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2023-08-31-accounts

EXODUS TRUST

(A COMPANY LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 AUGUST 2023

Registered with the Charity Commission for Northern Ireland: NIC 102463 Company registration number: NI065788

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

________________

CONTENTS

Page
Charity Information 2
Trustees’ Report
 3 - 12
Independent Auditors’ Report
 13 - 18
Statement of Financial Activities (including income and expenditure account)
 19
Balance Sheet
 20
Statement of Cash Flows 21
Notes to the Financial Statements
 22 - 38

1

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

________________

CHARITY INFORMATION

Registered with The Charity NIC 102463
Commission for Northern Ireland
Company Registration Number NI 065788
Trustees Mr A R Lynas
Mr P R Lynas
Mrs G A Witherow
Mrs L R Lynas
Mr S J Richmond
Mrs K Welch
Dr C Agnew
Mrs G Maxwell
Chief Executive Officer Mr J Brown
UK & Ireland Director Mr J Cummings
Secretary Mr S Brown
Registered office 29 Railway Street
Lisburn
BT28 1XP
Auditors GMcG Portadown
Chartered Accountants & Statutory Auditor
17 Mandeville Street
Portadown
Co Armagh
BT62 3PB
Accountants KGA Accountants LLP
Building 2
The Sidings
Antrim Road
Lisburn
BT28 3AJ
Solicitor McFarland Graham McCombe
41-43 Bachelors Walk
Lisburn
BT28 1XN
Main Bankers Bank of Ireland
2 The Diamond
Coleraine,
BT52 1DE

2

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

________________

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT)

The Trustees present their report and audited financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity’s Memorandum and Articles of Association, the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, Companies Act 2006 and 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 SORP 2019 (FRS 102).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Exodus Trust is a registered charity with the Charity Commission for Northern Ireland and a company limited by guarantee, registered in Northern Ireland. The company was incorporated on 6[th] August 2007. The company was established under a Memorandum of Association which established the objects and powers of the company and is governed by its Articles of Association. The liability of its members is limited in that every member of the company undertakes to contribute an amount not exceeding £1 in the event of the company being wound up.

Reference and administrative details

The registered name of the charity is Exodus Trust, charity registration number: NIC 102463 and company registration number: NI 065788.

Registered office 29 Railway Street, Lisburn, BT28 1XP. Chief Executive Officer Mr J Brown UK & Ireland Director Mr J Cummings Auditor GMcG Portadown, Chartered Accountants & Statutory Auditor 17 Mandeville Street, Portadown, Co Armagh, BT62 3PB Bankers Bank of Ireland, 2 The Diamond, Coleraine, BT52 1DE Solicitors McFarland Graham McCombe, 41-43 Bachelors Walk, Lisburn, BT28 1XN

Trustees

The Trustees, who are also the directors for the purpose of company law, and who served during the year were:

Mrs C Aiken (resigned 6 December 2022) Dr C Agnew (appointed 6 December 2022) Mrs G Maxwell (appointed 6 December 2022) Mr A R Lynas Mr P R Lynas Mrs G A Witherow Mrs L Bell (resigned 13 October 2022) Mrs L R Lynas Mr S J Richmond Mrs K Welch

3

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

________________

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

STRUCTURE, GOVERNANCE AND MANAGEMENT (CONTINUED)

Trustees (continued)

New Trustees are appointed when appropriate. Suitable candidates are considered on the basis of their skills, experience and sympathy with the aims of the charity to ensure that they are competent to fulfil their role. New Trustees will be agreed at a board meeting before being invited to join. Training and support for Trustees is provided as required.

How the charity makes decisions

The Trustees and executive management meet 3 to 4 times a year to set strategy, discuss significant matters and review management accounts for the charity. During these meetings important decisions are made by consensus of the board. Day to day decision making responsibilities are delegated to the charity’s senior management team and its departmental leaders.

Remuneration of key management

The Trustees set the pay for key management at a level they believe reflects the nature of the role and the level of responsibility involved. This is reviewed annually in light of current performance, cost of living and budgetary considerations.

Relationships with related parties

The charity requires Trustees to complete disclosure of interest forms on appointment and to update these as required in order to identify potential related parties that may require disclosure in the financial statements. This disclosure and a description of those related parties can be found at note 23 to the financial statements.

Additional related parties

The Exodus centres in Coleraine and Lisburn are both located in buildings owned by Padly Limited. These buildings have been made available to Exodus by way of a rent-free tenancy. Padly Limited has three trustees each named as a person of significant control. Two of these individuals (Peter Lynas and Andrew Lynas) are also trustees of Exodus.

OBJECTIVES AND ACTIVITIES

The principal activity of the charity is to advance the Christian religion and promote the benefit of young people primarily but not exclusively in Ireland.

We are a charity that educates and assists such young people, irrespective of their religious beliefs, through their leisure-time activities so as to develop their physical, mental and spiritual capacities that they may grow to full maturity as individuals and members of society. In particular, we:

We also provide development aid and support to local communities, primarily but not exclusively in developing countries, for the furtherance of the relief of poverty, the advancement of education and other purposes beneficial to these local communities.

