**COMPANY REGISTRATION NUMBER: NI661665 CHARITY REGISTRATION NUMBER: 109018** 

# **Belfast Tool Library Company Limited by Guarantee Unaudited Financial Statements** 

**31 May 2025** 

## **Belfast Tool Library** 

## **Company Limited by Guarantee** 

## **Statement of Financial Activities (including income and expenditure account)** 

## **Year ended 31 May 2025** 

||||**2025**||2024|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income and endowments**||||||
|Donations and legacies||1,441|31,042|32,483|32,108|
|Charitable activities|6|35,290||35,290|26,246|
|||`───────`|`────`|`───────`|`────────`|
|**Total income**||36,731|31,042|67,773|58,354|
|||`═══════`|`════`|`═══════`|`════════`|
|**Expenditure**||||||
|Expenditure on charitable activities            7||21,274|31,042|52,316|52,267|
|||`───────`|`────`|`───────`|`────────`|
|**Total expenditure**||21,274|31,042|52,316|52,267|
|||`═══════`|`════`|`═══════`|`════════`|
|||`───────`|`────`|`───────`|`────────`|
|**Net income and net movement in funds**||15,457|-|15,457|6,087|
|||`═══════`|`════`|`═══════`|`════════`|
|**Reconciliation of funds**||||||
|Total funds brought forward||10,830|740|11,570|5,483|
|||`───────`|`────`|`───────`|`────────`|
|**Total funds carried forward**||26,287|740|27,027|11,570|
|||`═══════`|`════`|`═══════`|`════════`|



The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. 

**The notes on pages 11 to 15 form part of these financial statements.** 

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## **Belfast Tool Library** 

## **Company Limited by Guarantee** 

## **Statement of Financial Position** 

## **31 May 2025** 

|||**2025**|2024|
|---|---|---|---|
||**Note**|**£**|£|
|**Fixed assets**||||
|Tangible fixed assets||2,486|2,140|
||||`─`|
|**Current assets**||||
|Debtors|**10**|1,193|1,862|
|Cash at bank and in hand||47,880|26,641|
|||`───────`|`───────`|
|||49,073|28,503|
|**Creditors: amounts falling due within one year**|**11, 12**|24,532|19,073|
|||`───────`|`───────`|
|**Net current assets**||24,541|9,430|
|||`───────`|`───────`|
|**Total assets less current liabilities**||27,027|11,570|
|||`───────`|`───────`|
|**Net assets**||27,027|11,570|
|||`═══════`|`═══════`|
|**Funds of the charity**||||
|Unrestricted funds||26,287|10,830|
|||740|740|
|||`───────`|`───────`|
|**Total charity funds**|**13**|27,027|11,570|
|||`═══════`|`═══════`|



For the year ending 31 May 2025 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

Directors' responsibilities: 

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; 

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. 

These  financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. 

These financial statements were approved by the board of trustees and authorised for issue on 6[th] January 2025, and are signed on behalf of the board by: 

C McCartney Trustee 

**The notes on pages 4 to 8 form part of these financial statements.** 

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## **Belfast Tool Library** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** 

## **Year ended 31 May 2025** 

## **1. General information** 

The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is 116 Shankill Road, Belfast, BT134 2BD. 

## **2. Statement of compliance** 

These  financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting  Standard  applicable  in  the  UK  and  the  Republic  of  Ireland',  the  Statement  of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006. 

## **3. Accounting policies** 

## **Basis of preparation** 

The  financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. 

The financial statements are prepared in sterling, which is the functional currency of the entity. 

## **Going concern** 

There are no material uncertainties about the charity's ability to continue. 

## **Judgements and key sources of estimation uncertainty** 

The  preparation  of  the  financial  statements  requires  management  to  make  judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. 

## **Incoming resources** 

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: 

- income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. 

- legacy income is recognised when receipt is probable and entitlement is established. 

- income from donated goods is measured at the fair value of the goods unless this  is impractical to measure reliably, in which case the value is derived from the cost to the donor or the  estimated  resale  value.  Donated  facilities  and  services  are  recognised  in  the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. 

4 

## **Belfast Tool Library** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 May 2025** 

## **3. Accounting policies** _**(continued)**_ 

- income from contracts for the supply of services is recognised with the delivery  of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. 

## **Resources expended** 

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of  the statement of financial activities to which it relates: 

- expenditure on raising funds includes the costs of all fundraising activities,  events,  noncharitable trading activities, and the sale of donated goods. 

- expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. 

- other expenditure includes all expenditure that is  neither related to raising funds for the charity nor part of its expenditure on charitable activities. 

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. 

## **Tangible assets** 

Tangible  assets are  initially  recorded  at  cost,  and  subsequently  stated  at  cost  less  any accumulated  depreciation  and  impairment  losses.  Any tangible  assets carried  at  revalued amounts  are  recorded  at  the  fair  value  at  the  date  of  revaluation  less  any  subsequent accumulated depreciation and subsequent accumulated impairment losses. 

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities.  A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. 

