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2023-12-31-accounts

Charity registration number NIC107744

GREAT VICTORIA STREET BAPTIST CHURCH ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

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CREAT VICTORIA STREET
BAPTIST CHURCH
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GREAT VICTORIA STREET BAPTIST CHURCH

CONTENTS

Page
Legal and administrative information
Trustees' report 2-8
Independent auditor's repor 9-11
Statement of financial activities **12 **
Statement of financial position 13
Statement of cash fows **14 **
Notes to the financial statements 15 • 21

2

GREAT VICTORIA STREET BAPTIST CHURCH

LEGAL AND ADMINISTRATIVE INFORMATION

Trusts Mr Steve Auld (Chairman)
Ms Joanne Adair (Church Secretary)
Mr Chris Cardwell
Mr Jason Cardwell
Mr Lewis Crothers
Dr Jim Davison
Mr Simon Farewell
Mr Jonathan Graham
Ms Rachel Graham
Mr Cameron Grieve
Dr Stephen Hogg
Mr Cliford Manley
Mr Gareth McKillen
Mr Marin Moorcrof
Mr Robert Paterson		 (Church Treasurer)
Dr Andrew Nicholl
Mr Luke Smith
Charit number NIC10774
Church address Great Victoria Street Baptist Church
66a Great Victoria Street
Belfast
BT96GD
Auditor Johnston Kennedy DFK
Registered Auditors
10 Pilots View
Heron Road
Belfast
BT3 9LE
Bankers Ulster Bank
Belfast City Office Branch
PO Box 232
1 1-16 Donegal! Square East
Belfast
BT1 5UB

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GREAT VICTORIA STREET BAPTISTS CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The trustees present their annual report and the audited financial statements for the year ended 31 December 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document. the Charities Act 2008 and "Accounting and Reporting by Chant1es: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable m the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Structure, governance and management

The trustees who served during the year and up to the date of signature of the financial statements were:

Elders

Mr Steve Auld (Pastor) Mr Simon Farewell (Assistant Pastor) Dr Jim Davison Mr Clifford Manley

Deacons

Ms Joanne Adair (Church Secretary) Mr Chris Cardwell Mr Jason Cardwell Mr Jonathan Graham Dr Rachel Graham Mr Cameron Grieve Dr Stephen Hogg Mr Gareth McKillen Mr Martin Moorcroft Mr Robert Patterson (Church Treasurer)

Apointment of Charity Trustees

Given the nature of their responsibilities, appointed Elders and Deacons (collectively referred to as the 'Office-bearers") serve as the charity trustees. Appointment to the role of Charity Trustee terminates on cessation of holding the Office of Elder or Deacon. Any elected Office-bearer who is disqualified by law from acting as a Charity Trustee retains the Office of Elder or Deacon and discharge the duties of that post. There must be a minimum of three Charity Trustees at all times.

Role

The role of charity trustees is set out in the church constitution adopted in August 2019:

Meetings and Quorum

There must be a minimum of two full meetings per year. There shall not be fewer than two persons, or half of the number of appointed trustees (whichever is the greater number) present at a full meeting of the trustees. In addition to the meetings of the whole group, the charity trustees may meet in such sub-groups as are necessary and convenient. Reports of such subgroup meetings must be made to the next full charity trustees Meeting.

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GREAT VICTORIA STREET BAPTISTS CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Ofice-Bearers

The Church recognises two spiritual offices within the Church: Elders and Deacons.

Elders

Elders are responsible for overseeing the affairs of the Church, with particular responsibility for spiritual matters, by being servant leaders and shepherds of the flock of God; teaching, caring for and protecting the Church from error.

Those eligible to serve as Elders shall:

With the exception of a Pastor, Elders serve a period of five years, and are eligible for re-election.

Candidates for the Office of Elder are nominated in writing by two church members (one of whom should be an Elder) at least three weeks prior to the church meeting at which the election of Elders is to take place (usually in March). The election of Elders is by ballot vote and requires a two-thirds majority of those present and voting at the meeting.

Within the role of Elder, the Church recognises the gift of Pastor to prepare God's people for service that the Church might be built up. A Pastor shall:

When appointing a Pastor, the selection committee proposes a name to the Church at a special meeting of the Church where the call of a Pastor is to be considered. The appointment of a Pastor is by ballot vote and require a two-thirds majority of the entire membership as set out in the Church Trust Deed. If the majority at the special meeting of the Church is greater than seventy-five percent in favour, but less that the total required by the Church Trust Deed, assent forms may be given to those members unable to be present at the special meeting.

