements but rather an an orderly realisation basis. 1.3 Charftable funds Unrestrlcted funds are available for use at the discretion of the trustees in furtherance of their charitable objectNes. Restricted funds are subject to specific conditions by donors as to how they may be used or may result from the terms of an appeal for funds. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recogni5ed when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions not fully within the rontrol of the charity require deferral of the amQUTEt or the donor/funder has specified that income is to be expended in a fvture period. Income tax recoverable in relation to donation5 received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognized on receipt or otherwise if the charity has been notified of an impending distribution, the amount 15 known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent a55et.
BORING WELLS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 l Accounting policies 1.5 Expenditure Icontlnued) All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliablv. Support costs are those functions that assist the work of the charity but do not directly undertake charitable activrties. Support costs include back office costs, finance, personnel. payroll and governance cost5 which support the charity's activities. These costs have been allocated to expenditure on charitable activities. The ba515 on which support costs have been allocated are set out in the notes to the accounts. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements. Irrecoverable VAT is char8ed as a cost against the activity for which the expenditure was incurred. 1.6 Tanglble flxed assets Tangible Fixed Assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of asset5 less their residual values over their useful lives on the following bases: Fixtures, fittings and equipment 25% reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/expenditure for the year. 1.7 Impairment of fixed assets At each reporting end date, the charity reviews the carrying value of it5 tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Given the fact that the accounts are being prepared on an orderly realisation basis the fixed assets have been written down to nil to reflect the impairment of value. Intangible a55ets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired. 1.8 Cash and Cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments wFth original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowin8s in current liabilities. io
BORING WELLS NOTESTO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 l Accounting policies (Contlnued) 1.9 Financial Instruments The charity 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 instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the reco8nised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Bosl¢flnoncial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price Baslcflnandal liabillties Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes 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 liabilities classified as payable within one year are not amorti5ed. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operatlons from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. thev are presented as non-current liabilities. Trade creditors are recognised initially at transartion price and subsequently measured at amortised cost using the effective interest method. Derecognltion olfinancial liobilltles Financial liabilities are derecognised when the charity's contrartual obligations expire or are discharged or cancelled. 1.10 Employee benellts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are recerved. Termination benefits are recognised immediately as an expense when the charty is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.11 Penslon obligations Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the charity's aceountin8 policies. the trustees are required to make judgements. estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates 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 reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is 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. li
BORING WELLS NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2024 Income from Donations and legacies Unrestricted General funds Unrestricted Deslgnated funds Restrirted Total Total funds 2024 2023 Donations and gifts Gift aid 111,046 11.400 122,446 110,108 The 2023 Income was all unrestricted. 4 Income from Charltable Artlvltles Unrestrlrted General funds Unrestrlcted Designated funds Restrlcted Total Total fvnds 2024 2023 Government Grants Other Project support 47,283 15 47,283 45,908 The Government 8rant income this year and last year was provided by Belfast City Council, as part of their ongoin8 response to supporting people who were continuing to stru88le due to the impact of COVID. The other project support was provided this year by National Lottery and EBDCA. Iln 2023 support was provided by Belfast City Council and EBDCAI. See note 12 for further details. The 2023 Income was all restricted. Non-exchan8e transactions The charity has benefitted from the contribution of unpaid general volunteers. Their contribution is not accounted for due to the lack of a reliable basis of measurement. The charity has benefitted from donations of goods which are redTStributed to those in need. It is impractical to assess the value of donated goods held for distribution and the costs involved in undertakin8 the valuation of donated goods outweigh the benefit to users of the accounts and to the charity of having this financial information. Therefore these donations are not recognised in donations or in expenditure. The charity operates from premises owned by St. Patrick's, Ballymacarrett, and within their parish boundary. The building is provided free of charge as they see it as work which they support in their building in their parish area. The building would be classified as a heritage asset and as such there 15 no reliable basis of measurement of it5 value. 12
