ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted funds 2025 Total funds 2025 Total fvnds 2024 Note Income Irom: Donations and legacies Investments 71,200 31.484 71,200 31,484 807,520 62, 704 Total income 102,684 102,684 870,224 Expenditur6 on: Charitable activities 114,109 114,109 102,821 Total expenditure 114,109 114,109 102,821 Nèt movement In funds {11,425) (11,425) 767,403 Reconciliation of funds: Total funds brought fotward Net movement in funds 767,403 (11,425) 767,403 111,425) 767,403 Total funds carried forward 755,978 755,978 767,403 The St8temant of Financial Activities includes all gains and losses recognised in the year. The notes on pages 9 to 18 fom part of these financial statements. Page 7
ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) REGISTERED NUMBER: N1686864 BALANCE SHEET AS AT 31 MARCH 2025 2025 2024 Note Fixed assets Investments 42,788 36,902 42.788 36,902 Current assets Debtors Cash at bank and in hand 10 12.480 802.270 14,851 1,091,650 814,750 1,106,501 Creditors. amounts falling due within one year 11 (101,560) (376, 000) Net current assets 713,190 730.501 Total assets less current liabilities 755,978 767,403 N•t assets •xcludlng penslon asset 755,978 767,403 Total net assets 755,978 767,403 Charlty funds Restricted funds 13 13 Unrestricted funds 755.978 767,403 Total funds 755,978 767,403 The Company was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. 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: Mr J McFadden Trustee Date: 30 The noles on pages 9 to 18 form part of these financial statements. Mr S Fleming Trustee /+f Page 8
ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 General inforniation Abundant New Lffe Trust is registered as a charitable company limited by guarantee, incorporated in Northern Ireland with company registration number N1686864. The company is registered with the Charity Commission for Northem 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. BT13ET. 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 Lrfe Trust meets the definition of a public benefit entty 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 th8 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 paty, 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 suppori costs which are not attributable to a single activity are apportioned belween 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 Companls objectives. as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. Page 9
ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 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 unTralised, are combined and presented as 'Gainsl(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 Llabilities 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 10
ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unrestricted funds 2025 Total funds 2025 Donations 71,200 71,200 Unrestricted funds 2024 Total funds 2024 Donations Gift Aid claim 795,020 12.500 795, 020 12,500 807,520 807,520 Investment income Unrestricted funds 2025 Total funds 2025 Interest on cash deposits 31,484 31,484 Unrestricted funds 2024 Total funds 2024 Investment income Interest on cash deposits 29,168 33,536 29,168 33,536 62, 704 62, 704 Page11
ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of expendlture on charitable activities Summary by fund type Unrestricted funds 2025 Total 2025 The advancement of religion The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or olher disadvantage 99.109 99.109 15,000 15,000 114,109 114,109 Unrestricted funds 2024 Total 2024 The advancement of religion The relief of those in need by reason of youth, age, ill-health, disability. financial hardship or other disadvantage 90.821 90.821 12,000 12,000 702,821 102.821 Analysis of expenditure by activities Activities undertaken directly 2025 Support costs 2025 Total funds 2025 The advancement of religion The relief of those in need by reason of youth, age, i1S-health. disability, financial hardship or other disadvantage 97,050 2,059 99,109 15.000 15,000 112,050 2,059 114,109 Page 12
ABUNDANT NEW LIFE TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysls of expenditure by activlties (contlnued) Activities undertaken directly 2024 Support costs 2024 Total funds 2024 The advancement of religion The relief of those in need by reason of youth, age, ill-health, disability, financial hardship or other disadvantage 81,950 8,871 90,821 12.000 12,000 93.950 8,871 102,821 Analysis of direct costs Religious activities 2025 Relief activities 2025 Total funds 2025 Donations to charitable organisations 97,050 15.000 112,050 Religious activities 2024 Reli81 activities 2024 Total funds 2024 Donations to charitable organisations 81,950 12,000 93,950 Analysis of support costs Religious activities 2025 Total funds 2025 Bank charges Insurance 93 330 1.636 93 330 1.636 Govemance costs 2,059 2,059 Page 13
ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Analysis of expenditure by activities (continued) Analysis of support costs {continued) Religious activities 2024 Total funds 2024 Bank charges Governance costs 33 33 8,839 8.839 8.872 8,872 Independent examinerfs remuneration 2025 2024 Fees payable to the Companys independent examiner (2024 - audit) for the independent examination (2024 - audit) of the Companvs annual accounts Fees payable to the Companrfs independent examiner in respect of: Accounts preparation fees not included above All other services not induded above 624 5,100 936 406 900 2, 839 Trust••s' remunoratlon and exponses During the year, no Trustees received any remuneration or other benefits (2024 - £NIL). During the ye8r ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL). Page 14
ABUNDANT NEW LIFE TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Fixed asset investments Inv8Stments in subsidiary companies Cost or valuation At 1 April 2024 Additions 36,902 5,886 At 31 March 2025 42,788 Net book value At 31 March 2025 42,788 At 31 March 2024 36,902 Principal subsldlarles The following was a subsidiary undertaking of the Company: Name Company number ReglsterÈd offlce or prlnclpal Prlnclpal actlvlty place of business NLT Hodge Limited N1005110 Suite 2.06, Custom House, Property holding Custom House Square, Belfast, company BT13ET Class of shares Holding Ordinary A 100/ The financial results of the subsidiary for the year we. Name Net assets NLT Hodge Limited 29.168 Valuation The investment held in NLT Hodge Limited is carrted at the cost of the investment plus any costs incurred by the Trust on behalf of the company. The Trustees are unable to delermine the actual value of the shares in NLT Hodge Limited due to uncertainty over the value of Ihe subsidiarrfs property but are Page 15
ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Fixed asset investments (continued) confident that the value is in excess of the stated valuation. 10. Debtors 2025 2024 Due withln one year Prepayments and accrued income 12,480 14.851 12,480 14,851 11. Credilors: Amounts falling due within one year 2025 2024 Other creditors Accruals and deferred income 100,000 1,560 370,000 6,000 101,560 376,000 12. Flnancial Instruments 2025 Financial assets Financial assets measured at fair value through income and expenditure 802,270 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 Balance at 31 March 2025 Balance at 1 April 2024 Income Expenditure Unrestricted funds General Funds - all funds 767,403 102,684 {114,109) 755,978 Page 16
ABUNDANT NEW LIFE TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14. Summary of funds Summary of funds - current year Balance at 31 March 2025 Balance at 1 April 2024 Income Expenditure General funds 767,403 102.684 1114.109) 755,978 Page 17
ABUNDANT NEW LIFE TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 15. Analysls of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2025 Total funds 2025 Fixed asset investments Current assets Creditors due within one year 42.788 42,788 814,750 814,750 (101,560) (101,560) Total 755,978 755.978 16. Related party transactlons During the year the charity continued to hold 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 2025, is as follows: Amounts owed to related parties 2025 2024 100,000 100,000 17. Controlllng party During the year the charÉty was under the control of the Board of Trustees. The Trustees are considered to be the ultimate controlling party. Page 18