COMPANY REGISTRATION NUMBER: R0000079 CHARITY REGISTRATION NUMBER: 102621 Belfast City Mission Company Limited by Guarantee Financial Statements 28 February 2023 HILL VELLACO Chartered accountants& statutory auditor 22 Great Victoria Street Belfast BT2 7BA
Belfast City Mission Company Limited by Guarantee Financial Statements Year ended 28 February 2023 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 11 Statement of financial position Statement of cash flows 12 14 Notes to the financial statements 15
Belfast City Mission Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 28 February 2023 The trustees, who are also the directors lor the purposes ol company law, present Iheir report and the financial statements of the charity for the year ended 28 February 2023. Reference and administrative details Registered charity name Belfast City Mission Charily regislralion number 102621 Company registration number R0000079 Principal off ice and reglstered Belfast City Mission Assembly Buildings off ice 2-10 FisheNick place Belfast BT1 6DW Northern Ireland The trustees Mr R Armour Mr H Thompson Rev D Bannerman Mr W Logan Mr J Douglas Mr T Irwin Rev J Maddock Rev G McKeown Rev A Smyth Mr R Woods (Resigned 1 June 20231 (Resigned 1 June 20231 {Resigned 20 July 20231 Company secrelary William Logan Auditor Hill Vellacolt Chartered accountants & slatulory auditor 22 Greal Victoria Street Belfast BT2 7BA
Belfast City Mission Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 28 February 2023 Structure, governance and management Belfast City Mission is a company limiled by guarantee and a registered charity. It is legally known for the promotion ol the Gospel ol Jesus Christ in the City of Belfast. Governing Body The Governing Body of Belfast City Mission is responsible for oversight ol the business and the Christian ethos of our work. Governing Document The Belfast'Town' Mission was founded in 1827. The name of the Mission changed in 1918 to Belfast Cily Mission (Incorporated) as a Limited Company under the Companies Act 1908 - 1912. Memorandum and Articles of Association were updaled on 2 May 1997. Appoinlment of Governors Eighteen governors are elecled every three years at our annual board meeting in April prior to the annual meeling ol Belfast City Mission. Management Responsibility for the day to day running of the Belfast City Mission lies with the executive secretary along with the SLJperinlendenl's board. Membership or organisation A member of the British Associalion of City Missions. Trustees and helpers All Trustees and helpers in our 16 halls give of their services withoul payment or expenses. Oblectives and a¢tivilles The work of the Belfasl City Mission continues with the purpose of reaching people Irom all classes and creeds with the good news of the Gospel. Mission halls in various districts across Belfast hold meetings which cater for all age groups throughout Ihe week. Special emphasis is placed on our Midweek and Sunday evening services to proclaim God's Word. Organisalions such as Sunday School, youth clubs, Boys and Girls Brigade provide much of the work done with young people. Mums and Tots, homework clubs and breakfast clubs are also popular in some districts as a way of building relationships with families.
Belfast City Mission Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 28 February 2023 Strategic report The following sections for achievements and performance and financial review form the strategic report ol the charity. Achievements and performance The past Iwelve months saw the work ol Belfast City Mission continue to aGhieve its objectives by laking the good news of the gospel to the needy people of Bellast. In a number ol our halls attendances have improved, with one hall seeing its attendance more than doubling in number. This was due to a Missionary being appointed lulltime lo the district. We had Iwo retirements during the year and two missionaries also resigned. Thankfully we have been able lo appoint two new staff members to offset Ihis. One hall (Kilburn Street) sadly had to close due lo il being deemed as a fire risk by the insurance company. This leaves BCM with 15 halls spread across the city. Our work continues to grow amongst relugees and foreign nationals who have made Belfast their home. Weekly English classes are held regularly in one of our halls. Following the Pandemic some of our halls continued lo serve food and hand out food parcels to the most disadvantaged lamilies in Belfast. The Foodbank in our Sandy Row District was once again very busy providing food to clients from across Belfast. Our Missionaries continue lo source furniture for families and offer other practical help where needed. The Annual Christmas Appeal was supported by over 100 churches allowing us to dislribule food hampers. toys, chocolates and gilt cards lo many families and individuals. Work amongst the children continued to flourish. Sunday Schools, after schools clubs, youth clubs and football camps attracted large numbers throughoul Ihe year. Much of Ihe work ol BCM is personal and involves home visitation within districts as well as visils to those in hospilal and in nursing homes. The main emphasis ol our work is taking the gospel message to the people of Belfasl. This continues lo be done through meetings in the halls, children's work and knocking on doors in the fifteen districts. In the past year God has once again provided lor our financial needs with Ihe accounts showing a surplus due mainly to legacy income. We look forward with great expectancy to the year thal lies ahead lo see what God will do in Belfast. Addilional objectives and aclivities We are so thanklul for the time given to our activities and objectives by our Missionaries and our helpers throughout the year withoLtt payment or expenses.
