CROSSFIRE TRUST Page 10 STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2023 Unrestricted Funds Restricted Funds Total Funds 2023 Total Funds 2022 Note Income from: Donations and legacies Charitable activities Other income 87,464 71219 1,096 111246 95,521 198,710 166,740 1,096 84,507 173,503 Total income 159,779 206,767 366,546 258,010 Expenditure on: Charitable activities (143,127) (143,127) (118,967) (118,967) (262,094) (262,094) (202,195) (202,195) Total expenditure Net income before transfers 16,652 87,800 104,452 55,815 Transfer between funds 10 167,789 (167,789) Net income/(expenditure) for the year 184,441 (79,989) 104,452 55,815 Reconciliation of funds Total funds brought fonvard Total funds Carried fonvard 211,657 225,409 437,066 381,251 396,098 145,420 541,518 437,066 The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total r¢co.¢mised gains and losses has not been prepared. All of the above amounts relate to continuing activities. The notes on pages 13 to 24 fomi part of these financial ststements.
CROSSFIRE TRUST Page 11 BALANCE SHEET 31 MARCH 2023 2023 2022 Note Fixed assets Tangible assets 14 449,857 274,912 Current assets Debtors Cash at bank and in hand 15 78,461 76,095 32,685 193,972 154,556 (12,895) 226,657 (14,503) Creditors: Amounts falling due within one year 16 Net current assets 141,661 212,154 Total assets less current liabilities 591,518 487,066 Creditors: Amounts falling due after more tban one year 17 (50,000) 541,518 (50,000) 437,066 Net assets Charity funds Restricted income funds Unrestricted income funds 19 20 145,420 396,098 225,409 211,657 Total charity funds 541,518 437,066 These financial statements were approved by the members of the committee on the Christa Weir Charity number: NIC 101499
CROSSFIRE TRUST Page 12 STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2023 2023 2022 Note Cash floiv from operating activitie6 22 81,331 67,210 Net cash flow from oper2ting activities 81?31 67,210 Cash flow from investing activities Payments to aquire tangible fixed assets (199208) (4,592) Net eash flow from investing activities (199,208) (4,592) Net (decrease)/increase in cash and casb equivalents (117,877) 62,618 Casb and cash equivalents at l April 2022 193,972 131,354 Cash and cash equivalents at 31 March 2023 76,095 193,972 Cash and cash equivalents consist of - Cash at bank and in hand 76,095 193,972 Cash and casb equivalents at 31 March 2023 76,095 193,972
CROSSFIRE TRUST Page 13 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 Principal accounting policies General information and basis of preparation Crossfire Trust is a charity which rcgistered with The Charity Commission for Northern Ireland on I l June 2015. The address of the registered office is given in the charity infomiation on page l of these financial statements. CrOssfe Trus¢ a charitable trust is constituted under a trust deed dated 28 November 1984. CrossfIre Trust constitutes a public benefit entity as defined by FRS 102. Statement of com liance The financial statements have been prepared on the (yoing concern basis under the historical cost convention and in accordance with Accounting and Reportin 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 issued in October 2019, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities leoislation in Northern Ireland and UK Generally Accepted Accounting Practice. These financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments. The financial statements are prepared in sterling, which is the functional currency of the entity and rounded to the nearest £ l. The significant accounting policies applied in the preparation of thes¢ financial statements are set out below. These policies have been consistently applied to all years presented unless othenvise stat¢d. Fund accounting Unrestricted funds of the charity consist of a General Fund which is expendable at the discretion of the trustees in furtherance of the charitable objectives of the charity and which has not been designated for other purposes. Designated funds are unrestricted funds earniarked by the Manaoement Committee for particular purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged a(yainst the specific fund. Income recognition All income is included in the Statement of Financial Activities (SOFA) when th¢ charity is legally entitled to the income after any perforniance conditions have been met, the amount can be measured reliably and it is probabl¢ that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perfomiance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is wÉthin the control of the charity and it is probable that they will be fulfilled.
Page 14 CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (Continued) YEAR ENDED 31 MARCH 2023 Principal accounting policies (continued) Income recotrnition (continued) Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure. No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees, Annual Report. Voluntary income received by way of donations and gift is credited to revenue on a receivable basis. Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. Where estimating the fair value is practicable upon receipt it is recognised in stock and 'Income from other trading activities, Upon sale, the value of the stock is charged against 'Income from other trading activities, and the proceeds are recognised as 'Income from other trading activities, Where it is impracticable to fair value the items due to the volumc of low value items they are not recognised in the financial statements until they are sold. This income is recognised within 'Income from other trading a¢tiviti¢s'. Fixed asset oifts in kind are reco(ynised when receivable and are included at fair value. They are not deferred over the life of th¢ asset. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is re¢ognised. On occasion legacTes will be notified to the charity however it is not possible to m¢asure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Income from government and other grants are recognised at fair value when the charity has entitlement after any perforniance conditions have been met, it is probable that the income will be received and the amount can bc measured reliably. If entitlement is not met then these amounts are deferred. Revenue grants are credited to incoTning resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period. Grants which contribute towards specific expenditure on fixed assets are credited to the Statement of Financial Activities in full upon receipt. Investment income is interest earned throuJ(y holding cash at bank. Interest income is recognised when receivable. Deferred income Income from certain events has been deferred as the concerned events will not occur until after the year end.
