Portstewart Baptist Church Annual Report and Audited Financial Statements for the financial year ended 31 December 2024 M¢Cleary & Company Ltd Chartargd Accountants and Reglstored Auditors Garvey Studios 14 Longstone Streel_ Lisburn Co. Antrim BT28 1TP Charlty Number: 108322
Portstewart Baptist Church CONTENTS Page Trustees, and Other Information Trustees, Report Statement of Trustees, Responsibilities Independent Auditor's Report Statement of Financial Activities 10 Balance Sheet Statement of Cash Flows 12 Notes to the Financial Statements 13-18 Supplementary Informalion relating to the Financial Statements 20
Portstewart Baptist Church TRUSTEES, AND OTHER INFORMATION Trustees Kris Fairfield David Barnett Michael Williams Stephen McKenzie Jonathan Dixon Derek Leighlon David Johnston Loreen Williams Alison Wade {Appointed 25 September 20241 Paul De Cock (Resigned 5 September 2024} David Frazer Kim Berrisford Mark Sheridan Lee Jennings (Resigned 31 May 20241 Anne Witherow Graham Stirling (Resigned 19 March 2024) Alan Millen {Appointed 25 September 2024} Tommie Linton Chris Blair (Appointed 25 September 2024) Garth Mahood Jonathan McGreevy Robert Kane Brenda Blair John Allen (Appointed 25 September 2024) Gibson Evans {Resigned 14 March 2024) Mallhew Dunlop (Appointed 25 September 20241 Thom Collis (Appointed 25 September 2024) Matthew Wright (Resigned 19 March 2024) Charity Number in Northern Ireland 108322 Principal Address 172-174 Coleraine Road Portstewart B T55 7PL Auditors Mccleary & Company Ltd Chartered Accountants and Registered Auditors Garvey Studios 14 Longstone Street Co. Antrim Lisburn 8T28 1TP
Portstewart Baptist Church TRUSTEES. REPORT for the financial year ended 31 December 2024 The Iruslees present their Trustees, Report and the audiled financial statements for the financial year ended 31 December 2024. The financial statements are prepared in accordance with the Charities Act (Northern Ireland} 2008, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their financial ststements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Trustees, Report contains the information required to be provided in the Trustees, Annual Report under the Slalement of Recommended Practice {SORPI guidelines. The trustees of the charity are also charity Iruslees for the purpose of charity law and under the charity's constitution are known as members of the board of trustees. In this report the trustees of Portstewart Baptist Church present a summary of its purpose. governance, activities, achievements and finances for the financial year 31 December 2024. The charity is a regISted charity and although not obliged to comply with the Statement of Recommended Practi applicable in the UK and Republic of Ireland FRS 102, the organisalion has irnplemenled its recommendations where relevant in these financial statements. Mission, Objectives and Strategy Mlssion Statement Portstewart Bapts'st Church ('Ihe Church") acknowledges the headship of Jesus Christ over his Church and exists to glorify the triune God by maintaining and promoting His worship both individually and corporately. Objectives The principal charitable object of the Church is the advancement of the Christian faith according lo the teaching of scripture. understood in its historical and evangelical sense. the Doctrinal Slalemenl and Baptist principles. Ils members devote themselves to the teaching of scripture, to fellowship. breaking of bread, prayer and evangelism. The activities carried out by the Church include: holding regular services for public worship, prayer. Bible study, preaching and teaching for all age groups-. providing pastoral care to the members of the church through visitation and prayer.. organising meetings and events that promote our charitable purpose.. participating in the life of the local community-, supporting other Christian organisalions and charities through volunteering, financial gifts and prayer. The trustees have paid due regard to guidance issued by the Charity Commission of Northern Ireland in deciding what activities the church should undertake Strategy The Church meets the public benefit requirement by providing benefit to its members and the general public by making known the Christian gospel of the Lord Jesus Christ through the advancement of the Christian faith. Sunday Services We-hold->serviee8-e8Ch-Sundaytthn-average. attendance" of 600.-Al peak hollday season, this increases.to 3" seNi¢es on a Sunday dtje to the large influx of holidaymakers when we have more than 1.000 in attendance each Sunday. Small Groups 15 small groups meet weekly across the areas of Portnjsh. Portslewart. Bushmills. Coleraing and Ballymoney. for Bible study and prayer. The average attendance in each group is 20 people. Youth Groupslsummer Bible Clubs Holiday 8ible Club.. 110 children of prtrnary school age attended our Holiday Bible Club each morning for a week during the Easter holidays. This was run by our Youth Coordinator and a team of volunteers alongside a Baptist Youth team. Each day consisted of Bible stories, ¢raft, snacks and games and finished on Friday with a BBQ for the children and their parents. Easter Youth Carnp.. 50 young people of high school age attended our 3 day Easter Camp and enjoyed a range of activities including a day out to a water park and games on the beach. Sports Camp In August.. 131 children in P3-P7 allended each evening for a week, learning and improving their football and hockey ski115 and enjoying a Bible message from the leaders