The terms of the Pastor's appointment shall be negotiated by the Office-bearers according to guidelines approved by the Church.

Deacons

The duties of Deacons, while spiritual in nature, include the administration of the affairs of the Church to ensure the smooth, ordered and efficient running of church life and the practical care of the members. Members to be considered for appointment as Deacons shall:

Deacons serve a period of three years but are eligible for re-election.

Candidates for the office of Deacon are nominated in writing by two church members at least three weeks prior to the church meeting at which the election of Deacons is to take place. Persons nominating candidates must first obtain their consent. The election of Deacons is by ballot vote and require two-thirds of those present and voting.

The Office�bearers commend two church members for appointment to the roles of secretary and treasurer who also hold the role of Deacon.

GREAT VICTORIA STREET BAPTISTS CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Office-bearers' Meetings

The Office-bearers shall normally meet each month, with the exception of July and August. The date of each meeting shall be set at the previous meeting at the latest. Office-bearers' Meetings may be convened to consider matters of urgency arising between the monthly Meetings.

The quorum for Office-bearers' meetings shall not be fewer than two persons. or half of their number, whichever is the greater number

The Church Secretary shall service the monthly Office-bearers' Meetings with minutes being circulated in a timely fashion.

The Church Treasurer shall report to the Office-bearers each month on the current financial position of the Church.

Elders shall meet separately to consider those matters which affect the spintual life of the Church.

Objectives and activities

Obiectives

Great Victoria Street Baptist Church acknowledges the headship of Jesus Christ over his Church and exists to glorify the triune God by mainta1mng and promoting his worship both individually and corporately.

Its members devote themselves to the teaching of Scripture, to fellowship, breaking of bread, prayer and evangelism. They commit, with the help of God, to witness to the saving and sustaining power of the Lord Jesus Christ and to work for the extension of his Kingdom.

The principal charitable object of the Church is the advancement of the Christian faith according to the teaching of Scripture, the Doctrinal Statement and Baptist principles.

Activities

The Church meet for morning and evening worship each Sunday and visitors are welcome to participate. Communion is celebrated on the first Sunday of each month at the morning service and at t4h evening service of the third Sunday in the month. Anyone who has made a profession of faith in the Lord Jesus Christ and is on good standing at their local church is welcome to share in communion.

There is a range of activities that are held regularly throughout the year including but not limited to:

GREAT VICTORIA STREET BAPTISTS CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Atendance Some approximate average attendance figures include: Sunday morning services 165 (membership 127) Sunday school 20 Creche 17 20s & 30s 30 Friendship Hour 24 Small Groups 105 Mid-Week Prayer meeting 40 Abide 30

Achievements and performance

The Church regularly gathers for public worship, prayer, Bible study, preaching and teaching for all age groups, and provides pastoral care to the Church family through visitation and prayer. We organise meetings and events to proclaim and demonstrate with our lives our belief in Jesus Christ as Lord. The Church conducts evangelistic and outreach mission activities and supports other Christian organisations and charities through volunteering, financial gifts and prayer: and providing pastoral and financial support to our missionary family.

2023 has been another encouraging year for us at Great Vic and the words of the following hymn come to mind:

Now thank we all our God with heart and hands and voices, who wondrous things has done, in whom his world rejoices: who from our mothers' arms has blessed us on our way with countless gifts of love, and still is ours today.

Worship

On Sunday mornings this year we finished the book of Daniel early in the year before moving into an extended series on the book of Galatians entitled "Christ is Enough." How great it was to rejoice in the sufficiency of Christ throughout that series. In the Summer months we studied Psalm 119 and then the book of Habakkuk before launching out into the deep waters of Revelation with a new series entitled, "The Presence of the Future." Our Sunday morning ministry has been helpfully complemented by our assistant pastor Simon's evening series from Acts entitled "Witnesses to the Ends of the Earth," and from Genesis entitled, "God's Good Purposes" a study in the life of Joseph. The Word has been living and active among us and it is encouraging to hear of people being ministered to by the Spirit of God through his Word. All this has been reinforced in our midweek prayer times and small group Bible studies as we gather to seek the Lord and encourage each other.

