2023-06-30-accounts

HARRY GREGG FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR YEAR ENDED 30 JUNE 2023

Notes Income from: Donations & sponsorship 3 Charitable activities 4 Fundraising 5 Investments 6 Total Income Expenditure on: Net (expenditure)/income for the year/ Net movement in funds Fund balances at July 2022 Funds balances at 30 June 2023	Unrestricted fund 2023 0 43,793 0 0 43,793 39,896 3,898 38,401 42,299	Restricted Funds 2023 2,500 0 0 0 2,500 0 2,500 834 3,334	Total 2,500 43,793 0 0 46,293 39,896 6,398 39,235 45,633	Unrestricted Funds 2022 1,900 41,762 0 14 43,676 49,671 (5,995) 44,396 38,401	Restricted Funds 2022 19,320 0 0 0 19,320 19,400 (80) 914 834	Total 21,220 41,762 0 14
						62,996
						69,071
						(6,075) 45,310 39,235

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirement for an income and expenditure account under the Companies Act 2006.

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HARRY GREGG FOUNDATION

BALANCE SHEET AS AT 30 JUNE 2023

Notes Current assets Debtors 11 Cash at bank and in hand Creditors: amount falling due within one year 12 Net current assets Income funds Restricted funds 13 Unrestricted funds	£ 89 56,430	2023 £ 45,633	£ 129 49,992	2022 £ 39,235
	56,519 (10,886) 3,334 42,299		50,121 (10,886) 834 38,401
		45,633		39,235

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended June 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small company’s regime.

The financial statements were approved by the Trustees on 1 March 2024.

Mr Maurice Bradley Mr Peter Morrow Trustee Trustee

Company Registration No. NI628847

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HARRY GREGG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

Harry Gregg Foundation is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 17 Primrose Gardens, PORTRUSH, Co. Antrim, BT56 8SE.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity’s Memorandum and Article, the Companies Act 006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their account in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective from 2019”. The Charity is a Public Benefit Entity as defined by FRS 102.

The Charity has taken advantage of the provision of the SORP for charities applying FRS 102 updates, bulletin 1 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving accounts, the Trustees have a reasonable expectation that the Charity 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 preparing the accounts.

1.3 Charitable Funds

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raising and administering such funds is charged against the specific fund.

1.4 Incoming Resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy.

Cash donations are recognized on receipt other donations are recognized once the Charity has been notified of the donation, unless performance conditions require deferral of the amount.

Grants are credited to deferred revenue. Grants towards capital expenditure are directly written off against the cost of the assets as incurred. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

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HARRY GREGG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(continued)

1.5 Resources expended

Liabilities are recognized as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required, and the amount of obligation can be measured reliably.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments.

Financial instruments are recognized 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 recognized amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank and bank balances are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at the market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognized 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 the market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligated to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognized initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognized when the Charity’s contractual obligations expire or are discharged or cancelled.

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HARRY GREGG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

2 Critical accounting estimates and judgements

In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amounts 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 underlaying assumptions are reviews on an ongoing basis. Revisions to accounting estimates are recognized 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.

3 Donations & sponsorships

Donations and gifts Grants Grants receivable for core activities Department for Communities Grant NIBFA Other Irish Society CC&G	Unrestricted funds 2023 £ 0 0 0 0 0 0 0 0	Restricted funds 2023 £ 2,500 2,500 0 0 0 0 2,500 2,500	Total 2023 £ 2,500 2,500 0 0 0 0 2,500 2,500	Unrestricted funds 2022 £ 1,900 1,900 0 0 1,900 0 0 1,900	Restricted funds 2022 £ 19,320 19,320 0 0 5,000 1,300 13,020 19,320	Total 2022 £ 21,220
						21,220
						0 0 6,900 1,300 13,020
						21,220

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HARRY GREGG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

4 Charitable activities

Income from charitable activities - Team fees Analysis by fund Unrestricted funds Restricted fund 5 Fundraising Fundraising events 6 Investments Interest receivable	Team Fees 2023 £ 43,793 43,793 43,793 2,500 Restricted funds 2023 £ 0 Unrestricted funds 2023 £ 0	Team Fees 2022 £ 41,762
		41,762
		41,762 19,320
		Restricted funds 2022 £ 0
		Unrestricted funds 2022 £ 14

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HARRY GREGG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

7 Charitable activities Coach Hire Pitch Hire Membership Match officials Clothing Equipment Tournament Costs Volunteer education Awards Share of support costs (see note 8) Analysis by fund Unrestricted funds Restricted funds	2023 £ 1,354 13,075 189 16,564 2,204 0 0 350 2,335 36,072 3,824 39,896 39,896 0 39,896	2022 £ 555 19,896 135 13,340 7,025 2,168 113 185 0
		43,416 25,654
		69,070
		49,671 19,400 69,071

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HARRY GREGG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

8 Support costs Support costs £ Stationary & Publicity 928 Telephone & Internet 248 Website costs 0 Consultancy 850 Legacy - Consultancy 0 Insurance 1,127 Bank Fees & Charges 286 General 0 Medical 0 Donation 0 Event costs 385 Business Outline Case 0 Covid recovery 0 3,824 Analysed between Charitable activities 3,824 11 Debtors Amounts falling due within one year: Other debtors 12 Creditors: amounts falling due within one year Grants Accruals and deferred income	Governance costs £ 0 0	2023 £ 928 248 0 850 0 1,127 286 0 0 0 385 0 0 3,824 3,824	Support costs £ 1,867 224 0 2,500 13,020 1,295 166 21 1,380 0 182 5,000 0 25,654 25,654 Notes	Governance costs £ 0 2023 £ 134 2023 £ 10,886 10,886	2022 £ 1,867 224 0 2,500 13,020 1,295 166 21 1,380 0 182 5,000 0
					25,654
					25,654
					2022 £ 129
					2022 £ 10,886 10,886

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HARRY GREGG FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

13 Restricted funds

Restricted funds is comprised of the following:

Fundraising & sponsorship a/c DSD Fund a/c Deferred Income SSGC & Youth League a/c Community Dev- Legacy a/c	Balance at 01 July 2021 £ 915 10,884 (10,884) 0 0 915	Movement Incoming resources £ 1,300 0 0 5,000 13,020 19,320	in funds Outgoing resources £ (1,380) 0 0 (5,000) (13,020) (19,400)	Balance at 1 July 2022 £ 835 10,884 (10,884) 0 0 835	Movement in funds Incoming Outgoing Balance at resources resources 30 June 2023 £ £ £ 0 0 0 0 835 0 0 10,884 0 10 (10,884) 0 0 2,500 0 2,500 2,500 10 3,335

14 Analysis of net assets between funds

Funds balance at 30 June 2022 are represented by: Current assets/ (liabilities)	Unrestricted funds 2023 £ 42,299 42,299	Restricted funds 2023 £ 3,334 3,334	Total 2023 £ 45,633 45,633	Unrestricted funds 2022 £ 38,401 38,401	Restricted funds 2022 £ 834 834	Total 2022 £ 39,235 39,235

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