COMPANY REGISTRATION NUMBER: N1614721 CHARrrY REGISTRATION NUMBER: NIC104734 North West Methodist Mission Company Limited by Guarantee Financial Statements 31 December 2024 DONALDSON & THOMPSON Chartered Accountants & statutory auditor 3 Limavady Road Londondery BT47 6JU
North West Methodist Mission Company Llmited by Guarantee Flnanclal Statements Year ended 31 D8c8mber 2024 Page Trustees. annu81 report (incorporating the dir8Ctors' report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure account) Statement of financial position 12 16 17 Statement of cash flows 18 Notes to the financial statements 19
North West Methodist Mission Company Llmited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectors. Report) Year ended 31 December 2024 The trustees, who are also the directors for the purposes of company law, present their report and th6 financial sta16ments of the charity for the year ended 31 December 2024. Reference and admlnlstratlvo detslls Reglstered charlty name North West Methodist Misslon Charlty reglstratlon number NIC104734 Company reglstratlon numbor N1614721 Prlnclpal offlco and reglster•d 36 Clooney Terrace offlce Londonderry BT47 6AR The trusteos Mr J Glbson Ms M Hamillon Ms T R Hegarty (Wice Chalr) Mr M Johnslon (Treasurer) Dr W P Leeson Mr J G Lusby Miss J Mccandless Rev P Morris Dr M Parker Rev Dr S F Skuce (Chair) Mrs H Wray Ml38lon Dlrector Llam Milligan Audltor Donaldson & Thompson Chartered Accountants & statutory audltor 3 Limavady Road Londonderry BT47 6JU Bankers Ulster Bank Ltd 29 Clooney Terrace Waterside Londonderry BT47 6AS Sollcltors Babinglons Solicitors 9 Limavady Road Londonderry BT47 6JU
North West Methodist Misslon Company Llmltad by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectors. Report) (¢ontlnu•d) Year ended 31 Decembor 2024 Structure, govarnance and management North West Methodlsl Mission is part of th8 Methodist Church in Ireland and is a charilable company Ilmlled by guarantee, incorporated on 1st October 2012, accepted as a charity by HM Revenue & Customs under reference XT39218 and registered with the Charity Commission for Northern Ireland on 8th February 2017 under charity number NIC104734. The company was estsblished under a Memorandum of Asso¢latlon which slates the objects and powers of the charllable company and Is governed under its Artlcles of Association. In the event of the company being wound up, members are required to contribute an arnount not exceeding £1, North West Methodist Mission Is a provider of Supportlng People services, as accredited by the Northern Ireland Houslng Executive. Govern8nce During the year the Mission Board met quarterly. The Board membership as a whole is noted annually at the Methodist Conference in Ireland. The Board continues to monitor its membership. A skllls audlt of the Board membership has taken place and is reviewed on a regular basls. A Register of Interests for Board Members is also maintain@d. Declaration of interesls Is a standing item on all of the agendas for Board maetings. The Board has devised a Confllcts of Interests Policy as well a5 financlal pollcl89 and procedure8. The Board provides training to Trustees in various areas to ensure good govemance. Board members must 81ways act in the best interests of NWMM and 8s such are covered by qualifying for Ihlrd party indemnity provision, which has been In place throughout the past year and will remain in place. Good Governance training, d81ivered by NICVA, was undertaken during the year by Board Members and the Senior Management team. Followlng the training two new subGommlltees have been established, a Finance and General Purposes Committee and a Human Resource and Terms of Service Commlltee. These replace the Office Bearers group and will serve to enhance the good govemance practice already eslablished and support the work of Ihe Board. The Board commissloned an Independent Salary and Benefrts Benchmarking r8POrt undertaken by Consult HR. It Is plea51ng to be able lo report the exerclse confim)ed the Mission compares extremely favourably within our sector in relation to both rates of pay and terms & conditions. with rates in som8 cases the highest or close to the highest paid. Terms & conditions included looking at benefits such as annual leave, occupatlonal sick pay, pension, confidenlial counselling servlce and health benefits, Agaln It Is pleasing to report the Mission compared well here also. We recenlly enhanced health benefits on renewal of our Insurance cover and all staff now benefit from the enhanced AIG Smarlhealth cover providlng round the clock support to them and their family. Pollcles are review8d and updated on a clrculatory basls and also in response to legislatlve changes, while new policies and procedures are devised as required. In line wlth new requirements the Board wlll review its Safeguardlng of Vulnerable Adults and Chlldren Policy on an annual basis,
North West Methodlst Mission Company Limitod by Guarantee Trustees. Annual Report (Incorporatlng tho Dlrectors. Report) {¢ontlnuod) Year ended 31 December 2024 structure, governance and management (Mntlnuod) Primary Purposes Mission The purpose of NWMM is to demonstrate faith In action by respondlng effectively to the needs of people in the North West and enable them to achieve their potential Vlsion The vlslon of NWMM Is of a society enriched by a commitment to promote social Justlce In all aspects of Ilfe Values Soclal lustlce A commllment to the principles of equallty, solldarfty and human rlghts that recognlses the dignlty of every human belng Empowerment Supporting the development of indlvlduals and comrnunltles to take more responslblllty for. and control of, their own IIv8S Compassion Living our faith in action through selfless concem for others Incluslon & Dlverslty A commltment to a welcoming hospltallty that treats 8V8ryone wlth dignity and respect, celebrates diversity, and enables the marglnalized to f881 they belong Responsiveness Respond 8ffeclively to the changing needs and aspirations of the local community Integrity Being open and transparent in all our activities - dolng what we say and saying what we mean Risk management Durlng 2024 the Mission Board and Senior Management considered the major risks that the charity faces through its strategic planning process. This enables compliance with relevant regulations and legislation. The Mission Board has devised a Risk Register, and this is reviewed at each of our meetings. During the year risk assessments for each occupation81 area reviewed and updated as appropriaté by the Senior Management team. A Fixed Assets list has been completed. In respect of financlal rlsk, the Board receives regular flnanclal reports wlth systems and controls In place to mltlgate significent financlal rlsks. Finance policies are reviewed and updated. Durlng thesa uncertain economlc condllSons. we continue to review our buslness rlsks. The current 8Xt8rnal envlronmenl contlnues to have a slgnlficant impact due to Inflatlon and cost of Ilvlng crlsis. Wa contlnue to maintain positive relatlons wlth our clients, funders and stakeholders.
