JONTHREE TRUST LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies 55.943 275,517 331,460 178, 888 Total income 55.943 275,517 331,460 178, 888 Expenditure on: Charitable activities 80.921 300,749 381,670 162,382 Total expenditure 80,921 300,749 381,670 162,382 Net (expenditure)lincome Transfers beeen funds 124,978 22.731 125,232) (22,731) 150,210) 16,506 12 Net movement in funds (2.247) (47,963) (50,210) 16,506 Reconciliation of funds.. Total funds brought forward Net movement in funds 3.486 {2,247 142,387 147,963) 145,873 {50,210) 129,367 16,506 Total funds carried forward 1,239 94,424 95,663 145,873 The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 9 to 18 form part of these financial statements. Page 7
JONTHREE TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: N1039603 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Current assets Debtors 3.514 93,942 969 Cash at bank and in hand 153, 765 97.456 154, 734 Creditors.. amounts falling due thIn one year 10 (1.793) (8, 861) Net current assets 95,663 145,873 Total assets less current liabilities 95,663 145, 873 Net assets excluding pension asset 95,663 145,873 Total net assets 95,663 145, 873 Charity funds Restricted funds Unrestricted funds 12 1,239 94,424 3,486 142,387 12 Totsl funds 95,663 145, 873 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 accordan 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.. C Fitch Trustee Date: 041124 The notes on pages 9 to 18 form part of these financial statements. Page 8
JONTHREE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information Jonthree Trust Limited is a private company limited by guarantee, incorporated and registered in Northern Ireland under registration number N1039603. The company's registered office is situated at Suite 2.06. Custom House, Custom House Square, Belfast, BT13ET. The company is registered as a charty with the Northem Ireland Charity Commission under the registration number NIC101796 and accepted by HMRC as a charity under the reference XR42883. The charity's principal activity is the advanrnent of the Christian religion. The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. 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. 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. Jonthree Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheNise stated in the relevant accounting policy. 2.2 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. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the company, can be reliably measured. 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. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. Page 9
JONTHREE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continued) 2.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 beeen 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. Expenditure on charitsble 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. 2.4 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. 2.5 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. 2.6 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. 2.7 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. Page 10
JONTHREE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continued) 2.8 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. Investment income. gains and losses are allocated to the appropriate fund. Page11
JONTHREE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Donations 55,943 275,517 331,460 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Donations 33,171 145,717 178, 888 Analysis of grants Grants to Institutions 2024 Total funds 2024 Grants, Belfast Ministry Grants, Bible Ministry Grants, Portuguese Discipleship Grants, Christian Mission 5,753 221,500 80,921 61,261 5,753 221,500 80.921 61,261 Total 2024 369,435 369,435 Grants to Institutions 2023 Total funds 2023 Grants, Belfast Ministry Grants, Bible Ministry Grants, Portuguese Discipleship Grants, Christian Mission 11,821 100, 000 34, 804 7, 898 11,821 100, 000 34, 804 7, 898 Total 2023 154, 523 154, 523 Page 12
JONTHREE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2024 2024 Total 2024 Belfast Ministry Bible Ministry Portuguese Discipleship Christian Mission 9,146 221,802 8,540 61,261 9,146 221,802 89.461 61,261 80,921 80,921 300,749 381,670 Restricted Unrestricted funds funds 2023 2023 Total 2023 Belfast Ministry Bible Ministry Portuguese Discipleship Christian Mission 14,671 100,283 3,077 9,547 14,671 100,283 37,881 9,547 34, 804 34, 804 127,578 162,382 Analysis of expenditure by activities Grant funding of activities 2024 Support costs 2024 Total funds 2024 Belfast Ministry Bible Ministry Portuguese Discipleship Christian Mission 5,753 221,500 80,921 61,261 3,393 302 9,146 221.802 89,461 61.261 8,540 369,435 12,235 381.670 Page 13
JONTHREE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities (continued) Grant funding ol activities 2023 Support costs 2023 Total funds 2023 Belfast Ministry Bible Ministry Portuguese Discipleship Christian Mission 11,821 100, 000 34, 804 7,899 2, 850 282 14,671 100,282 37,881 9, 548 3,077 1.649 154, 524 7,858 162,382 Independent examiner's remuneration 2024 2023 Fees payable to the company's independent examiner for the independent examination of the company's annual accounts Fees payable to the company's independent examiner in respect of.. All other SeNiS not included above 1.716 1,650 2,408 1,875 Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, travel expenses totalling £B,763 were reimbursed or paid directly to 3 Trustees (2023 - £nil to 3 Trnstees). Debtors 2024 2023 Due within one year Other debtors 1.389 2,125 969 Prepayments and accrued income 3.514 969 Page 14
JONTHREE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Creditors: Amounts falling due within one year 2024 2023 other creditors 157 256 Accruals and deferred income 1,636 8.605 1.793 8,861 11. Financial instruments 2024 2023 Financial assets Financial assets measured at fair value through income and expenditure 93.942 153, 765 Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand. Page 15
JONTHREE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure Unrestricted funds General Funds - all funds 142,387 275,517 1300,749) 122,731 94,424 Restricted funds Restricted Funds- all funds 3,486 55,943 (80,921) 22,731 1,239 Total of funds 145.873 331,460 (381.670) 95,663 ststement of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Unrestricted funds General Funds - all funds 124,248 145,717 (127,578) 142,387 Restricted funds Restricted Funds- all funds 5,119 33,171 (34, 804) 3,486 Total of funds 129,367 178, 888 (162,382) 145,873 Page 16
JONTHREE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expenditure General funds Restricted funds 142,387 3.486 275,517 55,943 1300,749) (80.921) 122,731 22,731 94,424 1,239 145.873 331,460 (381.670) 95,663 Summary of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure General funds Restricted funds 124,248 5,119 145,717 33,171 (127,578) (34, 804) 142,387 3,486 129,367 178, 888 (162,382) 145,873 14. Analysis of net assets between funds Analysis of net assets between funds - current period Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Current assets 1,239 96,216 {1,793) 97.455 11,793) Creditors due within one year Total 1,239 94,423 95,662 Page 17
JONTHREE TRUST LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Analysis of net assets between funds (continued) Analysis of net assets between funds - prior period Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Current assets 3.486 151,248 (8, 861) 154, 734 (8, 861) Creditors due within one year Total 3,486 142,387 145,873 15. Related party transactions UHY Hacker Young Fitch Limited, a company in which M C Fitch has significant influence provided accountancy and payroll services to Jonthree Trust Limited. 16. Controlling party The ultimate controlling paty of the company is the Board of Trustees. Page 18