MAGHERAFELT INDEPENDENT METHODIST CHURCH, FELLOWSHIP OF INDEPENDENT METHODIST
CHURCHES
STATEMENT OF FINANCIAL ACTIVITY
for the period ended 31 March 2025
Note
Unrestricted Restrirted
Funds
Funds
Total
2025
Total
2023
Receipts
Donations and legacies
Charitable activities
Other tradi ng activities
Investment Income
Other
114039
114039
906
103880
1917
906
6464
31
6464
31
321
Total Receipts
120534
906
121440
106162
Payments
Raising funds
Charita ble activitie5
Investment cost5
Other
418
97374
418
100970
3596
88556
Total Payments
97792
3596
101388
88556
Net receipts / Ipaymentsl
Transfers between funds
22742
(35001
{2690)
35(M)
20052
17606
Net movement in funds
Unauthorised transactions
Funds brought forward
19242
160895
94885
810
20052
160895
96332
17606
{1552801
234006
1447
Funds carried forward
12
275022
2257
277279
96332

MAGHERAFELT INDEPENDENT METHODIST CHURCH. FELLOWSHIP OF INDEPENDENT METHODisr
CHURCHES
STATEMENT OF ASSEfs AND LIABILITIES
As at 31 March 2025
Unrestricted
Funds
Restricted Total Funds Total Funds
Funds
Z025
2023
Funds Reconciliation
Bank and Cash at start of year
Unauthorised transactions
Net movement in funds
94885
160895
19242
1447
96332
160895
20051
234006
{1552801
17606
809
Bank and Cash at end of year
275022
2256
277278
96332
Bank & Cash Balances
Bank Deposit Accounts
Bank Current Accounts
Cash in Hand
108996
165926
l(MJ
108996
168182
104272
179401
2256
277278
96332
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 all repaid)
418088
418088
160895
418088
578983

MAGHERAFELT INDEPENDENT METHODIST CHURCH. FELLOWSHIP OF INDEPENDENT METHODIST
CHURCHES
NOTES TO THE ACCOUNTS
31 March 2025
ACCOUNTING POLICIES
BASIS OF FINANCIAL STATEMENTS
As the total income of the congregation is less than £250.000 the congregation have elected in
accordance with the provisions in The Charities (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
2025
Total
2023
Recorded giving:
Other giving and collections
Donations and gifts
Gift Aid
Legacie5 and bequest
61024
24791
13327
14140
757
61024
24791
13327
14140
757
51065
19113
5944
27758
114039
114039
103880

MAGHERAFELT INDEPENDENT METHODIST CHURCH. FELLOWSHIP OF INDEPENDENT METHODIST
CHURCHES
NOTES TO THE ACCOUNTS
31 March 2025
CHARITABLE AcfiviTIES
Unrestricted
Funds
Restricted
Funds
Total
2025
Total
2023
Income from charitable activities
Fees from weddings and funerals
Fundraising events
Membership fees
Grants
906
906
1317
6CrfJ
906
906
1917
4. OTHER TRADING ACTIVITIES
Unrestricted
Funds
Restrirted
Funds
Total
2025
Total
2023
Letting of premises
Trading income
INVESTMENT INCOME
Unrestricted
Funds
Restricted
Funds
Total
2025
Total
2023
Deposit interest
Bank Interest
Rents investment properties
Other investment income
4684
244
4684
244
217
104
1536
1536
6464
6464
321

MAGHERAFELT INDEPENDENT METHODIST CHURCH, FELLOWSHIP OF INDEPENDENT METHODIST
CHURCHES
NOTES TO THE ACCOUNTS (cont'd)
31 March 2025
OTHER INCOME
Unrestricted
Funds
Restricted
Funds
Total
2025
Total
2023
Insurance claims
Other income
31
31
44
31
31
RAISING FUNDS
Unrestricted
Funds
Restrfcted
Funds
Total
2025
Total
2023
FWO envelopes
Fundraising events
418
418
418
418
CHARITABLE AcfiviTIES
Unrestrirted
Funds
Restricted
Funds
Total
2025
Total
2023
Central Fund Contribution
Ministry and support staff costs
Congregational running expenses
Donations to Missions and charities
1200
49198
32814
14162
12QM)
49198
36410
14162
1200
35367
32409
19580
3596
97374
3596
100970
88556

MAGHERAFELT INDEPENDENT METHODIST CHURCH, FELLOWSHIP OF INDEPENDENT METHODIST
CHURCHES
NOTES TO THE ACCOUNTS (cont'd)
31 March 2024
OTHER EXPENDITURE
Unrestricted
Funds
Restricted
Funds
Total
2025
Total
2023
Investment properties expenses
10. FIXED ASSETS
The congregation owns the Church premises situated at 53 Tobermore Road, Magherafelt, 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.
2025
2023
Property
Other investments

MAGHERAFELT INDEPENDENT METHODIST CHURCH. FELLOWSHIP OF INDEPENDENT METHODIST
CHURCHES
NOTESTO THE ACCOUNTS (cont'd)
31 March 2025
12. FUND BALANCES
Fund
Balance at
start
Receipts
Payment
Surplus /
(Deficit)
Transfer Balance at
end
Unrestricted Funds
No. l Account
Unauthorised transactions
255780
(1608951
120534
232925
97792
72030
22742
160895
{3500}
275022
94885
353459
169822
183637
{3500)
275022
Restricted Funds
Ladies Fel lowship
Youth Fellowship
1201
246
767
39
799
2797
{321
12658)
1169
1088
3500
1447
906
3596
126901
2257
Total
96332
354365
173418
1180947)
277279