Portstewart Baptist Church TRUSTEES. REPORT for the financial year ended 31 December 2024 Baptisms 12 people were baptised during 2024, some in the sea and some in the baplistry in the church building. Membership 332 Finan¢lal Review The results for the financial year are set out on page 10 and additional notes a provided showing income and expenditure in greater detail. Results and Dividends At the end of the financial year the charity has assets of £4,850.615 12023 £4,668,025} and liabilities of £12,900 12023 - £6,276). The net assets of the charity have increased by £175,966. Reseryos Positlon and Pollcy There are no funds held by the Church that are materially in deficit. Structure. Governance and Management Governing document The charity is controlled by its governing document. a deed of trust and constitutes an unincorporated charity. Referen¢• and administrative dotails Registered Charity number 108322 Trustees The trustees who served throughout the financial year, except as noled, were as follows.. Kris Fairfield David Barnett Michael Williams Jonathan Dixon Stephen McKenzie David Johnston Derek Leighlon Loreen Williams Alison Wade {Appointed 25 September 20241 David Frazer Paul De Cock {Resigned 5 September 2024) Kirn Berrisford Mark Sheridan Anne Witherow Lee Jennings (Resigned 31 May 20241 Alan Millen (Appointed 25 September 2024) Graham Stirling {Resigned 19 March 2024) Tommie Linton Chris B18ir {Appoinled 25 September 20241 Garth Mahood Jonathan McGreevy Robert Kane Brenda Blair Gibson Evans (Resigned 14 March 2024) John Allen (Appointed 25 September 20241 Thom Collis (Appointed 25 September 2024) Matthew Dunlop (Appointed 25 September 2024) Matthew Wright {Resigned 19 March 2024} In accordance with the Constitution. the trustees retire by rotation and, being eligible. offer themsefves for re-election. Principal address 1721174 Coleraine Road, Portstewart. Co.Londonderry. BT55 7PL Compliance with Sector-wide Legislation and Standards The charity engages pro-actively with legislation, standards and codes whlch are dev6loped for the sector. Portstewart Baptist Church subscrib8s lo and is compliant with the following.. The Charities SORP {FRS 1021 Approved by the Board of Trustees on 24 September2025 and signed on Its behalf by: Tommle Llnton Trustee Brenda Blalr Trustge
Portstewart Baptist Church STATEMENT OF TRUSTEES. RESPONSIBILITIES for the financial year ended 31 December 2024 The trustees are responsible for preparing the financial statements In accordance with applicable law and regulations. The law applicable lo charities in Northern Ireland requires the trustees lo prepare financial stat8menls for each financial year which give a true and fair view of the assets, liabilities and financial position of the charity as at the financial year end date and of the surplus or deficit of the charity and olhetwise comply with the Charities Act (Northern Ireland} 2008. In preparlng these financial statements, the trustees are required to.. select suitable accounting policies and apply them con$istenlly', observe the methods and principles in the Charities SORP make judgements and accounting estimates that are reasonable and prudent., slate whether the financial statements have been prepared in accordance with applicable accounting standards identify those standards, and note the effect and the reasons for any material departure from those standards. and prepare the financial statements on the going concern basis unless il is inappropriate to presume that the charity wlll continue in operation. The trustees confirm that they have complied with Ihe above requirements in preparing the financial slatemenls. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act {Northern Ireland) 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board of Trustees on 24 September 2025 and signed on its behalf by: Tommle Linton Trustee Brenda Blair Trustee
INDEPENDENT AUDITOR'S REPORT to the Members of Portstewart Baptist Church Report on the audlt of the financial statements Oplnion We have audited the charity financial statements of Portstewart Baptist Church {'Ihe chariV} for the financial year ended 31 December 2024 which comprise the Slalemenl of Financial Activities, the Balance She&l, the Statement of Cash Flows and notes to the financial statements, including Ihe summary of significant accounting policies sel out in note 2. The financial reporting framework that has been applied in their preparation 1$ applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102. In our opinion, when reporting in accordance with a fair presentation framework the financial ststemenls.. give a Irue and fair view of the stale of the charity's affairs as at 31 December 2024 and of ils surplus for the financial 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) IISAS (UKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial slalements section of our report. We are independent of the charity in accordance with ethical requirements th81 are relevant to our audit of the financial statements in the UK, including the FRC'S Ethlcal Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the altdil evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to golng Concern In auditing the financial slalemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial slalements 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 signifi¢anl doubt on the charity's ability lo continue as a going concern for 8 period of 8t least twelve months from the date when the financial slalemenls are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respect