MAGHERAFELT INDEPENDENT MEfHODIST CHURCH, FELLOWSHIP OF INDEPENDENT METHODIST CHURCHES STATEMENT OF FINANCIAL ACTIVITY (Receipts and Payments Account) for the year ended 31 December 2023 Note Unrestricted Funds Restricted Funds Total 2023 Total 2022 Receipts Donations and legacies Charitable activities Other trading activities Investment Income Other 103880 61JJ 103880 1917 7(XJ15 220 1317 321 321 44 307 31 Total Receipts 104845 1317 106162 70573 Payments Raising funds Charitable activities Investment costs Other 84790 3766 88556 85276 Total Payments 84790 3766 88556 85276 Net receipts / (payments) Transfer5 between funds 2(X)55 124001 12449) 17606 1147031 Net movement in funds Unauthorised transactions Funds brought forward 17655 (155280) 232510 (491 17606 (155280) 234006 {147031 {56151 254324 1496 Funds carried forward 12 94885 1447 96332 234006
MAGHERAFELT INDEPENDENT METHODIST CHURCH. FELLOWSHIP OF INDEPENDENT MEfHODIST CHURCHES sTATEmEr OF ASSETS AND LIABILITIES As at 31 December 2023 Unrestrirted Funds Restricted Total Funds Total Funds Funds 2023 2022 Funds Reconciliation Bank and Cash at start of year Unauthorised transactions Net movement in funds 232510 (155280) 17655 1496 234(K)6 1155280) 17606 254324 15615) (14703) (49) Bank and Cash at end of year 94885 1447 96332 2346 Bank & Cash Balances Bank Dep051t Accounts Bank Current Accounts Cash in Hand 104272 (93871 104272 (79401 104055 129951 1447 96332 234(X)6 Other Assets Fixed Assets- Note 10 Church Premises Fixtures, Fittings & Equipment Vehicles Investments- Note 11 Gift Aid receivable on donations Excess of Unauthorised withdrawals (Church monies to be repaid) 418088 418088 160895 5615 578983 423703
MAGHERAFELT INDEPENDENT MEfHODIST CHURCH, FELLOWSHIP OF INDEPENDENT MEfHODIST CHURCHES NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES BASIS OF FINANCIAL sfATEMENTS As the total income of the congregation is less than £250,000 the congregation have elected in accordance with the provision5 in The Charitie5 (Accounts and Reports) Regulations (Northern Ireland) 2015 to prepare its accounts on a receipts and payments basis. FUND ACCOUNTING Endowment funds are funds, the capital of which must be retained either permanently or at the congregation's discretion; the income derived from the endowment is to be used either as restricted or unrestricted income funds depending upon the purpose for which the endowment was established in the first place. Restricted funds comprise (a) income from endowments which is to be expended only on the restricted purposes intended by the donor and (b) revenue donations or grants for a specific congregational activity intended by the donor. Where these funds have unspent balances, interest on their pooled investment is apportioned to the individual funds on an average balance basis. Unrestricted funds are income funds which are to be spent on the congregation's general purposes. Designated funds are general funds set aside by the congregation for use in the future. DONATIONS AND LEGACIES Unrestricted Funds Restricted Funds Total 2023 Total 2022 Recorded giving: Loose collections Donations and gift5 Gift Aid Legacies and bequest 51065 19113 5944 27758 51065 19113 5944 27758 49828 13600 6587 103880 103880 7(Y)15
MAGHERAFELT INDEPENDENT METHODIST CHURCH. FELLOWSHIP OF INDEPENDENT METHODIST CHURCHES NOTES TO THE Accoumrs 31 December 2023 CHARITABLE AcfiviTIES Unrestricted Funds Restricted Funds Total 2023 Total 2022 Income from charitable activities Fees from weddings and funerals Fundraising event5 Membership fees Grants 1317 1317 220 61J) 600 600 1317 1917 220 4. OTHER TRADING ACTIVITIES Unrestricted Funds Restricted Funds Total 2023 Totsl 2022 Letting of premises Trading income INVESTMENT INCOME Unrestricted Funds Restrirted Fund5 Total 2023 Total 2022 Deposit interest Bank Interest Rents investment properties Other investment income 217 104 217 104 222 85 321 321 307
MAGHERAFELT INDEPENDENT MEfHODIST CHURCH. FELLOWSHIP OF INDEPENDENT METHODIST CHURCHES NOTES TO THE ACCOUNTS (cont'd) 31 December 2023 OTHER INCOME Unrestricted Funds Restricted Funds Total 2023 Total 2022 Insurance claims Other income 44 31 44 31 RAISING FUNDS Unrestrlcted Funds Restricted Funds Total 2023 Total 2022 FWO envelopes Fundraising events CHARITABLE AcfiviTIES Unrestrirted Funds Restricted Funds Total 2023 Total 2022 Central Fund Contribution Ministry and 5UPPOrt staff costs Congregational running expenses Donations to Missions and charities 1200 35367 28643 19580 1200 35367 32409 19580 1200 43479 27237 13360 3766 84790 3766 88556 85276
MAGHERAFELT INDEPENDENT METHODIST CHURCH, FELLOWSHIP OF INDEPENDENT METHODIST CHURCHES NOTES TO THE ACCOUNTS (cont'd 31 December 2023 OTHER EXPENDITURE Unrestricted Funds Restricted Funds Total 2023 Total 2022 Investment properties expenses 10. FIXED ASSET5 The congregation owns the Church premises situated at 53 Tobermore Road, Ma8herafelt, BT45 5EH and the associated fixtures, fittings, plant and machinery. These have a historical cost of £418,088. 11. INVESTMENTS The congregation has the following investments. Amounts are shown at market valuation. 2023 2022 Property Other investments
MAGHERAFELT INDEPENDENT METHODIST CHURCH. FELLOWSHIP OF INDEPENDENT METHODIST CHURCHES NOTES TO THE ACCOUNTS Iconvd) 31 December 2023 12. FUND BALANCES Fund Balance at start Receipts Payment Surplus I {Deficit) Transfer Balance at end Unrestrirted Funds No. l Account Unauthorised transactions 238125 {5615) 104845 16980 84790 172260 2(X)55 1155280} {24001 255780 1160895) 232510 121825 257050 1135225) (24001 94885 Restricted Funds Ladies Fellowship Youth Fellowship 1175 321 57 1260 31 3735 26 124751 1201 246 2400 1496 1317 3766 12449) 2400 1447 Total 234CX)6 123142 260816 11376741 96332