COMPANY REGISTRATION NUMBER: R0000079 CHARITY REGISTRATION NUMBER: 102621 Belfast City Mission Company Limited by Guarantee Financial Statements 29 February 2024 HILL VELLA Chartered accountants & statutory auditor 22 Great Victoria Street Belfast BT2 7BA
Belfast City Mission Company Limited by Guarantee Financial Statements Year ended 29 February 2024 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) Statement of financial position 13 14 Statement of cash flows 15 Notes to the financial statements 16
Belfast City Mission Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 29 February 2024 The trustees, who are also the directors for the purposes of company law, presenl their report and the financial stalements of the charily for the year ended 29 February 2024. Reference and admlnlstratlve details Registered charity name Belfast City Mission Charlty registration number 102621 Company reglslrallon number R0000079 Princlpal office and reglstered Belfast City Mission Assembly Buildings off ice 2-10 Fisherwick place Belfast BT16DW 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 2023} (Resigned 1 June 2023} (Resigned 20 July 2023) Company secrelary William Logan Auditor Hill Vellacott Chartered accountants & statutory audilor 22 Great Victoria Street Belfast BT2 7BA
Belfast City Mission Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 29 February 2024 Slructure, governance and management Belfast City Mission is a company limited by guarantee and a registered charity. It is legally known for the promotion ol the gospel of Jesus Christ in Ihe city of Belfasl. Governing Body The governing body ol Belfast City Mission is responsible for oversighl of the business and the Christian ethos of our work. Governlng Document The Belfast 'Town' Mission was founded in 1827. The name of the mission changed in 1918 to Belfast City Mission {Incorporatedl as a Limited Company under the Companies Act 1908 - 1912. Memorandum and Articles of Association were updated on 2 May 1997. Appointment ol Governors Eighteen governors are elected every three years al our annual board meeting in April prior to the annual meeling of Belfast City Mission. Management Responsibiliiy for Ihe day to day running of Ihe Belfast City Mission lies with Ihe executive secretary along with Ihe superinlendent's board. Membership or organisalion A member ol the British Association of City Missions. Trustees and helpers All Trustees and helpers in our 16 halls give of their services without payment or expenses. Objectives and activities The work of the Belfast City Mission continues wilh the purpose of reaching people from 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 throughoul the week. Special emphasis is placed on our midweek and Sunday evening services to proclaim God's Word. Organisations such as Sunday school, youth clubs, Boys Brigade IBBI, and Girls Brigade {GB}, provide much of the work done wilh young people. Mums and tots, homework clubs and breakfast clubs are also popular in some districls as a way of bLsilding relalionships with families.
Belfast City Mission Company Limited by Guarantee Trustees. Annual Report (Incorporating Ihe Director's Report) (continued) Year ended 29 February 2024 Slrategic report The lollowing sections for achievements and pertormance and financial review form the strategic report of Ihe charity. Achievemenls and performance The past Iwelve months have seen a number of changes to the staff of Bellast City Mission. Three long standing missionaries retired and Iwo new missionaries were appointed to the staff. At present there are several halls still vacant which we hope to have slaffed in the near future. One hall closed {Canton Street) due lo falling numbers and the need for major capital expenditure on the premises. The people who attended the hall have been able lo go lo meetings in nearby halls in Bloomfield drive and in Island street. Kilburn street hall which was closed last year and Canton street hall will hopefully be markeled for sale in the near fulure. With the retirement of the missionary in Jersey street, the board decided to close the hall lor a short time before reopening again but wilh a different style of ministry. It is hoped that the change will encourage more opportunities to engage wilh the local community. The work with refugees and asylum seekers once again increased. Two of our missionaries are involved with many different strands of ministry as they seek to help some ol the most vulnerable in society. English classes are provided Iwice weekly, wilh attendances at these meetings often exceeding per class. Help is also given with filling out forms for housing and benefits. Many of the halls will seek to provide meals and food parcels for the poorest families in their dislricts. This has proved a valuable way ol connecting with the elderly and the loneliest people who otherwise would be struggling. Our children's work has once again flourished with many missionaries repofling an increase at Sunday school, youth clubs and the uniformed organisations such as GB and BB. Mums and lots groups are also popular in some of our distrcits. This is a valuable and rewarding work because it often leads to stronger family connections wilh the parenls and guardians. District visitalion {door to door} is one of the mosl effective ways to gel lo know people and to invite Ihem to the meetings in our halls. All missionaries are involved in taking funerals. Some of these have been difficult because of the tragic circumslances particularity with suicides which seems to be increasing.
