Charity registration numbeT:NIC102050 Glenabbey Church Ajmual Report and Financial Ststernents for the Year Ended 30 June 2023
Glenabbey Church Contents Trustees, Report I to5 Statement of Trustees, Responsibilities Independent Auditors, Report 7tolO Statement of Financial Activities Balance Sheet 12 Notes to the Financial Statements 13to24
GIenabbey Church Trustees, Report The Trnstees present their report and the finan¢i21 ststements of the church for the year ended 30 June 2023. The Trustees confm that they comply with the requirements of the Charities Act (Northern Ireland) 2008, The Charities (Annual Return) Regulations (Northern IrelÈnd} 2015, The Charilies (Annual Return) Regulations (Northern Ireland) 2015 and Aecounting and Reporting by Charities.. Statement of Recommended Practice which applies to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015). The Trustees The Trustees who served the church during the year were as follows: David cUie lain Johnston Mark Jones (appointed 18 May 2023) Garth Mccartney Martin Spence (appointed 18 May 2023) Ian Thompson (appointed 18 May 2023) Structure, Governance & Management GleDabbey Church is governed by a Trust Deed adopted on 13 February 1992. The Trustees aTe responsible for the overall governance of the chwch. The number of Trustees shall not be less than IhTee, IIOT moTe than seven. Trustee Selection, Appointment & Competence When a Trustee vacancy exists, the current Trustees will appoint a replacement or additional TTUStee. No person shall be appointed as a Trustee wbo does not hold the basic doctrines of faith as specified in the Trust Deed. External Audit At the Trustees, Meeting on 18 May 2023, TB Millar were re-appointed as external auditors for the period I July 2022 to 30 June 2023. StateniÈnt of Compliance Ivith Public Benefit Guidance In setting our activities and planning our activities for the year the trustees have given careful consideration to the ChaTity Commission for Northern Ireland's guidance on public benefit to ensure that the activities have helped to achieve the charity's purposes and provide a benefit to the beneficTaries. Purposes The purpose of this Trust shall be as follows.. To proclaim and fLllther the Gospel of God concerning his Son Jesus Christ, our Lord and the preaching and teaching of the Christian Faith throughout the UThited Kingdom of Great Britain and Northern Ireland and elsewhere. To organise. sponsor and prOOte the advaThcemeTht of the Christian religion throughout the United Kingdom of Great BTltain 2nd Northem Ireland and elsewhere the object of which shall be.. i) To seek to present the Gospel to every creature by every means possible and lead men women and children to a saving Faith in our Lord Jesus Christ and teach and encourage them in the Service of God- ii) To produce publish and distribute tb¢ Scriptures. C1St1an Literathre, audio-visual aTds. fi1n and any other material of a religious nature, provided that the Tn]stees shall not engage in any pennanent trading activity; iii) To aid the Clstian Church in all its ministries by specialist seTvices wheTeby the Word of God is presented so that those to whom it is presented may be led to personal faith in tbe Lord Jesus Christ and May be encouraged and instrncted in the development of Christian character and may tske their place a8 members and workers in the life of their local Church. iv) To promote thoughtfvl Bible reading among people of all ages. Page I
GleThabbey Church Trustees, Report (continued) To hold public nieeh'ngs for the preaching of the Gospel of the Grace of God and for the fellowship and edification of Christians. To assist in the relief ol hunwi suffering and poverty consequent upon the effect of personal, local national or international disaster. There is no harm associated with the purposes. Summary of activities Sunday services Sunday children's prograrnines Weekly programines for bible teaching, study and prayer . Tuesday night youth prOgr2meS Friday night youth and children's programmes . Community progranunes Missions support groups Summer carnps for children and youth • Sun)mer trips nationally and internationally Povety relief and humanitarian trips Monthly club for adults with leaming difficulties Provision of creche facilities Parent and toddler group Renew (Mums, fitness class) Monday Club (friendship group for over 50's) Holiday Bible Club Beneficiaries The cbarity's beneficiaries are.. The regular attendees of all ages at weekly events Tun in its own PreiSeS in Newtownabbey and at other locations in County Antrim. People from many countries who access the Bible teaching via the Internet. Hundreds ol cliildren, young people and adults that are assisted financially. pastorally, physically and spiritually throiigh the Charity's partnerships. The poor and disadvantaged, especially in Ethiopia, Kenya, Chad and EcuadoT, who are reached in person by teams sent out each year as well as enjoying financial support. Local young people and adults With leatlling diffEculties. Private benefit The only private benefit aTising in the period was the remuneration of those employed to manage the charity. This benefit is incidental to and doe5 not outweigh the public benefit, Public benefit During the period, the charity has continued to provide benefits from its activities as follow8.' Page 2