North West Methodist Mlsslon Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectors. Report) (n(Inu•d} Year ended 31 December 2024 Objactlvos and actlv11198 Prlmary Objectives North West Methodist Mission has within its Slrateglc Plan 2022 - 2027 eighl core objectives: Homelessness To respond effects'vely to homelessness In the North-west. Community To respond effectively to the needs of the local community In the North-west. Collaboratlon To ensure that NWMM collaborates effectively with other churches and organlsalions in achieving its mission. Communlcatlons To @nsur8 8ffectlve communication with NWMM Internal and extemal stakeholders Finance To ensure that NWMM has the financial resources it requires to achieve tts plans and these resources are effectively and efficiently managed. Human Resources To ensure that NWMM has the staff and volunteers Ihal It needs to achieve its plans and these volunt88rs and slaff are effectively utilised, valued, supported and managed. Premises and Physlcal Resources To ansure that NWMM has the premises and other physlcal resources It requlres to achieve Its aims and prlorlllas efficiently and effectlvely and these resources are well managed and maintalned. Governance To ensure that th8 governance and structure of NWMM are fft for purpose and comply with the raqulrements of the law and best practice. Public Benefll The Trustees hav8 considered relevant charlty legislalion, which sets out the requirements for charities lo demonstrate their aims and aclivities are for public benefit. The Trustees confirm that they have had regard to the Charity Commission for Northern Ireland guidance on public benafit. Homeless The direct benefit flowing from our purposes include reduced numbers of men, women and children experiencing homelessness. The support of clients in our 5ervlce to overcome th8 causes that lead to them becoming homeless in the first place, enabllng them to integrate back into the communlty and sustain tenancies. This reduces the pressure on other statutory services as a result of ham) reduction interventions whilst in our service. The wider community benefits due lo a redu¢lion in rough sleeping and antl social behaviour. Soclety benefits as clients acquire skills and become able lo live independently and seek training andlor employment. On the basis of an establlshed track record of providing highly regarded and quality based services, contlnued ac¢reditation by the Nl Housing Execullve. and financial reserves, the Trustees are sallsfled that there are adequate resources avallable to continue operating for the foreseeable future.
North West Methodist Mission Company Llmited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectors. Report) (Contlnuod) Year ended 31 December 2024 Achlovements and performan¢e Current need Th8 D8partment for Communit18s released the latest edltlon of its Housing Bulletin for Sepl8mb8r to December 2024. The statistlcs r8cord yel another rise in the numb6r of households on the social houslng walllng Ilst wlth homelessness status. In December 2024. there were 48,325 households on the social housing waltlng Ilst wlth 30,982 of those households havlng homelessness status. Over the last decade, the number of households on the social housing waillng Ilst has increased by 23 % from 39,338 in March 2015 to 48,325 in December 2024. Over the same period, the number of households with homelessnes8 status has grown from 13,644 households to 30,982. This is an Increase of 127010 over the last deGade. In each of the last ten years, the number of households wlth homelessness status on the Ilst has steadily increased year on y8ar. Belfast City Council has the highest number of households with homelessness status at 9.661. Over the last decade, the number of households in Belfast wllh homelessness status has more than doubled from 4,557 households in March 2015. This is followed by Derry and Strabane Council area with 4,344 households having homelessness status (up by 1170A over the last decade) and Ih8n Newry, Mourne and Down with 2.780 households (up 110 /0 OV8r th8 last decade). Seven of Northern Ireland's eleven councils recorded an Increase In the number of households with homelessness status compared lo Ihe figures recorded on September 30. Performance The delivery of services is against a backdrop of Sncreaslng demand. Men's Hostel Admlsslons Move On Occupancy Referrals 40 38 93.07ts 266 Clarendon Shelter Women & Children Admissions Occupancy Move On Referrals 40 41 141
North West Methodist Misslon Company Limited by Guarantee Trustees. Annual Report (Incorporatlng the Dlrector8' Report) (contlnu•d) Year endad 31 Decembar 2024 Achlevemenl$ and performance (contlnuodj Achievements NWMM has undertaken a revlew of investments and designated funds for the development of move on accommodation during the year. Following the agreement reached with Clooney Hall Church and th8 Methodlst Church In Ireland for the purchase of a propety for the prolect No.34 Clooney Terrace was acqulred. Slnce acquisition the ground floor of the building is being used as a family contact centre operated by the WHSCT. Dlscussions are ongoing Involving a number of stakeholders on the future development and renovation of the property Policy reviews have béen completed wlth a range of policies havlng been raviewed and updated durlng the year. Activitles continue to be delivered and developed to enhance the support provlded lo our clients, these Include.. Afternoon tea's, themed meal nights & qulzzes Daylrips MENTALK Programme aimed at addressing loneliness and social isolation. Cooking nutritious meals on a budget Marking key days and events such as International Women's Day. Mental Health Awareness Day, Volunteers Week, Healthy Eating Week and Homeless Awareness Week We contlnue lo fundraise and develop our social medla profile and presence wlth several key events delivered durlng the year.. The Mission was inslrumenlal in hosting a number of events with key partners in Derry-Londonderry to mark While Ribbon Day, the annual date on which campaigners seek to raise awareness about male violence against women and girls. Since 2020, more than 20 women have died In Northern Ireland as a result of gender-based vlolence. On Sunday 24th November 2024, a Twilight Service of Remembrance was held in Clooney Hall Methodist Church. Thls was an ecumenical service of prayer and remembrance of the women who have died as a result of gender-based violence. Also on Sunday 241h November, Ihe Mayor of Derry City and Strabane District, Coun¢illor Lilian Seenoi-Barr, hosted a civic reception for agencips working to support wornen and girls who have experienced violence and 8buse, including White Ribbon Nl. The event conclud8d with the directors and staff of NWMM, and Its partners signing the Whlte Ribbon Charter. On Tuesday 26th and Wednesday 27th November with the mayorfs support - North Wesl MelhodSsl Mission hosted the 'Breaking Through to Freedom, exhibition in the Gulldh811. 'Breaking Through to Freedom, depicts the artist and poet Talla Sena's individual crealive journey through her own experience of domestic abuse.
