Com R Istratlon No. Nl 620817 istration No. 101033 Charfj Kairos Enterprises The Ark Community Gardens (Company Limited by Guarantee) Annual Financial Statements for the Year Ended 31st March 2023 Pre ared B Peter E O'Hare & Co Chartered Accountants 32 Hlgh Street Ballynahlnch Co Down 8T24 8AB
Kairos Enterprises Company Limited by Guarantee Financlal Statements Year Ended 31st March 2023 Page Trustees, Annual Report (including Trustees Strategic Report) Independent Examinevs Report to Trustees Statement of financial activities (Including Income & Expenditure Account) Statement of Financial Position Notes to the Financial Statements 7-12
Kairos Enterprises Company Limited by Guarantee Trustees, Annual Report | (Including Trustees Strategic Report) For the Year Ended 31st March 2023 The trustees. who are also the directors for the purposes of company law, present their report and the unaudrted financial statements of the charity for the year ended 31 March 2022. Reference and admlnlstratlve detsils Registered charlty name Charlty reglstratlon number Company regislratlon number N1620817 Prlnclpal offlce & registered offlce 2A Corrigs Road Newcastle Co Down BT33 OJZ Kairos Enterprises 101033 Trustees Mr David Henry Baxter Mr Robert Winston Bell Resi ust2LV3 Mr John Frederick Dinnen Mrs Joanna Ruth Mccall Inted- 2ndAu Mr Peter Henry Barr Mrs Jill Hamitton Mr Stephen Barthorpe Independent examlner Peter E O'Hare & Co Chartered Accountsnts 32 High Street Ballynahinch Co Down BT24 8AB Structure, governance and management Kairos Enterprises is a company limited by guarantee and therefore has no share capital. The day-to-day operatK)n of the charty ts carried out by the employees, which in turn is overseen by the TrusteesNolunteer5. and operates from The Ark Communty Gardens. This facilty provides help, support, mentoring and volunteering opportunities for a wide range of individuals and organisations. The twstees, annual report (above). plus the Annual Trustees Strategic Report were approved on the 22Th1 Nov ber 2023 and signed by: Mr Dav5 Trustee er
Kairos Enterprises Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) Year Ended 31st March 2023 The 2022-2023 financial year was again an exceptionally busy year in Ark Communty Gardens. with many new volunteers joining our team and many signrficant developments on the site. Whilst it is always encouraging to see the physical developments and improved facilities we, as a Board, are continually reminding ourselves of the core mission of The Ark - 'To demonstrate the love of God to our community through the example of Jesus.. As the site gets busier, ensuring that this mission is upheld as the fundamental principal of our organisation drives the decisions taken by the Board. Accordingly, it is rrK)st encouraging to hear so many volunteers testrfy about the fellowship and support they have experienced from being part of our Ark family. It has been very encouraging to see the resumption of the Men's breakfasts and the Ladies craft groups & outings. We all experience times of challenges, disappointments. heatth issues. bereavements and relationship drfficutties. During such times we can feel very lonely and it is such a reassurance that we have an earthly famity within The Ark who genuinely care about those difficutt times and a heavenly father who is reaching out to hold our hand. On the stsff front, we had a signtficant change during the year, when our Director, John Nixon, tendered his resignation to enable him to take up a new post as manager of Castlewellan Castle Christian Conference Centre. The Board would like to thank John for his leadership and loyaty over his 2 ½ years with us and wish him God's richest blessing in his new role. It is lovely to see him and the family call with us regularly. The Board subsequently appointed J¢)anna Mccall to the position of Director. Joanna was well known to us all as a member of the Board and a very faithfvl and busy volunteer. She has been very enthusiastically reiVed by staff and volunteers. combining a real care for individuals with a continual desire to expand the work of the organisation. We have also seen some changes to our Board. Following Joanna's appointment as Director she had to resign from the Board, we also finally allowed John Dinnen to retire and would like to thank John for his massive inpLrt to our Board over the past few years. He has agreed that we can still use him for a bit of wisdom when requiredl It is also a joy to report that, Sin our last report, 3 new Board Members have joined the Board, Jill Hamilton. Peter Barr and Stephen Barthorpe. who have realised that becoming a member of Board does not exempt you from weeding etc on