LEDLEY HALL BOYS. AND GIRLS. CLUB TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITUREACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlcted Reslrfcted funds funds 2024 2024 Total Unr8stricted Restrlcted funds funds 2023 2023 Total 2024 2023 Notes Incom• from: Donations and legacies Investments 21,941 178 123,330 145.271 178 18,497 173 122,925 141,422 173 Total Income 22,119 123,330 145,449 18,670 122,925 141,595 Expendtturo on: Charitable activitie$ 27.723 114.478 142,201 21,346 116,339 137,685 Total •xpendltur• 27,723 114.478 142,201 21,346 116,339 137.685 Not incomel(•xpendltur•) (5,604) 8.852 3,248 (2,676) 6.586 3,910 Transfers between fvnds 2,504 (2,504) 6,740 (6,740) Net mov•m•nt In funds (3.100) 6.348 3.248 4,064 (1541 3,910 Reconclliation of funds: Fund balances a11 April 2023 173,431 181,715 355,146 169.367 181,869 351,236 Fund balanc•s al 31 March 2024 170,331 188,063 358,394 173,431 181,715 355,146 The siatamant of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing actlvities. The notes on pages 14 to 25 form part of Ihese financlal statemen18. 12-
LEDLEY HALL BOYS, AND GIRLS, CLUB TRUST LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Flxed assets Tanglble ass8ts 11 281,100 290,854 Current assots Debtors Cash at bank and In hand 12 1.514 96,827 3,857 74.758 98,341 78,415 Credltorn: amounts falllng du• wlthln one year 13 (21,047) (14,123) N•t currnnt a$4•ts 77,294 64,292 Total a¥tsI•s6 curr•nt Ilablllth• 358,394 355,14e Nel a••ets •xGludlng p•nslon Ilablllty 358,394 355.148 The funds of the charlty Restricted Income funds Unreslricted fvnds 15 188,063 170,331 181,715 173,431 358,394 355,146 The noles cn pages 14 lo 25 form part of these finandal statem•nt8. The tlnanclal statements were apwoved by the trustees on .. Mr Tru• b8 Comp8ny reglstration number N1014357 (Northem Ireland) 13-
LEDLEY HALL BOYS, AND GIRLS. CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounllng pollcl•s Charlty Informatlon Ledley Hall Boys, and Girls, Club Trust Limit8d is a private company limited by guarantee in¢orpor81ed in Northem Ireland. The registered office is 1 Ledley Hall Close, Beersbridge Road, Belfast, BTS 4SW. 1.1 Accountlng convgntlon The charitable company was established under a Memorandum of Assoclaiion which established the objects and powers of the charitable company and is govemed under its Article ofAssociation. The charitable cornpany constitutes a public benefit entity as defined by FRS 102. The financlal Statements have been prepared in accordance wlth applicable accounting standards, Arxounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts irb accordance with the Financi81 Reporting Standard applicable in the UK and Republic of Ir8land Issued in October 2019, the Financial Reporting Standard applicable in the Unrted Kingdom and Republc of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, Charitles Act (Northem Ireland) 2013, The Charilies (A¢counts and R&ports) Regulations {Northem Ireland) 2015, Companies Act 2006 and UK Generally Accepted AcLounting Practice The financl81 statements are prepared In stefling, which Is the functional currency of the charlty. Monatary amounts in these financial statements are rounded to Ihe nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting pollcies adopted are set out below. 1.2 Golng conc•rn The trustee5 have considered the level of funds held and the expected level ol Income and expenditure for twelve months from authorising these financial slalements. The budgeted income and expenditure is sufficlent with the level of reserves for the charity to be able to continue as a going concern. W8 believe thal the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding and support from th8 Education Authority, other fund8rs and bank will be mole than adequate for the charilable company's needs. We believe that no further disclosur&s relating to the charitable company's abillty to continue as a going concern need to be made in the financi81 slatements 1.3 Charltabl• funds Unre51ricted funds are available for use at the discretion of the trustees in furtherance of their charitsble objectives. Restrided funds are subject t¢ specific ¢onditions by donors or granlofs as to how they may be used. The purposes and uses of the restricted funds afe set out in the notes to the financial slatements. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of overheads and support costs. 1A Income Incom8 is recognised when the charity is legally entitled to it after any performanc8 conditions have been mel. the amounts can be measured reliably. and rt is probable that income will be recelved. Cash donations are recognlsed on receipt. Other donatlons are recognised once the charity has been notified of the donation, un18ss performance condilions requir8 deferral of the amount. Income tsx recoverable in relation to donations received under GiftAid or deeds of covenant is recognised at the lime of the donation. Legacies are r8cognised on receipt or otherwis8 if the charily has b8en notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as contingent asset. 14-