North West Methodist Mission Company Llmlted by Guarantee Trustees. Annual Report (Incorporatlng the Dlrectors, Report) (¢ontlnu•d) Year ended 31 December 2024 Achlevement8 and performance (contlnued) Rev. Dr Stephen Skuce, speaking on behalf of the city's church leaders prior lo the While Ribbon events, sald. As Christians, we know that there are no circumstances where violence against women or girls is acceptable. We are committed to helping lo creale a society where all women and girls can live wllhout fear.. The Dlrector of North W8St Methodist Misslon, Llam Mllligan, sald at the time. As a provlder of temporary accommodation service5 and support to women and children fleelng domestic abuse and finding themselves homeless, Ihe Mission is determined to shine a Ilght on the subject and encourage conversation about how we can all help eradicate it from society. We hope the planned events create greater public awareness of the epidemic of violence. abuse, and harm against women and girls, and encourage society to work together to help end it. The Tour de Foyle, our annual cycllng fundr8iser was back bSgger and b8tt6r wlth a family fun run added. A huge thank you to all who took part and to volunteers, marshalls, the Rapld Rellef Team and the Executlve Office without whose support we could not run the event We held a breakfast event durlng Homelessness Awar6ness Wegk whlch included very movlng testimonias from past and present Servlce Users of their 8xperienc8 of homelessness and th9 valuabla support provided by the Mlsslon We continue our Partnership with the United Methodist Church Global Ministries welcoming a second Global Mission Fellow lo the Mission and the City to assist wilh social media, communlcatlons, and our Homelessness Awareness Outreach Programme. We are grateful Tino for his vocation and presence in our Mlssion. We hosted a meellng of the Committee for Communities in our Clooney Centre and hlghllghted our concerns on the upward trend in homelessness figures and the impact the recent budget will have particularly in relatlon to increase in ENIC and the increase to the NMW
North West Methodist Mlsslon Company Llmlted by Guarantee Trustees, Annual Report (Incorporatlng the Dlrectors, Report) (contlnuod) Yaar ended 31 Decembar 2024 Achlev•m•nts and performance (MntInu) What our clSents say about U5. Clarendon Shelter Women & Children "Thank you for all your help and support It Is very much appreclatad" "Thank you to all the glrls from A$hmore house for belng so klnd and helpful. lots of love" "Thanks ft¥r all you do and sp•clal thanks foryour support" ' To the Ashmore team. God bless you for your support and klndness. Keep up the good work. I wlll keep you In my prayern" . As a mum l am etemally grateful to your staff for helplng my daughter get better" "Thank you, Ashmore famlly. Let thls plaque remlnd you that you are all so speclal thmugh and through and thought about so warmly and very often too. You are all so holpful and supportive In a way that wam7s the heart, whatever happens you are Ihere to play your Ihoughfful part. Thank you for your klndness. whlch can never be repald. and for your understanding and the dlfference It mado. We would be lost wlthout you. Love a mother and 2 sons. Men's Hostel. "$taff are frlendly" "was very worried about comlng Into • hostel for the flrst time. Thls 18 not what l expected." 'Staff are always there to talk to" "I f•el safe here" "Staff helped me get an appolntment wlth my GP to get my medlcatlon sorted"
North West Methodist Mission Company Llmlted by Guarantee Trustees, Annual Report (Incorporatlng the Dlrectors. Report) {¢ontInu) Year ended 31 December 2024 Flnanclal revlow Review of activlties 2024 The Slalement of Financial Activities for the year ended 31 December 2024 is set out on page 16 of the Financial Statements. The company returned a surplu5 for the year of £106,186 after other recognised gains and losses. Income generated from the company's aclivilies was £1,702,38012023 - £1,636,999) of which 63°/o was grants from th8 Nl Housing Execulive and the Western Health Social Care Trust. Support services are regulated and funded by the Supporting People policy and fundlng framework. which is admlnlstered by the Northern Ireland Housing Executive. The Mission Board share collective responsibility and are committed to good stewardship of funds received. a high slandard of servlce provision and a prudent reserves policy. The aims and objecllves for 2024 included continuing enhancement of quality servlces, greater participation of residents, the strengthening of reselllement services, actively supporting residents to 'move- on" and to sustsin more independent tenancies. The Mlsslon Board Is pleased to report that significant progress has been made to meet the aims and objectives during 2024. A budget Income and expenditure account including the above objectives is prepared at the start of each financial year and the 2024 objectives were met. A decision was taken by the Trustees lo separate the finances of Clooney Hall Church from NWMM in order to streamline reporting and reduce the burden on church volunteers. The accounts for 2024 reflect this change. The NWMM Board considers it prudent to hold funds In reserve In case unfor8seen clrcumstances should lead to financlal difficulties, which might put the future of Its employment capacity, residents, well-being, general mlssion work and property in jeopardy. R8S8rv8s may be defined as restricted or unrestricted. Restricted reserves relate to surpluses accumulated as a result of a binding restriction by the donor over the use of the income donated. Unrestricted reserves relate to surpluses accumulated from all other sources of income and will be applied to general purposes within the company at the dlscretSon of the Board. Designated reserves refer to that portion of unrestricted reserves which the Board has allocated for a speclfic purpose. The Board conslders 100¥0 of unrestrlcted annual operating costs to be adequate reserve8. Accumulated reserves as at 31 December 2024 were £1,478,892, (2023 - £1,427,552> of which £799.884 were designated funds and £96,880 (2023 - £42,034) were restricted funds. Plan8 for future perlods Continue to provide high quallty temporary accommodation and support to homeless men Includlng harm reduction support through our Men's Hostel. Continue to provide refuge and lemporary accommodation to women fleeing domestic abuse, homeless single women and children via our Clarendon Shelter Services. Continue to work in partnership and build sustainabllity. Explore and research longer-t8rm accommodation solutions for our service users. - Continue to provide oth8r s8rvlces such as the Drop-in Centre and the Parent & Toddlar Group. Further develop Clooney Centre as a community resource Further develop and communlcate the work of the Five Misslons Forum Contlnue to develop and deliver our homelessness education and awareness programme to schools and communlty organisations within the region Continue to invest In the skills and development of our Trustees. staff and volunteers through appropriate training and development opportunilies both on and off the job Continue to ensuro quality standards are understood and mel across the organisalion Ensure our core values and clients are at the centre of all we do
