LFT CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS ST ST FOR THE PERIOD FROM I OCTOBER 2023 TO 31 MARCH 2024 Charities Registration Number.. NIC107373
LFT CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE ST ST PEIUOD FROM I OCTOBER 2023 TO 31 MARCH 2024 coNrENTS Pages Chairman's Foreword Trustees, Report Independent Auditors Report 9- 11 Staiement of Financial Aciivities lincorporaling income and expenditure account) l2 Statement of Financial PosilionlBalance Sheel Cash Flow Sialement 14 Notes to the financial siaiements 1.5- 19
LFT CHARITABLE TRUST CHAIRMAN'S FOREWORD The work ot the Board ot CharildblL Trust continues to go trom strength to strcngth as retlected in our latest set of accounts for a shiTrrter 5ix-month period. We have been delighted 10 welcome two new Trustees on board during this period who have already seiiled in, which has all()wed us lo increase our LapaLily as planned. While rLmdining flLxiblL in our outlc)ok, which we feel is dn imporl(Int Part of the role of a small founddiion in the world of philanthropy, our existing graniLes, as WLII as the new partnerships we have formed, continue lo help our still young foundaiion lo makL Slrides. A.% ever ihe hard work of our Gen¢ral Manager helps us approach the year ahead wilh renewed optimism Ihal our progress will continue on its upward curve. rgan lin and Trustee Ch(1
LFT CHARITABLE TRUST ST TRUSTEES, REPORT FOR THE PEIUOD FROM 1ST OCTOBER 2023 TO 31 MARCH 2024 The Trnsiees of LFT Charitable Trust are pleased to present their report and financial statements for the period fTom l %1 October 2023 iL) 31 MarLh 2024. Trustees have prepared Ihe fLnancial statements in accordance with the Trusi Deed, applicahle Accounting Siandards in Ihe United Kingdoin {bR,S 1021, the .Stalement ot Recommended Pra¢lice ISORP) 'Accounling and Reporting by Charities. issued in October 2019. and in accordance with the Charities Act (Northern Ireland) 2008. Objectives and Activities LFf Charitable Trust was established under a Trust Deed in June 2017. LFf Charitable Trust's vision is of a just world where people have equal opporlunily to transform their lives. pariicipale in their ¢otnmunities and build successful futures. The Tru,%1 has wide di8crelionary powers io promote and qupport charilable purposes and objeclivc8 for public benefit including in particul.. a) Ihe reliet. nf the suffering and distress of Ihose persons who {by reason of social, financial or nther circumsian¢es) in nLLd., b) Ihe furtherance and advancemenr of the educaiion of children and adulis,. and c) the promoiion of the healih and wLllbLing of children and adulis. LFF Chi1table T$1 achicvcs thcsc objLclivcs by awarding grdnls. The Twsl is iniendcd lo bc exclusively grl- making, with nn fundraising or operating aciivilies. aims in fund programmes of activity delivered by partner organisaiions which.. makL a lasling difference lo peoplc'.% live.s a.g well as alleviating the symptoms or current problems. arL aimed al reducing isalali()n, inLqualily and sligma., inspire or einpower individuals 10 realitse their p()ILnlial aiid share in the life of the whnle c(>mTnunily. LFT Charitable Trust is primarily a proactive fundLr. Knowledge is built by talking lo and m¢¢ting with individuals and organisalions workiiig wiihin pri()rily areas. It is appareni Ihal this approalh is yielding bLnLfils for LFf with 95Yo ol Graiil Parliier8 de.SLribing LFT a.s prul¥.85icinal lind knuwlviigeable, de.8pil¥ a modL81 IraLk re¢urd ()I' l'ive years, granlmaking, Where opportunities are identified and the prospect of a projecl that aligns wilh LFf's grant making policies, propos¥i15 are invited for funding using an official appliLalion f()rm. All applications are then assessed against established criteria and grants awarded al the discreiion of the Board of Trustees. During Ihc past six month8 Truslecs have also undertaken a small number ofi. open calls for applications undcr.8pccitic themes such as addiction, menlal health counselling and accessible fa¢ililies. All of th¢ Trust's purposes are achieved by awarding granlts In individuiil.8 and organisations on the basis thai funding will have a posilive impact on the beneficiarie5. Those that receive a granl are rcquired lo denionslrale IhL dire£l and indireLI benefil ihLir wurk ha% 011 PLople in need via regular moniloring and cvaluaiivn. Miiidful of thL admini8lraiion burdcn placed on Granl Parlncr.8, LFf ha.q workcd diligently to keep monitoring and evaluation to a ininimum and only c(?Ilect ddla that Ib truly necessary, a fact endorsed by 96Y, of Grani Pdriners indicaiing Ihat the eftort rcquired was appropriate lo the size of the grant. Trustees review and updaie grant making policy at regular intervals lo ensure it is responsive and relevanl lo current
