Page 14 LIVING RIVERS TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2023 Unrestrieted Funds Restricted Fund5 Total Funds 2023 Total Fund5 2022 Note Income from: Donations and legacies Charitable activities Investments 45,153 216,544 200 5,007 373,660 50,160 590,204 200 46,785 587,436 142 Totvdl income 261,897 378,667 640,564 634.363 Expenditure on: Charitable activities 516 (239,677) (359,890) (359,890) (599,567) (589.239) Total eipenditure (239,677) (599567) (589,239) Net income 22220 18,777 40,997 45,124 Transfer between funds (1,129) 1,129 Net movement in funds 21,091 19,906 40,997 45,124 Reconeili2tion of funds.. Total funds brought fornvard 29,240 121,102 150J42 105.218 Totsl funds carried forward 50J31 141,008 191,339 150,342 The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total r¢¢ognised gains and losses has not been prepared. All of the above amounts relate to continutng activities. The notes on pages 17 to 29 fomi part of these financial statements.
LIVING RIVERS TRUST Page 16 BALANCE SHEET 31 MARCFI 2023 3023 Fid ets Ta(58ibl¢ass¢ts li 14573 19221 Currentassets Debtrn IdL404 204037 219.041 48,652 138.459 187.111 Credltors: d4eiYfithSu ono y 13 (41275) (52.652) Net tYtrrent#ssets 176766 134.459 Totslossots less eorreknt]FabBilKeJ 1?39 IS3.680 Cr¢ditor&" arAountsfalli4E dueaftermor¢ than oneyegr 14 (3J38) Net ¢ts 150J42 Charity FMRd5 .14L008 50J31 121.IW2 29240 150.342 TofaE charsty fvnds 191039 aDdwe signvl ontheirb¢ba]fbT. Cbaritynuth. MC103314
Page 16 LIVING RIVERS TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 MARCH 2023 2023 2022 Note Cash flow from operating activities Net Cash flow from operating activities Cash (low from investing activities Interest from investments 21 72,680 43,384 72,680 43.384 200 142 Net cash flow from investing aetiviti¢s 200 142 Cash flow from financing activities Repayments of borrowings Net cash flow from investing activities (6,702) (6,702) (8,989) (8.989) Net increase in cash and cash equivalents 66,178 34,537 Cash 2nd ¢2sh equivalents at l April 2022 Cash and cash equivalents at 31 March 2023 138,459 103,922 204,637 138.459 Cash and cash equivalents cousist of- Cash at bank and in hand 204,637 138,459 Cash and cash equivalents at 31 March 2023 204,637 138,459
LIVING RIVERS TRUST Page 17 NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023 Principal accounting policies General information and basis of preparation Living Rivers Trust is a charity which registered with The Charity Commission for Northern Ireland on 4th February 2016. The address of the registered office is given in the charity infonnation on page l of these financial statements. Living Rivers Trust, a charitable trust is constituted under a trust deed dated 2 April 2001. Living Rivers Trust constitutes a public benefIt entity as defined by FRS 102. Statement of Com liance The financial statements have been prepared on the going concem basis under the historical cost convention and 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 issued in October 2019. the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland (FRS 102). the Charities legislation in Northem Ireland and UK Generally Accepted Accounting Practice. 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. Going concern The financial statements have been pttpared on a going concern basis as the tntstees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected lev¢1 of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sUtTicient with the level of reserves for the charity to be abl¢ to Continue &s a going concern. Fund accounting Unrestrictedfvnds General fund The unrestricted ndS of the charity consist of a General Fund which is expendable at the discretion of the trusfres in furtherance of the charitable objecttves of the charity and which has not been designated for other purposes. Designated funds Represent separate bank accounts consisting of the Project account and A Victorious Life. Resfrictedfvnds Restricted funds are funds wht¢h are to be used in accordance with specifi¢ restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.