to going concern are described in the relevant sections of this report. Other Inforniation The other infomialion comprises the information included in the annual report other than the financial statements and our AUdit0S 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 infomialion and, except to the extent otheiSe explicitly staled in our report. we do not express any form of assurance conclusion thereon. Our responsibility is to read lh6 other infomialion and, in doing so. consider whether the other Snformalion Is materially inconsistent with the financial slalements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we ar8 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 misslalemenl of this other information, we are required to report that fact. We havg nothing to report in this regard. Opinion on other matter prescrlbed by the Companies Act 2006 In our opinion. based on the work undertaken in the course of the audit.. the infomiation given in the Trustees, Report for the ffnancial year for which the financial statements are prepared is consistent with the financial slaternenls., and the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knowledge and understanding of the charity and ils environment obtained in the course of the audit. we have not Sdenlified material misstatements in the Trustees. Report. We have nolhirsg to report in respect of the following matters where the Charities Act (Northem Ireland) 2008 requires us lo report to you if. in our opinion: adequate accounting records have not been kept: or the financial statements are not in agreement with the accounting records and turns., or certain disclosures of_lrustees, remuneration spe¢ifi8d by law are not made; or we have not received all the information and explanations we require for our audit. the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and lake advantage of the small com anies, exemption in preparing the Trustees, Annual Report.
INDEPENDENT AUDITOR'S REPORT to the Members of Portstewart Baptist Church Responsibllities of trustees for the financial statements As explained more fully in the Statement of Trustees, Responsibilities set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misslalemenl. whelher due to fraud or error. In preparing the financial statements. the Iruslees 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 management either Intends to liquidate the charity or to cease operations, or has no realistic alternative but to do so. Auditor's responsibllitle$ for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial slalements as a whole are free from material misstatement, whether due lo fraud or error, and lo issue an Audilorfs Report that includes our opinion. Reasonable assuran¢e 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 malerial if, individually or in the aggregate. they could reasonably be exp8Cted to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non<ompliance with laws and regulations. We design procedures In line with our responsibilities, outlined above, to delect rnalerial misslatemenls in respect of irregularities, including fraud. The exlenl lo which our procedures are capable of detecting irregularities. including fraud is detailed below.. Having considered the nature of the Charity and the sector in which it operates, we identified that the principal risks of non-compliance with laws and regulations related lo breaches of health and safety laws, employment law and environmental regulations. We considered the extent to which non-compliance might have a material effect on the financial ststements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements {including the rrsk of override of controls} and detemiined that the principal risks were related to incompleteness of income. Audit procedures performed included.. Assessment of compliance with key laws and regulations. Enquiry of those Charged with govemance including any known or suspected instances of non-compliance with laws and regLJlations, potential liligalion, and fraud. Identifying and testing transactions for appropriateness. evaluating the rationale for signifi¢ant transa¢lions outside what is normal for the charity and assessing whether the judgments made in making accounting estimates are indicative of potential bias, in order to assess the risk of fraud through management override of control5. Analytical procedures to identify any unusual or unexpected relationships Ihal may indicate risks of material misstatement due to fraud. Challenging assumptions and judgments made by management in significant accounting estimates. Reviewing the disclosures in the financial statements against the specific legal requirements. Substantive testing of Balance Sheet items. together with a high level of individual account analysis. Comparison of income disclosed in Financial Slalements to original Bank Slalemenls We communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent Ilrnitalions in the audit procedures outlined above. We are less likely lo become aware of instances with laws and regulations that are not closely related to events and transactions reflected in the ffnancial statements_[5_O..-thei{So£noLdete¢llng_a_Materla[ misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involv8 deliberate concealment. A further description of our responsibilities for the audit of the financial statements is located on the Financial R8POrting Council's website at www.frc.org.uklauditorsresponsibilities. This description fomis part of our Report of the Independent Auditors.
