LFT CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31 MARCH 2025 Charities Registrdtion NumbeT= NIC107373
LFT CHARITABLE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE ST YEAR ENDED 31 MARCH 2025 CONTENTS Pages Chairman's Foreword Trustees, Report Independent Auditors Report 10- 12 Statement of Financial Activities (incorporaling income and expenditure account) 13 Statement of Financial PositionlBalance Sheet 14 Cash Flow Statement 15 Notes to the financial statements
LFT CHARITABLE TRUST CHAIRMAN'S FOREWORD The Board of LFT Charitable Trust are happy to look back on another year that cemented the values and advanced LFT in the world of grantmaking. L&st year we welcomed two new Trustees onto the board and their impact has been even better than hoped, helping us not only lo increase our capacity but push us further towards our targets. During this financial year we adopted our new grantmaking strategy, bringing our aims and methods up to date with the ever-changing landscape of private philanthropy. A big part of this was cementing the Open Call approach and we are delighted with the enthusiasm with which all OUT board members have embraced ihis challenge. The dedication of our Chief Executive helps us to continue to thrive, and we look forward to another successful year ahead. Mr.G vi Lonergan Chairperson and Trustee
LFT CHARITABLE TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trustees of LFf Charitable Trust are pleased to present their report and financial statements for the year eT)ded 31, March 2025. Trustees have prepared the financial stalements in accordance with the Trnst Deed. applicable Accounting Standards in the United Kingdom (FRS 102), the Statemenl of Recommended Practice (SORP) 'Accounting and Reporting by Charities, issued in October 2019, and in accordance with the Charities Act (Northern Ireland) 2008. Objectives and Aetivities LFT Charitable Trust was established under a Trust Deed in June 2017. LFT Charitable Trust's vision is of a just world where people have equal opportunity io tran5foTm their I1¢s, participate in their communili¢s and build successful futures. The Trust has syide discretionarv powers to proimote and support charitable purposes and objectives for public beiiefit includino in particiilar.. a) the relief of the suffering and distress of those persons in need. b) the furtherance and advancement of the education of children and adults. and c) the proTnotion of the health and wellbeing of children and adults. LFT Charitable Trust achieves these objectives by awarding grdllts. The Trust is iniended to be exclusively Frantmaking, Ivith no fiindraisiiig or operating activities. LFT aims to fund programmes olactivity. delivered by partner organisation5 which= make a lasting difference to people's live5 as well as alleviating the Sylnptoms or current problems; are aimed at reducing isolation, inequality and stigma- and inspire or empower individuals to realise their potential and share ivj the life of the whole community. LFT Charitable Trust is primarily a proactive funder. Knowledge is built by tslking lo and meeting with individuals and organisations working within priority areas. It is apparent that this approach is yielding benefits for LFT with 950/0 of Grant Partners describing LFT as professional and knowledgeable. despite a modest track record of six years, grdnlmaking. Where opportunitie5 are identified and the prospect of a project that align5 With LFT'S grant making policies, proposa15 are invited for funding using an official application fomi. All applications are then assessed against e5tabli5hed criteria and grants awarded at the discrelion of th¢ Board of Trustees. During the past year proactive grantmaking has been complemented by a small number of open calls airned at identifying and supporting orgaT]isations to deliver on specific ihemes. Resei & Recovery - to encourage people to achieve and suslain recovery from substance dependence and addiction. Tackling Poverty- for projects that complement the supply of emergency assistance such as food and fuel by provtding opportunities for people to build autonomy, develop self-reliance and independence. Nur¢ured by Nalure to promote and harness the well-established links between the envtronment and wellbeing and to support organisations to iv]crease community engagement and connectivity with nature for mutual benefit. Reach & Reconneci - to reduce social isolation and loneliness for older people not currently being reached by existing initiatives.
