ARDFOYLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 Unrestrlctèd funds 2024 Unrestrlcted funds 2023 Notes Incom• from: Donalions and legacies Investments 215,441 24.441 22.425 26,549 Total income 239.882 48,974 Expènditurg on: Charitable adiwlies 118,212 52,397 Total expenditure 118.212 52,397 Net In¢om•l{oxpenditurel and movement in funds 121,670 13,423) Reconciliation of funds: Fund balances al 1 O¢lober 2023 748,961 752,384 Fund balan¢e$ at 30 September 2024 870,631 748,961 The slalemenl of financial activities indudes all gains and losses recognised in the year. AU income and expenditure derive from continuing actiwties.
ARDFOYLE TRUST BALANCE SHEET AS AT30 SEPTEMBER 2024 2024 2023 Not•s Flxed assèts Investment propety 11 459.291 459.289 Current 8s$ets Debtors Cash at bank and in hand 12 67,504 347,839 66.435 227,387 415,343 293,822 Creditors: amounts falling due within one year 13 (4,003} 14.1501 Net current assets 411,340 289,672 Totsl as$ets18$s Current liabilltlos 870.631 748.961 The fund$ of the Unreslricled fvnds 14 870,631 748.961 870.631 748,961 The company is entitled lo the exemption from the audit requifemenl contained in section 477 of the Companies Act 2006, for the year ended 30 September 2024. The directors acknowledge their responsibilities for complying with the requiTements of the Companies Act 2006 with respect lo accounting records and the preparation of financial slalernenls. The members have not requiTed the company lo obtain an audit of 115 financial statements for the year in question in accordance with section 476. These finanaal slaternents have been prepared in accordance with the provisions applicable lo companies subject to the small companie5 regime. The financial statements were approved by the Trustees on McFarfand Company registration number N1016968 (Northern Ireland)
ARDFOYLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accountlng pollcles Charfty infom)ation Ardfoyle Trust is a private company limited by guarantee incorporated in Northern Ireland. The registered office is . 1.1 Accountlng ¢onvention The financial statements have been prepared in accordance with the '$ governing document, the Companies Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing Iheir ac¢xunts in ac¢oidaDce with the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The is 8 Public Benefit Entity as defined by FRS 102. The has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements are prepared in sterling, which is the functional cuffency of the . Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, Imodified lo indude the valuation of freehold propertie5 and lo include investment properties and rtain financial instruments at fair valuel. The principal accounting policies adopted are sel out below. 1.2 Golng concern Al the lime of approving the financial slalemenls. the Trustees have a reasonable expectation that the has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in prepanng the financial stalemenls. 1.3 Charitable funds Unrestricted funds are available for use at the diwetion of the Trustee$ in ftjrtherance of their charitable objectt'ves. Restricted funds are subject lo specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the $In¢led funds are sel out in the notes to the finanual statements. Endowment funds are 5ubjed to specific conditions by donofs that the capitsl must be maintained by the . 1.4 In¢omè Income is recognised when the is legally entitled to it after any perfoThance condilKJns have been met, the amounts can be measured reliably, and it 15 probable that income will be received. Cash donations are recogni5ed on receipt. Other donations are recognised once the has been notified of the donation, unless perfomiance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gsft Aid or deeds of covenant is recognised al the lime of the donation. Legacies are recognised on receipt or olhefwise if the has been notified of an impending distribution, the amount 15 known, and CeIpt is expected. If the amount is not known, the legacy 15 Irealed as a contingent assel.
ARDFOYLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies (Continued) 1.5 Expenditur• Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo third party, it is probable that a transfer of economic benefils will be required in seteMent. and the amount of the obligation can be measured reliably. Expenditure is classified by actiwty. The c0515 of eath activity are made up of the total of direc¢ costs and shared costs including support costs involved in undertaking each aclivily. Direct costs attributable lo a single activity are allocated directly lo that aclivity. Shared costs which Contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activitie5 on a basis consislenl with the use of resources. Central staff costs are allorAled on the basis of time spent, and deprèciation charges are allocated on the portion of the asset's use. 1.6 Investment prortY Inve51rnenl property, which is property held lo earn renta15 andlor for capital appreciation, is initially recognised al ctssl, which includes the purchase Cost and any directly attributable expenditure. Subsequently il is measured al fair value al the reporting end dale The surplus or deficit on revaluali¢n is recognised in profit or loss. IProperty rented lo a group entity is accounted for as tangible fixed assels.I 1.7 Cash and ¢a$h equivalents Cash and cash equivalen15 include cash in hand. deposits held at call with banks. other short-term liquid investment5 Wlth original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in currenl liabilities. 1.8 Flnancial instruments The has elected to apply the provisions of Section 11 '8asic Financial Inslruments, and Section 12 '0ther Financial In51rumenls Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the 's balan sheet when the becomes paty lo the contraclual provisions of the instrument. Financial assets and liabilitie5 are offset, with the nel amounts presented in Ihe finanual stalemenls, when there is a legally enforceable right to sel off the recognised amounts and there is an intention lo sellle on a nel basis or lo realise the assel and setue the liability simultaneously. 8aslc financial assets Basic financial assets, which indude debtors and cash and bank balances. are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost usin9 the effe¢live interest method unless the arrangement constitutes a financing transaction. where the transaction is measured al the present value of the future receipts discounted at a market rale of interest. Financial assets classified as receivable within one year are nol amortised. Baslc financial liabilities Basic financial liabilities. induding creditors and bank loans are initially recognised al transaction price unless the arrangement cor)5titule5 a financing Iran5aclion, where the debt instrument is tneasured at the present value of the future payments discounted al a market rate of ir)terest. Financial liabilitie5 classified as payable within one year are not amortised. Debt instruments are subsequenily carried al amortised cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods or service5 that have been acquired in the ordinary course of operations from supplier5. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilitie5. Trade ¢redilors are recognised inilially at transaction price and sub5equentty measured al amortised cost using the effective inleresl method,
ARDFOYLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting poll¢io$ Icontlnuod) DerecogniTtion of finan¢ial liabilities Finan031 liabilities are deregniSed when the 's contractual obligations expir8 or are discharged or cancelled. 1.9 Employee b8n•fits The cost of any unused holiday enliuemenl is recognised in the period in which the employee's services are ceived. Termination benefits are recognised immedialety as an expense when the is demonstrably committed lo lerminale the employment of an employee or to provide termination benefits. Criti¢al a¢¢ounting estlmates and Judgements In the application of the 's accounting polic¢es. the Trustees are required lo rnake judgements. estimates and assumptions about the carrying amount of assets and liabilities that afe not readity apparent from other sovr¢es. The estimates and associated assumptions are based on historical experien and other factors that are considered lo be relevant. Actual resv115 may differ from these estimates. The eslima18s and undertying assumption5 are reviewed on an ongoing basis. Revlsions to accounting esb"males are recognised in the period in which the estimate is revised where the revision affect5 only that peiiod, or in the period ol the revision and future periods Whe the revision affects both ajrrenl and future periods. Income from donationg and legaclos Unrestricted funds 2024 Unrn$trictgd funds 2023 Donations and gift5 GTanls 212.387 3,054 18.140 4.285 215,441 22,425 Donations and gifts The Eiizabelh Blair Trust Other 200,0(Y) 12,387 18.140 212.387 18,140
ARDFOYLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income from investments Unrestri¢tod Unrestricted funds funds 2024 2023 Renlal income Interest receivable 20,533 3,908 24,138 2.411 24,441 26.549 Expenditure on charitsble activities Charltable a¢tiviti6$ 2024 Charitable activities 2023 Direct ¢o$ts Expenditure on charitable activities 114.517 49,015 Share of $upport and govemanco ¢0$ts1$0o nots 61 Support Govemance 1.648 2.047 1,219 2,163 118,212 52.397 Analysis by fund Unrestricted fvnds 118.212 52.397 Support costs allocated to activities Charitable activiti•$ 2024 Total 2023 Rates and water Insurance Light and heal Postage and stationery Repairs and maintenance Bank Interest Governance (761 1,620 1114} 20 {4271 196 2,163 1.583 154 1,958 3.695 3,382
ARDFOYLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Not movement in fvnds 2024 2023 The net movement in fijnds is slated after thargingl(creditingl'. Fees payable lo the tharity's independent examiner: for the independent examination of the charity's finanual statements - for other financial services 1.600 440 1,525 390 Trustees None of the Trustees (or any persons connected with them) received any remunerats'on or benefits from the during the year. Employeos The average monthly number of employees during the year was.. 2024 Numbfrr 2023 NuMr Trustees, Secretary Total There were no employees whose anntsal remuneration was more than £60.01)0. Remunerdtion of key management personnel 10 Taxation The charity is exempt from laxalion on ils actiwties because all its income 15 applied for tharitable purposes. 11 Investment property 2024 Fair value At 1 October 2023 and 30 September 2024 459.291 The trustees consider that the investment properties are shown al fair market value. 12 Debtorn 2024 2023 Amounts frdlling due wlthln one year: Other debtors 67.504 66,435
ARDFOYLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 13 Creditors: amounts falling due wlthln on• year 2024 2023 Other taxation and social security Accruals and deferred income 2,403 1.600 2.530 1,620 4.003 4,150 14 Unrg$tri¢tsd funds The unreslricled funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been Set aside out of unrestricted funds by the trustees for spectfic purposes. At 1 October 2023 Incoming resour¢es Resources expènded At30 September 2024 General funds 748,961 239,882 1118,2121 870.631 Previous year: At 1 October 2022 Incomlng resourcos R•$ourco$ expended At30 Septsmbèr 2023 General funds 752.384 48.974 152,397) 748,961 15 Related party transactlons Thère were no disclosable related party transactions during the year12023 - none). 10-