Balance Sheetas at31 Dec 2024 Woodlands Presbyterian Church 2024 2023 No Fixed Assets Current Assets Cash at bank and in hand 177346 129488 No Creditors Net CurrentAssets 177346 129488 Total Net assets 177346 129488 Charity Funds Restricted Funds Uniestricted funds Total Funds 57397 84034 119948 177346 45454 129488
Statement of flnancial activities for the year eniled 31 De¢2024 Woodlands Presbyterian Church Income From Note Unrestrlcted Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Total Funds 2023 Donations and Legacies Charitable Activities Investments Other Income Totallncome 203406 86894 290301 285193 203406 86894 290301 285193 Expendlture on: Charitable Activities Total Expenditure 128912 128912 113531 113531 242443 242443 285640 285640 Net Income ièxpenditurel Before net Ilossesl Gains on investments Gains on investments Net movement In Funds 74494 -26637 47858 447 74494 -26637 47858 .447 Reconciliation of funds Total Funds brought forward Net movement in funds Total Funds Carrled foThvard 45454 84034 129488 129935 -447 129488 74494 119948 -26637 57397 47858 177346 The statement of Financial Activities Includes all gains and losses recognised in the year The notes fo the following pages form partofthese financial statement5
Notes to the Financial Statements For the year ended 31 December 2024 Accounting policles 1.1 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 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act {Northern Ireland) 2008. Ballyclare Congregation of The Presbyterian Church in Ireland meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaclion value unless otherwise stated in the relevant accounting policy. 1.2 Income All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of 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 charity has sufficient evidence that a gift has been left to them Ilhrough 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 Ihat 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 charity, can be reliably measured. Income tax recoverable in relation to inveslment income is recognised at the time the investment income is receivable. other income is recognised in <the 9eriod <n which it is receivable and to the extent the goods have been provided or on completion of the service. 1.3 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, 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 aclivity. Direct costs attributable to a single aclivity 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 beeen 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 ofthe asset's use. Expenditure on charitable a¢tivitie5 is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 1.4 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl(Losses} on investments. in the Statement of Financial Activities.
Accounting policies (continued) 1.5 Debtors Trade and other deblors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 1.6 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 monlhs or less from the date of acquisition or opening of the deposit or similar account. 1.7 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 estimaled reliably. Liabilities are recognised at the amount that Ihe charity 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. 1.8 Financial instruments The charity only has financial assets and financial liabilities of a kind thal qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their fettlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.9 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 charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund.
2 Income from Donation5 and Legacles Unrestricted Fund5 2024 Resiilcied Funds 2024 Total Funds2024 Total Funds 2023 Donatlons Freewill Offering PropertyAccount Mi55ionaryAccount Speclal Collections Loose Collections Glft Aid lrfisc. Donation5 Organisations Income 137171 137171 14477 27231 139910 17126 14477 27231 30371 10342 10402 43861 812 32369 13096 11849 30783 10507 13096 11849.09 38420.16 10507 37549 7637 37549 Legatles Beque51S Legacles Subtotal Detalled Dlsclosure Total 2024 Total2023 196784 88409 285193 3 Income From charttableActllles No Incomefrom CharitableActfvities 4 Investmènt Income No Investment Income S Other Incomlng Rèsour¢e5 No Other Incorne 6Analysls of èxpendlture on CharltableAcllves Summary by Fund Type Unr¢strl¢ted Funrfs 2024 Restrl¢teil Funds 2024 Total 2024 Total 2023 Minister Assessment Congregational running Expense5 Donationsto mission5 and charitles Miscellaneous Investrnent Expenses Audll Fees 40000 22697 190073 32870 17629 111283 17629 196805 85522 28QQ9 28009 TDta12023 214228 71412 285640 7Auditors Remuneration There is noAuditors fee 8 Staft COMS 2024 2023 Wage5 and Salaries Social Securitycosts 31022 3522 8193 51642
The average nurnberof employeE5 etnployed bythe charitydurlng theyearwas as follows 2024 2023 No ernployee recelved rernuneration amountingto morethan 260,000 in eiiheryear. 9 Flxed Asset Investrnenls No Investments held 10 Debtor5 No Debtor5 Ilcredltors No CdItorS 12 SummaryofFund$ Summaryof Funds Currentyear Balance ai i Jan 2024 Income Expenditure Balance ai 31 Dec2024 General Fun(Is Restricted Funds Toial 45454 2Q3406 128912 119948 129488 290301 242443 177346 Summary ol Funds PTevlousYear BaLanceat Ilan 2023 Income Expenditure Balance at 31 Dec2023 General Funds Resirlcted Funds Total 62898 I784 214228 45454 285193 285640 129488 13 RÈConclllaon of Net Movement In Fundsto net cashflowlrom operatlngactlvltles Nei IncomelExpendituretortheyearas per statement oifinanclalactivities 2024 2023 47858 -447 14Artalysl$ of cash and cash equlvalents 2024 2023 177346 129488 15ATraly51s ol changes In net debt At Ilan 2024 Cash flows At 31 Dec 2024 129488 47858 177346 16 Related partyiran5actlons There were no relate(J patytransactions duringthe yeario 31 Dec 2024