LFT CHARITABLE TRUST TRUSTEES, REPORT (continued) Objectives and ActÉvitie5 (continued) Mind Mallers to support charities teTnporarily increase their Capacity to offer counselling and other Psychological therapies and expedite care to adults on their waiting lists. All of the Trust's purposes are achieved by awarding grants to individuals and organisation5 on the basis that funding will have a positive impact on the beneficiaries. Those ihat receive a grant are required to demonstrate the direct and indirect benefii their work has on people in need via regular moniloring and evaluation. Mindful of the administrdtion burden placed on Grant Partners, LFT has worked diligently to keep monitoring and evaluation to a minimum and only collect data that is truly necessary, a faci endorsed by 940/9 of GraJ]t Partners indicating that the effort required was appropriate to the size of the grant. Trnstees review and update grant making policy at regular intervals to ensure it 15 responsive and relevant to Current needs. During the year Trustees considered and agreed their position on a range of issues including LFT'S perforniance as a flexible and responsible grant maker, added value grantmaking. participatory grantmaking approaches, capturing impact & learning and the visibility of grdntmaking. A new Grantmaking Strategy has been developed for the period 2024-2027 which embeds LFT'S ambition to be a relational funder. LFT Trustees are encouraged to identify and promote activity in areas that they have a genuiT)e interest in, to build supportive relationships with grant partners and take the opportunity to engage with and get direct feedback from beneficiaries. LFT Charitable Trust is favnily led and the new strategy continues to reflect the values of its founders'.- Com assion LFT commits to listening to and understanding the needs of those who are suffering and is driven by a desire to act responsibly. Fairness and Inte ri LFT aims to operate in a clear and transparent manner and make the process of applying for funds as simple as possible for prospective partners. Continuous Learnin LFT seeks to build honest relationships with partners in which IK*th success and failure offer OppOrnitIeS for learning. The Trust strives to be responsive lo change, unexpected consequences and external developments that require shifts in strategy and expectation5. Partnershi & Collaboration Reco(rnising one can achieve little on its own, LFf aims to develop close relationship5 with partners in order to best support their work and to achieve shared goals. Trustees have also committed to trialling a participatory grani making initiative with young people and using the learning from this pilot to develop other means of ensuring lived-experience infomis grantmaking decisions. Third generation family Tnembers continue to have an important role in LFT and there is a strnctured learning programme in place for their development as future Famtlv Trustees. Activities during the year have included the presentation of Christma5 gifts for children living in family hosiels, the thoughtful selection of little luxuries for the 'Shoe Box Appeal, for those experiencing homelessness, experiential learning activities to build understanding of homelessness and poor mental health, grant partner visits and direct charitable giving.
LFT CHARITABLE TRUST TRUSTEES. REPORT (continued) Achievements and Performance The Trustees confirn) that they have considered the Charity Commission for N I's general guidance on public benefit when reviewing the Trust's objectives and in planning future activities and grant making throughout the period. A copy of the Commission's guidance notes on public benefit has been issued to all Trustees. LFT Charitable Trust operates for the public benefit with the ultimate beneficiarie5 being the many people supported by the grant partners thai LFT funds. In providing 5UPPOrt LFT Trustees examine how grant partner organisations are govemed and LFT grants are Tnade with conditions to ensure they are spent appropriately and for the charitable purposes outlined by the applicani organisation. The benefits of all purposes are demonstrated throutsh regular feedback and evaluation of the organlsations and beneficiaries supported. Trustees have continued to develop enduring relationships with a number of existing grani partners with visits to meet community leaders and beneficiaries taking place. In developing c105e relatiOT]s with grant partners LFT is able to leam and better understand the environment in which we operate and ultimately Tnake better informed grantmaking decisions. LFT grant partners consistently report that they have a 'strong, positive relationship with LFT, with 960/0 indicating they feel extremel> or very 'valued' by L wr. Seventy-five organisaiions were supported during the period with a new funding letter of offer, over 550/0 of whom were