LFT CItARITABLE TRUST TRUSTEE REPORT (eontinued) Achievements and Performance The Trustees confirm that they have considered the Charity Commission for NI'S general guidance OT] public benefii when reviewing the Trust's objectives and in planning future activities and grant making throughout the period. A ¢opy of Ihe Commission, s guidance notes on public benefii has been issued to all Twslees. LFf Charitable Trusl operaies for Ihe publiL benefit wilh Ihe ultimate beneficiaries being the many people supwrted by the grant partner.8 that LFf fund.8. In providing support LF-I""I"rii.%lees examine how grant partner organisations are governed and LFY grrfints are made with conditioiis to ensurc ihcy are speni approprialely and for the charitable purposes ouilined by the applicani organisalion. The benetils ol. all purposes are demonsiraled Ihrough regular fLLdback and evaluation of the organisations and beneficiaries SUPPOned. Truglees havtt Lonlinued lo develop endurin¥ relalionships wilh a number ol exisling granl parlners with visits to meel community leaders and bencficiarics taking place. In dLvcloping LlosL relations with grant partnLr.8 LFf i.s ablL lo learn and better undersliind the environment in which we operate and uliimaicly mdke beller infonned grdnimaking decisions. LFf grani parinLr5 Lon.%islently report that ihey have a 'strong, positive relaTionship with LFf' wilh 96Yo indicating they feLI 'valued' by LFr. Twttniy-six orgic llisdlions were supporied during ihv period wilh a new lunding IL4LILr ol. ofier, over 50Wo of whom were new granl partners, n)any ol. whom camu lo our attention during the proccs.q ol. an open call. Grant partners arL iypically small {4910 have an annual income less Ihan £2.50,000 and 61% have less than 10 empli)yees) well-connecled, responsivL and agilc grabsroots organisalions as illusiraicd by rhe diverstly of activities dLlivered and highlighted on Ihc LbT websile. Dirccl inipacl on Grani ParlnLrs is niLa8ur¢d with rcl'crencc to thcir capacily lo ru'ach morc bcncl'iciarie.8. to improve the qualily nf SLfviLL'S offered lo beiiefici<iries ai)d ihL inlLrn<il managLmeni Lapacily rfind re%ilicnce of thcir organisation. Naturally not all projLLIs supporlcd will havL a dirLLI impail on all ol. IhLSL factors. bul elY I'Ledback suggLsls 7910 Ot Grani Partners recognise the funding from LFT as slrongly impacting i)n Ihcir ability lo supporl more vulnerable beneticiaries and 75Yo Ot Grani Partners idcnlify (he grant a.q having a strong inipacr on ihe quality of the 8LrviLLS dLlivLred. 7710 of Graiil Partners aLLrediled LFT I'unding wilh posilively impaLling lh¢ mana¥emenl LapaLiIy and capabilily. The RLIiLf of,8uffLrin and Distress A.5 in prL VIOUS PLriods, IhL rLa%i)ns why individuals find themselves in need varies greatly as does the means in which they Lan be supported. During the period grtS offered included an initiative lo support parents grieving the 1055 of a child. including pregnancy loss. The Promotion of Healih and W¢llbein BeJ]efiLiaries of all ages and stages of life were suppvried in a range DI healih and wellbeing initiatives delivered by grant partners. A cohort of new grant partnLrs came through Ihe prornotion of Ihe Mind Malters Grantmaking Programme which has supporled charities temporarily increase their eapacily 10 offer counselling and other psychological therapies and expedite care lo adults on their waiting lists. The successlul applicants typically represent grassroots, community-based organisation.s thal address a range vl mcnlal healtli issues.. Irauma; suicidL' addiLliun: ViLlims; bereavemenl,. anxiely and dcpression. Funding awardLd will provide almost 900 sessions lo 78 pcoplc on wailing lisls Ihroughout Northcm Ireland.