Glenabbey Church Trustees, Report (continued) The provision of a Christian and moral frarnework encouraging people to engage positively with the culture around them and to care foT their fellow hillnan beings. Deepening undeTStanding of how the Bible speaks to contemporary culture 2nd guidance as to how Christians can Make a positive contribution to tb¢ peace and prosperity of the wider community. The provision of reular Cluistian education, helping people to understand, live out, defend and prornote the Christian oospel. The development of individual ability and gift. The engagement and encourdgement of hundreds of willing volunteers in practical and spiritual service to their fellow human beings. The spiead of the Gospel of peace, bringing reconciliation both between human beings and God and between human beings. The promotion of the importance of facilitation of honest discussion and exan]ination of the Christian faith in compaTison with other value systems. The provision of Bible teaching resouTces in audio, audio-visual and written fonn that are used locally and internationally. The organisation of Conferences and special events to benefit other churches and individuals. The running of specialist training programmes for leaders and participants. The encouragement of deeper knowledge and understanding of the Christian faith and its relevance to contemporary society. The encouragement of people gathering together for common purpose, developing friendships and providing help and support to one another. The ¢reation of a safe place for people from all walks of society to hear about, explore and discuss the Christian faith. Significant practica] relief delivered by experts to those who urgently need it. The support of individua15 Wlthin ur community who have suffered physic81 and l or financial reversal. The encouragement of an outward ethog of geneToiig and praeti¢al Compassion. These benefits are demonstrated through: Those attending and benefiting directly each week, the leaders and helpers mobilised each week through vaTiQUS programmes and the positive conttibutions of members within the wider community and the effective pastOTal care supporting both families and individuals the resources already produced and in wide use, Tegular training and personal development programmes, active use of the internet, app and social media and high levels of fmancial and personal investment in the programmes - large number of attendees at Sunday services, the number remaining after services to talk and interact and the quality and quantity of these discussions and the number of sceptics attending. The generous amounts of financial provision for the needs of vulnerable people in Chad. Ecuador and Ethiopia and Kenya, and support for local people in financial distress OT particular need. The provi8ion of language classes, opportunity for social interaction and care to people from a range of countries seekipAg asylum in our county. There are no restrictions on those who can benefit from the activities of Glenabbey. Financial Review and Results for the Year See attached amiual accounts for the year ended 30 June 2023. The Trustees are satisfied with the financipAI position of tbe ¢harity. Achievements and perform#nee for the year Systematic teaching of the Bible was held on a weekly basis throughout the year both through serviees in Glenabbey Church and online. OUT online Provision continues to benefit those members who cannot attend in person and others from all around th¢ world. A strong programme of activities were made available to children and young people to strengthen their faith. We continue to be deS1ted undeT the Safe Church Initiative. During the year we provided fmancial support to Christian workers In Chad. Ecuador. Zarnbia, Scotland, Bulgaria and Ireland. Financial support has also continued of overseas charities working to relieve poverty and suffering in Ethiopia and Kenya. Page 3