new grant partners, many of whom calne to our attention during the process of an open call. Grant partners are typically small (500/0 have an annual income less than £250,000 and 780/0 have les5 than 10 employees) well-connected, responsive and agile grassroots organisations as illustrated by the diversity of activities delivered and highlighted on the LFT website. LFT'S direct impa¢1 on Grant Partners is tneasured wilh reference to their capacity to reach Tnore beneficiaries, to improve the quality of services offered to beneficiaries and the internal management capacity and resilience of their organisation. Naturally not all projects supported will have a direct impaci on all of these factors but feedback suggests 790/0 of Grant Partners recognise the funding from LFT as strongly impacting on their ability to support more vulnerable beneficiaries and 750/0 of Grani Partners ideT]tify the grdnl as having a strong impact OT) the quality of the services delivered. 770/0 of Grant Partners accredited LFf fuT]ding with positively impacting their management capacity and capability. The Relief of Sufferin & Distress As in previous years, the reasons why individuals find themselves in need varies greatly as does the means in which they can be supported. Mindful of statistics depicting 180/0 of people (approx. 349.000) living in relative poverty in Nl and growing numbers of households experiencing food and fuel iT]security, the Tackling Poverty Programme funded a range of initiatives promoting sustainable living. growing vegetables, nutrition and cooking on a budget. The Promotion of Health & Wellbein Beneficiaries of all ages and sia¥es of life were supported in a range of health & wellbeing initiatives delivered by grant partners. The value of nature-based interventions in improving health and wellbeing outcomes for people of all ages was the fo¢us of the Nurtured by Nature Programme. li follows, that natu-based interventions which lead to increased nature connectedness, also result in increases in proryenvironmental and pro-conservation behaviours. which are vital in addressing the climate and environmental crisis. The aim of this LFT Grant making Programme was to protnote and support organisations io increase community engagement and connectivity with nawre for mutual benefil.
LFT CHARITABLE TRUST TRUSTEES, REPORT (conlinued) Achievements and Performance fconlinued) A significant proportion of the LFf budget was distributed io address mental health i55ues - from crisi5 intervention and prioritising individual's safety to pre-emplive activities addressing risk factors and building healthy coping mechanisms. The Advancement of Education Promoting equity of access to education was a key feature of the many education projects supported this year. Grant partners delivered projects facilitating access to those excluded andlor disengaged from education as a result of circumstances such as disability. nationality. gender and economic status. A150 funded were a number of projects that offer alternative approaches to education and Working with learner5 to ensure they Tnaximise their individual potential to succeed whether in education or employment. Internationally the building of a number of Sch(1$ was SUPPOrted along with literacy and numeracy programmes. Financial Review The Trust is funded in its entirety from charithble donations from Alterity Investments Ltd which has pledged up to 500/0 of the surplus income generated by Alterity's investment business lo LFT Charitable Trust. During the year LFT Charitable Trust provided ndIng to its grant partners in excess of £1.4 million which bring5 the total sum disbursed since the establishment of the Trust lo over £4.7 million. Fonvard commitments of an additional £525,000 are Tecognised as at the balance sheet date and, along with conditional offers, bring the total funding pledged since the inception of the Trust to over £5.2 million. Trustees do not consider a Reserves Policy is necessary given the current financial arrangements in place with Alterity Investments. Alterity itself continues to maintain a strong financial position with a diverse range of income streams. LFT Charitable Trust does not hold any funds on behalf of others. The auditors, Stevenson & Wilson, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Board of Trustees Meeting on ioth June 2025. Plans for future periods Trustees will continue to award grants which progress the LFT vision of a just world where people have equal opportunity to transforn) their lives, participate in their communities and build successful futures. A key focus for the new year will be to continue building the capacity of LFT to distribute ndIng effictently and effectively. To that end the recruitment of a Grants Manager and the appointment of a new independent Trustee is proposed. Also being planned is a pilot participatory grantmaking initiative.