4

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

________________

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

OBJECTIVES AND ACTIVITIES (CONTINUED)

Exodus was established in Portstewart, Northern Ireland in 1997 and our vision is to see generations of young people boldly following Jesus and becoming lifelong disciple makers.

We currently work alongside young people, disciple makers, churches and communities in Ireland, Hungary and Romania. We see our role as raising up young people who will live out a bold and active Christian faith where they live and through 25 years of disciple making, we have journeyed with over 15,000 young people and leaders.

We offer four primary opportunities full of depth, fun and adventure:

  1. TEAMS - Unforgettable small group adventures combining discovery, friendship and mission.

  2. EVENTS & RESIDENTIALS - Fun, intentional and creative opportunities which build community and create discipling moments.

  3. MENTORING - Deep discipling relationships between young people and older Christians.

  4. TRAINING AND RESOURCES - Creative materials and workshops to equip leaders, parents and young people to make disciples.

Grant making policy

The charity may provide some financial assistance to organisations that it believes will advance its overall objectives. Primarily this is directed to our sister organisation ‘’Exodus CEE’’ operating in Hungary and Romania.

Use of volunteers

The charity continues to rely on the work of volunteers who assist in office administrative roles, help at various events throughout the year and lead the teams which meet throughout the year and travel during the summer. We estimate a contribution of at least 45,500 volunteer hours in 2022/23 equivalent to £568,750 at an average hourly rate of £12.50.

PUBLIC BENEFIT STATEMENT

The Board of Exodus Trust confirm that they have had due regard for the guidance produced on public benefit by the Charity Commission for Northern Ireland and are pleased to report that during the year the charitable company has continued to provide public benefits through the programmes and services we offer. In particular, the directors consider how planned activities will contribute to the aims and objectives they have set out.

Public benefits

The trustees believe that both our purposes satisfy both elements of the public benefit requirement.

Purpose 1:

The direct benefits which flow from this purpose include:

5

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

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TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

OBJECTIVES AND ACTIVITIES (CONTINUED)

Public benefits (continued)

These benefits are demonstrated through stories recorded from participants and partner organisations, feedback from volunteers, quarterly updates and the annual report. In providing these benefits, Exodus seeks to share the core tenets of the Christian faith, however, it will not condone any activities which put undue pressure on individuals to take on these beliefs. The beneficiaries of this purpose are young people living in Ireland aged 15-25. There will also be a direct benefit to youth leaders trained in roles, an indirect benefit to the families of young people and a wider benefit to the local communities. A private benefit to staff will arise as they are paid and also trained to carry out the role but this is necessary and incidental and payment is in line with appropriate levels of remuneration. Another potential private benefit is that gained by a staff member or Trustee who also has a teenage child who takes part in activities. This individual applies for and is assigned places in the same way as all other beneficiaries. This benefit is incidental and necessary to ensure the benefit is provided to our beneficiaries.

Purpose 2:

The direct benefits which flow from this purpose include:

These benefits are demonstrated through stories recorded from participants and partner organisations, feedback from volunteers, quarterly updates and the annual report. In providing these benefits Exodus seeks to share the core tenets of the Christian faith, however it will not condone any activities which put undue pressure on individuals to take on these beliefs. The beneficiaries of this purpose are individuals and communities primarily but not exclusively in developing countries.

ACHIEVEMENTS AND PERFORMANCE

‘’I became a team leader after being a team member because there is no experience like it. Exodus changed my life. I can only give back.’’ - Exodus Volunteer Leader 2023

Ongoing Ministry Celebrations

Between 1 September 2022 and 31 August 2023, Exodus staff and volunteers in the UK & Ireland delivered ministry opportunities across our 6 locations: Coleraine, Lisburn, Derry, Belfast, Carrick and Banbridge. Each area has significant cause for celebration.

The following are some ‘headlines’ from the life of Exodus in the last 12 months organised under the titles from our vision statement, ‘Reach’, ‘Disciple’ and ‘Partner’.

Reach

6

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

________________

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

Disciple

Partner

Development Celebrations

In March 2022, Exodus set out 12 Development goals linked to our drive for innovative and sustainable youth ministry until 2025. We are thrilled to share exciting progress in each of these 12 areas below:

1. Employing a fully funded Outreach Worker within Exodus North-East. Following a successful fundraising campaign in Spring 2023 we employed a full-time and fully funded Outreach Worker in August 2023. The role has been highly fruitful and has resulted in a range of new outreach initiatives including the establishment of an SU group in Ballycastle and expanded delivery of the SOAR leadership course for pupils in Ballymoney.

2. Piloting a team opportunity linked to leadership development that appeals to and engages those who aren’t Christians.

3. Pioneering a range of new and creative outreach initiatives.

4. Delivering a reshaped and re-branded intern programme with an intentional focus on leadership development.

In Spring 2023, we began reshaping our internship under the title ‘Emerging Leaders’ with 6 interns joining the signing up for the programme for September 2023. Developments included a new interns journal, programme of leadership training days and a leadership development trip to Romania.