Belfast City Mission Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conlinued) Year ended 28 February 2023 Financlal revlew Details of the results for the period are sel out in the statement of linancial activities on page 10 and the related notes. Investment policy and returns Belfasl City Mission investments are managed by Kleinwort Hatnbros and Smith & Williamson Stockbrokers and were valued at £1,410,576 as al 28 February 2022. During the past financial period, we have received dividend income from these investments totalling £26,238. The finance of Belfast City Mission is wholly dependent on voluntary contributions received from people across the Province. The generosiiy ol these gifls allows the Mission to carry out its work. As always we are thanklul lor Ihose who continue to support us both prayerfully and practically. Our main SOLJrce of income this year has been our offerings from our Mission Halls and Churches and individual donations from across Northern Ireland. Reserves We need in the region of £600,000 per annum to keep us afloat, which up until 202112022 we had received year on year. In 202112022 we received £677,17212020121- £596,555). At 28 February 2023 Ihe chariiy held funds of £3,678,975. Of Ihis £3,410,011 can only be realised by disposing ol langible fixed assels or inveslmenls. In 202112022 we are grateful for the bequests we have received towards our work which increased significantly on the previous year. Plans lor luture periods Our plan for the future is to continue to reach out and work in our capital city among all of our citizens regardless of class, culture or creed wilh the Gospel of Christ. To continue lo promote our work as best as we can across Northern Ireland to bring in further voluntary donations lo keep our Charity afloat. Partnership with PCI is also being looked al in order lo work together on mutual projects. Tax status The company has been accepted as constituting a charity under the provisions ol the Taxes Acts. Trustees. responsibilities statement The trustees, who are also direclors lor the purposes ol company law, are responsible for preparing the trustees, report and the linancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Belfast City Mission Trustees, Annual Report (contlnuedj Year ended 28 February 2023 The law applicable to charities in Northern Ireland requires the charily trustees to prepare financial slatements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charily for that period. In preparing these financial slatemenls, the trustees are required to.. select suitable accounting policies and Ihen apply them consistently., observe the methods and principles in the applicable Charities SORP. make judgments and accounting eslimates that are reasonable and prudent- slate whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statemenls- prepare the financial statements on the going concern basis unless it is inappropriate to presume that Ihe charity will continue in business. The Iruslees are responsible lor keeping adequale accounting records that are sufficient to show and explain the charity's transactions and disclose wilh reasonable accuracy at any time the financial posilion of the charily and enable Ihem to ensure that the financial statements comply with the Charities Act {Northern Ireland) 2008. They are also responsible for safeguarding the assels of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees, annual report was approved on 30 November 2023 and signed on behalf of the board of truslees by- Mr W Logan Trustee
Belfast City Mission Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast City Mission Year ended 28 February 2023 Opinion We have audited the financial statements of Belfast City Mission {the 'charily'I for the year ended 28February2023 which comprise the stalement ol financial activities (including income and expenditure accounll, statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland {United Kingdom Generally Accepted Accounling Praclicel. In our opinion the financial slatemenls.. give a true and fair view of the slate ol the charity's aff airs as at 28 February 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepied Accounting Praclice., have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act (Northern Ireland) 2008. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities lor the audit ol the financial statements section of our report. We are independent of Ihe charity in accordance with the ethical requirements that are relevanl to our audit of the financial statements 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 lo provide a basis lor our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of Ihe going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have nol identified any material uncertainties relating to events or conditions thal, individually or collectively, may cast signilicant doubt on the charity's ability to continue as a going concern for a period of at least Iwelve months from when Ihe financial statements are authorised for issue. Our responsibilities and the responsibililies of the trustees with respect to going concern are described in the relevant sections of this report.
