THE STRAIGHT FORWARD TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5 APRIL 2024 Unrestricted funds 2024 Unrestricted funds 2023 Notes Income from: Donations and legacies Investments 550,000 1,373 4,682 Total income 4,682 551.373 Expenditure on: Raising funds Charitable activitie5 3,529 16,862 2,468 1,031 Total expenditure 20,391 3,499 Nel gain5 on investments 11 56.421 3,825 Net income and movement In funds 40.712 551,699 Reconciliatlon of funds: Fund balances at 6 April 2023 555,504 3.805 Fund balaD¢es at S April 2024 596.216 555.504 The 51atement of financial activities includes all gains and losses recognised in th8 year. All income and expenditure derive from continuing activities.
THE STRAIGHT FORWARD TRUST BALANCE SHEET ASAT 5APRIL 2024 2024 2023 Notes Fixed assets Inveslments 13 513,898 502,729 Current assets Cash at bank and in hand 84.449 53,775 Credltors: amounts falling duè within one year 14 (2,131) (1,000) Net current assets 82,318 52,775 Totsl assels less current Ilabllitles 596,216 555,504 Net assets 596,216 555,504 The funds of Ihe trust Urirestricted funds 596,216 555,504 596,216 555,504 The financlal stat8mentS W8re approved by the Tnjstees on 4 February 2025 Mr James Annstrong Trustee Mr Patrick A Whlte Trustee
THE STRAIGHT FORWARD TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024 Accounting policies Charlty information The Straight FoMard Trusl is a charity registered wlh the Charities Commission for Northem Ireland. The registered office is located at Crawford Lockhart Black Solicitors, 7-11 Linenhall Street, Belfast, BT2 8AA. 1.1 Accountlng convention The financial staternents have been prepared in accordan with Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charities preparing their accounts in accordance With the Flnancial Reporting Standard whlch applies in the UK and Republlc of Ireland (FRS 102) (effective 1 January 2015) - (Charitles SORP (FRS 102)), the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Tha financial ststements are prepared In sterling. whlch Is the functlonal currency of the Irust. Monetary amounts in these flnancial statements are rounded to the nearest £. The financlal staternents have been prepared under the historical cost convention, Imodified to include the revaluation of freehold properties and to include Investment propertles and rtain financial instruments at fair value]. The principal accounting pollcSes adopted are set out below. 1.2 Going con¢em At th8 tlme of approving Ihe financial statements, the Trustees have a reasonable expectatlon that the trust has adequate resOurS to contlnue In operai, existence for the foreseeable future. Thus the Trustees continuè to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted fvnds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restrictèd funds are subject to specific conditlons by donors or grantors as lo how they may be used. The purposes and uses of the restrlcted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the trust 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 reGeived. Ca8h donations are recognised on receipt. other donalions are recognised once the trust has been nolified of Ihe donation, unless performance conditions requlre deferral of the amount. Income tax recoverable in relatlon to donations recelved under Glft Aid or deeds of covenant is recognised at the tlme of the donetion. Legacies are recognised on recelpt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Exp¢ndlture Expenditure Is recognised once there is a legal or constructlve obllgalion to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in setuement, and the amount of the obligation Can be measured reliably. 1.6 Fixed asset Investments Fixed asset investments are inltSally measured at transaction price excluding transactlon costs, and are subsequently measured at fair value at each reporting date. Ch8ng8s in fair value are recognised in net incomel{6xpendltur61 for the year. Transaction costs are expensed as incurred.