LFf CHARITABLE TRUST TRUSTEE REPORT (continued) Achievemenls and Performance {continued) The Advancement of Education This period LFf giant pannLrs delivered inilialives that addressed balerS to learning which Tanged from economi¢ background to special education provision. Also supported was the Lslablishmenl of a tlexible fund for pupils aged 16+ who face fjnaneial barriers which may prevent Ihem from continuing lo AS I A_Levcl, further or higher education, employment or appren(iceship. Financial Review TIIL Trusi is I'unded in ils entirely from ehkriillble donations from Alierily Inveslmenls l.td which has pledged up lo 50Wo ol the surplus inLome gLn#r(Iled by Alierily, s inveslmeni business lo LPT Charilioblty Trusi. During the period LFf Chariiabll Trust provided funding 10 il.% grdnl partners in excess of £200.000 whicli brings the total surn disbursed since the esiablishment of the Trust lo over £3..$ milli()n. Forward commilinenis ol. an additional £.357,000 are recognised as ai the balance sheet daiL and, along with conditional offLrs, bring Ihv ti)ial funding pledged since the incepiion of the Trust lo over £3.8 million. Trustees do not con.qid¢r a Rcscrvcs Policy is necessary given ihc current tinancial arrangcmcnt% in place wilh Alicrily Inveslmenls. Alterity itself continues to maintain a sirong fin¢illci<il position with a diverse range of incoine streains. LFf Charitable Trust does noi hold any funds on behalf of others. The audil()rs, Sievenson and Wilson. have indiLaled their willingnL¥s IL) Loniinue in orrice and a resolution LonLernin thLir rc-appoiniment will bc proposcd at thc Board ol. Tru8t¢¢.s Mccling on 13111 Augu.$12024. Plans for future periods Trustees will continue ID award granls which pr()grL.S.% Ihe vision of a ju81 world where people have cqual opporlunily lu Iraiislurm IhLir lives, parliLipa(L iii Ih¢ir LummuiiiliLS and build %ULLLssful fulurLs. ThL development of a new griinlmaking strategy is proposed during this financial period.
LFT CHARITABLE TRUST TRUSTEE REPOR T (continued) Structure, Governance and Management LFf Charildble Trnsr is governed by its Trust Deed crea(ed on 29, June 2017. Registration with the Charity Commission for Northern Ireland was completed on 31 ' July 2019 (NIC 107373). The power of appointing new Trustees is vested in the Seiilor of Ihe Trust and musl be done by vinue of a deed. New Trnstees are invilLd on the basis of their proven abilily. relevant experience, and personal interest in che work of the Charitable Trust. Firsl generation Trustees continue to lead on (he programme 10 develop Next Generation Truslees which includes developing and expanding their knowledge of issues fa¢ing local communities in Nt, researching prospective gr11 partners, grantmaking and educational visits io communiiy partners. During Ihe period two ncw tndepcndcnl Truslecs wcrc rccruitcd 10 ihc 14oard bringing speeitic ¢xpcrtiic ot ihe local community and voluntary sector. The Trus1 ha5 41n induclioi) progriimme lor nLW Trustees who are advised of their legal nbligations as Trusiees, briefed on the governance and Structure of the Trust and providLd wilh an overview of Ihv Trusi'4 pLI'fi)rnianLe in meeting lis charilablL purposes. All TruslLes Lomniil lo a Code ol ConduLI and ar¢ rcquirLLi lo disLlI)se all relevani inierv%is, register them wilh Ihe Genl'ral Manager and in accordance with thL Tru81' 8 policy wiihdraw t'rom di.8Lu.%sion I decisions where a pcrceived or iiclual confliLI Df iiilere%l <trises. All Trusl¥Ls give (If IhLir liinL frecly and no Trusicc r¥muneralion was paid during the reporting period. There are CUentlY seven Trustees wlio havL uvcrall responsibilily foi. Ih¢ Trusl. During the period under consideration, six Trustee meetings wvr¥ hLId. The Truslees are respon.%ible for ihe overall governance of ihe Trust (Ind oversee ull gruni making. The Trust's General Manager, Aisling Johnston, is rL8pon5ible for implementing the Charilable Trust slr41egy aiid tor th'e managLmenl of the day-io-day opL"r(Ilions of the Trus( and ils activities. The Tnjstees review the level of rLmunLrali()n paid Iii kLy ml< nagLmcnl pLr.8onnLI Ici en8ure il is al a ILVLI Loiisislenl wilh lh¢ rulL (tiid re8pc)nsibiliiy or IhL P(1.411iDii and consistcnl with Ihal ol. similar Lniilie.s. Risks arc ronsidercd on an annual basi.8 by Trustees. This involves idLn(il'ying the types ol risk. in particular those rLlaled lo the operations and finances of the Trusl, priorili5ing Ihem in ILrms of impaci and likelih(Trod of occurrence and idLniifying illeans of Iniligaiing risks. Reliance on a single source of income conlinucs lo pose the grLaiesi Ihreal, however, Tru.8lees are 4ali8lied ihal sy8tLms and procedures are in place lo miligaiL Lxpusure Iv the major ri8k8. The Trust is a member of Philanihropy Ireland and ihe Funder,s Forum Nl. The Trust is dlso a member of the Association of Charitable Foundations {ACFI and the General Mana¥er L()ntinuL.S to acl as convenor tor the liamily Foundations network of over 40 independent family foundations to share and Icarn bL.81 practi¢e. LFT has deployed ihe ACF Pillars pr Sironger Eioundalions &$ a benchmark standard by which to evaluale Or811$allonal pertormancc and IhL Chair and Gencral Managcr assess and establish yearly objcctivcs and targets. Trustees continue to promote philanthropy by sharing their personal experience5 Wlth other famllies who are exploring or dcvLloping (he ioncept of charitable giving as a family.
