Cherith Gospel Outreach Trust Statement of Financial Activities Year ended 31 December 2024 Unrestricted Funds 2024 Restrlcted Funds 2024 Total 2024 Total 2023 Note Income and endowments from; Donations & legacies 7,488 7,363 Charitable activities 3,334 7,000 Total Income and endowments 7,488 3,334 10,822 14,363 Expenditure on: Charitable activities 5,848 3,334 9,182 14,909 Total Expenditure 5,848 3,334 9,182 14,909 Net Income/(Expenditure) 1,640 1,640 (5461 Reconciliation of funds: Total funds brought forward 10,056 10,056 10,602 Total funds carried fonvard 11,696 11,696 10,056 All income and expenditure derive from continuing activities. Page | 7
Cherith Gospel Outreach Trust Balance Sheet As at 31 December 2024 Note 2024 2023 Fixed Assets Tangible assets Current Assets Cash at bank and in hand 12,536 10,896 12,536 10,896 Credltors: amounts falling due within one year 840 840 Net Current Assets 11,696 10,056 Net Assets 11,696 10,056 Charlty Funds Unrestricted funds 11,696 10,056 Total charlty funds 11,696 10,056 These financial statements were approved and authorised for issue by the Trustees on ........ on its behalf by . and signed Donald Coulter Page18
Cherith Gospel Outreach Trust Notes to the financial statements Year ended 31 December 2024 Summary of slgnlficant accounting 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 basis of preparation Cherith Gospel Outreach Trust, is a charity which registered with The Charity Commission for Northern Ireland on th 12 January 2016. The public address is 14 Clonroot Road, Portadown BT62 4HG. The nature of the charity's operations and principal activities are the printing and distribution of Christian literature. th Cherith Gospel Outreach Trust, a charitable trust 15 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 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), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 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 its day to day working capital requirement5 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 funds 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. Page | 9
Cherith Gospel Outreach Trust Notes to the financial statements (continued) Year ended 31 December 2024 Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the object5 of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated a5 a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees, discretion to apply the fund. e) Critical accountlng 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'5 accounting policies or that there are any critical accounting estimate5 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 Unrestrlcted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Donations 7,488 7,488 7,363 7,488 7,488 7,363 3. Charltable actlvltles Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Grants 3,334 3,334 7,000 Sale of publications 3,334 3,334 7,000 Page | 10
Cherith Gospel Outreach Trust Notes to the financial statements (continued) Year ended 31 December 2024 4. Analysis of Expenditure Unrestrlcted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Charltable Actlvltles Printing of literature 830 830 3,194 Postage 479 479 283 Website expenses 55 Accountancy 420 420 420 Bank charges 42 42 36 Exchange rate difference 186 186 (1511 Charitable donations 3,891 3,334 7,225 11,072 Total expendlture 5,848 3,334 9,182 14,909 5. Taxatlon 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 activitie5 6. Analysis 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 charity. 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