REDEEMER CENTRAL
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 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 |
Unrestricted funds 2024 £ 108,190 20,237 128,427 112,030 112,030 16,397 32,981 16,397 49,378 |
Restricted funds 2024 £ 16,290 - 16,290 - - 16,290 - 16,290 16,290 |
Total funds 2024 £ 124,480 20,237 144,717 112,030 112,030 32,687 32,981 32,687 65,668 |
Total funds 2023 £ 83,214 11,985 95,199 |
|---|---|---|---|---|
| 89,845 89,845 |
||||
| 5,354 27,627 5,354 32,981 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 13 to 24 form part of these financial statements.
Page 10
REDEEMER CENTRAL (A company limited by guarantee) REGISTERED NUMBER: NI623785
BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Tangible assets 10 Current assets Debtors 11 Cash at bank and in hand Creditors: amounts falling due within one year 12 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds |
4,118 64,947 69,065 (10,198) |
2024 £ 6,801 6,801 58,867 65,668 65,668 65,668 16,290 49,378 65,668 |
1,213 25,528 26,741 (2,201) |
2023 £ 8,441 |
|---|---|---|---|---|
| 8,441 24,540 |
||||
| 32,981 | ||||
| 32,981 | ||||
| 32,981 | ||||
| - 32,981 |
||||
| 32,981 |
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:
................................................
Mr David Armstrong Trustee
................................................ Mr Ian Wasson Trustee
Page 11
REDEEMER CENTRAL
(A company limited by guarantee)
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024
Date: 03/12/2024
The notes on pages 13 to 24 form part of these financial statements.
Page 12
REDEEMER CENTRAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. General information
Redeemer Central is a charitable company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number NI623785. It is a registered charity number NIC100831 with the Charity Commission for Northern Ireland and is a registered charity number XT28326 with HMRC.
The charitable company's registered office is situated at 101 Donegall Street, Belfast, Antrim, BT1 2FJ.
The charitable company's principal activity continued to be the advancement of the Christian faith.
The members of the company are the subscribers as listed in the Memorandum and Articles of Association. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
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.
Redeemer Central 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 Going concern
The company's charitable activities, together with the factors likely to affect its future development, performance and position are set out in the Trustee's Report.
The Charity meets its day to day working capital requirements through its voluntary income. The current economic conditions create some uncertainty over the levels of funding that will be available for future periods, although the Trustees are of the opinion that the Charity's activities for generating funds will continue to provide adequate funds
The Trustee's have a reasonable expectation that the Charity has adequate resources to continue in operation for the foreseeable future. Accordingly the Trustees continue to adopt the going concern basis in preparing the annual reports and accounts.
2.3 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.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold.
Page 13
REDEEMER CENTRAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.4 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.
Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters.
Governance costs are those incurred in connection with the administration of the company and compliance with constitutional and statutory requirements.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the company's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
2.5 Tangible fixed assets and depreciation
Tangible fixed assets costing £200 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following bases:
| Fixtures and fittings | - 5 years (estimated useful life) |
|---|---|
| Computer equipment | - 3 years (estimated useful life) |
| Other fixed assets | - 5 years (estimated useful life) |
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 14
REDEEMER CENTRAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.7 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.
2.8 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.
2.9 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.
2.10 Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.
2.11 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.
