Registered number: N1623785 Charity number: 100831 REDEEMER CENTRAL (A company limited by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
REDEEMER CENTRAL (A company limited by guarantee) CONTENTS Page Reference and administrative details of the company. its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities 10 Balance sheet Notes to the financial statements 13-24
REDEEMER CENTRAL (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr Christopher Mcconnell (resigned 31 July 2024) Mr David Armstrong Mr Glen Mitchell Mr Daniel Saunders Ms Kerry Mulholland Mr lan Wasson Company registered number N1623785 Charity registered number 100831 Registered office 101 Donegall Street, Belfast, BT12FJ Independent Examiner UHY Hacker Young Fitch, Suite 2.06, Custom House, Custom House Square, Belfast, BT13ET Bankers The Co-operative Bank plc, P.O.Box 101, 1 Balloon Street. Manchester, M60 4EP Page 1
REDEEMER CENTRAL (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together with the financial statements of the company for the 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees, report and a Directors, report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives Redeemer Central is a church community passionate about Jesus and committed to seeing transformation in the city of Belfast and beyond. The objects of Redeemer Central are set out in the company's articles of association and are summarised as follows. (a} to advance the Christian faith in Belfast and beyond.. (bl to relieve aged persons and persons in conditions of need, hardship. sickness or distress arising therefrom whether in connection with housing or accommodation or shelter or any purpose {whether by way of loan, gift, the provision of accommodation or shelter or in any other way), in Belfast and in such other parts of Ireland, the United Kingdom or the world as the directors may from time to time think fit. (c} to advance education whether of children (above or below compulsory school age) or of adults. Page 2
REDEEMER CENTRAL (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Objectives and activities {continued) b. Strategies for achieving objectives During the year, in pursuit of these objectives, Redeemer Central has continued to hold public Sunday morning gatherings at 101 Donegall Street, at which everyone is welcome. Time is spent in sung worship and scriptural teaching is provided. We also have a kids programme which runs during this time that is for all primary school aged children, and our post-primary young people gather together as Redeemer"Youth. In addition to our Sunday gatherings. we have mid-week Table groups, which are local community expressions of Redeemer Central that meet in various locations throughout the city. They seek to seNe the spiritual or physical needs of their community and church community. During the year 2023-24 we at Redeemer Central have continued to OUOrk our vision as a church community- to contribute to the life of our Belfast City. to serve and bless it. and help to see it flourish. Among other things this has been OuOrked by Redeemer Central continuing to facilitate a weekly baby and toddler group - 101 Tots. 101 Tots serves marginalised families in Belfast and the surrounding areas including refugee & asylum seeker families, families living in hostels, fostered and adopted children and families from socio-economic deprived areas. 101 Tots is a space for parentslguardian to connect whilst their children play in a safe and fun environment. Redeemer Central has also continued to provide food and other essentials to families in need through its Farmbox initiative, whereby volunteers buy and deliver groceries on a fortnightly basis to a number of households in Northern Ireland. We also provided toy vouchers to families in need over Christmas. Redeemer continued a series of storytelling events called Lesser Heard which provides space for people to tell their stories in a safe and respectful environment. Redeemer also began an initiative- The Long Table - on a weekly basis to provide a social space for people in community to share a free meal together. The Long Table serves marginalised families in Belfast and the surrounding areas including refugee and asylum seeker families. families living in hostels, fostered and adopted children and families from socioeconomic deprived areas. Redeemer Central has also opened up its building at 101 Donegall St to host grass roots charities that align with our vision and values to support marginalised groups. This includes a Women's Group- Anaka Collective- supporting vulnerable women in the city. We also host a Sudanese Friendship group - who support men from Sudanese backgroup to form community and preSee culture in a safe environment. Page 3
REDEEMER CENTRAL (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Objectives and activities {continued) c. Grant-making policies Gifts to external organisations and individuals are considered by the Trustees on the basis of need and fulfilment of the charitable objectives of Redeemer Central. and due regard is given to affordability d. Volunteers The work of Redeemer Central relies on the commitment and hard work of its valued staff, as well as its many volunteers. The Trustees wish to take this opportunity to thank all staff and volunteers for their continued service and dedication. e. Main activities undertaken to further the company's purposes for the public benefit The Trustees confirm that they have referred to the Charity Commission for Northern Ireland's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. Achievements and perfomiance Financial review a. Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. b. Reserves policy The Trustees review the charity's reserves policy regularly and aim to retain sufficient reserves for the foreseeable needs of the church. There are three categories of reserves held.. Restricted Funds arise where gifts or grants are received for specific purposes as outlined by the donor. Expenditure is distributed in line with these requirements. As at 31 March 2024, restricted funds of £16,290 were held. Designated Funds arise primarily following special Gift Day offerings, following which a specific proportion of the funds may be earmarked by the Elders and Trustees for a particular purpose. Budgets are prepared and the expenditure is disbursed in line with these budgets. Designated funds can also arise when fixed assets are purchased from restricted funding received, provided the purchase of the assets discharges the restriction. In these cases, the net book value of the assets will generally be shown within designated funds throughout the useful economic life of the assets. As at 31 March 2024. the balance held within designated funds was £7,768. UnrestrictedlFreelGeneral Funds are undesignated and the charity's policy is to maintain the free funds, excluding fixed assets, at a level of beeen one and three months of normal expenditure. This level of free reseNes is deemed necessary in order to withstand any unexpected expenditure requirements and ensure that the charity can continue operating for a period of time in the event of a significant drop in income. This would give time for alternative sources of funding to be sought by the Elders and Trustees, and the charity's options to be considered. Page 4
REDEEMER CENTRAL (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 c. Review of financial perfomiance Overall, the Statement of Financial Activities for the year ended 31 March 2024 reflects a net increase in funds of £32,687, leading to total funds carried foNard of £65,668. The closing net assets include restricted funds of £16,290. designated funds of £7,768 and unrestricted funds of £41.610. Redeemer Central is reliant on the support of individual donors in order to fund its activities, and could not survive without the continued generosity of its people. During the year ended 31 March 2024, giving amounted to £67,647 and Gift Aid claimed thereon totalled a further £16,012. Together these accounted for approximately 58 % of the charity's total income. The Trustees wish to sincerely thank all those who have provided donations to Redeemer Central during the year. Our largest area of expenditure has of course been in relation to our church gatherings. £73,580 {2023- £67,433) was incurred in order to facilitate our Sunday and mid-week gatherings. This included the salaries of the charity's employees, rental charges for the use of 101 Donegall Street, the cost of heating oil, electricity charges, water charges, expenditure on visiting speakers. building maintenance costs, liability insurance, the cost of books & teaching materials. and various other expenses incurred in running the church. Structure, governance and management a. Constitution Redeemer Central is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association dated 01 April 2014. It is a registered charity number NIC100831 with the Charity Commission for Northern Ireland and is a registered charity number XT28326 with HMRC. The principal objective of the company is the advanrnent of the Christian faith in Belfast. b. Methods of appointment or election of Trustees The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association. c. Organisational structure and decision-making policies The company was established under a Memorandum of Association which established the objects and powers of the charity and is governed under its Articles of Associats'on. The Trustees are responsible for the day to day management of the charity. d. Policies adopted for the induction and training of Trustees New Trustees are provided with more detsils of the charity's aims and objectives and are given the opportunity to spend time with the existing Trustees and learn about Trustees responsibilities. Page 5
REDEEMER CENTRAL (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Structure, governance and management (continued) e. Financial risk management The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company. and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. The Trustees have overall responsibility for Redeemer Central's system of internal controls. Such a system can provide only reasonable and not absolute assurance against fraud or error. A monthly financial reporting system is in place, which allows the financial performance and position of the charity to be monitored and managed by the Elders and Trustees. The Trustees seek to ensure that appropriate policies and procedures are in pla and are communicated to all necessary parties in order to mitigate the risks that are faced by the charity. Appropriate checks are carried out in respect of all staff and volunteers who work with children and other vulnerable groups. Legal advice is sought on an on-going basis as required in order to satisfy our legal responsibilities, particularly in relation to employment matters. Insurance cover is in place in respect of all major insurable risks. The Trustees consider that the system of internal controls that is in pla provides Redeemer Central with adequate risk assurance. Page 6
REDEEMER CENTRAL (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Structure, governance and management (continued) Statement of Trustees. responsibilities The Trustees (who are also the directors of the company for the purposes of company law) are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP (FRS 102)., make judgments and accounting estimates that are reasonable and prudent" state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. Mr David Amistrong Trustee Mr lan Wasson Trustee Date. 0311212024 Page 7