Page 18 LIVING RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 Prineip%l accounting policies (conlinued) Income recognition All Éncoming resources are included in the SOFA when the charity is legally entitled to the income after any perfonnance conditions have been rneL the amount ¢an 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 perfonnan¢e before entitlement can be obtained then income is defeed 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. Donated facilities and donated professional services are recognised in tncome at their fair value when their economic benefit is probable, it can be measured reliably and the charity h&8 control over the item. Fa¢r value is detennined on the basis of the value of the gift to the charity. For example the amount the ¢harity would be willing to pay in the open market for such facilitie5 and services. A Corresponding amount is recognised in expendIre. No amount is included in the fmancial statements for volunteer time in line with the SORP 2019 (FRS 102). Further detail is given in the Trnstees. Annual Report. Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value 15 recognised as a component of donations when it is distributed and an equivalent amount recogni5ed as charitable expenditure. Voluntary income received by way of donations and gift is credited to revenue on a receivable basis. Gifts in kind donated for resale are included at fair value, being the expected proceeds from sale less the expected costs of sale. Where estimating the fair value is practicable upon receipt it is recognised in stock and 'Income from other trading activities. Upon sale. the value of the stock is charged against 'Income from other trading activities, and the proceeds are recognised as 'lncome from other trading activities,. Where it is imprdcticable to fair value the items due to the volume of low value items they are not recognised in the fanCial statements until they are sold. This income is recognised within 'Income from other trading activities,. Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asseL For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At thi5 point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these oc¢&sions, the legacy is treated as a Contingent asset and disclosed. Income from trading tIvItIeS includes income earned from fundraising events to raise funds for the charity. Income is received tn exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Income from government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been meL it is probable that the income will be received and the amount can be measured reliably.
LIVING RIVERS TRUST Page 19 NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 Princip21 accounting policies (continued) Income recognition (continued) If entitlement is not met then these amounts are deferred. Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period. Grants which contribute towards specific expenditure on fixed assets are credited to the Statement of Financial Activities in full upon receipt. Investment income 15 interest earned through holding cash at bank. Interest income is recogni5ed when receivable. Expenditure reeognitio All expendire is accounted for on an accruals basis and has been cla55ified under headings that aggregate all costs related to the category. 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. Where costs cannot be directly attributed to a particular heading they have been allocated to activities on a basis consistent wtth the use of the resources. Staff costs and overhead expenses are allocated to activities on the basis of staff tiTne spent on those activities. Fund-raising Costs are those incurred in seeking voluntary contributions and do not include the Costs of disseminating information in support of the charitable activities. Employee benefits When employees have rendered service to the charity. short-terni employee benefits to which the employees are entitled a recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution pension plan for the benefit of its employees. The assets of the scheme are held separately from those of the charity. Contributions are charged to the Statement of Financial Activities as they become payable. Value Added Tax The charity is not registered for VAT purposes, therefore expenditure is shown gross of VAT. Fixed assets Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impainnent losses. Cost includes costs directly attributable to making the asset capable of operating as intended. The costs of minor additions. where the useful life is considered to be less than 2 years. are not capitalised. Depreciation Depreciation is calculated so as to write off the ¢ost of an asseL less its estimated residual value, over the useful economic life of that asset as follows: Fixture5 & fittings Equipment Leasehold improvements 15 % reducing balance / [5 % straight line 150/0 reducing balance 15 % straight line