Belfast City Mission Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast City Mission (continued) Year ended 28 February 2023 Other information The olher information comprises the information included in the annual report, other than the financial slalements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other inlormation and, except to the extent otherwise explicitly stated in our report, we do not express any form ol assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other inlormation and, in doing so, consider whether the other information is materially inconsistent wilh the financial slatements or our knowledge obtained in the audit or otherwise appears to be malerially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in Ihe financial statements or a material misstalemenl of the other information. If, based on the work we have perfofmed, we conclude that Ihere is a material misstalement ol this other information, we are required to report thal lacl. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of Ihe audit= Ihe information given in Ihe trustees, report for the linancial year for which the financial slatements are prepared is consistent with the financial statements., and Ihe trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of Ihe knowledge and underslanding ol the charity and its environment oblained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which Ihe Companies Act 2006 and the Charities Acl (Northern Ireland) 2008 requires us lo report lo you if, in our opinion.. adequate accounting records have not been kept, or returns adequate lor our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures ol trustees, remuneialion specified by law are not made., or we have not received all the information and explanations we require for our audit.
Belfast City Mission Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast City Mission (contlnued) Year ended 28 February 2023 Responsibilities of trustees As explained more fully in the trustees, responsibilities stalement, the trustees (who are also the directors for Ihe purposes of company lawl are responsible lor the preparation of the financial slatemenls and for being satisfied Ihat they give a true and fair view, and for such internal control as Ihe trustees determine is necessary lo enable the preparation ol financial slatemenls that are Iree from malerial misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible lor assessing the charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using Ihe going concern basis of accounting unless the trustees either intend lo liquidate the charity or to cease operations, or have no realistic alternalive bul to do so.
Belfast City Mission Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast City Mission (contlnued) Year ended 28 February 2023 Auditor's responsibiltties for the audit of the linancial statemenls Our objectives are to obtain reasonable assurance aboul whether Ihe financial statements as a whole are free from material misstatemenl, whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level ot assurance, bul is not a guarantee that an audit conducted in accordance with ISAS {UKI will always detect a material misstatemenl when il exists. Misstatements can arise from fraud or error and are considered malerial if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial stalements. Irregularities, including fraud, are instances of non-compliance with laws and regUations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respecl of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. Our approach was as follows.. We obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant are those that relate lo.. the charitable status of the charily and its regislralion with The Charity Commission lor Northern Ireland under the Charities Act INorthern Ireland) 2008- compliance with the Charities SORP {FRS 1021 (second edition - October 20191 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 lelfective 1 January 2019}', dala protection laws lincluding UK General Dala Protection Regulation IGDPRII. Auditor s approach to assessing the risks of material misstatement due to irregularities, including fraud We assessed the risks of material misstalement in respect of fraud with the consideration of: the charily's own assessment of the risks that irregularities may occur either because of fraud or error that was approved by the trustees., the results of our enquiries of management and the trustees about their own identification and assessmenl of the risks of irregularities., any matlers we identified having obtained and reviewed the charily's documenlalion of their policies and procedures relating lo.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances ol non-compliance. detecting and responding to the risks of Iraud and whether they have knowledge of any actual, suspected or alleged fraud., the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations,. and the matters discussed among the audit engagement team regarding how and where fraud
