SOMETHING MORE FOR YOU LTD (A COMPANY LIMITED BY GUARANTEE} STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restricted funds funds Totsl Unrestricted Restricted funds funds Total Period 01 May 2022 2023 to 31 March 2023 2024 2024 2024 2023 Notes Income from: Donations and legacies Charitable activities 1,580 18,843 1,580 20,328 24,070 10,564 34,634 1,485 Total income 24,070 10,564 34,634 20,423 1,485 21,908 Expenditure on: Charitable activities 30,776 3,832 34,608 10,775 1,747 12,522 Total expenditure 30,776 3,832 34,608 10,775 1,747 12,522 Net incomeJlexpenditure} (6,706) 6,732 26 9,648 (262) 9,386 Transfers beeen funds (262) 262 Net movement in funds <6,706) 6,732 26 9,386 9,386 Reconciliation of funds: Fund balances at 1 April 2023 21,525 21,525 12,139 12,139 Fund balances at 31 March 2024 14,819 6,732 21,551 21,525 21,525 The ststement of financtal activities includes all gains and losses recognised in the Year. All income and expenditure derive from continuing activities. The notes on pages 10 to 17 form part oflhese financial slalements.
SOMETHING MORE FOR YOU LTD (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 10 Current assets Debtors Cash at bank and in hand 11 10,285 13,800 43 26,282 24,085 Creditors: amounts falling due within one year 26,325 12 (3,078) (4,800) Net current assets 21,007 21,525 Total assets less current liabilities 21,551 21.525 Net assets excluding pension liability 21,551 21,525 The funds of the charitsble company Restricted income funds Unreslricted funds 44 6,732 14,819 21,525 21,551 21,525 The notes on pages 10 to 17 form part of these financial statements. The company is entided to the exemption from the audit requirement contained in section 477 of the Companies Acl 2006, for the Year ended 31 March 2024. No members have required the company to obtain an audit of its financial statements for the Year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparalion of financial statements. The members have not required the company lo obtain an audit of its financial statements for the Year in question in accordance wtth section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on 18 December 2024 Mrs P Bothwell Trustee Company registration number N1678721 (Northem Ireland)
SOMETHING MORE FOR YOU LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Chartty information Something More For You Ltd is a charitable company limited by guarantee incorporated in Northern Ireland. The registered office is 95 Darkley Road, Keady, Co Armagh, BT60 3AY. 1.1 Reporting period The financial statemenls are prepared for the year ended 31 March 2024 and the comparatives are for the 11 month period from 1 May 2022 to 31 March 2023. As a result, the comparative amounts presented in the financial ststements are nol entirely comparable. 1.2 Accounting convention The financial statements have been prepared in accordan with the charitable companvs [governing document], the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102") and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (effeclive 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102. The charitable company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in slerling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. q.3 Going concem At the time of approving the financial statements, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.4 Charitsble funds Unrestricted funds are available for use at the discretion of the trustees in furtheran of their charitable objectives. Restricted funds are subject to spectfic condttions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subjecl to specific conditions by donors that the capital must be maintained by the charitable company. 1.5 Income Income is recognised when the charitable company is legally enlitled lo it after any perforrnan conditions have been met, the amounts can be measured reliably, 2nd it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performan 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. 10-
SOMETHING MORE FOR YOU LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continuedl Legacies are recognised on receipt or otherwise rf the charitable company has been notified of an impending distribution, the amount is known, and receipl is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.6 Expenditure Expenditure is recognised once there is a legal or constructive obligalion to transfer economic benefit lo a Ihird paty, it is prob2ble that a transfer of economic benefits will be required in seluement, and the amount of the obligation can be measured reliably. Expenditure is classified by actimty. The wsts of each activity are made up of the tolal of direct costs and shared costs, including support costs involved in undertaking each activity- Direct costs attributable to a single actilrity are allocated directly to that activity. Shared costs which contribute to more than one actlvlty and support costs which are not attributable to a single activity are apportioned belween those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.7 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as lo write off Ihe cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures and fittings 200/0 Straight line The gain or loss arising on the disposal of an asset is determined as the differen beeen the sale procEeds and the carying value of the asset, and is recognised in the stalemenl of financial activities. 1.8 Impairnient of fixed assets At each reporting end dale, the charitable company remews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to delermine the extent of the impairmenl loss (if any). 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Financial instruments The charitable company has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of ils financial instruments. Financial instruments are recognised in the charitable company's balance sheet when the charilable company becomes party to the contractual provisions of the instrumenl. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 11
