Registered number: NI043515
Charity number: NIC100629
AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
CONTENTS
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Reference and administrative details of the Company, its Trustees and advisers
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Independent examiner's report
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Statement of financial activities
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Notes to the financial statements
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 DECEMBER 2024
Company registered number
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Charity registered number
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Suite 2.06, Custom House,
Custom House Square
Belfast
Antrim
BT1 3ET
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FC Secretarial Services Limited
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UHY Hacker Young Fitch
Chartered Accountants
Suite 2.06, Custom House,
Custom House Square
Belfast
BT1 3ET
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Allied Irish Bank plc
7/12 Dame Street
Dublin 2
Ireland
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Trustees present their annual report together with the financial statements of the Company for the 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objective of African Enterprise (Ireland) Limited is the evangelisation of the cities of Africa through word and deed in partnership with the church.
Achievements and performance
a. Review of activities
The main activities during the year were concerned with raising funds to pass onto the International African
Enterprise body. The directors felt that fundraising activities were fairly successful and were thanked by the
International branch for their work in this financial year.
b. Public Benefit
The main purpose of the charity is the evangelisation of the cities of Africa through word and deed, which is a charitable purpose under the Charities Act (Northern Ireland) 2008 and Charities Act (Northern Ireland) 2022.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
Financial review (continued)
c. Financial risk management objectives and policies
The global financial situation has hit charities as well as businesses, but the Trustees confirm that the charity`s assets are adequate to fulfill the obligations of the charity, and that the funds are not excessive, given the assets, commitments and size of the charity.
d. Results for the year
The results for the year are set out on page 6.
e. Plans for future periods
The AE partnership of approximately 600 staff and countless volunteers and friends representing ten Ministry Teams and Five Support Teams continues the mission given to AE at its start – ‘To evangelise the cities of Africa through word and deed, in partnership with the church.'
The work of African Enterprise will continue to bring peace, reconciliation and hope to African with their regular support, prayer and donations.
Structure, governance and management
a. Constitution
African Enterprise (Ireland) Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 21 May 2002.
The charity is constituted under a Memorandum of Association dated 21 May 2002 and is a registered charity (number XR 66808).
The company is now a registered charity with the Northern Ireland Charities Commission under number NIC100629.
b. Methods of appointment or election of Trustees
As required on an ad hoc basis the Trustees discuss the appointment of potential new Trustees for appointment to the Board. Suitable people are approached and if they are willing to serve on the Board their nomination is put forward for approval by the Board. The Trustees are appointed for three years and are available for re-election.
Members' liability
The Members of the Company guarantee to contribute an amount not exceeding €1 to the assets of the Company in the event of winding up.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
∙select suitable accounting policies and then apply them consistently;
∙observe the methods and principles of the Charities SORP (FRS 102);
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
Independent examiner's report to the Trustees of African Enterprise (Ireland) Limited
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I report on the financial statements of the company for the year ended 31 December 2024 which are set out on pages 7 to 16.
Respective responsibilities of charity Trustees and examiner
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As the company's trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:
∙examine the accounts under section 65 of the Charities Act (Northern Ireland) 2008;
∙follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act; and
∙state whether particular matters have come to my attention.
Basis of independent examiner's statement
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I have examined your company accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.
My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as company trustees concerning any such matters.
My role is to state whether any material matters have come to my attention giving me cause to believe:
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that accounting records were not kept in accordance with section 386 of the Companies Act 2006;
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that the accounts do not accord with those accounting records;
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that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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);
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that there is further information needed for a proper understanding of the accounts to be reached.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Independent examiner's statement
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I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.
Signed:Scott McCullough FCA Dated: 14 April 2025
Scott McCullough FCA, Chartered Accountants Ireland
UHY Hacker Young Fitch
Chartered Accountants
Suite 2.06, Custom House,
Custom House Square
Belfast
BT1 3ET
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 DECEMBER 2024
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Total funds brought forward
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Total funds carried forward
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The Statement of financial activities includes all gains and losses recognised in the year.
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The notes on pages 9 to 16 form part of these financial statements.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
REGISTERED NUMBER: NI043515
BALANCE SHEET
AS AT 31 DECEMBER 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Net liabilities excluding pension asset
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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:
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The notes on pages 9 to 16 form part of these financial statements.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
African Enterprise (Ireland) Limited is a company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number NI043515.
The Registered Office is Suite 2.06, Custom House, Custom House Square, Belfast, BT1 3ET.
The principal activity of the charitable company is the evangelisation of the cities of Africa through word and deed.
2.Accounting policies
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Basis of preparation of financial statements
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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.
African Enterprise (Ireland) Limited 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.
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.
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.
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.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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Liabilities and provisions
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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.
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.
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.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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Income from donations and legacies
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Page 10
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Income from donations and legacies (continued)
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Income from charitable activities
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Evangelism throughout Africa
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Evangelism throughout Africa
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Analysis of expenditure on charitable activities
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General Charitable Activities
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General Charitable Activities
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Analysis of expenditure by activities
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General Charitable Activities
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General Charitable Activities
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Independent examiner's remuneration
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Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts
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Trustees' remuneration and expenses
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During the year, no Trustees received any remuneration or other benefits (2023 - €NIL).
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During the year ended 31 December 2024, no Trustee expenses have been incurred (2023 - €NIL).
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Page 12
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Financial assets measured at fair value through income and expenditure
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Financial assets measured at fair value through income and expenditure comprise of cash at bank.
Page 13
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Statement of funds - current year
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Balance at 1 January 2024
€
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Balance at 31 December 2024
€
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Designated Funds - all funds
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General Funds - all funds
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Restricted Funds - all funds
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Statement of funds - prior year
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Balance at
1 January 2023
€
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Balance at
31 December 2023
€
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General Funds - all funds
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Restricted Funds - all funds
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Page 14
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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Summary of funds (continued)
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Summary of funds - current year
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Balance at 1 January 2024
€
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Balance at 31 December 2024
€
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Summary of funds - prior year
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Balance at
1 January 2023
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Balance at
31 December 2023
€
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Analysis of net assets between funds
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Analysis of net assets between funds - current period
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Creditors due within one year
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Related party transactions
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There were no related party transactions in the year.
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AFRICAN ENTERPRISE (IRELAND) LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The controlling party of the company is considered to be the Board of Trustees.
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