Glenabbey Church Trustees, Report (continued) Our own Barnabas Fund, which was set up to help those in partieulaT financial need, has been active during this year and bas responded swiftly where fllwicial need has been identified. We became a member churcb of Welcome Churches, a network which welcomes and supports tbose who have travelled from across the world to our locality, many of whom have fled war, persecution and famine. We established a support group for parent5 and carers of children with neuio-diverse conditions. Partnership with and support of the following has continued: . Newtownabbey Foodbank Greater Ballyclare Youth for Christ Monkstown Village Initiatives Cl)ristians in Sport PareThts and Kids Together, CatTickfergus Street Pastors . Active Listening . Model Railway Club Hope 365 Christians Against Povety . Newtownabbey Foodbank . Causeway . Home for Good Prison Fellowship . Transforn]ing Lives for Good Plans for the future It is the intention of the trllstees to continue the current activities of the cbarity and expand and develop these as they see fit to achieve the purposes of the charity and to ensure the continued delivery of public benefit as described elsewhere in this report. Risk Management Risk is an everyday part of the Charity's nonnal activity. The Trustees have considered and identified the rnajor risks to which the charity is exposed and having lakell appropriate professional advice have been assured that adequate systems and procedures are in place to mitigate or manage those risks. Reserves Poliey The Charity does tLOt have a reserves policy. Pensions The charity operates a defined contribution pension scheme (whicli tneets the requirements of The Pension Regulator as a qualiffi'ng workplace pengion scheme) for the benefit of its pernianent staff and those who are eligible under Auto Enrolnient. The assets are administered by insurance companies in personal pension plans and are held independently from those of the charity. Contributions are charged to the Statement of Financial Activities in the period to which they relate. Results The results for the year and the charity'8 financial position at the end of the year are shown in the attached fmancial statements. Page 4
Glenabbey Church Trustees, Report (contlnued) Reference and Administrative Details Charity Registration Number NIC102050 Principal Office- Ballycrdigy Road Newtownabbey Co Antrim BT36 5ZZ Auditor- TB Millar & Co Chartered Ac¢ount&nt & Registered Auditor 6 Doagh Road Ballyclare Co Antrim BT39 9BG Bankers: Danske Bank North Business Centre 1_2 Broadway Ballella Co Antrim BT43 7AA Disclosure of InfornOn to auditor Each trnslee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit inforn)ation and to establish that the charity's auditor is aware of that information. The trustees confinn that there is no relevant infornlltion that they know of and of which they know the auditor is unaware. The annual report was appToved by the trustees of the charity on 19 October 2023 and signed on its behalf by.. David Currie Trustee in Johnston Trustee Page 5
Glenabbey Church Statement of Trustees, Responsibilities The trustees are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. The law applicable to charities requires the twstee5 to prepare financial statements for each financial year which give a true and fair view of tbe state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to.. select suitable accouDting policies and then apply them consistently. observe the methods and principles in the Charities SORP; make judgements and estimates that are reasonable and prudent. state whether applicable accounting standards have been followed, subject to any material departures disc105ed and explained in the flnancial statements. and PTepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The tTUStees are responsible for keeping proper accounting records that disclose witb reasonable accuracy at any time the financial position of tbe cbarity md enable tbem to ensure that tbe fmancial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and Ibe provisions of the onstitution. The trustees are also Tesponsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of th¢ corporate and financial inforllthtion included on the charitable company's website. Legislation governing the preparation and dissemination of fmancial statements may differ from legislation in other jurisdictions. Approved by the trustees of the charity on 19 October 2023 and signed on its behalf by: David Currie Trustee ain Jolmsto Trustee Page 6