Belfast City Mission Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast City Mission (Contlnued) Year ended 28 February 2023 might occur in the financial statements and any potential indicators of traud. Auditors response and procedures to the risks identified Based on the results of our risk assessment we designed our audii procedures to identify non- compliance with such laws and regulations identified above. we considered Ihe opportunities and incentives that may exisl within the charity lor fraud and identified the greatest potential for fraud in the areas ol the controls covering the application of funds to the restricted purposes specified by the funders and in which management is required lo exercise significani judgment, such as disclosure of adjusting items. In common with all audils under ISAS IUK}, we are also required to perform specitic procedures to respond to the risk ol managemenl override. we also obtained an understanding of the legal and regulatory framework that the Charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the delermination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included Nl Charity legislation {including Ihe regulator, The Charilies Commission for Northern Ireland) and Ihe Charily SORP. we made enquiries of management and those charged with governance and reviewed minutes of the Trustee's meetings and enquired aboul any communications with Ihe charity regulator. Audit procedures designed to respond to the risks of fraud we considered the risk of fraud through transactions outside the normal course ol transactions by noting anyihing thal was unusual in nature or size and enquired about such transaction to gain an understanding of their nature.. based on the results ol our risk assessment we designed our audit procedures lo identify and to address malerial misstatements in relation lo fraud and olher irregularities. we reviewed Ihe operalion of the controls within the charity over expenditure in general and of Ihe allocalion of expendilure to the restricted funds and the segregation of duties within those controls, together wilh substantive testing and analytical review and incorporaling an element ol unpredictability in the seleclion of the nature, liming and extent ol audit procedures. we evaluated the selection and application of accounling policies by the charity, particularly Ihose related to subjective measurements, Ihat may be indicative of fraudulent financial reporting. 10
Belfast City Mission Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast City Mission (continued) Year ended 28 February 2023 A further desGription of our responsibilities lor the audit ol the financial statements is located on the Financial Reporting Council's website at www.1rc.org.uklaudilorsresponsibililies. This description forms part of our audilor's report. Use of our report This report is made solely to the charitls members, as a body, in accordance wilh section 65 of the Charilies Act (Northern Ireland) 2008. Our audit work has been undertaken so that we might state to the charity's members those matters we are reqijired to slate lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone olher than the charity and the charity's members as a body, for our audit work, for Ihis report, or lor the opinions we have lormed. Kieran Mccaughey FCCA (Senior Statulory Auditor) For and on behalf of Hill Vellacott Chartered accountanls & stalulory auditor 22 Great Victoria Street Bellasl BT2 7BA 30 November 2023 11
Belfast City Mission Company Limited by Guarantee Stalement of Financial Activities (including income and expendilure account) Year ended 28 February 2023 2023 Unrestricted funds Total funds Total funds 2022 Note Income and endowments Donations and legacies Charitable activities Investment income 588,357 241,214 111,324} 818,247 588,357 241,214 111,3241 818,247 430,399 195,158 89,879 Tolal income 715,436 Expenditure Expenditure on raising funds.. Costs of raising donations and legacies Inveslment management costs Expenditure on charitable activities Other expenditure Total expenditure 695,884 15,562 5,728 832 695,884 15,562 5,728 832 623,225 14,972 10 13,2891 634,908 7.18,006 718,006 Net income and net movement in funds 100,241 100,241 80,528 Reconciliation of tunds Total lunds brought forward Total funds carried lorward 3,759.504 3,859,745 3,759,504 3,678,976 3,859,745 3,759,504 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from conlinuing activities. The notes on pages 15 to 24 form part of these financial statements. 12
Belfast City Mission Company Limited by Guarantee Slatement of Financial Position 28 February 2023 2023 2022 Note Fixed assets Tangible lixed assets Investments 15 16 1,876,468 1,641,889 3,518,357 1.949,091 1.410,576 3,359,667 Current assels Debtors Cash at bank and in hand 17 10,869 341,996 5,993 399,304 352,865 405,297 Creditors". amounts falling due within one year Net current assets 18 11,477 341,388 5,460 399,837 Total assels less current liabililles 3,859,745 3,859,745 3,759,504 Net assets 3,759,504 Funds of the charlty Unrestricted funds 3,859,745 3,759,504 Total charlty funds 19 3,859,745 3,759,504 These financial statements were approved by the board of trustees and authorised for issue on 30 November 2023, and are signed on behalt of the board by.. Mr W Logan Trustee LIUL The notes on pages 15 to 24 form part ol these financial statements. 13
