## ABUNDANT NEW LIFE TRUST ## (A Company Limited by Guarantee) ## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024** |**Income from:**
Donations and legacies
Investments
**Total income**
**Expenditure on:**
Charitable activities
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Net movement in funds
**Total funds carried forard**
**Note**
3
4
5|**Unrestricted**
**funds**
**2024**
£
**807,520**
**62,704**
**870,224**
**102,821**
**102,821**
**767,403**
**767,403**
**767,403**
**Total**
**funds**
**2024**
£
**807,520**
**62,704**
**870,224**
**102,821**
**102,821**
**767,403**
**767,403**
**767,403**
_Ttal_
_funds_
_2023_
£| |---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 to 21 form part of these financial statements. Page 9 ## **ABUNDANT NEW** LIFE TRUST ## (A Company Limited by Guarantee) REGISTERED **NUMBER: Nl686864** ## **BALANCE SHEET AS AT 31 MARCH 2024** |**Fixed assets**
Investments
**Current assets**
Debtors
Cash at bank and in hand
Creditors: amounts falling due within one
year
**Net current assets**
**Total assets less current liabilities**
**Net assets excluding pension asset**
**Total net assets**
**Charity funds**
Restricted funds
Unrestricted funds
**Total funds**
**2024**
**Note**
£
9
**36,902**
**36,902**
10
**14,851**
**1,091,650**
**1,106,501**
11
**(376,000)**
**730,501**
**767,403**
**767,403**
**767,403**
13
13
**767,403**
**767,403**|_2023_
£| |---|---| The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: Date: 27 Aug st 2024 ..... �.� ............... . Mrd n�········� ,-� The notes on pages 12 to 21 form part of these financial statements. Page 10 ## ABUNDANT NEW LIFE TRUST ## **(A Company Limited by Guarantee)** |STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
**Cash flows from operting activities**
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of investments
**Net cash (used in)/provided by investing activities**
**Cash flows from financing activities**
**Net cash provided by financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
The notes on pages 12 to 21 form part of these financial statements|**2024**
**£**
**1,120,822**
**(29,168)**
**(29,168)**
**1,091,654**
(3)
**1,091,651**|_2023_
**£**
_(3) _
**(3)**
_(_| |---|---|---| Page 11 **ABUNDANT NEW LIFE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **1. General information** Abundant New Life Trust is registered as a charitable company limited by guarantee, incorporated in Northern Ireland with company registration number Nl686864. The company is registered with the Charity Commission for Northern Ireland with charity registration number NIC109067. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company. The registered office is situated at Suite 2.06, Custom House, Custom House Square, Belfast, BT1 3ET. ## **2. Accounting policies** ## **2.1 Basis of preparation of financial statements** The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Abundant New Life Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. ## **2.2 Income** All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. ## **2.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 12 **ABUNDANT NEW LIFE TRUST** **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **2. Accounting policies (continued)** ## **2.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.5 Investments** Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. ## **2.6 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **2.7 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.8 Liabilities and provisions** Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it **will** pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. ## **2.9 Financial instruments** The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. ## **2.10 Fund accounting** General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Page 13 ## ABUNDANT NEW LIFE TRUST ## (A Company Limited by Guarantee) ## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **3. Income from donations and legacies** ||**Unrestricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2024**|**2024**|_2023_| ||£|£|£| |Donations|795,020|**795,020**|| |Gift aid claim|12,500|**12,500**|| ||807,520|**807,520**|| ## **4. Investment income** ||**Un restricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2024**|**2024**|_2023_| ||£|£|£| |Investment income|29,168|**29,168**|| |Interest on cash deposits|33,536|**33,536**|| ||62,704|**62,704**|| ## **5. Analysis of expenditure on charitable activities** ## **Summary by fund type** ||**Unrestricted**||| |---|---|---|---| ||**funds**|**Total**|_Total_| ||**2024**|**2024**|_2023_| ||£|£|£| |The advancement of religion|90,821|**90,821**|| |The relief of those in need by reason of youth, age, ill-health,