5. Creating a full set of updated team courses.

7

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

________________

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

ACHIEVEMENTS AND PERFORMANCE (CONTINUED)

6. Building a strategic approach to developing innovative and adventurous placements for teams.

7. Building and launching a new model for Church commissioned Exodus workers who reach local young people with the gospel and raise up lifelong disciples of Jesus. We have begun piloting a new initiative called ‘Journey Together’ and are actively seeking church and community partnerships to launch new Exodus workers.

8. Launching a ministry to help fathers disciple their children.

9. Appointing a worker who will unlock more of the potential of Walk with Me through refining the process and targeted invitation, training and support.

10. Setting up a home for the ministry in Carrick and Newtownabbey.

In Autumn 2023, Greenisland Presbyterian Church welcomed Exodus Carrick to set up a new home within its premises. This generous invitation was paired with the permission and support to renovate a now youth-friendly space. The partnership has been very fruitful, and in February 2023 the Carrick team welcomed 62 young people and leaders onto Exodus Teams.

11. Building a new database and online platform to simplify & streamline activities for participants & staff.

We made significant progress on this project through a lengthy consultation process with a technology partner. This resulted in the development of a strategic plan and a successful funding application to support the work.

12. Forming a volunteer support group for each Exodus Area working to help the work flourish locally.

We have piloted a support group for our work in Belfast. This has provided excellent support for the ministry there and plans are in plans to continue the development.

8

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

________________

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FINANCIAL REVIEW

The detailed financial results for the year ended 31 August 2023 are shown on page 19 of the financial statements. The net expenditure for the year amounted to £13,428 (2022: net income of £76,472). At 31 August 2023, the funds of the charity amounted to £575,972 (2022: £589,400) comprising unrestricted income funds of £523,508 (2022: £559,102) unrestricted designated funds of £Nil (2022: £Nil) and restricted funds of £52,464 (2022: £30,298). At 31 August 2023, fixed assets included within unrestricted funds are £232,244 (2022: £248,549) and within restricted funds are £14,932 (2022: £16,215). At 31 August 2023, free reserves being total funds after deducting restricted funds, designated funds and fixed assets are £291,264 (2022: £310,553).

Principal Sources of Income

Our principal sources of income came from:

Expenditure

Our primary areas of expenditure are linked to:

Reserves policy and going concern

The charity’s reserves should provide the organisation with adequate financial stability and the means for it to meet its charitable objectives for the foreseeable future.

The Trustees intend to maintain the charity’s reserves at a level which is at least equivalent to three months operational expenditure plus £70,000 for advance purchase of flights & insurance at the start of each financial year and have done so having regards to its manner of operation of likely funding streams.

The board will review the reserves to ensure that they are adequate to fulfil the charity’s continuing obligations on an annual basis.

This figure for three months' operations equates to £146,400. The additional figure towards the insurance and flights budget is £70,000 - bringing the total reserves figure to £216,400.

Making allowance for restricted funds the trustees are able to report cash of £294,771 at the end of 31[st] August 2023.

Comment on current Financial Picture

We had projected a financial deficit in 2022/23 however, the deficit was lower than expected due primarily to:

9

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

________________

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FINANCIAL REVIEW (CONTINUED)

We are projecting a deficit for 23/24 due to the following:

Factors Affecting Future Financial Performance

Risk Management

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. The Trustees maintain a written risk register in order to document and review identified risks. The principal risks continue to be:

Plans for the future

1. Ongoing Ministry Goals

In 2022/23 we are determined to Reach 10,000 young people through schools work, drop ins and connection events. To Disciple 450 team members, 200 DISCIPLES and 100 mentees and to partner with 100 churches and organisations in disciple making.

2. Development & Sustainability Goals

Alongside this our priorities for development are linked to our 12 goals with 2023/24 goals as follows:

1. Employ a new, fully funded worker for Exodus NE focused on reaching new young people. 2023/24 - Goal Achieved

2. Pilot a team opportunity linked to leadership development that appeals to and engages those who aren’t Christians.

3. Catalyse a range of new and creative outreach initiatives pioneered by our bases. 2023/24 - Build on what was started in 2022/23, pilot a 3 way partnership with schools and churches and launch a Train station outreach.

4. Deliver a reshaped and re-branded intern programme with an intentional focus on disciple making leadership development.

10

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

________________

TRUSTEES’ REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED)

FINANCIAL REVIEW (CONTINUED)

5. Create a full set of team courses - re-written, digitally delivered. 2023/24 - Release a new Ex-press course and Ex-tend videos for team members and an updated SOAR course for schools work.

6. Build a strategic approach to developing innovative and adventurous placements for teams. 2023/24 - Investigate opportunities in the USA, extend opportunities in Moldova, Catalonia & South Africa.

