## _**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<br>774836.02|||0.00|-2778.26|772058|744206|
|Total funds carried forwa<br>781779.55|||0.00|35732.77|817512|772058|



Balance Sheet as at 30 September 2024 

|Unrestricted<br>Designated Restricted<br>Current Assets<br>Cash at bank and in hand<br>£12,073.64<br>0.00<br>0.00|Unrestricted<br>Designated Restricted<br>Current Assets<br>Cash at bank and in hand<br>£12,073.64<br>0.00<br>0.00|2024<br>2023<br>12074<br>17199|
|---|---|---|
|Fixed Assets<br>Land &  buildings|12073.64<br>0.00<br>0.00<br>1174198.97|12074<br>17199<br>1174199<br>1174199|






**----- Start of picture text -----**<br>
F&F 4335.00 4335 5100<br>Plant & Machinery 20.00 20 27<br>Total Assets 1190627.61 0.00 1178554 1196525<br>Current Liabilities<br>BIND loan 1 0.00 240816.40 240816.40 241616<br>Int free loan 66600.00 66600.00 0<br>Less matching provision -35512.00 -35512.00 0<br>Accruals 500.00 500.00 50<br>Net Current Assets 1190627.61 -500.00 -271904.40 918223 954909<br>Long Term Liabilities<br>Bank Loans 0.00 0.00 0 117652<br>Net assets 1190627.61 0.00 -481632.80 918223 837257<br>Reserves<br>Property reserve 126,077.00 126077 126077<br>Additional interest prov 65,896.00 65896 65896<br>NHF 1,683.89 1684 2012<br>Craft class 44.39 44 68<br>C Murray Fund 1,731.00 1731 1731<br>General reserves c/f 722,791.18 722791 641473<br>914764.18 0.00 3459.28 918223 837257<br>**----- End of picture text -----**<br>


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 &**<br>**Buildings**<br>NBV at 01 O<br>1174199<br>Additions<br>0<br>Disposals<br>0<br>1174199<br>**Depreciation**<br>Charge for y<br>0<br>Disposals<br>0<br>0<br>**Net book value**<br>At 30 Sep 20<br>1174199<br>At 30 Sep 20<br>1174199|Plant &<br>Machinery<br>27<br>0<br>0<br>27<br>7<br>7<br>20<br>27|Fixtures &<br>Fittings<br>Totals<br>5100<br>1179326<br>0<br>0<br>0<br>0<br>5100<br>1179326<br>765<br>772<br>765<br>772<br>4335<br>1178554<br>5100<br>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