Page 20 LIVING RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 Principal accounting policies (continued) Leases Rentsls payable under operating leases are charged to the SOFA on a straight line basis over the period of the lease. Tax As a charity. it 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. Judgements and key sources of estimation uncertsinty 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: (i) depreciation method. asset useful lives and residual values The estimates and assumptions are reviewed on an ongoing b&8is considering the current and tUre market conditions. Donations and legacies Unrestricted Funds Restricted Funds Total Unrestricted Funds Funds 2023 Restricted Funds Total Funds 2022 Tithe and offering Gift aid Donations Transfer of nds from Paul Brady Mlnistries 40J26 40,326 42,814 800 2,166 42,814 800 3,171 555 1,016 1,571 1.005 4272 3,991 8263 45,153 5,007 50,160 45,780 1,005 46,785
Page 21 LIVING RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 Ineome from charitable activities Unrestricted Funds Restricted Funds Total Unrestricted Restricted Funds Funds Funds 2023 Total Funds 2022 NIHE- Supporting people NIHEIClients - Bed rent Clients - Service charge BSO NIHE - Covid NIFIE- Bed rent & service Charge: Covid loss of income NIHE- Covid recovery NtFtE- Other funding A Victorious Life income Prayer tour 347,222 347,222 181.631 34,334 323,076 323.076 127.022 27,480 250 297 181,631 34,334 127,022 27,480 250 297 75.564 75.564 15,735 17,772 240 (374) 3,689 (374) 3,689 579 23,123 15.735 17.772 579 240 23,123 216.544 373,660 590,204 230,306 357.130 587,436 Income from investments Unrestricted Funds Restricted Funds Total Unrestricted Fund$ Funds 2023 Restricted Funds Total Funds 2022 Interest - bank 200 200 142 142 200 200 142 142 Analysis of expenditure on charitable activities Activities undertsken directly Support Total Funds costs 2023 Church Hostel Trustees 6,574 499,635 13J65 13,072 66,921 19,646 566,556 13J65 519,574 79,993 599,567
Page 22 LIVING RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 An21ysis of expenditure on charitable activities (continued) Activities undertaken directly Support costs Total Funds 2022 Church Hostel Trustees 4.802 460,018 12,796 11,968 99,655 16.770 559,673 12,796 477.616 111,623 589.239 £313.442 (2022 - £294,814) of the cost of activities undertaken directly and £46,448 (2022 - £77.001) of support costs were attributable to restricted funds. £206,132 (2022 £182.802) of the cost of activities undertaken directly and £33,545 (2022 - £34,622) of support costs were attributable to unrestricted fiwds. Alloeation of support costs Basis of aIlocation Total 2023 Church Hostel Governance Staff costs Accounts personnel and professional fees Repairs and maintenance Office running costs Computer costs Depreciation Loss on disposal of tangible assets Time spent Time spent Cost Cost Cost Cost Cost Cost 1,741 6,957 32J26 22,797 1,232 8,035 (4,426) 8,698 32,326 30,797 1,232 10,481 (4,426) 180 705 8.000 2,446 180 705 13,072 66,921 79,993 Basis of allocation Totsl 2022 Church Hostel Governan¢e Staff costs Accounts personnel and professional fees Repairs and maintenance Office running costs Computer costs Other costs Depreciation Loss on disposal of tangible assets Time spent Time spent Cost Cost Cost Cost Cost Cost Cost 2,027 6.486 32,946 16,204 8.412 9,294 22,443 3,870 8,513 32.946 23,404 8,412 IE.334 22.443 3,870 423 278 7,200 2,040 423 278 11.968 99,655 111.623
LIVING RIVERS TRUST Page 23 NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 Governance costs Unrestricted Restricted Total Funds Unrestricted Restricted Total Funds Funds Funds 2023 Funds Funds 2022 Accountancy fees Audit fees Interest payable Other financial costs 1,268 2JOO 272 2,772 1,440 334 4,040 3,740 606 1,496 2,200 650 2,304 1,440 123 3.800 3,640 773 312 312 300 300 4,152 4,546 8,698 4.646 3.867 8,513 Net income for the year Thi5 IS stated after charging: 2023 2022 Staff pension contributions Depreciation Auditors, remuneration- - audit of the fInancial stafrments Operating lease costs.. Land and buildings 8,856 3,943 7.313 5,486 7,780 7.440 50J04 50,304 Auditor's r¢muner2tion The auditor'5 remuneration amounts to an audit fee of £3,740 (2022 £3.640) and other services of £4.040 (2022 - £3,800). 10. Staff costs and employee benefits Total staff costs Trvere as follows: 2023 2022 Wages and salaries Social security costs Pension costs 289,165 17,287 8,856 295.921 16.424 7.313 315a08 319.658 Allocated to- 2023 2022 Church Trustees Hostel 2,400 13,365 299,543 2,400 12,796 304,462 315,308 319.658
