Charity reglstratlon number 105799 Company reglstration numbèr N1629985 {Northern Ireland> PRECEPT MINISTRIES IRELAND LTD ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
PRECEPT MINISTRIES IRELAND LTD LEGAL AND ADMINISTRATIVE INFORMATION Trusteos Mr N Walls M C Green (Chairperson) Mrs P Jones Mr S Broad {Board secretary) Mr D Mcclurg CharSty number 105799 Company number N1629985 Princlpal address Unit 9A NCM House 218 York Street Belfast BT15 1GY Registered offlce Unit 9A NCM House 218 York Street Belfast BT15 1GY Independent examlner GMCG Lisburn Century House 40 Crescent Business Park Lisbum BT28 2GN Bankors Ulster Bank 37 High Street Carrickfergus 8T38 7AN
PRECEPT MINISTRIES IRELAND LTD CONTENTS Page Trustees, report Independent examinerfs reporl stat8ment of financial aclivities statement of financial position Notes lo the finanaal statements 9-15
PRECEPT MINISTRIES IRELAND LTD TRUSTEES. REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The trustees present their annual report and financial statemenls for Ihe year ended 31 March 2023. The finanu81 statements have been prepad in accordance with the accounting policies set out in note 1 to the financial slalemenls and comply wilh Ihe charity's Memorandum and Articles of Assoicalion, the Companles Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" leffeclive l January 2019). Objectives and activities Our Mlsslon and Vlslon The mission of Precept Ministries International and Precept Ministries Ireland is. 'Engaging people in relationship with God through knowing His Word" throughout the Island of Ireland. The vision is -Every believer in Christ living out God's Word everyday.. The objects of the company are to advance the Christian religion. This is achieved through.. equipping people with Inductive Bible Study skills to help them to sludy and understand Ihe Bible for themselves. providing various levels of study resources and leader Iraining making training and resources available lo all. The Iruslees have paid due regard lo guidance issued by the Charity Commission in deciding what activities the Charity should undertake. Achlovements and performance Post Covid The year 2022 12023 has seen a retum to more in-person gatherings and the shift away from online classes. Over the year, there was a slow and gradual restart of some study groups meeting in person. However, meeting onlino using Zoom was slill key to the life of the minislry as seek to engage wtth students over the whole island of Ireland. The following inilialives which were commenced in response lo Ihe Covid situation have proved lo be beneficial in unexpected ways and will continue to be a patt of our ministry plan= We wrote and provided free online weekly Bible study resources wth permissions for Ihese to be passed on and downloaded as required. These studies still attract around 200 downloads per month. We will continue lo provide new studies al regular intervals throughout the y8ar. Online Bible sludy groups called "Zoom into the Bible" have attracted people from all over th8 Island of Ireland and have enabled those who do not have local dasses to engage in Precept Bible Studies. The diversity within the groups has added a fresh dynamic to the discussions which is very positive. We developed an intentional social media strategy to increase the reach of our ministry. and this continues to be developed. and monitod for effectiveness and impact. We developed a variety of online workshops to inlrcmluce people lo Inductive Bible Study Skills and, due to low costs in providing these, we were able to offer these free of charge lo attendees. Thrge more workshops have been develOd during the year 202212023, each focusing on a differenl biblical genre.