site! On behalf of the Board, could l again thank our staff team for their hard work. dedication and ommitment to the Ark, and for the love and care that they show towards our volunteers. We truly are blessed by the team and the example they exhibtt to us all. On the financial front our accounts show a significant increase in both our income and outgoings. with an overall surplus over the year of just over £2000. As ststed in our reports in the past, we are keen to reduce our reliance on external funders - a source of income that can be unpredictable and unreliable. It is with this in mind that we made the big decision to open a coffee shop in our log cabin. As the date of opening falls wtthin the 202312024 financial year we will comment more in our next report. Preparations for this new venture did however impact signrficantly on operations this year. with the redevelopment of the potting shed into a new volunteer meeting room and kitchen. We also plan to construct a new potting shed and glasshouse beside the chicken enclosure. Joel and his teams have again been exceptionally busy onsite with various projects as follows: Construction of new tool shed in the garden field. Extension and renovation of the Men's Shed facilrties. Having taken feedback from our volunteers. we have signfficanty expanded the rtems stocked in the farm shop and customer feedback has been very posttive. The Children's Play Area has been completed and fenced in, much to the delight of our younger visitors. We had a very successful Christmas Fair onsite, which again required massive help from all our volunteers. Our growintyharvestintyre-potting teams have again been exceptionalty busy and the qualty and quantty of our produce continues to develop. The old Pigeon Club buildin8 has received a new roof & facelift and our flower exports have developed a beautiful frontage for our customers to enjoy.
Kairos Enterprises Company Limited by Guarantee Trustees, Annual Report (Incorporatlng the Director's Report) Year Ended 31st March 2023 Contlnued......... Finally, could we again thank our fantastic leam of volunteers for their incredible suptK)rt during the year. Whilst it is very encouraging to see the developments onsite, we truly do recognise that those who come ihrough our gates are what the Ark is all aboul. As a Board we were conscious that we were embarking on some fairly major changes to our site and in March we organised a volunteer's coffee morning to provide inf0mtIOn on the plans and seek feedback and suggestions. We would encourage all volunteers to provide us with your views on how we can better deliver on our mission. With all humility and gentleness, with patience, bearing with one anotber in love, eager to maintain the unity of the spirit in the bond of peac& Ephesians Ch.4 V2-3 Board of Directo ru5tees
Kairos Enterprises Company Limited by Guarantee Independent Examiner's Report to the Trustees of Kairos Enterprises For the Year Ended 31st March 2023 I report to the trUeeS on my examinats'on of the financial statements of Kairos Enterprises (Yhe charty,) for the year ended 31st March 2023. Responslbllities and basls of report As the trustees of Ihe company {and also its directors for the purpose5 of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of Charities Act (Northern Ireland) 2008 (the '2008 Act,) and the Companies Act 20C6 ('the 20C6 Act,). You are satisfied that the accounts of the company are not required by charty or company law to be audrted and have chosen instead to have an independent examination. Having satisfied myself that the accounts of the (xjmpany are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carrying out my examination I have followed the general Directions given by the Charty Commkssion for Northern Ireland under section 6519}{b) of the 2008 Act. Independent examlner's ststement I have completed my examination. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect: accounting records were not kept in respe of the charty as required by section 386 of the 2006 Act: or the financial statements do not accord wfÉh those records. or the financial ststements do not compty with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. or the financial ststements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial ReKM)rting Standard apICable in the UK and Republic of Ireland (FRS 102). I confirm that there are no Olher matters to which your attention should be drawn to enable a proper understsnding of the accounts to be reached. Peter E O'Hare - Independent Examlner Peter E O'Hare & Co Chartered AcCoUntts 32 Hlgh Street Ballynahlnch Co Down BT24 8AB Dat Th• not•• on pag08 6 10 12 forni part ot those ilnanclal statements.