7. Build and launch a new model for Church commissioned Exodus workers who reach local young people with the gospel and raise up lifelong disciples of Jesus. 2023/24 - Strengthen partnerships in 3 development Areas with the aim of initial appointments in 2025

8. Launch a ministry to help fathers disciple their children 2023/24 - Appoint a new worker for Legacy (our ministry with fathers)

9. Appoint a worker who will unlock more of the potential of Walk with Me through refining the process and targeted invitation, training and support. 2023/24 - Strengthen the mentoring process internally.

10. Set up a home for the ministry in Carrick and Newtownabbey. 2023/24 - Goal Achieved

11. To build a new database and online platform to simplify & streamline activities for participants & staff. 2023/24 - Initiate the Digital Boost Project to build and launch new software by 2025. Appoint a project manager and launch tender for software build

12. To form a volunteer support group for each Exodus Area working to help the work flourish locally.

And finally - renovate a space in our Coleraine centre to create a new office and meeting room to help support the ministry growth around the centre.

STATEMENT OF DIRECTORS’ RESPONSIBILITIES

The trustees (who are also the directors of Exodus Trust) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period. In preparing these financial statements the directors are required to:

11

EXODUS TRUST (A COMPANY IIMTTED BY GUARkYIEEI YL4REfqDED31 AUGusf 21123 TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTENUED) STATEMENT OF DIRECTORS, RESPONSIBILrrIES (CONTINUED) The Trustees are responsible for keeping adequate accounting records that disclose with reasonable a¢curacy at any time the f￿all¢la1 position of the charitable wmpany and enable them to ensur¢ that the financial statements comply with the Companies Act 2006. The directOTS are also responsible for safeguarding the assets of thc charitable con]pany and hence to take Tcasonable step5 for the pr¢vention aT]d detection of fraud and other irregularities. Disclosure of Inforn￿tiOn to auditors We, the directois of the company who held office at the date of approval of these Financial StateTncnts as set out above each Conf￿ so far as w¢ aware, that: there is no relevant audit infOrn￿tiOn of which the charitable company's auditors are unaware. we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audit inforn]ation and to establish that the charitable company's auditors are aware of that inforn)ation. The trnstees are res￿nsIble for the maintenance and integrity of the corporate and fsnancial infonnation included on the Ch￿itable ¢OFnpanYs website. Legislation in the United Kingdom governing the preparntion and diss¢mination of financial statements may differ from legislation in other jurlsdictions. Small" conwanies, exemption This report has been prepared in accordance with the sp<xtal provisions relating to smaIl companies within Part 15 of the Companies Act 2006. Auditors GMCG Portadown have indicated their willingness to continue in office and a resolution concerning their re-appotntm¢nt will be proposed at the Annual General Mecting. By order of the Board Mrs L R Lynas Ttustcc Date: 12

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

Opinion

We have audited the financial statements of Exodus Trust (the ‘charitable company’) for the year ended 31[st] August 2023 which comprise the Statement of Financial Activities (including income and expenditure account), the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK)(ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

13

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) (CONTINUED)

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report therein. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) (CONTINUED)

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of directors’ responsibilities set out on pages 11 and 12, the trustees (who are also the directors of the charitable company for the purpose of company law) are responsible for the preparation of the financial statements and for being satisfied that they give and true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees wither intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

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EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

_________________

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) (CONTINUED)

Extent to which the audit was considered capable of detecting irregularities, including fraud We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform the audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

As a result of these procedures, we considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud in revenue recognition. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included Charity legislation applicable to Northern Ireland, Charity’s governing document, employment law, health and safety and tax legislation.

We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included Charity legislation applicable to Northern Ireland, Charity’s governing document and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity’s ability to operate or to avoid a material penalty, for example, compliance with applicable ATOL regulations.

16

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

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INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) (CONTINUED)

Audit response to risks identified

Our procedures to respond to risks identified include the following:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement teams members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. In addition, as with any audit, there remains a higher risk of non-detection of irregularities, as they may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing noncompliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities is available on the Financial Reporting Council’s website at https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

17

EXODUS TRusr IA COMPANY LIMITED BY GUARAiYfEEI YEAR EiYDEDJI AUGUST 2023 INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) (CONTINUED) Use of our report This report is made solely to the charity's tThstees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations INorthern Ireland) 2015. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body. for our audit worK for this report, or for the opinions we have formed. Gillian Johnston ACA (Senior Statutory Auditor) for and on behalf of GMCG Portadow Chartered Aceollntants Statutory Auditor Chartered Accountants & Statutory Auditor 17 Mandeville Street Portadown Co Annagh BT62 3PB Dated.. l& Mp&H 8£ts1 18

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME & EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2023

Income from:
Donations and legacies
Charitable activities
Other trading activities
Total income
Expenditure
Charitable activities
Total expenditure
Net (expenditure)/income
Transfers between funds
Net movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 Notes
2
3
4
5		 Unrestricted
funds
£
548,830
433,363
42,365
1,024,558
(1,060,152)
(1,060,152)
(35,594)
-
(35,594)
559,102
523,508		 Restricted
funds
£
25,878
-
-
25,878
(3,712)
(3,712)
22,166
-
22,166
30,298
52,464		 Total
Funds
2023
£
574,708
433,363
42,365
1,050,436
(1,063,864)
(1,063,864)
(13,428)
-
(13,428)
589,400
575,972		 Total
Funds
2022
£
657,589
294,870
32,844
985,303
(908,831)
(908,831)
76,472
-
76,472
512,928
589,400

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised in the year.