Glenabbey Church Independent Auditor's Report to the Members of Glen2bbey Church Opinion We have audited the financial statements of Glenabbey Church (the 'charity') for the year ended 30 June 2023. which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements. including a summary of sigllificant accounting policies. The financial Teporting framework that has been applied in their preparation is United Kingdom Accounting Standards, eompTising Chartties SORTr - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and applicable law (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slatements.. give a true and fair view of the state of the charity's affairs as at 30 June 2023 and of its incoming resources and application of Tesources for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) ?008. Basis for opinio We conducted our audit in accordance with tntemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our Tesponsibililies under those standardg are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accoTdance with the ethical requirements that are relevant to our audit of the financial stalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going eoneern In auditing the fsnancial statements. we have concluded that the tSteS use of the going concern basis of accounting in the preparation of the financial statements 18 appropriate. Based on the work we have perfoThed, we have not identifled any tnaterial uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concem for a period of at least twelve months from when the original financial statements were authorised for issue. Our responsibilities and the responsibilities of the trustees with Tespecl to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other infOrntiOll. The other ]nforThtIon Comprises the inforniation included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other inforn]ation and, except to the extent otherwise explicitly stated in our report, we do not express any forni of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other infonnation and, in doing so, cons?der whether the other infom]ation is materially inconsistent with the financial statements or our knowledge obtained in the audit OT Othenvise appears to be materially misstated. If we identify such tnaterial inconsistencies or apparent material misststernents, we are required to deterniine whetber there is a material misstatement in the fmancial statements or a material misstatement of the other infoTmation. If, based on the work we bave perfornied, we conclude that there is a rnaterial tnisstaternent of this other infonnation, we are required to report that fact. We have nothing to Teport in this Tegard. Page 7
Glenabbey Church Independent Auditor's Report to the Members of Glenabbey Church (continued) Matters on which we are required to report by exception In the light of our knowledge and understanding of the chaTity and its environment obtained in the course of the &udit, we have not identified material misstaternents in the TTUStees' Report. We have nothing lo report in respect of the following matters where the Charities Act (Northern Ireland) 2008 requires us to report to you if, in our opinion- adequate accounting records have nol been kept, or returns adequate for our audit have not been received from branches not visited by us. or the fmancial statements are not in agreement with tbe accounting records and returns. or certain disclosures of trustees remuneration specified by law are not made. OT we have not received all the iTJforrnatioD and ¢xplatLations we require for our audit. Responsibilities of trustees As explained more fiLlly in the Statement of Trustees, Responsibilities (set out on page 6), the trustees are responsible for the preparation of the financial staten]ents and for being satisfied that they give a true and fair view, and for such internal control as the trLlStees deternine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or eTTOr. In preparing the financial staternents, the trustees are responsible for assessing the charity'8 ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditor Responsibilities for the audit of the financial statement5 Our objectives are to obtain reasonable assurance about whether the fmancial statements as a whole are free from material n]isst&temenl, wbetber due to fraud or error, and lo issue auditor's report tbat includes our opinion. Reasonable assurance is a ]]igb level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the econoinic decisions of user5 taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below- Page 8
