Draft Flnancial Statements at 23 July 2024 at 14:34:59 BALLYWILLAN PRESBYTERIAN CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Restrlcted funds funds 2023 2023 Total Unrestricted funds 2022 Reslricted funds 2022 Total 2023 2022 Notes Income and endowments from: Donations and legacies Investments Other income 203,058 2.754 114 133,170 1,774 855 336,228 4,528 969 192,235 1,162 127,399 426 319,634 1,588 Total income 205,926 135.799 341.725 193,397 127,825 321.222 enditure on- Charitable activities 211,468 114,681 326.149 (211.4621 1164,728) 376.190 Net loutgoingifincomlng resources before transfers Gross transfers behveen funds 15,542) 21,118 15,576 (18,065) 136,903) {54,968> (1,063 1,063 3,256 (3,256) Net (expenditurellincome for the y6arl Net movement in funds (6,60S) 22,181 15,576 (14,809) (40,1S9) (54,968) Fund balan$ at 1 January 2023 5,580,078 332,356 5,912,434 5,594,887 372,514 5,967,401 Fund balances at 31 December 2023 5,573,473 3S4,537 5,92B,010 5,580,078 332,355 5,912,433 The ststement of financial activities includes all gains and losses recognised in the year. The statement of financial activitie5 indudes all gains and losses recognised in the year. All income and expenditure derive from continuing aBtivitie5. 11
Draft Financial Statements at 23 July 2024 at 14:34:59 BALLYWILLAN PRESBYTERIAN CHURCH BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible assets Current assets Cash at bank and in hand 10 5,255,547 5.258,872 674,655 653,715 Creditors: amounts falling due within one year 12 (2.192) 1154> Net current assets 672,463 653,561 Total assets less current Ilabllities 5,928,010 5,912,433 Income funds Restricted funds Unrestricted funds 13 354.537 5.573,473 332,355 5,580,078 5,928,010 5,912,433 Thé financial statements were approved by the Trustees on Liz McAuley Trustee Robert Wlson Trustee 12-
Draft Financial Statements at 23 July 2024 at 14:34:59 BALLYWILLAN PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies Charlty Infonnation Ballywillan Presbyterian Church is an unincoTporated entity governed by a Constltutlan. 1.1 Accountlng convention The financial statements have been prepared in accordance with the church's Igoverning document]. the Charitles Act 2011, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" fFRS 102,1 and the Charitles SORP "Accounting and Reporting by Charitles.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The church is a Public Benefit Entlty as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has Involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been wlthdrawn. The financial statements are prepared In sterling, which is the functional currency of the church. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost conventlon, Imodified to include the revaluation of freehold properties and to include investment properties and certain finanGial instruments at fair valuel. The principgl accounting policies adopted are set out below. 1.2 Golng concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the churth has adequate resources to continue in operational existence for the foreseeable future. Thus the Twstees continue to adopt the going concem basis of accounting in preparing the financial ststements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives. Restricted fijnds are subject to Specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out In the notes to the financial statements. Endowment fijnds are subject to specific conditions by donors that the capital must be maintsined by the church. 1.4 Income Income is recognised when the church is legally entilled to it after any perfomiance conditions have been met. the amounts can be measured reliably, and it Is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the church has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donation5 received under Gfft Aid or deeds of covenant is recognised at the time of the donation. Lega¢ies are recognised on receipt or otheTrvise if the church has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 13-
Draft Financial Statements at 23 July 2024 at 14:34:59 BALLYWILLAN PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ounting pollcles {Contlnued 1.5 Expenditure These accounts for the year ended 31 December 2023 for the Ballywillan Presbyterian Church are prepared in accordan with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases= Freehold land and buildings Fixtures and fittings 0% 4Vo Reducing balance The gain or loss arising on the disposal of an asset is determined as the difference betwe&n the sale proceed5 and the carrylng value of the asset. and is recognised in the statement of financial activities. 1.7 Impainnent of fixed assets At each reporting end date, the church reviews the carrying amounts of its tangible assets to detèmiine whether there is any indiGalion that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impaimient loss (if any). 1.8 Cash and cash 8qulvalents Cash and cash equivalents include cash in hand, deposits held at call with bgnks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. Basi¢ financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequenuy carried at amortised cost using the effective interest rnethod unless the arrangement consttiutes a financing transactton, where the transaction is measured at the present value of the future reIpts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities, including creditor5 and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified as payable within one year are not amortised. Debt instrument5 are subsequentty carried at amortised cosL using the effective interest rate method. Trade creditors are obligations to pay for goods or serviS that have been acquired in the ordinary course of operations from suppliers. Amounts payable are dassified as current liabilities if payment is due wilhin one year or less. If not. they are presented as non-()Jrrent liabilities. Trade creditors are recognised initialty at transaction pri and subsequently measured at amortised cost using ihe effective interest method. Derecognition of financlal liabilities Financial liabilities are derecognised when the church's contractual obligations expire or are distharged or cancelled. 14-