LEDLEY HALL BOYS, AND GIRLS. CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policles {Contlnued) Donated facililies and donated professional services are recognised in income al their fair value when their economlc benefit is probable, it can be measured reliably and the charity ha5 control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP {FRS 102). Further deiail Is given in the Truste8s' Annual Rewt. Where practicable, gifts in kind donated fof distribution to the beneficiaries of the charity are included in stock arml donation5 in th8 financial statements upon receipt, If it is impractlcable lo assess the fair value at receipt or if the cosls to undertake such a valuation ouiw8igh any benefits, then the fair value is recognised as component of donations when it is distributed and an equivalent amount fe¢ognisad as charitable expenditure. Voluntary Income received by way ol donations and gift is credited to revenue on a receivabla basis. Gifts in kind donated for resale are included at falr value, being the expe¢t¢d proceeds from salé léss thè expected ¢0515 of sale. Vthere e$limating the fair value is pfacttcable upon receipt il is recognised in stock and 'Income from other trading activities,. Upon sale, the value of the stock is charged 8gain$t 'lncome from other Irading activities, and the proceeds are recognisad as 'lncome from other trading activilies,. W)ere it is impracticable to falr value the items due to the volume of low value items thay are not recognised in tha financial slatemenls until they are sold. This income is recognised within 'lncome from olher trading activities,. Fixed assel gffts in kind are recognised vthen rocelvable and 8re includéd at fair value. They afe not deferred over tha life of the asset. Income from government and other grants are racognised at falr value when the charity has entitlement after any perfomiance conditions have been mel, it is probable that the income will ba received and the amount can be measured reliably. If entltlement is not met then these amounts are deferred. Revenue grants are credited to incoming resources on the earlier date of wh8n they are received or when they are receivable, unless they relate lo a specified future perlod. Grants which contribute towards specific expenditure on fixed assets are credited to the statement of financlal activities n full upon receipt Income is deferred when it ralatas to a future èvènt and Is recognised on completion ol the event. Income from trading activities includes income earned from fundraising avenls to raise funds for the charlty. Income is received in exchange for supplying goods and services in order to raise funds and is recowised when entillement has occurred. Investment Income Is interest earned through holdlng cash at bank Int¢re5l income is recognised then r8c8ivable. other income represents income that cannot be oported under the other analysis headings provided within the Stalemeni Of Financial Activities. 15.
LEDLEY HALL BOYS. AND GIRLS. CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnued) 1.5 Expènditure Expenditure is re¢ognised once there is a legal or constructive obligation to transfer economic benefit to a third party, il is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is dassified by activity. The ¢o$ts of each activity are mad8 up of the lotal of dir1 costs and shared costs, including SUPPOrt ¢osis involved in undertaking each activity. Direct costs aitnbutablo to a slngle activity are allocated directly to that activity. Shared costs %thich contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those aclivilies on a basis consislent with the use of re8ourc8s. Central staff costs ar8 allocal8d on the basis of time spent, and depreciation charges are allocated on Ihe portion of the asset's use. Fund-raising costs are thos8 incurred In s88king voluntary contributions and do nol Include the costs of dlsseminating inforrnalion in wpport of the charitable adivities Expenditure on charltable actlvlties comprlses those costs incurred by the chanty in the delivery of its activities and services for its beneficiaries and includes salary costs and an apportionment of support cos15; Governance costs include the costs attributable to the charily's compliance with constitutional and statutory requirements. including audit, strategic management and Irustee meetings and reimbursed expens6$. 