COMPASSION MINISTRtES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED TO 31" AUGUST 2024 Company Registration Number: N1603810 Charities Registration Number: NIC102161
COMPASSION MINISTRIES ST ANNUAL REPORT AND FtNANCtAL STATEMENfs FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Pages Report of the TNstees Independent Examincr's Report Statcment of Financial Activities (inco4)orating income and expenditure accounl) Statement of Finaiicial P051tioniBalance Sheet Cash Flow Statemcnt Notes to the financial Statements 10-16
COMPASSION IlItNISTRIES li REPORT OF THE DIRECTORS (INCORPORATING TRUSTELS, REPOR T) The Dkrectors (who are also the trnstees) are pleased to present their annual Teport together with the finan¢ial statements of the Lharity for the year ended 315t August 2024. w'hich are prepared to meet the requirements for a directors 'report and a¢¢ounts for Companies Act purposes. The directors have adopted thc provisions of tlie Compaiiies Act 2006 thDd Accounting and Reporting by Chariti¢s'. Stsiemenl ofRecommended Practice applicable to charities preparing aCcOLtS in accordance with thc Financial Reporting St]dard applicablc in the UK and Republic of Ireland (Charities SORP - FRS102), in prepArkng the annual report and financial statements of the charity. Achievements and performance The vision of Compassion Ministries is 'to see many people walk on a journey of discipleship as they discover their potential iJ] God. We provide support to those most iii need by signposling lo relevant support services. provision of voluntw OppornitieS and providin8 a conncction lo the w(der support of th¢ local church. During the latsl l2 months we h2ve focused on upskilling existing volLmleers and staff to support and slrcngthcn tbe future projeci plans of Cornpassion rninistries. Examples includ¢ Ill1n8 in witli M¢r¢y Ministries to understand ihc most suitable prograrnmes lo adopt within the local churcli eDN'iTonvnenl. Providing specialist coaching lo those froin PBNI via Compassioii Compass Coaching. Continuing lo suppon those with addictions gel specialist care whilst also mainlaining a 5afc hom¢ ¢nvironment lo retum back to following completion of programLn¢s. Compassion Minislri¢s has also funded iesourcing Costs of Connect Ministries to ensure the level of communiry ¢are and discipleship is available to meet the need. All of this Lontributes to making a hug¢ difference in the lives of many individuals, helping tli¢m break free from addiction. hopclessn¢ss and harmlul life patterns to find new direction and purpose. We Continue lo work closely with "Connect Ministries" and "Green Paslures. The People's Cburch" to deliver on the vision and mission of this charity as we seek lo support individuals on their journeys lo hope aiid restoration. Fin#nei#l review And funds policy D]llg the year the Charity had lolal income of £143.530 and iotal expenditure of £109.233 resulting in a nel gurplus of £34297. The nel sUlUS for th¢ year as shoThm in the stfticincnt of financial activitie5 On pagc 7 ha5 been transferred to the company's ndS and has resulted in an incre3se in total Charity fimds from £1.342,949 to £1.377.246. Detail$ of the tinancial p051tion of the Charity at the year-end can be seen on Pf4ge 8. At the end of the year thc Charity had £2,239 cash at bank. It is the aim of the Tnlstees, if possible, to maint&in an unrestricted cash reserve equivalent to that of hvo months expenditure. The company plans to continue and expand its activities in the forthcoming years. Obj¢¢tlv¢s aud A¢tiviÉi¢s (2nd how they deliver pubbc benefit) Puryose I Purpose.. To advance the Christian faith in accordance with the Statement of Beliefs in sueh ways and in such parts of the Unit¢d Kingdom or the world as the Trustees from time to lime may think fit. Open to all of the public in Northern Ireland. Access lo public worship Access to rcligious publications including sacred texts and litcrattEiC Access to religious training and discipleship prograrnmes. Improved behaviour as a result of being illvolved ID a public act of worsbip and discipleship PTOC¢SS. BencficiaTICS-. How they benefit.. How the benefits can be demonstrated:
cOPASsION MtNISTRIES li REPORT OF THE DIRECTORS (conlinued) Objectives and Activities (and how they deliver public benefit) Purpose 2 Purpose: To relieve sickness and financial hardship and io promole and preserve good health by the provision of funds, goods or services of any kind. including through the provision of counsellin8 and support in such parts of the Uniied Kingdom or the world as thc Trustccs from time to lime may think fit. Open to all of the public ID Nortbcrn Ircland. Promot¢ h¢althy ¢ating and lifcstylcs. Acccss to n]cnioring and support. Bencficiari¢s.' How Ih¢y benefit: How th¢ benefits can b¢ demonstrated.. Improved health and lifestyles SUPPOrt. A¢tivities The Charity'5 main uclivilics are described within thc achicvcments and perfom)aiicc section of the Directors, Rcport. Volunteers The Trust¢¢s wish lo acknowledge their deep appreciation of thos¢ who give frccly of th¢ir lim¢ by serving on ¢ommittces and helpiiig with organisations and other church aciivities. R¢ler¢n¢e And administrative detoil$ Regislered charity name.. Compassion Ministries Charity Commission registration numbcr: NICI 02161 HMRC charity reference.. XTI8183 Company rcgislralion number-. Ptinciple office and regiscered office.. N1603810 CIO Green PaSe$. The P¢oplc's Church l Tr aiih AveThue Th¢ Gateway Ballymena Counry Antrim BT42 3FF Directors Alld Trustees of ¢he Company The directors who hcld officc durin8 the year. and in the period siTr 31 Au8USt 2024 to the date of these accounts were appToved. were as follows: Mr Robert Kingston Mr Gary Shirlow (appointed 24 December 2024) Mrs Sara Stcphens {resigned 16, December 2024) Mr Jeffrey Wright
COMPASSION MINISTRIES REPORT OF THE DIRECTORS fcunlinued) Structure, governonce and man2gement The Company is a charity limited by guarantee witbDUt share capitsl whlch avails of the "Limited" exeinption. th The coinpany is govcrncd by its Memorandum and Articl¢s of A550ciation datcd 19 July 2010. In the cvent of the Company being wound up members are T¢quired lo contributc an amount Dot cxcccding £1. The Board is responsiblc for the overall govcrnance of the Company wiib Ihc daY-tdaY management having been delegated by the Board to responsible indivtduals. Truslees/Direclors are appointed in line with the Memorandum & Articles of Association of the company. The Board of Directors arc also known &s Truste for the putPOs¢s of th¢ Charity ConimissTOn. The TNsl¢es have had regard to the Charity Comn]issioll's Pubh'c Benefit requiremenl. Risk manacement The dire¢lois have conducted a review of the major risks to whicb thc charity is exposed. Financial risk is rcvicwed on & moDthly basis having due regard to ongoing ill¢orn¢ and expenses. Ststement of dlrectors, responsibilities The directors (who are the tnjslees of Compassion Ministries) are responsible for preparin8 tbe dir¢¢tors 'r¢port and the financial statements in accordance with applicable law and re8ulalions. Company law requires thc directors to prepare financial statements for each financial period. Under that law the diTcciors have PTepared the financial statements in accordance with United Kingdom Gcnerally Accepted Accounting Practicc (Unilcd Kingdom Accounting Siandatd5 and applicable law)- Ullder Company law the directors must not approve tbe financial statements unless they are Satisfied that they give a true and fair view of the state of affairs of the chaTJtabl¢ ompany And of the incoming resources and Application of resources. including income and expenditUTe for that period. In preparing thes¢ fitJan¢ial siatements, the directors are required to: select suitable accounting policies and apply them consistently. obscryc the methods and principles in the Charities SORP-FRS102; make judgemenLS and accounling estirnates thal arc reasonable and prudent. state whether 2pplAcable accounting standards have been followed, subject to any inaterial departures disclosed and ¢xplained in thc financial s(atement' and prep£re the fue1a1 statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequale accounting records that are sufficient lo show and cxplain the ¢haTitable company's transactions and disclose with reasonable accurdcy al any lime the financial p05ltion of tlie ¢haritable compmy and enable them to ensure that the financial statements comply with ihe Companies Act 2006. They are a]so responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for thc prevention and delection of fraud and other esUlarLties. Funds held as custodian trustee on behalf of other5 The charity does not hold any funds on behalf of others.