LFf CHARITABLE TRUST TRUSTEE REPORT (conÉinued) Reference and administrative details Registered charity name.. LFf Charitable Trust Trustees who held office during the six n]onths, and in Mr. Edward Aldan tA)nLrgan Ihe period since 31 MarLh 2024 to the dale ihese Mrs. AnneLonergan account% were approved. were as follows.. Mr. Gavin Lonergan Mr. D(ren Lonerg Mrs. Clara Lewis Ms. Jill Downing (deed of appoiniment dated 091041?4) Mr. Joe Mcvey Idced of appi)inlmenl dated 09104124) Chairman.. Mr. Gavin Lonergan Charity Commission regisiration number.. NIC10737.3 Registered office I Principal Offi¢e'. 4 Annadalc Avenue Beltasi B'f7 3JH Solicitor.. C¢irson McDowcll LLP Murray Hiiuse Murray Street Belfast BTI 6DN Auditor: PLler Stevenson S(evcnson di)d Wilson 22-.30 Ilrnadway Avenue Ballymena BT43 7AA Bankers.. Danske Bank l)onegall Square Wesl Bcll-ast B T16JS Statement of Trustees, responsibilities The TNslees are responsible for preparing the financial slalemenls in accordance with applicable law and regulations. Charity law requires ihe Trustee8 to prepare financial statement% tor each financial period. Under thai law the Truslees have pr¢p<ed thc Iin<incial s1iilLmcnls in 4LLLordiincc with Unilcd Kingdom GLllLf¢illy Acccplcd Accounting Pr(IcIicc (United Kingdom Accounting Siandards and appliLdblL law). Under Charity law Ihe Tru&lees must not approve the rindnLial $12temenis unless they are satisfied that they give a true and fair VILW of Ih¢' I'iate of afrairs ()f the chari(y and of the incoming resources aiid applieaiiDn of resources, including in¢ome and eApendilurL for ihai pLriod. In preparing Ihese financial %iatcmcnt%. the Truslec,s are required to.. .%eleLI .8uilable aLLouniin¥ policie.8 and apply Ihem Lun%i8tently: observe the methods and principles in the ChariliLS SORP_FRS102', rnake judgements and accounting eslimales that are reasonablc and prudent; stale whether applicablc acLounting standards have been followed, subject to any material departures disc105ed ai)d explaiiied iii Ihe fii)anLial %lalLmvnl: and prLparL Ihe financial statements on the going Loncern basis unless il is inappropriate lo presume ihat the charily will Lunlinue in businLg.s. The Trustees are responsible for keeping adequate accounting records thal are sufficient lo show explain thL Trust's transactions and disL105e with reasonable accuracy al any lime the financial position of the Trusl and enable il lo ensure that the financial statements comply with the Charilies Act (Northern Ireland) 21X)8. 11 is also responsible for safeguarding the a5se15 of the Trust and hence for taking reasonable steps for Ihe preveniion and detection of fraud and oLher irregularilies.
LFT CHARITABLE TRUST TRUSTEE REPORT (continued) Statement of Trustees, responsibilities (continued) the case of each Trustee. al the dale the Trustees. Report is approvLd.. so far as the Trustee is aware, there is no relevani audit infonnalion of which the charily's auditors are unaware; Ihey havL taken all the steps tha( they oughi to h&ve taken as a Trustee in order to make themselves aware of any relevani audil information and to esiablish that (he ¢hiirity's auditors are aware of thiic information. Approved by Ihe Board on 13 August 20?4 and signed on ils behalf by.. GLO Chair an an and Trustee
CHARITABLE TRUST
INDEPENDENT AUDITORS. REPORT TO THE TRUSTEE OF LFT CHARITABLE TRUST
Opinion
Wc havc auditcd IhL financial .statemcnt8 ot LFf Charitablc I rust for thc pcriod trom l Oclobcr 2023 (0 31. March
2024 which comprise Ilie StaieTnenl of Financial Activiiies, Statement of Findnciiil Position. Cash Flow Staiement and
notes to the financial statemLnls, including a sumillary of significant accounting p()licies. The tinancial rep(Irling
framLwork Ihat has been applied in Iheir preparation is appli¢able law and Uniled Kingdom A¢¢ounling Standdrds,
including Financial Reporting Si(Indard 102 The Financial Reporting Standard applicdble in IhL UK and Republic of
Ireland (UiiilLd KingTdom Gei)erally ALLeplud ALLounling PraLlice)- (Charilies SC)KP (l•RS1021).
In our opinion, IhL I Inancial .siaieincnt%".
givL a Inje and fair view of IhL' stale of Ihe chariiable Injsi's arrair8 a.q ai 31 ¥1 MarLh ?024 and of ii.s inLoming
resuurLes and Iheir applicalion lur ihe periud then elided..
have bLen properly prepared in accordance wilh United Kingdom Generally Accepied Accounting Practice:
have been prepared in accordance with (he requirements of the Chariiies Aci (Northern Ireland) 2008.
