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2024-12-31-accounts

Registered number: NI044385 Charity number: 103449

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6 - 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 22

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024

Trustees

Mrs Anne Gibson

Mr Michael Fitch Dr Kelvin McCracken Rev Edward O`Donnell Rev Desmond Corrigan Mrs Eithne Agnew

Company registered number

NI044385

Charity registered number

103449

Registered office

19 Harmony Drive Lisburn BT27 4ED

Company secretary

Rev M Ruth Patterson

Chief executive officer

Rev M Ruth Patterson

Accountants

UHY Hacker Young Fitch Chartered Accountants Suite 2.06 Custom House Custom House Square Belfast BT1 3ET

Bankers

AIB (NI) 35 University Road Belfast BT7 1RW

Solicitors

David Russell & Co 66 Abbey Street Bangor BT20 4JB

Page 1

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their annual report together with the financial statements of the Company for the 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Directors have given due consideration to general guidance published by the charity commission relating to public benefit.

b. Strategies for achieving objectives

Our strategic aim for the year was to:

In reaching out further afield we:

c. Activities undertaken to achieve objectives

The principle activity of the company is to revitalise and renew people in the community and church through: - Exploring different ways in which we can provide more opportunities for people to tell their story and be 'heard' in a 'safe place'.

We continue to reach out the hand of friendship through:

These and other areas are of vital importance for the church in all it's branches, and for Ireland as a whole.

Page 2

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance

a. Key performance indicators

The charity finished the year with a surplus of £14,068 (2023 - £16,145) and reserves of £280,732 (2023 - £266,664). All funds at the end of the year were unrestricted resources.

b. Review of activities

Our main activities during the year were to:

Continued to bring the Faith and Friendship movement under the umbrella of Restoration Ministries. There are six Faith and Friendship Groups in Northern Ireland. We had quiet days for the 'Friends of Restoration Ministries'.

We hope to continue achieving our objectives in the following year.

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The results for the year are set out in the attached financial statements. It is the policy of the company that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month`s expenditure.

The Directors consider that reserves at this level will ensure that, in the event of a significant drop in funding, or necessary additional expenditure, they will be able to continue the company`s current activities while consideration is given to ways in which additional funds may be raised. During the year and at the year end all general funds under the control of the charity were unrestricted income funds.

Page 3

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Structure, governance and management

a. Constitution

The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 14 October 2002.

The company is governed by its Memorandum of Association dated 14 October 2002 and is now registered as a

charity number 103449 with the Charity Commission NI.

The company has been formally admitted as a charity for income tax purposes. The statutory relief's under s.505 of the Income and Corporation Taxes Act 1988 are admissible on income from 14 October 2002 subject to compliance with the terms of s.505 of the Act.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

c. Financial risk management

The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.

Plans for future periods

The plans for the future continues to be revitalising and renewing people in the community and church.

Members' liability

The company is a company limited by guarantee. The members of the company are the Directors named on page 2. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

Page 4

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Dr Kelvin McCracken Trustee

Date: 22 September 2025

Page 5

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024

Independent examiner's report to the Trustees of Restoration Ministries Limited

I report on the financial statements of the company for the year ended 31 December 2024 which are set out on pages 8 to 22.

Respective responsibilities of charity Trustees and examiner

As the company's trustees (and also the directors of the company for the purpose of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the company is not subject to audit under company law, and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner's statement

I have examined your company accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.

My examination included a review of the accounting records kept by the company and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as company trustees concerning any such matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

  1. that accounting records were not kept in accordance with section 386 of the Companies Act 2006;

  2. that the accounts do not accord with those accounting records;

  3. that the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the 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);

  4. that there is further information needed for a proper understanding of the accounts to be reached.

Page 6

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Independent examiner's statement

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

This report is made solely to the company's Trustees, as a body, in accordance with section 65(3)(a) of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.

Signed: Scott McCullough

Dated: 22 September 2025

Scott McCullough

FCA, Chartered Accountants Ireland

Suite 2.06 Custom House Custom House Square BT1 3ET

Page 7

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024

Note
Income from:
Charitable activities
3
Other trading activities
4
Investments
5
Total income
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2024
£
27,671
995
1,325
29,991
-
15,923
15,923
14,068
266,664
14,068
280,732		 Total
funds
2024
£
27,671
995
1,325
29,991
-
15,923
15,923
14,068
266,664
14,068
280,732		 Total
funds
2023
£
29,382
778
1,093
31,253
569
14,539
15,108
16,145
250,519
16,145
266,664

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 10 to 22 form part of these financial statements.

Page 8

RESTORATION MINISTRIES LIMITED (A company limited by guarantee) REGISTERED NUMBER: NI044385

BALANCE SHEET AS AT 31 DECEMBER 2024

Note
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one
year
13
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
15
Unrestricted funds
15
Total funds		 3,284
108,692
111,976
(2,369)		 2024
£
171,125
171,125
109,607
280,732
280,732
280,732
-
280,732
280,732		 3,832
94,275
98,107
(2,568)		 2023
£
171,125
171,125
95,539
266,664
266,664
266,664
-
266,664
266,664

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

Trustee

Mr Michael Fitch Trustee

Date: 22 September 2025

The notes on pages 10 to 22 form part of these financial statements.