Kairos Enterprises Company Limited by Guarantee Statement of Financial Activities (including Income & Expenditure Account) For the Year Ended 31st March 2023 2023 Restricted funds Total funds Totsl funds 2022 Unrestricted funds Note Income and endowments Donations and legacies 24.552 75,433 108,818 Charrtable activities 55,489 55,489 57,149 Investment income Total Income 80221 75,433 155,654 165,976 Expendlture Expendtture on raising funds: Costs of raising donations and legacies 43,182 49,699 92,881 47.814 Expendtture on charrtable activities 9,10 41,885 18.858 60,743 93,752 Total expenditure 85,067 68,557 153,624 141,566 Net Incomel(expenditure) and nel movement In fund8 (4.846) 6,876 2,030 24,410 Reconclllatlon ol funds Total funds brought forward 111,469 42.483 153,952 129,542 Totsi funds carrled fornard 106.623 49,359 155,982 129,542 The statement of financlal actlvltles Includes all galns and losses recognised In the year. All Income and expendllure derfve from connU[n9 actlvlties. Th¢ nol•• on page8 6 10 12 forni port of th080 financlal •lat•m•n
Kairos Enterprises Company Limited by Guarantee Statement of Financial Posltion As at 31st March 2023 2023 2022 Flxed Assets Tangible Fixed Assets 11 122,696 Current Assets Debtors & Prepayments Cash at Bank 12 566 47,948 3,250 31.430 48,514 Credltors: amounts falling due wlthln one year Net Current Assets 13 4,124 3,424 31.256 Total Assets less Current Uabilllles 155,982 153,952 Nei Assets at 31st March 155,982 153.952 Funds of the Charity Restricted funds 49,359 42,483 Unrestricted funds 106.623 111,469 Total Charlty Funds at 31 st March 14 155,982 153,952 For the year ending 31 March 2022 the charty was entitled to exemption from audtt under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibiltties: The members have not required the company to oblain an audit of its tinancial statements for the year in question accordanca with section 476; The directors acknowledge Iheir responsibilrties for comptying wrth the requirements of the Act wrth respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordan with the provisions applicable to companies subject to the small companies, regime. These financial statements were approved by the truslees and authorised for issue on the 22rn1 November 2023, and are signed by: Mr Davld B Trustee The not•• on pagao 6 to 12 lomi part of thes• financlal 8tat•m•nts.
Kairos Enterprises Company Llmited by Guarantee Notes to the Financial Statements Year Ended 31st March 2023 General Infornialion The charty is a public beneftt entty and a private company limited by guarantee, registered in Northern Ireland and a registered charty in Northern Ireland. The registered office address is 2A Corrigs Road, Newcastle. County Down, BT33 OJZ. Stslement of compllance These financial ststements have been prepared in Complian with FRS 102, 'The Financial Reporting StarKJard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Charities SORP {FRS 102)) and the Companies Act 2006. Accountlng pollcles Basls of preparatlon The financial statements have been prepared on the hk8torical cost basis. as modffied by the revaluation of rtain financial assets and liabilities and investment properties measured at fair value through income or expenditure. Going concern There are no material uncertainties about the charttys abilty to continue. Fund accountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charty's purposes. Designated funds are unrestrlcted funds eamiarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal. and fall into one of Iwo sub-classes: restricted income funds or endowment funds.
Kairos Enterprises Company Limited by Guarantee Notes to the Financial Statements(Mnthu Year Ended 31st March 2023 Accounllng pollcles (contInd} Incomlng resources All incoming resour are included in the ststement of financial actrvtties when entitlement has passed to the charty; it is probable that the economic beneftts associated with the transaction will flow to the charty and the amount can be reliably measured. The following specrfic policies are applied to particular categories of income: income fr¢Jn donations or grants is recognised when there is evidence of entitlement to the gfft. receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt probable and entrtlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliab, in which case the value is derNed from the cost to the donor or the estimated resale value. Donated faciltties and services are recognised in the accounts when recetved rf the value can be reliably measured. No amounts are included for the contribution of generdl volunteers. income from contracts for the supply of sep4ices recognised wrth the delNery of the contracted service. This is classtfied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and retumed rf unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liabilty is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classtfied under headings of the statement of financial activities to which it relates: expenditure on raising fijnds includes the costs of all fundraising actrvtties, events, non-charitable trading actNities, and the sale of donated goods. expendtture on charitable activities includes all costs incurred by a charty in undertaking activities that further its charttable aims for the benefft of its beneficiaries, including those support costs and costs relating to the governance of the charty apportioned to charitable activilies. other expenditure includes all expendrture that is neither related to raising funds for the charty nor part of its expenditure on chartiable activities. AII costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activty are allocated directly to that activty. Shared costs are apportioned between the activities they contribute to on a reasonable, justtfiable and consistent basis. Operatlng leas08 Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefil of lease incentives is recognised as a reduction to expense over the lease term, on a Straight-line basis.