Belfast City Mission Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (Continued) Year ended 29 February 2024 Flnancial review Details ol the results for the period are set out in the statement of financial activities on page 10 and Ihe related notes. Investment policy and returns Belfast City Mission investments are managed by Kleinwort Hambros and Evelyn Partners Slockbrokers and were valued at £1,691,271 as at 28 February 2024. During the past financial period, we have receive(J dividend income from these investments totalling £36.360. The finance of Belfast City Mission is wholly dependent on voluntary contributions received from people across the Province. The generosity of these gifts allows the Mission to carry out its work. As always we are Ihankful for those who continue to support us both prayerfully and praclically. Our main source 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 Ihe region of £600,000 per annum lo keep us afloat, which up until 202312024 we had received year on year. In 202312024 we received £1,245,069{2022123: £817,415). At 28 February 2024 the charity held funds 01 £4,423,985. 01 this £3,495,287 can only be realised by disposing of tangible fixed assels or investmenls. In 202312024 we are grateful lor the bequests we have received towards our work which increased significantly on the previous year. Plans for future periods As always, we are thankful for the churches, individuals and businesses which support our work Ihroughout the year. Without their faithful giving and praying ihe work of the Mission would be severely hindered. Most of all we are grateful for God's gracious hand upon out work and the blessings we have received. It is anticipaled that our new work will not be focused primarily on hall based with meeting. A greater emphasis is being placed on more community oulreach. Co-operation with the local PCI churches is also key to our future development. Working on joint projecls is more efficient and ¢osl effective for all involved. Tax slalus The company has been accepted as constituting a charity under the provisions of Ihe Taxes Acts. Delails of the results for the period are set out in the statemenl of financial activities on page 10 and the related notes. Inveslment policy and relurns
Belfast City Mission Company Llmited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnuedj Year ended 29 February 2024 Belfast City Mission investments are managed by Kleinwort Hambros and Evelyn Partners Stockbrokers and were valued at £1,691.271 as at 28 February 2024. During the past financial period, we have received dividend income from these investments tolalling £36,360. The finance ol Belfast City Mission is wholly dependent on voluntary contributions received Irom people across the Province. The generosity of these gifts allows the Mission to carry out its work. As always we are thankful for those who continue lo support us both prayerfully and practically. Our main source 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 01 £600,000 per annum lo keep us afloat, which up unlil 202312024 we had received year on year. In 202312024 we received £1.245,069 (2022123.. £817,4151- Al 28 February 2024 the charity held funds of £4,423,985. Of this £3,495,287 can only be realised by disposing of tangible fixed assets or investments. In 202312024 we are grateful for the bequests we have received towards our work which increased significantly on the previous year. Plans for future perlods As always. we are thankful for the churches, individuals and businesses which support our work throughout the year. Without their faithful giving and praying the work of the Mission would be severely hindered. Most ot all we are graleful for God's gracious hand upon out work and the blessings we have received. It is anticipated that our new work will not be focused primarily on hall based with meeting. A grealer emphasis is being placed on more community outreach. Co-operation with the local PCI churches is also key to our future development. Working on joint projects is more efficient and cost effective for all involved. Tax slatus The company has been accepted as constituting a charity under the provisions of the Taxes Acls. Trustees. responslbililies stalement The trustees, who are also directors for Ihe purposes of company law, are responsible for preparing Ihe trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice}.
