CROSSFIRE TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOMEAND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted Restrlcted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income and endowments from: Donations and legacies Charitable activities Other income 69,186 89,965 1,889 17,042) 110,101 62,144 200,066 1,889 87,464 70,406 1,909 111,246 95,521 198,710 165,927 1,909 Total Sncome 161,040 103,059 264,099 159,779 206,767 366,546 Expenditure on: Charitable activities 176,630 58,882 235,512 143,127 118,967 262,094 Total expendlture 176,630 58,882 235,512 143,127 118,967 262,094 Net Sncomel(expenditurel (15,590) 44,177 28,587 16,652 87,800 104.452 Transfers between funds 13 72,493 (72,493) 167,789 (167,789) Net movement in funds 56,903 {28,316) 28,587 184,441 (79,989) 104,452 Reconciliation of funds: Fund balances at 1 April 2023 396,098 145,420 541,518 211,657 225,409 437,066 Fund balances at 31 March 2024 453,001 117,104 570,105 396,098 145,420 541,518 The statement of financial activities includes all gains and losses recognised in Ihe year and therefore a statement oftotal recognised gains and losses has not been prepared. All income and expenditure derive from continuing activities.
CROSSFIRE TRUST BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets Investment property 14 15 247,957 177,448 272,409 177,448 425,405 449,857 Current assets Debtors Cash at bank and in hand 36,786 168,188 78,461 76,095 204,974 154,556 Credltors: amounts falling due within one year 17 (10,2741 (12,895) Net current assets 194,700 141,661 Total assets less current Ilabllltles 620,105 591,518 Creditors." amounts falllng due after more than one year 18 (50,000) (50,000) Net assets excludlng pension liability 570,105 541,518 Net assets 570,105 541,518 The funds of the charlty Restricted income funds Unreslricted funds 20 117,104 453,001 145,420 396,098 570,105 541,518 The financial statements were approved by the trustees on C Weir Trustee
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Crossfire Trust is a charity which registered with the Charity Commission for Northern Ireland on 11th June 2015. The address of the registered office is Darley Road, Keady, CountyArmagh, BT60 3AY. Crossfire Trust, a charitable trust is consliluted under a trust deed dated 28 November 1984. Crossfire Trust constitutes a public benefit entity as defined by FRS 102. 1.1 Accountlng conventlon The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo 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 1021, Ihe Charities gIslatIon in Northern Ireland and UK Generally Accepted Accounting Practice. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern The financial slatements have been prepared on a going concern basis as Ihe trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and Ihe expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for Ihe charity lo be able to continue as a going concern. 1.3 Charitable funds 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 have not been designated for other purposes. Designated funds are unrestricted funds earmarked by the Management 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 against the specific fLtnd. Endowment funds are subject to specific conditions by donors thal the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled lo il after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. For donations to be recognised the charity will have been notified of the amounls and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then the oncome is deferred until those conditions are fully mel or the fulfilment ol those conditions is within the control of the charity and it is probable that they will be fulfilled.
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles {Continued) For legacies, entitlement is the earlier of the charity being notified of an impending distribution of the legacy being received. At Ihis point income is recognised. On occasion legacies will be notified to the charity however it is nol possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Donated facilities and donated professional services are recognised in income al their fair value when their economic benefit is probable, it can be measured reliably and the charity has conlrol over the item. Fair value is determined on the basis of the value of the gift to Ihe charity. For example Ihe 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 SORP {FRS 1021. Further detail is given in the Trustees, Annual Report. Voluntary income received by way of donations and gifts is credited to revenue on a receivable basis. Gifts in kind donated for resale are included al fair value, being the expected proceeds from sale less the expected costs of sale. Vvhere estimating the fair value is practicable upon receipt il is recognised in slock 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 'lncome from other trading aclivities Where it is impracticable to estimate the fair value of the items due to the volume of low value items, they are not recognised in the financial statements until they are sold. This income is recognised wilhin 'lncome from other trading activities" Fixed asset gifts in kind are recognised when receivable and are included al fair value. They are not deferred over the life of the asset. Income from government and other grants are recognised at fair value when the charity has enlillement after any performance