## **Depreciation** 

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: 

Plant & Machinery - 20% straight line IT Equipment - 33% straight line Fixtures & Fittings - 20% straight line 

5 

## **Belfast Tool Library** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 May 2025** 

## **4. Limited by guarantee** 

The liability of the members is limited. 

Every member of the Charity promises, if the Charity is dissolved while he, she or it is a member or within twelve months after he, she or it ceases to be a member, to contribute such a sum (not exceeding £1) as may be demanded of him, her or it towards the payment of the debts and liabilities of the Charity incurred before he, she or it ceases to be a member, and of the costs, charges and expenses of winding up, and the adjustment of the rights of the contributories among themselves. 

## **5. Trustee remuneration and expenses** 

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees. 

## **6. Income from generated funds** 

||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Membership Income|16,925|14,745|
|Late Return Fee Income|455|2,813|
|Small Grant Income|2,952||
|Income from Classes|10,664|8,688|
|Other Income|5,735|950|
|**Income from generated funds**|**36,731**|**27,196**|



## **7.    Costs of generating funds** 

||**2025**|**2024**|
|---|---|---|
||**£**|**£**|
|Purchase of Consumables|240|409|
|Repairs and Renewables to Library Stock|404|67|
|Trainer Costs|4,711|5,745|
|Online Payment charge|<br>1,050<br>|165|
|Hardware and Building Materials|-|363|
|Small grant costs|2,653||
|Staff Costs|2,402<br>|1,187|
|Marketing|-|595|
|Rent and Rates|4,200|4,200|
|Office costs|604|473|
|Computer and Software Subscriptions|1,850|1,786|
|Accountancy Fees|-|985|
|Insurance|1,550|844|
|Repairs and Renewals (overheads)|83|324|
|Workshop refurbishment|508<br>|3,077|
|Bank charges and interest|120|110|
|Depreciation|899|589|
|Other Sundry||190|
|**Costs of generated funds**|**21,274**|**21,109**|



## **8. Company member emoluments** 

The Company employs 2 staff. 

6 

The Company members received no emoluments or reimbursement of expenses during the year. 

## **Belfast Tool Library** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 May 2025** 

## **9. Tangible fixed assets** 

|||Plant &|IT Equipment|Fixtures &||
|---|---|---|---|---|---|
|||Machinery||Fittings|**Total**|
|||£||£|**£**|
||**Cost**|||||
||At 1 June 2024|801|740|1,525|3,066|
||Additions|640|605||1,245|
|||`────────`|`────────`|`───────`|`────────`|
||**At 31 May 2025**|1,441|1,345|1,525|4,331|
|||`════════`|`════════`|`═══════`|`════════`|
||**Depreciation**|||||
||At 1 June 2024|261|431|234|926|
||Charge for the period|288|306|305|899|
|||`────────`|`────────`|`───────`|`────────`|
||**At 31 May 2025**|549|737|539|1,825|
|||`════════`|`════════`|`═══════`|`════════`|
||**Carrying amount**|||||
||**At 31 May 2025**|892|608|986|2,486|
|||`════════`|`════════`|`═══════`|`════════`|
||At 1 June 2024|540|309|1,291|2,140|
|||`════════`|`════════`|`═══════`|`════════`|
|**10.**|**Debtors**|||||
|||||**2025**|2024|
|||||**£**|£|
||Trade Debtors|||215|105|
||Prepayments and accrued income|||978|1,757|
|||||`───────`|`────`|
|||||1,193|1,862|
|||||═══|══|
|**11.**|**Creditors:** **amounts falling due within one year**|||||
|||||**2025**|2024|
|||||**£**|£|
||Accruals and deferred income|||23,885|18,420|
||Other creditors|||647|653|
|||||`───────`|`───────`|
|||||24,532|19,073|
|||||`═══════`|`════`|
|**12.**|**Deferred income**|||||
|||||**2025**|2024|
|||||**£**|£|
||Amount deferred in year|||23,030|18,070|
|||||`═══════`|`════`|



7 

## **Belfast Tool Library** 

## **Company Limited by Guarantee** 

## **Notes to the Financial Statements** _**(continued)**_ 

## **Year ended 31 May 2025** 

## **13. Analysis of charitable funds** 

## **Unrestricted funds** 

|**Unrestricted funds**|||||
|---|---|---|---|---|
||At|||**At**|
||1 June 2024|Income|Expenditure|**31 May 2025**|
||£|£|£|£|
|General funds|10,830|36,731|(21,274)|26,287|
||`═══════`|`═══════`|`═══════`|`═══════`|
||At|||At|
||1 June 2023|Income|Expenditure|31 May 2024|
||£|£|£|£|
|General funds|4,743|27,196|(21,109)|10,830|
||`════`|`═══════`|`═══════`|`═══════`|
|**Restricted funds**|||||
||At|||**At**|
||1 June 2024|Income|Expenditure|**31 May 2025**|
||£|£|£|£|
|Restricted Funds|740|31,042|(31,042)|740|
||`════`|`════`|`════`|`════`|
||At|||At|
||1 June 2023|Income|Expenditure|31 May 2024|
||£|£|£|£|
|Restricted Funds|740|31,157|31,157)|740|



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