19

EXODUS TRusr YEAR EE4DED 31 AUGUST 21)23 BALANCE SHEET - 31 AUGUST 2023 Notes 2023 2022 Fixed assets TaDgible assets 13 247,176 264.764 Cnrrent 455ets Debtors 14 25.125 332J03 357,428 28,632 36,053 309,288 345,341 {20,705 324,636 Cash at bank and in Iwid Credfitors: AEnouDts falling dye withiD one year Net current assets 15 Totsl assets less current liabAlitse5 575,972 589.41X) Net assets 575,972 589.4(M) Charity Funds Uttrestri¢ted income funds Gcncral s23￿8 559,102 TotsI unrestricted hndx 18 523,508 559,102 Restricted funds 17 10,298 Totgl charity funds 575,972 589.4(Kl The fina￿la1 statements were appn)ved and autknrised for issue by the Trustees on .. Signed on betMII oi the kloard ol-'I'ruslees: Mrs L R Lynas I Date: The Dotes on pages 22 to 38 forni part of these a￿oun Company registration Dumber: N1065788 20

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

STATEMENT OF CASH FLOWS – 31 AUGUST 2023

Notes
Cash flows from operating activities:
Net cash provided by operating activities
A
Cash flows from investing activities:
Purchase of tangible fixed assets
Net cash used in investing activities
Net increase in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Analysis of cash and cash equivalents
Cash at bank and in hand
Total cash and cash equivalents
A. Reconciliation of net (expenditure)/income to net cash flow
from operating activities
Net (expenditure)/income for the reporting period (as per the
statement of financial activities)
Depreciation
Decrease/(increase) in debtors
Increase in creditors
Net cash provided by operating activities		 2023
£
46,846
(23,831)
(23,831)
23,015
309,288
332,303
332,303
332,303
2023
£
(13,428)
41,419
10,928
7,927
46,846		 2022
£
118,905
(53,589)
(53,589)
65,316
243,972
309,288
309,288
309,288
2022
£
76,472
46,663
(10,486)
6,256
118,905

21

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023

1. ACCOUNTING POLICIES

(a) General information and basis of preparation

Exodus Trust is a private company limited by guarantee, incorporated in Northern Ireland. Company registration number: NI065788. The registered office is 29 Railway Street, Lisburn, BT28 1XP.

The charitable company constitutes a public benefit entity as defined by FRS 102.

Statement 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 United Kingdom and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention.

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 significant accounting policies are set out below. The Trustees consider that these accounting policies are suitable, have been consistently applied and are supported by reasonable and prudent judgement and estimates.

(b) 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 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 the charity to be able to continue as a going concern.

(c) Charitable funds

Funds held by the charity are either:

22

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

1. ACCOUNTING POLICIES (CONTINUED)

(d) Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable 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 performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities (SoFA) when receivable. Income received from collections is recognised when received.

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).

Grants and contracts, including capital grants, from the government and other agencies have been included as income from activities in furtherance of the charity’s objects where these amount to a contract for services, but included as donations where the money is given in response to an appeal or with greater freedom of use.

Other income represents income that cannot be reported under the other analysis headings provided within the SoFA.

(e) Expenditure recognition

All expenditure is recognised on an accruals basis as a liability is incurred, inclusive of VAT which cannot be recovered and has been classified under headings that aggregate all costs related to the category.

Funding provided through contractual agreements and performance related grants are recognised as goods and services are supplied. Other grant payments are recognised when a constructive obligation arises that results in the payment being unavoidable.

23

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

1. ACCOUNTING POLICIES (CONTINUED)

(e) Expenditure recognition (continued)

All other 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.

It is categorised under the following headings:

(f) Support costs allocation

Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings, they have been allocated to expenditure on charitable activities on a basis consistent with the use of the resources.

(g) Tangible fixed assets

Tangible fixed assets are initially measured at cost less and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Capital grants received in respect of tangible fixed assets are amortised over the life of the asset in line with depreciation.

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:

Improvements to property - 5% straight line Fixtures and fittings - 10% reducing balance Equipment - 10% reducing balance

24

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

1. ACCOUNTING POLICIES (CONTINUED)

(h) Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

(i) Impairment

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

(j) Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other shortterm liquid investments with original maturities of three months or less.

(k) Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity’s balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

25

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

1. ACCOUNTING POLICIES (CONTINUED)

(k) Financial instruments (continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, suing the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

(l) Leases

Rentals payable and receivable under operating leases are charged to the SoFA on a straightline basis over the period of the lease.

(m) Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

(n) Retirements benefits

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.

(o) Taxation

As a charity, the company is able to recover most tax deducted at source from its investment income and is not liable for corporation tax on its other income or on capital gains. Recovery is therefore made of tax credits and tax deducted from income received under deed of covenant or gift aid.

