RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023
| Note Income from: Charitable activities 3 Other trading activities 4 Investments 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 29,382 778 1,093 31,253 569 14,539 15,108 16,145 250,519 16,145 266,664 |
Total funds 2023 £ 29,382 778 1,093 31,253 569 14,539 15,108 16,145 250,519 16,145 266,664 |
Total funds 2022 £ 28,482 1,942 247 |
|---|---|---|---|
| 30,671 | |||
| 4,375 11,574 |
|||
| 15,949 | |||
| 14,722 | |||
| 235,797 14,722 |
|||
| 250,519 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 10 to 23 form part of these financial statements.
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RESTORATION MINISTRIES LIMITED (A company limited by guarantee) REGISTERED NUMBER: NI044385
BALANCE SHEET AS AT 31 DECEMBER 2023
| Note Fixed assets Tangible assets 12 Current assets Debtors 13 Cash at bank and in hand Creditors: amounts falling due within one year 14 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 16 Unrestricted funds 16 Total funds |
3,833 94,275 98,108 (2,568) |
2023 £ 171,125 171,125 95,540 266,665 266,665 266,665 - 266,665 266,665 |
2,490 79,122 81,612 (2,218) |
2022 £ 171,125 |
|---|---|---|---|---|
| 171,125 79,394 |
||||
| 250,519 | ||||
| 250,519 | ||||
| 250,519 | ||||
| - 250,519 |
||||
| 250,519 |
The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
| ................................................ | ................................................ |
|---|---|
| Dr Kelvin McCracken | Mr Michael Fitch |
| Trustee | Trustee |
| Date: 02/09/2024 |
The notes on pages 10 to 23 form part of these financial statements.
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RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
1. General information
Restoration Ministries Limited is a private company limited by guarantee and is incorporated and registered in Northern Ireland under Company Registration Number NI044835. It is also a charity registered by the Charity Commission NI under Charity Registration Number 103449.
The charitable company's registered office is situated at 19 Harmony Drive, Lisburn, BT27 4ED.
The principle activity of the company is to revitalise and renew people in the community and church.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Restoration Ministries Limited 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.
2.2 Going concern
These financial statements have been prepared on a going concern basis.
Page 10
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.3 Income
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Company has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Company, can be reliably measured.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Company's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.4 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Fundraising costs are expenses such as books and magazines.Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the company's operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.
Page 11
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.4 Expenditure (continued)
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.
Exchange gains and losses are recognised in the Statement of financial activities.
2.6 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, .
Depreciation is provided on the following basis:
- Freehold property Not depreciated
2.7 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Page 12
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
2. Accounting policies (continued)
2.10 Financial instruments
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.11 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Investment income, gains and losses are allocated to the appropriate fund.
3. Income from charitable activities
| Prayer Ministry and interdenominational outreach Faith and Friendship Prayer Ministry and interdenominational outreach Faith and Friendship |
Unrestricted funds 2023 £ 29,382 - 29,382 Unrestricted funds 2022 £ 28,382 100 28,482 |
Total funds 2023 £ 29,382 - |
|---|---|---|
| 29,382 | ||
| Total funds 2022 £ 28,382 100 |
||
| 28,482 |
Page 13
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
4. Income from other trading activities
Income from non charitable trading activities
| Book sales Book sales 5. Investment income Bank interest receivable Bank interest receivable |
Unrestricted funds 2023 £ 778 Unrestricted funds 2022 £ 1,942 Unrestricted funds 2023 £ 1,093 Unrestricted funds 2022 £ 247 |
Total funds 2023 £ 778 |
|---|---|---|
| Total funds 2022 £ 1,942 |
||
| Total funds 2023 £ 1,093 |
||
| Total funds 2022 £ 247 |
Page 14
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. Expenditure on raising funds
Costs of raising voluntary income
| Total | ||
|---|---|---|
| funds | ||
| 2023 | ||
| £ | ||
| Unrestricted | Total | |
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Allocated centrally incurred fundraising and governance costs | 2,840 | 2,840 |
Other trading expenses
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2023 | 2023 | |
| £ | £ | |
| Cost of books | 569 | 569 |
Page 15
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
6. Expenditure on raising funds (continued) Other trading expenses (continued)
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Cost of books | 1,535 | 1,535 |
7. Analysis of expenditure on charitable activities Summary by fund type
| Prayer Ministry and interdenominational outreach Prayer Ministry and interdenominational outreach Analysis of expenditure by activities Activities undertaken directly 2023 £ Prayer Ministry and interdenominational outreach 11,799 |
Unrestricted funds 2023 £ 14,539 Unrestricted funds 2022 £ 11,574 Support costs 2023 £ 2,740 |
Total 2023 £ 14,539 |
|---|---|---|
| Total 2022 £ 11,574 |
||
| Total funds 2023 £ 14,539 |
8. Analysis of expenditure by activities
Page 16
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. Analysis of expenditure by activities (continued)
| Analysis of expenditure by activities (continued) | ||
|---|---|---|
| Activities | ||
| undertaken | Total | |
| directly | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Prayer Ministry and interdenominational outreach | 11,573 | 11,573 |
Analysis of direct costs
| Prayer Ministry and inter 2023 £ Staff costs 3,185 Rent & premises 623 Office expenses 675 Travel and meetings 100 Light and heat 1,599 Telephone expenses 1,021 Maintenance and repairs 3,539 Insurance 1,017 Foreign exchange (gain)/loss 40 11,799 |
Total funds 2023 £ 3,185 623 675 100 1,599 1,021 3,539 1,017 40 |
|---|---|
| 11,799 |
Page 17
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
8. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
| Staff costs Rent & premises Office expenses Travel and meetings Light and heat Telephone expenses Maintenance and repairs Insurance Foreign exchange (gain)/loss 9. Independent examiner's remuneration Fees payable to the Company's independent examiner for the independent examination of the Company's annual accounts Fees payable to the Company's independent examiner in respect of: All assurance services not included above |
Prayer Ministry and inter 2022 £ 3,120 593 693 2,008 1,541 736 1,706 1,192 (16) 11,573 2023 £ 1,317 1,237 |
Total funds 2022 £ 3,120 593 693 2,008 1,541 736 1,706 1,192 (16) 11,573 2022 £ 1,320 1,324 |
|---|---|---|
Page 18
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
10. Staff costs
| 2023 £ Wages and salaries 3,185 3,185 The average number of persons employed by the Company during the year was as follows: 2023 No. Administrative purposes 1 |
2022 £ 3,120 |
|---|---|
| 3,120 | |
| 2022 No. 1 |
No employee received remuneration amounting to more than £60,000 in either year.