GIenabbey Church Independent Auditor's Report to the Members of Glenabbey Church (continued) We considered the OPPDrtunities aDd incentives that may exist within the Charity for fraud and identified the greatest potential for fraud in relation to revenue recognition and payment of amounts from the Charity. In common witb all audits under ISAS (UK), we are also required to perforni specific procedures to respond to the risk of management override. We also obtsined an understanding of the legal and regulatory framework8 that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the detertnination of material amounts and disclosures in the financial statements. The key laws and regulations we Considered in this context included Companies Act 2006, Charitie5 Act (NI) 2008 and guidance provided by the Charity Commission foT Northern Ireland. In addition, we considered provisions of relevant laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operdte OT to avoid a material penalty. Our procedures to respond to risks identified includ¢d the following: reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements. enquiring of management regarding actLlll and potential litigation and claims. perforn)ing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud- reading minutes of meeting8 of those charged with governance and reviewing regulatory correspondence with the Charity Comrni8sion for Northern Ireland; in addresging the risk of fraud through management override of controls we, tested the appropriateness of joumal entrieg and other adjusknenls. assessed whether the judgements made in making aceountlng estimates are indicative of a potential bias- evaluated the business rationale of any significant transactions. and where possible obtained diTect confirmation of balances ind¢p¢ndently from the relevant paty. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulation5 throughout the audit. Because of the inherent limilations of an audit, there is a risk that we will not detect all irregularities. including those leading to a material misstatement in the financial statements or non-compliance with re.trul&tioTh. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial staten]ents, as we will be less likely to become aware of instances of non-compliance. The risk is also greateT regarding irregularities occiirring due to fraiid rather than error. as fraud involves intentional Concealment. forgery, collusion, omission or misrepresentation. A fillther description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. Thi5 description fomis part of our auditor's report. Use of our report This report is made solely to Ihe charity lrnstees, as a body, in accordance with section 144 of the Charities Act ?01 l and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the trnstees those matters we are required to state to trustees in an auditors, report and for no other piirpose. To the fullest extent perniitted by law, we do not accept or assume responsibility to anyone oth¢T than the charity and its trustees as a body, for our audit worL for this report, or for the opintons we hav¢ form¢d. Page 9
Glenabbey Church Independent Auditor's Report to the Members of Glenabbey Church (continued) (Senior Statutory Auditor) alf of TB Millar & Co, Statutory Auditor 6 Doagh Road Ballyclare Co Antrirn BT39 9BG 19 October 2023 TB Millar & Co is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Page 10
Glenabbey Church Statement of Financial Activities for the Year Ended 30 June 2023 Unrestrllcted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and legaeies Charitable activities Investment income Otlier income 546,013 3.670 1,713 1,278 110,461 22,480 656,474 26,150 1,713 1,278 Total income 552,674 132,941 685,615 Expenditure on: Charitable activities (584,007) (48,397) (632,404) Total expenditure (584.007) (48,397) Net (expenditure)/in¢ome (31,333) 84,544 53,211 Net movement in fi]nds (31.333) 84.544 53.211 Reconcllliation of funds Total fLmds brought fonvard 1,452,585 {195,430) 1,257,155 Tothl funds carried forward 17 1,421,252 (110,886) 1,310,366 Unrestricted funds Restricted funds Total 2022 Note Income and Endowments from: Donations and legacies Charitable activities Investment inconie Other income 520,489 1.618 236 2,790 116,716 44,274 15 637,205 45,892 251 2,790 Total income 525,133 161,005 686,138 Expenditure OD: Charitable activities (506,968) (73,605) (580,573) Total expenditure (506,968) (73,605) (580,573) Net income 18,165 87,400 105,565 Net rnovement in funds 18,165 87,400 105,565 Re¢oD¢ili2tion of funds Total fvnds brought forward 1,434,420 (282,8301 1,151,590 Total funds carried forward 17 1,452,585 (195,430) 1,257,155 All of the charity's activities derive from continuing operations during the above two periods. The notes on pages 13 to 24 forni an integral part of these financial statements. Page 11