26

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

1. ACCOUNTING POLICIES (CONTINUED)

(p) Judgements and estimates

In the application of the charity’s accounting policies, the Trustees are required to 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 historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements including those involving estimates have been made in the process of applying the above accounting policies that have had the most significant effect on the amounts recognised in the financial statements and that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year:

2. INCOME FROM DONATIONS

Donations,
legacies and gifts
Grants
Trusts and
organisations
Gift Aid		 Unrestricted
funds
Restricted
funds
Total
2023
Unrestricted
funds
Restricted
funds
Total
2022
£
£
£
£
£
£
249,394
11,538
260,932
276,527
50
276,577
60,000
-
60,000
91,110
-
91,110
211,913
14,330
226,243
258,852
3,978
262,830
27,523
10
27,533
27,064
8
27,072
548,830
25,878
574,708
653,553
4,036
657,589

Included within donations is £20,000 (2022: £20,000) which relates to the facilities provided freely to the charity. This figure is the value of the gift to the charity which is the amount that the charity would expect to pay in the open market for an alternative item that would provide an equivalent benefit. The same amount is included within rent and rates expenses. Additionally, donations also include an amount of £Nil (2022: £10,000) which was received to contribute toward expenditure in the following financial year.

27

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

3. INCOME FROM CHARITABLE ACTIVITIES

Discipleship
fundraising
Discipleship
personal
contributions
Door admissions
and till sales		 Unrestricted
funds
Restricted
funds
Total
2023
Unrestricted
funds
Restricted
funds
Total
2022
£
£
£
£
£
£
184,386
-
184,386
126,663
-
126,663
222,011
-
222,011
147,667
-
147,667
26,966
-
26,966
20,460
80
20,540
433,363
-
433,363
294,790
80
294,870

4. OTHER TRADING ACTIVITIES

Residential centre
income
Hire/rental
Internship income
Other income		 Unrestricted
funds
Restricted
funds
Total
2023
Unrestricted
funds
Restricted
funds
Total
2022
£
£
£
£
£
£
25,430
-
25,430
15,228
-
15,228
15,691
-
15,691
15,485
-
15,485
978
-
978
1,452
-
1,452
266
-
266
679
-
679
42,365
-
42,365
32,844
-
32,844

28

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

5. ANALYSIS OF TOTAL EXPENDITURE

Basis of
allocation
Costs directly allocated to activities
Grant funding
Direct
Depreciation and impairment
Direct
Discipleship expenses
Direct
Travel expenses
Direct
Flights and visas
Direct
Repairs
Direct
Subscriptions
Direct
Licence fees
Direct
Sundry expenses
Direct
Development
Direct
Staff development
Direct
Meeting expenses
Direct
Gifts
Direct
Programme expenses
Direct
Refreshments
Direct
Support Costs
Governance (see note 7)
Cost
Staff costs (see note 12)
Cost
Rent and rates
Cost
Light and heat
Cost
Telephone
Cost
Postage, stationery and printing
Cost
Cleaning
Cost
Insurance
Cost
Bank charges
Cost		 Charitable
activities:
Enhancement
of Christian
religion
Total
2023
£
£
89,115
89,115
41,419
41,419
174,098
174,098
14,481
14,481
148,036
148,036
7,006
7,006
2,165
2,165
3,447
3,447
91
91
15,431
15,431
5,859
5,859
4,772
4,772
40,966
40,966
41,879
41,879
1,539
1,539
590,304
590,304
9,901
9,901
373,839
373,839
27,478
27,478
12,099
12,099
3,460
3,460
20,258
20,258
5,458
5,458
14,274
14,274
6,793
6,793
473,560
473,560
1,063,864
1,063,864

29

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

5. ANALYSIS OF TOTAL EXPENDITURE (CONTINUED)

Basis of
allocation
Costs directly allocated to activities
Grant funding
Direct
Depreciation and impairment
Direct
Discipleship expenses
Direct
Travel expenses
Direct
Flights and visas
Direct
Repairs
Direct
Subscriptions
Direct
Licence fees
Direct
Sundry expenses
Direct
Staff development
Direct
Meeting expenses
Direct
Gifts
Direct
Programme expenses
Direct
Romania centre
Direct
Refreshments
Direct
Support Costs
Governance (see note 7)
Cost
Staff costs (see note 12)
Cost
Rent and rates
Cost
Light and heat
Cost
Telephone
Cost
Postage, stationery and printing
Cost
Cleaning
Cost
Insurance
Cost
Bank charges
Cost		 Charitable
activities:
Enhancement
of Christian
religion
Total
2022
£
£
84,055
84,055
46,663
46,663
95,904
95,904
16,639
16,639
89,497
89,497
12,352
12,352
1,229
1,229
3,226
3,226
207
207
4,816
4,816
3,587
3,587
33,359
33,359
33,489
33,489
21,788
21,788
1,189
1,189
448,000
448,000
15,064
15,064
358,027
358,027
22,406
22,406
13,765
13,765
3,354
3,354
23,638
23,638
4,424
4,424
16,212
16,212
3,941
3,941
460,831
460,831
908,831
908,831

30

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

5. ANALYSIS OF TOTAL EXPENDITURE (CONTINUED)

£3,712 (2022 - £7,179) of the cost of activities undertaken directly and £Nil (2022 - £3,088) of support costs were attributable to restricted funds. £586,592 (2022 - £440,821) of the cost of activities undertaken directly and £473,560 (2022 - £457,743) of support costs were attributable to unrestricted funds. £Nil (2022 - £Nil) of the cost of activities undertaken directly and £Nil (2022 - £Nil) of support costs were attributable to designated funds.