North West Methodist Mission Company Limitèd by Guarantee Trustees, Annual Report (Incorporatlng the Dlrector3' Report) (wntlnu•d) Year ended 31 Dacember 2024 Tru8te8s' responslbllftlos statement The trustees. who are also dlreclors for the purposes of company law, are responsible for preparing the truslees, report and the financial stalemenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounling Practice). Company law requlres the charlly Iruslees to prepare financlal statements for each year which give a true and falr vlew of the slate of affairs of the charitable company and the incoming resources and application of resources, Including the income and expenditure, for that perlod. In preparlng these financlal statements, the trustees are required to: select sultable accounting pollcl88 and then apply them conslstently: observ8 the method8 and principles In the appllcable Charltlos SORP., make judgments and accounting estimates that are reasonable and prudent; prepare the flnanclal statements on the golng concern basis unless It Is inapproprlate to presume that the charlty will continue In buslness. The trust8es ar8 responsible for keeping adequate accounting records that are Sufficient to show and explain the charity's transactlons and disclose wlth reasonable accuracy al any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responslble for safeguarding the assets of the charlty and hence for taking reasonable steps for the prevention and deleclion of fraud and oth8r irregularities. Audltor Each of the persons who is a trustee at the date of approval of this reporl confirms that: so far as they are aware. there Is no relevant audit Information of whlch the charity's auditor Is unaware., and they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to estsblish that the charity's auditor is aware of that Inform8tion. The audltor is deemed to have been re-appointed in accordance wlth section 487 of the Compenies Act 2006, Small company provlslons Thls report has been prepared in accordance with the provSslons applicable to companies entitled to the small companies exemption. 10
North West Methodist Mission Company Limited by Guarantee Trustées, Annual Report (Incorporatlng the Dlrectors. Report) (contlnuodj Year ended 31 December 2024 The trustees, annual report {Incorporating the directors, report) was approved on 21 May 2025 and signed on behalf of th8 board of trustees by.. Mr M Johnston (Treasurer) Trustee 11
North West Methodist Mlssion Company Llmlted by Guarantee Independent Audltor's Report to the Members of North West Methodlst Mlsslon Year ended 31 December 2024 Oplnlon We have audited the financial statements of North West Methodist Mission (the 'charlty') for the year ended 31 December 2024 which comprise the statement of financlal actlvities {including income and expenditure account), statement of financial position, 5talement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework Ihat has been applied in their preparallon is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard appllcable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accountlng Practice). In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 December 2024 and of its incoming resources and application of resources. including its Income and expendlture, for the year then ended; have been properly prepared in accordanc8 With United Kingdom Generally Accepted Accounting Practice,. have been pr8pared In accordance wlth the requlrements of the Companies Act 2006. Bas18 for oplnlon We conducted our audit in accordance with Intemational Standards on Audlting (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further describ6d In the auditor's responslbllltles for the audlt of the financial statements section of our r8POrt. We are independent of the charity in accordance with the ethlcal requirements that are relevant to our audlt of the financlal slat8ments in the UK, Includlng the FRC'S Ethlcal Standard, and the provisions avallable for small entities, in the circumstances set out in note 28 to the financial statements. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained Is sufficient and appropriate to provide a basls for our opinion. Concluslons relatlng to golng concern In auditing the financial stalemenls, we have concluded that the trustees. use of th8 golng concern basis of acGounling in the preparation of the financial statemenls is appropriale. Based on the work w8 have performed, we have not identifled any material uncertalntles relating to events or condllions that, indlvldually or collectiv8ly. may cast significant doubt on the charlly's ability to continue as a golng concern for a period of at least Iwelve months from when the financial statements are authorised for Issue. Our responslblllties and the responslbllltles of tha trustees with respect to golng concern are described In the relevant sectlons of this raport. 12
North West Methodist Mlsslon Company Llmlted by Guaranteè Independent Audltor's Report to the Members of North West Mathodist M16slon (contlnued) Year ended 31 December 2024 Other Infomiatlon The other informatlon comprises the infomatlon Included in the annual report, other than the flnanclal statements and our auditor's report Ihereon. The trustees are responsible for the other information, Our opinion on the flnancial statements does not cover the other Inform8tion and, 8xcept to the extent otherwise explicilly stated In our report, we do not express any form of assurance conclusion thereon. In connectlon with our audlt of the ftnancial statéments, our responsiblllty Is to read the other Information and. In dolng so. consider whether the other informatlon Is materially inconslst8nt wlth the financlal statements or our knowledge obtained In the audit or otherwlse appears to be materially misstated. If we Identify such materlal Inconslstencies or apparent material mlsstslements, we are required to determine whether there is a material misstatement in the financial statements or a material mlsslatement 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 lo report that fact. We have nothing to report Sn thls regard. Oplnlons on other matter8 pre8crlbed by the Companles Act 2006 In our oplnion. based on the work undertaken In the cours8 of the audit: the information given in the trustees, report for the financlal year for which the financlal statements are prepared 18 consistent with the financial statements; and the trustees, report has been prepared in accordance wlth applicabl8 legal requirements. Mattors on whlch we are requlrod to report by oxceptlon In the light of the knowledge and understanding of the chartty and its environment oblalned In the course of the audit, we have not idenlified materlal misstatements in the trustees. report. We have nothing to report In respect of the followlng matters In relation lo whlch the Companie5 Act 2006 requlres us to report to you If, In our opinion: adequate accounting records have not been kept, or relums adequate for our audlt have not been recelvgd from branches not visited by us; or the financial stat8ments are not in agreement with the accounting records and returns,. or certain disclosure5 of trustees, remuneration sp8cSfied bylaw are not made,. or we have not received all the information and explanations we require for our audll., or the trustees w6re nol entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small companies, exemptions in preparing the directors. report and from the requlrement to prepar8 a strategic report. 13
