Rice Kitchen Ministries Trust Statement of Financial Activities for the Year Ended 31 December 2022 Unrestricted funds Total 2022 Note Income and Endowments from: Charitable activities 15,501 15,501 Total income 15.501 15.501 Expenditure on: Charitable activities 17.494 17.494 Total expenditure (17,494 (17.494) Net expenditure 1.993 1.993 Net movement in funds (1.993) (1.993) Reconciliation of funds Total funds brought ft)rward Total funds carried forward 14,455 14,455 12,462 Unrestricted funds 12,462 Total 2021 Note Income #nd Endowments from: Donations and legacies Charitable activities 14,284 9.289 14,284 9,289 Total income 23,573 23.573 Expenditure on: Charitable a¢tivities (10.578 10,578 Total expenditure 10,578 10,578 Net income 12,995 12,995 Net movement in funds 12.995 12,995 Reconciliation of funds Total funds brought forward Total fiinds carried forward 1.460 1,460 14,455 14,455 All of the charitys activities derive from Continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 9. The notes on pages 7 to 13 form an Inte￿al part of these financial statements. Page 5 Rice Kitchen Ministries Trust Notes to the Financial Statements for the Year Ended 31 December 2022 l Accounting policies St¥tement of compliance The financial statements have been prepared in accordance with 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 l January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable tn the UK and Republic of Ireland (FRS 102) and the Charities Act (Northern Ireland) 2008. Basis of pr¢par#tion RI￿ Kitchen Ministries Trust meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical Cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. Income and endowments Voluntary inwme including donations. gifts, legacies and grants that provide core fijnding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the incom¢ will be received and the amount can be measured with sufficient reliability. Graiils receiwttble Grants are recognised when the charity has an entitlement to the fjjnds and any Conditions linked to the grants have been met. Ivhere performance conditions are attached to the grant and are yet to be met. the income is recognised as a liability and inGluded on the balance sheet as deferred income to be released. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditur< it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they hav¢ been allocated on a basis consistent with the use of resources. with central staff costs allocated on the basi5 of time spenL and depreciation Charges allocated on the portion of the asset'5 use. Other support costs are allocated based on the spread of staff costs. Cliarilable aclivitles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that Can be allocated directly to such athivities and those costs of an indirect nature ne¢e5sary to support them. Government grants Government grants are recognised based on th¢ accrual model and are measured at the fair value of the asset received or r￿e1Vable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an a5S¢t is deferred, it is recognised as deferred income. Tangible fixed assets Individual fixed assets costing £0.00 or more are initially recorded at cost, less any subsequent accumulated depreciatiijn and subsequent acGumulated impaim]ent losses. Page 7 Rice Kitchen Ministries Trust Notes to the Financial Statements for the Year Ended 31 December 2022 (continued) Derivalivefinancial instrunienls The charity uses derivative financial instruments to reduce exposure to foreign exchange risk and interest rate movements. The charity does not hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasur8J to their fair value at each reporting date. The resulting gain or loss is recognised in statement of financial activities immediately unless the derivative 15 designated and effective as a hedging instrument. in which event the timing of the recognition in statement of financial activities depends on the nature of the hedge relationship. Fair value nieasuremenk The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long a5 there has not been a significant change in economic circumstances or a signifi¢ant lapse of time Since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. 2 Income from donations and legaci Total 2012 Total 2021 Grants. including capital grants. Government grants 14,284 14.284 3 Income from charitable activities Unrestricted funds General Total 2022 Total 2021 Donations 15,501 15.501 9,289 Page 9 Rice Kitchen Ministries Trust Notes to the Financial Statements for the Year Ended 31 December 2022 (continued) 6 Tangible fixed assets Furniture and equipment Total Cost At l January 2022 5,018 5,018 At 31 D￿ember 2022 5,018 5,018 Depreciation At l January 2022 Char8¢ for the year 1,004 803 1,004 803 At 31 December 2022 1,807 1,807 Net book valu¢ At 31 December 2022 3,211 3.211 At 31 December 2021 4,014 4,014 7 Cash and cash equivalents 2022 2021 Cash at bank 9.935 11.220 8 Creditors: Amounts falling due Ivithin one year 2022 2021 Accruals 684 779 Pagell Rice Kitchen Ministries Trust Notes to the Financial Statements for the Year Ended 31 December 2022 (continued) I l Analysis of net funds At31 December 2022 At l JanuAry Financing cash 2022 flows Cash at bank and in hand 11,220 1,285) 9,935 Net debt 11,220 1,285 9,935 At31 December At l January 2021 Financing cash flows 2021 Cash at bank and in hand 2,048 9,172 11.220 Net debt 2,048 9.172 11,220 Page 13