Page 9

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 2024

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 2024

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:

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.

Page 12

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

2. Accounting policies (continued)

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.

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

Unrestricted
funds
2024
£
Prayer Ministry and interdenominational outreach
27,621
Faith and Friendship
50
27,671
Unrestricted
funds
2023
£
Prayer Ministry and interdenominational outreach
29,382		 Total
funds
2024
£
27,621
50
27,671
Total
funds
2023
£
29,382

Page 13

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

4. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2024
£
Book sales
995
Unrestricted
funds
2023
£
Book sales
778
5.
Investment income
Unrestricted
funds
2024
£
Bank interest receivable
1,325
Unrestricted
funds
2023
£
Bank interest receivable
1,093		 Total
funds
2024
£
995
Total
funds
2023
£
778
Total
funds
2024
£
1,325
Total
funds
2023
£
1,093

Page 14

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

6. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2024
£
Prayer Ministry and interdenominational outreach
15,923
Unrestricted
funds
2023
£
Prayer Ministry and interdenominational outreach
14,539		 Total
2024
£
15,923
Total
2023
£
14,539

7. Analysis of expenditure by activities

Prayer Ministry and interdenominational outreach
Prayer Ministry and interdenominational outreach		 Activities
undertaken
directly
2024
£
12,892
Activities
undertaken
directly
2023
£
11,799		 Support
costs
2024
£
3,031
Support
costs
2023
£
2,740		 Total
funds
2024
£
15,923
Total
funds
2023
£
14,539

Page 15

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Prayer
Ministry and
inter
2024
£
Staff costs
3,548
Rent & premises
650
Office expenses
777
Light and heat
2,197
Telephone expenses
951
Maintenance and repairs
3,706
Insurance
1,056
Foreign exchange (gain)/loss
7
12,892
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
2024
£
3,548
650
777
2,197
951
3,706
1,056
7
12,892
Total
funds
2023
£
3,185
623
675
100
1,599
1,021
3,539
1,017
40
11,799

Page 16

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

8. Independent examiner's remuneration

2024 2023
£ £
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts 1,404 1,317
Fees payable to the Company's independent examiner in respect of:
All assurance services not included above 1,445 1,237

Page 17

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

9. Staff costs

2024
£
Wages and salaries
3,548
3,548
The average number of persons employed by the Company during the year was as follows:
2024
No.
Administrative purposes
1		 2023
£
3,185
3,185
2023
No.
1

No employee received remuneration amounting to more than £60,000 in either year.

10. Trustees' remuneration and expenses Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits_(2023 - £NIL)_.
During the year ended 31 December 2024, no Trustee expenses have been incurred_(2023 - £NIL)_.
11. Tangible fixed assets
Freehold
property
£
Cost or valuation
At 1 January 2024 171,125
At 31 December 2024 171,125
Net book value
At 31 December 2024 171,125

Page 18

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

12. Debtors

Due within one year
Prepayments and accrued income
Gift aid debtor		 2024
£
2,282
1,002
3,284		 2023
£
2,397
1,435
3,832

13. Creditors: Amounts falling due within one year

2024 2023
£ £
Accruals and deferred income 2,369 2,568

14. Financial instruments

2024 2023
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 108,692 94,275

Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents.

Page 19

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

15. Statement of funds

Statement of funds - current year

Balance at 1
January
2024
£
Unrestricted funds
General Funds - all funds
266,664
Statement of funds - prior year
Balance at
1 January
2023
£
Unrestricted funds
General Funds - all funds
250,519		 Income
£

29,991
Income
£
31,253		 Expenditure
£
(15,923)
Expenditure
£
(15,108)		 Balance at
31
December
2024
£
280,732
Balance at
31
December
2023
£
266,664

Page 20

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

16. Summary of funds

Summary of funds - current year

Balance at 1
January
2024
£
General funds
266,664
Summary of funds - prior year
Balance at
1 January
2023
£
General funds
250,519
17.
Analysis of net assets between funds
Analysis of net assets between funds - current period
Tangible fixed assets
Current assets
Creditors due within one year
Total
Analysis of net assets between funds - prior period
Tangible fixed assets
Current assets
Creditors due within one year
Total		 Income
£
29,991
Income
£
31,253		 Expenditure
£
(15,923)
Expenditure
£
(15,108)
Unrestricted
funds
2024
£
171,125
111,975
(2,369)
280,731
Unrestricted
funds
2023
£
171,125
98,107
(2,568)
266,664		 Balance at
31
December
2024
£
280,732
Balance at
31
December
2023
£
266,664
Total
funds
2024
£
171,125
111,975
(2,369)
280,731
Total
funds
2023
£
171,125
98,107
(2,568)
266,664

Page 21

RESTORATION MINISTRIES LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

18. 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.

19. 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 2024, are as follows:

Services Services/ Amounts Amounts
/sales to purchases owed from owed to
related from related related related
parties parties parties parties
£ £ £ £
2024 - 2,849 - -
2023 - 2,554 - -

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 2024, the charitable company has not made any provision for doubtful debts relating to amounts owed by related parties (2023: £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 (2023: £nil).

20. Controlling party

The ultimate controlling party of the company is the Board of Directors.

Page 22