COMPASSION MINISTRIES REPORT OF THE DIRECTORS (conitinued) Small companies provision statement Thi5 report has been pIepared in accoTdance with the special provisions relating to companies subject to the small compEmies regimc within Part 15 of the Coinp3nics Act 2006. Approved by the Board on 6 May 2025 and signed on lis b¢half by.. Mr Graeme Kingsion Trust¢¢
INDEPENDEIYT ExAlER's REfoRT TO THE TRUSTEES OF COMPASSION MINISTRIES I report on the accounts for the year ended 31st August 2024 which are set out on pages 7 to 16. Respective responsibilities of trustees 2nd eiamintr The charity's tr4XStees are responsible for the preparation of the accounts. The charity's tTUStecs consider that an audit is not required for this period under section 65(?) of the C]wiiies Act (Northern Ireland) 2008 (as amended) and Ihal ali independent examination is needed. It is my responsibility to: examine the accounts under se¢lion 65{3) of the 2008 Act- to follow the procedures laid down in thc g¢nernl Dir¢ctions given by the Charity Commission under section 65(9)(b) of the 2008 Acl. aod to slate whether particular matleTS have come lo my attcntion Basls ol independent exomlner's report I have examined youi charity accounts as required under section 65 of the C.harilie5 Acl 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 Chai'ities Acl. My exatuinalion included a revicw of tbe accounting records kept by the charity and a comparison of the accounts presented with those records. It also included considcrntion of any unusual itcms or disGlosures in thc 8LLounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to slate wh¢th¢r any material mattcrs have come io my attention giving me cause to believe.. That accounting r¢cords were not kept in accordance with section 63 of the Charities Act 2. Thal th¢ accounts do not accord with those accounung nords 3. That the accounts do not comply with the accountin8 requirements of ihe Charities Act 4. That there is furt]} infortnation needed for a proper undcrslanding of the a¢¢ounts to bc rcached. Independent ey2rniner'$ statement I have completed my exaniinalion and have no eonccrns in respect of Ihe matters (l ) 10 (4) listed above and, in connection with followiiig the Dir¢ciions of Ihc Charity cOnSSiO11 for Northern Ii¢land. I havc found no matters that requirc drawing tn your attention. Peter Stevenson Member of the Institute ol Chartered Accountants in Ireland Steven50TJ and Wilson 22-30 Broadway Avenue Ballymena BT43 7AA 61h May 2025
COMPASSION MINISTRIES STATEMENT OF FIP4IlNCIAL ACTtvrrtES INCORPORATING INCOME AND EXPENDTfuRE ACCOUNT FOR THE YEAR ENDED 31ST AUGLST 2024 Unrestricted Funds 2024 Restricted Fund5 Total 2024 Total 2023 2024 Nolt Incoming resources Doiiatioiis reccived Investment income Other income 2,270 140,792 112 356 2,626 140,792 112 11,185 137,242 Total Income 143,174 143,530 148,427 Resources expended Charitable 4lCtiYilies Support costs Govcrnancc Losts 36,582 69,895 2.400 36.582 356 107,317 2,700 2.400 Total expenditure 108.877 356 109,233 110.017 Net surplus before transfers 34,297 34,297 38,410 Transfers between funds Nel movement in fund9 34.297 34,2Y7 38,410 Recon¢ili*tion of fund$: Total funds brought forward lJ42,949 lJ42,949 1.304,539 Total funds ¢&rrled fonYArd lJ77.246 lJ77,246 1,342,949 Tlie statement of financial aclivities includes all gains and losses recognised in Ihe period. All income and expenditure derives from continuing activities. The tjotes on pages 10 to 16 forni part of the financial stat¢m¢nts
COMPASSION MINISTRIES STA TEMEwf OF FINANCIAL POSITION I BALLNCE SHEET AS A T 31ST AUGUST 2024 (Company registration numbeT.' N1603810) 2024 2023 Note Fixed asset5 Tangible fixed assets 1,949.521 1,949,521 1,958,352 1.956,352 Current assets Debtor5 C&8h at bank io 12,950 2,239 15,189 16,163 2.666 18,8•9 Credltors: 8mounts due within one year (119,801) (124.904) et current Ilabllltles (104.612) (106.075) Total assets less eurrent liabilities 1,844,909 1.852,277 Creditors: amounts due After one vear 12 (467.663) (509,328) Total net IlS5ets 13 1,377246 .342,949 Unrestricted funds General funds To¢AI unrestricted funds 14 ,377246 ,377246 1,342,949 1.342,949 Restricted funds 14 Total ¢h4rity funds ,377246 1,34? 949 The financial statements have been prepared in accordance with the provision5 applicable to companies subject lo the srnall companies, regime under The Companies A¢t 2006 and with Charities SORP-FRS102. The notes on pages 10 to 16 are an integral part of these fManc1 statements. The financial statements on pages 7 to 16 were approved by the Board of Trustees on 6th May 2025 and signed on its bchalf by. Mr Robert Kingston Trustee Jefftey Wright Trustee The notes on pages 10 to 16 forni part of these financi31 stxtemenis