North West Methodist Mlsslon Company Llmlted by Guaranteè Independent Audltor's Report to the Members of North West Methodlst Mlsslon (¢onllnued) Year ended 31 December 2024 Responslbllltles of trusteos As gxplalned more fully In the trustees, responsSbllltles statement, th8 trustees (who are also the directors for the purposes of company law) are responsible for the preparation of Ihe flnanclal statements and for belng satisfied that they give a true and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparatlon of financial statements that are free from material misstatement. whether due to fraud or error. In preparlng the flnanclal statem8nts, th8 trustees are responsible for assesslng the charity's ability to contlnue as a going concern, dlsclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to Ilquidate the charlty or to cease operations, or have no reallstlc alternative but to do so. Audltor's rosponslbllltles lor the audft of the flnanclal 8tstem•nts Our objectives are to obtain reasonable assurance about whether Ihe financial statemenls as a whole are free from materlal misstalement, whether due lo 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 audll conducted in accordance wlth ISAS {UK} will always dalecl a material misstalemont when It exists. Misstatements can arlse from fraud or error and are considered materlal if, Individually or in the aggregale, they could reasonably be expected to influenGe the economic decisions of users taken on the basis of theso financial statements. Irregularities, includlng fraud, are Instances of nOnOmplI8nce with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mlsstatemenls in respect of irregularllies, including fraud. The extent to which our procedures are capable of detectlng irregularities, including fraud is detailed below: Because of the inherent limitations of an audit, there is a rlsk that we will not detect all irregularitie5, including those leading to a material misslalemenl in the financial statements or non-compllance wlth regulation. This risk increases the more that compliance with a law or regulatlon is removed from the events and Iransactions refl8Cted In the financial statemenls, as we will be less likely to become aware of instances of non-compliance. The risk Is also greater regarding irregularities occurrlng due to fraud rather than error, as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. As part of an audit In accordance wlih ISAS (UK), we ex8rcls8 professional judgment and malntaln professional scepticism throughout the audit. We also: Identify and assess the risks ol material misstatement of the financlal stalemenls, whether due to fraud or error. design and perform audit procedures responsive to those rlsks, and obtain audil evidence that is sufflclent and appropriate to provide a basis for our opinion. The risk of not detectlng a m8leri81 misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentlonal omissions, misrepresentations, or tho override of Inlernal control. Obtaln an understandlng of Internal control relevant to the audlt In order to design audlt procedures that are appropriate In the circumstances, but not for the purpose of expressing an opinion on the effectlveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estlmates and related disclosures made by th8 trustees. 14
North West Methodlst Mission Company Limited by Guarantee Independent Audltorfs Report to the Members of North Wast Methodlst Mlsslon (conllnu•dJ Year ended 31 December 2024 Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exlsts related to events or conditions that may cast slgnificant doubt on the charity's ablllty to continue as a going concern. If we conclude that 8 material uncertalnty exlsts, we are required to draw attention In our auditor's report to the related dlsclosures in the financial statements or, if such disclosure5 are Inadequate, to modrfy our opinion. Our conclusions are based on the audlt evld6nce obtalned up to th8 date of our audltorfs report. However. future events or condltions may cause the charlty to cease to continue as a golng concern. Evaluate the overall presentation, structure and content of the financial statements, includlng the dlsclosures, and whether the financial slalements represent the underlylng transactions and events in 8 manner that achieves fair presenlatlon. We communScat8 w6th those charged with govemance regardlng, among other matters, the planned scope and timing of the audlt and slgnificant audit findings. Includlng any slgnlflcant deficiencies in Internal control that we identify during our audlt. Use of our report Thls report Is made solely to the charity's members. as a body, In accordance wlth Chapter 3 of Part 16 of the Companies Act 2006. Our audll work has been undertaken so that we might stale to the charity's members those matters we are requir8d to state to Ihem in an auditor's report and for no other purpose. To the fullest extent pemiited by law, we do not accept or assume responsibility to anyone other than the charity and the charlty's members as a body, for our audlt work, for this report. or for the oplnlons we have formed. Allstsir Sterrltt (S8nlor Statutory Audltor) For and on behalf of Donaldson & Thompson Chartered Accountants & statutory auditor 3 Limavady Road Londonderry BT47 6JU 21 May 2025 15
North West Methodlst Mission Company Llmited by Guarantee Statement of Flnanclal Actlvltles (including Income and expendlture account) Year ended 31 Decembér 2024 2024 Restrlcted funds Total funds Total funds 2023 Unrestricted funds Nots Income and ondowments Donations and legacles Charitable activities Other tradlng activities Investment income 13,309 694.845 3.972 11,042 13,309 1,674,057 3,972 11,042 21,181 1,601,901 4,448 9,469 979.211 Total Income 723,168 979,211 1,702,380 1,636,999 Expendlture Expenditure on ralslng funds: Costs of other trading activities Expenditure on charitable activities Total expendlture 635 687.064 635 1,618,807 1,619,442 347 1,715,369 1.715,716 10,11 931,742 687.699 931,742 Not Incomel(expendfturn) 35.469 47,469 82,938 (78,717) Transfers between funds (7.377) 7,377 Other recognlsod galns and108808 Gains from rèvaluation of fixed assels 23,248 23,248 106,186 27,384 (51,333) Net movement In funds 51,340 54,846 Roconclllatlon of fund8 Total funds brought forward Total funds carrled forward 1,427,552 42,034 1,469,586 1,575,772 1,520,919 1,478,892 96,880 1,469,586 The statement of financlal activities Includes all galns and losses recognised In ihe year. All Income and expenditure derlve from continulng actlvities. Tho nolo8 on pago• 19 to 31 fomi part of th080 flnanclal $tatemenl8. 16