PRECEPT MINISTRIES IRELAND LTD TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 1. Staff During this year staff have returned lo normal pre<ovid pattems of work. There have been no changes in i)ur Staff team although some of their roles and responsibililies have b8en adapled lo th8 changing needs of the ministry. In Oclober 2022 the Nattonal Director indicated she would be stepping down at 31st March 2023. The Board commenced a recruitment process and a new National Director for the ministry has been appointed to mMenCe in post on 1 sl April 2023. 2. Leaders l Trainers During the year 202212023. much of our foc#Js has been to support and encourage leaders. The administration staff in Ihe officg are also trained Bible study leaders and are equipped lo advise and encourage leaders who contact the office. These conversations have played a key role in making aderS feel connected lo the ministry and given them conlidence 8S to where lo find help and support. We have delivered a number of Precepl leaders. events and Lead8r training to encourage those who wish to stsrt ihelr own class. A number of churches were also (y)ntacted and training gNen to their small group Bible study leadèrs. We have also had the privilege of supporting a leader in a misston81 d)urch community in Belfast as they set up some studies with members of the communty. 3. Blble Study Resources The team has conlinued to write short studies that werè offered free of charge as downloadable documents. and these were made available to churches to use during the times when they were unable to meei In the church building. These resources were used widely not only in Ireland. but we had reports of them being used in many countries around the world including England. Scouand. Switzerland, China, Malaysia, New Zealand and America. The number of people that have been reached is unknown, but il is exciting and encA)uraging lo see that, despile the restricllons of this past year. we have been able to reach a much wider audience. We receive much encouragement to continue to produce these studies and one of our adminislralion team has been increasingly involved in producing these studies for reguLqr distribution. Print Nl in Mallusk continue to print many of our resources on demand arKI the remainder of our studies are sent from Precept in the USA. Due to increased printing and carriage charges. we are conlinually reviewing costs on these materials. It has been necessary lo review our prieing and increase the cost of books as well as postage. As the situation in Ukraine deteriorated and refugees started to arrive in Ireland. we were able lo print suitable resources in bolh Ukrainian and Russian. and we have been offering these sludy books free of charge, thanks lo the generous giving of many of our students. This is one of the benefits of being part of a global ministry.
PRECEPT MINISTRIES IRELAND LTD TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 4. Soclal Media Precept Ireland have a presence on Facebwk, Instagram and Twitter wtth an average of 8 posts per week. Over the year engagemenl has increased on all plalfofms. Precept Ireland also has a channel on YouTube. and some leaders have been using the videos posted there to help them as they lead their classes. 5. Tralnlng During Ihis year we have continued lo teach four basic workshops: i. Short taster workshop lasting 3040 minutes based on Psalm 23., ii. Inlroduclion to Inductive Study- 1 hour workshop based on Psalm 1; iii. Bible skills workshop- 2 hour Workshop based on Psalm 95.. Iv. How lo study 40 Minute BitrAe Study sertes. These four workshops have been offered free and through them new contacts have been made throughout Ihis past year. Three new half day workshops have been added lo this list during this past year. They a intended to equip attendees with basic skills lo study a varty of Biblical genre. i. How to study the Psalms. ii. How to study a New Testament ktter. iii. How to study Old Testament PTophecy. We have a team of trainers who are equipped to deliver each of these workshops. This year saw the launch of the Precepl Leader A¢ademy UK. Working in partnership wilh our UK office. we plan to run 6 x 4 day sessions over 3 years. and each session will equip attendees lo use and lead one of our Precept resources. The first 4-day session was in November 2022 and we studied the 40 Minute study series. The nexl seSSn is in Aprll 2023 when we will be training in the use of the children's reSoUs- Discover4Yourself. 6. New Inltlatlves During the past year Precept Ireland has conlinLFed to devebp several new iniliatives as we conkn'nue to fulfil our mission of helping people to engage with God through studying his word. Precept Equip Sludents -11 has been our desire lo equip and train the next generation of leaders (aged 16- 24) and wilh this in mind we launched PES in March 2022. 11 was formatted as a three one day course based on Ihe life of J8SUS, teaching on the theme of disapleship while introducing students lo inductive study skills. We were encouraged to have 12 students sign up for the first seSsn in June 2022, and after the last session. we evaluated the course and are in process ol reviewing the malerials and refomialting them into a weekend course. li. Agency Partnerships Thls year we had the prrvilege of being involved in New Horizon and the Bangor Worldwide Mission convention, as part of their mission agency exhibitions. This offered us many opportunities for making new contacts. as well as renewing oid (x)ntacts from the pasl.
