Living Branch Ministri known as The Way Bible College Statement of Financial Activities for the Year Ended 30 June 2024 (Including Income and Expenditure Account and Staternellt of Total Recognised Gains aDd Losses) Unrestrieted funds Totsl 2024 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 12,576 13,684 49 12,576 13,684 49 Total income 26,309 26,309 Expenditure on: Charitable actlvities 18,410) (18,410) Total expenditure (18,410) (18,410) Net income 7,899 7,899 Net movement in fidS 7,899 7.899 Reconciligtion of funds Total funds brought forward Total funds rarried forward 3,699 3,699 13 1.598 Unrestricted funds 11,598 Totsl 2023 Note Income and Endowmenls from: Donations and legacies Charitable artivities 5,402 8,716 5,402 8,716 Total income 14,118 Expenditure on: Charitable activities (15.639) 15,639 Total expenditure 15.639) 15,639) Net expenditure {1,521) (1,521) Net movement in funds {1.521) (1,521) Reconeiliation of funds Total funds brought forward Total funds carried forward 5,220 5,220 13 3.699 3,699 All of the charity's activities derive from continuing operations during the above two periods. The fimds breakdowi for 2023 is Sho in note 13. The notes on pages 13 to 19 forn) an integral part of these financial statements. Pagell
Living Branch Ministries known as The Way Bible College (Registration number: N1641493) Balance Sheet as at 30 June 2024 2024 2023 Note Fixed assets Tangible assets 1.656 Current assets Debtors Cash at bank and in hand io 30 5,274 10,443 10,446 5,304 Creditors: Amounts falling due within one year Net current assets 12 (504) 1,605 9,942 3,699 Net assets 11.598 3,699 Funds of the eharlty: Unrestricted ineome funds Unrestricted funds 11,598 3,699 Total funds 13 11,598 3,699 For the fu]ancial year ending 30 June 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These fmancial statements have been prepared in accordance with the special provisions relating to companies subject to the small Companies regime within Part 15 of the Cornpanies Act 2006. The fmancial statements on pages I I to 19 were approved by the trustees, and authorised for issue on 10 February 2025 and signed on their behalf by: Samuel Patrick H Company secretary and trstee The notes on pages 13 to 19 forni an inte part of these financial statements. Page 12
Living Branch Ministries known as The Way Bible College Notes to the Financial Statements for the Year Ended 30 June 2024 I Charity status The charity is limited by guarantee, incorporated in , and consequently do¢s not have she capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the &ssets of the charity in the event of liquidation. The address of its registered office is: 43 East Mount Newtownards BT23 8SE These fll)ancial ststements were authorised for issue by the trustees on l O February 2025. 2 Accounting policies Summary of significant accounting policies and key aeeounting estimate5 The principal accounting policies applied in the preparation of these fmancial statements are set out below. These policies have been consistently applied to all the years Presente unless otherwise stated. Statement of Compllanee The fan(la1 statements have been prepared in accordance with 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basis of preparatlOD Living Branch Ministries meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in th¢ relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charitys ability to continue as a going Concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Ineome and endowments All income is recognised once the charity has entitlement to the income, it is probabl¢ that the income will be received and the amount of the income receivable Can be measured reliably. Donallons and legatla Donations are recognised when the charity has been notified in writing of both the amount and settlement date. .41 In the event that a donation is subject to conditions that require a level of perforn)ance by the charity before the charity is entitled to the fijnds, the income is defeffed and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the ¢haTity and it is probable that these conditions will be fulfilled in the reporting period. Page 13
Living Branch Ministrie8 known as The Way Bible College Notes to the Financial Statements for tbe Year Ended 30 June 2024 Deferred Income Deferred income represents amounts received for future periods and is released to incoming resources in the p¢iiod for which, it has been received. Such income is only deferred when: - The donor specifies that the grdnt or donation mst only be used in future accountin8 periods; or - The donor has imposed conditions which must be met before the charity has unconditional entitlement. Inveslmenl income Dividends are re¢ognised once the dividend h&$ b¢en declared and notification has been received of the dividend due. Expendlture All expenditure is recognised once there is a legal or Constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure h¢ading that aggregate similar costs to that cat¢gory. Where costs cannot b¢ directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spenL and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Charllable acllviiles Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes l)oth costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis ¢on51Stent with the use of resources, for example. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Taxatlon The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the defmition of a charitable company for UK corpordtion tax purposes. Accordingly, the harity IS Potentially exempt from t&xation in respect of income OT capital gains received within categories covered by Chapter 3 Part I l of the Corporation T&x Act 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incorne or gains are applied exclusively to charitable pwposes. Tangible fixed assets tndividual fixed assets costing £0.00 or more are initially recorded at.cosL less any subsequent accumulated depreciation and subsequent accumulated impairn]ent losses. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or Valuatio less any estimated residual value, over their expected useful exonomic lift as follows: Page 14
Living Branch Ministri& knoTrvn as The Way Bible College Notes to the Financial StateD]ent8 for the Year Ended 30 June 2024 Trade debtors Trade debtors are amounts due from customers for m¢rchandise sold or services perforn)ed in the ordinary course of business. Trade debtOTS are re¢ognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairnient. A provision for the impainnent of trade debtors is estsblished when there is objective evidence that the charity will not be able to wllect all amounts due according to the original temis of the receivables. Cash and cash equivalents Cash and cash ¢quivalents comprise cash on hand and ca]1 deposits, and other short-terni highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of clwige in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary cowse of business from suppliers. Accounts payable are classified &s current liabilities if the charity does not hav¢ an unconditional righL at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reportlng date, they are presented &s non-current liabilities. Trade creditors are reCOlSed initially at the transaction prirx and subsequently measured at amortised cost using the effective interest method. Borrowlngs Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cosL with the difference between the proceeds, net of transaction costs, and the amount due on redemption belng recognised as a charge to the Ststement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. BoOWingS are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at le&st twelve months aft¢r the reporting date. Fund structure Unr¢stricted income fun&8 are 8enera] funds that are available for at the trustees discretion in fiwtherance of the objectives of the charity. Page 15
Living Branch Ministries Imown as The Way Bible College Notes to the Financial Statements for the Year Ended 30 June 2024 3 Income from donatlODS and legaeies UDrestricted funds General Totsl funds Donations and legacies. Donations from individuals 12,576 12,576 Total for 2024 12,576 12,576 Total for 2023 5,402 5,402 Page 16
Living Branch Ministries known as The Way Bible College Notes to the Financial Statements for the Year Ended 30 June 2024 4 Income from charitable aetivities Unrestricted funds General Total funds Tuition fees Gift Aid Sunday Meetings 6,315 2,426 4,943 6,315 2,426 4,943 Tolal for 2024 13,684 13,684 Total for 2023 8,716 8,716 S Investment income Unrestricted funds General Total funds Interest receivable and similar income. Interest receivable on bank deposits 49 49 Tot81 for 2024 49 49 6 Expenditure on charitable activities Unrestrieted unds General Total funds Tuition Allocated support costs 10,451 7,959 10,451 7,959 Tolal for 2024 18.410 18.410 Total for 2023 15,639 15.639 Page 17
Living Branch Ministries known as The Way Bible College Notes to the FiDancial Statements for the Year Ended 30 June 2024 7 Trustees remuneration and expenses During the y¢ar the charity made the following trdnsactions with ttvstees: Jeannie Diane Hartley Jeannie Diane Hartl¢y received remuneration of £2.315 (2023: £2.000) during th¢ year. Diane was remuerated for the delivery of l¢ctUT¢5 During the year £1,625 was reinbursed to trustees relating to travel expenses. 8 Taxation The charity is a registered charity and is therefore exempt from Lwtion. 9 Tangible fixed assets Furniture and equipment Total Cost Additions 2,071 2,071 At 30 June 2024 2,071 2,071 DepreeiatiOD Charge for the year 415 415 At 30 June 2024 415 415 Net book value At 30 June 2024 1,656 .656 10 Debtors 2024 2023 Trade debtors 30 Page 18
Living Branch Ministries l£noTrvn as The Way Bible College Notes to the Financi Statements for the Year Ended 30 June 2024 11 Cash and eash equivalents 2024 2023 C&%h on hand Cash at bank Short-terni deposits 199 1,945 8,299 10,443 5.274 5,274 l2 Creditors: amounts falling due within one yerdr 2024 2023 Trade creditors A¢¢nlS Defeed income 24 480 150 480 975 504 1,605 13 FuDds Balance at I July 2023 Incoming resources Resource5 expended B8lanee at 30 June 2024 Unrestrlcted funds General 3,699 18,410 11,598 Balance at I July 2022 Incoming resources Rejourees expended Balance At 30 June 2023 Unrestrl¢t¢d fuDds Genernl 5220 3,699 Page 19