COMPASSION MINISTRIES CASH FLOW STATEMENT FOR THE YEAR ENDED JIST AUGUST 2024 2024 2023 Cash flow from operating activlties Net incoming resources before interest received Depreciation {Increase)/decrease in debtors Increasel{decrease) in crcdiiors Net cash infloii, from incoming resources 34,297 8,831 3.213 (2,489) 43,852 38,410 11.862 (15.413) 16.288 51,147 Capital expenditure financÈal investment Purcliase of tangible fixed ass¢ts Net eash outflow from capital and fiDgn¢lJl investment (14,926 (14,926) Financing activities Capital repayment of bank100riS Capital repayment of hire purchase (44.279) (36,669) (1,124) Cash outflow from finaneing (44,279) Nel decreAse In cash for the year (427) (1,572) Cash and cash equivalents at the beginning of the ycar 2,666 4,238 CA$h And cash equivllent at the end of Ihe year 2,239 2,666 The notes on pag¢s 10 to 16 form part of thesc fuwicial 5tatemettts
COMPASSION MINISTRIES NOTES TO THE FIT4ANCIAL STATEMENfs FOR THE YEAR ENDED 31 st AUGUST 2024 l. Company information Thc CompLLny is limited by guarantee and is incorporated in Northern Ireland. The address of the registercd otTice is CIO Green Pastures, The People's Chwch. l Faith Avenue, The Gateway, Ballymena, Co Antrim BT42 3FF. The financial slaiemenis were authorised for issue by the Board on 6 Ma}, 9025. 2. Aeeounting policies The principal accounting policies adopted. judgements and key sourees of estimation uncertainty in the PTeparation of the financial slatements are as follows: Basis of preparation The financial statements have been prepared on a going concern basis in accordance with Accounting aiid Reporting by Charities.. Stsiemeni of Recommended Practic¢ applicablc to chariiies pr¢paring their accounts in accordance with the Financial R¢porting Standard applicable in the UK And Rcpublic of Ireland (FRS 10?) - (Charilicg SORP (FRS 102)), the Financial Reporting Sthndard applicable in the UK and Republic of Ireland IFRS 102) and the Conipanies Act 2006, The accounts are prepared in sterling, which is the fi]nciional currency of the charity. The Company meels the definition of a public benefit entity under FRS 102. Assets and lillbilities are initially recognised at historical cosi and transaction value unless otherwise stated in the relevanl accounliDg policy notels). Preparation of aeeounts on 4 20ing concern basi$ The Company generdlly rneets its day lo day working capital reqvirements from its annual income. The Trustees have obtained and rcvicwed cash flow forecasls for the coming ycar and b¥ed on ihese are satisfied that the Compdny has resources lo provide a reasonable cxpectation that il can continue to meet its finan¢Jal obligations as they fall due for tjie foreseeable futUTC. Thc5c financial statements have therefore been prepared OTh a going concern basis. Incomfing resources Donations received comprises all cash r¢¢¢ivable for the accounting year, includtng any rclatcd tax rcGov¢rabl¢ under Gift Aid. Income is recognis¢d when the Charity has esiablished an enliileinent to the income. For donation5 this is typically upon receipl. Gift aid in¢ome is accrued in respect of chari(able donations a]ready receipted. Resources expended Resources expended are recogDised in the year in which they are incurred. Charitable expenditure comprises those cosls incurred by the charity in the delivery of its activities and services to its beneficiaries. It includes both costs that can be allocatcd directly to such activities and those costs of an indirect noture necessary to support them. Tangible A$$et$ The tangible &gsets of the chan.ty comprise of land and buildings along with plant and equipment and a motor vehicle. No depreciation is charged on freehold property where the property does not suffer aoy diminution of valve over the period of it5 useful life. Equipment and filting5 are depreciated al a rate calculated io reduc¢ it to rcsidual valuE at thc end of its expeeted nornial lifc on a straight-line basis at a rate of 150/0 per annum. Motor vehicles lire depreciaied at a rate calculat£d to reduce it to r¢sidual valuc at tl)e end of its ¢xpe¢*d norn1 life on a straight-line basis &t a rate of 25 10 per annum. The assets, residual values and useful lives ar¢ reviewed, and adjusted, if &ppropriale, at the end of each reporting period. Th¢ effect of any change is accounted for prospectively. Tangible assets are derecognised on disposal or when no future economic benefits are expecfrd. On disposal. the difference between th¢ new disposal pro¢e¢ds and the caTrying amount is rccogniscd in thc statement of financial activities and iThcluded in "charitable activity expenditure" 10
