SUMMERHILL FOUNDATION LIMITED STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Account) FOR THE YEAR ENDED 31 DECEMBER 2024
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Income from: (Note 3) | ||||
| Donations and legacies | 1,800,000 | - | 1,800,000 | - |
| Total income | 1,800,000 | - | 1,800,000 | - |
| Expenditure on: (Note 4) | ||||
| Charitable activities | 544,258 | - | 544,258 | 177,876 |
| Total expenditure | 544,258 | - | 544,258 | 177,876 |
| Net (expenditure)/income for the year | 1,255,742 | - | 1,255,742 | (177,876) |
| Balances brought forward at 1 January | 316,293 | - | 316,293 | 494,169 |
| Balances carried forward at 31 December | 1,572,035 | - | 1,572,035 | 316,293 |
The income and expenditure summary as required to be disclosed by the Companies Act 2006 is included at note 14.
All amounts relate to continuing activities of the charity.
Page 8
SUMMERHILL FOUNDATION LIMITED - (REGISTERED NUMBER NI685004) BALANCE SHEET 31 DECEMBER 2024
| Notes FIXED ASSETS Tangible assets 9 CURRENT ASSETS Other debtors 10 Cash at bank CREDITORS Amounts falling due within one year 11 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES FUNDS Restricted funds 12 Unrestricted funds General funds 12,18 |
31.12.2024 £ 245 864 1,572,126 1,572,990 1,200 1,571,790 1,572,035 - 1,572,035 1,572,035 |
31.12.23 £ 489 |
|---|---|---|
| 720 326,284 |
||
| 327,004 11,200 |
||
| 315,804 | ||
| 316,293 | ||
| - 316,293 316,293 |
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
The financial statements were authorised for issue by the Director on ............................................. and were signed by:
........................................................................ Eileen Mooney Director
The notes form part of these financial statements
Page 9
SUMMERHILL FOUNDATION LIMITED
STATEMENT OF CHANGES IN FUNDS FOR THE YEAR ENDED 31 DECEMBER 2024
| Balance at 1 January 2023 Changes in funds Deficit for the period Balance at 31 December 2024 Changes in funds Surplus for year Balance at 31 December 2024 |
Unrestricted funds £ 494,169 (177,876) 316,293 1,255,742 1,572,035 |
Restricted funds £ - - - - - |
Total funds £ 494,169 (177,876) |
|---|---|---|---|
| 316,293 | |||
| 1,255,742 | |||
| 1,572,035 |
The notes form part of these financial statements
Page 10
SUMMERHILL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. NATURE OF CHARITY
The Charity is a private company limited by guarantee with charitable status incorporated in Northern Ireland. one.
The Charity meets the definition of a public benefit entity under FRS 102.
The presentation currency of the financial statements is the Pound Sterling (£).
2. ACCOUNTING POLICIES
Basis of preparing the financial statements
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared on the going concern basis, under the historical cost convention and in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102), and the Companies Act 2006.
The following is a summary of the significant accounting policies adopted by the charitable company in the preparation of the financial statements.
Financial reporting standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP (FRS 102):
- the requirements of Section 7 Statement of Cash Flows.
Income
All income has been included in the Statement of Financial Activities and has been recognised when there is entitlement to the income, certainty of receipt and it can be measured reliably.
Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.
Expenditure on charitable activities comprises the costs of delivering services to the community, together with support costs incurred centrally and governance costs associated with the governance arrangements of the charity which are primarily associated with constitutional and statutory requirements.
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resource.
Fund accounting
The charitable company has various types of funds for which it is responsible, and which require separate disclosure. These are as follows:
Restricted funds
Grants or donations received which are designated by the donor for specific purposes. Such purposes are within the overall aim of the charity.
Unrestricted funds General funds
Funds which are expendable at the discretion of the charity in the furtherance of the objectives of the charity.
continued...
Page 11
SUMMERHILL FOUNDATION LIMITED NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
2. ACCOUNTING POLICIES ( continued)
Unrestricted funds Designated funds
Funds which the trustee has decided at their discretion to set aside for use for a specific purpose. The aim and purpose of each designated fund is set out in the notes to the financial statements.
Taxation
As a charity the company is not liable to corporation tax.
Tangible fixed assets
Tangible assets are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the assets.
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33.3% on cost
Financial Instruments
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. These are initially recognised at transaction value and subsequently measured at their settlement value.
Cash and Cash Equivalents
Cash and cash equivalents comprise cash at bank and cash in hand.
