AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024
| Note Income from: Donations and legacies 3 Charitable activities 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2024 € - 1,100 1,100 1,200 1,200 (100) 300 (100) 200 |
Unrestricted funds 2024 € 8,792 5,475 14,267 14,669 14,669 (402) (622) (402) (1,024) |
Total funds 2024 € 8,792 6,575 15,367 15,869 15,869 (502) (322) (502) (824) |
Total funds 2023 € 1,179 8,350 9,529 9,749 9,749 (220) (102) (220) (322) |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 9 to 16 form part of these financial statements.
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AFRICAN ENTERPRISE (IRELAND) LIMITED (A company limited by guarantee) REGISTERED NUMBER: NI043515
BALANCE SHEET AS AT 31 DECEMBER 2024
| Note Fixed assets Current assets Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current liabilities Total assets less current liabilities Net liabilities excluding pension asset Total net assets Charity funds Restricted funds 11 Unrestricted funds 11 Total funds |
180 180 (1,004) |
2024 € - (824) (824) (824) (824) 200 (1,024) (824) |
648 648 (970) |
2023 € - (322) (322) (322) (322) 300 (622) (322) |
|---|---|---|---|---|
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 accordance 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: 14 April 2025
The notes on pages 9 to 16 form part of these financial statements.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. General information
African Enterprise (Ireland) Limited is a company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number NI043515.
The Registered Office is Suite 2.06, Custom House, Custom House Square, Belfast, BT1 3ET.
The principal activity of the charitable company is the evangelisation of the cities of Africa through word and deed.
2. 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 entitlement 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 party, 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 between 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 charitable 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.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
2. 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 services 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 objectives of the Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
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.
3. Income from donations and legacies
| Donations Donations |
Unrestricted funds 2024 € 8,792 Unrestricted funds 2023 € 1,179 |
Total funds 2024 € 8,792 |
|---|---|---|
| Total funds 2023 € 1,179 |
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
3. Income from donations and legacies (continued)
4. Income from charitable activities
| Evangelism throughout Africa Evangelism throughout Africa |
Restricted funds 2024 € 1,100 Restricted funds 2023 € 1,200 |
Unrestricted funds 2024 € 5,475 Unrestricted funds 2023 € 7,150 |
Total funds 2024 € 6,575 |
|---|---|---|---|
| Total funds 2023 € 8,350 |
5. Analysis of expenditure on charitable activities
Summary by fund type
| Governance Costs General Charitable Activities Governance Costs General Charitable Activities |
Restricted funds 2024 € - 1,200 1,200 Restricted funds 2023 € - 1,200 1,200 |
Unrestricted funds 2024 € 1,326 13,343 14,669 Unrestricted funds 2023 € 1,179 7,370 8,549 |
Total 2024 € 1,326 14,543 15,869 |
|---|---|---|---|
| Total 2023 € 1,179 8,570 9,749 |
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
6. Analysis of expenditure by activities
| Governance Costs General Charitable Activities Governance Costs General Charitable Activities 7. Independent examiner's remuneration Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts |
Support costs 2024 € 1,326 14,543 15,869 Support costs 2023 € 1,179 8,570 9,749 2024 € 1,326 |
Total funds 2024 € 1,326 14,543 15,869 |
|---|---|---|
| Total funds 2023 € 1,179 8,570 9,749 |
||
| 2023 € 1,178 |
8. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - €NIL) .
During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - €NIL) .
9. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| € | € | |
| Accruals and deferred income | 1,004 | 970 |
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. Financial instruments
| 2024 | 2023 | |
|---|---|---|
| € | € | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 180 | 648 |
Financial assets measured at fair value through income and expenditure comprise of cash at bank.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Designated Funds - all funds General funds General Funds - all funds Total Unrestricted funds Restricted funds Restricted Funds - all funds Total of funds Statement of funds - prior year Unrestricted funds General Funds - all funds Restricted funds Restricted Funds - all funds Total of funds |
Balance at 1 January 2024 € - (622) (622) 300 (322) Balance at 1 January 2023 € (522) 300 (222) |
Income € 7,500 6,767 14,267 1,100 15,367 Income € 1,100 1,200 2,300 |
Expenditure € (7,500) (7,169) (14,669) (1,200) (15,869) Expenditure € (1,200) (1,200) (2,400) |
Balance at 31 December 2024 € - (1,024) (1,024) 200 (824) Balance at 31 December 2023 € (622) 300 (322) |
|---|---|---|---|---|
12. Summary of funds
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
12. Summary of funds (continued)
Summary of funds - current year
| Designated funds General funds Restricted funds Summary of funds - prior year General funds Restricted funds |
Balance at 1 January 2024 € - (622) 300 (322) Balance at 1 January 2023 € (522) 300 (222) |
Income € 7,500 6,767 1,100 15,367 Income € 1,100 1,200 2,300 |
Expenditure € (7,500) (7,169) (1,200) (15,869) Expenditure € (1,200) (1,200) (2,400) |
Balance at 31 December 2024 € - (1,024) 200 (824) Balance at 31 December 2023 € (622) 300 (322) |
|---|---|---|---|---|
13. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Current assets Creditors due within one year Total |
Restricted funds 2024 Unrestricted funds 2024 € € 200 (20) - (1,004) 200 (1,024) |
Total funds 2024 € 180 (1,004) (824) |
|---|---|---|
14. Related party transactions
There were no related party transactions in the year.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
15. Controlling party
The controlling party of the company is considered to be the Board of Trustees.
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