THE ANNAGHBANE CHARITABLE TRUST STATEMENT OF FINANCIAL AcfiviTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Unre5trieted funds 2022 Notes Incom¢ from: Donation5 and legacies Investrnents 62,000 4,565 4.223 4,368 Totsl income 66,565 8,591 Expenditure on: Charitable activities 50,837 9.660 Total expenditure 50,837 9,660 Net Incom(expendItUrQ} and movement In funds 15,728 11,0691 Reconciliation of fund5". Fund balances at l January 2023 12,018 13,087 Fund balances it 31 Decernber 2023 27,746 12,018 The statement of financial activitie5 include5 all gain5 and losses recognised in the year. All income and expenditure derive from continuing activities.
THE ANNAGHBANE CHARITABLE TRUST BALANCE SHEET AS A T 31 DECEMBER 2023 2023 2022 Notes Fixed assets Investments 11 11,100 11,100 Current a55ets Debtors Cash at bank and in hand 12 17,113 12,283 12,548 570 29,396 13.118 Creditor$: amounts falling due wlthln one year 13 11,6501 11,1001 Net current assets 27,746 12,018 Total assets less current liabilitie5 38.846 23,118 Credltors: amounts falling due after more than one year 14 111,100) 111,11)01 Net assets 27,746 12,018 The funds of the charities Unrestricted funds 15 27,746 12,018 27,746 12,018 The financial Statements were approved by the Trustees on .0.£r./o=../Z1s ain Mr.B cArdle
THE ANNAGHBANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR fHE YEAR ENDED 31 DECEMBER 2023 Accounting polici95 Charity information The Anna9hbane Charitable Trust meets the definition of a public benefit entity under FRS 102. 1.1 Accounting convention The financial 5tatement5 have been piepared in accordance with the charities's governing document, the Chariiies Act 2011, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.1 and the Charities SORP 'Accounting arsd Reporting by Charities.. Statement ol Recommended Prartice applicable to charities preparing their accounts in accordance with the FinancHI Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffective 1 January 2019). The cl)èrities is a Pliblic Benefit Entity as defined by FRS 102. The cha rfties has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The Charity has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 'The FSnancial Reporting Standard applicable in the UK and Republic of Ireland.. the req¢Jirements of Sertion 7 Statement of Cash Flows,. the requirements of Settion 3 Financial Statement Presentation para9raph 3.17(dl,' the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 17.47, 11.481al{iiil, 11.481allivl, 11.481bl and 11.481cl,' the requirement5 of Section 12 Oiher Financial Instruments paragraph5 12.26 to 12.27, 12.291al, 12.29lbl and 12.29A. The financial statements have deparred from the Charities (Accounts and Reports) Regulations 2Q)8 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recornmended Practice foi charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the charities. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial ststemen& the Trustees have a. reasonable expectation that the charities has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustee5 continue to adopt the going concern basis of accounting in preparing the linancial statements. 1.3 Charitable funds Unreslritted fvnds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
THE ANNAGHBANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 37 DECEMBER 2023 Accounting policies (Continued) Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted fund5 are set out In the notes to the financial statements. 1.4 Income Income is recognised when the charlties 15 legally entitled to it after any performance conditions have been meL the amounts can be measured reliably, and it 15 probable that income will be received. Cash donations are recognised on receipt Other donations are recognised once the charities has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies ire recognised on receipt or otherwise if the charities has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is tieated as a contingent assèt. 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation lo transfer econornic benefit to third partyi It is probable that a transfer of economic benefits will be required in settlemenL the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity, Direct costs attributaEle to single activity are allocated directly to that activily. Shared costs which contribute to more than one activity and support C051s which are not attributable to a single activity are apportioned beeen those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basls of time spenL and depreciation charges are allocated on the portion of the asset's use. 1.6 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value dre recognised in net incomellexpenditurel for the year. Transaction cos15 are expensed as incurred. 1.7 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. 8ank overdrafts are shown within borrowings in current liabilities.
THE ANNAGHBANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued} 1.8 Financial instruments The charities has elettèd to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charities's balance sheet when the charities becornes party to the contractual provisions of the instrument Financial a55ets and liabilities are offset with the net amounts presented in the financial Statents, when there is a legally enforceable right to set off the recognised amount5 and there 15 an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic flnancial assets Basic financial asset& which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost usin9 Ihe effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market Tate of interest. Financial asseis classified as receivable within one year are not amortised. Ba51c flnancial liabilifies 8a5ic Financial liabilities, including creditors and bank loans are initially recognised at transaction price unles5 the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective Inte5t meihad. Derecognition of financial liabilities Financial liabilitie5 are derecogni5ed when the charitie5'5 contractual obligations expire or are discharged or cancelled. 1.9 Employee benefit5 The cost of any unused holiday entitlement is recognised in the period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the charities is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
THE ANNAGHBANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Critical accounting estimates and judgements In the application of the charities's accounting policies, the Trustees are requiied to make judgements. estimates and assumptioris about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual result5 may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in Ihe period of the revision and future periods where the fevision affects both current and future periods. Income from donation5 and legacies Unrestri¢ted Unrestrfcted funds funds 2023 2022 Donations and gifts 62,000 4,223 Incorne from investrnent5 Unr•strlcted Unrestrlcted funds fvnds 20Z3 2022 Interest income 4,565 4,368 10-
THE ANNAGHBANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMSER 2023 Expenditure on Charitable activities Unrestricted Unrestricted 2023 2022 Direct costs Programme costs 50,255 9,050 Shalé of support and governanc• costs (see note 61 Support Goveinance 32 sso 550 50.837 9,660 Analysis by fund Unrestricted funds 50,837 9,660 Support cost5 allocated to activities 2023 2022 Bank charges Governance costs 32 550 60 550 582 610 Analysed between: Unrestricted 582 610 2023 2022 Governanee Costs comprlse.. Accountancy sso S50 550 550 Net rnovement in lunds 2023 2022 The net movement in fijnds is stated after charging/{crediting}'. 11
THE ANNAGHBANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EIVDED 31 DECEMBER 2023 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the charities during the year. Employees The average monthly number of employees during the year was.. 2Q23 Number 2022 Number Total There were no employees whose annual remuneration was more than £60.000. 10 Taxation rhe charity 15 exempt from taxation on its artivities because all its income is applied for charitable purposes. 11 Fixed asset investments Debt securities Cost or valuation At 1 January 2023 & 31 December 2023 11,100 Carrylng amount At 31 Decernber 2023 11,100 At 31 December 2022 11.100 12 Debtors 2023 Amounts falling due within one year: 2022 Other debtors 17,113 11548
THE ANNAGHBANE CHARITABLE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Creditor5: amount5 falling due within one year 2023 2022 Accruals and deferred income 1,650 1,100 14 Credltors: amounts falling due after more than one year 2023 2022 Other creditors 11,100 11,100 15 Unrestricted fund5 The unrestricted funds of the charity comprise the unexpended balances of donation5 and grants which are not subject lo splfIC Conditions by donors and grantors as to how they may be used. These include designated funds which have beÈn set aside out of unrestricted funds by the trustees for Specific purposes. At 1 January 2023 Incomlng resources Resources expended At31 December 2023 General funds 12,018 66,565 150,83n 27,746 Previous year: At 1 January 2022 Incoming res¢urces Resources expended At31 December 2022 General funds 13,087 8,591 19,6601 12,018 16 Related party transactlons The charity received income of £61000 from related parties EOS Group in the period. There were no other related party transactions during the year. 13-