CHARITY REGISTRATION NUMBER: NIC100797 North Down CFC Financial Statements 31 March 2023
North Down CFC Financial Statements Year ended 31 March 2023 Page Trustees, annual report Independent examinerfs report to the trustees statement of financial activities Statement of financial position Notes to the financial statements
Page 1 North Down CFC Trustees. Annual Report Year ended 31 March 2023 The trustees present their report and the unaudited financial statements of the charity for the year ended 31 March 2023. Reference and administrative details Registered charity name North Down CFC Charity registration number NIC100797 Principal office 3 Glenford Way Newtownards Co Down BT23 4BX The trustees A Beattie J Bailie EM Bell RE Bell R Craig Independent examiner Ms E Mulholland for and on behalf of 2161218 Holywood Road Belfast BT41PD Structure, governance and management North Down CFC. which is registered as a charity with the Charity Commission for Northem Ireland. was established as a church by Trust Deed dated 30 July 1993. The elders exercise spiritual 'watchcare' over the church while the trustees have overall legal and financial responsibilities. The Ghurch principally draw5 its members, volunteers and meeting attendaes from Northem Ireland's Ards and North Down area. The first trustees were appointed by the settlor of the trust. Additional and replacement trustees are appointed by a simple majority resolution of existing trustees. Trustees do not have a temi of office and are not subject to re-election.
Page 2 North Down CFC Trustees. Annual Report (eontlnued) Year ended 31 March 2023 Objectives and activities North Down CFC was formed to advance the Christian faith in Northern Ireland and elsewhere by: holding church seNices and public meetings for praise, worship, bible teaching. prayer, healing and fellowship: providing activities, education and teaching for children and young people,. providing olher facilities in the interests of social welfare which are in sympalhy with the other aims and objects of this Trust Deed with the object of improving the conditions of life for th8 persons for whom the facilities are primarily intended and who have need of such facilities by virtue of their age, infirmity, poverty or social and economic circumstances- and such other charitabl& acts and things as will (or will tend tol promote or encourage the Christian faith. Achievements and performance We identified need in line with our Trust Deed aims and objectives and have created. in partnership with the local communty, a strategy we consider will mèet our charitable objectives and activities as well as the needs of people living in Northern Ireland. Throughout this year we have remained committed to meeting our objectives and priorities. Our strategic plan and Operational Report both indicate our passionate commitment to continue our work and see positive changes in the lives of the people we we work with. We continued to meet on a Sunday at our Sunday Gathering, which is committed to extending a welcome to evèryone and remaining inclusive and open. Wè have continued to support and encourage the Christian church at home and overseas, and remain in clos& contact with other local churches, and those further afield. We carefully considered, as we do every year, the Charity Commission for Northern Ireland's guidance on public benefit to ensure we were meetlng our statutory and legal obligations. Through the activities we have delivèred in 2022123 we have work8d together to further the charities purpos8 and provide benefit to all who are beneficiaries from it. We remain committed to upholding these principles. Flnancial review Incoming resources from donations for the year totalled £39,192 which included £5.271 raised in respect of Crisis Donations. Totsl &xpenditure for the year amounted to £36.747, all of which repr8sented grant funding to ¢haritabl8 projects. Unrestricted reserves at 31 March 2023 totalled £42,049 of which £31,575 had been designated to the small grant fund. Reserv8s Policy Currenlly, it is the policy of the church that unrestricted reserves, which have not been designated for a specific use, should be maintained at a level equivalent to at least three months, otheiSe unfunded expenditure.