PRECEPT MINISTRIES IRELAND LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The benefit that the charity provides cxn be demonslraled in the following statistics for the 2022- 2023 year: The average number of Bible Study students {Not Incl.JulylAug) 646 Number of Students March 2023 781 The average number of classes 55 Numbor of classes March 2023 55 The number of Biblo study leaders active 94 These statislics demonslrale an increase in th8 average number of students studying with us during this year. 8nd continues lo grow toward pre-pandemic levels. Flnancial revigw The results are set out in detail on pages 7 to 15. The charity relufned nel outgoing resources for Ihe year of £1,14g {2022 net incoming resources= £3.5891 leaving unrestricted funds 01 £32.21712022'. £29.294) and restricted funds of £1.33712022.' £5,409). The unrestricted funds are considered to b8 essential to provide sufficient funds to cover any unforeseon costs which may arise and fulfill legal obltgations of the charity in the event that currenl levels of income are not maintained. The Ministry's principal funding sources are voluntary donations, thè sat8 of Inductive Bible Sludy resources. one off gifts and financial support from Precept Minislries Inlernalional. Costs have been mainlained to a minimum. The charity operates as a debt-freè Ministry. In relation to financial planning the Trustees strive to achieve a goal to provide a cash operaling resetve of not less than 90 days operating funds (excluding deprecialionl at the year end. structure. governance and management The company is registered as a charitable company limiled by guarantee, company number Nl829985. and was set up by a Memorandum of Association. on 13 March 2015. The company is constituted under a Memorandum ofAssociati(In and is a registered charity. thaTity number NIC105799, registered 3 April 2017. The charity is constituted wilh a Board ol Directors and one National Director who oversees the day to day runnlng of the Ministry. The registered office for the Ministry during this reporting period is Unit 9A. 218 York Slreel, Belfast, BT15 1GY. At the beginning of the financial year the Ministry employed four m8mbeTS of staff. the National Director (part lime}, an Office Administrator {part time). an Administrative Assistant (part time), and a full lime Database and Social Media Manager. The trustees, who are also the directors for the purpose of company law. and who served during the year and up lo the dale of signature of th8 finanal statements wer&.. Mr N Watts Mr C Green (Chairr$On) Mrs P Jones MT S Broad {Board secretary) Mr D McCIuTg Routine decisions are made by the Nabonal Direclor. Major decisions are decided corporalely by the Board of Directors and the National Diieclor. The Ministry is affiliated to Precept Minislries International based in Chatlanooga, Tennessee, USA. The day to day management has been delegated by the Trustees lo the National Director. None of Ihe trustees has any beneficial inlerest in the company. AJI of the trustees are members of the company and guarantee lo contribute £1 in Ihe evenl of a winding up.
PRECEPT MINISTRIES IRELAND LTD TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees regulady review the work of the Ministry lo identify Ihe major risks lo which Ihe Ministry is exposed. They then implement procedures dgsigned lo minimise any potential impact on the Ministry. A special risk assessment was put in place for a return lo office working post covid. The Iruslees, report was approved by the Board of TFUStees. Mr C Green (Chairperson) Trustee Dale..