Basis for opinion
We conducled our audil in a¢cordlLe wilh Iniernaiioiial Siandard8 un Audiiing (UK) (ISAS (UK)) and applicable law.
Uur re.sponsibilities under Ihose Standard8 arc turthcr desLribcd in (hc Audilor's rcspon%ibililiL% l(Ir the ¢iudii ol. the
rinancial slalemLnis seclioii ol. our report. We arL indLpendent of the Trust in accordance with the ethical requirements
thai are relevanl to our audit of Ihc tinancial slalemenls in IhL UK. including Ihe FRC'S F,Ihical ,8iandard, dnd WL have
fuifillLd (iur other eihic
LFf CHARITABLE TRUST
INDEPENDENT AUDITORS, REPORT (continued)
Matters on which we are required to report by exception
In the light ol. the knowledge and under51anding af the Trust and ils environment obtained in the course of the audi(.
we have not idcniified material misstatements in the TrusiL¢S' Report.
We have nothing to report in respect of the lollowing mailers in relation to which the Charilies Act (Northern Ireland)
2008 requires us lo report lo you if, in our opinion..
accollniing records have noi been kept by Ihe TS1, or rciums adequate for our audit have not been received
from branches noE visited by us: or
the financial statements are not in agreement with the accounting records and returns., or
certain disclosures of trustees, remuneraiion specified by l<tw are no( mdde,. or
we have noi received all ihe information and explanali(Jns we require I'or our audil.
Responsibilities of Trustees
As explained InDre fully in the tnlslees, responsibilities slalemeiit sei out on pages 7-R, Ihe Trnslees are re5pc)nsible for
the preparation of IhL finiin¢ial 5talemenls and for being saiisticd that they give a irne bind fair view, and for such
inlLmal control as the Trusiecs dLlerminL 15 n¢¢essary lo enable the preparaiion ot financial staiemenis Ihal are free
from material missiaiemeni, wheil)er due to fraud or Lrror.
In preparing (he finanLial siaiemLn18, Ihe Truslees are re.8pon8ibl¥ for assessing the Trust's abilily lo L()i)linue a8 a
going Lonccm. di8clo.qing, appliclible, maitcrs relalcd lo going concLfn lind u.sing Ihc going Lonc'crn ha8is of
accounting unlLSS the Trusiee eithcr intends lo liquidate the Trust or lo cease operations, or have no realistic aliemative
but io do so.
Auditor's responsibilities for the audit of the financial statements
Our (IbjLclives are lo ()biain rea.sonable as.%uranLe aknui wheiher ihL I'inaiiLial .slalemenls as a wh(Ile arL free (rom
nidlLfi411 ftii%%l4ltLlI)cnl, whLihLr duL to Iraud c)r Lrror. I]d lo issue an auditor's rLwrt that includLS our opinion.
RL'asonablL' a%%urancc is a high level of il.%surance, bul is noi a guarantee that an audit cnnducled in accorddncL with
ISAS (UK) will 411ways dLILLI <1 material mis51JlLmLnl whLn il LxisI.8. Mi.s%tatemenis can arisL Irom I'raud or error and
arL ¢onsidered material if. individu<illy or in Ihe aggrcgalL, they Lould reasonably be expccled lo infiuence ihe economic
decisions ol users taken on the basis of ihLse financial statements.
As parl (If ai) audil iii aLLI)rddnLe wilh ISA,% (UK), we LxLrLise professional judgmen( and mainiain profe.88ional
SLLPtici.%m ihroughoul thL
LFT CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT (continued) Auditor's responsibilities for the audit or the financial statements (continued) The engagement partner ensurLd (hai ihe engagement team collectively had the appropriate competence, capabilities and skills lo identify or recognise non-Lon]plidnce with applicable laws (d regulations and the team remained alert to (he wssibilily of fraud and non-Lomplidnce Ihr()ughoul the audil. We assessed the susceplibilily ol Ihe Lharity's financial slaiLm¢nls io malerial misstaiemenl, including obtaining an understanding of how fraud might occur. We did so through di8¢u%,%ion,% with management lq lo their a%sessmeni of areds where fr(iud or non-compliance might occur, as well as considering ihe inlernal Lonirc)15 in place lo mitigate ri.