THE SALIGHT FOUNDATION LIMITED AIYNUAL REPORT AND FINANCIAL STATEfwIENTS FOR TUE YEAR ENDED 31 DECEMBER 2023 Company Registration Number: Nt033732 Charities Rcgi5tralion Number: NIC105155
THE SALIGHT FOUNDATION LIMITED ANiYUAL REPORT AND FJTrIANCIAL STATEMENTS FOR THE YEAR ENDED 31 sr DECEMBER 2023 COTNTENTS Report of the Trustees Independent examiner s report Statement of Financial Activities (incorporating income and expenditure account) Statement of Financial Posifion/Balance Sheei Cash Flow Statement Notes to th¢ financial stalemenis 9- 12
THE SALIGHT FOUNDATION LIMITED REPORT OF TH E DIRECTORS (INCORPORA TING TRUSTEES, REPORT} The Directors (who are also the tnle¢s) are pleased to presenl their annual report together with the financial statements of the chartty for the year ending J l December 2023, which are prepared io meet the requirements for a dire¢tors' report and accounts for Companies Act purposes. The directors have adopted the provisions of the Companies Act 2006 and Accounting and Reporting by Charilie5-. Statement of Recovnmended Praclice applicable to charities preparing accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (Charities SORP - FRS102), in preparillL the arUal repon and financial statements of the chariry. FinAncial review and funds policy During the year the Charity's total income was £39? Ivith its expenses totalling £5i,833. The net outgoing resources for Ihe year amounting to £5J,441 as ShO"n in the statemejit of financial activitie5 on page 6 have been deducted from the company's funds. At the year end the Charity had £165,6i5 of cash funds available for distribulion. The company plans lo continue it5 activities in the forthcoming years. Objectives and Activities (and how they deliver public benefit) The Obje¢ts of the Charity are.. To promote the benefit of the inhabitants of Nonhem Ireland withour distinction of sex, sexual orientation, race or of political, religious or other opinion by associating iogether with the said inhabitants and the local authorities, voluntary and oiher organisalions in a common effort to relieve poverty and advance education and io provide facilities in the interests of social welfare for the recreaiion and leisure-time occupaiion with the objeci of improving the conditions of life for the said inhabithnts. To advance the Christian religion. The main aim of the Chariiy is to reach oul to both individuals and charities in the local community and practically express God's Love. The Charity fancIallY supporrs orgianisations whose objective is to advance the Christian taith without prejudice or discrirnination. As a resuli of this finanLial assistance, and the endeavoiirs of ihe employees of the Charity, we believe that we positively irnpact and llnprove lives of both individuals and fainilie5 for the better. The Charity and ils employees are willing 10 help anyone who finds themselves in hardship or distress. This in turn allow us to witne5S and share our Christian faith, and throuoh this, lives are improved. People move away from poverty, addi¢rion and deprivation to live new lives and come to know Jesus Christ. One of the objectives of the Charity is to promote the benefit of the public of Northern Ireland by associating witli local authorities, voluntary and other organisalions including hurches in a common effort to relieve poverty, to advance education arjd to provide facilities in the interests of social welfare for recreaiion and leisure time occupation. This is achieved through assisting people from areas of social and economic deprivation both fanCIaLLY and practically &$ well as encouraging children and adults to develop as individua15 and become active members of the community ihereby incre&sing feelings of confideTJce and self-worth. It also seeks to provide children, youno people, adults and elderly members of the community with the opportunity to take part in recreational and creative events which is a direct benefit to individuals by providing a platforn) for people to interact, socialise and build relationships with their peers- this is also an indirect benefit for the public as there is an improvement in social behaviour. The Charity will also meet the public beT]efit by seeking to advance the Christian faith which will be a direct benefit to people and an indireci benefjt to the public due lo the teaching of moral standards. This strenothens families and encourages individuals to become more active citizens and make better lifestyle choices leadin(Y to a reduction in homelessness, addiction and poverty. Please note we hereby confinn that there As no private benefit or potential hann from the objects of the Charity. 'rhe fru5tees have had reDard to the Charity Commission s Public Benefit requirement.