11. Trustees' remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) . During the year ended 31 December 2023, no Trustee expenses have been incurred (2022 - £NIL) .
| 12. Tangible fixed assets Cost or valuation At 1 January 2023 At 31 December 2023 Net book value At 31 December 2023 |
Freehold property £ 171,125 |
|---|---|
| 171,125 | |
| 171,125 |
Page 19
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
13. Debtors
| Due within one year Prepayments and accrued income Gift aid debtor |
2023 £ 2,397 1,436 3,833 |
2022 £ 1,054 1,436 |
|---|---|---|
| 2,490 |
14. Creditors: Amounts falling due within one year
| Accruals and deferred income 15. Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
2023 £ 2,568 2023 £ 94,275 |
2022 £ 2,218 |
|---|---|---|
| 2022 £ 79,122 |
Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.
Page 20
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
16. Statement of funds
Statement of funds - current year
| Statement of funds - current year | ||||
|---|---|---|---|---|
| Unrestricted funds General Funds - all funds Statement of funds - prior year Unrestricted funds General Funds - all funds |
Balance at 1 January 2023 £ 250,519 Balance at 1 January 2022 £ 235,797 |
Income £ 31,254 Income £ 30,671 |
Expenditure £ (15,108) Expenditure £ (15,949) |
Balance at 31 December 2023 £ 266,665 |
| Balance at 31 December 2022 £ 250,519 |
Page 21
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
17. Summary of funds
Summary of funds - current year
| Balance at | ||||
|---|---|---|---|---|
| Balance at 1 | 31 | |||
| January | December | |||
| 2023 | Income | Expenditure | 2023 | |
| £ | £ | £ | £ | |
| General funds | 250,519 | 31,254 | (15,108) | 266,665 |
| Summary of funds - prior year | ||||
| Balance at | ||||
| Balance at | 31 | |||
| 1 January | December | |||
| 2022 | Income | Expenditure | 2022 | |
| £ | £ | £ | £ | |
| General funds | 235,797 | 30,671 | (15,949) | 250,519 |
| Analysis of net assets between funds | ||||
| Analysis of net assets between funds - current year | ||||
| Unrestricted Total |
||||
| funds funds |
||||
| 2023 2023 |
||||
| £ £ |
||||
| Tangible fixed assets | 171,125 171,125 |
|||
| Current assets | 98,108 98,108 |
|||
| Creditors due within one year | (2,568) (2,568) |
|||
| Total | 266,665 266,665 |
|||
| Analysis of net assets between funds - prior year | ||||
| Unrestricted Total |
||||
| funds funds |
||||
| 2022 2022 |
||||
| £ £ |
||||
| Tangible fixed assets | 171,125 171,125 |
|||
| Current assets | 81,612 81,612 |
|||
| Creditors due within one year | (2,218) (2,218) |
|||
| Total | 250,519 250,519 |
|||
18. Analysis of net assets between funds Analysis of net assets between funds - current year
Page 22
RESTORATION MINISTRIES LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
19. Members' liability
Each member of the charitable company undertakes to contribute to the assets of the company in the event of it being wound up while he/she is a member, or within one year after he/she ceases to be a member, such amount as may be required, not exceeding £1 for the debts and liabilities contracted before he/she ceases to be a member.
20. Related party transactions
During the year the charitable company entered into transactions, in the ordinary course of business with other related parties. Transactions entered into and balances outstanding at 31 December 2023, are as follows:
| Services | Services/ | Amounts | Amounts | |
|---|---|---|---|---|
| /sales to | purchases | owed from | owed to | |
| related | from related | related | related | |
| parties | parties | parties | parties | |
| £ | £ | £ | £ | |
| 2023 | - | 2,554 | - | - |
| 2022 | - | 2,644 | - | - |
Terms and conditions of transactions with related parties
Sales and purchases between related parties are made at normal market prices. Outstanding balances with entities are unsecured, interest free and cash settlement is expected within 60 days of invoice. The charitable company has not provided or benefited from any guarantees for any related party receivables or payables. During the year ended 31 December 2023, the charitable company has not made any provision for doubtful debts relating to amounts owed by related parties (2022: £nil).
Key management personnel
All directors who are also trustees and certain senior employees who have authority and responsibility for planning, directing and controlling the activities of the Charity are considered to be key management personnel. Total remuneration in respect of these individuals is £nil (2022: £nil).
21. Controlling party
The ultimate controlling party of the company is the Board of Directors.
Page 23