LFT CHAIUTABLE TRUST TRUSTEES. REPORT (conlinued) Structure, Governance and Managemenl LFT Charitable Trust is governed by its Trust Deed created 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 Settlor of the Trust and must be done by virtue of a deed. New Trustees are invited on the basis of their proven ability. relevant experience, and personal interest in the work of the Charitable Trust. The Trust has an Énduction progrdmme for new Trustees who are advised of their legal obligations as Trustees, briefed on the governance and structure of the Trust and provided with an overview of the Trust's performance in meeting its charitable purposes. All Trustees commit to a Code of Conduct and are required to disclose all relevant interests, register them with the Chief Executive and in accordance wilh the Trust's policy withdrdw from discussion I decisions where a perceived or actual conflict of interest arises. All Trustees give of their time freely and no Trustee remuneration was paid during the reporting period. There are currently seven Trustees who have overall responsibility for the Trust. During the period under consideration, ten Trustee meetings were held. The Trustees are responsible for the overall governance of the Trust and oversee all grant making. The Trust's Chief Execulive, Aisling Johnston, is responsible for implementing the LFT Charitable Trust strategy and for the management of the day-to-day operations of the Trust and its activities. The Trustees review the level of remuneration paid to key management personnel to ensure it is at a level consistent with the role and responsibility of the position and consistent with that olsimilar entities. Risks are considered on an annual basis by Truslees. This involves identifying the types of Tisk, in particular those related to the operations and finances of the Trust, priorilising them in tern)s of impact and likelihood of occurrence and identifying means of mitigating risks. Reliance on a Single source of income continues to pose the greatest threat, however, Trustees are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trust is a member of Philanihropy Ireland and the Funders Forum Nl. The Trust is also a member of the Association of Charitable Foundations (ACF) and the Chief Executive continues to act as convenor for the UK Family Foundations network of over 40 independent family foundations to share and l¢am best practice. LFT Trustees continue to promote philanthropy by sharing their personal experiences with other families who are exploring or developing the concept of charitsble giving as a family.
LFT CHARITABLE TRUST TRUSTEES, REPORT fconlinued) Reference and administrative details Registered charity name.. LFf Charitable Trust Trustees.. Mr. Edward Aidan Lonergan Mrs. Anne Lonergan Mr. Gavin Lonergan Mr. Darren Lonergan Mrs. Clara Lewis Ms. Jill Downing (deed of appointment dated 09104124) Mr. Joe Mcvey (deed of appointment dated 09104124) Chairperson-. Mr. Gavin Lonergan Charity Commission registration number: NIC107J73 Registered office I Principal Office: 4 Annadale Avenue Belfast BT7 3JH Solicitor- Carson McDowell LLP Murray House Murray Street Belfast BTI 6DN Auditor= Stevenson & Wilson 22-30 Broadway Avenue Ballymena B T43 7AA Bankers: Danske Bank Donegall Square West Belfast BTI 6JS
LFT CHARITABLE TRUST TRUSTEES, REPORT (con¢inued) Statement of Trustees, responsibilities The Trustee5 are responsible for preparing the financial statements in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial slatements for each financial period. Under that law the Tru5tee5 have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting SL2ndards and applicable law). Under Charity law the Trustees must not approve the financial statements unless they are Satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including income and expenditure for that period. In preparing these fmancial statements, the TTUStees are required to: select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP-FRSI 02. make judgements and accounting estimates that are reasonable and pnjdent. state whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statement. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Trnst's transactions and disclose with reasonable accuracy at any time the financial position of the Trust and enable it to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008. It is also responsible for safeguardtng the assets of th¢ Trusl and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In the c&se of each Trustee, at the date the Trustees. Report is approved: so far as the Tstee is aware, there is no relevant audit information of which the charity's auditors are unaware; they have taken all the steps that they ought to have taken as a Trustee in order to make themselves aware of any relevant audit information and to establish that the charity's auditor5 are aware of that inforniation. Approved by the Board on l O June 2025 and signed on its behalf by: in Lonergan Chairperson and Trustee
LFT CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT TO THE TRUSTEE OF LFf CHARITABLE TRUST Opinion We have audited the financial statements of LFT Charitable Trust for the year ended 31" March 2025 which comprise the Statement of Financial Activities, Statement of Financial Position, Cash Flow Statement and notes to the financial statements, including a summarv of significant accounting policies. The financial reporting framework that has been applied in their preparation 15 applicable law and United Kinodotn Accounting Standards. including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)- (Charities SORP (FRS102)}. In our opinion, the financial slalements: give a tnAe and fair view of the state of the charitable trust's affairs as at 31, March 2025 and of its incoming resources and their application for the perilxl then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008. Basis for opinion We conducted our audit in accordance with International Stsndards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those siandard5 are further described