conditions have been met, il is probable Ihat Ihe income will be received and the amount can be measured reliably. If entillement is not mel then these amounts are deferred. Revenue grants are credited to incoming resources on the earlier date of when they are received or when they receivable, unless Ihey relaled to a speafied future period. Grants which conlribute towards specific expenditure on fixed assets are credited lo the Statement of Financial Activities in full upon receipl. Investment income is interest earned through holding cash at bank. Interest income is recognised then receivable. Income from certain events has been deferred as the concerned events will not occur unlil after the year end. 1.5 Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relate to the category. Expenditure is recognised where there is a legal or constructive obligation 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 resources. Staff costs and overhead expenses are allocated to activities on the basis of staff lime spent on those activities. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. 10-
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Continued) 1.6 Tangible fixed assets Tangible fixed assets re slated al cost. or valuation less accumulated depreciation. The costs of minor additions, where the useful life is considered to be less than 2 years, are nol Gapitalised. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fittings Motor vehicles 5 % limprovements),. Nil (land and investments) 15 /0 20 % straighl line and reducing balance 100/0 20D/o Straight line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Investment property Inveslment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. 1.8 Taxation 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 wilhin those exemptions. Recovery is made of tax deducted from receipts under gift aid. 1.9 Employee benefits When employees have rendered service lo the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. 1.10 Retlrement beneflts The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice. The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, seltlements and curtailments are recognised as incurred. 1.11 Value Added Tax The charity is not registered for VAT purposes., therefore expenditure is shown inclusive of VAT. Critical accountlng estlmates and Judgements In the application of the charity's accounting policie5, the trustees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on hislorical experience and other factors thal are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting estimates are recognised in the period in which Ihe estimate is revised where the revision affects only Ihat period, or in the period of the revision and future periods where the revision affects both current and future periods. 11
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from donatSons and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts 69,186 (7,0421 62,144 87,464 111,246 198,710 Income from charltable actlvltles Unrestrlcted Restricted funds funds 2024 2024 Total Unrestrlcted Restrlcted funds funds 2023 2023 Total 2024 2023 Charitiable activities NIHE I Clients Shop and market sales Grants Other sundry income 79,319 1,779 2,800 6,067 79,319 1,779 112,901 6,067 65,843 2,910 250 1,403 65,843 2,910 95,771 1,403 110,101 95,521 89,965 110,101 200,066 70,406 95,521 165,927 other Income Unrestrlcted Unrestrlcted funds funds 2024 2023 Solar income Rental income 1,096 813 1,881 1,889 1,909 12-
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on charltable actlvities Helplng Slnglng dlsadvantag Kettlelyarn ed people of & Darn South Armagh 2024 Total Helping Slnglng disadvantag Kettlelyarn ed people of & Darn South Armagh 2023 Total 2024 2024 2023 2023 Dlrect costs Staff costs Rent Light & heat Repairs & maintenance Insurance Motor vehicle expenses Room hire Catering Travel and subsistence Printing, postage and stationary Miscellaneous expenses Publicity Programme and event costs 107,904 2,175 4,124 20,438 7,589 7,055 7,380 449 3,794 107,904 3,867 4,124 20,438 7,589 7,055 7,380 449 3,794 120,860 2,250 6,822 22,248 6,279 2,972 11,601 2,620 7,905 120,860 3,526 6,822 22,533 6,279 3,872 13,137 2,620 7,905 1,692 1,276 285 900 1,536 1,573 2,578 1,573 2,578 1,395 903 2,471 1,395 903 2,471 9,396 9,396 31,632 2,566 34,198 174,455 1,692 176,147 219,958 6,563 226,521 Share of support and governance costs (see note 7) Support 36,127 Governance 23,126 36,127 23,238 32,855 2,218 350 150 33,205 2,368 112 233,708 1,804 235,512 255,031 7,063 262,094 Analysls by fund Unrestricted funds Restricted funds 176,518 57,190 112 1,692 176,630 58,882 140,191 114,840 2,936 4,127 143,127 118,967 233,708 1,804 235,512 255,031 7,063 262,094 13
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to activities 2024 2023 Depreciation Office running costs Governance costs 24,711 11,416 23,238 24,263 8,942 2,368 59,365 35,573 Analysed between: Helping disadvantaged people of South Armagh Singing Kettlelyarn & Darn 59,253 112 35,073 500 59,365 35,573 Net movement in funds 2024 2023 The net movement in funds is slated after chargingl(crediting)'. Fees payable to the charity's independent examiner- for the independent examination of the charity's financial statements for other financial services Depreciation of owned tangible fixed assets 2,000 850 24,711 2,000 850 24,263 Independent examlner's remuneratlon 2024 2023 For Independent examination services Independent examination of the financial statements of the charity 2,000 2,000 For other services All other services 850 850 10 Trustees The key management personnel of the charity are considered to be the trustees and the Chief Executive Officer. None of the trustees received any remuneralion or expenses during Ihe year {2023 - £Nil). Members of the management committee received total remuneration of £39,921 (2023 - £59,586) during the year. No trustee or other person related lo the charily had any personal interest in any contract or transaction entered into by the charity during the year (2023 - Nil). 14-