Glenabbey Church (Registration number: 102050) Balance Sheet as at 30 June 2023 2023 2022 Note Fixed assets Tangible assets 12 997,265 1,025,925 CuTrent a5set5 Debtors Cash at bank and in hand 13 107,815 401,568 57,094 394,501 14 509,383 451.595 Creditors: Amounts falling due Jvithin one year 15 (49,304) (50,540) Net current assets 460,079 401,055 Total assets less current liabilities 1,457,344 1,426,980 Creditor5: Amounts falling due after more than one year 16 (146.978) {169,825) Net assets 1,310,366 1,257,155 Funds of the charity: Restricted (110,886) (195,430) Unrestricted income funds UnrestTiCted 1,421,252 1,452,585 Total funds 17 1,310,366 1,257,155 The financial statements on pages I I to 24 were approved by the trustees, and autliorised for issue on 19 October 2023 and signed on their behalf by.. David Currie Trustee Iain Jol]n Trustee The notes on pages 13 to 24 forni an integral part of these fmancial statements. Page 12
Glenabbey Church Notes to the Financial Statements for the Year Ended 30 June 2023 l Accounting polieie$ StAterneDt of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities-. Statement of Recommended Practice applicable to charities preparing their accounts in ac¢ordance with the Financial Reporting Stalld2rd applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2015) - (Charitie8 SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Charities Act (Northern Ireland) 2008. Basis of preparation Glenabbey Church meets the definition of a public benefit entity under FRS 102. The accounts (financial statemenls) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the Televant note(s) to these accounts. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Income and endowments Voluntary income including donations, gifts, legacies and grants that provide core fi?nding or are of a general natLe is Tecognised when the charity has entitlement to the income. it is probable that the income will be received and the amount can be measured with sufficient reliability. Donatious legacies Donations and legacies are reCOlSed on a receivable basis when receipt Is probable and the amount can be reliably measured. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be meagured Teliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charge5 allocated on the portion of the asset's use. Other support costs are allocated based on tbe spread of staff costs. Charitable activities ChaTitable expenditure comprises those costs incutTed by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support Costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. for example, allocating property costs by floor areas, OT per capita, staff costs by the time spent and other costs by their usage. Page 13
Glenabbey Church Notes to the Financial Statements for the Year Ended 30 June 2023 (continued) Governance cost5 These include the costs attributable to the charity's compliance with constitutional and stattLtory requirernents, including audit, strategic management and trustees meets'ngs and Teimbursed expenses. Taxation The charity is considered to pass the tests sel out in P&ragrapb I Schedule 6 of the Finance Act 2010 and tberefore it nieets the defmilion of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exenipt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation Tax Act 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incorne or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fed assets cosling £1,000 OT more are initially recorded at cost. Depreciation 2nd amortisation DepTeciation is provided on tangible fixed assets so as to write off the cost or valuation, less any ests'mated residual value, over their expected useful ecolloinic life as follows.. Asset class Land and buildings Furniture and equipment Computer equipment Plant and machinery Depreciation method and rate 20/0 Straight line 25U/o Reducing balance 33010 Reducing balance 25 1 Reducing balance Trade debtors Trade debtors are amounts due from customers for meTehandise sold or services performed in th¢ ordinary course of business. Trade debtors are recognised initially at the transaction price. They are Subsequently measured &t amortised cost using the effective interest inethod, less provision for impainnent. A provision for the in]paim]ent of is established when there is objective evidence that the will not be able lo collect all amounts due accorth'ng to the original terms of the receivables. Cash and cash equivAlents Cash and cash equivalcnts Cotnprise cash on hand and call deposits, and other short-tenn highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade ¢reditor5 Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period. to defer settlement of the creditor for at least twelve months after the reporting dale. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, tliey are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price subsequently rneasured at amortised cost using the effective interest method. Page 14