in the Auditor's responsibilities for the audit of the financial statements Section of our report. We are independent of ihe Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, in¢ludino the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements: we have concluded thai ihe tnlee$, use of the going COTbcern basis of accounting in the preparation of the ftnancial statement5 is appropriate. Based on the work we have perfom)e(L we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to cov]tinue as a going concern for a period of at least twelve months froTn when the flnancial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The Trustees are responsible for the other Rnfonnation. The other information COTnprises the inforniation included in the annual report, oth¢r than the financial statements and our auditor's Teport thereon. Our opinion on the financial Statements does not cover the other information and, except to the extent otherwise explicitly Stated IT] our report, we do not express any fonn of assurance conclusion thereon. In conne¢tion with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is malerially inconsistent wilh the finallcial stateTnents or our knowledge obtained in the audit or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to deterniine whether there is a material misstatement in the financial statements or a material misstatement of the other infornialion. If. based on the work we have perforn]ed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matlers In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees. Report for the fmancial period for which the financial statements are prepared is consistent wtth the financial 5tatements- and the Trustees, Report has been prepared in accordance with applicable legal requirements. 10
LFT CHARITABLE TRUST INDEPENDEIYT AUDITORS, REPORT (continued) Matters on which we are required to report by exception In the light of ihe knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters in relation to which the Charities Act (Northern Ireland) 2008 requires us to report to you if, in our opinion- accounting records have not been kept by the TrusL or return5 adequate for our audit have not been received from branches not visiled by us. or the financial stalements are not in agreement with the accounting records and returns. or certain disclosures of truslees, remuneration specified by law are nol made. or we have nol received all the inforTnation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the trustees. responsibilities statement set out on page 9. the Trustees are responsible for the preparation of the financial statements and for being satisfied thai ihey give a true and fair view, and for such internal control as the Trustees determine is necessar), to enable the preparation of financial statements that are free froTn material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are reswnsible for assessing the Trust's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basi5 of accounting unless the Trustee either intends to liquidate the Trust or to cease operations, or have no realistic alternative but to do so. Alldilor's responsibilities for the audit of the finaneial statements Our objectives are to obtain reasonable assurdnce about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an audiior's report that includes our OPiT]ion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material tnis5tatement when il exists. Misstaiements can arise from fraud OT error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statelnents. As part of an audit in accordance with ISAS (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriaie io provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion, forgery, intentional omissions, misrepresentatlons. or the override of iniernal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control. Irregularities, including fraud, dre instances of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misslatemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregulariiies including fraud is detailed below.. We identified the law5 and regulations applicable to the charity through discussions with trustees and key personnel, and from our own knowledge and experience of the charitable sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial staternents or the operations of the charity, including the Chariiies Act (Northern Ireland) 2008 and related legislation, while also giving consideration to data proteclion rcgulations. eTnploymetJi law and health and safety legislation.
LFT CHARITABLE TRUST INDEPENDENT AUDITORS, REPORT (conlinued) Auditor's responsibilities for Ihe audit of the financial statements (conlinued) The engagement partner ensured thai ihe engagemenl leam collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable law5 and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit. We assessed the susceptibility. of the charity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We did so through discussions with management as to their assessment of areas where fraud or non-compliance might occur, as well as considering the internal controls in place to miligaie risks olfraud and non-compliaT]ce. In order to ascertain the extent of compliance with the laws and regulations, we made enquiries of management as to whether ihere was any actual or potential litigation, we reviewed legal correspondence. we inspected thx correspondence and we performed analytical procedures to identify any unusual or unexpected activity. A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.org.uklauditorsre5ponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charity's members, as a body. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required io state 10 them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charity and the charity's members as a bod),, for our audit work, for this report, OT for the opinions we have fornied. Peter Stevenson Senior Statutory Auditor for and on behalf of.. Stevenson & Wilson, Statutory Auditor 22-30 Broadway Avenue Ballyrnena B T43 7AA l O" June 2025 i?