6. GOVERNANCE COSTS

Trustee remuneration
Trustee travel
Auditor’s remuneration
Legal and professional
fees		 Unrestricted
funds
Restricted
funds
Total
2023
Unrestricted
funds
Restricted
funds
Total
2022
£
£
£
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
3,456
-
3,456
3,456
-
3,456
6,445
-
6,445
11,608
-
11,608
9,901
-
9,901
15,064
-
15,064

7. GRANTS PAYABLE

The charity made grant payments of £82,657 (2022: £83,095) during the year to Exodus Central and Eastern Europe which is based in Hungary to assist it in reaching the same goals as those in Exodus in the UK. The agreement is for monthly payments which can be altered or cancelled by the trustees at any time.

8. NET (EXPENDITURE)/INCOME FOR THE YEAR

Net (expenditure)/income for the year is stated after charging / (crediting):

2023 2022
£ £
Depreciation of tangible fixed assets 41,419 46,663
Operating lease rentals - -
Auditors’ remuneration 3,456 3,456

9. AUDITOR’S REMUNERATION

The auditor's remuneration amounts to an audit fee of £3,456 (2022: £3,456) and other services of £Nil (2022: £Nil).

31

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

10. TRUSTEES’ AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES

The charity considers its key management personnel comprise the Board of Trustees and the senior leadership team.

The total amount of remuneration and benefits received by trustees and senior leadership team in the year was £82,235 (2022: £78,180).

The trustees did not have any expenses reimbursed during the year (2022: £Nil).

11. STAFF COSTS AND EMPLOYEE BENEFITS

The average monthly number of employees during the year was as follows:

Office and management
The total staff costs and employees’ benefits was as follows:
Wages and salaries
Social security
Defined contribution pension costs
Allocated to:
Enhancement of Christian religion		 2023
Number
17
2023
£
347,314
18,804
7,721
373,839
2023
£
373,839
373,839		 2022
Number
17
2022
£
323,848
27,196
6,983
358,027
2022
£
358,027
358,027

No employee received remuneration of more than £60,000 during the year.

12. TAXATION

As a charity, the company 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 from receipts under gift aid.

32

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

13. TANGIBLE FIXED ASSETS

Cost
At 1 September 2022
Additions
At 31 August 2023
Depreciation
At 1 September 2022
Charge for the year
At 31 August 2023
Net book value
At 31 August 2023
At 31 August 2022		 Improvements
to property
Fixtures
and
fittings
Equipment
Total
£
£
£
£
867,248
72,224
104,011
1,043,483
21,442
-
2,389
23,831
888,690
72,224
106,400
1,067,314
666,575
54,189
57,955
778,719
35,253
1,718
4,448
41,419
701,828
55,907
62,403
820,138
186,862
16,317
43,997
247,176
200,673
18,035
46,056
264,764

Improvements to property represent costs in respect of the following properties, owned by Padly Limited:

  1. 36 Long Commons, Coleraine

  2. 29 Railway Street, Lisburn

Two of the directors of Padly Limited are directors and trustees of Exodus Trust.

14. DEBTORS

Trade Debtors
Other debtors
Prepayments and accrued income		 2023
£
7,844
6,190
11,091
25,125		 2022
£
10,869
20,596
4,588
36,053

33

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Accruals and deferred income		 2023
£
2,013
1,341
25,278
28,632		 2022
£
4,067
1,328
15,310
20,705

16. RETIREMENT BENEFIT SCHEMES

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £7,721 (2022: £6,983).

17. RESTRICTED FUNDS

The income of the funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes.

SOAR
Erasmus
Spanish Development
Coleraine refurbishment
- revenue
- capital
North East Outreach
Worker
CEE		 Balance
1 September
Movement
in funds
Balance
31 August
2022
Income
Expenditure
Transfers
2023
£
£
£
£
£
6,868
-
(1,000)
-
5,868
4,357
-
(469)
-
3,888
1,280
-
(960)
-
320
1,578
10
-
-
1,588
16,215
-
(1,283)
-
14,932
-
23,368
-
-
23,368
-
2,500
-
-
2,500
30,298
25,878
(3,712)
-
52,464

34

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

17. RESTRICTED FUNDS (CONTINUED)

SOAR
Erasmus
Spanish Development
Coleraine refurbishment
- revenue
- capital		 Balance
1 September
Movement
in funds
Balance
31 August
2021
Income
Expenditure
Transfers
2022
£
£
£
£
£
8,767
2,580
(4,479)
-
6,868
2,879
1,478
-
-
4,357
2,240
-
(960)
-
1,280
10,555
58
(3,449)
(5,586)
1,578
12,008
-
(1,379)
5,586
16,215
36,449
4,116
(10,267)
-
30,298

Purpose of Restricted Funds

SOAR is a schools based leadership development programme.