Page 15 CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (conlinued) YEAR ENDED 31 MARCH 2023 Principal accounting policies (continued) Expenditure recognition All expenditure is aoUnted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive oblioation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Where costs cannot be directly attributed to a particular heading they have been allocated to activities on a basis consistent with the use of the resources. Staff costs and overhead expenses are allocated to activities on the basis of staff time spent on those activities. Fund-raisinfj costs are those incurred in seeking voluntary contributions and do not include the costs of disseminatiniy infonnation in support of the charitable activities. Employee benefits When employees have rendered service to the charity, short-tern] employec benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. Value Added Tax The charity is not registered for VAT purposes" therefore expenditure is shown inclustve of VAT. Fixed assets Tangible fixed assets are stated at cos¢ or valuation less accumulated depreciation. The costs of minor additions. where the useful life is considered to be less than 2 years, are not capitalised. Depreciation Depreciation is calculated so as to WTite off the cost of an asse( less its estimated residual value, over the useful economic life of that asset as follows: Freehold Property Fixtures & Fittings Motor Vehicles 5 % (improvements); Nil (land and investments) 150/0 - 20 % strai(rht line and reducing balance 100/0 - 200/0 straight lin¢ Operating lease agreements Rentals payable under operating leases are charged to the SOFA on a straight line basis over the period of the lease.
Page 16 CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (conlinued) YEAR ENDED 31 MARCH 2023 Principal accounting policies (continued) As a charity, it benefits from various exemptions afforded by tax legislation. It is therefore not liable to corporation tax on income or gains falling due within those exemptions. Recovery is made of tax deducted froTll receipts under gift aid. Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the ¢xpected level of income and expenditure for 12 months froTJ) authorisino these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to b¢ able to continue as a going concern. Judgements and key sources of estimation uncertainty The following judgements including those involving estimat¢s have been made in the process of applyin(T the above accounting policies that have had the most si.onificant effect on the amounts reco.onised in the financial statements and that have a significant risk of causiniF a material adjusknent to the carrying amounts of assets and liabilities within the next financial year: (i) depreciation method and asset useful lives The estimates and assumptions are reviewed on an ongoing basis considering the current and future market conditions. Investment property Investment propety is initially recorded at cost, which includes purchase price and any directly attrituble expenditure. Donations and legacies Unrestricted Restricted Total Funds Unrestricted Funds Funds 2023 Funds Restricted Total Funds Funds 2022 Donations Lefjacy 87,464 111,246 198,710 43,711 26,039 14,757 69,750 14,757 84,507 87,464 111246 198,710 43,711 40,796
Page 17 CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 Income from Charitable activities Unrestricted Restrieted Total Funds Unrestricted Funds Funds 2023 Funds Restricted Total Funds Funds 2022 Grants NIHE / Clients Shop and market sales Other sundry income 250 65,843 95,521 95,771 65,843 2,850 59,165 105,683 108,533 59,165 2,910 2,910 5,011 5,011 2,216 2216 794 794 71219 95,521 166,740 67,820 105,683 173,503 Other income UDrestricted Restricted Total Funds Unrestricted Funds Funds 2023 Funds Restricted Total Funds Funds 2022 Rental income 1,096 1,096 1,096 1,096 An21ysis of expenditure on charitable activities Activities undertaken directly Activities undertaken directly Support costs Total 2023 Support costs Total 2022 Helping disadvantaged people of South Arniagh Siniving Kettle (Added Value)IYarn & Darn 219,958 35,073 255,031 157,644 32,580 190,224 6,563 500 7,063 11,482 489 11,971 226,521 35,573 262,094 169,126 33,069 202,195 £118,967 (2022 £96,066) of the cost of activities undertaken directly and £Nil (2022 £410) of support costs were attributable to restricted funds. £107,554 (2022 £73,060) of the cost activities undertaken directly and £35,573 (2022 - £32,659) of support costs were attributable to unrestricted funds.
