AFRICAN ENTERPRISE (IRELAND) LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Note Income from: Donations and legacies Charitable activities 3,038 4,231 3,038 5,275 7, 798 5, 765 Totsl income 7,269 8,313 13,563 Expenditure on: Charitable activities 7,503 8,547 16,287 Totsl expenditure 7,503 8,547 16,287 Net movement in funds (234) 1234) (2, 724) Reconciliation of funds". Total funds brought forward Net movement in funds 234 (280) 1234 (46) 1234) 2,678 (2, 724) Totsl funds carried fonNard 234 1514 1280) (46) The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 8 to 14 form part of these financial statements. Page 6
AFRICAN ENTERPRISE (IRELAND) LIMITED (A company limited by guarantee) REGISTERED NUMBER: N1043515 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Current assets Cash at bank and in hand 561 763 561 763 Creditors.. amounts falling due within one year 1841) (809) Net current liabilities 1280) (46) Totsl assets less current liabilities 1280) (46) Net liabilities excluding pension asset 1280) (46) Totsl net assets 1280) (46) Charity funds Restricted funds 11 234 234 Unrestricted funds 1514) (280) Total funds (280) (46) The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. T G Wilson Trustee Date: 1210312024 The notes on pages 8 to 14 form part of these financial statements. Page 7
AFRICAN ENTERPRISE (IRELAND) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information African Enterprise (Ireland) Limited is a company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number N1043515. The Registered Office is Gordon Street Mews, 27-29 Gordon Street. Belfast. Antrim, BT12LG. The principal activity of the charitable company is the evangelisation of the cities of Africa through word and deed. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. African Enterprise (Ireland) Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. 2.2 Income All income is recognised once the Company has entidement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. it is probable that a transfer of economic benefits will be required in settlement and 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 attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs 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 basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitsble activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.4 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 8
AFRICAN ENTERPRISE (IRELAND) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {continued) 2.5 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material. the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. 2.6 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.7 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects'ves of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Income from donations and legacies Unrestricted funds 2023 Total funds 2023 Donations 3,038 3,038 Unrestricted funds 2022 Total funds 2022 Donations 7, 798 7, 798 Page 9
AFRICAN ENTERPRISE (IRELAND) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitable activities Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Evangelism throughout Africa 1,044 4,231 5,275 Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Evangelism throughout Africa 1,022 4, 743 5, 765 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2023 2023 Total 2023 Governance Costs General Charitable Activities 1,055 6,448 1,055 7,492 1,044 1,044 7,503 8,547 Restricted Unrestricted funds funds 2022 2022 Total 2022 General Charitable Activities 937 15,350 16,287 Page 10
AFRICAN ENTERPRISE (IRELAND) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure by activities Support costs 2023 Total funds 2023 Governan Costs 1,055 7,492 1,055 7,492 General Charitable Activities 8,547 8,547 Support costs 2022 Total funds 2022 General Charitable Activities 16.287 16,287 Independent examiner's remuneration 2023 2022 Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts 1,057 944 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2022 - £NIL). During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL). Creditors: Amounts falling due within one year 2023 2022 Accruals and deferred income 841 809 Page11
AFRICAN ENTERPRISE (IRELAND) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Financial instruments 2023 2022 Financial assets Financial assets measured at fair value through income and expenditure 561 764 Financial assets measured at fair value through income and expenditure comprise of cash at bank. 11. Statement of funds Statement of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure Unrestricted funds General Funds - all funds 1280) 7.269 (7,503 1514) Restricted funds Restricted Funds- all funds 234 (1,044) 234 Total of funds (46) 8,313 (8,547 1280) Statement of funds - prior year Balance at 31 December 2022 Balance at 1 January 2022 Income Expenditure Unrestricted funds General Funds - all funds 2, 529 12,541 (15,350) (280) Restricted funds Restricted Funds- all funds 149 1,022 (937) 234 Totsl of funds 2,678 13,563 (16,287) (46) Page 12
AFRICAN ENTERPRISE (IRELAND) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 12. Summary of funds Summary of funds - current year Balance at 31 December 2023 Balance at 1 January 2023 Income Expenditure General funds 1280) 234 7,269 (7,503 (1,044 1514) 234 Restricted funds (46) 8.313 (8,547 1280) Summary of funds - prior year Balance at 31 December 2022 Balance at l January 2022 Income Expenditure General funds Restricted funds 2, 529 149 12,541 1,022 (15,350) (937) (280) 234 2,678 13,563 (16,287) (46) 13. Analysis of net assets between funds Analysis of net assets between funds - current year Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Current assets 234 327 561 Creditors due within one year (841) {841) Total 234 1514) {280) Page 13
AFRICAN ENTERPRISE (IRELAND) LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior year Restricted Unrestricted funds funds 2022 2022 Total funds 2022 Current assets 234 530 764 Creditors due within one year (809) (809) Total 234 (279) (45) 14. Related party transactions There were no related party transactions in the year. 15. Controlling party The controlling party of the company is considered to be the Board of Trustees. Page 14