Belfast City Mission Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (conlinued) Year ended 29 February 2024 Company law requires the charily trustees to prepare financial statements for each year which give a true and fair view of the slate of affairs of the charitable company and the incoming resources and application ol resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply Ihem consistenlly., observe the methods and principles in the applicable Charities SORP. make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards have been followed, subject to any malerial departures disclosed and explained in the financial statements- prepare the financial statements on the going concern basis unless il is inappropriale to presume Ihat the charity will continue in business. The Irustees are responsible for keeping adequate accounting records that are sutticient to show and explain the charily's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure thal the financial statements comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assels of the chariiy and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies. Audltor Each of the persons who is a trustee at the date of approval of this report conlirms that= so far as they are aware, there is no relevant audit informalion of which the charity's auditor is unaware; and they have taken all steps that they ought to have taken as a trustee lo make themselves aware of any relevant audit information and to establish Ihat the charity's audilor is aware of that information. A resolution to reappoint Hill Vellacott as auditors will be proposed at the forthcoming Annual General Meeting. The truslees, annual report and the strategic report were approved on 29 October 2024 and signed on behalf ol Ihe board of trustees by- Mr H Thompson Trustee Mr W Logan Trustee
Belfast City Mission Company Limited by Guarantee Independenl Auditor's Report to the Members of Belfast City Mission Year ended 29 February 2024 Opinion We have audited the financial statements of Bellast City Mission (the 'charitl} for the year ended 29 February2024 which comprise the stalement of financial aclivilies (including income and expenditure account), statement of financial position. statement of cash flows and the related notes, including a summary ol significant accounting policies. The financial reporting framework Ihat has been applied in their preparation is applicable law and Uniled Kingdom Accounting Slandards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (Uniled Kingdom Generally Accepted Accounting Practicel- In our opinion the linancial statements: give a Irue and fair view of the state ol the charitls affairs as at 29 February 2024 and of its incoming resources and application of resources, including its income and expendilure, lor the year then ended., have been properly prepared in accordance wilh United Kingdom Generally Accepted Accounting Practice- have been prepared in accordance wilh the requirements of the Companies Act 2006 and the Charilies Act (Northern Ireland) 2008. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for Ihe audit ol the financial slatemenls seclion of our report. We are independent of the charity in accordance with the ethical requirements that are relevant lo our audit of Ihe 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 to provide a basis for our opinion. Conclusions relallng to going concern In auditing the linancial statements, we have concluded that the trustees, use of the going concern basis of accounling in the preparation of the financial stalements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to evenls or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least e1ve monlhs Irom when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the truslees wilh respect to going concern are described in the relevant sections of this report.
Belfast City Mission Company Limiled by Guarantee Independent Auditor's Report to the Members of Belfast Cily Mission (contlnued) Year ended 29 February 2024 Olher information The other information comprises the information included in the annual report, other than Ihe financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial slalements does not cover the other information and, except to the extent otheiSe explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audil of the financial statements, our responsibility is to read the other inlormation and, in doing so, consider whether the other information is materially inconsislent with the financial statements or our knowledge obtained in the audit or olherwise 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 the linancial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course ol the audit: the informalion given in the trustees, report for the financial year for which the financial statements are prepared is consistent wilh the financial statements- and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exceptlon In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audil, we have nol identified material misstalements in the trustees, report. We have nothing to report in respect of the following matters in relation lo which Ihe Companies Act 2006 and the Charities Act {Northern Ireland) 2008 requires us to report to you if, in our opinion.. adequale accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us- or the financial slatements are not in agreement with the accounting records and returns. or certain disclosures of trustees, remuneralion specified by law are not made., or we have nol received all the information and explanalions we require for our audit.
Belfast City Mission Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast City Mission (continued) Year ended 29 February 2024 Responslbilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees (who are also the directors for the purposes ol company law) are responsible for the preparation of the financial slatements and for being salisfied that they give a Irue and fair view, and for such internal control as the trustees determine is necessary io enable the preparation of financial statements 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 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 alternalive but to do so.