PRECEPT MINISTRIES IRELAND LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PRECEPT MINISTRIES IRELAND LTD We report lo the trustees on our examinatlon of t1 financial statements of Precept Ministries Ireland Lld (the charily) lor the year ended 31 March 2023. Responsibilities and basls of report As the trustees of the charity (and also ils directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 A¢tl. Having satisfied ourselves that the charity ts not subject to audit uThJer company law, and is eligible for 1Th1epndent examination, it is our responsibility to: examinè the accounts ijnder *ectinn R£ t)f Ihp. eharilies Act {Northern Ireland) 2008: follow the procedures laid down in the general Directions given by the Charity Commisslon for Northern Ireland under section 65(9)(b) of Ihe Charities Act- and slate whether particular matters have come lo our attentions. Independent 9xaminefs Statement We have completed our oxamination. We confimi that no matters have come to our attention in connection wllh the examination giving us cause lo believe that in any material respect= accounting records were nol kept in respect of the charity as required by section 386 of the 2CKJ6 Act., or the financial alatementg do not Bccord with thC rCrd-.' or the financial statements do not comply wilh the accounting requirements of section 396 of the 2006 Act other than any requirement that the accAwnts give a true and fair view which is not a tnatter considered as part of an independent examinalK)n', or that there is further infomalion needed for a proper understanding of the accounts to be reached. We have completed our examination and have no concems in respecl of the matters (11 to (4) Ilsleij above and, In connection with following the Directions of the Charity Commission for Northem Ireland, we have found no matters thal require drawing to y{r attention. GMCG Lisburn C8nliJry Hnilsg. 40 Crescent Business Park Lisburn BT28 2GN
PRECEPT MINISTRIES IRELAND LTD STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Unrestrlctod Restricted funds fiinds 2023 2023 Total Unrostricted R8strlctod funds funds 2022 2022 Total 2023 2022 Notes Income from: Donations and legacies Chantable activilies 43,369 13.123 43,369 58,738 44,097 14.546 44,097 54,082 45.615 39,536 Total income 56.492 45.615 102.107 58,643 39,536 98,179 endlture on: Charitable activities 53,551 49.852 103,403 54.853 39,737 94.590 Net incomel(expendlturn) for the yearl Net movement in funds 2,941 {4.237) (1,296) 3.790 (2011 3,589 Fund balances at 1 April 2022 29,294 5.409 34.703 25,504 5.610 31.114 Fund balances at 31 March 2023 32,235 1.172 33,407 29.294 5,409 34,703 The slalement of financial activities indudes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The slalement of financial activities also complies with Ihe requirements for an income and expenditure account under the Companies Act 2006.
PRECEPT MINISTRIES IRELAND LTD STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2023 2023 2022 Notes Fixed assets Tangible assels 589 1,295 Current assets Stocks Debtors Cash at bank and in hand 10 11 3.564 1.877 30,012 4,105 1,467 31,132 35.453 36.704 Creditors: amounts falling due wlthl one yoar 12 (2.6351 (3,2961 Net current assets 32,818 33,408 Total assets less current IlabllltFes 33.407 34.703 Incorne funds Reslricled funds Unrestricted funds 13 1.172 32,235 5,409 29,294 33.407 34.703 The company is entitled to the exemption from the audil requirement contained in section 477 of the Companles Acl 2006. for the ygar ended 31 March 2023. The directors acknowledge their responsibilities for complying with the requ1mentS of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not requlred the company lo obtain an audit of its financial statements for the year in question in accordance with seclion 476. These financial slalements have been prepared in aCrdanCe with the provisM)ns applicable to companies subject lo the small companies regime. The financial sialements wer8 approved by the TTU3tees on ... . and signed on their behalf by.. Mrc reen (Chairperson) Trustee Company reglstratlon number N1629985
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounling policlo$ Charlty Infom7ation Precept Ministries Ireland Ltd is a private company limited by guarantee incorporated in Northem Ireland. The regislered office is Unil 9A. NCM House. 218 York Street. Belfasl, BT15 1GY. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's Memorandum and Ariicles of Association, the Companie5 Act 2006. FRS 102 "The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland" {"FRS 102.1 and the Charities SORP 'Accounting and Reporting by Charities: Slatemenl of Recommended Practice 8pplicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). (effective 1 January 2019)- The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charilies not to prepare a Statement of Cash Flows. The financial statements are prepared in steiling. which is the functional currency of the charity. Monelary amounts in these financial slalements are rounded lo the nearest £. The financial slatements havè been prepared under the hislorical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At Ihe lime of approvlng the finanual statements. the trustees have a reasonable expectation that the charity has adequate resources to continua in operational existence for the forasoeable fvlure. Thus the trustees continue lo adopt the going concem basis of accounting in preparing the financial stalemenls. 1.3 Charltable funds Unrestricted funds are available for use at the disuetK)n of the trustees in furtherance of their charitable objectives. Restricted funds are subject lo specific nditionS by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any perfonnance conditions have been mel, the arnounls can be measured reliably, and it is probable that incorne will b8 received. C8sh donations are recognised on receipt. Other donations are recognised once th8 charity 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 al tho lime of the donation. Legacies are recognised on receipt or othetwise rf the charity has been notified of an impending distribution, the amount Is known, and receipt is expected. If lh& amount rs not known. the legacy is treated as a conlingenl asset.