Debtors
Sundry debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid of the transaction price.
Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.
Significant judgements and estimates
The director confirms that there have been no significant judgements and estimates used in the preparation of the financial statements.
3. INCOME
| Donations and legacies Donations |
Unrestricted Funds £ 1,800,000 1,800,000 |
Restricted Funds £ - - |
Total Funds 2024 £ 1,800,000 1,800,000 |
Total Funds 2023 £ - |
|---|---|---|---|---|
| - |
continued...
Page 12
SUMMERHILL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
4. EXPENDITURE
| 4. | EXPENDITURE | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted |
Total Funds | Total Funds | ||
| Funds | Funds | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Charitable activities | |||||
| Grant awards (Note 17) | 516,645 | - | 516,645 | 151,834 | |
| Support costs (Note 5) | 9,796 | - | 9,796 | 9,484 | |
| Governance costs (Note 6) | 17,817 | - | 17,817 | 16,558 | |
| 544,258 | - | 544,258 | 177,876 | ||
| 5. | ANALYSIS OF SUPPORT COSTS | ||||
| Unrestricted | Restricted | Total Funds | Total Funds | ||
| Funds | Funds | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Support costs | |||||
| Advertising and marketing | 194 | - | 194 | 815 | |
| Bank charges | 64 | - | 64 | 63 | |
| Website maintenance | 885 | - | 885 | 1,343 | |
| Office rent | 8,640 | - | 8,640 | 7,250 | |
| Miscellaneous fees | 13 | - | 13 | 13 | |
| 9,796 | - |
9,796 | 9,484 | ||
| 6. | ANALYSIS OF GOVERNANCE COSTS | ||||
| Unrestricted | Restricted | Total Funds | Total Funds | ||
| Funds | Funds | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Governance costs | |||||
| Auditor remuneration | 1,200 | - | 1,200 | 1,200 | |
| Consulting | 15,653 | - | 15,653 | 15,114 | |
| Legal | 720 | - | 720 | - | |
| Depreciation | 244 | - | 244 | 244 | |
| 17,817 | - |
17,817 | 16,558 |
7. STAFF COSTS
The average number of employees during the year was nil (2023: nil).
The director received no remuneration in the course of their work during the year.
continued...
Page 13
SUMMERHILL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
| 8. | NET INCOME | |||
|---|---|---|---|---|
| Net income is stated after charging: | ||||
| 31.12.24 | 31.12.23 | |||
| £ | £ | |||
| Auditor remuneration | 1,200 | 1,200 | ||
| Depreciation | 244 | 244 | ||
| 9. | TANGIBLE FIXED ASSETS | |||
| Computer | ||||
| equipment | ||||
| £ | ||||
| COST | ||||
| At 1 January 2024 | 733 | |||
| Additions | - | |||
| At 31 December 2024 | 733 | |||
| DEPRECIATION | ||||
| At 1 January 2024 | 244 | |||
| Charge for the year | 244 | |||
| At 31 December 2024 | 488 | |||
| NET BOOK VALUE | ||||
| At 31 December 2024 | 245 | |||
| At 31 December 2023 | 489 | |||
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 31.12.24 | 31.12.23 | |||
| £ | £ | |||
| Other debtors | 864 | 720 | ||
| 864 | 720 |
Page 14
SUMMERHILL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
Accruals |
31.12.24 31.12.23 £ £ 1,200 11,200 1,200 11,200 |
|
| 11,200 |
12. ANALYSIS OF CHARITABLE FUNDS
| 12. ANALYSIS OF CHARITABLE |
FUNDS | ||||
|---|---|---|---|---|---|
| At 31 | |||||
| At 1 January | December | ||||
| 2024 | Income | Expenditure | Transfers | 2024 | |
| £ | £ | £ | £ | £ | |
| Restricted Funds | |||||
| - |
- | - | - | - | |
| __ | __ | __ | __ | __ | |
| Total Restricted Funds | - | - | - | - | - |
| Unrestricted Funds | |||||
| General Funds | 316,293 | 1,800,000 | (544,258) | - | 1,572,035 |
| __ | __ | __ | __ | __ | |
| Total Unrestricted Funds | 316,293 | 1,800,000 | (544,258) | - | 1,572,035 |
| __ | __ | __ | __ | __ | |
| Total Funds | 316,293 | 1,800,000 | (544,258) | - | 1,572,035 |
| ======= | ======= | ======== | ======== | ======== | |
| Analysis of net assets between the funds |
| Fixed assets Current assets Creditors less than one year At 31 December 2024 |