Page 3 North Down CFC Trustees. Annual Roport(conthu Year ended 31 March 2023 Plarts for future periods The thurch will continue to build on the successes to date in the cOmg year by Wlnu19 to seNe the k)cal communty. We remain commilied to meeting our charitable obiecthves espedalty (r response to need and impacting tIM)se identified needs. Appreciation is expressed to the elders, leader5 and many members of the church who have put in so much tlme and effort during the past year. Wlthout this help, the church would be ineffective. Th8 trustees express their appreciatton for the faittrfulness tn giving by many members of the ch. Re5ponsdthities of the Tnmtees The chariWs twstees are ponSib[e for preparing the Twstees Annual Rewt and the ffinancial Statements in accfjrdance with applicable law and regulations. The law applicable to charities in Northem Ireland requir85 the trustees to prepare financial stat8m8nts for èath fjnan¢ial year. Under that law the trustees have elected to prepare tha finanfial ststements in accordanc8 wilh United Kingdom Generalty Accepted ACCntIng Practtce (United Klwjom AcLounting Slandarts and applicable law>. The Irustees must nol approve the finala1 statements unless they are Sat that they give a true and fair of the sfate of affairs of the ¢haiity and the income and exp8nditure of the ¢harty for that P8riiJd. In preparing these financial statements, the tNstees are required to: select suitable accountlng policies and then apply consistendy," obseprfe the methods and prfnciples in the Charities SORP; make judgements and accouniing estimates that are reasonable and prudent: State whether applicable accounling standards have been followed. subject to any material departures disclosed and explabned in the financial staternenls: prepare the ffinancial staternents on the going concem basis unless it is inapptoptiate to presume that the charity will continue in operation. The trustees are responsiNe keeping adequate accounting re(M)rds that ate sufficRnt to show and explain the driS transactions and disdose with reasonable aGcuracy at any Ibme the financ4ai position of the tharity and enable them to ensure that the financial statements comply with the Charities Act (Northem Irelapd) 2008. They are also responsible for safegLJarding the assets of the charity and hence for taknng reasonable steps for the prevention and deleG1K of fraud and other irregularities. The trusts85' annual report wa$ approved on 9 January 2024 and signed on behalf of the l)oard of ttustees by: Trusiee
Page 4 North Down CFC Independent Examiner's Report to the Trustees of North Down CFC Year ended 31 March 2023 I report to the tnjstees on my examination of the financial statements of North Down CFC {'the charity,) for the year ended 31 March 2023. Responsibilities and basis of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act (Northem Ireland) 2008 (the '2008 Acf). You are satisfied that your charity is not required by charity law to be audited and have chosen instead to have an independent examination. I report in resp8Ct,of my examination of the charity's financial statements as carried out under section 65 of the 2008 Act. In carying out my examination I have followed the general Directions given by the Charity Commission for Northern Ireland under section 65(9){b) of the 2008 Act. Independent examlnerfs statement I have completed my examlnation. I confirm that no matters have come to my attention in connection with my examination giving me cause to believe that in any material respect.. accounting records were not kept as required by with section 63 of the 2008 Act" Dr the financial statements do not accord with those records., or the financial statements do not comply wtth the accounting requirements of the 2008 Act., or the financial statements do not Comply with the applicable requirements concerning the fomi and content of accounts set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a matter considered as part of an independent examination. I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. Ms E Mulholland for and on behalf of Independent Examiner 2161218 Holywood Road Belfast BT4 1PD
Page 5 North Down CFC Statement of Financial Activities Year ended 31 March 2023 2023 Unrestricted funds Total funds 2022 Total funds Note Income and endowments Donations and legacies Total income 32.192 32.192 43.226 32,192 32.192 43,226 Expenditure Expenditure on charitable activities Total expenditure 36,747 36.747 35.814 36,747 36.747 35.814 Net {expenditureVincome and net movement in funds (4,555) (4.555) 7,412 Reconclllatlon of funds Total funds brought forward Total funds Carrled forward 46,604 46,604 39,192 42,049 42,049 46,604 The statement of financial activities includes als gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on paggs 7 to 12 form part of thgsg flnanclal statements.
Page 6 North Down CFC Statement of Flnanclal Posltlon 31 March 2023 2023 2022 Current assets Debtors Cash * bank and in hand 52,688 8,442 61.130 10,717 65.017 CrodStors: amounts falllng duo wlthln ona yèar Net Current ats 10 12,968 14,526 42.049 41049 42.049 Total assets less ¢urrént liabilities Net assets 46,604 Funds of the chartty Unre$tri¢ted furK1s 42 T¢)tal charity funds 12 42,049 These financial Statements were approved by the board of trustees and authotised for issue on 9 January 2024, and are signed on behalfof the bjard by: ABea Trustee The note8 on pagts 7 to 12 fomi p•rt of finathcral statem
Page 7 North Down CFC Notes to the Financial Statements Year ended 31 March 2023 General Infomiatlon The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 3 Glenford Way. Newtownards, Co Down. BT23 4BX. Statement of compliance These financial statements have been prepared in Compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the 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) {Charilies SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008. Accounting policios Basis of preparatlon The financial statements have b8en prepared on the historical cost basis. as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concem There are no material uncertainties about the charivs ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to tnake judgements. estimates and assumptions that affect the amounts reported. These estirnates and judgements are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Fund accounting Unrestrided funds are available for use at the discretion of the trustees to further any of the harity's purposes. Designated funds are unrestrict8d funds earmarked by th8 trustees for particular future project or commitment. Restricted funds are Subjected to r8strictions on their exp8nditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Pag8 8 North Down CFC Notes to the Financial Statements (contlnued) Year ended 31 March 2023 Accounting policies {eontlnugd) Incoming resources All incoming reSoUrS are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: income from donations or grants is recognised when there is evidence of entitlement lo the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods 15 measurad at the fair value of th8 good5 unless this is impractical to measure reliably, in which case the value is darived from the c05l to the donor or the estimated resale value. Donated facilitie5 and $8rvices are recognised in the accounts when rec81V8d rf the value can be reliably measured. No amounts are included for the Contribution of general volunteers. incom8 from contracts for thè supply of services is recognis@d with the delivery of the contracted service. This is classified as unrestricted funds unless thère is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may b8 regarded as restricted. Resources expended Expenditure is racognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds indudes the costs of all fundraising activities. events, non-charilable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charsty in undertaking activities that further its charitable aims for the benefrt of its beneficiaries. including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable. justifiable and consistent basis. Government grant5 Gov8rnm8nt grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaGhing to them and the grants will bè received.
