Bangor Church of the Nazarene
Charity Registration Number: NI 107096
Financial statements for the year ended 30 September 2024
| Unrestricted | Designated | Restricted | ||||
|---|---|---|---|---|---|---|
| Note | Funds | Funds | Funds | 2024 | 2023 | |
| £ | £ | |||||
| Incoming resources | ||||||
| Voluntary income | 53791.03 | 679.80 | 8046.97 | 62518 | 75523 | |
| Investment income | 0.00 | 0.00 | 0.00 | 0 | 0 | |
| Other | 11374.48 | 38163.72 | 49538 | 17685 | ||
| Resources Expended | 65165.51 | 679.80 | 46210.69 | 112056 | 93208 | |
| Cost of generating funds | 5035.36 | 0.00 | 2348.00 | 7383 | 14806 | |
| Charitable activities | 51997.10 | 679.80 | 5351.66 | 58029 | 49070 | |
| Governance costs | 1189.52 | 0.00 | 0.00 | 1190 | 1480 | |
| Total Resou | 4 | 58221.98 | 679.80 | 7699.66 | 66601.44 | 65356.00 |
| Net incoming(outgoing) | ||||||
| resources for the year | 6943.53 | 0.00 | 38511.03 | 45455 | 27852 | |
| Total funds brought forw 774836.02 |
0.00 | -2778.26 | 772058 | 744206 | ||
| Total funds carried forwa 781779.55 |
0.00 | 35732.77 | 817512 | 772058 |
Balance Sheet as at 30 September 2024
| Unrestricted Designated Restricted Current Assets Cash at bank and in hand £12,073.64 0.00 0.00 |
Unrestricted Designated Restricted Current Assets Cash at bank and in hand £12,073.64 0.00 0.00 |
2024 2023 12074 17199 |
|---|---|---|
| Fixed Assets Land & buildings |
12073.64 0.00 0.00 1174198.97 |
12074 17199 1174199 1174199 |
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F&F 4335.00 4335 5100
Plant & Machinery 20.00 20 27
Total Assets 1190627.61 0.00 1178554 1196525
Current Liabilities
BIND loan 1 0.00 240816.40 240816.40 241616
Int free loan 66600.00 66600.00 0
Less matching provision -35512.00 -35512.00 0
Accruals 500.00 500.00 50
Net Current Assets 1190627.61 -500.00 -271904.40 918223 954909
Long Term Liabilities
Bank Loans 0.00 0.00 0 117652
Net assets 1190627.61 0.00 -481632.80 918223 837257
Reserves
Property reserve 126,077.00 126077 126077
Additional interest prov 65,896.00 65896 65896
NHF 1,683.89 1684 2012
Craft class 44.39 44 68
C Murray Fund 1,731.00 1731 1731
General reserves c/f 722,791.18 722791 641473
914764.18 0.00 3459.28 918223 837257
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Approved by Church Board and Annual General Meeting
Signed (Signed) Rev K White Chairman
Board Member
(Signed) T Penman
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.
Designated funds are unrestricted funds earmarked by the Board for particular purposes. For the purposes of these accounts they have been included in the restricted 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 values of services provided by 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.
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
2024 2023 Wages and s 38722 34168 These figures include social security costs and pension costs including salary sacrifice
The average number of employees during the year calculated on the basis of full time equivalents was 1.5 full time including an associate for part of the year.
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
| Land & Buildings NBV at 01 O 1174199 Additions 0 Disposals 0 1174199 Depreciation Charge for y 0 Disposals 0 0 Net book value At 30 Sep 20 1174199 At 30 Sep 20 1174199 |
Plant & Machinery 27 0 0 27 7 7 20 27 |
Fixtures & Fittings Totals 5100 1179326 0 0 0 0 5100 1179326 765 772 765 772 4335 1178554 5100 1179326 |
|---|---|---|
These accounts have been prepared in accordance with the books and records of the church together with explanations provided
T Penman MBA, MCMI
Treasurer and Board member