Highlights

So many people work so hard to serve in so many ways at Great Vic and there is a very real sense that we are in this work together and that God is at work among us. Particular highlights from the year include: The running of Hope Explored - a three-week evangelistic Bible study Our growing creche and Sunday school ministry

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GREAT VICTORIA STREET BAPTISTS CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Church Family

It was with joy and excitement that we welcomed two new lives into the church and celebrated the marriage of two members of the congregation. We also remember with joy and thanksgiving four of our members went home to be with the Lord. We give thanks for their love and dedication to the fellowship over many years, serving in various ways including Sunday school, Baptist Women's Fellowship and Campaigners.

Their combined membership totaled over 250 yearsl What a wonderful testimony to Christian women at Great Vic.

Missions

The missionary weekend was held between 14th and 15th October with this year's focus being "The Unreached within Reach." We considered how God has brought peoples from hard-to-reach places now within reach opening a wonderful door of opportunity for mission and evangelism on our doorstep. We also heard about the work at Blackrock Community Church, Dublin. The Sunday evening was a wonderful internationally themed, multi-lingual praise evening where we reJ01ced that we are part of God's global Church.

We continue to support missionaries who have gone out from Great Vic to serve in Portugal, Peru, Kenya and Madagascar as well as supporting a church member currently training at Bible College in the Netherlands.

At the close of another year we can again say, "The Lord has done good things for us and we are glad" (Psalm 126:3).

Financial review

The net income for the year amounted to £405,107 (2022: £35,534), of which a net income of £35,420 is attributable to unrestricted reserves which now stand at £168,137(2022: £132,717) and a net income of £369,687 is attributable to restricted reserves.

Plans for future periods

We look forward to another year with confidence and are particularly excited as we work towards the redevelopment of our church site. This is a significant undertaking but we believe that God will be with us as we move toward building fit for purpose premises which will best serve the congregation and the community around us

Public Benefit

The direct benefits which flow from the purpose include:

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GREAT VICTORIA STREET BAPTISTS CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The benefits arising from the purpose will be demonstrated through:

This will be evidenced through regular evaluation, annual reports and informal feedback from members and those attending the events, their families and the general public within the community in which the Church operates.

The Trustees do not anticipate that any harm will flow from any of the above purposes.

The Church's beneficiaries are:

The only private benefits flowing from our purposes are the provision of a stipend for any pastor of the Church who will also assume the role of Trustee and paid employment for the personnel required to manage the work of the Church.

Any Trustee appointed by the Church as a member of the Missionary Family will be entitled to financial support from the Church according to the Church Missionary policy. Such stipend, salaries, support and any incurred expenses are incidental to enable the Church to provide the pastoral and administrative support required to fulfil the stated Purpose.

Statement of trustees' responsibilities

The trustees are required to prepare the trustees' Annual Report and the financial statements in accordance with applicable loaw and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Northern Ireland requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of a fairs of the charity and of the incoming resources and application of resources of the charity for that period.

In preparing these financial statements. the trustees are required to:

GREAT VICTORIA STREET BAPTISTS CHURCH

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of trustees' responsibilities (continued)

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements l comply with the Charities Act (Northern Ire and} 2008, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees' report was approved by the Board of Trustees on .(rflurKcl.J12.t-.. and signed on its behalf (/ by:

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GREAT VICTORIA STREET BAPTIST CHURCH

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREAT VICTORIA STREET BAPTIST CHURCH

Opinion

We have audited the financial statements of Great Victoria Street Baptist Church for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework. that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charity's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. lf we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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GREAT VICTORIA STREET BAPTIST CHURCH

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREAT VICTORIA STREET BAPTIST CHURCH

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained m the course of the audit, we have not identified material misstatements in the management committee report.

the financial statements are not m agreement with the accountrng records; or

we have not received all the information and explanations we require for our audit.

Responsibilities of the trustees

As explained more fully in the statement of trustees' responsibilities, the trustees' are responsible for the preparation of the financial statements and for bemg satisfied that they give a true and fair view, and for such internal control as the determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 165(3)(b) of the Charities Act (Northern Ireland) 2008 and report in accordance with regulations under section 66 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We developed an understanding of the key fraud risks to the entity (including how fraud might occur), the controls in place to help mitigate those risks, and the accounts, balances and disclosures within the financial statements which may be susceptible to management bias.