COMPASSION MINISTRIES NOTES TO THE FINANCIAL STATEfiqENfs (confvnued) 2. Accounting pollcles (continued) Short-ternl debtors and creditOT$ Debtors and creditors wilh no slated interest rate and receivable or payable Mthin one year are recorded at transaction price. Financial assets, including debtors. arc Tcviewed at the T¢porting date to del¢rmine if there is any cvidence of potential impaiment. Any losses arising from impairmelll arc rcGognised in thc incoTDe stateincnl in operating expenses. Cash #nd cash equiv%hlents Cash and cash equivalents include cush in hand and cL8h at bank. Borrowings Interest-bearing borrowin88 are initially recorded at fair value, nel of transaction costs. Ii)terest-bearing bOowingS are subs¢quenily carricd at amortised cost, wiih the differ¢nce beNreen the procecds, net of transaction costs, and ihe amount due on redemption being recogniscd as a eharge t() the profit and Ioss account over the puiod of the relevant bottowing. Interest expense is Tecognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unle&s the Company has an uncondiiional right to defer s¢ttlemellt of the liability for at least twelve mollihs after the reporting date. or if the likelihood of earlier settlemcnt is r¢mote. Hire purchase Assets held under hire purchase agreements ar¢ capilalised lo langiblc fixed assets and are depreciated over Ihe shoi'ter of the lease term and their useful lives. The capital elclncnt of future financc payments is included within creditr)rs. FinanG¢ charges are allocatcd to aecoun(ing pcriods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding. Flnancial instruments The Company only has financial ass¢ls and financial liabilities of a kind that qualify as basic financial instrumeiits. Basic financial instruments are initially r¢cognised at tratwction pric¢ and subsequently measured at their scttlement value. Fund5 Funds ar¢ classified as either unrestricted funds or reStricd nds. defined as follows. Unrestricted fvnds are expendable at the discretion of th¢ trustees in furtherance of the objects of the Chlty. If parts of the unrestricted funds are camiarked al the discretion of the irusiees for a particular PUTpose, they ar¢ designaled a5 a separalc fund. This designation has an administt¥tlV¢ PUTPOS¢ ODly and does not legally restrict ihe trustecs, discretion to apply the fund. Restricted funds are fvnds subject to specific requirements as to their use which may be decl4ired by the donor or witb their authority or created through legal processes. bul still wichin thc wider objects of the Company. Pensions Thc Charity operates a defined contribution scheme for all staff. Employ¢r contributions are charged through the income and expendItt¢ account when incurre(L
COMPASSIOIN MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (continued) 3. Critical accounting judgement5 2nd estimation vncertalnty Estiniate5 and judgments made in the process of pr¢paring the financial stsiements are continuaLly evaluaied and arc based on historical expeTience and other faclors, including expectacions of futUTe events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgmellts mad¢ in applying the Company's accoiuLtiDg policies or Thai th¢re are any critical accounting estin]ates or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial y¢. 4. Inconiing Tesourees Unrestricted Funds 2024 Restricted Funds 2024 Total 2024 Total 2023 Donations recelv¢d From associated charities From individuals aiid corporate bodies 356 356 2,270 2,626 3,270 7,915 11,185 2.270 2.970 356 Investment income Rental illcome 140,792 140,792 140,792 140.792 137,242 137,242 Other income 112 112 Total income 143.174 356 143,530 148.427 S. Resources expended Unre5tricteql Funds 2024 Restrlcled Funds 2(124 T(btal 2024 Total 2023 Charituble ac¢fivltles Charitable donations 36,582 36,582 Support COSts Property costs Adrninistration costs Depreciation Othcr ¢xpen8es 19.048 3,827 8,831 38,189 69,895 19.048 3,827 8.831 J8.545 70.251 22,699 8,563 11,862 &1,193 107,317 356 356 GoverDance co$t$ Legal and prof¢ssional fees 2,4(M) 2,400 2.700 Totxl expenditure 108,877 JS6 109,233 110,017 12