Belfast City Mission Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast City Mission (continued) Year ended 29 February 2024 Auditor's responsibililies for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether Ihe financial slatements as a whole are free from material misslatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but 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 Irom fraud or error and are considered malerial if, individually or in the aggregale, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo detect material misstatements in respect 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 underslanding of the legal and regulatory frameworks thal are applicable to the charity and detertnined thal Ihe most significant are those that relate to- Ihe charitable status ol the charity and its registration with The Charity Commission for Northern Ireland under the Charities Act (Northern Ireland) 2008- compliance with the Charities SORP IFRS 1021 (second edition - October 20191 Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland {FRS 1021 (effective 1 January 2019)- data protection laws (including UK General Data Proteclion Regulation {GDPRII. Auditors approach to assessing the risks of material misstatement due to irregularities, including fraud We assessed the risks of material misstatement in respect ol fraud with the consideration of- the charity's own assessment ol the risks that irregularities may occur either because of fraud or error that was approved by the truslees., the results of our enquiries of management and the trustees about their own identification and assessment of the risks of irregularities- any matters we idenlified having oblained and reviewed the charity's documentation of their policies and procedures relating lo.. idenlifying, evaluating and complying with laws and regulations and whether they were aware of any instances ol non-compliance. detecting and responding lo the risks of fraud and whether they have knowledge of any actual, suspected or alleged Iraud,. the internal controls established to mitigate risks ol fraud or non-compliance with laws and regulations., and the matters discussed among the audit engagement team regarding how and where fraud 10
Belfast City Mission Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast City Mission (contlnued) Year ended 29 February 2024 might occur in the financial slatements and any potential indicators of fraud. 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 idenlified above. we considered the opportunities and incentives that may exist within Ihe charity for fraud and identified Ihe grealest potenlial for fraud in the areas of the controls covering the application of funds to the restricted purposes specified by the funders and in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAS (UKI, we are also required to perform specific procedures to respond lo the risk ol management override. we also oblained an understanding of the legal and regulalory framework thal the Charity operates in. focusing on provisions ol those laws and regulations thal had a direct effecl on the determinalion of material amounts and disclosures in the linancial statements. The key laws and regulations we considered in this context included Nl Charity legislation (including the regulator, The Charities Commission for Northern Ireland) and the Chariiy SORP. we made enquiries of management and Ihose charged with governance and reviewed minutes of the Trustee's meetings and enquired about any communications wilh Ihe charity regulator. Audit procedures designed to respond to the risks of fraud we considered the risk of fraud through transaclions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature., based on the results of our risk assessment we designed our audit procedures to identify and lo address material misstatements in relation to fraud and olher irregularities. we reviewed the operation of the controls within the charity over expenditure in general and of the allocation ol expendilure to the restricled funds and the segregation of duties wilhin those controls, together with substantive testing and ana1ICal review and incorporaling an element of unpredictability in the selection of the nature. timing and extent of audit procedures. we evaluated the selection and applicalion of accounting policies by the charity, particularly those related to subjective measurements, that may be indicalive ol fraudulent financial reporting. 11
Belfast City Mission Company Limited by Guarantee Independent Auditor's Report to the Members of Belfast City Mission (continuedj Year ended 29 February 2024 A further description of our responsibililies for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made so5ely to the charity's members, as a body, in accordance with section 65 of Ihe Charities Act (Northern Ireland) 2008. Our audil work has been undertaken so that we might state lo the charily's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest exlent permitted by law, we do not accept or assume responsibility to anyone olher than the charily and Ihe charity's members as a body, for our audil work, for this report, or lor the opinions we have formed. Kieran Mccaughey FCCA (Senior Statutory Auditor) For and on behall of Hill Vellacott Chartered accountants & statutory auditor 22 Great Victoria Street Belfast BT2 7BA 29 October 2024 12