THE SALIGHT FOUNDATION LIMITED REPORT OF THE DIRECTORS (conlinued) Reference and adminislrative details Registered charity name- Charity Commission Tegistration number: 14MRC charity reference: Company registration nurnber= Principle office and registered otTic¢'. The Salight Foundation Limited NICI0515i XR27703 N10357i2 4? Tully Road. Ballymena. Counry Antrim BT44 8DG. Directors and Trustee5 of the Company The director who held office during the year, and in the period since 31 D¢cember 2023 to the date of these accounts were approved, was as follows: Mrs Lorraine Wright Slructurey governance and management The Company is a charity limited by guaraiitee without share capilal. The Cornpany 15 governed by lis Memorandum and Articles of Associaiion dated 3 March 1999. In the evenl of ihe Company beingy wound up Tnetnbers are required to coniribuie an amount not exceedino £ l O. The Board is responsible for the overall governance of the Company and is aeiively involved in the day-io-day managemeni of the organisation. Directors are appoinled in line with the Memorandum and Articles of Association of the company. The Board of DireLtors are also known as Trustees for the purposes of the Charity Commission. Risk management The directors have conducted a review of the niajor risks to which the charity 15 exposed. Financial risk is reviewed on a monthly basis having due regard to ongoing income and expenses. Statement of dir¢ctors' responsibilities The directors (who are the trustees of The Salight Foundalion Limited) are responsible for preparing the dire¢tor5' report and the financial statements in accordance with applicable law and r¢gulations. Company law requires the director5 to prepare fmancial statements for eacli financial year. Under that law the directors have prepared the fiiiancial statements in accordance with United Kingdoin Generally Accepted Accounting Practice (United King,dom Accounting Standards and applicable law). Under Company law the director5 Inu5t not approve the financial statements unless thej" are satisfied that they give a true and fair view of the state of affairs of the charitable oinpany and of the incoming resources and application of resources. including income and expenditure for that period. In preparino these financial statements, the directors are required to- Sele suitable accounting policies and apply them consistently- observe the methods and principles ID the Charities SORP-FRS102. make judgements and accounting estimates that are reasonable and prudent; state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the fmancial statetnent- and prepare the [anCIal statements on the goitLg concern basis unless it is inappropriate to presume that the company will continue in business.
THE SALIGHT FOUNDATION LIMITED REPORT OF THE DIRECTORS (conlinued) Statement of directors. responsibilities (¢oniinued) The directors are responsible for keeping adequale accounling records that are sufficient to show and explain the Charitable cornpany's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the fmancial statemenis comply wilh the Companies Aci 2006. They are also responsible tor safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other IegularitieS. In the case of each director in office at the date the Directors. Report is approved: so far as the diTectOT is aware, there is no relevant audii inforn)ation of which the charity's auditOTS are unaware. and they have taken all the sleps that they ought to have taken &s a dirertor in order to Inake themselves aware of any relevant audit infornialion and lo establish that the charitable company's auditors aTe aware of that infonnation. Funds held as custodi#n trustee on behalf of others The charity does not hold any funds on behalf of others. Auditors A resolution to appoint auditors will be proposed at the Annual Genernl Meeting. Small companies provision statement This report has been prepared in accordance '7[h the special provisions relating to companies subject to the srnall con)panies regime wichin Parc 15 of rhe Coinpankes Aci ?006. Approved by the Board on 22nd March 2024 and siyi¢d on its behalf by.. Lorraine Wright
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SALIGHT FOUNDATION LJMITED I report on the accounts for the year ended 31 si December 202) which are set out on pages 6 to 12. Respective responsibilities of trustees and examiner The charity's trustees are responsible for Ihe preparation of the accounts. The charity's trustees consider that an audit is not required for this period under section 65(2) of the Charities Act (Northern Ireland) 2008 (ag amended) and that an independent examination is needed. It 15 my responsibility to: examine the accounts under s¢clion 65()) of the 2008 Act. to follow Ihe procedures laid down in the general Directions given by the Charity Comrnission under section 65(9)(b) of the 2008 Acl. and to slate whether particular matter5 have come to my attention Basis of independenl examiner's reporl I have examined your charity accounts as required under section 65 of the Charities Act aiid my exalnination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland Linder section 65(9){b) of the Charilies Act. My exarninalion included a revieiv of the accounliJ]o records kept by Ihe charity and a comparison of the accounis presented with those records. li also included consideration of any unusual items or disclosures in Ihe accoiinis, and seekino explanations from you as charity truslees concerning any such maile. My role is to stste whether any maierial matters have come to my tentIOn giving me cause to believe: That accounting records were not kepl in accordance with section 63 of the Charities Act That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounling requirements of the Charities Act 4. That there is fijrther inforn]alion needed for a proper understanding of the accounts to be reached. Independent examiner's 5txtement I have complet¢d my examination and have no concerns in respect of the matters (l ) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northem Ireland, I have found no matter5 that require drawing to your attention. Peter Stevenson Member of the Institute of Chartered Aecountants in Ireland Stevenson and Wilson 22-30 Broadway Avenue Ballymena BT4J 7AA 22, March 2024
THE SALIGHT FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEIBER 2023 Unrestricted Funds Total 2023 Total 2023 2022 Note Incoming resources Interest received Donations received 392 392 26 25,051 Total income 39? 392 ?5.077 Resources expended Lharitable activities 53.833 53,833 11,117 Total expenditure 53,833 53,833 I 1,1 l7 Net Jnovemellt in funds (53,441) (43,441) 13,960 Reconciliation of fund5: Total funds brought forward 218,076 218,076 204,116 Total funds carried for)vard 164,635 218,076 The statement of financial activitie5 includes all gains and10s5es recognised in the year. All income and expenditure derives from continuing a¢tivities. The notes on pages 9 to 12 forni part of these accounts.