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting poli¢les {Contlnued) 1.5 Expendltur8 Expenditure is recognised once Ihere is a legal or constructive obligation lo transfer economic benefit lo a Ihird party. il is probable that a transfer of economic benefits will be required in setuement, and the amount of the obligation can be measured reliably. Expenditure is classifth by acbwty- The costs of each aclivily are made up of the total of direct costs and shared costs, including supporl cosls involved in undertaking each activity. Direct costs attribulable lo a single activity are allocated directly to Ihal acltvity. Shared costs which contribute to more than one activity and support costs which are not attribulable to a single actiwty are apportioned be88n Ihose activities on a basis consistent with the use of resources. Central stsff costs are allocaled on the basis of time spent, and depreciation charges are alkjcated on Ihe porti(H) of the asset's use. 1.6 Tanglble fixed assets Tangible fixed assets are initially rneasud at cost and sUbseqUenY measured at cost or valuation, net of deprecialion and any 1mpairnnI losses. Deprecialion is recognised so as to wrile off the cost or valuation of assets less their residual values over their useful lives on the following bases: Fixtures and fillings 25% straight line Tho galn or loss arising on the disposal of an asset is detèmiined as the difference belween the sale proceeds and the carrying value of the assel, and is Tecognised in the stalemenl of financial activities. 1.7 Stocks Stocks are slated at the lower of cost and estimated selling pri less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those ovetheads that have been incurred in bringing Ihe stocks to their present location and condition. Items held for distribution at no or nominal considerdlion are measured the K)wer of replacement (x)st and cost. Net realisable value is the estimated selling price less all estimated costs of complellon and costs to be incurred in markets'ng, selling and distribulion. 1.8 Cash and cash equivalènts Cash and cash equivalenls include cash in hand, deposits held at call with banks, olher short-term liquid investments with original maturities of three months or less, and bank overdiafts. Bank overdrafts are shown within borrwngs in current liabilities. 1.9 Financial instruments The charTrty has elected to apply the provisions of Section 11 'BaS Financial Instruments. and Sectlon 12 'Other Financial Instruments Issues. of FRS 102 to all of its finanual instruments. Financial instruments are recognised in the charity's balance sheel when the charity becomes party to the conlrdclual provisions of the instrumenl. Financial assets and liabilities are offsel. with the net amounts presented in the financial statements, whan there is a legally enforceable right to set off the recognised amounts and there is an intention to Settle on a net basis or to realise the asset and settle the liability simultanei)usly. 10-
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accountlng policles (Contlnued) 8asl¢ financial assets Basic financial assets, which include deblors and cash and bank ba18nces, are initially measured at transaction Pri including transaction cosls and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaclion. where the transaction is measured at the present value of the future ieceipls discounted at a market rale of interest. Flnancial assets classified as receivable within one year are nol amortised. 8aslc flnancial Ilabllltles Basic financial liabilities. including creditors and bank102ns are initially recognised at Iransaction price unless the arrangement conslitules a financin9 transaction. where the debt instrumenl is measured al the present value of the future payments discounted at a market rate of inleresl. Financial liabilities dassified as payable within one year are not amortised. Debt instruments are subsequenuy caTwred al amortised cost, uslng the effective interesl rate melhod. Trade creditors are Obligatn5 lo pay for gocKls or services that have been acquired in Ihe ordinary course of operations from suppliers. Amounts payable are classified as c#Jrrent liabilities if payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised ir)itially at transaction price and subsequen15y measured at amortised cost using the effeclive interest method. D•recognition of financial liabilities Financial liabilities ale derecognised when the charity's conlraclual obligations expir6 or are discharged or cancelled. 1.10 Employee benefits The cost of any unused holiday entiuemenl is recognised in the period in whlch Ihe employee's servlces are recelved. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an emrloyee or to provide ieminalion benefils. 1.11 Retirement beneflts Payments to defined oonlribution retirernent benefit schemes are charged as an expense as they fall due. Donations and l&gacle5 Unrestricted Unr•stricted funds funds 2023 2022 Donalions and gifts 43,369 44.097 11
