Living Branch MiDlStries known as The Way Bible College Statement of Financial Activities for the Year Ended 30 June 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Uiireslricted fund. Total 2023 Nole Income and Endoivments from: Donations and legacies Charitable activities 5.402 8,716 5,402 8,716 Total income 14,118 Expenditure on". Ch<lrilable activities (15,639) (15,6J9) Total expenditure Nel expenditure Net movement in funds (15,6i9) {15,6J9) (1,521) R¢eoncili#tion of funds Toial funds brought forward Total funds carried forward 5.220 5,220 3,699 ljiirestricted fiiiids i.699 TotHI 2022 Note Income and Endoivmenls from: Donations and le1cleS Charitable aciivities 6,779 7,588 6,779 7,588 Total income 14,367 Expenditu re on: Charitable activities (9,976) (9.976) Total expenditure (9.976) (9.976) Nel income 4,i91 4.i91 Nel movement in funds 4.i91 4.391 Reconciliation of fund5 Total funds brouoht forward 829 829 Total ftinds Caled forward 5,220 -5,220 All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note I l. The notes on pages 13 10 18 forni an integral part of th¢se financial slateinents. Page 11
Living Branch Ministries known as The Wav Bible College {Registration number: N1641493) Balance Sheet as at 30 June 2023 2023 2022 Note Current assets Debtors Cash al bank and in hand 30 5,274 290 5,610 5,i04 5,900 Creditors: Amounts f011ing due within one year Net assets 10 {1.605) {680) i.699 5,220 Fuiids of the ch# rity: Unrestricted income funds Unrestricted funds 3,699 5,220 Total funds 3,699 5,220 For the financial year ending 30 June 202) the charily was entitlcd 10 exemption froin audit under seclioi) 477 of the Companies Act 2006 relating to small coinpanies. Directors, responsibilities.. The members have not required the charily to obtain an audit of its accounls for the year in qucslion in accordance with section 476. and The dircctors acknowledge Iheir responsibililies for complying with the requirements of the Act with respect to accounling records and the preparation of accounts. These financial statements have been prepared in accordance with tl)e special provisions relating lo coimi)anies Slibjecl to the small companies regime withiii Part l S of the Companies Act 2006. The financial slaleinents on pages I I to 18 were approved by the trustees. and auihorised for iSSLie on 29 February 2024 and sioned on their behalf by= Samuel Patrick H(Iil Coinpany secretary and trustee The notes on paue5 13 to l 8 forni an integral part of these finaiicial stateTnents. Page 12
Living Branch Ministries known as The Way Bible Colleoe Notes to the Financial Statements for the Year Ended 30 June 2023 I Charity status Tlie cliarity is limiied by guarantee, incorporated in and consequently does not have sliare capital. Eacli of the ti'ustees is liable to contribute an amount not exceedino £1 towards the assets of the charity in the event of liquidation. The address of its registered office is: 43 East Mount Newiownards BT23 8SE These fiiiancial stat¢menis were auihorised for issue by ihe tSte¢S on 29 February 2024. 2 Accounting policies Summarv of sigiiificxnt gccoiintiiig policies and key accounting estiniAtes Tlie priiieipal accounting poli¢ies applied in the preparation of these financial slaleinenls are Sei out below. These policies have been consistently applied to all ihe years presented, unless otherwise stated. Statenient ol compliance The financial statements have been prepared in accordance wifh Accountiiig and Reporting by Chai'ilies.. Slaleinenl of Recommended Practice (applicable to charities preparin tlieir accounts in accordaiice willi Ilie Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) (Charities SORP (FRS 102)), thc Financial Reporting Standard applicable in (he UK aiid Republic of Ii'elaiid (FRS 102) and ihe Companies Act 2006. Basis of preparation Livin Branch Ministries meets the definilion of a public benefit entity linder FRS 102. Assets and IiiG bilities are initially recognised ai liistorical cost or Iransaction valuc unless othcnvise stated in tlie relevaiil accoui)ling policy notes. Cvoing concern The triistees consider Iliat there are no malerial uncertainties about the charity's ability to ¢Diitii)Iie as ci going concern nor any significant areas of uncertainty that affect the canyiiig value of assets held by Ilie charity. Incomc and endoivments All income is recognised once the charity has entitlement to tlie incoime, it is probable that the income will be received and the amount of the income receivable can be measured reliabl),. Doiiuli1i11s uiid leRllcies Donation.5 are recoonised when the charity has been notified in writiniy of both Ihe aloUnt and settleimei)t dale. In the event that a donation is subject lo condition5 thal require a level of perforniaiice by the charity befoi'e the charity is entitled to the funds, the income is deferred and not recounised until eitlier tl)ose conditioiis al'e fully met. or the fulfilnient of those conditions is wholly within the control of the charity and it is probable tliat tliese ¥ period. conditions will be fulfilled in the reportin(v Page 13