GREAT VICTORIA STREET BAPTIST CHURCH

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF GREAT VICTORIA STREET BAPTIST CHURCH

We also obtained an understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Charities Act (Northern Ireland) 2008 and Taxation Legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the charity's ability to operate or to avoid a material penalty.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, including internal specialists. and remained alert to any indications of fraud or non­ compliance with laws and regulations throughout the audit.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// ww .frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Ja age (Senior Statutory Auditor) For and on behalf of Johnston Kennedy DFK Statutory Auditor Chartered Accountants Registered Auditors 10 Pilots View Heron Road Belfast BT3 9LE Date: ........ �.-/�/.�.� ..

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GREAT VICTORIA STREET BAPTIST CHURCH

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and legacies
3
189,356
413,082
Charitable activities
Investments
4
73
Other income
Totalincome
189,356
413,818
Ex�enditure on:
Charitable activities
6
132,509
65,558
Gross transfers beteen
funds
(21,427)
21.427
Net income fr the year/
Net movement in funds
35,420
369,687
Fund balances at 1 January
2023
132,717
2,516,001
Fund balances at 31
December 2023
168,137
2,885,688		 Total
Unrestricted
funds
2023
2022
£
£
602,438
137,744
736
128
603,174
137,872
198,067
132,838
(71,209)
405,107
(66,175)
2,648,718
198,891
3,053,825
132,717
Restricted
funds
2022
£
105,231
105,231
74,731
71,209
101,709
2,414,292
2,516,000		 Totl
2022
£
242,975
128
243,103
207,568
35 534
2,613,183
2,648,718

The statement of financial act1v1hes 1nc udes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities

The notes on pages 15 to 21 form part of these financial statements

12

GREAT VICTORIA STREET BAPTIST CHURCH

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023

Notes
Fixed asset
Tangible assets
8
Current asset
Debtor
9
Cash at bank and in hand
Creditors: amounts falling due within
10
One year
Net current asset
Net asset
Income funds
Restricted funds
11
Unrestricted funds
12		 2023
£
5,933
952,692
958,625
(7, 764)		 £
2,102,964
950,861
3,053,825
2,885,688
168,137
3,053,825
2022
£
3,479
51,659
545,138
(6,452)
£
2,110,031
538,687
2,648,717
2,516,000
132,717
2,648,717

11/�/-,,1-,

. ........ Z .. . . . The financial statements were approved by the trustees on .. V. � ... Mr Steve Auld Mr Robert Patterson Chairman Treasurer

The notes on pages 15 to 21 form part of these financial statements

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GREAT VICTORIA STREET BAPTIST CHURCH

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023

2023
Notes
£
Cash flows from operating activities
Cash generated from operations
14
Investing activities
Purchase of tangible fixed assets
(1,856)
Investment income received
736
Net cash generated from/(used in)
investing activities
Net increase in cash and cash equivalent
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 £
412 153
(1,120)
411,033
541,659
952 692		 2022
£
1,28		 £
47 040
128
47,168
494,491
541,659

GREAT VICTORIA STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1 Accounting policies

Charity Information

Great Victoria Street Baptist Church is a registered charity in Northern Ireland. The registered office is 66a Great Victoria Street, Belfast BT9 6GD.

1.1 Accounting convention

The financial statements have been prepared in accordance with the "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" as amended for accounting period commencing from 1 January 2016. The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest£.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the

financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the trustee has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent.

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NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

GREAT VICTORIA STREET BAPTIST CHURCH

1 Accounting policies

(Continued)

1.6 Cash and cash equivalents

Cash and cash equivalents include cash m hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities

1.7 Financial instruments

The has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity's balance sheet when the becomes party to the contractual provisions of the instrument

Financial assets and liab lities are offset. w th the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the l1abihty simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement consbtutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Operating creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less If not, they are presented as non-current liabilities. Operating creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

F[i] nancial habiltt1es are derecognised when the 's contractual obligations expire or are discharged or cancelled

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

GREAT VICTORIA STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2 Critical accounting estimates and judgements

In the application of the Charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

4
Unrestricted
Restricted
fnds
fnds
2023
2023
£
£
Donations and gifs
158,311
395.191
Gif Aid Income
31,05
17,891
189,356
413,082
lnvesbent
Unrstrictd funds
Restricted
funds
2023
2023
£
£
Interest receivable
736		 Totl
Totl
2023
2022
£
£
553,502
207,952
48,936
35,146
602,438
243,0
Totl
Totl
2023
2022
£
£
73
128
5 Charitable Activities
Unrestricted
fnds		 Restricted
fnds		 Totl Totl
2023 2023 2023 2022
£ £ £ £
Suppor Costs
Activity costs		 16,251
116,25		 65,558 16,251
181,816		 14,155
193,413
132,509 65,558 198,067 207,5

• 17.