Draft Financial Statements at 23 July 2024 at 14:34:59 BALLYWILLAN PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policies (Contlnued 1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Temiination benefrts are recognised irnmediately as an expense when the church is demonstrabty committed to terminate the employment of an employee or to provide termination beneffts. Critical accounting estimates and judgements In the application of the church's accounting policies, the Trustee5 are required to make judgements. estimates and assumptions about the carying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revision5 to accounting estimates are recognised in the period in which the estimate is revised where the revision affects onty that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donatlons and legacies Unrestrlcted Restricted funds funds Total Total 2023 2023 2023 2022 Donations and gifts Other 200,515 2,543 109,471 23,699 309,986 26,242 302,423 17,211 203.058 133,170 336,228 319,634 For the year ended 31 December 2022 192.235 127.399 319,634 Income from investments Unrestricted Restricted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Interest re1vable 2.754 1,774 4,528 1.162 426 1,588 15-
Draft Financlal Statements at 23 July 2024 at 14:34:59 BALLYWILLAN PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Other income Unrestricted Restrfcted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Totsl 2023 2022 Other income 114 855 969 Charftable activities 2023 2022 Stsff costs Depreciation and impairment Cleaning and catering Missions and other Repairs and maintenance Insurance Heat and light Admin costs Stationery and printing Rate5 Financial charges Education and books General expenses 101,575 24,058 297 99,955 37,954 6,942 15,249 6,497 4,445 223 163 116.019 23,14S 523 163,101 29,578 6,100 13,084 4,415 669 201 176 19,179 28,791 326,149 376,190 326,149 376,190 Analysis by fund Unrestricted funds Restricted funds 211,468 114,681 211,462 164,728 326,149 376,190 Forthe year ended 31 Docember 2022 Unrestricted funds Restricted funds 211,462 164,728 376,190 Trustees None of the Trustees (or any persons connected with them) received any remuneration or benefits from the church during the year for their role as a Trustee. 16-
Draft Flnancial Statements at 23 July 2024 at 14:34:59 BALLYWILLAN PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Employees The average monthly number of employees during the year was.. 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries 101.575 116.019 No employee received remuneration in excess of £60,000. There were no employees whose annual remuneration was more than £60,000. Remuneratlon of kay management personnel The remuneration of key management personnel is as follows. Taxation The charity is exempt from tsxation on its activilies because all its income is applied for charitable purposes. 10 Tangible fixed assets Fr¢trhold land Fixture5 and •nd buildings ffttlngs Total Cost At 1 January 2023 Additions 4.761,903 639,338 5,401,241 20,733 20,733 At 31 December 2023 4.761.903 660,071 S,421,974 Depreciation and impairment At 1 January 2023 Depreciation charged in the year 142,369 24.058 142.369 24.058 At 31 December 2023 166.427 166.427 Carrying amount At 31 Dernber 2023 4,761,903 493,644 5,255.547 At 31 December 2022 4,761.903 496,969 5,258,872 17-
Draft Flnan¢ial Statements at 23 July 2024 at 14:34:59 BALLYWILLAN PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 11 Loans and overdrafts 2023 2022 Credit card 212 154 Payable within one year 212 154 12 Creditors". amounts falllng due within one year 2023 2022 Notes Bank overdrafts Trade creditors 11 212 1,980 154 2,192 154 13 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 January 2023 Incoming resources Resources expended Transfers At31 December 2023 332,356 135,799 (114,6811 1,063 354,537 Provlous year. At 1 January 2022 Incomlng resources Rasources expended Transfers At31 December 2022 372,514 127,825 (1 $4,728) 13,256) 332,355 18-
Draft Financial Statements at 23 Juty 2024 at 14:34:59 BALLYWILLAN PRESBYTERIAN CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 14 Unrestricted funds The unrestricted funds ofthe Gharity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantOTS as to how they may be used. These include designated funds which have been set aside out of unrestricted fijnds by the trustees for specific purposes. At 1 January 2023 Incoming resources Resourc8s expended Transfers At31 December 2023 General funds 5,580,078 205,926 (211,468) (1,063) 5,573,473 Prevlous year: At 1 January 2022 Incomlng resources Resources expondod Transfers At31 December 2022 General fvnds 5,594.887 193,397 (211,462) 3,256 5,580.078 15 Analysis of net assets betwoan funds Unrestrlcted funds 2023 Restrlctsd funds 2023 Total 2023 Fund balances at 31 December 2023 are represented by: Tangible assets Current assetsl(liabilitiesl 5,255,547 317,926 5.255,547 672,463 354,537 5,573,473 354.537 5,928,010 Unrestricted funds 2022 Restrlcted funds 2022 Total 2022 Fund balances at 31 December 2022 are reprosented by: Tangible assets Current assetsllliabilitiesl 5,258,872 321,206 5.258,872 653,561 332,355 5,580,078 332,355 5,912.433 16 Related party transactlons A manse and related expenses have been provided for the Minister. 19-