COMPASSION MINISTRIES NOTES TO THE FI]¥AP4CIAL STATELItETrrfs (conlinuedj 6. Transfer of fua)ds Unrcslricted fund5 are spent or applied at the discretion of the trustees to filrtber any of the charity's purposes. Unrestrtcled funds can be uscd to supplernent expenditure made from re.%tricted fimds. 7. Taxatioll Compassion Minisiries is recognised as a chariry for the purposes of applicabl¢ tsxalion legislats'on and is ilierefore ot subject to taxation on it5 chaTitable aclivilies. 8. An*lysi8 of staff cosls, trust¢¢ r¢muneration and eeD5e5. and the cost of key manAgement personnel There were no employees duryng the year (2023.. none). No trustee or a person related to a trustee had any personal iiit¢r¢st in any coniraci or trans&cLion enlLTed into by the charity duriiig the year. Thcre '3S no remuiieration paid to Trustees in the year ended 31. Au8LLsi 2024. No ¢xp¢ns¢s w¢r¢ in¢urred in respect of Trus¢Bes. 9. Tangible fixed assets IDveslment property Equipment and filling5 TotAI Cost Al L" sepiernr 2023 Additions 1,946,478 121,198 2,067,676 At 3 151 August 2024 ,946,478 121,198 2,067,676 Depreciation At i¥l September 2023 Depr¢ciation I09,324 8,831 109.324 8,831 At 31" AUt 2024 118.155 118,155 Net book value at 3111 August 2024 Net book value at 31" August 2023 1,946,478 1.946.478 3,043 1,874 1,949,521 1,958,352 13
COMPASSION MINISTRIES NOTES TO THE FINANCLIL STATEMENfs (conftnued) 10. Debtors 2024 2023 Rent receivable Other debtors 11,712 1,238 15.413 750 12,950 16,163 11. Cr¢ditorg: amounts due Ii'ithln one year 2024 2023 Bank loan Otlier creditor5 Accrullls Amount due to associatcd charities 40,620 13,354 8,421 57,406 43,234 15,543 8,721 57,406 119.801 124.904 The bank loan is secured by a charge over the Company's property. The108ns Irom associated Charities are unsccured. non-inlerest be8ring and are repayable on demand. 12. Creditors: amounts due after one year 2024 2023 Bank loan 467,663 509.328 467,663 509,328 The bankloon is se¢ur¢d by a ¢harg¢ over Ibe Company's property and is ¢stimatrd to be du¢ forr¢payrnent as follows: 2024 2023 Behveen one and ttvo yeS Between two and five years Aftcr five ycars 42,699 141,656 283J08 40,567 134,584 334,177 467,663 509,328 14
COMPASSION MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (conrinued) 13. Analysis of net 4SStts Unrestricted General Restrictcd Total Fixed assets Net current liabilities Creditors du¢ after one year 1,949,521 (104.612) {467,663) 1.958.352 (106.075) (509 328) Net assets at 31" August 2024 lJ77.246 lJ42,949 14. Funds of the Company All September 2023 At.11 August 2024 Income Expemdilure Transfer$ Restricted fund$ 356 356 (356) (356) Unreslricted funds General 1.342,949 1.342.949 J43,174 143.174 (108,877) (108,877) 1,377,246 1,377,246 Total funds lJ42,949 143,530 (109,233) 1.377,246 tricted fund8 These funds ar¢ to be used towards die support of the ¢haritabl¢ work of the individual m?nistrio5 Wlthin thc charity. 15. Related party trarAS%Ction$ 2024 2023 Included In IncomlnE resource5 are the following: Donation from as50cialed charity, Connect Ministries Re-irnbursement of expenses frotn assoriata GoJDpany, The Gateway So¢ial Investment Limited 3S6 1.170 2,100 Included in resources expended 15 the following: Donation lo associaled charity, Connect Ministn'e5 36,582 Included in debtors 15 the folloTrE. Amount due associa*d chArity, Gell Pasiures. The People's Church 488 Included in creditors due within one year is the folloiving: Amount owed to associated elwity. Green Pastures. The People's Church Amount owed to associated ckthrity. Connect Ministrics 35,105 22,300 35,105 22.300 All of the above companies are relaied by virtue of comynon control. No payments were rnade to any of the Tnjstees during the year. 15
COMPASSION MINISTRIES NOTES TO THE FINANCIAL STATEMENTS (contiiiued) 16. C?pital and fanCIal commitments The cotnpany had no capital or fillancial commitments ai the balanc¢ sh¢ei date (2023.. £Nil}. 17. Controlling party During Ih¢ year Compassion Minislries was und¢r the control of the TSe5 (who are also the directors). 16