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable activitl•s 2023 2022 Precept Mlnlstries Inlemational supp(Kt WoTkshops and training income Books sales 45.615 237 12,886 39,536 305 14.241 58,738 54,082 Analysls by fund Unresliicted funds Restricted funds 13,123 45,615 14,546 39,536 58,738 54,082 Charltable a¢llvltles 2023 2022 Staff costs Depreciation and irnpairment Rent and seTvlce charges Venue cosls Postage and office supplies Books and printing Training Travel and subsistence Computer costs Sundry expenses Equipment rental Cost of sales Special events and conferences Advertising and recruitment Telephone and inlernel 73,817 706 5,713 760 939 7.522 10 1.258 1.621 816 618 4,906 1.224 306 960 69,305 707 5,000 100 2.113 5.108 35 1,767 1,655 381 604 2.717 961 292 853 101.176 91,598 Share of governance costs (see note 51 2,227 2.992 103,403 94.590 Analysis by fund Unrestricted funds Reslricled fLtnds 53.551 49,852 54,853 39.737 103.403 94.590 12-
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Support cosls Support Governance costs costs 2023 2022 Accountancy Bank fees Insurance Legal and professional 1,380 348 411 1,380 348 411 2.460 111 383 38 2,227 2,227 2,992 Analysed b8tween Charitable aclivities 2.227 2.227 2.992 TNstoos None of the trustees lor any persons connecled wth them) received any remuneration or beneffts from the charity during the year. Employees The average monthly number of employees during the year was". 2023 Number 2022 Number Employmènt costs 2023 2022 Wages and salaries Social security costs Other pension costs 72,844 297 676 68,194 529 582 73,817 69,305 There were no employees whose annual remuneration was MO than £60,000. Taxatlon The charity is exempl from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxalionof Chargeable Gains Act 1992 lo the exlenl that these are applied to ils charitable obj'ects. 13-
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2023 Tangible fixed assets Flxtures and fittings Cost At 1 April 2022 4,369 At 31 March 2023 4.369 Depreciatlon and impalrment At 1 April 2022 Depreciation charged in the year 3,074 Al 31 March 2023 3,780 Carrylng amount Al 31 March 2023 589 Al 31 March 2022 1,295 10 Stocks 2023 2022 Finished goods and goods for iesale 3.564 4,105 11 Debtors 2023 2022 Amounts falling due within one year. Trade debtors other deblors Prépayments and accrued income 257 1,215 405 153 910 404 1,877 1,467 12 Credltors: amounts falling due within one year 2023 2022 Olher taxation and social security Trade creditors Other creditors Accnjals and deferred income 1,015 207 33 1.380 1.101 35 2,160 2,635 3.296 14-
PRECEPT MINISTRIES IRELAND LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 13 Restrl¢tod funds The income funds ot the charity indud& restricted funds comprising the following unexpended balances of donations and grants held on trust for speufic purposes: Movèmont In funds Incomlng Rosourtes Balancè at fesourcès e¥pend•d 1 April 2022 Movement in funds In¢omlng Resourc•s Balance at r850urces èxpended 31 March 2023 Balance at 1 Aprll 2021 Precept Minislrles International Support 5,610 39,536 (39.737) 5.409 45.615 (49,8521 1.172 14 Analysls of net assets between funds Unrestrlctèd Restrlcted funds funds 2023 2023 Total Unrestricted Restricted funds funds 2022 2022 Total 2023 2022 Fund balances al 31 March 2023 are represented by- Tangible assels Current assetsl(liabilities) 589 31,481 589 32.818 1.295 21,999 1,295 33,408 1,337 5,409 32.070 1.337 33,407 29,294 5,409 34,703 15 Related party transactions There We no disclosable relaled party transadions during the year (20Y2- none). The charity is under the umbrella of Precept Ministries International. a charity based in USA. During the year the charity reiVed donations 01 £45,615 (2022 - £39,536) from Precept Ministries Inlemational. 15-