## **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