Belfast City Mission Company Limited by Guarantee Statement of Cash Flows Year ended 28 February 2023 2023 2022 Cash flows from operating activities Net income 100,241 80,528 Adjustments for.. Depreciation of tangible fixed assets Net gains on investments Dividends, interest and rents from investmenls Loss on disposal of tangible fixed assets Accrued expenses Portfolio managemenl charges Cash generated from operalions Net cash from operating activities 72,623 53,112 140,9551 73,748 {70,009) {34,8411 13,485 595 14,972 78,478 1,141 15,675 201,837 201,837 78,478 Cash flows from investlng activities Dividends, interest and rents from investmenls Purchase of tangible assels Proceeds from sale ol tangible assets Purchases of olher investments Proceeds from sale ol other investments 16,855 12,087 19,6131 26,516 1300,000} 24,000 24,000 Net cash (used in}/from investing activities 1259,145) 52,990 Net (decrease)/lncrease in cash and cash equivalents Cash and cash equivalents at beginning ot year Cash and cash equivalents al end ot year 157,308) 399,304 131,468 267,836 341,996 399,304 The notes on pages 15 to 24 torm part of these financial stalements. 14
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements Year ended 28 February 2023 General information The charity is a public benefit enlity and a private company limited by guarantee, regislered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Belfast City Mission Assembly Buildings, 2-10 Fisherwick place, Bellast, BT1 6DW, Northern Ireland. Statemenl of compliance These financial slatemenls have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in Ihe UK and the Republic ol Ireland,, the Statement ol Recommended Practice applicable to charilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 10211 and the Companies Act 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and inveslmeni properties measured at fair value through income or expenditure. The financial slatements are prepared in slerling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charily's ability to continue. Judgements and key sources of estimation uncertainly The preparation ol the financial stalemenls requires management to make judgements, estimates and assumpiions that affect the amounls reported. These eslimates and judgements are continually reviewed and are based on experience and other laclors, including expectalions of fulure events that are believed lo be reasonable under the circumstances. There are no Judgements or key sources ol estimation thal are considered material. Fund accountlng Unrestricted funds are available lor use at the discretion of the truslees to further any ol Ihe charilqs purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expendilure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricled income funds or endowment funds. 15
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (Gontinued) Year ended 28 February 2023 Accounting policies (continued) Incoming resources All incoming resources are included in the slatement of financial activities when enlitlemenl has passed lo the charity., it is probable Ihat the economic benefits associaled with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income: income from donations or grants is recognised when there is evidence ol entitlement to the gilt, receipt is probable and ils amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured al the lair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donaled facilities and services are recognised in the accounts when received il the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds Ljnless there is a contractual requirement lor il to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be lully recovered, and is classified under headings of the stalement of financial activities to which it relates: expenditure on raising lunds includes the costs ol all fundraising activities, events, non- charitable trading activities, and the sale of donated goods. expenditure on charitable aclivilies includes all costs incurred by a charity in undertaking activities thal further ils charitable aims for the benelil of ils beneficiaries, including those support costs and costs relating to the governance of the charity apportioned lo charitable activities. other expenditure includes all expenditure that is neither relaled to raising funds for the charity nor part ol its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direcl 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 consistenl basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently staled at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded al the fair value at the date of revalualion less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 16
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (¢ontlnuedJ Year ended 28 February 2023 Accounting policies (continuedj Tangible assets (¢ontlnuedJ An increase in Ihe carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment thal has previously been recognised as expendilure within the statement of financial activilies. A decrease in the carrying amount ol an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the slatement of financial activities. Depreciation Depreciation is calculated so as to write off the cost or valuation ol an asset, less its residual value, over the useful economic life of that asset as follows.. Freehold property Fixtures and filtings Motor vehicles Equipmenl 2.50/. Straight line 20°/0 reducing balance 250/0 Straight line 33.33°/. Straighl line Investmenls Listed investmenls are measured at fair value wilh changes in lair value