Ballywillan Presbyterian Church Statement of Financial Activities including Income and Expenditure Account for the vear ended 31 December 2024 Unrestricted funds 2024 Restricted funds 2024 Total Unrestricted funds 2023 Restrirted funds 2023 Total 2024 2023 Notes Income and endowment5 from: Donations and legacies Investments Other Income 219,031 16&395 L456 203.058 133.170 1,774 855 336,228 4,528 5.937 114 Totsl Income 223,610 167,851 391,461 205,926 135,799 341,T25 Expenditure on: Charitsble Artivities 150,528 593,814 211,468 114,681 326,149 Net {out8oing}lln¢omln resour￿5 before transfers 71082 1275,435) 1202,3531 15,5421 21,118 15,576 Gross transfers between funds 10,693 {10,693) 11.0631 1,063 Net {expenditure)fincome for the yearl Net movernent in funds 83,775 {28￿￿8) 1202.353) 16.El]51 22,181 15.576 Fund balances at I January 2024 5,573,473 354.537 5.92&010 5.580.078 332.356 5.911434 Fund balances * 31 December 2024 5,657,248 5.725.657 5,573.473 354,537 5.928.010 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from contributing activities. Ballywillan Presbyterian Church Balance Sheet As at 31 December 2024 2023 Notes Fixed Assets Tangible Assets 10 5.265.934 5,255,547 Current Assets Cash at bankand in hand 459,796 674,655 Creditors.. Amounts falling due within one year (2,192) 459.723 672,463 5.725.657 5,928,010 Income Funds Restricted Funds Unrestricted funds 13 354,537 5,573,473 5,657,248 5,725.657 5,928 010 The financial statement were approved by the Trustees on Liz McAuley Trustee Robert Wilson Trustee Ballywillan Presbyterian Church Notes to the Financial Statements for the vear ended 31 December 2024 Accounting policies Charity infomiation Ballywillan Presbyterian Church is an unincorporated entity governed by a Constitution. 1.1 Accounting convention The financial Statements have been prepared in accordance with the church's Igoverning documentl. the Charities Act 2011, FR5 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" "FRS 102,1 and the Charities SORP Accounting and Reporting by Charities- Statement of Recommended Practice applicable to cha rities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (effective l January 20191. The church is a Public Benefit Entity as defined by FRS 102. The financi31 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 Regulation5 but which has since been withdrawn. 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 convention, Imodified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair valuel. The principal 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 church has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objective5. Restricted funds 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 funds are subject to specific conditions by donors that the capital must be maintained by the church. 1.4 Income Income is recognised when the church is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donation5 are recognised on receipt. Other donation5 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 donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise 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. Ballywillan Presbyterian Church Notes to the Financial Statements (continued) for the ear ended 31 December 2024 Accounting policies (continued) 1.5 Expenditure These accounts for the year ended 31 December 2024 for the Ballywillan Presbyterian Church are prepared in accordance 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 recogni5ed 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 0% Fixtures and fittings 4% Reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairnient of fixed assets At each reporting end date, the church reviews the carrying amounts of it5 tangible assets to determine whether there is any indication that those assets have suffered an impairment105s. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss {if any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, 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. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are Subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslc financial liablllties Basic financial liabilities, including creditors and bank loans are initially recogni5ed 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 liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilltles Financial liabilities are derecognised when the church's contractual obligations expire or are discharged or cancelled. Ballywillan Presbyterian Church Notes to the Financial Statements (continued) for the ear ended 31 December 2024 Accounting pollcles (continued) 1.9 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the church is demonstrably committed to terminate the employment of an employee or to provide termination benefit5. Critical accounting estimates and judgements In the application of the church's accounting policies, the Trustees are required to make judgement5, estimates and assumption5 about the carrying amounts of a55ets 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. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Donations and legacies Unrestrlcted Funds Restrirted Funds Total Total 2024 2024 2024 2023 Donations and gifts Other 212.783 102,893 63￿02 315.676 69.750 309.986 26.242 219.031 166395 385.426 336.228 For the year ended 31 December 2023 203.058 127.389 336.228 Income from Investments Unrestrlcted Restrlcted funds funds 2024 2024 Total un￿StrICted funds 2023 Restricted funds 2023 Total 2024 2023 Interest Receivable 4,481 1,456 5,937 2,754 1,774 4,528 Ballywillan Presbyterian Church Notes to the Financial Statements (continued) for the ear ended 31 December 2024 Other Income Unrestrirted Restricted funds funds 2024 2024 Total Unrestricted funds 2023 Restricted funds 2023 Total 2024 2023 Other Income 98 114 855 969 Charitable activities 2024 2023 Staff costs Depreciation and impaiment Cleaning and catering Missions and other Repair5 and maintenance Insurance Heat and light Admin costs Stationery and printing Rates Financial Charges Educations and books General expenses 64,517 21,001 104,575 24,058 297 99.955 37,954 6.942 15,249 6,497 4,445 223 163 125370 295,207 7.301 15,714 6,216 3,142 1,176 iio S3￿79 28,791 593,814 329,150 Analysls by fund un￿ stricted funds Restricted Fund5 150.528 443,286 211,468 114,681 593A14 326,149 Trustees None of the Trustees lor any persons connected with them) received any remuneration or benefits from the church during the year for their role as a Trustee. Ballywillan Presbyterian Church Notes to the Financial Statements (continued) for the ear ended 31 December 2024 Employees The average monthly number of employees during the year was., 20Z4 Number 2023 Number Employment C05t5 2024 2023 Wages and salaries 64.517 104,575 No employee received remuneration in excess of £60,000 Remuneratlon of key management personnel The remuneration of key management personnel is as follows. Taxatlon The charity is exempt from taxations on its activities because all its income is applied for charitable purposes. 10 Tangible fixed assets Freehold land Yixture5 and and building5 Fitting5 Total Cost At l January 2024 Additions 4,761,903 660,071 31,388 5.421,974 31,388 At 31 December 2024 4,761,903 691,459 5,453,362 Depreciation and Impalrment At l January 2024 Depreciation charged in the year 166,427 21,lJOI 166,427 21,CN)I At 31 December 2024 187,428 187,428 Carrying Amount At 31 December 2024 4.761,903 504,031 5,265,934 At 31 December 2023 4,761.903 493,644 5,255,547 11 Loans and overdrafts 2024 2023 Credit card 212 Payable within one year 212 Ballywillan Presbyterian Church Notes to the Financial Statements (continued) for the vear ended 31 December 2024 13 Restricted funds The restricted funds of the charity comprise the unexpende balances of donationsand grants held on trust Subject to specific conditions by donors as to how they may be used. At ljanuary 2024 Incoming re50urce5 Re50urce5 expended Tran5fer5 At31 Decernber 2024 354,537 167,851 1443.286) 110.693) 68.409 Prevlous year At l January 2023 Incoming resources Resources expended Transfers At31 December 2023 332,356 135,799 1114,6811 1,063 354,537 Unrestrirted fund5 The unrestricted funds of the charity comprise the unexpended balances of donati(￿$ and grantswhich a￿ not subjett to specific conditions by donors and grantors a5 to how they may be used. These include designated f unds which have been set aside out of unrestricted funds by the Trustees for specif ic purposes. At ljanuary 2024 Incoming resources Resources Transfers At31 expended December 2024 5,573,473 223.610 150,528 10,693 5,657.248 Previous year At ljanuary 2023 Incoming resources Resources expended Transfers At31 December 2023 5,580,078 205,926 1211,4681 11,0631 5,573,473 Ballywillan Presbyterian Church Notes to the Financial Statements (continued) for the vear ended 31 December 2024 15 Analysis of net a55et between funds Unrestricted Restricted Funds Funds Total 2024 2024 2024 Fund balances at 31 December 2024 are represented by: Tangible assets Current a55ets1lliabilitiesl 5,265,934 391,314 5.265,934 459,723 68,409 5,657,248 68,409 5,725,657 Unrestricted Funds Restricted Funds Total 2023 2023 2023 Fund balances at 31 December 2023 are represented by: Tangible assets Current assets/lliabilitiesl 5,255,547 317,926 5.255,547 672,463 354.537 5,573,473 354,537 5.928,010 16 Related party transactions A manse and related expenses have been provided for the Minister.