Rice Kitchen Ministries Trust Statement of Financial Activities for the Year Ended 31 December 2023 Unrestricted funds Total 2023 Note Income and Endowments from: Charitable activities 19,418 19.418 Total income 19,418 19,418 Expenditure on: Charitable activities (13,319) (13,319) Total expenditure Net income (lJ,319 (13,319) 6,099 6,099 Net movement in fid$ 6,099 6.099 Reconciliation of funds Total funds brought forward Total funds Caled forward 12,462 12,462 18,561 Unrestricted fund5 18,561 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 forward Total funds carried forward 14,455 14.455 12.462 12,462 All of the charity'5 activities derive from continuing operation5 during the above two peTiods. The funds breakdown for 2022 is shown in note The notes on pages 7 to 13 fom an integral part of these financial statements. Page 5
Rice Kitchen Ministries Trust (Registration number: 102268) Balance Sheet as at 31 December 2023 2023 2022 Note Fixed assets Tangible assets 2,569 3,211 Current assets Debtors Cash at bank and in hand 395 16.417 9.935 16,812 9,935 Creditors: Amounts falling due within one year (820) (684) Net current assets 15,992 9,251 Net assets 18,561 12,462 Funds of the charity: Unrestricted income funds Unrestricted funds 18,561 12,462 Total funds 18,561 12,462 The fi ancial statements on pages 5 to 13 were approved by the trustees, and authorised for issue on 2 tr.. and signed on theii" behalf by.. S Greer Trustee V Greer Trustee The notes on pages 7 to 13 forni an integral part of these fmancial statements. Page 6
Rice Kitchen Ministries Trust Notes to the Financial Statements for the Year Ended 31 December 2023 l Accounting policies Statement of eompliance 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 in the UK and Republic of Ireland (FRS 102) and the Charities Act (Northern Ireland) 2008. Basis of preparatio Rice Kitchen Ministries Trust meets the definition of a public benefit entlty under FRS 102. The accounts (fmancial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless othenvise stated in the relevant note(s) to these accounts. Income and endowments Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, 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 have been allocated on a basis consistent with the use of resources, with Central staff costs allocated on the basis of time spenL and depreciation charges allocated on the portion of the asset's use. Other sUPPOrt costs are allocated based on the spread of staff costs. Cliarilable acfivilles Charitable expenditure comprises those costs incurred by the cbarity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Tangible fixed assets Individual fixed assets costino £0.00 or more are initially recoTded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairn)ent10sses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost OT valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Furniture and equiprnent Depreciation method and rate 200/0 reducing balance basis Page 7
Rice Kitchen Ministries Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Trade debtors Trade debtors are amounts due from customers for merchandise sold or services perfonned in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method. less provision for impaimient. A provision for the irnpaiTment of trade debtors is established when there is objective evidence that the charity will not be abLe to collect all amounts due accoTding to the original terms of the receivables. Cash and eash eqllivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-terni bighly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income fimds are general funds that are available for use at the trustees discretion in fijrtherance of th¢ objectives of the charity. Financial instruments ClasslJ7culion Financial assets and financial liabilities are recognised when the charity become5 a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangernents entered into. An equity instrLunent is any contract that evidences a residual interest in the assets of th¢ charity after deducting all of its liabilities. Recogiiilioii aiid nieasurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those fmanrial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is nonnally the transaction price excluding transaction costs), unless the arranoernent constitutes a fmancing transaction. If an arranernent constitutes a financing transaction, the financial asset or financial liability is rneaswed at the present value of the futur¢ payments discow)ted at a market rate of interest for a similar debt instrLunent. Financial assets and liabilities are only offset in the statement of financial position when. and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to Tealise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financRal asset expire or are settled, b) the charity transfers to another paty substantially all of the risks and rewards of ownership of the financial a55et. or c) the charity, despite having retained sorne, but not all, significant risks and rewards of ownership. has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Page 8
Rice Kitchen Ministries Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) Derivalivefiiilliicial Insiruméftts 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 remeasured to their fair value at each reporting date. The resulting gain or loss is recognised in staternent of fjnancial activities in]mediately unless the derivative is designated and effective as a hed(ying instrument, in which event the timing of the recognition in statement of fmancial activities depends on the nature of the hedge Telationship. Fair value meusuremenl 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 as there has not been a significant change in economic circumstances or a significant 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 charitable aetivitie5 Unrestrieted funds General Total 2023 Total 2022 Donations 19,418 19,418 15.501 Page 9
Rice Kitchen Ministries Trust Notes to tbe Financial Statements for the Year Ended 31 December 2023 (continued) 3 Expenditure on charitable activities Unrestricted funds General Total 2023 Total 2022 Ministerial expenses Heat and light Insurance Repairs Motor expenses Accountancy Bank charges Depreciation Telephone, printing, postage and stationery Travel and subsistence Sundry Water Rate5 8,057 467 679 327 1,357 676 174 642 713 8,057 467 679 327 1,357 676 174 642 713 8,643 1,004 I,015 81 1,162 644 86 803 572 3,334 150 176 176 13,268 13,268 17,494 £13,268 (2022 - £17,494) of the above expenditure was attributable to unrestricted funds and £Nil (2022 - £Nil) to restricted funds. 4 Trustees remuneration and expense5 No trustees, noT any persons connected with them, have received any remuneration from the chaTity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Page 10
Rice Kitchen Ministries Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 5 Tangible fixed assets Furniture and equipment Total Cost At l January 2023 At 31 December 2023 5.018 5,018 5,018 5,018 Depreciation At l January 2023 Charge for the year At 31 December 2023 1,807 642 1,807 642 2,449 2,449 Net book value At 31 December 2023 At 31 December 2022 2,569 2,569 3,211 3.211 6 Cash and cash equivalents 2023 2022 Cash at bank 16,417 7 Creditors: amounts falling due within one year 2023 2022 Accruals 820 684 Page 11
Rice Kitchen MinistrAes Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 8 Funds Balance at 31 December 2023 Balanee at I January 2023 Incoming resources Resources expended Unrestricted funds General General 12.462 19,418 (la.319) 18,561 Balance at 31 December 2022 Balance at I January 2022 Incoming resources Resources expended Unrestrieted funds General General 14,455 15,501 (17,494) 12,462 9 Analysis of net assets between funds Unrestricted funds General Total funds at 31 December 2023 Tangible red assets Current assets Current liabilities 2,569 16,812 (820) 2,569 16,812 (820) Total net assets 18,561 18,561 Unrestricted funds General Total funds at 31 December 2022 Tangible fixed assets Current assets Current liabilities 3,211 9,935 (684) 3,211 9,935 (684) Total net assets 12,462 12,462 Page 12
Rice Kitchen Ministries Trust Notes to the Financial Statements for the Year Ended 31 December 2023 (continued) 10 Analysis of net funds At31 December 2023 At l January 2023 Financing cash ftlows Cash at bank and in hand Net debt 9.935 6.482 16,417 9,935 6,482 16.417 At31 December 2022 At l January Finaneing cash 2022 flows Cash at bank and in hand Net debt 11.220 (1,285) (1,285) 9.935 11,220 9,935 Page 13