being recognised in profit or loss. Investments in associates Investments in associates accounled for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distribulions are from accumulated profits of the associate arising before or after Ihe date of acquisition. Investments In joinl ventures Investments in jointly controlled entities accounted for in accordance wilh the cosl model are recorded al cost less any accumulaled impairment losses. Investments in jointly controlled entities accounted for in accordance with Ihe fair value model are initially recorded at the transaction price. Al each reporting date, the investmenls are measured at fair value, with changes in lair value taken through income or expenditure. Where it is impraclicable to measure fair value reliably wilhout undue cost or effort, the cost model will be adopted. 17
Belfast City Mission Company Limited by Guarantee Notes lo Ihe Financial Statemenls (continued) Year ended 28 February 2023 Accounting policies (continued) Investmenls in joint ventures (continued) Dividends and other distributions received from the investmenl are recognised as income withoul regard to whether the distributions are from accumulated profits of the joint venture arising before or after the dale of acquisilion. Impairment of fixed assets A review lor indicalors of impairment is carried out at each reporting date. with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes ol impairment tesling, when it is not possible lo estimate the recoverable amount of an individual assel, an estimate is made ol Ihe recoverable amount of the cash- generating unit lo which the asset belongs. The cash-generaling unit is the smallest idenlifiable group of assets that includes the asset and generates cash inflows that largely independent of Ihe cash inflows from other assets or groups ol assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated lo each ol the cash-generating units that are expected to benelil from the synergies ol the combination, irrespective of whether olher assets or liabilities of the charity are assigned to those units. Financial instruments A financial asset or a linancial liability is recognised only when the charity becomes a party lo the contractual provisions ol the inslrument. Basic financial instruments are initially recognised at Ihe amount receivable or payable including any related transaction costs. Current assets and currenl liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discoL(nted. Debt instruments are subsequently measured al amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investmenl is subsequently measured at lair value with changes in lair value recognised in income and expenditure. All other such investments are subsequenlly measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at lair value, unless payment for an asset is deferred beyond normal business terms or financed at a rale of interest that is not a market rale, in which case the asset is measured at the present value of the future payments discounted at a markel rate ol interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, wilh any changes recognised in the statement of financial aclivilies, with the exception of hedging instruments in a designaled hedging relationship. 18
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 28 February 2023 Accounting policies (continued) Flnancial Instruments (continued) Financial assels that are measured at cost or amortised cost are reviewed for objective evidence of impairment al the end of each reporting date. If there is objective evidence of impairment, an impairmenl loss is recognised under the appropriate heading in the statement of financial aclivities in which the initial gain was recognised. For all equity instruments regardless of signilicance, and other financial assets that are individually significant, these are assessed individually lor impairment. Other financial assets are either assessed individually or grouped on the basis ol similar credit risk characteristics. Any reversals of impairment are recognised immediately, lo the extent thal the reversal does nol result in a carrying amounl of the financial asset Ihat exceeds what the carrying amount would have been had the impairmenl not previously been recognised. Limited by guarantee The charity is a public benefit entity and a private company limiled by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. In the event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. Donations and legacies Unreslricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Donations Individual Donations Church and Organisation Donalions Gift Aid Trust Funds 70,494 95,185 42,330 70,494 95,185 42,330 239,316 239,316 23,649 5.000 23,649 5,000 Legacies Legacies 380,348 380,348 162,434 162,434 588,357 588,357 430,399 430.399 Charitable aclivities Unrestricled Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Auxiliaries Mission Hall Income 36,394 204,820 36,394 204,820 41,488 153,670 41,488 153,670 241,214 241,214 195,158 195,158 19