LFT CHAIUTABLE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31ST MARCH 2025 ijnrestrieted Funds Year ended 31103125 Restricted Funds Year ended 31103125 Total Year ended 31103125 Total 6 months ended 31103124 Note Incoming resources Donation income 142285 1.046,454 1,188,739 302,930 Total income 142,285 1,046,454 1,188,739 30?.930 Resour¢e5 expended: Charitable activities 141,175 1,040,768 1,181,943 303,108 Total expenditure 141,175 ,040,768 1,181,943 303,108 Net movemen¢ in funds i.iio 5.686 6,796 (178) Reconciliation of funds: Total funds brought fonvard 1,624 594 2,218 2,396 Total funds carried forward 2.734 6,280 9,014 2,218 The statement of financial activities includes all gains and1055es recognised in the period. All income and expenditure derives from continuing activities. 'rhe notes on pagcs 16 to ? I form part of these financial statements 13
LFT CHAtUTABLE TRUST STATEMENT OF FINANCIAL POSITIOIY / BALANCE SHEET AS AT 31- MARCH 2025 2025 2024 Note Fixed assets Intangible fixed assets Tangible fixed assets 140 140 421 421 Current assets Donations receivable Prepayments C&sh at bank Total currenl assets 525,701 3,467 10,098 539,266 236,615 1,964 280,782 519,361 Current liabilities Donations payable Deferred income Other creditors and accruals Tot21 current liabilities 525,701 361,615 150,000 5,949 517,564 4,691 Net current assets 8,874 1,797 Total assets less current liabililies io 9,014 2,218 Unrestricted funds Restricted funds Total charity funds 2,734 6280 9,014 1,624 594 2,218 The financial tements were approved by the Trustees as at 10 June 2025 and signed on their behalf by.. Mr. Darren L ergan Trnstee The notrs OR pagc5 16 to 21 forni pan of these financial Sthlements 14
LFT CHARITABLE TRUST ST CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 Year ended 31103125 6 months ended 3 I1Oi124 Cash flows from operating actii'ilies Net incoming/(outgoiT]g) resources Add.. Depreciation Net cash inflow from operating activities 6,796 281 7,077 (178) 281 103 (Decrease)/increase in donations receivable and prepayvnents (290,589) 191,818 Increase in donations payable, deferred income, other creditors and accruals 12,828 83.398 Net (decrease)/increase in cash for the period {270,684) 275,319 Cash and cash equivalents at the beginning of the period 280,782 5,463 Cash and cash equivalent at the end of the period 10,098 280,782 The notes on pages 16 10 21 form part of thcse financial statements
LFT CHARITABLE TRLIST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315T MARCH 2025 l. Trust information The Trust was established in Northem Ireland under the Trust Deed dated 29 June 2017. The address of the registered oifice is 4 Annadale Avenue, Belfast, BT7 )JH. The financial statements were authorised for issue by the Board on l O June 2025. 2. Accounting policies The principal accounting policies adopted, judgements and key" sources of estimation uncertainty in the preparation of the financial staiements are as follows.. Basis of preparation The financial Statements have been prepared OT) a going concern basis in accordance with Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Sthndard applicable in ihe UK and Republic of Ireland (FRS 102)- (Charities SORP {FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The reporting and functional currency is sterliT]g. The Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially reco4nised at historical cost and transaction value unless otherwise stated in the relevant accounting policy note(s). Preparation of accounts on 2 going concern basis The Charity generally meets tts day to day working capital requirements from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied that the Charity has resources to prow ide a reasonable expectation that il can continue to tneet its financial obligations as they fall due for the forese¢able future. These financial statements have therefore been prepared on a going concern basis. Incoming resources Donations are included in the Statement of Financial Activities when the Trust is entitled to the income, it is probable that the income will be received and the amount can be quantified with reasonable accuracy. In addition to the above conditions, donaiions