Page 19 CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 10. Fund transfers {corttinued) Donations received for the investment property have been shown within restricted funds. The investment property has been purchased during the year. There are no specific tenns or restrictions placed on the donations received. Therefore, the investment property has been transf¢ed from restricted funds to unrestricted funds. I l. Staff costs aDd employee benefits Total staff eosts were as follows: 2023 2022 Wafjes and salaries Social security costs Pension costs 112,429 5224 3207 84,825 2,969 2,377 120,860 90,171 Allocated to: 2023 2022 Hclping disadvantaged people of South Arn]afjh 120,860 90,171 120,860 90,171 Particulars of employees: The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows: 2023 No 2022 Number of management staff Project staff No employee received total employee benefits of more than £60,000 durino the year (2022 - Nil). 12. Trustee remuneration & related party transactions The key management personnel of the charity are considered to be the trustees and the Chief Executive Officer. None of the trustees received any remuneration or expenses duriniF the year (2022 - £Nil). Members of the management committee received total remuneration of £59,586 (2022 - £52,156) during the year. No trustee or other person related to the charity had any personal interest in any contract or transaction entered into by the charity during the year (2022 - Nil).
Page 20 CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (conlinued) YEAR ENDED 31 MARCH 2023 13. Taxation The Charity is a registered charity and as such, is entitled to certain tax exemptions on income and profits from investments and surpluses on any trading activities carried out in the furtherance of the charities primary objectives, if these profits and surpluses are applied solely for charitabl¢ purposes. The charity is not registered for VAT and accordingly, all their expenditure is inclusive of VAT incurred. 14. Tangible fixed assets Land and Investment Fixtures & Buildings property Fittings Illotor Vehicles Total COST OR VALUATION At l April 2022 Additions 616,090 135,108 21,760 13,802 765,000 199208 177,448 At 31 March 2023 616,090 177,448 156,868 13,802 964,208 DEPRECIATION At l April 2022 Char(ye for the year At 31 March 2023 351,430 16,900 124,856 7,363 13,802 490,088 24263 368,330 132,219 13,802 514J51 NET BOOK VALUE At 31 Marcb 2023 247,760 177,448 24,649 449,857 At 31 March 2022 264,660 10,252 274,912 The investment property relates to a commercial property purchased in February 2023 located in Cardinal O'Fiaich Square, Crossmaglen.
CROSSFIRE TRUST Page 21 NOTES TO THE FINANCIAL STATEMENTS (conlinued) YEAR ENDED 31 MARCH 2023 15. Debtors 2023 2022 Other debtors Prepayments and accrued income 37,557 40,904 28,742 3,943 78,461 32,685 16. Creditors: Amounts falling due wutbin one year 2023 2022 PAYE and NIC Accruals Other creditors 2,416 4J90 6,089 2,257 6,157 6,089 12,895 14,503 17. Creditors: Amounts falling due after more than one year 2023 2022 Other creditors 50,000 50,000 50,000 50,000 Other creditors include £50,000 repayable on an interest free concessionary loan which is repayable in one payment at the end of the l O year loan period on 23 June 2024. 18. Pensions The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The contributions paid by the charÉty during the year amounted to £3,207 (2022 - £2,377). At the balance sheet date outstanding payments to the fund totalled £747 (2022 - £688).
CROSSFIRE TRUST Page 23 NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 21. Analysis of Det assets between funds As at 31 March 2023 Tangible Net current Lon¢y term red assets assets liabilities Total Restricted Income Funds: Restricted Fund - Capital Restricted Fund - Revenue 132,926 132,926 12,494 12,494 132,926 12,494 145,420 Unrestricted Income Funds 316,931 129,167 (50,000) (50,000) 396,098 Total Funds 449,857 141,661 541518 As at 31 March 2022 Tangible Net current fixed assets assets Lono terni liabilities Total Restricted Income Funds: R¢stricted Fund - Capital Restricted Fund - Revenue 150,752 150,752 74,657 225,409 74,657 150,752 74,657 137,497 212,154 Unrestricted Income Funds 124,160 (50,000) (50,000) 211,657 Total Funds 274,912 4J7,066 22. Reconciliation of net income to net cash flow from operating aetivities 2023 2022 Net income for year 104,452 55,815 Depreciation and impainnent of tangible fixed assets (Increase)/decrease in debtors Decrease in creditors 24,263 (45,776) (1,608) 81J31 19,928 4,838 (13,371) 67,210 Net cash flow from operating activities
CROSSFIRE TRUST Page 24 NOTES TO THE FINANCIAL STATEMENTS (eontinugd) YEAR ENDED 31 MARCH 2023 23. Analysis of changes in net debt At l April 2022 Cash flows At 31 March 2023 Cash and cash equivalents Cash at bank and in hand 193,972 (117,877) (117,877) 76,095 76,095 193,972 Long term borrowings (50,000} (50,000) {50,000) (50,000) Net funds 143,972 (117,877) 26,095 24. Operating leases The total future minimum lease payments under non-cancellable operating leases are as follows: 2023 2022 Less than one year Between one and five years Greater than five years 3,024 9,828 3,024 12,096 756 12,852 15,876 25. ContingeDcies The charity has a contingent liability to repay grants received if certain conditions are not met or if they are breached.