1.6 Tanglble flxed assfjls Tangible fixed assets are initially measured al cost and subsequently measured at cost or valuation, net of depreciation and any Impaimient losses. Depreciation Is recognised 60 as to write off the cost or valuation of assels less thelr residual values over thelr u3elul lives on the following bases.. Leasehold land and bulldlngs Fixtures and fittings Computers Motor vehicles 2% stralghl Ilne 15% reducing balance 25% straight line 25% reducing balance The gain or loss arislng on the dlsposal of 8n 8SS8t Is determined as the diff8r8nc8 b8lwe8n the sale proceeds and the carrying value of the asset, and is recognised in the slalement of financial activities. 1.7 Impalrment of flxed assels At each pOrting end date, the charlty reviews the carrying amounts of Its tangible assets to detemilne whether there is any indication that those ass818 have suffered an impairment loss If any such IndatIon exists, the recoverable amount of the asset Is estlmated in order lo determlne the extent of the impalrmènt loss (if any). 1.8 Cash and cash equlval•nts Cash and cash equivalents include cash in hand, deposits held at call with banks, other short.lerm liquid Investments with original maturitios of three months or le$$, and bank overdraft5. Bank overdraft$ are shown within borrowings tn current liabilities. 16-
LEDLEY HALL BOYS. AND GIRLS, CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢countln9 pollclo$ (Contlnu•dl 1.9 Flnanclal In#trum•nts The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issu8S' Df FRS 102 to all of its financial instfuments. Financial instwments are cOgnISed in the charity's balance sheet when the charity becomes party to the contractual pwovisions of the instrument. Flnancial assets and liabilities are offset, with the net amounts pre3ented in the financial statements, when there Is a legally enfoiceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the Ilabilily simultaneously. 8asl¢ flnanclal ass•ts Basic financial assets, which include debtors and Cash and bank balances, are initially méagured at transadion price including transaction costs and are subsequently carried at amortised cost using the effective Interest method unl8SS the arrangement constitutes a financing transaction, whare the Iransaclion is measured ai the prasent value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable wlthin one year are not amortised. 8aslc financlal Ilabllltles Basic finan¢ial Ilabilities. including creditors and bank loans are initially recognised at transaction prlce unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the fulure paymonls discounted al a market rate of inleregt. Financlal Ilabllltles dasslfied as payable within ona year are not amortlsed. Debt instruménls are subsequently carrled at amortised cost, using the effective interest rate method. Trade eredilors are obllgations to pay for goods or services that have been acquired in the ordinary couise of operations from suppliers. Amounts payable are classified as Current liabllits'es if payment is due within one year or le$$. If not. they are pre6enled as non-current liabilities Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost Uglng the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial liabillties aro derecognised when the tharity's contractual obligatlons expire or are discharged or cancelled. 1.10 Taxation The charitable company is exempt Irom Income tax and capital gain$ tax to the extent that rts income and gains are applied ft)r charitable purposes. No lax charge has arisen in Ihe year. 1,11 Employee bgn•fit8 The cost of any unused hollday entitlement is recognised in Ihe period in which the employee's seprfices are received. 1.12 Rellrement beneflts Payments lo defined contribution retirement beneffit schemes are charged as an expense as they fall due, 17-
LEDLEY HALL BOYS. AND GIRLS. CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crttical accountlng estlmatos and ludgements In the application of the charity's accounting policies. the trustees are required to make judgements. estimate5 and assumptlons 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 8XP8ri8nce and other factors that are considered to be relevant. Actual results may diffei fr¢m these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period In whith th8 881imate is revised where th& r8vision affects ClY that period, or in the period of the revision and future periods where the fevislon affects both current and fulure periods. Crltlcal Judgoments Rfjstrlcted and unrostrictod Funds Judgements are made in relation to allocation of income and exp8nditur8 to restrlct8d and unrestricted funds. The trustees consider it appropriale to allocate these fvnds based on interpretation of donations