to cover the Trust's overheads are included in the Statement of Financial Activities on a systematic basis over the periods in which the Trust recognises as expenses the related costs which the donations are intended to cover. Resourees expended Expenditure is recognised on¢e there is a legal or constrn¢tive obligation to make a paymeni to a third party, it is probable thai settlement will be required and the amount of the obligation can be measured reliably. Charitable expenditure comprises those costs incurred by the charity in ihe delivery of its activities and services to its beneficiaries. It includes both costs can be allocated direaly to such activities and those costs of an indirect nature necesJai)' to support them. Intangible assels Expenditure on the charity's ivebsite is capilali5ed and amortised over the period the charity is expected to benefit. An atnortisation rate of 500/0 on a straight-line b&sis has been used for this putpose. Tangible assets The tangible assels of the Tnlsl Comprise of oifice equipment. Office equipmenl is depreciated at a rate calculated to reduce it to residual value at ihe end of its e_xpeLied normal life on a straight-line basis at a rate of ?OO/o per annum. The assets, residual values and useful lives are reviewed, and adjusled, if appropriate. at the end of each reporting period. The effect of anj change is accounted for prospectively. Tangible assets are derecognised on disposal or when no future ttconomi benefils are expected. On disposal, the difference between the new disposal proceeds and the carrvino amount is recognised in the statement of financial aclivities and included in "other operating gain51(losses)" 16
LFT CHARITABLE TRLTST NOTES TO THE FINANCIAL STATEMEIITS ILonlinued) 2. Accounting policies (conlinmed) Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-terni highly liquid investments with original maturities of three months OT le55 and bank overdrafts. Short-term debtors and creditors Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Financial assets, including debtors. are reviewed at the reporting date to determine if there is any evidence of potential impainnent. Any losses arising from impairment are recognised in the income statement in operating expenses. Financial instruments The Trust only has financial assets and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instrnments are initially recognised at trdnsaction Price and subsequently measured at their settlement value. Funds Funds are classified as either unrestricted funds or restricted funds. defined as follows: Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are eamlarked at the discretion of the Trustees for a particular purpose, they are designated as a separate fund. This designaiion has an adrninistrative PUTP05e only and does not legally restrict the Trustees, discretion to apply the fund. Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal proc¢55es, but still within the wider objects of the TrusL Pensions The Trust operates a defined contribution scheme for staff. Employer contributions are charged through the income and expenditure when incurred. 3. Critical accounting judgements and estimation uncertainty Estimates and judgments made in the process of preparing the financial statements are.continually evaluated and are based on historical experience and other factors. including expectatioT]s of future events that are believed to be reasonable under the circumstances. The Trustees do not Consider that there are any critical judgTnents made in applying the Trust's accountinu policies or that there are any crilical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carr)'ing avnounts of assets and liabilities within the ne,Yt financial period. 4. Donation income Unrestricted Funds Year ended 311031?5 Restricted Funds Year ended 31103125 Total Year ended 31103125 Total 6 months ended 31103124 Donation inconie 142.?85 1,046,454 1,188,739 302,930 142285 1,046,454 1,188,739 302,930