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 28 February 2023 Investmenl income Unreslricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Dividend income Investment Income Bank Interest Movement of market value of shares 34,081 3,360 3,515 152,2801 111,3241 34,081 3.360 3.515 {52,280} (11 ,3241 26,238 8,113 490 55,038 89,879 26,238 8,113 490 55,038 89,879 Costs of raising donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Cosl of Generating funds Administration Costs 429,458 266,426 429,458 266,426 398,645 224,580 398,645 224,580 695,884 695,884 623,225 623,225 Investment management costs Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Porifolio management 15,562 15,562 14,972 14,972 10. Other expenditure Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Loss on disposal of langible fixed assets held for charity's own use Loss on disposal of inlangibie assets for charity's own use 13,485 13,485 832 832 116,774} 13,289} 116,774} 13,289} 832 832 11. Net income Nel income is staled after chargingllcrediting)- 2023 2022 Depreciation of tangible fixed assels Loss on disposal ol tangible fixed assets Lossllgainsl on disposal of intangible assets 72,623 73,748 13,485 116,7741 832 20
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 28 February 2023 12. Auditors remuneration 2023 2022 Fees payable for the audit of the financial stalements 5,730 In the prior year Ihe Charity Financial Statements had an independent examination and a fee of £5,460 was incurred for this. 13. Staff costs The lotal staff costs and employee benefits for the reporting period are analysed as follows- 2023 2022 Wages and salaries 469,026 422,300 The average head count ol employees during the year was 31 (2022.. 301. The average number of lull-time equivalent employees during the year is analysed as follows.. 2023 No. 2022 Administralion Missionaries Mission Hall staff 19 19 30 30 No employee received employee benefits of more than £60,000 during the year12022'. Nill. Key Management Personnel Key management personnel include all persons that have authority and responsibilily for planning, directing and controlling the activilies of the charity. The total compensation paid lo key management personnel for services provided to the charity was £32,75812022.'£32,758}. 14. Trustee remuneration and expenses There was no remuneration or benefits paid to trustees for performing their duties as trustees. There was £32,758 paid during ihe year to a Iruslee for duties as an administrator of Ihe charity. 21
Belfast City Mission Company Limited by Guarantee Notes to Ihe Financial Statemenls (continued) Year ended 28 February 2023 15. Tangible fixed assets Freehold Fixtures and property fittings Motor vehicles Equipment Total Cost At 1 March 2022 and 28 February 2023 Depreciation At 1 March 2022 Charge for Ihe year At 28 February 2023 Carrying amount At 28 February 2023 At 28 February 2022 2,870,649 72,992 26,495 14,972 2,985,108 925,843 71,766 68,707 857 26,495 14,972 1,036,017 72,623 997,609 69,564 26,495 14,972 1,108,640 1,873,040 3,428 1,876,468 1.944,806 4,285 1,949,091 16. Investments Listed investments Cost or valualion Al 1 March 2022 Additions Disposals Fair value movements Transfers 1,410.576 79,629 172,0351 152,2801 275,999 At 28 February 2023 Impairment At 1 March 2022 and 28 February 2023 Carrying amount At 28 February 2023 At 28 February 2022 1,641,889 1,641,889 1,410,576 All investments shown above are held at valuation. Financlal assets held at fair value Investments are staled al market value at Ihe balance sheel date. The statement of financial activilies includes the net gains and losses arising on revaluations and disposals throughout the year. 22
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 28 February 2023 17. Debtors 2023 2022 Prepayments and accrued income 10,869 5,993 18. Creditors: amounts falling due within one year 2023 2022 Accruals and deferred income 11,477 5,460 19. Analysis of charitable funds Unrestricled funds At 28 February 2023 At 1 March 2022 Income Expenditure Transfers General funds Retired Missonries fund Benevolent fund Missonaries widows benevolent fund 3,703,679 11,054 37,760 818,247 {718.006} 16,274) 3,797,646 11,054 44,034 6,274 7,011 7,011 3,759,504 818,247 {718,006) 3,859.745 At 28 February 2 022 At l March 2021 Income Expenditure Transfers General funds Retired Missonries fund Benevolenl fund Missonaries widows benevolent fund 3,632,528 11,054 28,928 715,436 {634,9081 19,3771 3,703,679 11,054 37,760 8,832 6,466 545 7,011 3,678,976 715,436 {634,9081 3,759,504 23
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 28 February 2023 19. Analysts ol charitable lunds (continued) General reserve fund represents Ihose funds which are unrestricted and not designated for other purposes. Designated funds Retired missionaries, fund this fund is to help retired missionaries in need of financial help. Benevolent fund Ihis fund is for the provision of benevolent gifts. Missionaries Widows benevolenl fund this fund is to help missionaries, widows in need ol linancial help. 20. Analysls ol net assels between funds Unrestricled Total Funds Funds 2023 Tangible fixed assels Investments Current assets Creditors less Ihan 1 year Net assets 1,876,468 1,641,889 352,865 111,4771 3,859,745 1,876,468 1,641,889 352,865 {11,4771 3,859,745 Unrestricled Total Funds Funds 2022 Tangible fixed assets Investments Current assets Creditors less than 1 year Net assels 1,949,091 1,410,576 405,298 5,460 3,770,425 1,949,091 1,410,576 405,298 5,460 3,770,425 21. Analysis ol changes in net debt At At 1 Mar 2022 Cash flows 28 Feb 2023 Cash al bank and in hand 399,304 {57,308} 341,996 24