received. Key sources of esllmatlon uncertalnly Fixod A888ts The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The trustees regularly ieview these asset lives and change them a8 necessary to reflect current thinking on remaining lives in light of prosP&Ctive economic Utilisati ar physical condition of the assets concerned. Changes in asset lives can gave a Significant impacl on depreciab'on and amortisation charges for the period. Income from donallon8 and legacle8 Unr•8trlct•d R•8trl¢ted funds funds 2024 2024 Total Unr•8trlcted R•strlcl•d funds funds 2023 2023 Total 2024 2023 Donatlons and glfts Grants Subscriptions and activities 5,404 5,375 1.488 121,842 6,892 127,217 4,728 2,149 120,776 6,877 120,776 11,162 11,162 13,769 13,769 21,941 123.330 145,271 18,497 122,925 141.422 18-
LEDLEY HALL BOYS. AND GIRLS. CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In¢om• from donallons and logacles Unr•strlct•d R•strlct•d funds funds 2024 2024 Total Unrestrlcted Ro8trlct•d funds lund$ 2023 2023 Tolal 2024 2023 (Conllnued) Grants r•colvable for core actlvltle• Education Authorlty Hedley Foundation Clolh blbrkers Halifax Belfast City Council Apex Housing Ground Work UK Cash for Kids The National Lottery Community Fund Other Other 86.097 3,392 9,773 3.526 11,874 3,480 1.000 2,700 86,097 3,392 9,773 3.526 11.874 3,480 1,000 2,700 95,226 95,226 7,500 7.500 1,900 16,150 1,900 16.150 5,375 5,375 5,375 121,842 127,217 120,776 120,776 In¢offlè from Invostments Unre8trfcted Unrestrlcted funds fund8 2024 2023 Interest receivable 178 173 19-
LEDLEY HALL BOYS. AND GIRLS. CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activlties Charltablo Actlvltles 2024 Charllable Actlvltles 2023 Dlrect costs staff costs Molorrrravel Expenses 80th Anniversary Kings Coronation 71,803 1,009 2,681 525 972 186 775 4,374 6.484 2,286 10,439 2.741 7,608 57.440 2,230 159 410 Food Supplies Grotto Boxing Llght and Heat Cleaning Club Activities Food for all Other Charitable expenditure 6,588 2,280 37,563 1,031 111,881 107,659 Share ot support and gov•rnan¢• costs (8•0 not• 6) Support Governance 23,318 7,002 23.905 6,121 142,201 137,685 Analysls by fund Unrestricted funds Restricted funds 27,723 114.478 21,348 116,339 142,201 137,685 -20-
LEDLEY HALL BOYS. AND GIRLS. CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to actlvltle8 2024 2023 Deprecjation Insuran Licences Repairs and Renewals Sundry Expenses Water Chargas Copying Machine Expenses Governance costs 14,590 3,913 567 1,745 50 1,864 589 7,002 14,37S 4,701 1,584 3.245 8,121 30,320 30,026 Analysfjd batweon: Charitable Activib'88 30,320 30,026 2024 2023 Governance c•)st$ ¢omprlse: Audit fees Legal and professional Bank interest and fees 6.600 221 181 5,100 756 265 7,002 6.121 Nel mov•m•nt In fund8 2024 2023 The net movement In funds is slated after chargingl(creditingl- Fees payable for the audlt of the charlty's financial statements Depreciation of owned tangible fixed assets 6,600 14.590 5,100 14.375 Trustoos None of th8 trustees {or any persons connected with them) recelved any remunerats'on Or benefits from the charity during the year. The charity considers its key management personnel to compromise Ihe board of trustees, who received no remuneration in the cuent or prior year. -21
LEDLEY HALL BOYS. AND GIRLS, CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees The average monthly number of employees during the year was. 2024 Numb•r 2023 Numbér Managernent Supervising Total Employment costs 2024 2023 Wages and salaries other pension costs 70,639 1,164 56,778 662 71,803 57,440 There were no employees whose annual remuneration was more than £60,000. 10 Taxatlon The charity Is exempt trom taxation on its activities because all ils income is applied for charitable purposes. 11 Tanglble fixed aB80ts L••sehold Flxlur•• and Computern land and flttlngi bulldlngs Molor v•hl¢le• TrAal Cost At 1 April 2023 Addltions 413,437 94,864 4.838 11,141 9.000 528,442 4,836 At 31 March 2024 413,437 99,700 11,141 9,000 533,278 Depreclatlon and Impalrment At 1 April 2023 Depreclation charged in the year 147.040 8.269 76,000 3.554 5,669 2,737 8,879 30 237,588 14,590 At 31 March 2024 155.309 79,554 8,406 8,909 252,178 Carrylng amount At 31 March 2024 258,128 20.146 2.735 91 281.100 At 31 March 2023 258,128 18,864 5,472 290,854