Belfast City Mission Company Limited by Guarantee Statement of Financial Aclivities (including income and expenditure account) Year ended 29 February 2024 2024 Restricted funds Total funds Tolal funds 2023 Unreslricted funds Note Income and endowments Donations and legacies Charitable activities Investment income 756,855 309,370 118,844 1,185,069 60,000 816,855 309,370 118,844 1,245,069 588,357 241,214 112.1561 817,415 Total income 60,000 Expendlture Expenditure on raising funds.. Investment management costs Expenditure on charitable activities Total expendlture 17,224 663,605 680,829 17,224 663,605 680,829 15,562 701,612 717,174 Net income and net movement in funds 504,240 60,000 564,240 100,241 Reconclllation of lunds Total funds brought lorward Tolal lunds carried forward 3,859,745 4,363,985 3,859,745 4,423,985 3,759,504 3,859,745 60,000 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 16 to 26 forrn part of these linanclal statements. 13
Belfast City Mission Company Limited by Guaranlee Statement of Financial Position 29 February 2024 2024 2023 Note Flxed assets Tangible fixed assets Investments 14 15 1,804,016 1,691,271 1,876,468 1,641,889 3,495,287 3.518,357 Current assets Debtors Cash at bank and in hand 16 432,510 503,820 936,330 10,869 341,996 352,865 Creditors: amounts falling due wllhin one year Net current assets 17 7,632 11,477 928,698 341,388 Total assets less current liabilities 4,423,985 3.859,745 Net assets 4,423,985 3,859.745 Funds of the charily Restricted f unds Unrestricted funds 60,000 4,363,985 18 4,423,985 3,859,745 Total chariiy funds 3,859,745 These financial statements were approved by the board of trustees and authorised for issue on 29 October 2024, and are signed on behalf of the board by.. Mr H Thompson Trustee Mr W Logan Trustee LIL. L, The notes on pages 16 to 26 lorm part of these flnancial statements. 14
Belfast City Mission Company Limited by Guaranlee Statement of Cash Flows Year ended 29 February 2024 2024 2023 Cash flows from operating actlvities Net income 564,240 100,241 Adjustments for.. Deprecialion of langible fixed assets Net gains on investments Dividends, interest and rents from investments Other interest receivable and similar income Interest payable and similar charges Accrued lincomellexpenses Portfolio management charges Cash generated from operations 72,452 (75,1281 142,0591 11 ,6571 241 1425,4861 17,224 72,623 53,112 {40.955) 3,712 1,141 15,675 205,549 109,827 Interest paid Interest received 1241) 1,657 (3,712} Net cash from operating activities 111,243 201,837 Cash flows Irom investlng activities Dividends, interest and rents from investments Purchases of other investments Proceeds from sale of other investments 26,581 16,855 1300,0001 24,000 24,000 Net cash froml(used in) investing aclivilies 50,581 1259,145} Nel increasel(deerease) in cash and cash equivalents Cash and cash equivalenls al beginning of year Cash and cash equlvalenls at end of year 161,824 341,996 503,820 {57,3081 399,304 341,996 The notes on pages 16 10 26 form part ot these linanclal slatements. 15
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements Year ended 29 February 2024 General information The charily is a public benefit enlity and a private company limited by guarantee, registered'in Northern Ireland and a regislered charity in Northern Ireland. The address ol the registered office is Belfast City Mission Assembly Buildings, 2-10 FisheICk place, Belfast, BT1 6DW, Northern Ireland. Staternent of compliance These financial slatements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Ihe Republic of Ireland,, the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (Charities SORP (FRS 10211 and the Companies Acl 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 investment properties measured al fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Golng concern There are no material uncertainties aboul the charity's ability to continue. Judgements and key sources of estimalion uncertalnty The preparation of the financial statements requires management to make judgements, eslimates and assumptions that affect the amounls reported. These estimates and judgemenls are continually reviewed and are based on experience and other factors, including expectalions of future events that are believed to be reasonable under the circumstances. There are no Judgements or key sources of estimation that are considered material. Fund accounting Unrestricted funds are available for use at the discretion of the trustees lo further any of the charily's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the lerms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. 16
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 29 February 2024 Accounting policies (¢ontlnu8d) Incoming resources All incoming resources are included in the statement of financial activities when enlillement has passed to the charily. It is probable that the economic benefits associated with the transaction will Ilow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income= income from donations or grants is recognised when there is evidence of entitlement to the gilt, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical lo measure reliably, in which case the value is derived from the cost to the donor or Ihe estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included lor 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 unless there is a conlractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. Resources expended Expendilure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered. and is classilied under headings of the slatement of financial activities to which it relates.. expenditure on raising funds includes the costs ol all fundraising activities, events, non- charitable trading activities. and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims lor the benelil of its beneficiaries, including ihose support costs and cosls relating to the governance of the charity apportioned to charilable activities. other expenditure includes all expenditure that is neither related lo raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activiiy are allocated directly to that activity. Shared cosls are apportioned between the activities they contribute lo on a reasonable, justifiable and consislent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assels carried al revalued amounts are recorded at the fair value at the dale ol revaluation less any subsequent accumulated deprecialion and subsequent accumulated impairment losses. 17