Page 15
REDEEMER CENTRAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
3. Income from donations and legacies
| Donations Grants Gift Aid Income Donations Grants Gift Aid Income |
Unrestricted funds 2024 £ 72,178 20,000 16,012 108,190 Unrestricted funds 2023 £ 64,349 7,500 10,865 82,714 |
Restricted funds 2024 £ - 16,290 - 16,290 Restricted funds 2023 £ - 500 - 500 |
Total funds 2024 £ 72,178 36,290 16,012 124,480 |
|---|---|---|---|
| Total funds 2023 £ 64,349 8,000 10,865 83,214 |
4. Income from charitable activities
| Advancement of Education Advancement of Religion Relief of Hardship Total 2024 |
Unrestricted funds 2024 £ 402 11,124 8,711 20,237 |
Total funds 2024 £ 402 11,124 8,711 20,237 |
|---|---|---|
Page 16
REDEEMER CENTRAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. Income from charitable activities (continued)
| Advancement of Religion Relief of Hardship Total 2023 |
Unrestricted funds 2023 £ 3,410 8,575 11,985 |
Total funds 2023 £ 3,410 8,575 11,985 |
|---|---|---|
5. Analysis of expenditure on charitable activities Summary by fund type
| Advancement of Education Advancement of Religion Relief of Hardship |
Unrestricted funds 2024 £ 11,433 92,552 8,045 112,030 |
Total 2024 £ 11,433 92,552 8,045 112,030 |
|---|---|---|
| Advancement of Education Advancement of Religion Relief of Hardship |
Unrestricted funds 2023 £ 1,534 81,401 6,410 89,345 |
Restricted funds 2023 £ - 500 - 500 |
Total 2023 £ 1,534 81,901 6,410 89,845 |
|---|---|---|---|
Page 17
REDEEMER CENTRAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. Analysis of expenditure by activities
| Advancement of Education Advancement of Religion Relief of Hardship |
Activities undertaken directly 2024 £ 5,822 44,701 8,044 58,567 |
Grant funding of activities 2024 £ - 6,332 - 6,332 |
Support costs 2024 £ 5,611 41,519 - 47,130 |
Total funds 2024 £ 11,433 92,552 8,044 112,030 |
|---|---|---|---|---|
| Advancement of Education Advancement of Religion Relief of Hardship |
Activities undertaken directly 2023 £ 1,534 41,309 6,410 49,253 |
Support costs 2023 £ - 40,593 - 40,593 |
Total funds 2023 £ 1,534 81,902 6,410 89,845 |
|---|---|---|---|
Analysis of direct costs
| Staff costs Direct charitable costs Building costs Crisis relief expenditure Justice Fund expenditure Farmbox expenditure Stay and Play expenditure The Long Table expenditure |
Total funds 2024 £ 29,023 10,123 4,149 3,037 1,775 7,227 577 2,656 58,567 |
Total funds 2023 £ 29,026 4,662 3,811 1,646 2,475 5,343 1,613 677 49,253 |
|---|---|---|
Page 18
REDEEMER CENTRAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Staff costs Depreciation Direct charitable costs Other support costs Building costs Other costs Sundry expenses Governance costs |
Total funds 2024 £ 13,251 2,590 3,985 701 19,806 197 989 5,611 47,130 |
Total funds 2023 £ 12,310 1,810 2,941 981 16,450 53 1,096 4,952 40,593 |
|---|---|---|
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,530 (2023 - £1,470) , and accountancy fees of £1,895 ( 2023 - £3,287 ).
8. Staff costs
| Wages and salaries Contribution to defined contribution pension schemes |
2024 £ 41,118 1,158 42,276 |
2023 £ 40,220 1,115 |
|---|---|---|
| 41,335 |
The average number of persons employed by the company during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Employees | 3 | 3 |
No employee received remuneration amounting to more than £60,000 in either year.
Details relating to the remuneration of key management personnel are disclosed in Note 19 of the financial statements.
Page 19
REDEEMER CENTRAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .
10. Tangible fixed assets
| Cost or valuation At 1 April 2023 Additions At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 Debtors Due within one year Trade debtors Other debtors Prepayments and accrued income |
Fixtures and fittings £ 19,184 950 20,134 13,806 1,390 15,196 4,938 5,378 |
Computer equipment £ 6,818 - 6,818 5,028 787 5,815 1,003 1,790 |
Other fixed assets £ 18,004 - 18,004 16,731 413 17,144 860 1,273 2024 £ 600 2,356 1,162 4,118 |
Other fixed assets £ 18,004 - 18,004 16,731 413 17,144 860 1,273 2024 £ 600 2,356 1,162 4,118 |
Total £ 44,006 950 44,956 35,565 2,590 38,155 6,801 8,441 2023 £ - 135 1,078 |
|
|---|---|---|---|---|---|---|
| 4,118 | 1,213 |
11. Debtors
Page 20
REDEEMER CENTRAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
12. Creditors: Amounts falling due within one year
| Other taxation and social security Other creditors Accruals and deferred income |
2024 £ 1,456 1,897 6,845 10,198 |
2023 £ - 218 1,983 |
|---|---|---|
| 2,201 |
13. Financial instruments
| 2024 | |
|---|---|
| £ | |
| Financial assets | |
| Financial assets measured at fair value through income and expenditure | 64,947 |
Financial assets measured at fair value through income and expenditure comprise of cash at the bank.
Page 21
REDEEMER CENTRAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
14. Statement of funds
Statement of funds - current year
| Unrestricted funds Designated funds Justice Fund Crisis Relief The Long Table Stay and Play Farmbox Lesser Heard Subsidised Hire General funds General Fund Total Unrestricted funds Restricted funds Grants Total of funds |
Balance at 1 April 2023 £ 2,992 2,397 935 27 1,448 - - 7,799 25,182 32,981 - 32,981 |
Income £ 1,762 1,607 3,737 803 4,531 402 803 13,645 114,782 128,427 16,290 144,717 |
Expenditure £ (1,775) (3,036) (2,656) (577) (7,227) - - (15,271) (96,759) (112,030) - (112,030) |
Transfers in/out £ - - - - 1,595 - - 1,595 (1,595) - - - |
Balance at 31 March 2024 £ 2,979 968 2,016 253 347 402 803 7,768 |
|---|---|---|---|---|---|
| 41,610 | |||||
| 49,378 | |||||
| 16,290 | |||||
| 65,668 |
Page 22
REDEEMER CENTRAL
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
15. Summary of funds
Summary of funds - current year
| Designated funds General funds Restricted funds |
Balance at 1 April 2023 £ 7,799 25,182 - 32,981 |
Income £ 13,645 114,782 16,290 144,717 |
Expenditure £ (15,271) (96,759) - (112,030) |
Transfers in/out £ 1,595 (1,595) - - |
Balance at 31 March 2024 £ 7,768 41,610 16,290 65,668 |
|---|---|---|---|---|---|
16. Analysis of net assets between funds Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 6,801 Current assets 52,775 Creditors due within one year (10,198) Total 49,378 |
Restricted funds 2024 £ - 16,290 - 16,290 |
Total funds 2024 £ 6,801 69,065 (10,198) 65,668 |
|---|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 8,441 26,741 (2,201) 32,981 |
Total funds 2023 £ 8,441 26,741 (2,201) 32,981 |
|---|---|---|
Page 23
REDEEMER CENTRAL (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
17. Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered Trust. The pension cost charge represents contributions payable by the company to the Trust and amounted to £1,158 (2023: £1,115). Contributions totalling £240 (2023: £218) were payable to the Trust at the balance sheet date.
18. Operating lease commitments
At 31 March 2024 the company had commitments to make future minimum lease payments under noncancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years |
2024 £ 3,230 12,920 22,575 38,725 |
2023 £ 3,230 12,920 25,805 |
|---|---|---|
| 41,955 |
19. Related party transactions
20. Related party transactions
One of the company's directors, David Armstrong, was employed as a church leader by Redeemer Central during the year. The total remuneration paid to David Armstrong for the same period was £28,180 (2023: £28,180) and employer contributions of £845 (2023: £845) were paid to a defined contribution pension scheme on his behalf. This director was not involved in decision-making with respect to his own remuneration. Remuneration has been paid in accordance with the provisions of Article 7.2 of the company's Articles of Association.
21. Controlling party
The charity is under the control of the Board of Trustees who are also Directors of Redeemer Central.
Page 24