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
sTATEmE￿r 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
234￿6
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