GREAT VICTORIA STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6 Trustees

4 trustees received a remuneration for their services, totalling £78,357 during the financial year

7 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
4 3

There were no employees whose annual remuneration was more than £60,000

8 Tangible fixed assets

8
Tangible fxed assets
Proper
Fixturs and
equipment
£
Cost
At 1 Januar 2023
2,075,38
43,30
Additions
185
At Decmbr 2023
2,075.38
45,162
Depriaton
At 1 Januar 2023
8,661
Depreation charge in the year
8,923
At 31 Decmbr2023
17,58
Caring amount
At 31 Deembr2022
2,075,386
27,578
At 31 Deembr2023
2,075,38
3,6		 Totl
2,118,692
1,85
1,810,19
8,61
8,923
17,58
2,102,9
2,110,031

• 18

GREAT VICTORIA STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9 Debtors

Amounts flling due within one year:
Accrued income
Prepayments
10 Creditors
Amounts falling due within one year:
Accruals
2023
£
4,159
1,774
5,933
2023
£
7,765
7,765		 2022
£
2,004
1,475
3,479
2022
£
6,452
6,452

11 Restricted funds

Balance at
1 Januar 2023
£
Fellowship fnd
1,991
Mission fnd
Sunday School Trust
1,385
Stafing Suppor Fund
31,200
Abide Fund
255
Redevelopment Fund
369,556
Propery Fund
2,075,386
Young Adults Fund
205
Manse Fund
36,023
2,516,000		 Incoming
Resources
£
11,758
10,419
2,345
384,517
4,043
736
413,818
Resoures
Trnsfer
Balance at
Expended
31 D mbr
2023
£
£
£
1,991
(32,568)
20,810
(312)
1,073
{11,281)
30,338
{2,851)
500
250
(14,181)
739,892
2,075,386
(4,365)
117
36,759
(65,558)
21,427
2,885,688

12 Unrestricted funds

Unrestricted Funds

1 Balance at
Januar 2023		 Incoming
Resources		 Reources
Expended		 Trnsfr
Balance at
31 D mbr
2023
£ £ £ £ £
132,717 189,356 (132,509) (21,427) 168,137

-19-

GREAT VICTORIA STREET BAPTIST CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13 Analysis of net assets between funds

Tangible
Fixed asset
£
Restricted income funds
Fellowship fund
Mission fund
Sunday School Trust
Stafing Suppor Fund
Abide Fund
Redevelopment Fund
Property Fund
2,075,386
Young Adults Fund
Manse Fund
2,075,386
Unrestricted income funds
Designated funds
27,578
Free reserves
27,578
2,102,964
14
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation of tangible fxed assets
Movements in working capital:
(lncrease}/decrease in debtors
lncrease/(decrease) in creditors
Cash generated from operations		 Net Current
assets
£
1,991
1 073
30,338
250
739,891
36,759
810,302
140,559
140,559
950,861
Totl
Total
2023
2022
£
£
1,991
1,991
1,073
1,385
30,338
31,200
250
255
739,891
369,556
2,075,386
2,075 386
205
36,759
36,023
2,885,688
2,516,001
27,758
34,645
140,559
98,072
168,137
132,717
3,053,825
2,648,718
2023
2022
£
£
405,106
44,195
(736)
(128)
8,923
(2,452)
(3,478)
1,312
6,451
412,153
47,040

- 20-

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

GREAT VICTORIA STREET BAPTIST CHURCH

15 Non-audit service provision

In common with many other charities of our size and nature we use our auditors to assist with the preparation on the financial statements.

16 Related party transactions

During the year the congregation contributed £1,342 to the Association of Baptist Churches in Ireland for congregational assessments.

The following contributions were also made to Association of Baptist Church in Ireland: Baptist Missions £3,500 Acre International £4,350 Mission Support - Shane McGloin £8,500

There were no other related party transactions.

- 21 -