LFT CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) 5. Charitable activities Unre51ricted Funds Year ended 31103125 Restri¢ted Funds Year ended 31103125 Total Year ended 31103125 Total 6 months ended 31103124 Charitable Activities Charitable donations Administration costs Wages and salaries Trust running costs Depreciation Other expenses 1,040,553 215 1.040,553 19,128 108,781 11,963 281 1237 238,187 7,653 50,582 5.682 281 723 18,913 108,781 11,963 281 1237 141,175 1.040,768 ,181,943 303,108 All charitable expenditure and support costs are incurred in connection with the grant-making activities of the Charity. The granis paid during the year are classified as follows: Total Year ended 31103125 Total 6 nionths ended 31103124 Grants paid to institutions Grants paid to individuals Promotion of Health and Wellbeing Advancement of Education Alleviation of Suffering & Distress 473,878 98,400 473,878 98,400 217,990 34,532 462,275 6,000 468,275 (14,335) 1,034,453 6,000 1,040,553 238,187 Grants Tnade to institutions are considered material in the context of the Charity where they exceed 50/0 of the total charitable expenditure. Materidl grants made ic iTlSlitutions during the year were: Queen's UiiiN'er8ity' of Selfast Foundation Adsum Foundation Other grants Piiid to instilution_8 211,697 348,998 473,858 1,034,553
LFT CHARIT.4BLE TRUST NOTES TO THE FINANCIAL s'fATEMENTS (contiiiued) 6. Transfers between fund5 Unrestricted funds ar¥ spent or applied at the discretion ot the Trustees to further any of the charity's purposes. Unrestricted funds can be used to supplement expenditurv tnade from restricted funds. 7. Analysis of staff eosts, truslee remuneration and expenses. and the Cost of key anagement personnel Tolal Year ended 31103125 Total 6 months ended 31103124 Wages and salaries Social security costs Ernployer pension contributions 98J40 6,061 4,380 43,662 5,007 1,913 108,781 50,582 The average number of employees during the period was 2 (2024: 1), being one full-time employee and one part- time. There wa5 one staff member (ke}, mana(v¢m¢nt personnel) who received annualised remuneration between £80,000 and £90,000. None of the trustees received any remuneration noi- any reimbursement of expeT]ses during the period (2024.. Nil). 8. Intangible fixed assets Website Total Cost As at I, April 20?4 4.200 4,200 As at 31" March:025 4,200 4,200 Amortisatio As at I" April 2024 4.200 4.200 As at 31, March 20?5 4,200 4,200 Net book value at 31. .March 2025 Net book value ai )]" 14ar-h ?024
LFT CHARITABLE 'fRtiST NOTES TO THE FINANCIAL STATEMENTS (conlinued) 9. Tangible fixed assets Office Equipment Tolal Cost As at I" April 2024 ,405 1,405 As at 31" March 2025 1,405 ,405 Depreciation As at I" April 20?4 Depreciation charge for the period As at 31" March 2025 984 281 984 281 1,265 1,265 Net book value at 31. March 2025 140 140 Net book value at 31" March 2024 421 421 10. Analysi5 of net assets Unrestrieted General Restricted Totsl Fixed assets Current assets Current liabilities 140 7,285 (4,691) 140 539,266 (530,J92) 5Jl.981 (525,701) Net assets at 31. March 2025 2,734 6,280 914 I l. Funds of the charity, At I. April 2024 At 31, March 2025 Income Expenditure UnrestriLted funds General fund Restricted funds Donations fund 1.624 142,285 (141,175) 2,734 i94 1,046.454 (1,040,768) 6,280 Tolal funds 2.218 ,188,139 (1,181,943) 9,014 ?0
LFT CHARITABLE TRUST INOTES TO THE FINANC.IAL STATEMENTS (eoiitinued) 12. Related party transactions All of the Trust's income (£1,188,739) cornprises doiialions from Alterity Investments Limited, a company controlled by trustee5, Mr Edward Aidan Lonergan and Mrs Anne Teresa Lonergan. At the peril-end donations receivable from Alterity Investments Limited amounied to £525,701. Included in charitable donations is £348,998 donated to The Adsum Foundation, a charity with a comrnon trustee, Mr Gavin Lonergan. At the period-end donations payable to The Adsuwn koundation amounted to £121,837. Included in trust runninu costs expendire is rent of £9,600 which was paid to the trustee, Mr Edward Aidan Lonergan, for the premises occupied by the Trust. Remuneration paid to key management personnel is disclosed in note 7. 13. Funding commitments The Trust had no uncondilional charitable funding commitments at the balance sheet date, beyond those which have been recognised in these accounts. 14. Controlling party During the period LFT Charitable Trust was under the conlrol of the Trustees.