THE SALIGHT FOUNDATION Ltt¥qITED ST STATEMEiYf OF FINANCIAL POSITION I BALANCE SHEET AS AT 31 DECEMBER 2023 Note 2023 20?? Current assets Debtors Cash at bank 146,250 73,826 220,076 165,635 Creditors: amounls due within one year 1,000 2,000 Iyet curren¢ assets 1,000 2,000 Total net asset5 io 164,635 218,076 Unrestricted funds General funds Total unrestricted funds 164.635 164.635 218,076 218,076 Total chsrity funds 164,635 218,076 The financial statements have beei) prepared in accordance with the provisions applicable to companies subject to the small companies, iegiine under The Coinpanies Act 2006 and with Charities SORP-FRSIO2. The notes on pag¢5 9 to 12 are an integrdl part of these financial statements. The financial statements on pages 6 to l2 were approved by the Board of Trusiees on 22. March 2024 and signed on its behalf by: Lorraine Wri(Iht Trustee The notes on page5 9 to 12 fortn part of these accounts.
THE SALIGHT FOUNDATION LIlWtITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31- DECEMBER 2023 2023 2022 Cash tlow from operating activities Net {ourgointy)lincoming resources lfore interest received Decreage in debtors {Decrease)lincrease in creditors Net cash inflojw from incoming resourc¢s (53,833) 146,250 ( 1,000) 91,417 15,000 2,000 Returns on illvestments and servieing of finance Interest received 392 26 Nel increase in cash for Ihe year 91,809 30,960 Cash and cash equivalents at the beginning of the year 73,826 42,866 Cash and cash equivalent at the end of the year 165,63.5 73,826 The notes on pages 9 to 12 lom part of these accounts.
THE SALIGHT FOUNDATION LIMITED ST NOTES TO THE FINANCIAL STATEMEIYTS FOR THE YEAR ENDED 31 DECEMBER 2023 Company information Th¢ Company is limited by guarantee and is incorpordted in Northern Ireland. The address of the registered office is 42 Tully Roa(I Portglenone, Ballymena. Co Antrim BT44 8DG. The financial statements were authorised for issue by the Board on 22° March 2024. 2. Accounting policies The principal accounting policies adopred, judgements and key sources of estimation uncertainty in the preparation of the finallcial statemenis are as follows- Basis of preparalion The financial 5tatemenis have been prepared on a going coi)cem basis in accordance ivith Accounting and Reportit)g by Charities: Statement of Recommended Practice applicable to charities preparinbT their account5 in accordance with the Financial Reporting Standard applicable in ihe UK and Republic of Ireland (FRS 102)- (Charities SORP (FRS 102)}, the Financial Reporting Sndard applicable in the UK and Republic of Ireland {FRS 10?) and Ihe Companies Act 2006. The Company meets the definilion of a public benefit entiry under FRS 102. Assets and liabilities are initially recognised ai historical cosl and transaction value unless olherwise stated in the relevant accounting policy noie(s). Preparation of accounts on a going concern basis The Chariry gienerally meets its day to day ivorking capital requirements from its annual income. The Trustees have obtained and reviewed cash tlow forecasts for the coming year and based on these are satisfied that ihe Charity has resources to provide a reasonable expectation thal it can continue to meet ils financial obligations as ihey fall due for the foreseeable future. Therefore, these financial slatements have been prepared on a going concern basis. Incoming resources Donations received comprise5 all cash receivable for the accounting period, including any related tax recoverable under Gift Aid. Income is recognised when the Charity h&s established an entitlement to the income. For donations this is rypically upon receipt. Gift aid income is accrued in respect of charithble donations already receipted. Resources expended ResourLes expended are recognised in the period in which ihey are incurred. Charitable expendiTure comprises those cosls incurred by the charity in the delivery of ils activities and service5 to its beneficiaries. It include5 both costb. that can be allocated directly to such activities and those costs of an indir¢ct nature necessary to SUPPOrt them. Short-term debtor5 and creditors Debtors and creditors wilh no slated inlerest rdte and receivable or payable within one year are recorded at tran.qaction pri¢e. Financial assets, including d¢bLors, are reviewed al Ihe reporting dale to deterniine if there is any evidence of polential iTnpairment. Any losses arising from impairmenl are recognised in the income siaiemeni in operating expenses. Cash and cash equivalents Cash and cash equivalents include cash in hand and cash at banks. Financial instruments Tlie Charity only has financial assets and financial liabilities of a kind that qualify &s b&sic financial instruments. Basic financial instnullents are initially recoyised at transaction price and subsequently measured al their settlement value.