Page 24 LIVING RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 10. Staff Costs and employee benefits (eonllnued) Particulars of employees: The average number of employees during the year, calculated on the b&sis of fjjll-time equivalents, was as follows: 2023 2022 No Number of administrative staff Number of management staff Number of other staff - Running and maintenance 16 18 19 21 No employee ceiVed remuneration of mor¢ than £60,000 during the year (2022 - Nil). Total redundancy payments in the year was £Nil (2022 - £Nil). 11. Tangible fixed assets Fixtures, fittings & equipment Leasehold improvefflellts Total COST At l April 2022 Disposals 51,011 231,462 (2,043) 282,473 {2,043) At 31 March 2023 51.011 229,419 280,430 DEPRECIATION At l April 2022 Charge for the year Disposa15 At 31 March 2023 47,146 1,640 216,106 2J03 (lJ38) 263252 3,943 {1,338) 48,786 217,071 265.857 NET BOOK VALUE At 31 March 2023 2225 12 J48 14,573 At 31 March 2022 3,865 15,356 19.221 12. Debtors 2023 2022 Other debtors Prepayments and accrued income 13,748 656 45.227 3,425 14,404 48,652
LIVING RIVERS TRUST Page 25 NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 13. Creditors: amounts falling due within one year 2023 2022 Bank loans and overdrafts PAYE and NIC liability Amounts due to related parties Accruals and deferred income Other creditors 6,702 4.753 3,978 35.680 1,539 4,194 36,463 1,618 42,275 52.652 14. Creditors: Amounts falling due after more than one year 2023 2022 Amounts due to relatsd parties 3.338 3,338 15. Creditors- Capitsl instruments Creditors tnclude finance capital which is due for repayment as follows: 2023 2022 Amounts repayable: In one year or less on demand n more than one year but no more than tsvo years In more than two years but no more than five years 6,702 6,702 The above liabilities Comprise bank loans. The interest rdte charged on the bank loan is the Danske Bank Base Rate (UK) plus a margin of 4.25 /0 and repayments on the loan are Enonthly. The loan was paid off in November 2022. 16. Pensions The charity operdtes a defIned Contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The contributions paid by the charity during the year amounted to £8.856 {2022 - £7,313). At the balance sheet date outstanding payments to the fund totalled £1.618 (2022 - £1,539).
Page 26 LIVING RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 17. Operating leases Total fijture minimum lease payments under non ¢ancellabEe operating leases as follows: 2023 2022 Not later than one year 4,192 4,192 4,192 4,192 18. Restricted income funds Balance at l Apr 2022 Incoming resources Outgoing resources Balance at Transfers 31 Mar 2023 Grants NIHE - Supporting People Prayer tour 10,576 110,526 1.016 350,537 27,114 (4.435) (351.666) (3,789) 7,157 110,526 23J25 1,129 121,102 378.667 (359.890) 1,129 141,008 Balance at l Apr2021 Incoming resources Outgoing resources Balance at 31 Mar 2022 Trdn5fers Grants NIHE- Supporting People 12,303 114,447 E.255 356.880 (2,982) (368.833) 10.576 110,526 8,032 126,750 358.135 (371.815) 8,032 121.102 Restricted funds are to be used for specified purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of overheads and support costs. 19. Unrestricted income funds Balance at l Apr 2022 Incoming Outgoing resources resource5 Balance at Transfers 31 Mar 2023 Designafrd fvnds General fijnds 2,571 26,669 4,857 257.040 (55) (239.622) (2,715) 1,586 4,658 45,673 29,240 261,897 (239.677) (1,129) 50J31 Balance at l Apr2021 Incoming Outgoing resources resources Balance at 31 Mar 2022 Transfers Designated ndS General fvnds 686 (22,218) 240 275.988 (36) (217.388) 1,681 (9.7 l3) 2.571 26,669 (21.532) 276,228 (217,424) (8.032) 29,240
LIVING RIVERS TRUST Page 27 NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 19. Unrestricted ill¢ome funds (continued) Unrestrictedfvnds.. General fund The unrestricted funds of the charity consist of a Generdl Fund which 15 expendable at the discretion of the trustees in fvrtherdnce of the charitable objectives of the charity and which has not been designated for other purposes. Designated lld$ Represent separate bank accounts consisting of the Project account and A Victorious Life. 20. Analysis of net assets between funds Tangible fixed Net current assets assets Long term liabilities As at 31 March 2023 Total Restricted Income Funds. Grants Prayer tour Unrestricted Intome Funds Designated funds General Funds 3,345 114J38 23?25 117,683 23,325 4,658 34,445 4,658 