SOMETHING MORE FOR YOU LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Basic financial assets Basic financial assets, which include debtors and cash and bank balans. are initially measured at transaction prtce including transaction costs and are subsequently carried at amortised cost using the effective inlerest rnethod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the fulure receipts discounted at a market rate of interest. Financial assets classified as recetvable within one year are not amortised. Basic r Inancial liabilities Basic financial liabilities, including creditors and bank loans are inttially recognised at transaction price unless the arrangement constttules a financing iransaclion, 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 inslrumenls are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or semces thal have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities rf 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 Ihe effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the charitable company's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charitsble company is demonstrably committed to teminate the employment of an employee or to prowde termination benefits. 1.12 Retirement benefits Payments lo defined contribution retirement benefit schemes are charged as an expense as they fall due. Critical accounting estimatss and judgements In the application of the charitable company's accounting policies, the trustees are required to make judgements, estimates and assumptions about Ihe carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associaled assumptions are based on historical experien and other factors that are considered to be relevant. Actual results may differ from these estimates. The eslimales and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in Ihe pertod in which the estimate is revised where the revision affecls only that period, or in the period of the revision and future periods where the revision affects both currenl and future periods. Income from donations and legacies Unrestrictsd Unrestricted funds funds 2024 2023 Donations and gifts 1,580 12-
SOMETHING MORE FOR YOU LTD {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies (Continued) Income from charitable activities Unrestricted Restricted funds funds 2024 2024 Totsl Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Charitable activities Shop sales Recycling Grants 15,618 6,952 1.500 15,618 6,952 12,064 17,454 1.389 17,454 1,389 1,485 10,564 1,485 24,070 10,564 34,634 18,843 1,485 20,328 Expenditure on charitsble activities Charitsble activities 2024 Charitable activities 2023 Direct costs Slaff costs 24,114 Share of support and governance costs (see note 6) Support Governance 9,894 600 11,922 600 34,608 12,522 Analysis by fund Unrestricted funds Restricted funds 30,776 3,832 10,775 1,747 34,608 12,522 Support costs allocated to activities 2024 2023 Shop running costs Governance costs 9,894 600 11,922 600 10,494 12,522 Analysed between: Charitable acliwties 10,494 12,522 13-
SOMETHING MORE FOR YOU LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Trustses None of the trustees (or any persons connected wilh them) received any remuneration or benefits from the charilable company during the Year. Employees The averagé monthly number of employees during the Year was.. 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Other pension costs 22,405 1,709 24,114 There were no employees whose annual remuneration was more than £60,000. Taxation The charity is exempt from taxation on ils acliwlies because all tts income is applied for charitable purposes. qo Tangible fixed assets Fixtures and fittings Cost Addilions 680 At 31 March 2024 680 Depreciation and impairment Depreciation charged in the Year 136 At 31 March 2024 136 Carrying amount At 31 March 2024 14-
SOMETHING MORE FOR YOU LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Debtors 2024 2023 Amounts falling due within one year: Other debtors Prepaymenls and accnjed income 10,241 43 10.285 43 12 Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income 3.078 4,800 13 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profil or loss in respect of defined contribLrtion schemes 1,709 The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of ihe scheme are held separalely from those of the charitable company in an independenlly administered fund. 14 Restricted funds The restricted funds of the charty comprise the unexpended balanS of donations and grants held on Irusl subject to specific conditions by donors as to how they may be used. At l April 2023 Incoming resources Resources expended Transfers At 31 March 2024 10,564 (3,832) 6,732 Previous Period: At l April 2022 Incoming resources Resources expended Transfers At 31 March 2023 1,485 (1,747) 262 15-
SOMETHING MORE FOR YOU LTD (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Unrestricted funds The unrestricted funds ofthe charity comprlse the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated lunds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l April 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds 21,525 24,070 (30,776) 14,819 Previous Period: At 1 April 2022 Incoming resources Resources expended Transfers At 31 March 2023 General fvnds 12,139 20,423 {10,775} (262) 21,525 16 Analysis of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Current a5setsl(liabilities) 16,525 4,482 21.007 17,069 4.482 21,551 Per balance sheet Balance to allocate 14,819 (2,250) 6,732 2,250 21,551 Unrestricted funds 2023 Restricted funds 2023 Totsl 2023 At 31 March 2023: Current assetsl(liabilities) 21,525 21,525 21,525 21,525 16-
SOMETHING MORE FOR YOU LTD {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Operating lease commitments Lessee At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within one year Between Iwo and five years 4,420 13,260 17,680 18 Transfers Funds are transferred from unreslricted funds to restricted funds to cover shortfalls in restricted funding. 19 Related party transactions Crossfire Trust is deemed to be a related party of the charitable company as a truslee is a trustee of both charities. Memory Making Ltd is deemed to be a related party of the charitable company as a trustee is a trustee of both charities. DLtring the year, the charity was charged £Nil {Period from 1 May 2022 to 31 March 2023.. £1,000) from Memory Making Ltd for use oflheir van. 20 Company limited by guarantee The company is limited by guarantee and has no share capital. On a winding up members may be required to contribute a maximum of£1. 21 Contingent liability The company has a contingenl liability lo repay granls received if the company fails lo comply with certain conditions slipulated in the letter of offer and terms and conditions of contract under which the grants were paid. Th trustees do not expect any claims to be made in this respect. 17-