THE SALIGr FOUNDATION LI,MITED IYOTES TO THE FINANCIAL STATEMENTS (conlinued) 2. AecounÉing policies (eunlinued) Funds Funds are classified as either unrestricted tunds or reslricled funds, dered a5 follows. lJnrestricted tiinds are expendable at the discretion of the tNstees in furtherance of the objects ot the charity. If parts of the unrestricted funds are eamiarked at the di5CTetion of the trustees lor a particular PLirpose, they are designated as a separaie fund. This designaiion has an adm inisiraiive purpose onl>, and does not legally restrict the tstee5, discretion to apply the fund. Rcstricled funds are funds subject to specific requirements as to their use which may be declared by the donor or with oal processes. but still within ihe wider objects of the Charity. Iheir authority or created through le. 3. Critleal aceountin2 judgements and estimation uncertainty Fslimates and judgments made in ihe pro¢ess of preparing the financial siaieinenis are continually evaluated aiid air based on historical experience and oilier factors. including expeciations of fuiLire events that are believed to be Teaqonable under Ihe circumslances. The Trustees do not consider Ihai Ihere are any criiical .judgTtnents made in applying the C.ompany's accounting policies or that there are any critical accoiinling eslimales or assutnptions which may have a significani risk of causing a ma(erial adjustment to canying amounts of assets and liabilities within the next financial year. 4. Analysis of ineome Unrestricted Fund5 2023 Total Total 2023 2022 Intcrest received Bank interest received 392 392 26 Donations received Donations re¢¢ived 25,051 Total income 392 392 25,077 10
THE SALIGHT FOUIYDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS fconlinued) 5. Analysis o( exp¢nditur¢ Unrestricted Funds 2023 Tolal Total 2023 2022 Charitable activities Charitable donations 49,418 3286 91 49,418 3286 91 10,473 555 Oiher expenses Administration cosis Generdl expenses 89 1,038 1,038 53,833 53,833 11,117 6. Taxation The Salight Foundation Limiled is recognised as a charity for (he purposes of applicable taxalion legislalion and is therefore not subject to taxation on its charltable activities. 7. Analysis of staff costs, trustee remuneration and expenses, and the eosl of key management personnel The average number of persons employed by the company (including directors) during the year was l (2022: 1 }. There are no employees in rec¢ipl of employee benefits in excess of £30,000. No trustee or a person related to a trustee had any personal interest in any ¢ontra¢t or transaction entered iTJto by the chariry during the year. 8. Debtors 2023 2022 Other debtors. proc¢eds from prop¢rty disposal 146,250 9. Creditors: amounls due within one year 2023 2022 Creditors and accnLals 1,000 2,000
THE SALIGHT FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS (cotttiMHed) 10. Analysis of net assets Unrestricted General Total Net current assets 164,635 164,63) Lyet assets at 31" December 2023 164,635 164,635 I l. Funds of the Company A131 December 2023 Al l January 2023 Income Expenditure Unrestricted funds General fund 218,076 218,076 392 (53,8))) (53,833) 164,635 164,635 Total funds 218,076 392 ($3.833) 164,635 12. Financial instruments At the balance sheet date, the Company held the following financial instrnmen(s'. 2023 2022 Financial assets that are debt instrumgnts measured at amortised cost 165,635 220,076 Financial liabilities measured at amorti5ed cost 1,000 2,000 13. Related party transactions Th¢re were no payment5 made, or expenses reimbursed, to the Trustee during the year. 14. Capital commitments The company had no capital commitments at the balance sheet date (2022.. none). 15. Controlling party During the year The Salight Foundation Limited was under the control of the Trustee (who is also the director). 12