LEDLEY HALL BOYS. AND GIRLS, CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Debtors 2024 2023 Amounts falllng due wlthln one year: Prepayments and accw8d income 1,514 3.657 13 Crodttors: amounts falllng duè wlthln one year 2024 2023 Other taxation arKI social 8ecurily Other creditors Ac¢ruals and defefrad income 2.022 2.986 16,039 2,188 105 11,832 21,047 14,123 14 Rotlrement boneflt schem•8 2024 2023 Dofln8d contrlbullon schem•8 Charge to profit or Ioss in respect of defined contributlon schemes 1.164 882 The charlty operates a defined Contrlbutlon penslon scheme for all quallfylng employéès. The assets of the scheme are held sèparately from those of the charlty in an independèntly adminlslered fund. 15 R•strlct•d funds The restricied funds of the charity comprise the unexpended balances of donations and gran18 held on trust sublect ID specific conditions by donors as to how they may be used. At 1 Aprll 2023 Incomlng resour5 Resourc•s •xpended Transf•r• At 31 March 2024 Capltal Education Authority Other Revenue 138.682 (2,5041 136.178 86,097 37.233 (88,0971 {28.3811 43,033 51.885 181,715 123,330 (114,478) (2.504) 188.063
LEDLEY HALL BOYS, AND GIRLS, CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 R•strlcted fund8 (Contlnuodl Provlous year: At 1 Aprll 2022 Incomlng resou5 Resources •xp•nded Transfers At 31 March 2023 Capital Education ALrthorlty Other Revenue 145,422 (6,740) 138,682 97,126 25,799 197,126) {19.213) 36,447 43.033 181,869 122,925 {116.339) (6,740) 181,715 16 Unre$trlcted funds The unrestricted funds ol the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds lch have been set aside out of unre8tricled funds by the tru8tees for specific purposes. Al 1 Aprll 2023 Incomlng ro$ourc•8 Resources èxpènded Transfers At 31 March 2024 General funds 173,431 22.119 (27,723) 2,504 170.331 Pr6vlou8 year: At 1 Aprll 2022 Incomlng re8ourc•8 Resourc88 •xp•nd•d Transfers At 31 March 2023 General funds 169,367 18,670 121,346) 6,740 173.431 The transfer of funds represents depreciation on restricted fixed assets transferred out of unrestricted funds to reslrlcted fund8 and fixed assets transferred from unrestricted funds to restricted funds. 17 Analy81s of net assets between funds Unroslrlclod fundg 2024 Ro$trSctsd funds 2024 Total 2024 At 31 March 2024: Tangible assets Current assel81(liabilitles) 144.922 25.409 136.178 51.885 281,100 77,294 170.331 188.063 358.394 -24-
LEDLEY HALL BOYS. AND GIRLS. CLUB TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Analysls of net assets between fund$ {Contlnu0d) Unrestrfcted funds 2023 Re8trlctsd funds 2023 Totsl 2023 At 31 March 2023: Tangible assets Current asselsl(liabilitie8) 152,172 21,259 138,682 43,033 290.854 64.292 173.431 181,715 355,146 18 Contlngent Ilabllltlos The charitable company has a contingenl liability to repay grants received rf Ihe company fails lo comply with certaln conditions stipulated in the letter of offer and terms and conditions of contract under whlth the grants were pald. The trustees do not exceed any claims to be made in thls respect. Thé Departmenl of Education for Northern Ireland agieed to make a granl to the company of a sum nc exceeding £300,000 towards expenditure incurred by Ihe company subject to terms and conditions contained In an Ind8nture dated 31 December 1987. If withln 50 yeais from this date the conditions of the grant no longer apply, Ihere shall be payable to the Department by the company a sum which the Department conslders equltable but whith does not exceed Ihe sum determined by the calculation set forth in Articles 11 (S) of the Order. The Childhood Fund Support Service, under tha EU Special Programmè for Peace and Reconciliation Childhood Fund, agreed to make a grant of £32,000 lo the company toward$ th& establishment of a play care group for children of prlmary school ag& subject to terms and conditions contained in an agreemenl dated 18 July 1997. If the company defaults on certain conditions specified in the agreement it 1$ required to repay such part of the project funds as is in ils p¢sse$sion at the dale of default. The Department of Education for Northem Ireland agreed to make a grant lo the company of a sum not exceeding £166,747 towards expenditure incurred by the company subject to terms and conditions contained in an Indenture dated 7 October 2013. If within 22 years from this date the conditions of the grant no longer apply. Ihere shall be payable to Ihe Department by the company a Sum which the Department considers equiiabl8 but which does not exceed Ihe sum determlned by the calculalion set forth in Articles 813) of the Order and It is hereby dedared that any sum payable to the Department under the provlsions of the covenants shall be in addition to and not in substitution for any other sum payable to the Department under the provislon of these presents. 19 R•lat•d party tran8actlon• Tran8actlons wlth related partl88 During the year Ihe charlty entered into the following transactlons with related parties.. During the year, a trustee made a non-interest bearing loan to the charitable company. Tho balance owing to Ihe director at the year end was £2,513 and is included in other creditors.