Unrestricted Funds £ 245 1,572,990 (1,200) 1,572,035 |
Restricted Funds £ - - - - |
Total Funds 2024 £ 245 1,572,990 (1,200) 1,572,035 |
|---|---|---|---|
Page 15
SUMMERHILL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
13. ANALYSIS OF CHARITABLE FUNDS PRIOR YEAR
| At | At | 31 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| At 1 January | December | ||||||||||
| 2023 | Income | Expenditure | Transfers | 2023 | |||||||
| £ | £ | £ | £ | £ | |||||||
| Restricted Funds | |||||||||||
| - | - | - | - | - | |||||||
| __ | __ | _ | __ | __ | |||||||
| Total Restricted Funds | - | - | - | - | - | ||||||
| Unrestricted Funds | |||||||||||
| General Funds | 394,169 | - | (177,876) | 100,000 | 316,293 | ||||||
| Designated Funds |
100,000 _ |
- __ |
- __ |
(100,000) __ |
- __ |
||||||
| Total Unrestricted Funds | 494,169 | - | (177,876) | - | 316,293 | ||||||
| __ | __ | __ | __ | __ | |||||||
| Total Funds | 494,169 | - | (177,876) | - | 316,293 | ||||||
| ======= | ======= | ======== | ======== |
======== | |||||||
| Analysis of net assets between the funds | |||||||||||
| Unrestricted | Restricted | Total | |||||||||
| funds | funds |
2023 | |||||||||
| £ | £ | £ | |||||||||
| Fixed assets | 489 | - | 489 | ||||||||
| Current assets | 327,004 | - | 327,004 | ||||||||
| Creditors falling due in less than one year |
(11,200) | - | (11,200) | ||||||||
| At 31 December 2023 | 316,293 | - | 316,293 | ||||||||
| 14. | INCOME AND EXPENDITURE SUMMARY | ||||||||||
| 2024 | 2023 | ||||||||||
| £ | £ | ||||||||||
| Gross income | 1,800,000 | - | |||||||||
| Resources expended | |||||||||||
| Costs of activities for charitable activities | 544,258 | 177,876 | |||||||||
| 544,258 | 177,876 | ||||||||||
| Deficit/(Surplus) for year | 1,255,742 | (177,876) |
Analysis of net assets between the funds
The above reflects the Income and Expenditure account as required by the Companies Act 2006 as opposed to that required under the Statement of Recommended Practice as detailed on page 8.
Detailed analyses of the expenditure are provided in the Statement of Financial Activities and note 4.
The Income and Expenditure Summary is derived from the Statement of Financial Activities on page 8 which together with the notes to the accounts on pages 11 - 17 provides full information on the movements during the year on all funds of the charity.
Page 16
SUMMERHILL FOUNDATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024
15. TAXATION
Being registered with both HMRC and the Charity Commission for Northern Ireland as a charity, no liability to UK corporation tax arose on ordinary activities for the period ended 31 December 2024.
16. TRANSACTIONS WITH DIRECTORS/TRUSTEES AND RELATED PARTIES
No director emoluments were paid during the period. There were no other material transactions during the period in which the director or related party had an interest requiring disclosure.
17. ANALYSIS OF GRANTS
| Parenting NI/ Parenting Focus Fane Street PS Malvern PS Children in Crossfire Goliath Trust Parent Rooms Ladybirds Children Make Seconds Count Victoria Nursery School St Teresas PS Exemplar Award St. Columban s PS Families First Brookfield School NI Hospice Total |
Grants to individuals £ - - - - - - - - - - - - - - - - |
Grants to institutions £ 57,700 6,294 26,032 6,980 477 150,000 - 5,500 8,000 - 300 1,540 622 - 3,200 250,000 |
Support costs £ - - - - - - - - - - - - - - - - |
Total 2024 £ 57,700 6,294 26,032 6,980 477 150,000 - 5,500 8,000 - 300 1,540 622 - 3,200 250,000 |
Total 2023 £ 11,000 - 21,000 749 - 100,000 3,085 12,000 - 1,000 - - - 3,000 - - |
|---|---|---|---|---|---|
| - | 516,645 | - | 516,645 | 151,834 |
18. DESIGNATED FUNDING COMMITMENT
The charity has designated £1million to be committed over a four-year period (2024-2027) in regard to NI Hospice. These funds are internally designated by the Trustee for this purpose and remain within unrestricted reserves until applied.
Page 17