Belfast City Mission Company Limited by Guarantee Notes to the Financial Slatements (contlnued) Year ended 29 February 2024 Accounting policies (continued) Tangible assets (contlnu8dJ An increase in the carrying amount of an asset as a result of a revaluation, is recognised in olher recognised gains and losses, unless it reverses a charge for impairment Ihal has previously been recognised as expendilure wilhin the statemenl ol financial activities. A decrease in the carrying amount of 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 statement of financial activities. Depreclalion Depreciation is calculated so as to wrile off the cost or valuation of an asset, less its residual value, over the useful economic life ol Ihat asset as follows.. Freehold property Fixtures and fittings Motor vehicles Equipment 2.5°/. Straight line 20°/o reducing balance 25°/0 Straighl line 33.330/. Straight line Investments Listed investments are measured at lair value with changes in fair value being recognised in profit or loss. Investments in associates Investments in associates accounted for in accordance with the cosl model are recorded at cosl less any accumulated impairment losses. Investments in associates accounted lor in accordance with the fair value model are initially recorded al the transaclion price. Al each reporting date, the investments are measured al 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 dislributions received from the investmenl are recognised as income without regard to whether Ihe distributions are from accumulaled profits of the associate arising before or after the date of acquisition. Investments in joint venlures Investments in jointly controlled entities accounled for in accordance with Ihe cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted lor in accordance with the fair value model are initially recorded al the transaclion price. At each reporting date, the investments are meastjred at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably withoul undue cost or effort, the cost model will be adopted. 18
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (contlnu8d) Year ended 29 February 2024 Accounting policies (contlnued) Investments in Jolnl venlures (continued) Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition. Impairment of fixed assets A review lor indicators of impairment is carried out at each reporting date, with the recoverable amount being eslimaled 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 Ihe purposes of impairment testing, when it is not possible lo estimate the recoverable amount of an individual asset, an estimate is made ol the recoverable amount of the cash- generating unit to which the assel belongs. The cash-generating unil is the smallest identifiable group of assets that includes the assel and generales cash inflows that largely independenl of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, Ihe goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charily are assigned to those units. Flnancial instruments A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured al the cash or olher consideration expected to be paid or received and not discounted. 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 investment is subsequently Measured at fair value wilh changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate ol inlerest that is not a market rate, in which case Ihe asset is measured at the presenl value of the future paymenls discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, wilh the exception of hedging instruments in a designated hedging relationship. 19
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (conllnugd) Year ended 29 February 2024 Accounting policies (conllnuodj Financlal Inslrumenls {ntInued} Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairmenl at the end of each reporting date. If there is objeclive evidence ol impairment, an impairment loss is recognised under the appropriate heading in the stalement of financial activities in which the initial gain was recognised. For all eqLsily instruments regardless ol significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on Ihe basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extenl thal the reversal does not result in a carrying amount of Ihe financial asset Ihat exceeds what Ihe carrying amounl would have been had the impairment noi previously been recognised. Limiled by guarantee The charity is a public benefit entity and a privale company limited 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 to £1 per member of Ihe charity. Donalions and legacies Unrestricted Funds Reslricted Tolal Funds Funds 2024 Donallons Individual Donations Church and Organisation Donations Gift Aid Trust Funds 98,223 111,939 21,206 13,352 98,223 111,939 21,206 13,352 Legacies Legacies 512,135 60,000 572,135 756,855 60,000 816,855 Unrestricted Funds Restricted Total Funds Funds 2023 Donatlons Individual Donations Church and Organisation Donations Gift Aid Trust Funds 70.494 95,185 42,330 70,494 95,185 42,330 Legacies Legacies 380,348 380,348 588,357 588,357 20