North West Methodist Mission Company Llmlted by Guarantee Statement of Flnanclal Posltlon 31 December 2024 2024 2023 Nota Flxed assets Tangible fixed assets 16 152.174 16,963 Current assets Debtors Investments Cash at bank and in hand 17 18 127,277 672,076 774.572 65.387 648,828 949,471 1,573,925 1,663,686 Credltors: amounts falllng duo wlthln one year Net current a880t8 20 150,327 211,063 1,423,598 1.452,623 Total a88et8 less current Ilabllltle8 1,575,772 1,575,772 1,469,586 Net assets 1,469,586 Funds of thè Charlty Restricted funds Unrestricted funds., Revaluation reserve Other unreslricled income funds 96,880 42,034 50,632 1.428,260 27,384 1,400,168 Total unrestrlcted funds 1,478,892 1,427.552 Tolal charlty fund8 1,575,772 1,469,586 These flnanclal statements have been prepared in accordance with the provlslons appllcable to companies subject to the small companies, regime. These financial statements were approved by the board of trustees and authorised for issue on 21 May 2025. and are signed on behalf of the board by: Mr M Johnston (Treasurer) Trustee Rev Dr S F Skuce (Chair) Trustee The notes on pag08 19 to 31 fomi part of these flnanclal statemant8. 17
North West Methodist Mission Company Limited by Guarantee Statement of Cash Flows Year 8nd8d 31 December 2024 2024 2023 (rnstalod) Not• Cash flow8 from op8rallng actlvltlos Net incomel(expenditurel 82.938 <78.717) Adjustmenls for.. Depreciation of tanglble flxed assets Dlvldends, interest and ronts from investments Accrued income 11,818 (11,0421 (14,400) 7,069 19.469) (7,328) Change51n.' Trade and other debtors Trade and other creditors (54,513) (51,954) {37,153) (37,153) 16,976 24,011 Cash generated from operatlons Net cash used In operating activities (47.458) (47,458) Cash flows from Investlng a¢tlvlll•s Dividends, Inlerest and rents from investments Purchase of tangibl8 assets Other Investing cash flow adjustrnent Net cash (used In)Ifrom Investing activities 11,042 (147,029) 9,469 (9,087) 35,554 (135,987 35,936 Nel decrease In cash and cash equlvalents Cash and cash oqulvalents at beginning of year Cash and cash oqulvalents at ond of year (173,140) 944,032 770,892 111,522) 955,554 19 944,032 The notes on pago• 19 to 31 fomi part of the80 flnan¢lal 8talomenls. 18
North West Methodist Mlsslon Company Limited by Guarantae Notes to the Flnanclal Statements Year ended 31 December 2024 Gonaral Infomiatlon The charity Is a publlc benefit entity and a private company limited by guarantee, registered in Northern Ireland and a r89istered charity in Northern Ireland. The address of the registered office is 36 Clooney Terrace. Londondery. BT47 6AR. Statemont of compllance These financial statements have been prepared in compliance wlth FRS 102, 'The Financial R8portlng Standard applicable in the UK and the Republic of Ireland,, the Statament of ReGommended Pracllce applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard applicable In the UK and Republic of Ireland (FRS 102) {Charitles SORP (FRS 102)) and the Companles Act 2006. Accountlng pollcles Basls of preparallon The financial statements have been prepared on the historical cost basis, as modlfied by the revaluation of certain financial assets and liabiliti8s and investment properties measured at fair value through income or expenditure. The flnanclal stslements are prepared in sterling, whlch Is the functional currency of the entity. Golng concern There are no materlal uncertainties about the charity's ablllty to contlnue. Judgements and key 8ourc•$ of •stlmatlon uncertalnty The preparation of the financlal statements requires management to make ludgements, estlmales and assumptions that affect the amounts reported. These estimates and judgemenls are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Fund accountlng Unrestrlcted funds are available for use at the discr8tlon of the trustees to further any of the charlty's purpos8S. Designated funds are unrestricted funds earmarked by the trustees for partlcular future project or commltment. Restrlcted funds are subjected to restrictlons on thelr expendlture declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. 19
North West Methodist Mlsslon Company Llmltad by Guarantee Notes to the Flnanclal Statements (conilnu•d) Year ended 31 December 2024 Accountlng policies (conllnuodj Incomlng resource8 All incoming resources are included in the statement of financial actlvllies when entitlement has passed lo the charity., It Is probable that the economlc benefits associated wllh the trans8Ctlon will flow to the charlty and the amount can be reliably measured. The followlng speclflc pollcl88 are applled to partlcular categorles of income: Income from donations or grants is recognised when there is evidence of entltlement to the glft, recelpt Is probable and its amount can be mea5ur8d rellably. legacy income is recognised when recelpt Is probable and entillement Is established. Income from donated goods is measured al the falr value of the goods unless Ihis Is impractlcal to measure reliably, in which case the value is derived from the cost to the donor or the 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 for the contributlon of general volunteers. income from contracts for the supply of servlces is recognised wlth the dellvery of tha contracted service. This Is Classified as unrestricted funds unless there Is a contractual requirement for it to be spent on a particular purpose and relurned if unspent, in which cas8 11 may be regarded as reslricled. Ro8ource8 exponded Expendlture Is recognised on an accruals basis as a Ilablllty Is Incurred. Expenditur8 Includes any VAT which cannot be fully recovered. and Is Classified und8r headings of the ststemenl of flnanclal activities to whlch It relates: expenditure on raising funds Includes the costs of all fundraising actlvltles, events, non-charitable trading activities. and the sale of donated goods. expenditure on charitable activitie5 Includes all Costs incurred by a charity in underlaking actlvlties that further its charitable aims for the benefit of ils beneficlaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. other exp8nditur8 Includ89 all expenditure that Is neither related to ralslng funds for th8 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 lo a single activity are allocated directly to that activity. Shared costs are apportioned between the activilles they contribute lo on a reasonable, justifiable and conslslent basls. Tanglble assets Tanglble assets are initially recorded al cost, and subsequently staled al cost less any accumulated depreciation and Impaimient losses. Any tangible assets carried al ravalued amounts are recorded at the falr value at the date of revalualion less any subsequent accumulated depreciation and subsequent accumulated impairment losses. 20