%ks of fraud and non-compliance. In order lo ascertain Ihe exienl of compliance with Ihe laws and regulations, we made enquiries of managemeni as lo whether there was any aciual or potential liligalion, we revi¢w¥d legal correspondenee. we inspvcled lax correspondence and we perlorrned analytical pro¢edures lu identify any unu8ual ()r uneXpeCd acliviiy. A further dLSLripliun (If (iur responsibiliiies is available on the Finiincial Reporting Council's webs'iie til www.frc.org.uklaudilnrsresponsibililies. This description forms part Of our audilor's report. Use of our report This reporl is maLle solely lo the Lharily's members, as a body. Our audil work has been undLriaken so Ihai we might slaie (o ihu Charily'5 Inciiibcr8 11)ose n)allers we are required lo slaie 10 them in an audilor'.s repon and lor no other purpose. To the fullLbl cxlLnl pLrinitled by law, WL do noi accepl or <issume respon5ibilily lo ai)yone oihLr Ih(Jn the charity and the charity's mLmbLfs ab a body, for our audit work. lor this fLPI)rt, ()r f()r ihe opinions we have fnrmed. ?knSF_ Peter stevenson Scnior Statutory Auditor for and oil hehaif or- Stevenson and Wilson. Sialutory Auditor 22-10 Broadway Avenue B<illymcna BT43 7AA 1.3ih August 2024
LFT CHARITABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE PERIOD FROM 1ST OCTOBER 2023 TO 31ST MARCH 2024 Unrestricted Funds 6 months ended 31103124 Restricted Funds 6 months ended 31103124 Total 6 months ended 31103124 Total 18 months ended 30109123 No Incoming resources Donation income 64,456 238,474 302,930 1,204,479 Total income 64,456 238,474 302,930 1,204,479 Resources expended: Charitable activities 64,817 238291 303,108 1,204,056 Total expenditure 64,817 238,291 303,108 1.204,0.56 Net movement in funds 1361) 183 (178) 423 Reconclllation of funds: Total lunds brought forward 1,985 411 2J96 1,97.3 Total funds earried forward 1,624 594 2,218 The statement of financial aclivilies includes all gains and losses recognised in thc puriod. All income and expenditure derives from continuing aciivilies. The notes on pages 15 10 19 forn) part of these financial statemenis 12
LFT CHARITABLE TRUST ST STATEMENT OF FINANCIAL POSITION I BALANCE SHEET AS AT 31 MARCH 2024 31103124 30109123 Note Fixed a$8ets InldngiblL fixed as.sets Tangible tlxcd a88et8 421 421 702 702 Current assets Donaiions rLceivable PrLpaymLiIIs Cash at bank Total current assets 236,615 1,964 428,124 2,?73 -5,463 435.860 519,361 Current Ilabllitles Donation5 payable r)LfLrred incnmc Uili¥r Lredilur.s and aLLrual Tolal current liabilities 361,615 150,000 5,949 517 564 36.5,624 62,-500 6.U42 414,166 Net current assets 1,797 1.6Y4 Total assels le current liabilities io Unreslricled funds ReslriLILd lunds Total charity funds 1,624 594 1,985 411 The financial slaletnenls on pages 12 10 19 were approved by Ihe Trustee5 as at i.ith August 2024 and signed on their beh<ilt by.. gan Chairman and Trustee The notes on pages 15 to l9 fonn part of these financial %tatements 13
LFT CHARITABLE TRUST CASH FLOW STATEMENT FOR THE PERIOD FROM 1ST OCTOBER 2023 TO 31ST MARCH 2024 6 months ended 31103124 18 months ended 30109123 Cash flows from operating activities Nel (oulgoing)/incoming resources Add.. DLpr¢cialion amortisation Net cash inflow from operating activities 1178) 281 103 423 2,381 2,804 Decrea.8e in donaliun8 reLeivable and prepaymenl8 191,818 214,985 Increase/(decrease} in donations payable, deferred income, other creditors and accruals 83,398 (213,02.5) Net increase in cash for the period 275,319 4,764 Cash and La.qh equivaleni8 ai the beginning of the period 5,463 699 Cash and cash equlvalent at Ihe end of the period 280,782 .5,46.3 The notes on pages 15 to 19 form part of these financi21 statement5 14
LFf CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD FROM 1ST OCTOBER 2023 TO 31ST MARCH 2024 l. Trust information The Trust was estdblishcd in Northern IrLldnd undLr the Trust Deed dated 291h June 2017. The address of the regi,8lered office is 4 Annadale Avenue, Belfast, BT7 3JH. The financial statements were auih()riscd for issue by Ihe Board on 13, Augusi 2024. 2. Accounling policies The principal accounting policies adop(ed, judgemenls and key sources of Ls'titnalion uncertainly in the preparaiion of the financial slalements are as tollows.. Basis of preparation ThL financial siaiemenls have been prepared on a gDing concern hasis in accordan¢e with Accounting and Rep()lling hy C.h(Iriiies'. ,8iaiement ot Recommended Practice applicable 10 charilieb prepariiig their acLnun15 in aLL()rdance wirh the Fiiiaftcial Reporting Standard applicablc in the UK and Repuhlic ol Ireland (FR8 In21- (Charities .£ORP (FKS 1021), the Financial Reporliiig ,giandard applicable in IhL UK and Repuhlic ol Ireland (FR.8 102). The reporting (Ind functional currency is slLrling. Thc Trusl meets the definiiion of a public benefit eniiiy under FRS 10? Assets and li<ibililics arL inilially recognised ai hi%ioficiil cost dnd trdnsaclion V4ilu¢ unlcss oihcrwisc SliltLd in thc rclcvanl d¢¢ouniing policy notL(s). Preparation of accounts on a golng concern basis The Charity generally mccls ils day to day working CÉlPltdil rcquirLmLnis f'rum it% <innual incomc. Thc Trusiees h(IVC obtaincd and reviewed cash Ilow I'orLLasl5 for IhL coming ycar and based on thc.8c are sa(i.