Glellabbey Church Notes to the Financial Statements for the Year Ended 30 June 2023 (continued) Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction cosls. Interest-bearing borrowings are subsequently carried al amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being reCOlSed as a chaTg¢ to the Siatement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basTS of the effective interest method and is included in interest payable and similar ¢harges. Borrowings are classifjed as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve rnonlhs after the Teporting date. Fund structure Unrestricted incorne funds are general ndS that are available for use at the trustees discretion in rtheranee of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 2 Income from donations and legacies Unrestricted funds General Restricted funds Total funds Donations and legacies. Gift aid reclaimed Regular giving and capital donations 84,300 461,713 16,431 94,030 100,731 555,743 Total for 2023 546,013 110,461 656,474 Total for 2022 520,489 116,716 637,205 3 Income from eharitable activities Unrestricted funds General Restricted funds Total funds Overseas missions Children, Youtb and Young Adult activities Community 972 21,508 972 21,508 3.670 3,670 Total for 2023 3,670 22,480 26,150 Total for 2022 1,618 44,274 45,892 Page 15
Glenabbey Church INotes to the Financial Statements for the Year Ended 30 June 2023 (continued) 4 Investjnent income Unrestricted funds General Restricted funds Total funds Interest receivable and similar income. nterest receivable on bank deposits 1,713 1.713 Total for 2023 1,713 1,713 Total for 2022 236 15 251 5 Other income Unrestricted funds General Total fund5 Music income & charity's use of assets 1,278 1,278 Total for 2023 1,278 1,278 Total for 2022 2,790 2,790 Page 16
Glenabbey Church Notes to the Fillancial Statements for the Year Ended 30 June 2023 (continued) 6 Expenditure on charitable activities Unrestricted funds General Restricted fuDd5 Total 2023 Iyote Overseas missions Bamabas Fund Children, Youih and Young Adult activities Pastoral Community Depreciatio amortisation and other similar costs Staff costs Allocafrd support costs Governance costs 39,040 9.485 8,850 48,525 8.850 26,096 27,754 34,378 21,508 47,604 27,754 34,378 31.739 336,216 85,784 3,000 31,739 336,216 94,338 3,000 8,554 584,007 48.397 632,404 Unrestricted funds General Restricted funds Total 2022 Note Overseas missions Bamabas Fund Children, Youth and Young Adult activities Pastoral Community Depreciation, amortisation and other similar costs Staff costs Allocated support costs Governance costs 38,130 49,935 5,280 88,065 5.280 17,263 12,154 31,044 4,480 21,743 12,154 31,044 34,324 312,289 58,764 3.000 34,324 312,289 72.674 3.000 13.910 506,968 73,605 580,573 Page 17
Glenabbey Church Notes to the Financial Statements for the Year Ended 30 June 2023 (continued) 7 Analysis of governance and support cost5 Charitable Aetivities expenditure Unrestricted funds General Restricted luud5 Total 2023 Basis of allocation Utilities Insurances Site nIntenanCe 38,543 5,577 6,270 4,050 5.018 174 38,543 5,577 6,270 4,050 5,018 174 8,455 13,627 5,292 7,332 Communications Expenses and travel Traiiiing Bank inteTest IT, Stationery and postage Bank charges Tea. coffee and hospitality 8,455 13,627 5,193 7,332 99 85,784 8,554 94,338 Unrestricted fund5 Generpll Restricted funds Total 2022 Basi5 of allocation Utilities Insurances Site maintenance Communications Expenses and travel Training Bank interest IT, Stationery and postage Bank charges Tea, coffee and hospitality 21,867 5,068 5,227 2,939 7,042 1.576 21,867 5,068 5,227 2,939 7,042 1,576 13,901 11.758 1.155 2,141 13,901 11.758 1.146 2,141 58,764 13,910 72,674 Basi5 of allocatio Reference Method of allocation Usage Page 18
Glenabbey Church Notes to the Financial Statements for the Year Ended 30 June 2023 (continued) Governance costs Unrestrieted funds General Total 2023 Audit fees Audit of the financial staternents 3,000 3,000 3,000 3,000 Unrestrieted funds General Total 2022 Audit fees Audit of the financial statements 3.000 3,000 3,000 3.000 Page 19