THE STRAIGHT FORWARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Accounting poll¢ies (Continued) 1.7 Cash and cash equlvalents 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 withln borrowings in current liabilities. Basi¢ flnancial assets Basic financlal assets, which include debtors and cash and bank balances. are inillally measured at transaction price including transaction costs and are subsequently Carried at amortised st using the effective interest method unless the arrangement Constitutes a financing transaction, where the transactlon is measured at the present value of the future receipts discounted at a market rate of interest. Flnancial assets classified as receivable wlthln one year are not amortised. Baslc financial Ilabilitles Basic financial Ilabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a ffinancing transaction, where the debt instrument is measured at the present value of the future payments dlscounted at a market rate of interest. Flnancial liabl11e$ classified as payable within one year are not amorbsed. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditor5 are obligations to pay for goods or seNices that have been acquired in the ordinary oourse of operations from suppliers. Amounts Payable are dassified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially al transaction price and subsequently measured at amortised cost using the effeclive interest method. Derecognition of financlal liabilities Financial liabilities are derecognised when Ihe trust's contractual obligations expire or are discharged or cancelled. Critical accounting estimates and Judgements In the application of the trust's accounting policies, the Tnjstees are requlred to make Judgements, estimates and assumptions about the carrying amount of assets and Ilabillties that are not readily apparent from other sOUes. The estimates and associated assumptions are based on histOTtcal experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptlons are revlewed on an ongoing basls. Revlslons to accounting estimales are recognlsed in the period in whlch ihe 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. Income from donatlons and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts 550,000 10
THE STRAIGHT FORWARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2024 Income from investments Unrestrfcted Unrestri¢ted funds funds 2024 2023 Income from listsd investments Interest receivable 3,396 1,286 1,326 47 4,682 1.373 Expendlture on raising funds Unreslricted Unreslricted funds funds 2024 2023 Investrnent management 3.529 2.468 Expendlture on charftable actlvities 2024 2023 Dlrect ¢o$ts Bank fees 781 31 Grant funding of activities (see note 7) 13,001 Share of support 8nd governance costs Isee note 8} Govemance 3,080 1,000 16,862 1,031 Analysis by fund Unrestrided funds 16,862 1,031 Grants payable Independent Examlnation Fee 2024 Grants lo Indlviduals 13,001 11
THE STRAIGHT FORWARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 Support costs allocated to a¢tlvltles 2024 2023 G0Veman costs 3,080 1,000 Analy5ed between: Indèpendent Examination Fee 3,080 1,000 Net movement In funds 2024 2023 The net movement in funds is Statsd after chargingl(crediting): Fees payable for the independent examlnation of the charity's financial statements 3,080 1.000 10 Trustees None of the Trustees {or any persons connected wllh them) recelved any remuneration. benefits or expenses from Ihe twst during the year. 11 Gains and losses on Investments Unreslrlcted Unrestricted funds funds 2024 2023 Gain$l(losses) arising on: Revaluation of investmenls Sale of investments 17.480 38,941 7.713 (3.888) 56,421 3,825 12 Taxatlon The charity is exempt from taxation on its activitles because all its Income is applled for charitable purposes. 12-
THE STRAIGHT FORWARD TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5APRIL 2024 13 Flxed asset investments Llsted Investments Cash in portfollo Total Cost or valualion At 05 April 2023 Additions Valuatlon changes GainllLoss) on revalualion 358,222 677,594 (540,095) 17.479 144,507 502,729 677,594 (683,904) 17,479 (143,8091 At 5 Aprll 2024 513,200 698 513,898 Carrying amount At 05 April 2024 513,200 698 513,898 At 05 April 2023 358,222 144,507 502,729 14 Creditors: amounts falllng due wlthin one year 2024 2023 Accruals and deferred Incorne 2,131 1,000 15 Unrestri¢ted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants whlch are not subject to spec5fic conditions by donors and grantors as to how they may be used. Thes& indude designated funds which have been set aside out of unrestricted fun(Js by ihe Irustees for speclfic purposes. At 6April Incoming resources Resources expended Gains and losses At 5 Aprll 2024 General funds 555,504 4,682 (20,391) 56.421 596,216 Prevlous year: At 6 Aprll 2022 Incoming resources Resources oxpended Galns and losses At 5 April 2023 General funds 3,805 551,373 (3,499) 3,825 555.504 16 Related party transactlons There were no disclos8blé related paty transactions during thè year (2023 - none). 13_