%l'iLd ihal thc Chariiy ha8 rcsourccs to providL a rLa.8onablL LXPLL1411i()n that il can continuc 10 meei ils linancial ubligalions as they tall due for thc tore%cLahlc lulurL. ThLsL l inanLial siatLnicnl.% havc IhcrLlorL bLLn prLpLd on a going LollLLrn ba%18. Incomlng resources Duna(i()n% are included in IhL SialLmLnl ol Financial ALliviliLS whL'n ihL Tru81 is Liiliiled lu IhL IlIL(Imv. il is probablL Ihal IhL ii1LomL will bl rLLLived and Ihe amouni Lan be quanlified with reasui)able 2L¢uraLy. In addition Iv lh¥ above Lvndiliuns, duiialiuns 10 Luver Lhe Tru,81's overhead% are iiilluded iii ihe SialLmLllL FiiianLial ALlivilies on a 8y.glLmaLiL basi% uver the period.s in whiLh ihe Trusi reLogni.se8 as expenses ihg relalLd Losts whiLh the donalions are inlended lo Lover. Resourees expended Expenditure is recognised once Ihere is a legal or constructive obligaiion io make a payment lo a Iliird party, il 15 probablL Ihal 8etilenienl will be required and the amoiint of the obligaiion can be tneasured reliably. Charitable expcnditure comprises thosc costs incurred by the chdrily in ihL dLlivLry ol. ilb <lLliviliLS and SLrvices to its bcneliciaries. 11 includes both cnsls that can be allocated directly lo such acliviliLs and those costs of an indirect nature necessary lo support them. Intangible assets Expendiiure on the charity's website is capiialised and amortised over the period ihe charity is expected to benefit. An amorlisalion rate of 50% on a slraight-line basis has been used for Ihis purpose. Tangible assets The tangible assets of the Trust comprise of office equipment. Office equipment is depreciated at a rale calculated io reduLC IL lo re.5idual value al the end of ils expected normal life on a slraight-lin¢ ai a rale o120Yo per annum. ThL asscls. rcsidual valuLS and useful lives are rcvLCWLd, and adjusted, it. appropriatc, al thc cnd ot cach reporting peri()d. The effect of any change is accouniLd for pro%pectively. TangiblL asset5 are derecngnised on disposal or when no future economic benefits are expected. On disposal, the difference between the new disposal proceeds and the canying amount is recognised in the statement of financial activities and included in "other 0[ratIng gainsl(losses)" 15
LFT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) 2. Accounting policies (continued) Cash and cash equivalents Cash and cash equivalenis include% cash in hand. deposits held Ml call wilh banks. other short-lerm highly liquid investments with original maiurilies nf three monihs or less and bank overdrafts. Short-term debtors and creditors Debtors and crediiors wilh no stated interest rale and receivable or payable within one year are recorded al IransaLlion price. Financial assets, including debinrs, are reviewed al the reporling date 10 determine if there is any evidence of potential impairment. Any losses arising from impairn]eni are recognised in the income statement in operating expenses. Financial instruments The Trust only has financial as.%ets and financial liabilities of a kind Ihai qualify as basic financial instruments. Basi¢ financial inslrumenls 8Je initially recogni.sed al transaction price and subsequently measured ai their setilemenl value. Funds Funds are classlfied as eilher unresiricted funds or reslrlcled funds, defined as follows.. Unreslricled funds are expendable ai the discretion ol. the Trustees in furihLrance of the objects of the charity. Ir parts of the unrestricted funds are LarmarkLd al the discrelion of the Trusiees for a particular purpotse, they are de.signated as a SLparaiL fund. Thi% dty.signalion has an administrative purpose only and does not legally restrict the Tru%lees' discrLli()n l() ai)ply thL l-uiid. Re.siricled I'und4 are funds suhjecl lo specific requirements as lo their use which may F>e declared hy the donc>r or with their auihi)rity nr ¢rL(IIL(I Ilirough ILgal pri)LLSSLS, bul 5lill within the wider objecis ()f the Trust. Pensions Thc Trust opcralcs a dcfinLd ci)nlribulion scheme for staff. Employer contributions are charged ihrough the incoine and LXPLndi(ur¥ when inLurrLd. 