North West Methodist Mlssion Company Llmlted by Guarantee Notes to the Flnanclal Statements (¢ondnuod) Year ended 31 Decamber 2024 Accountlng pollcles (contlnuedj Tanglble assets (¢ontlnu•d) An Increase in the carrying amount of an asset as a result of a revaluation. is recognised in other recognisad galns and losses, unless it reverses a charge for impairment that has previously been recognlsed as expenditure wlthln the statement of financial actlvities. A decrease in the carrying amount of an asset as a result of revaluation. Is recognised in oth8r recognlsed galns and losses, except to which It offsets any previous revaluation galn, In which case the loss Is shown wlthln other recognised gains and1055es on the slalernent of financial aclivltl88. Depreclatlon Depreciation is calculated so as to write off the cost or valuailon of an asset, less Sts residual value, over the useful economic life of that asset as follows: Bulldlngs Fixtures & flttlngs Motor Vehicles Equipment 2Yo Stralght Ilne 200/0 Straight Ilne 33Vo Straight line 33% straight line Impalrm8nt of flxod a88Ots A review for indlcators of Impalmient Is carried out at each reporting date. with the recoverable amount being estimated where such Indicators exist. Where the carrylng value exceeds the r8coverable 8mount, the asset is impaired accordlngly. Prior impairments are also reviewed for possible reversal at each reportlng date. For the purposes of Impalrment testing, when it is not posslble to estimate the racov8rab18 amount of an individual asset. an estlmate Is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest Identlfiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impalrment testlng of goodwlll. the goodwlll acqulred in a business comblnatlon Is, from tha acqulsitlon date, allocat&d to each of the cash-generating unlls that are expected to benefit from the synergles of the combination, irrespectlve of whether other assets or Ilabllities of the charity are assigned to those unlts. Flnanclal Instrument8 A financial asset or a financlal Ilablllty is recognised only when the charity becornes a party to the contractual provlslons of the instrum8nt. Baslc flnanclal Instruments are initially recognlsed at the amount recelvabl8 or payable Including any related transaction costs. Current assets 8nrJ current liabllllies are subsequently measured at the cash or othar conslderation expected lo be paid or received and not dlscounted. Debt instruments are subsequently measured al amortised cost. 21
North West Methodist Misslon Company Llmlted by Guarantee Notes to the Flnanclal Statements (conllnu•d) Year ended 31 Decembar 2024 Accountlng pollclas {conllnued) Flnanclal Instruments (conllnu•d) Where investments In shares are publicly traded or their fair value can Olherwise be measured rellably, the Investment is subsequently measured at falr value wlth changes In falr value recognised In income and expenditure. All other such Investrnents are subsequently measured at cost less impairment. Other flnanclal instruments, including derivatives. are initially recognised at fair value, unless payment for an asset is deferred beyond nomial business terms or financed at a rate of Interest that is not a market rate, In which case the asset Is measured at the pr8$8nt value of the futur8 payments dSscountèd at 8 market rate of Interest for a similar debt Instrument. Other financial instruments are subsequently measured at falr value, with any changes recognised in the statement of financial activities, with Ihe exception of hedglng Instruments in a designated hedglng relats'onship. Flnancial assets Ihal are measured at cost or amortised cost are revlewed for objectlve evldence of impairment at the end of each reporting dat8. If there is objeclive evidence of impaifment, an impairment loss Is recognised under the appropriate heading In the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of s5gnSficance. and other ftnanclal assets that ar8 individually slgnlficant, these are assessed individually for Impairment. Other financial assets are elther assessed indlvldually or grouped on the basls of similar credlt risk characterlstlcs. Any reversals of impalrment are recognised Immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrylng amount would have been had th8 impainnent not previously be&n recogni88d. Daflned contribulion plans Contrlbutlons to defin8d contrlbutlon plans are recognlsed as an expense in th8 perfod In whlch the relat8d servlce is provided. Prepald contributions are recognised as an asset to the extent that the prepayment wlll lead to a reduction In future payments or a cash refund. When contrlbutions are not expected to be settled wholly withln 12 months of the end of the reporting dale in which the employees render the relale(I service, the Ilabiliiy is measured on a discounted present value basis. The unwinding of the discount is rocognlsed as an expens8 in the perlod In which it aris8S. Llmlted by guarantee North West Methodlst Mlsslon Is a company limlted by guaranteé and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as rnay be required not exceeding £1 to the assets of the charitable company in the evenl of its being wound up whlle he or she Is a member, or within one year aft6r he or she ceases to be a member. 22
North West Methodist Misslon Company Limited by Guarantee Notas to the Flnanclal Statements (¢onllnued) Year ended 31 December 2024 Donatlons and legacles Unreslrlcled Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 (rnstated) Donatlons Misslon donations 13,309 13,309 21.181 21,181 Charltable actlvltles Unrestrided Funds Restricted Total Fund8 Funds 2024 Grant income - Supporting People Grant income - W.H.S.C.T. Hostel accommodallon & personal charges Room hire & related income Project & activities income 973,637 973,637 99,150 560,603 32,055 8,612 1,674,057 99.150 560,603 32,055 3,037 5.574 694,845 979,211 Unrestrfcled Funds Restricted Total Funds Funds 2023 frnslatod) Grant income - Supportlng People Grant income - W.H.S.C.T. Hostel accommod81ion & personal charges Room hire & related income Project & activities income 893,706 893,706 92,010 550,696 30,540 34,949 92.010 550,696 30,540 3,432 31,516 676,678 925.222 1.601,901 Other tradlng actlvltles Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 (r•$talgdJ Fundralslng evenl$ Provision of support services 3.972 3,972 4,345 103 4,345 103 3,972 3,972 4,448 4,448 23