Belfast City Mission Company Limited by Guarantee Notes to the Flnancial Statements (contlnued) Year ended 29 February 2024 Charitable activilies Unreslricted Total Funds Unrestricled Total Funds Funds 2024 Funds 2023 Auxiliaries Mission Hall Income 35,681 273,689 35,681 273,689 36,394 204,820 36,394 204,820 309,370 309,370 241,214 241.214 Investmenl income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Dividend income Investment Income Bank Interest Movement of markel value of shares 36,360 5,728 1,657 75,099 36,360 5,728 1,657 75.099 34,081 3,360 3,515 {53,1121 (12,1561 34,081 3.360 3,515 {53,112} {12,156) 118,844 118,844 Investment managemenl costs Unrestricted Total Funds Unrestricted Tolal Funds Funds 2024 Funds 2023 Portfolio managemenl 17,224 17,224 15,562 15,562 Expenditure on charltable aclivilies by actlvity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Charitable activity Governance costs 655,993 655,993 7,612 695,885 5,727 7,612 7,612 655,993 663,605 701,612 10. Net Income Net income is slated after chargingl(creditingl'. 2024 2023 Depreciation of tangible fixed assets 72,452 72,623 21
Belfast City Mission Company Limited by Guaranlee Notes to the Financlal Statements (contlnuodj Year ended 29 February 2024 11. Auditors remuneration 2024 2023 Fees payable for the audit of the financial stalements 7,000 5,730 12. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security cosls Other employee benefits 362,695 22,866 48,998 368,599 46,002 54,426 469,027 434,559 The average head count of employees during the year was 2812023- 311- The average number of tull-time equivalent employees during the year is analysed as follows: 2024 No. 2023 No. Administration Missionaries Mission Hall staff 19 28 30 No employee received employee benefits of more than £60,000 during the year12023: Nil}. Key Management Personnel Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The lotal compensation paid to key management personnel for services provided to the charity was £31,53012023-£32,7581. 13. Truslee remuneration and expenses There were no remuneration or benefits paid to trustees for performing their duties as trustees. There was £31 ,530 paid during the year to a trustee for duties as an administrator of the charity. 22
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 29 February 2024 14. Tangible fixed assets Freehold Fixtures and property fittings Motor vehicles Equipmenl Total Cost Al 1 March 2023 and 29 February 2024 Depreciation At 1 March 2023 Charge for the year Al 29 February 2024 Carrying amount At 29 February 2024 At 28 February 2023 2,870,649 72,992 26,495 14,972 2,985,108 997,609 71,766 69,564 686 26.495 14,972 1,108,640 72,452 1,069,375 70,250 26.495 14,972 1,181,092 1,801,274 2,742 1,804,016 1,876,468 1,873.040 3,428 15. Inveslments Listed investments Cosl or valuation At 1 March 2023 Additions Disposals Fair value movements Transfers 1,641,889 42,088 (17,2241 75,099 150,5811 1,691,271 Al 29 February 2024 Impairmenl Al 1 March 2023 and 29 February 2024 Carrying amount At 29 February 2024 At 28 February 2023 1,691,271 1,641,889 All investments shown above are held at valuation. Flnancial assets held at lair value Investmenls are slated at market value at the balance sheet date. The statemenl of financial activities includes Ihe nei gains and losses arising on revaluations and disposals throughout the year. 23
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 29 February 2024 16. Debtors 2024 2023 Prepayments and accrued income 432,510 10,869 17. Creditors: amounts lalling due wlthin one year 2024 2023 Accruals and deferred income 7,632 11,477 18. Analysis of charitable funds Unreslrlcted funds At 29 February 2024 At 1 March 2023 Income Expendilure Transfers General funds Retired Missonries fund Benevolent fund Missonaries widows benevolent lund 3,797,646 11,054 44,034 1,185,069 {680,829) 16,274) 4,295,612 11,054 50,308 6.274 7,011 3,859,745 7.011 1,185,069 1680,8291 4,363,985 Al 28 February 2 023 At 1 March 2022 Income Expenditure Transfers General funds Retired Missonries fund Benevolent fund Missonaries widows benevolent fund 3,703,679 11,054 37,760 817,415 1717,1741 16,274} 3,797,646 11,054 44,034 6,274 7.011 3,759,504 7,011 3,859,745 817,415 {717,1741 24
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (conllnuedj Year ended 29 February 2024 18. Analysis ot charitable funds (continued) General reserve fund represents those funds which are unrestricted and not designated for other purposes. Designaled funds Relired missionaries. fund Ihis fund is to help retired missionaries in need of financial help. Benevolent fund this fund is for the provision of benevolent gifts. Missionaries Widows benevolent fund this fund is to help missionaries, widows in need of financial help. Restrlcled lunds At 29 February 2024 Al l March 2023 Income Expenditure Transfers Shore road hall 60,000 60,000 Al 28 February 2 023 At 1 March 2022 Income Expenditure Transfers Shore road hall The Restricted fund - Shore road hall is designated for the upkeep of this property. 25
Belfast City Mission Company Limited by Guarantee Notes to the Financial Statements (contlnuedj Year ended 29 February 2024 19. Analysis of net assets between lunds Unrestricled Funds Restricted Tolal Funds Funds 2024 Tangible fixed assets Inveslments Current assels Creditors less than 1 year Nel assels 1,804,016 1,691,271 876,330 {7.632} 4,363,985 1,804,016 1,691,271 936,330 17,6321 4,423,985 60,000 60,000 Unrestricted Funds Reslricled Total Funds Funds 2023 Tangible fixed assets Investmenls Current assets Creditors less than 1 year Net assets 1,876,468 1,641,889 352,865 {11,477} 3,859,745 1,876,468 1,641.889 352,865 111,477} 3,859,745 20. Financial inslruments The carrying amount lor each category of linancial instrument is as follows.. 2024 2023 Financial assets measured al lair value through income and expenditure Financial assets measured at fair value through income and expenditure 1,691,271 1,641,889 21. Analysis of changes in net debt At At 1 Mar 2023 Cash flows 29 Feb 2024 Cash al bank and in hand 341,996 161,824 503,820 26