3. Crltffical accounting judgements ond estfimatlon uneertainty Eslimales and judgmcnls madL in ihL process of preparing Ihe financial slalemenls arc continually evalualcd and are bclsed 011 hisloriLal expuriLI)LL aiid i)IlILr faLI(Ir%. ii)Lludiiig expeLlaliuns (Il luiure evenls ihal are beliLVLd to be reasonablc under the circuni%tai)ces. The Truslces do nol Lon%idLr that there are any critical .judgments made in applying the Trust's accounting policies or that there are any criliLdl ilLLounling LStim¢ltes or assumptions which may liave a significant risk of causing a Tnaterial adjustment lo carrying amounts of asscls and liabilities within the next financial period. 4. Donation income Unrestricted Funds 6 months ended 311113124 Restrieted Funds 6 months ended 31103124 Total 6 montlLS ended 31103124 Ti)ial 18 monihs ended 30109123 Donation income 64,456 238,474 302,930 1.204.479 fv1,456 238,474 302,930 1.204,479 16
LFT CHARITABLE TRUST NOTES TO THE FINANCIAL STA TEMENTS (continued) 5. Charitable aetivities Unrestricted Fuiids 6 montlL8 ended 31103124 Restricted Funds 6 months ended 31103124 Total 6 monlhs ended 31103124 Total IS monihs ended 30109123 Charitable Activities Ch¢11*ble donitiions Adminislralion ¢osis Wage5 and salariL% Trusi running LOSIS Oiher expenses 238,187 104 238,187 7,653 50,582 5,682 1,004 1,0.56,216 4,444 12.5,227 7,549 50,582 5,682 1,004 4.248 64,817 238,291 303,108 1 ?04,Of 6 6. Transfers between funds Unrestricled lunds ar¢ %p¢nl vr applied al Ihe di.qLreiion o( IhL Tru8lee.% lo luriher any of IhL Lharily'.8 purposes. Unre5lriLled (und.s Lan be used iu %upplemeni expendilure made from rc8lriLled funds. 7. Analy.sis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Total 6 months ended 31103124 Total 18 monih8 30109123 Wages and salaries Social security costs F.mployer pension contributions 43,662 5,IHI7 1,913 11.3,719 7.122 4,766 50,582 125,227 The average number of employees during Ihe period was l {2023.. 1). All employees were full-lime. The was one staff member {key management persotliicl) who reLLIVLd dnnualised remuneration over £70,000. None of the trusieeb received any remuneration nor any reitnbursement ot expenses during the period (2023.. Nil). 17
LFT CHARrrABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (eontinued) 8. Intangible fixed assets Website Total Cost As at i%¢ October 2023 4,200 4,?00 As at 31" March 2024 4,200 4,200 Amortisation As at l 81 October 2023 4,21K) 4,200 As at 3151 March 2024 4,200 4,2DO Net book value at 31$¢ March 2024 Nel hnok value at IO, Sepiemb¢r 202.1 9. Tangible fixed assets Office Equipment Total Cost As al.1" October 2021 As at 3151 March 2024 1,405 1,405 Depreciation As al l OclobLr 2023 Depreciation charge for Ihe period 703 281 703 ?81 As at 3111 March 2024 984 Ne¢ book value at 31. March 2024 421 421 Nel book value at 301h Seplember 2023 702 702 18
LFT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (conllnued) 10. Analysis of net assets Unrestricted Cenei'al Restricted Total Fixed assets Current assets Current liabilities 421 7,152 (5,949) 421 519,361 (517,564) 512,209 (511.615) Net assets at 3151 March 2024 ,624 594 2,218 11. Funds of the charity Atl. October 2023 At31. March 2024 Income Expenditure Unrestricted funds General fund Restricted funds Donatioiis fund 1,985 64,456 {64,817) 1,624 411 238,474 (238,291) 594 Total funds 2,396 302,930 (303,108) 2,218 12. Related party transactions All of the Trust's income (£302,930) comprises donations from Alterity Investments Limited, a coinpany controlled by trustees, Mr Edward Aidan Lonergan and Mrs Anne Teresa Lonergan. AÉ the period-end donations receivable from Alterity Investments Limited amounted to £236,615. Included in charitable donations is £7,583 donated to The Adsum Foundation, a chayity with a comn)on trustee, Mr Gavin Lonergaii. An amount of £41,808 included in donations payable lo The Adsum Foundation at the prior period end was I'escinded during the period. At the period-end donations payable to The Adsum Foundation amounted to £147,131. Included in trust running costs expenditure is rent of £4,800 which was paid to trustee Mr Edward Aidan Lonergan for the pi'emises occupied by the Trust. R¢miinei'ation paid to key manag¢iiient personn¢l is disclosed in note 7. 13. Funding eommilments The Trust had no unconditional charitable funding coinmitments at the balance sheet date, beyond those which have been recognised in these accounts. 14. Controlling party During the period LFT Charitable Trust was undei. the control of tlie Trustees. 19