Cherith Gospel Outreach Trust Statement of Financial Activities Year ended 31 December 2021 Unrestrirted Funds 2021 Restrlcted Funds 2021 Total 2021 Total 2020 Income and endowments from: Donations & legacies 4,373 4,373 3,230 Charitable artivities 943 943 631 Total Income and endowments 5,316 5,316 3,861 Expenditure on: Charitable artlvltles Z.892 2.892 7,918 Total Expendlture 2.892 2.892 7,918 Net In¢ome/lExpenditure} 2,424 2.424 14,0571 Reconcillatlon of funds: Total funds brouBht forward 12.716 12.716 16.773 Total funds carrled forward 15.140 IS.140 12,716 All intome and expenditure derives from continuing activities. Page 17 Cherith Gospel Outreach Trust Balance Sheet As at 31 December 2021 Note 2021 2020 Flxed Assets Tangible assets Current Assets Cash at bank and in hand 15.530 13.184 15,530 13,184 Credltors: amounts falllng due within one year 390 468 Net Current Assets 15,140 12,716 Net Assets 15.140 12,716 Charity Funds Unrestricted funds 15,140 12,716 Total charlty funds 15,140 12,716 These fSnancial statements were approved and authorised for issue by the Trustees on 3 i . !Kg . on its behalf by and signed Donald Coutter Page 18 Cherith Gospel Outreach Trust Notes to the financial statements Year ended 31 December 2021 l. Summary of slgnmcant accounting pollcles The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements a￿ as follows.. al General informatlon and basis of preparatlon Cherith Gospel Outreach Trust, is a Charity which reglstered with The Charity Commlssion for Northern Ireland on 12, January 2016. The public add￿sS is 14 Clonroot Road, Portadown BT62 4HG. The nature of the charity's operations and principal activities are the printing and distrlbution of Christian literature. Cherith Gospel Outreach Trust. a charitable trust is constituted under a trust deed dated 17 December 2015. Cherith Gospel Outreach Trust constitutes a public benefit entity as defined by FRS 102. Statement of Com liance The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recornmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard appllcable in the UK and Republlc of Ireland IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act INorthern Irelandl 2008, The Charitie5 (Accounts and Reportsl Regulations (Northern Ireland) 2015 and UK Generally Accepted Practice as it applies from l January 2015. The financial statements have been prepared on the going concern basls under the historical cost convention, modified to include certaln Items at fair value. The financial statements are presented in Sterling which is the functional currency of the charity and rounded to the nearest £1. The signiflcant ateounting policies applied in the preparation of these financial statements are set out below. These policies have bèen consistently applied to all years presented unless Otherwise stated. b) Preparation of accounts on a going concern basis The charity generally meets its day to day working capital requlrements from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfled that the charity has resources to provide a reasonable expectation that it can continue to meet its financial obligations as they fall due for the foreseeable future. Therefore, these financial statements have been prepared on a going concern basis. ¢1 Tangible assets The assets of the charlty comprise a temperature controlled storage shed that is used to store literature printed priorto distribution. No depretiation has been provliled on thi5 property as the current estimated residual value is not less than its carrying value. Page 19 Cherith Gospel Outreach Trust Notes to the financial statements (continued) Year ended 31 December 2021 dl Funds Funds are classified as either restricted funds or unrestricted funds, deflned as follows. Restrirted funds are funds subject to specSflc requirements as to their use which may be declared bythe donor or with their authority or created through legal processes, but still within the wider objerts of the charity. Unrestricted funds are expendable at the dIsC￿tIOn of the Trustees in furtherènce of the objects of the charity. If parts of the unrestrlcted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an adminlstrative purpose only and does not legally restritt the trustees, discretion to apply the fund. el Critical accountlngjudgements and estimatjon uncertalnty Estimates and judgments made in the process of preparing the financial 5taternents are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the Circumstances. The Trustees do not consider that there are any critical judgments made in applying the charity's accounting policies or that there are any critical accounting estimates or assumptions which may have a Significant risk of causing a material adjustment to carrying amounts of assets and Ilabilities within the next financial year. 2. Donations and legacies Unrestrkted Funds 2021 Restrirted Funds 2021 Total 2021 Total 2020 Donations 4,373 4.373 3.230 4.373 4,373 3,230 3. Charltable activities Unrestrlcted Funds 2021 Restricted Funds 2021 Total 2021 Total 2020 Sale of publicatlons 943 943 631 943 943 631 Page | 10 Cherith Gospel Outreach Trust Notes to the financial statements (continued) Year ended 31 December 2021 4. Analysls of Expenditure Unrestrirted Funds 2021 Restrltted Funds 2021 Total 2021 Total 2020 Charitable Actlvhles Printing of literature 663 663 595 Distrlbution of literature 861 Storage Costs for literature stock Website expenses Accountancy Bank charges 286 55 55 55 1,092 1,092 234 81 81 86 Exchange rate difference Loss on disposal of assets Charitable donations 4,500 1,000 1.000 1,200 Sundry expen5e5 loo Totsl expenditure 2.892 2,892 7,918 5. Taxation Cherith Gospel Outreach Trust is recognised as a charity for the purposes of applicable taxatlon legislation and is therefore not subject to taxation on its charitable activities Page | 11 Cherith Gospel Outreach Trust Notes to the financial statements (continued) Year ended 31 December 2021 6. Analysis of trustee remuneration and expenses Key M17nugement and Trustees Key management are deemed to comprbse the Trustees. None of the Tru5tee5 received any remuneration from the charity. No Trustee or a person related to a trustee had any personal interest in any contract or transactlon entered into by the charity during the year Page 112