Glenabbey Church Notes to the Financial Statements for the Year Ended 30 June 2023 (continued) 8 Net ineomingloutgDing re50urce5 Net incoming resources for the year include.. 2023 2022 Audit fees Depreciation of red assets 3,000 31.739 3,ODO 34,324 9 Trustee5 remuneration and expenses No trnstees, nor any peTSOnS connected with them, have received any remuneration from the charity during the year. 10 Staff costs The aggregate payroll costs were as follows.. 2023 2022 Staff costs during the year were: W&ges and salaries Social security costs 314,619 21,597 292,584 19,705 336,216 312,289 The monthly average number of persons (including senior managernent I leadership team) employed by the charity during tbe year expressed as full time equivalents was as follows.. 2023 No 2022 Tr40 Management Service provision 13 15 13 Contributions to the employee pension scherne5 for the year totalled £17,032 (2022 _ £15,530). No etnployee received emoluments of more than £60,000 during the year. Page 20
Glenabbey Church Notes to the Financial Statements for the Year Ended 30 June 2023 (continued) 11 Taxation The charity is a registered charity and is therefore exempt from taxation. 12 Tangible fllxed a$set5 Land and buiIdings Fllrniture and equipment Computer equipment Plant and machinery Total Cost At l July 2022 Additions I.LOl,200 72,160 41,459 1,999 152,000 1,080 1,366.819 3,079 At 30 June 2023 1,101,200 72.160 43,458 153,080 1,369,898 Depreciation At l July 2022 Charge for the year 110.120 22,024 61,215 2,736 37,161 2,078 132,398 4,901 340,894 31,739 At 30 June 2023 132,144 63,951 39,239 137,299 372,633 Net book value At 30 June 2023 969,056 8,209 4,219 15,781 997,265 At 30 June 2022 991,080 10.945 4,298 19,602 1.025,925 Revaluation The fair value of the company's Land and buildings was revalued on 17 Febniary 2020 by Tdk Commercial Propety Consultants . an independent valuer. HrAd this class of asset been measured on a historical cost basis, Ibeir carrying arnounl would have been £2.133,69) (2022 - £2,177.238). 13 Debtors 2023 2022 Trade debtors 104,267 3,548 53,748 3,346 Prepawients 107,815 57,094 Page 21
Glenabbey Church Notes to the Financial Statement5 for the Year Ended 30 June 2023 (continued) 14 Cash and cash equivalents 2023 2022 Cash on haThd Cash at bank 254 401,314 735 393,766 401,568 394,501 15 Creditors: amounts falling due within one yeAr 2023 2022 Bank loans Other creditors Accruals 22,847 17,275 9,182 22,847 10,541 17,152 49,304 50,540 Creditors due within one year includes the following liabilities, on which security has been given by the charity.. 2023 2022 Danske Bank 22,847 22,847 16 Creditors: amounts falling due after one year 2023 2022 Bank loans 146,978 169,825 Creditor8 amounts falling due after more than one year includes the following liabilities, on which security has been given by ihe charity.. 2023 2022 Danske Bank 146,978 169,825 Mortgage on property at 6 Ballycraigy Road, Newtownabbey, Co Antrim. BT36 5ZZ Page 22
Glenabbey Church Notes to the Financial Statements for the Year Ended 30 June 2023 (continued) 17 Funds Balance at i July 2022 Incoming resources Resourtes expended Balance at 30 June 2023 Unrestricted funds General General (1,452,585) (552,674) 584,007 (1,421,252) Restricted funds Building Togetber (Cbiirch Building Fund} Overseas Mission support Home support Children, Youth and Young Adult activities 228,434 10,140 {43,144) (97.241) (972) (13,220) 8,554 9,485 8,850 139,747 18,653 (47,514) (21,508) 21,508 Total restricted funds 195.430 (132,941) 48,397 110,886 Total funds (1.257.155) (685,615} 632,404 (1.310,366) Balance at I July 2021 Incoming resources Resources expended Balance at 30 June 2022 Unrestricted funds General General (1.434,420) (525.133) 506,968 (1,452,585) Restricted Building Together (Church Building Fund) Overseas Mission support Home support Children, Youth and Young Adult activities 320,974 (106.450) (39,795) (10,280) 13,910 49,935 5,280 228,434 10,140 (43.144) {38,144) (4.480) 4.480 Total restricted funds 282,830 (161,005) 73,605 195,430 Total funds (1,151.590) (686,138) 580,573 (1,257,155) Page 23
Glenabbey Church Notes to the Financial Statements for the Year Ended 30 June 2023 (eoThtinued) 18 Analysis of net assets behveen funds Unrestricted funds General Total fund5 at 30 June 2023 Restrieted funds Tangible fixed assets Current assets Current liabilities Crethtors over l year 997,265 448,162 (24,175) 997,265 509,383 (49,304) (146,978) 61,221 (25,129) (146,978) Total net assets 1.421,252 (110.886) 1,310,366 19 Related party transactions During the year the chaTity made the following Telated party transactions.. Garth Mccartney (The Trustee is a partner in Synergy Construction (Nl) LLP.) A payment of £1,100 wxs made to Synergy Construction LLP for construction services provided. At the balance sheet date the amount due tolfrom Garth Mccartuey was £Nil (2022 - £Nil). Page 24