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employees The average monthly number of employees during the year was= 2024 Number 2023 Number Management staff Project staff Total Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 101,359 3,590 2,955 112,429 5,224 3,207 107,904 120,860 There were no employees whose annual remuneration was more than £60,000. 12 Taxatlon 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 oul in the furtherance of the charities primary objectives, if these profits and surpluses are applied solely for the charitable purposes. The charity is not registered for VAT and accordingly, all their expenditure is inclusive of VAT incurred. 13 Transfers Transfer between Ihe restricted and unrestricted funds relates to the amortisation of grants received for improvements to and equipment for Darkley House. Funds are transferred frorn unrestricted funds to restricled funds to cover shortfalls in restricted funding. When conditions on projects have been met, it is deemed the reslriction ceases and any surpluses are transferred from restricted funds to unrestricted funds. 15-
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Tangible fixed assets Froehold land Fixture5 and and building$ fittings Motor vehicles Total Cost At 1 April 2023 Additions 616,090 156,868 259 13,802 786,760 259 At 31 March 2024 616,090 157,127 13,802 787,019 Depreciation and impairment At 1 April 2023 Depreciation charged in the year 368,330 16,900 132,219 7,811 13,802 514,351 24,711 At 31 March 2024 385,230 140,030 13,802 539,062 Carrying amount At 31 March 2024 230,860 17,097 247,957 At 31 March 2023 247,760 24,649 272,409 15 Investment property 2024 Fair value At 1 April 2023 and 31 March 2024 177,448 The investment property relates to a commercial property purchased in February 2023 located in Cardinal O'Fiaich Square, Crossmaglen. 16 Debtors 2024 2023 Amounts falllng due within one year: other debtors Prepayments and accrued income 29,799 6,987 37,557 40,904 36,786 78,461 17 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Other creditors Accruals and deferred income 1,667 3,920 4,687 2,416 6,089 4,390 10,274 12,895 16
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 18 CredStors: amounts falling due after more than one year 2024 2023 Olher creditors 50,000 50,000 Other creditors include £50,000 repayable on an interest free ¢oncessionary loan which is repayable in one payment at the end of the 10 year loan period on 23rd June 2024. 19 Retlrement beneflt schemes 2024 2023 Deflned contrSbutlon schemes Charge to profit or loss in respect of defined contribution schemes 2,955 3,207 The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. At the balance sheet dale, outstanding payments to the fund lotalled £620 (2023 - £747). 20 Restricted funds At 1 Aprll 2023 Incomlng resources Resources expended Transfers At 31 March 2024 Restricled fund - revenue Restricted fund - capital 12,494 132,926 103,059 (58,882) (53,1711 (19,322) 3,500 113,604 145,420 103,059 158,882) (72,493) 117,104 Previous year: At 1 Aprll 2022 Incomlng resources Resources expended Transfers At 31 March 2023 Restricted fund - revenue Restricted lund capital 74,657 150,752 205,271 1,496 1118,9671 (148,467) (19,322) 12,494 132,926 225,409 206,767 {118,967) (167,789) 145,420 17-
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 21 Unrestrlcted funds The unreslricted funds of the charity comprise the unexpended balances of donalions and granls which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 April 2023 Incoming resources Resources expended Transfers At 31 March 2024 General funds 396,098 161,040 {176,630} 72,493 453,001 Previous year: At 1 Aprll 2022 Incomlng resources Resources expended Transfers At 31 March 2023 General funds 211,657 159,779 (143,127) 167,789 396,098 22 Analysls of net assets between funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 At 31 March 2024: Tangible assets Investment properties Current assetsl(liabilities} Long term liabililies 134,353 177,448 118,707 150,000) 113,604 247,957 177,448 194,700 (50,000) 75,993 380,508 189,597 570,105 Per balance sheet Balance to allocate 453,001 72,493 117,104 (72,493) 570,105 Unrestrlcted funds 2023 Restrlcted funds 2023 Total 2023 At 31 March 2023: Tangible assets Investment properties Current asselsl(liabililies) Long term liabilities 139,483 177,448 129,167 {50,000} 132,926 272,409 177,448 141,661 150,000) 12,494 396,098 145,420 541,518 18-
CROSSFIRE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 23 Operating lease commitments Lessee The total future minimum lease payments under non-cancellable operating leases are as follows.. 2024 2023 Within one year Between two and five years 3,024 6,804 3,024 9,828 9,828 12,852 19-