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 Chi￿1table T￿$1 achicvcs thcsc objLclivcs by awarding grdnls. The Twsl is iniendcd lo bc exclusively gr￿l- 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 beiieficincern basis of accounting in the preparation of the financial 51alemenls is appropriate. Based i)n the work we have perfonned, we have not identified any material uncertainiies relating lo events or condition8 thai. individuiilly or collectively, may ca.sl Significani doubi on the chiirily, s ability lo conlinuL ils a going concern for a pLriud uf ac ILasl IwLlve munih8 from when Ihe findnLial Sla(emenl8 arL auihorised for is.8u¢. (')ur rL.%punsibililiL.4 and Ihc rcsponsibililies ol. the Iru.stces with respecl to going concern are de,scribL'd in Ihc relevant seciions of this report. Other Information The Trusiees are responsible for the other information. The oiher inforn)alion comprises the informaiion included in Ihe aiinual reporl, oihLr Ihan ihe finanLial slatemeni.% and uur audiiur',8 fLpuri Ihereon. Our upiiiioii un IIIL financial SlatcniLnt8 docs not covcr the oihLr inl'ormation and, Lxccpt to the extcnt othcrwi.8L' explicitly 51aled in our report, wc do iiol exprLSS any fonn of assurance conclusion thereon. In ci)nneclion ￿'1th our audit of thc linancial statemcnls, our resp()nsibilily is lo rLad the oihLr infomiation and, in doing so, considLr whether the other informali(In is maiLrially inconsislenl with the financial slatcments or our knowledge obtained in Ihc audit or oihcnvise appears lo be malerially missialed. If we ideniily such material inconsisiLncies or appiher due lo Iraud or error, dcsign and perform audit procLdures rLsponsive to those risks, and obtain audil evidenLe Ihdi is sulficienl and appropriate lo provide a basis for our opinion. Thc risk of noi deLeLling a Inalcrial misslaiemeni resuliing from fraud is higher thiin for one rcsuliing from error. as traud May involve collusion, forgery, iIIILiiiiunal umis%ion%, mi8represeiilalion8, or IhL uverride of internal control. Obiain an undLr%ldnding ot internal conirol rLILvant to Ihc audit in ordcr lo dc.8ign audit procedurLS Ihal ar¢ apprapriate in the circumstances, bul not I'or ihe purpose OF expressing an opinion on the eftecliveness of the Trust's iniernal control. IrrLguldrilies, including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misstatements in respect of I￿egular1ties, including Iraud. The extenl to which our procedures are Lapable ol deiecling irregularities including fraud 18 detailed below.. We identiticd thL law8 and rcguldtiDns applicablc to the charity through discussions with trustec% and key personnel. and frnTn our own knowledge and experiLllLe ()f the Lharilable sector. We focused on specific laws and regulations which we considered may have a direct material effLLE on ihe financial stalemenis OT the operations of the charity, including the Charities Act (Northern Ireland) 2008 and related legi8laiion, while also giving consideration to da(a proieclion regulaiions, employmeni law and health and safely legislation. io 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 uneXpeC￿d 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 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