disability, financial hardship or other disadvantage|12,000|**12,000**|| ||102,821|**102,821**|| Page 14 ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **6. Analysis of expenditure by activities** |||**Activities**|||| |---|---|---|---|---|---| |||**undertaken**|**Support**|**Total**|_Total_| |||**directly**|**costs**|**funds**|_funds_| |||**2024**|**2024**|**2024**|_2023_| |||£|£|£|£| ||The advancement of religion|81,950|8,871|**90,821**|| ||The relief of those in need by reason of youth,||||| ||age, ill-health, disability, financial hardship or||||| ||other disadvantage|12,000||**12,000**|| |||93,950|8,871|**102,821**|| ||**Analysis of direct costs**||||| |||**Religious**|**Relief**|**Total**|_Total_| |||**activities**|**activities**|**funds**|_funds_| |||**2024**|**2024**|**2024**|_2023_| |||£|£|£|£| ||Donations to charitable organisations|81,950|12,000|**93,950**|| ||**Analysis of support costs**||||| ||||**Religious**|**Total**|_Total_| ||||**activities**|**funds**|_funds_| ||||**2024**|**2024**|_2023_| ||||£|£|£| ||Bank charges||33|**33**|| ||Governance costs||8,839|**8,839**|| ||||8,872|**8,872**|| |**7.**|**Auditors' remuneration**||||| |||||**2024**|_2023_| |||||£|£| ||Fees payable to the Company's auditor for the|audit of the Company's|||| ||annual accounts|||**4,500**|| ||Fees payable to the Company's auditor in respect of:||||| ||All assurance services not included above|||**5,485**|| Page 15 ## **ABUNDANT NEW LIFE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **8. Trustees' remuneration and expenses** - During the year, no Trustees received any remuneration or other benefits _(2023 £NIL)._ - During the year ended 31 March 2024, no Trustee expenses have been incurred _(2023 £NIL)._ Page 16 ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ## **9. Fixed asset investments** **Investments** in **subsidiary companies** £ **Cost or valuation** Additions **36,902** At 31 March 2024 **36,902 Net book value** At 31 March 2024 **36,902** ## **Principal subsidiaries** The following was a subsidiary undertaking of the Company: **Name Company Registered office or principal Principal activity number place of business** NLT Hodge Limited NI005110 Suite 2.06, Custom House, Property holding Custom House Square, Belfast, company BT1 3ET **Class of Holding shares** Ordinary A 100% &B The financial results of the subsidiary for the year were: **Name Net assets** £ NL T Hodge Limited **29,168** ## **Valuation** The investment held in NL T Hodge Limited is carried at the cost of the investment plus any costs incurred by the Trust on behalf of the company. The Trustees are unable to determine the actual value of the shares in NL T Hodge Limited due to uncertainty over the value of the subsidiary's property but are confident that the value is in excess of the stated valuation. Page 17 ## **ABUNDANT NEW LIFE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **10. Debtors** ||**2024**|_2023_| |---|---|---| ||**£**|**£**| |**Due within one year**||| |**Prepayments and accrued income**|**14,851**|| ||**14,851**|| ## **11. Creditors: Amounts falling due within one year** ||**2024**|_2023_| |---|---|---| ||**£**|**£**| |**Bank overdrafts**||_3_| |**Other creditors**|**370,000**|| |**Accruals and deferred income**|**6,000**|_(3) _| ||**376,000**|| ## **12. Financial instruments** ||**2024**| |---|---| ||**£**| |**Financial assets**|| |**Financial assets measured at fair value through income and expenditure**|**1,091,651**| **Financial assets measured at fair value through income and expenditure comprise of cash and cash equivalents.** ## **13. Statement of funds** ## **Statement of funds - current year** |**Statement of funds - current year**|||| |---|---|---|---| ||||**Balance at**| ||||**31 March**| ||**Income**|**Expenditure**|**2024**| ||**£**|**£**|**£**| |**Unrestricted funds**|||| |**General Funds - all funds**|**870,224**|**(102,821)**|**767,403**| **14. Summary of funds** **Page 18** ## **ABUNDANT NEW LIFE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **14. Summary of funds (continued)** ## **Summary of funds - current year** **General funds** |||**Balance at**| |---|---|---| |||**31 March**| |**Income**|**Expenditure**|**2024**| |**£**|**£**|**£**| |**870,224**|**(102,821)**|**767,403**| **Page 19** **ABUNDANT NEW LIFE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **15. Analysis of net assets between funds** ## **Analysis of net assets between funds - current period** ||**Unrestricted**|**Total**| |---|---|---| ||**funds**|**funds**| ||**2024**|**2024**| ||**£**|**£**| |**Fixed asset investments**|**36,902**|**36,902**| |**Current assets**|**1,106,502**|**1,106,502**| |**Creditors due within one year**|**(376,000)**|**(376,000)**| |**Total**|**767,404**|**767,404**| ## **16. Reconciliation of net movement in funds to net cash flow from operating activities** ||**2024**|_2023_| |---|---|---| ||**£**|**£**| |**Net income for the period (as per Statement of Financial Activities)**|**767,403**|| |**Adjustments for:**||| |**Decrease/(increase) in debtors**|**(1,719)**|| |**Increase in creditors**|**376,000**|| |**Net cash provided by operating activities**|**1,141,684**|| ## **17. Analysis of cash and cash equivalents** ||**2024**|_2023_| |---|---|---| ||**£**|**£**| |**Cash in hand**|**1,091,651**|_(3)_| |**Total cash and cash equivalents**|**1,091,651**|_(3)_| **Page 20** **ABUNDANT NEW LIFE TRUST** ## **(A Company Limited by Guarantee)** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024** ## **18. Analysis of changes in net debt** ||**At 1 April**||**At 31 March**| |---|---|---|---| ||**2023**|**Cash flows**|**2024**| ||£|£|£| |Cash at bank and in hand||**1,091,651**|**1,091,651**| |Bank overdrafts repayable on demand|**(3)**|**3**|| ||**(3)**|**1,091,654**|**1,091,651**| ## **19. Related party transactions** During the year the charity received an interest-free loan from a related party. This loan has been provided for an indefinite term and for the sole purpose of earning interest for the charity's funds. The balance outstanding at 31 March 2024, is as follows: ||**Amounts**| |---|---| ||**owed to**| ||**related**| ||**parties**| ||£| |2024|**100,000**| ||**100,000**| ## **20. Controlling party** During the year the charity was under the control of the Board of Trustees. The Trustees are considered to be the ultimate controlling party. Page 21