Erasmus is an exchange programme where interns from Europe come and work with the charity.

Spanish Development is to help fund a missionary in Spain.

The charity is refurbishing the Coleraine property and has received funding towards the refurbishment.

Funding has been received to employ an outreach worker in the North East.

CEE is to help fund a missionary in Romania.

18. UNRESTRICTED FUNDS

Unrestricted funds:
General		 Balance
1 September
Movement
in funds
Balance
31 August
2022
Income
Expenditure
Transfers
2023
£
£
£
£
£
559,102
1,024,558
(1,060,152)
-
523,508
559,102
1,024,558
(1,060,152)
-
523,508

35

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

18. UNRESTRICTED FUNDS (CONTINUED)

Unrestricted funds:
General		 Balance
1 September
Movement
in funds
Balance
31 August
2021
Income
Expenditure
Transfers
2022
£
£
£
£
£
476,479
981,187
(898,564)
-
559,102
476,479
981,187
(898,564)
-
559,102

Purpose of Designated funds

Fixed Asset Fund – Consists of funds designated for the purchase of fixed assets and is released over the related assets’ useful lives.

The trustees deem as the purchase of the assets have been made, releasing the depreciation over the life of the assets is no longer prudent. The remaining fund has been transferred to unrestricted funds.

19. TRANSFERS

Transfers represents: surplus funds moved from restricted funds to unrestricted general funds when the restriction has ended, for example, when the associated project is complete and this has been communicated to the charity by the fund provider; funds moved from unrestricted general funds to restricted funds to meet any shortfalls; and fixed assets purchased transferred from revenue to capital restricted funds.

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible
fixed assets		 Current
assets
Balance at
31 August
2023
£ £
£
Unrestricted funds:
General reserve 232,244 291,264
523,508
Restricted
-
Capital		 14,932 -
14,932
-
Revenue		 - 37,532
37,532
14,932 37,532
52,464
247,176 328,796
575,972

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EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE)

YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)

Tangible
fixed assets		 Current
assets
Balance at
31 August
2022
£ £
£
Unrestricted funds:
General reserve 248,549 310,553
559,102
Restricted
-
Capital		 16,215 -
16,215
-
Revenue		 - 14,083
14,083
16,215 14,083
30,298
264,764 324,636
589,400

21. CONTINGENT LIABILITIES

The charitable company has a contingent liability to repay grants received if the company fails to comply with certain conditions stipulated in the letter of offer and terms and conditions of contract under which the grants were paid. The directors do not expect any claims to be made in this respect.

22. COMPANY STATUS

The company is limited by guarantee and has no share capital.

On a winding up members may be required to contribute a maximum of £1.

23. RELATED PARTY TRANSACTIONS

Trustees and key management personnel remuneration and expenses are disclosed in note 11 to the notes to the financial statements.

Included within expenditure on charitable activities are amounts totalling £3,712 (2022: £234) paid to Lynas Foodservice, a company in which Mr A Lynas is a director. The amount owing at the year-end, included in trade creditors was £Nil (2022: £Nil).

Included within expenditure on legal and professional fees are amounts totalling £3,960 (2022: £3,960) paid to Aiken Accountancy LLP, a company in which the spouse of Claire Aiken is a director. The amount owing at the year-end, included in creditors was £Nil (2022: £Nil).

37

EXODUS TRUST (A COMPANY LIMITED BY GUARANTEE) YEAR ENDED 31 AUGUST 2023

_________________

NOTES TO THE FINANCIAL STATEMENTS – 31 AUGUST 2023 (CONTINUED)

23. RELATED PARTY TRANSACTIONS (CONTINUED)

The Exodus centres in Coleraine and Lisburn are both located in buildings owned by Padly Limited. These buildings have been made available to Exodus Trust by way of a rent-free tenancy. Padly Limited has three directors each named as a person of significant control. Two of these directors (Peter Lynas and Andrew Lynas) are also trustees of Exodus Trust. Included within donations and legacies is an amount of £20,000 (2022: £20,000) which is the value of the gift to the charity which represents the amount that the charity would expect to pay in the open market for renting these premises. The same amount is included within rent and rates expenses.

Included within donations and legacies is an amount of £164,000 (2022: £143,333) from The Lynas Charitable Trust Fund, of which a trustee is a close family member of an Exodus Trust trustee. There were no amounts outstanding at the year-end (2022: £Nil).

Included within donations and legacies is an amount of £1,200 (2022: £1,150) from Mr A Lynas. There were no amounts outstanding at the year-end (2022: £Nil).

Included within donations and legacies is an amount of £600 (2022: £Nil) from Mrs L Lynas. There were no amounts outstanding at the year-end (2022: £Nil).

38