Page 7 Belfast Orangefest Company Limited by Guarantee ststement of Financial Activities (including income and expenditure account) Year ended 29 February 2024 2024 Restricted funds Total funds 2023 Unrestricted funds Total funds Nots Income and endowments Charitable activities Other income 4,278 4,278 46,676 6,116 52,792 Total income 4,278 4,278 Expenditure Expenditure on charitable activities Total expenditure 15,614 15,614 46,921 15,614 15,614 46,921 Net (expenditure)lincome {11,336) 11,336 5,871 Transfer be￿een funds 111,336> 11,336 Net movement in funds (11,336) (11,336) 5,871 Reconciliation of funds Total funds brought fO￿ard Total funds carried forward 11,936 11,936 600 6,065 600 11,936 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 pages 9 to 14 form part of these financial statements. Page 8 Belfast Orangefest Company Limited by Guarantee Statement of Financial Position 29 February 2024 2024 2023 Note Current assets Debtors Cash at bank and in hand 5,887 7,378 1,036 1,036 13,265 Creditors: amounts falling due within one year Net current assets 12 436 1,32g 600 11,936 Total assets less current liabilities 600 11,936 Net assets 600 11,936 Funds of the charity Unrestricted funds 600 11.936 Total charity funds 13 600 11,936 For the year ending 29 February 2024 the charity was entitled to 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 its 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 to 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. These financial statements were approved by the board of trustees and authorised ft)r issue on 9 August 2024, and are signed on behalf of the board by-. Mr Mervyn Trustee Is op Rev Mervyn Gibson Trustee The notes on pages 9 to 14 fonn part of these financial statements. Page 9 Belfast Orangefest Company Limited by Guarantee Notes to the Financial Statements Year ended 29 February 2024 General infomiatlon 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 offi is 7 Brookmount Street, Belfast, BT13 3AP. Statement of compliance 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 to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. Accounting policies Basis of prèparation 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 throLfgh income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. 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, 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 Unrestricted funds are available for use at the discretion of the trustees to 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 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. Page 10 Belfast Orangefest Company Limited by Guarantee Notes to the Financial Ststements (continued) Year ended 29 February 2024 Accounting policies fcontlnued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to 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 to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlement to 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 is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it 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 it relates.. expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a Gharity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to 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 to on a reasonable, justifiable and consistent basis. 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. Page 11 Belfast Orangefest Company Limited by Guarantee Notes to the Financial Statements feontlnuedj Year ended 29 February 2024 Accounting policies (continued) Financial instruments {continuedJ Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at 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 at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate 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 rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair 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 at 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. Limited by guarantee The cornpany is limited by guarantee and has no authorised or issued share capital. The company has charitable status accepted by the Charity Commission for Northern Ireland under reference NIC 102975. Charitable activities Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Department for Social Development Awards for All 4,278 4,278 40,656 6,020 40,656 6,020 46,676 4,278 4,278 46,676 Page 12 Belfast Orangefest Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 29 February 2024 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Other income 6,116 6,116 Expenditure on charitable activities by fund type Restricted Total Funds Funds 2024 Restricted Total Funds Funds 2023 Department for Social Development Awards for all 15,614 15,614 40,901 6,020 40,901 6,020 15,614 15,614 46,921 46,921 Expenditure on charitable activities by activity type Grant funding Total funds of activities 2024 Total fund 2023 Department for Social Development Awards for all 15,614 15,614 40,901 6,020 15,614 15,614 46,921 Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows- 2024 2023 Wages and salaries 11,000 33,000 The average head count of employees during the year was 1 {2023'. 1). The average number of full-time equivalent employees during the year is analysed as follows.. 2024 2023 No. Management staff No employee received employee benefits of more than £60,000 during the year12023'. Nil). 10. Trustee remuneration and expenses No trustees received remuneration or other benefits through employment with the charity. Page 13 Belfast Orangefest Company Limited by Guarantee Notes to the Financial Statements {¢ontinued) Year ended 29 February 2024 11. Debtors 2024 2023 Other debtors 5,887 12. Creditors: amounts falling due within one year 2024 2023 Accruals 2nd deferred income Deferred income 235 202 1,127 202 436 1,329 13. Analysis of charitable funds Unrestricted funds At 1 March 2023 At Transfers 29 Feb 2024 I ncome Expenditure General funds Unrestricted funds 5,089 6,847 (5,089) (6,247} 600 11,936 111,336) 600 At 1 March 2022 At Transfers 28 Feb 2023 Income Expenditure General funds Unrestricted funds 4,181 1,884 6,116 1245) 10,052 1,884 11,g36 6,065 6,116 1245) Page 14 Belfast Orangefest Company Limited by Guarantee Notes to the Financial Statements (continuedj Year ended 29 February 2024 13. Analysis of charitable funds feontlnuedj Restricted funds At 1 March 2023 At Transfers 29 Feb 2024 Income Expenditure Department of Social Development 4,278 {15,6141 11,336 4,278 {15,6141 11,336 At 1 March 2022 At Transfers 28 Feb 2023 Income Expenditure Department of Social Development Battle with the Bug 2020 40,656 6,020 {40,9011 16,020) {46,921) 245 46,676 245 14. Analysis of net assets between funds Unrestricted Funds Restricted Total Funds Funds 2024 Current assets Creditors less than 1 year Net assets 1,036 1436) 600 1,036 (436) 600 Unrestricted Funds Restricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net assets 13,265 {1,329) 11,936 13,265 (1 ,329} 11,936