Bangor Church of the Nazarene
Charity Registration Number: NI 107096
Financial statements for the year ended 30 September 2023
| Unrestricted | Designated | Restricted | ||||
|---|---|---|---|---|---|---|
| Note | Funds | Funds | Funds | 2023 | 2022 | |
| £ | £ | |||||
| Incoming resources | ||||||
| Voluntary income | 55840.59 | 9539.63 | 10142.42 | 75523 | 93402 | |
| Investment income | 0.00 | 0.00 | 0.00 | 0 | 0 | |
| Other | 17684.67 | 0.00 | 0.00 | 17685 | 2456 | |
| Resources Expended | 73525.26 | 9539.63 | 10142.42 | 93207 | 95858 | |
| Cost of generating funds | 10008.33 | 0.00 | 4797.84 | 14806 | 21632 | |
| Charitable activities | 27252.03 | 9539.63 | 12277.84 | 49070 | 35122 | |
| Governance costs | 1479.86 | 0.00 | 0.00 | 1480 | 160 | |
| Total Resou | 4 | 38740.22 | 9539.63 | 17075.68 | 65355.53 | 56914.00 |
| Net incoming(outgoing) | ||||||
| resources for the year | 34785.04 | 0.00 | -6933.26 | 27852 | 38945 | |
| Total funds brought forwar | 740050.98 | 0.00 | 4155.00 | 744206 | 744206 | |
| Total funds carried forward | 774836.02 | 0.00 | -2778.26 | 772058 | 783151 |
Balance Sheet as at 30 September 2023
| Current Assets | Unrestricted | Designated | Restricted | 2023 | 2022 |
|---|---|---|---|---|---|
| Cash at bank and in hand | £17,199.33 | 0.00 | 0.00 | 17199 | 25286 |
| 17199.33 | 0.00 | 0.00 | 17199 | 25286 |
----- Start of picture text -----
Fixed Assets
Land & buildings 1174198.97 1174199 1174199
F&F 5,100.00 5100 6000
Plant & Machinery 27.00 27 36
Total Assets 1196525.30 0.00 1196525 1205521
Current Liabilities
BIND loans 241615.91 241616 246414
Net Current Assets 954909.39 0.00 0.00 954909 959058
Long Term Liabilities
Bank Loans 117652.00 0.00 117652 149652
Net assets 837257.39 0.00 0.00 837257 809406
Reserves
Property reserve 126,076.78 126077 126078
Additional interest provis 65,895.97 65896 65897
NHF 2,011.97 0.00 2012 1757
Craft class 132.99 0.00 133 44
GB 0.75 0.00 1 0
C Murray Fund 1,731.00 1731 1731
General reserves c/f 641,407.68 641408 613899
835526.14 0.00 1731.00 837257 809406
----- End of picture text -----
Approved by Church Board and Annual General Meeting
Signed (Signed) Rev K White Chairman
Board Member
(Signed) T Penman
17th February 2023
Notes to accounts
a. Basis of preparation
The financial statements have been prepared using SORP.
b Fund accounting
Unrestricted funds are available for use at the discretion of the Church Board ("Board") in furtherance of the general objectives of the charity.
For the purposes of these accounts they have been included in the unrestricted and designated funds.
Restricted funds are subjected to restrictions on their expenditure imposed by the donors or through the terms of an appeal.
c. Incoming resources
All incoming resources are included in the Statement of Financial Activities when the church is entitled to the income and the amount can be determined with reasonable accuracy. The value of services of volunteers has not been included.
d. Resources expended
Expenditure is recognized on an accruals basis when a liability is incurred. Expenditure includes any VAT which cannot be recovered.
Costs of generating funds are those costs incurred in running the church and attracting income.
It is difficult to differentiate the expenditure used in generating funds from the actual charitable activities therefore reasonable estimates have been used.
e.Tangible fixed assets
Tangible fixed assets are stated at costs less accumulated depreciation. Plant and machinery are
depreciated on a reducing balance basis at 25%. Property is not depreciated since the Board believes the assets to be increasing in value. Fixtures and fittings have been depreciated at 15% on a reducing balance basis.
f. Cash flow statement
The charity has not prepared a Cash Flow Statement on the grounds it is a small entity.
2. Corporation tax
The church is exempt from tax on income and gains falling within Part 11 Chapter 4 CTA 2010 and s256 TCGA 1992.to the extent these are applied to its charitable objects. No tax charges have arisen .
3. Staff Costs
2023
2022
Wages and s 34168 36321
These figures include social security costs and pension costs. The decrease is due to being able to recover Employer N The average number of employees during the year calculated on the basis of full time equivalents was 1 full time
4. Trustee remuneration and expenses and related party transactions
Neither the members of the Board nor any persons connected with them received any remuneration during the year. The minister is a paid employee but is also chairperson of the Board by reason of his appointment.
5. Tangible fixed assets
----- Start of picture text -----
Land & Plant & Fixtures &
Buildings Machinery Fittings Totals
NBV at 01 O 1174199 36 6000 1180235
Additions 0 0 0 0
Disposals 0 0 0 0
1174199 t 6000 1180235
Depreciation
Charge for y 0 9 900 909
Disposals 0
0 9 900 909
Net book value
At 30 Sep 20 1174199 27 5100 1179326
At 30 Sep 20 1174199 36 6000 1180235
----- End of picture text -----
- Reconciliation of General Reserves Balance at 613,898.00 Increase 27,510.00 Total reser 641,408.00
These accounts have been prepared in accordance with the books and records of the church together with explanations provided
NIC this year.