North West Methodist Mission Company Llmlted by Guarantee Notes to the Flnanclal Statam8ntS (¢ontlnu•d) Year ended 31 December 2024 Investmont Income Unrestricted Totsl Funds Unrestricted Totsl FLtnds Funds 2024 Funds 2023 (r•st41odJ Income from listed investments Income from cash investments 2,080 8,962 2,080 8,962 1,958 7,511 1,958 7.511 11,042 11,042 9,469 9,469 Costs of other tradlng activltles Unreslrfcted Total Funds Unrestricled Totsl Funds Funds 2024 Funds 2023 (r•stal•d) Fundralsing costs 635 635 347 347 10. Exp•ndlture on charltablo a¢tlvlt5es by fund typ• Unrestricted Funds Reslricted Total Funds Funds 2024 Clooney Hall activities General charitable Clooney Church Homeless Servlces 34 Clooney Support cost8 64,714 58.024 64,714 58,024 522.337 7.526 34,463 875,366 1,397,702 7,526 90,841 56,378 687.064 931,742 1,618,807 Unrestrbcted Funds Restrlcted Total Funds Funds 2023 (r•st4ted) Clooney Hall activilles General charitable Clooney Church Homeless Services 34 Clooney Support costs 60,576 47.471 123,608 519,926 60,576 47,471 123,608 1,417,350 897,424 52,098 14,265 66,364 803,679 911.689 1,715,369 24-
North West Methodist Mission Company Limited by Guarantee Notes to the Flnanclal Statemants l¢onllnuod) Year ended 31 December 2024 11. Expendlture on charltabl• actlvltles by actlvlty type Aclivilles undertaken directly Support Total funds cosls 2024 Total fund 2023 Clooney Hall acllvities General charitable Clooney Church Homeless S8rvlc88 34 Clooney Governance costs 64,714 58.024 136 1,412 64,850 59,436 60,671 47,852 123,608 1,464,635 1.397.702 7,526 49,642 2,730 36,921 1,447,344 10,256 36,921 1,618,807 18,603 1,527,966 90,841 1,715,369 12. Analysls of support costs Support costs Tolal 2024 Total 2023 Finance costs Governan¢8 Costs Othar Support costs 991 36.922 53.069 991 36,922 53,069 971 18,602 46,791 90.982 90,982 66,364 13. Net Incomel(expondlture) Net Sncomel{exp8ndilure} is staled after charglngl(crediting): 2024 2023 (rnstat•d) Depreclatlon of tsngible fixed assets Faes payable for the audit of the financial statemenls 11,818 11,434 7,069 11,670 14. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows: 2024 2023 (resl4ted) Wages and salaries Social security costs Employer contributions to pension plans 1,083,366 85,482 24,567 1,035,608 79,762 24,568 1,193,415 1,139,938 The average head count of employees during the year was 42 <2023.. 44). The average number of full-time equlvalent employees during the year is analysed as follows.. 2024 2023 Number of staff 42 25
North West Methodlst Mlssion Company Limited by Guarantee Notes to the Flnanclal Statements (eontlnu•d) Year ended 31 December 2024 14. Staff costs (¢ontlnu•d) The number of employees whose remuneration for the year fell wlthln the following bands, were: 2024 2023 No. £60,000 to £69,999 Koy Managemont Personnol Key management personnel include all persons that have authorlty and resF)onsibility for planning, directing and controlling the activities of the charlly. The tolal compensation paid to key management personnel for services provided to the charity was £245.867 (2023:£228,304). 15. Trustee romunerallon and •xpenses No expenses, remuneration or other benefits from employment with the charily or a related entity were received by the trustees. 16. Tanglble flxed assets Land and Fixtures and buildings fi'ttings Motor vehicles Equipment Total Cost At 1 January 2024 (as restaled) Addltlons 105.031 4,166 20,125 25,561 6,348 150,717 147,029 297,746 136.515 At 31 December 2024 136,515 109.197 20,125 31,909 Depr•¢l8tlon At 1 January 2024 Charge for the year At 31 December 2024 88.957 6.256 20,125 24,672 2,832 27,504 133,754 11,818 2,730 2.730 95,213 20,125 145,572 Carrylng amount At 31 December 2024 133,785 13,984 4,405 152,174 At 31 December 2023 16,074 889 16,963 17. Debtors 2024 2023 (r•st•t8d) Trade debtors Prepayments and accrued Income Other debtors 11,148 68,290 47,839 10,553 60,192 {5,358} 65,387 127,277 26
North West Methodist Misslon Company Llmlted by Guarantee Notes to the Flnanclal Statements (condnu•d) Year ended 31 December 2024 18. Investments 2024 2023 (r•slated) Listed investments Unllsted Investments 38,106 633,970 41,860 606,968 672,076 648,828 19. Ca8h and cash equlvalents Cash and cash equlvalents comprlse the following: 2024 2023 (re&l*l•d) Cash at bank and In hand Bank overdrafts 774,572 (3,680) 770,892 949,471 (5,439) 944.032 20. Cr8dltor8: amounls falllng due wlthln ono year 2024 2023 (rvstated) Bank loans and overdrafts Trade creditors Accruals and deferred income Social securily and other taxes Other creditors Other credltors 3,680 13,324 37,019 29,987 49,872 16,445 5.439 61,523 44,042 27,599 48,092 24,368 150.327 211,063 21. Penslons and other post retlrement bengflt$ Deflned contrlbutlon plans The amount r6cognlsed in income or expendlture as an expanse In relation to d8fined contribution plans was £24.567 (2023.. £24,568). 27
North West Methodist Misslon Company Limlted by Guarantee Notes to thé Flnanclal Statemants (¢ondnu•dl Year ended 31 December 2024 24. Flnanclal Instruments Flnanclal assets that are debt Instruments measured at amortlsed cost 2024 2023 Trade debtors Cash at bank and in hand Investments 11,148 774,572 672,076 10,553 949,471 648,828 Total 1,457,796 1,608,852 Financial Ilabilities measured at amortised cost 2024 2023 Tr8de credltors Credlt card 13,324 3,680 61,523 5.439 Total 17,004 66,962 25. Prlor yaar adJu8tment8 The Statement of Financlal Position and assoclaled notes in respect of the previous year hav8 been reslaled due to changes in the classification of restricted funds in accordance wlth agreements from funders. 26. Analy818 of changes In n•t dobt At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash at bank and In hand Bank overdrafts Current asset investments 949,471 {5,439) 648,828 (174,899) 1.759 23.248 774,572 13,680) 672,076 1,592,860 {149,892) 1,442,968 27. Related partS•s During the year the charity entered Into the following transacllons with related parties.. Balanco owed byllowed Transactlon valu8 tol 2024 2023 2024 2023 Peyment In respect of church assessment contrlbutlons Payment In respect of pastoral support Receipts in respect of administratlon expenses recharged 36,570 30,180 30.180 (103) 30
North West Methodist Mlssion Company Llmlted by Guarantee Notes to the Flnanclal Statements (condnu Year ended 31 December 2024 27. R•lated partles {contlnuedJ As detailed above, during the year North West Methodisl Mission made payments lo and recelved amounts from the Londonderry, Inishowen, Limavady and Strabane Mission Circuit, an organlsation which is also governed by the Methodist Church in Ireland and whlch has som8 officials who are also directors of North West Methodist Mission. North West Methodlst Mlsslon Is under the dlrectlon of the Methodlst Church In Ireland. During the year the Methodlst Church In Ireland continued to Invest funds with Epworth Investment Management on behalf of the company. At the year end these funds were valued at £633,970 (2023: £606,968). 28. Ethlcal standards In common with many other charities of our slze and nature W8 use our auditors to assist with the preparation of the f5nanclal statements. 31