Page 9 North Down CFC Notes to the Financial Statements (¢ontinuedJ Year ended 31 March 2023 Accounting policies {continuedJ Government grants (Continued) Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future perfonnance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria. they are recognised as a Financlal Instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instrument5 are initially racognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities ar8 subsequently measured at the cash or other consideration expected to be paid or receiv8d and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value Can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All oth8r such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate. in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. other financial instruments are subsequently measured at fair value. with ally changes recognised in the statement of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the inttial gain was recognised. For all equity instruments regardles5 of significance, and other financial assets that are individually significant, these are assessed individually for impairment. other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Page 10 North Down CFC Notes to the Financial Statements (eontinu•d) Year ended 31 March 2023 Donatlons and legacies Unrestricted Funds Restricted Total Funds Funds 2023 Donations Offerings and donations Special donations 26,171 5.271 26,171 5.271 Grants Other grant income 750 750 32.192 32.192 Unrestricted Funds Restricted Total Funds Funds 2022 Donatlons Offerings and donations Special donations 27,736 12,776 27.736 15,490 2,714 Grants Other grant income 40,512 2,714 43,226 Expenditure on charltabla activities by fund type Unrestricted Funds R6Stricted Total Funds Funds 2023 Charitable activities 36,747 36,747 Unrestricted Funds Restricted Total Funds Funds 2022 Charitable activities 33.100 2,714 35,814 Expenditure on charitable activities by activity type Activities undertaken Total funds directly 2023 Total fund 2022 Charitable activities 36,747 36.747 35.814 Staff costs The average head count of employees during th8 year was Nil (2022.. Nil). No employee received employee benefits of more than £60,000 during the year (2022.. Nil).
Page 11 North Down CFC Notes to the Financial Statements {eontinu8d) Year ended 31 March 2023 Trustee remuneration and expenses No trustees received remuneration or other benefits through employment with the charity. Debtors 2023 2022 Other debtors 44.300 52,688 44,300 52,688 10. Creditors: amounts falling due wlthln one year 2023 2022 Trade creditors Accruals and deferred income Other creditors 923 7,187 4,858 12,968 1,424 8,237 4,865 14,526 11. Grants The amounts recognised in the financial statements for gov8mment grants are as follows.. 2023 2022 Recognised in income from donations and legacies: Govemment grants incoma 750 12. Analysis of charitable funds Unrestricted funds At 1 April 2022 Income Expenditure Transfers At 31 March 2023 Unrestricted Funds Small grant nd 16.524 30,080 31,442 750 (11.492) (26.000) {25.255) 26.000 (36,747} 10.474 31,575 46,604 32.192 42,049 At 1 April 2021 Income Expenditure Transfer5 At 31 March 2022 Unrestricted Funds Small grant fund 3,012 36,180 40,512 (27,000) 27,000 16,524 30,080 {33.100) 39,192 40,512 (33,100) 46,604
Page 12 North Down CFC Notes to the Financial Statements (¢ontlnued) Year ended 31 March 2023 13. Anal1$ of net assets between funds Unrestricted Total Funds Funds 2023 Current assets Creditors less than 1 year Net assets 55,017 (12,968) 42,049 55,017 (12.968) 42,049 Unrestricted Total Funds Funds 2022 Current assets Creditors less than 1 year Net assets 61,310 (14,526) 46,784 61,310 (14,526> 46,784