Exchange Church Belfast
Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Other income 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 12 |
Unrestricted funds £ 91,205 3,843 95,048 (71,263) (71,263) 23,785 23,785 76,647 100,432 |
Restricted funds £ 68,410 - 68,410 - - 68,410 68,410 - 68,410 |
Total 2024 £ 159,615 3,843 163,458 (71,263) (71,263) 92,195 92,195 76,647 168,842 |
Total 2023 £ 99,967 12,139 |
|---|---|---|---|---|
| 112,106 | ||||
| (97,562) | ||||
| (97,562) | ||||
| 14,544 | ||||
| 14,544 62,103 |
||||
| 76,647 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 12 to 20 form an integral part of these financial statements. Page 9
Exchange Church Belfast
(Registration number: NI629508) Balance Sheet as at 31 December 2024
| Note Fixed assets Tangible assets 8 Current assets Debtors 9 Cash at bank and in hand 10 Creditors: Amounts falling due within one year 11 Net current assets Net assets Funds of the charity: Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 12 |
2024 £ 6,295 1,331 162,054 163,385 (838) 162,547 168,842 68,410 100,432 168,842 |
2023 £ 9,480 8,724 63,876 |
|---|---|---|
| 72,600 (5,433) |
||
| 67,167 | ||
| 76,647 | ||
| - 76,647 |
||
| 76,647 |
For the financial year ending 31 December 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
The notes on pages 12 to 20 form an integral part of these financial statements. Page 10
Exchange Church Belfast
(Registration number: NI629508) Balance Sheet as at 31 December 2024
The financial statements on pages 9 to 20 were approved by the trustees, and authorised for issue on ��#.� � .................... and signed on their behalf by:
- ��#.� �
......................................... Andrew George Toogood Trustee
......................................... Paul Jordan Trustee
The notes on pages 12 to 20 form an integral part of these financial statements. Page 11
Exchange Church Belfast
Notes to the Financial Statements for the Year Ended 31 December 2024
1 Charity status
The charity is limited by guarantee, incorporated in Northern Ireland, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.
The address of its registered office is: 35 North Road North Road, Belfast, Northern Ireland BT5 5NE
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Exchange Church Belfast meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.
The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
Going concern
The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.
Exemption from preparing a cash flow statement
The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.
Page 12
Exchange Church Belfast
Notes to the Financial Statements for the Year Ended 31 December 2024
Income and endowments
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
All resources expended are inclusive of irrecoverable VAT.
Charitable activities
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
Support costs
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
Governance costs
These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.
Irrecoverable VAT
Irrecoverable VAT is charged against the category of resources expended for which it was incurred.
Page 13
Exchange Church Belfast
Notes to the Financial Statements for the Year Ended 31 December 2024
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Depreciation method and rate Furniture and equipment 15% straight line
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 14
Exchange Church Belfast
Notes to the Financial Statements for the Year Ended 31 December 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Fund structure
Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.
Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.
3 Income from donations and legacies
| Donations and legacies; Donations from individuals Gift aid reclaimed Donations and legacies; Donations from individuals Gift aid reclaimed |
Unrestricted funds General £ 75,508 15,697 91,205 |
Restricted funds £ 68,410 - 68,410 Unrestricted funds General £ 82,883 17,084 99,967 |
Total 2024 £ 143,918 15,697 |
|---|---|---|---|
| 159,615 | |||
| Total 2023 £ 82,883 17,084 |
|||
| 99,967 |
Page 15
Exchange Church Belfast
Notes to the Financial Statements for the Year Ended 31 December 2024
4 Other income
| Rental income Total for 2024 Total for 2023 |
Unrestricted funds General £ 2,128 2,128 11,954 |
Total funds £ 2,128 |
|---|---|---|
| 2,128 | ||
| 11,954 |
Page 16
Exchange Church Belfast
Notes to the Financial Statements for the Year Ended 31 December 2024
5 Expenditure on charitable activities
| Note Charitable activities Governance costs Total for 2024 Total for 2023 |
Unrestricted funds General £ 70,510 753 71,263 97,562 |
Total funds £ 70,510 753 |
|---|---|---|
| 71,263 | ||
| 97,562 |
Included in governance costs is fees payable to the independent examiner for Independent examination of the financial statements of [£753 (2023 - £649) .
Page 17
Exchange Church Belfast
Notes to the Financial Statements for the Year Ended 31 December 2024
6 Trustees remuneration and expenses
One of the trustees Mr A. Toogood provides pastoral support services to the charity and received remuneration for this in the amount of £24,000 (2023: £24,000).
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
8 Tangible fixed assets
| Cost At 1 January 2024 At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 9 Debtors Prepayments Other debtors 10 Cash and cash equivalents Cash at bank |
Furniture and equipment £ 21,238 |
Total £ 21,238 21,238 11,758 3,185 14,943 6,295 9,480 2023 £ 3,910 4,814 |
|
|---|---|---|---|
| 21,238 | |||
| 11,758 3,185 |
|||
| 14,943 | |||
| 6,295 | |||
| 9,480 | |||
| 2024 £ 250 1,081 1,331 2024 £ 162,054 |
|||
| 8,724 | |||
| 2023 £ 63,876 |
Page 18
Exchange Church Belfast
Notes to the Financial Statements for the Year Ended 31 December 2024
11 Creditors: amounts falling due within one year
| Trade creditors Accruals 12 Funds Unrestricted funds General Restricted funds Total funds Unrestricted funds General |
Balance at 1 January 2024 £ 76,647 - 76,647 Balance at 1 January 2023 £ 62,103 |
Incoming resources £ 95,048 68,410 163,458 Incoming resources £ 112,106 |
2024 £ 192 646 838 Resources expended £ (71,263) - (71,263) Resources expended £ (97,562) |
2023 £ 4,837 596 |
|---|---|---|---|---|
| 5,433 | ||||
| Balance at 31 December 2024 £ 100,432 68,410 |
||||
| 168,842 | ||||
| Balance at 31 December 2023 £ 76,647 |
Restricted funds relate to donations received in relation to the building fund.
Page 19
Exchange Church Belfast
Notes to the Financial Statements for the Year Ended 31 December 2024
13 Analysis of net assets between funds
| 13 Analysis of net assets between funds | |||
|---|---|---|---|
| Tangible fixed assets Current assets Current liabilities Total net assets Tangible fixed assets Current assets Current liabilities Total net assets |
Unrestricted funds General £ 6,295 94,975 (838) 100,432 |
Restricted funds £ - 68,410 - 68,410 Unrestricted funds General £ 9,480 72,600 (5,433) 76,647 |
Total funds at 31 December 2024 £ 6,295 163,385 (838) |
| 168,842 | |||
| Total funds at 31 December 2023 £ 9,480 72,600 (5,433) |
|||
| 76,647 |
Page 20
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