45,673 11,228 Totsl Funds 14,573 176,766 191,339 Tangible fixed assets Net Current assets As at 31 March 2022 Long term liabilities Total Restricted Income Funds: Grants Unrestricted Income Funds Designated funds Generdl Funds 4,878 I [6,224 121,102 2,571 15,664 2,571 26,669 14,343 (3,338) Total Funds 19.221 134,459 (3,338) 150.342 21. Reconciliation of net income to net cash flow from operating activities 2023 2022 Net income for year 40,997 45,124 Depreciation and impairnient of tangible fixed assets Loss on disposal of tangible fixed assets Interest receivable Decreasel(increase) in debtors (Decrease)/in¢rease in creditors Net cash flow from operating activities 3,943 705 (200) 34248 (7,013) 72,680 5,486 278 (142) (9,346) 1,984 43.384
Page 28 LIVING RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 22. Analysis of changes in net debt At l April 2022 Cash flows Non Cash ehanges At 31 March 2023 Short-frm borrowings- bank loan (6,702) 6,702 (6,702) 6,702 Cash and eash equivalents Cash at bank and in hand 138,459 66,178 72,880 204,637 Total net cash 131,757 204,637 23. FRC Ethical Standard In common with many other charities of our size and nature we use our auditors to provide advice in relation to financial matters and to assist with the preparation of the financial statements. 24. Related party transactions Living Rivers USA is deemed to be a related paty as 3 of the 4 trustees of Living Rivers Trust ls well &$ a close family member of a trustee are also trustees of Living Rivers USA operating as Millennial Church in Tulsi USA which provides fvnding to Living Rivers Trust. Paul Brady Ministries (Company Limited by guarantee) is deemed to be a lated paty as the trustees are directors and company secretary of the company. Paul Brady Ministries was dissolved on i ith October 2022. On closure. Paul Brady Ministries donated funds of £8.263 to Living Rivers Tn. R Brady and K Brady are considered to be related parties as R Brady is Paul Brady's Mother. and K Brady is Paul Brady's wife. The key management personnel are considered to be the trustees, Director of Operdtions, Lighthouse Hostel Manager and the Pastors. The key management personnel compensation for the year was £54.895 (2022 - £53,478). The total remuneration received by trustees in the year was £13,365 (2022 - £12,796). During the year, Living Rivers Trust received titheslofferings of £36.200 (2022 £35,500) from Living Rivers USA operating as Millennial chUh in Tulsi USA. During the year. Living Rivers Trust paid £17.300 (2022 £16,200) to R Brddy at Source Management Systems for bookkeeping services. During the year. K Brady received total remuneration of £2.400 (2022 - £2.400). Dr H Grahame-smith was paid £9,800 for professional services during the year (2022 - £5,857). At the year-end Living Rivers Trust owed Dr H Grahame-smith £Nil (2022 - £7,316).
Page 29 LIVING RIVERS TRUST NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 31 MARCH 2023 25. Contingellt liability The Supporting People funds included in restricted reserves are £110,526 at the balance sheet date. They have also informed the charity in prior years that it is possible that the Department for Communities may queSt the refund of these and fiiture under spent fijnds less approximately £52.000 to £78.000 representing 8 to 12 weeks funding receipts from Supporting People. 26. Transfer between funds Due to Covid, Supporting People tnfonned the charity in 2019 that they had to keep the restricted reserves balance at the same carried forward balance that was stated in the 31 March 2018 financial statements. In the convening years. the charity has had to filnd deficits on the Supporting People fund via unrestricted reserves. Supporting People have agreed specific covid related Costs which have been incurred by the charity to be allocated against this balance along with any surplus/deficit made in the last two financial years, and a new carried forward balan¢e has been agreed at this time. The retrospective use of reserves (amounting to £35.142) awaited, and awaits, a decision and resolution. This was due to an agreed spending for agency staff that led to an overspend in the year to 31 March 2019. Halfway through the 201812019 financial year direction was received that reserves had to be frozen as at 31 March 2018, leading to an overspend of Supporting People monies. Supporting People have considered this favourably and currently a decision is awaited from other bodies. The trnstees view is that £35,142 of the Supporting people restricted funds should actually be in unrestricted funds. No adjustment for these monies have currently been adjusted for in the financial statements.