BORING WELLS NOTES TO THE FINANCIAL sfATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on Charitable activities Year ended 3111212024 Dirert Support Costs Costs Year ended 3111212023 Dlrert Support Costs Costs Total Costs Total Costs Unrestricted General Staff costs - see note 8 Depreciation - see note 9 59,866 59,866 58.800 58,800 1,521 1,521 Community Outreach costs Rent and Rates 46,989 46.989 52,996 52,996 Utilities Property repairs and maintenance 5,429 5,429 5,025 5,025 2,611 860 2,611 860 4,031 901 4,031 901 18 2.376 4,665 562 432 Insurance Staff Tralning and Support Other office costs 18 2.876 2,437 2,876 2,437 562 2,376 4,665 Moneybox project Finance charges Professional fees Governance costs Independent Examination fees 562 562 558 558 432 360 360 360 78 360 Other fees 346 346 78 Unrestricted Designated - 5t. Christopher's faith community Outreach costs 993 Staff cost5 - see note 8 993 4,431 4,431 732 Restrirted - Belfast City Council, EBCDA Community Outreach costs Total 13
BORING WELLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Michael Mccann has been employed by the charity since l October 2023. as the Faith Community leader and received remuneration of £14.830, plus pension contribution5 of £687, during the year to 31 December 202412023 - £3619). Other than the above no trustee lor aiiy person connerted with them) received remuneration, expenses, benefits or payment for professional or other ser4ices. The total amount of donations received without conditions from trustees or their related parties amounted to £4,540 12023- £5,430). 8 Employees Number of Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Employment Costs 2024 2023 Wa8es and Salaries Social security costs Other pension costs 71,212 58,940 4,171 3,592 75,383 62,532 No employees received emoluments in excess of £60,000 durin8 the year. The total amount of employee benefits received by key management personnel was £30,433 {2023 - £30,430). 9 Tangible fixed assets Fixtures, fittings and equipment Cost At l January 2024 Additions At 31 December 2024 15.637 15,637 Depreciation and impairment At l January 2024 Depreciation charged in the year 15,637 At 31 December 2024 15,637 Carrying amount At 31 December 2024 At 31 December 2023 14
BORING WELLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 10 Debtors 2024 2023 Amounts falling due wrf(hin one year: Other debtors 40,802 10.937 11 Creditor5: amounts falling due within one year 2024 2023 Other taxation and social security Other Credttors Accruals and deferred income 810 352 360 1,547 334 360 12 Movement In Funds Year ended 3111212024 Brought Forward Carried Fonvard Income Expenditure Transfers Unrestricted General Funds 202 531 113 923 122 894 193 560 Unrestricted Designated Funds St. Christopher'5 faith community Restricted funds Belfast City Council National Lottery EBCDA 27,291 47,283 12,900 250 (57,159) 17,415 12,900 475 475 250 Total Restricted funds Total funds Unrestrirted Designated Funds Boring Wells was initially the project of a faith communFty reaching out practically to its local area. St. Christopher's faith community is the continuatlon of that faith community which meets on Sundays for worship, provides pastoral care for those who attend and is involved in other practical outreaches locally. The funds designated to this are used to pursue those purposes. 15
BORING WELLS NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 12 Movement In Funds (contlnued) Year ended 3111212023 Brought Forward Income Carrled Forward Expenditure Transfers Unrestrlrted General Funds 104 313 131766 202 531 Unrestrlcted Deslgnated Funds St. Christopher's faith community Restrlrted funds 8elfast City Councll Scaffoldlng Project EBCDA 163 45,908 118,6171 27,291 475 475 475 Total Restrlcted fund5 Total funds 13 Analysls of Total Net Assets between Funds Year ended 3111212024 Unrestricted (Including designated) Funds Year ended 3111212023 Unrestrlcted (Includin8 Restrlcted designated) Funds Restrlrted Total Total Funds Funds Funds Funds Fixed Assets Cvrrent Assets Creditors 202,372 {1,522) 30,790 233,162 11,5221 214,801 (2.2401 27,766 242,567 12.240) Total 14 Taxation The organi5ation is a registered charity and as such is entitled to certain tax exemption5 on income and profits from investments and surpluses on any trading activities carried on in furtherance of the charity's primary objectives if these profits and surpluses are applied solely for charitable purposes. In respect of Corporation Tax the company is exempt from tax on income and gains to the extent that these are applied to its charitable purposes. 16
BORING WELLS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Related party transartions There were no disclosable related party transactions durin8 the year other than those detailed in note 7 12023: none). 16 Contingent Liability A contingent liability exists to repay certain grants received should certain conditions not be fulfilled by the charitable company. 17 Non-adjusting events after the Balance Sheet date Independent Examination In a previous year when charity law clarified that audit was only required in specific circumstances the charity changed to Independent Examination of the accounts. Howeverthe board at that time omitted to change the Memorandum and Articles to reflect this change. The current board have worked with NICVA to comprehensively review our Memorandum and Articles based on the Model Articles for a company limited by Guarantee which include no reference to audit. Due to COVID restrictions this process has been lengthy. This process is almost complete. Company future The charity originally was a network of different projects but is now one project SO Its objects needed to be articulated in a different way. A new company."The Larder Belfast" Company number N1715819, has been created and has been accepted by the Charities Commission. The balance of our funds will eventually be transferred to this new charity, in accordance with our present provisions, we hope later in 2025 and the current company will close. The new company will continue the charitable work on an uninterrupted basis. 17