Living Branch Ministries known as The Wav Bible College Notes to the Financial Statements for the Year Ended 30 June 2023 Deferred incnme Deferred income represents amounts received for future period5 and is released to incoming resources in the period for which, it has been received. Such income 15 only deferred when- The donor specifies that the grant or donation must only be used in future accounling periods. or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Expenditure Al l expeiidilure is recognised once ihere is a legal or con5truclive obliuation to that expend iture. it is probable settlement is required and the amouni can be measured reliably. All cosls al'e allocated lo tlie applicable expenditure hec1ding that aoorcgate similar costs to Ihat category. Wliere costs cannot be direcily attribuied to P1< rticular l)eadinus they liave been 4?Ilocated on a basis consistent wilh Il)e use of resource5. Wltli ceiiti'al stafl. costs allocaied on the basis of tiine spent. and depreciation charges allocated on the portion of the assei's use. Other suppon costs are allocated based on the spread of slaff cosis. Cliiirilable iiclivilie.¥ Chiiritable expenditure comprises those costs incurred by the charity in the del ivery of its activities ai)d sei'vices for irs beneficiaries. It includes both costs thai can be allocaied directly to such activities and Il)ose costs of ai) indirect naiure necessary to support them. Supp()rt costs Support cosis include central functions and have been allocated ¢0 activity cost caiegories on a basis consisieiil with the use of resources. for example. allocating property cosls by floor areas. or per capita. staff costs by tlie time spent and other cosis by their usage. TaxAtii)ii Tl)e chclrily is considered lo pass the tests set out in Paragraph I Schedule 6 of the Finaiice Aci 2010 And therefore it meets the definition of a chariiable company for UK corporalion tax purposes. Accordiiigly. Il)c chc1rily is potentially exempt from taxation in respect of income or capital ¢)ains received wiihiii ¢ate(Fories covered by Chapter 3 Plf rt I l of the Corporation Tax Aci 2010 or Section 256 of tl)e Ta.X<21ion nf Cliargieable Cjains Act 1992, to the extenl that such income or gains are applied exclusively lo charitable purposes. Trade dtbtors Trade debtors are amounts dLie from Customers for merchandise sold or services perforiiied in tlie ordii)<ll'y course of business. Trade debiors are recognised inilial ly at the transaction price. They are subsequently measured at arnortised cost using the efteclive interest metliod, le55 provision for impainnent. A provision for the impainnent of trade debtors is established when there is objective evidence that the charity will iiot be able to collect all ainouiits due according lo tlie original terms of the receivables. Cash a nd cash equiv4q lents Cash and cash equivalents comprise cash on hand and call deposits. and other shon-cerm liighly liqiiid investmen15 that are readily convertible to a known amount of cash and are subject to ali insigiiificant I'isk nf hange in value. Page 14
Living Branch Ministries known as The Way Bible College Notes to the Financial Statements for the Year Ended 30 June 2023 Trade creditors Ti'<ide creditors are oblioations to pay for tsoods or services that have been acquired in the ordinaiy coui'se of business froin suppliers. Accounts payablc are classified as current liabilities if the charity does not liave ali unconditional right. at the end of the reporting period. to defer scttlemeni of the creditor for at least twelve Inonths after the rcportinu date. If there is an unconditional righi to defer seltleiMent for at least twelve Inontlis after ihe reporting date, they are presented as non-current liabilities. Trad¢ creditors are recognised initially at the transaclion price and subsequently measured at ainoitised cost using the effective interest method. Borrowiiigs Interesl-bearing borrowings are inifially recorded at fair value, nel of Ii'ansaciion cosis. Intei'esr-bearii)g borrowings are subsequently carried at amortised cost. with the differeiice between the pi'oceeds. net of transaction costs, and the amount due on redemption being recognised as a charge lo the Statement of Finaiicial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest metliod aiid is included in interest payable and siinilar charges. Borrowii)gs are classified R.% current liabilities unless the charity has an unconditional ri¥l)I to defer setllei)ieiil of Ihe liabi l ity for at lea.%1 twelve inonihs after the reporrincy date. Fund structure ljnrestricled income fuiids are general funds that are available for use at t17e trustees discretion in furtliei-ance of the objective5 of the charity. 3 Income from (lonatioJi$ and legacies Uilreslricled fiiii(15 GeiierAI Tnta I Donations and legacies,. Donations froni individual.s 5.402 5,402 Total for period eii(Jed 30 June 2023 TotRI fur pcriod ended 30 June 2022 5.402 i,402 6.779 Paae 15
Living Branch Ministries known as The Wav Bible College Notes to the Financial Statements for the Year Ended 30 June 2023 4 Income from el)41 rita ble activities Unre51ricted funds General Total funds Tuition fees Gift Aid Refunds College Tea Boat 8.006 490 8,006 490 108 108 Total for period ended 30 June 2023 8,716 8,716 Totxl for period endcd 30 June 2022 7.588 7,588 5 Expeiiditure on Chnritable activities Uiireslrieled fil lids General Tol411 fuiids Tuition A Ilocaled support costs 10,301 5.338 10,301 Totiql for period ended 30 June 2023 15,639 15.639 TotAI for period en(led 30 June 2022 9,976 9.976 Page 16
Livino Branch Ministries known as The Way Bible College Notes to the Financial Statements for the Year Ended 30 June 2023 6 Triistees remuneration and expenses During the year the charity Inade the following transactions wi(h (rusiees.. Jeannie Diane Hartley Jeannie Diane Hartley received remunerdtion of £2,000 (2022- £Nil) during the year. Diane was remuerated for the delivery of lecÉur¢s During the year £2,436 was reinbursed to trustees relating to travel expenses. 7 T#xation The charity is a registered charity and is therefore exempt from iaxation. 8 Debtors 2023 2022 Trade debtors 30 290 9 Cash a nd cmsh equivalents 2023 2022 Cash al bank 5,274 5,610 l O Creditors". amounts falling due within one year 2023 2022 Trade creditors Accruals Deferred income 150 480 975 200 480 1.605 680 Page 17
Living Branch Ministries known as The Way Bible College Notes to the Financial Statements for the Year Ended 30 June 2023 I l Funds Balance at I July 2022 Incoming resources Resources expended alance at 30 Julie 2023 Unrestricted funds General 5,220 14,118 (15.6)9) 3,699 Balance At I November 2021 Incoming resoii rces Resoiirces expciided Balaiice Al 3Q Julie ?0?2 Unrestricted funds General 829 14.367 (9.976 5,220 Page 18