Kairos Enterprises Company Limlted by Guarantee Notes to the Flnanclal Statements {conthiu•d) Year Ended 31st March 2023 Accountlng pollcles (contlnu•d) Tanglble assets Tangible assets are inrtially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revalualion less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carying amount of an a&set as a result of a revaluation. is recognised in other recognised gains and losses. unless it reverses a charge for impairment that has previously been recognised as expenditure wthin the ststement of financial activities. A decrease in the carrying amount of an asset as a resutt of revaluation, is recognised in other recognised gains and losses, expt to which it offsets any previous revaluation gain, in which case the k>ss is shown within other recognised gains and losses on the statement of financial activrties. Depreclation Depreciation is calculated so as to write off the cost or valuation of an asset, less tts residual value, over the useful economic lrfe of that asset as follows: Freehold property Computer Equipment 10% reducing balance 25% reducing balan Impaimient of flxed assets A review for indicators of impairment is carried out at each reporting date. with the recoverable amount being estimaled where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible rerSal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an indtvidual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identrfiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other &ets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business cornbination is. from the acquisition date. allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. Flnanclal Instruments A financial asset or a financial Ilabilty is recognised onty when the charrty becomes a paty to the contractual provisions of the instrurnent. Basic financial instruments are inrtialty recognised at the amount receivable or payable including any related transaction costs.
Kairos Enterprises Company Limited by Guarantee Notes to the Financial Statements (Gondnu Year Ended 31st March 2023 Accounllng pollcles (contsnuod) Flnanclal Instruments (contlnu•é) Current assets and current liabilrties are subsequently measured at the cash or other consideration expected to be paid or received and not discounted, and Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably. the investment is subsequently measured at fair value wtth changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments. including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the assel is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relalionship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting dale. If there is objective evidence of impairment. an impairment loss is recognised under the appropriate heading in the statement of financial actwities in which the inilial gain was recognised. For all equty instruments regardless of signfficance. and other tinancial assets that are individually signfficant, these are assessed individually for impairment. Other financial assets are erther assessed individually or grouped on the basis of similar credtrt risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the rlerSal does not resutt in a carrying amount of the financial asset that exceeds what the carrying amounl would have been had the impairment not previously been recognised. Llmlled by guarantee Kairos Enterprk8es is a compary limrted by guarantee and therefore has no share capital. Donatlons and legacle8 Unrestricted Funds Restricted Total Funds Funds 2023 Donatlon8 Restricted Funds 24,552 75,433 Unrestricted Funds Restricted Total Funds Funds 2022 Donatlons Restricled Funds 34,032 74,787 108,818
Kairos Enterprises Company Limited by Guarantee Notes to the Financial Statements (conllnu•d) Year Ended 31st March 2023 Charltable activilles Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Grants, Fundraising, Business and Organisations 55,489 57,149 57,149 Investment Income Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Bank Interest Recerved 180 Costs of ralslng donatlons legacles Unrestricted Funds Restricted Totsl Funds Funds 2023 Costs of raising donations and legacies - Donations 43.182 49,699 92,881 Unrestricted Funds Restricted Total Funds Funds 2022 Costs of raising donalions and legacies - DonaiK)ns 33,250 14.564 47.814 Expendlture on charStable a1vItIeS by fund type Unrestricted Funds Restricted Tolal Funds Funds 2023 Activty type 1 41,885 18.858 60,743 Unrestricted Funds Flestricted Total Funds Funds 2022 Activty type 1 76,013 17,740 93.752
Kairos Enterprises Company Limited by Guarantee Notes to the Financial Statements {¢onYnu Year Ended 31st March 2023 11. Tanglble Flxed Assets Freehold op•rty Equlpm•nt Cost Balance at 1 st April 2022 Additions 159,948 2,205 1,440 162,153 1,440 Balance al 31 st March 2023 159,948 3,645 163,593 Depreciatlon Balance at 1st April 2022 Charge for the year 37.872 12.027 1.585 515 39,457 12,542 Balance at 31st March 2023 49,899 2,100 51,999 Carrylng amount Balance at 31st March 2023 110,049 1,545 111,593 Balan at 31 st March 2022 122,076 620 122,696 12. Debtors 2023 2022 Trade debtors Prepayments and accrued income 566 1.750 1,500 Balance at 31 st March 3,250 13. Credltors: amounts falllng due wlthln one year 2023 2022 Trade creditors Accruals and deferred income 3,344 780 2,644 Balance at 31st March 4,124 3,424