Cherith Gospel Outreach Trust Statement of Financial Activities Year ended 31 December 2023 Unrestricted Funds 2023 Restricted Funds 2023 Total 2023 Total 2022 Note Income and endowments from: Donations & legacies 7,363 7,363 5,513 Charitable activities 7,000 7,000 263 Total Income and endowments 14,363 14,363 5,776 Expenditure on: Charitable activities 14,909 14,909 10,314 Total Expendlture 14,909 14,909 10,314 Net Expenditure (546) (546) (4,538) Reconciliatlon of funds: Total funds brought forward 10,602 10,602 15,140 Total funds carried forward 10,056 10,056 10,602 All income and expenditure derive from continuing activities. Page | 7 Cherith Gospel Outreach Trust Balance Sheet As at 31 December 2023 Note 2023 2022 Fixed Assets Tangible assets Current Assets Cash at bank and in hand 10,896 11,022 10,896 11,022 Creditors: amounts falling due within one year 840 420 Net Current Assets 10,056 10,602 Net Assets 10,056 10,602 Charity Funds Unrestricted funds 10,056 10,602 Total charity funds 10,056 10,602 These financial statements were approved and authorised for issue by the Trustees on on its behalf by and signed Donald Coulter Page | 8 Cherith Gospel Outreach Trust Notes to the financial statements Year ended 31 December 2023 l. Summary of significant accountlng policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) General Information and basls of preparation Cherith Gospel Outreach Trust, is a charity which registered with The Charity Commission for Northern Ireland on 12 January 2016. The public address is 14 Clonroot Road, Portadown BT62 4HG. The nature of the charit¢s operations and principal activities are the printing and distribution of Christian literature. Cherith Gospel Outreach Trust, a charitable trust is constituted under a trust deed dated 17th December 2015. Cherith Gospel Outreach Trust constitute5 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 Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 102), the Charities Act {Northern Ireland) 2008, The Charities (Accounts and Reports) 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 basis under the historical cost convention, modified to include certain 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 significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. b) Preparatlon of accounts on a going concern basis The charity generally meets it5 day to day working capital requirements from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied 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. c) Funds Funds are classified as either restricted funds or unrestricted funds, defined as follows. Restricted fund5 are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the charity, Page19 Cherith Gospel Outreach Trust Notes to the financial statements (continued) Year ended 31 December 2023 Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees, discretion to apply the fund. e) Critical accounting judgements and estimation uncertainty Estimates and judgments made in the process of preparing the financial statements 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 liabilities within the next financial year. 2. Donations and legacies Unrestricted Funds 2023 Restricted Funds 2023 Total 2023 Total 2022 Donations 7,363 7,363 5,513 7,363 7,363 5,513 3. Charitable activitie5 Unrestricted Funds 2023 Restricted Funds 2023 Total 2023 Total 2022 Grants 7,000 7,000 Sale of publications 263 7,000 7,000 263 Page 110 Cherith Gospel Outreach Trust Notes to the financial statements (continued) Year ended 31 December 2023 4. Analysls of Expenditure Unrestrlcted Funds 2023 Restricted Funds 2023 Total 2023 Total 2022 Charitable Actlvities Printing of literature 3,194 3,194 477 Postage 283 283 Website expenses 55 55 138 Accountancy 420 420 438 Bank charges Exchange rate difference Charitable donations 36 36 67 (151) 11,072 (151) 194 11,072 9,000 Total expendlture 14,909 14,909 10,314 5. Taxation Cherith Gospel Outreach Trust is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities 6. Analysls of trustee remuneration and expenses Key Management and Trustees Key management are deemed to comprise the Trustees. None of the Trustees received any remuneration from the charitv. No Trustee or a person related to a trustee had any personal interest in any contract or transaction entered into by the charity during the year Page | 11