INDEPENDENT AUDITOR'S REPORT to the Members of Portstewart Baptist Church Further Informatlon regardlrrg the s¢ope of our responsibilities as audltor As part of an audit in accordance with ISAS (UKI. we exercise professional judgement and maintain professional scepti¢ism throughout the audit. We also.. Identify and assess the risks of material misslalemenl of the financial statements, whether due to fraud or emr design and perform audit procedures responsive to those risks, and obtain audit eviden that is sufficient and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of inlemal control relevant to the audSt in order to design audit procedures that are appropriate in the circumstances, bul not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Iruslees. Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related lo events or ¢ondilions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material UnrtaInty exists. we are required lo draw attention in our Audilovs Report to the related disclosures in the financial slalements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditor's Report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and conlenl of the financial stalemenls, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. The purpose of our audit work and to whom we owe our responsibilltles This report is made solely to the charity's members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those mallers we are required to slate 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 lo anyone other than the charity and the chaTtty's members as a body, for our audit work, for this report, or for the opinions we have formed. MCCL ARY & COMPA TD Chartered Accountants and Registered Auditors Garvey Studios 14 Longstone Street Lisburn Co. Antrim BT28 1TP 24 September 2025
Portstewart Baptist Church STATEMENT OF FINANCIAL ACTIVITIES for the financial year ended 31 December 2024 Unrestricted Restrl¢ted Funds Funds 2024 2024 Total Unrestricted Restricted Funds Funds Funds 2024 2023 2023 Total Funds 2023 Notes Incomo Donations and legacies Charitable activities Other income Other trading activities 609,098 7.090 616,188 523,017 14.770 537,787 27,096 26,771 2,102 29,198 26,771 31,107 22,400 2,302 33,409 22,400 Total income 662.965 9,192 672,157 576,524 17.072 593,596 Expendlture Charitable activities 559.077 12,114 571,191 490.792 25,075 515,867 Net Incomel(expendlture) Transfers behveen funds 103,888 (2.9221 100,966 85,732 18,0031 77.729 (181) 181 (3,000) 3,000 other recognised gainsl{lo$ses): Surplusl{deficitl for the financial year Net gainslllossesl on Investments 103,707 12,741) 100,966 82,732 {5,0031 77,729 75,000 75,000 257.471 257.471 Net movement in funds for the financial year 178,707 (2,7411 175.966 340.203 (5.003) 335,200 Reconcillation of funds: Total funds beginning of the year 15 4,658.912 2,837 4,661.749 4,318,709 7.840 4.326,549 Total funds at the end of the year 4,837,619 96 4,837,715 4.658,912 2.837 4.661,749 The Slalemenl of Financial Activities includes all gains and losses recognised in the ffinanal year. All income and expenditure relate to continuing activities. Thg notes on pages 13 to 18 form part of the financial staternents 10
Portstewart Baptist Church BALANCE SHEET as at 31 December 2024 2024 2023 Flxed Assets Tangible assets Notes 4,469,985 4,406,967 Current Assets Debtors Cash al bank and in hand 10 11 25.947 354,683 29,566 231,492 380.630 261,058 Creditors: Amounts falling due wlthin one year Net Current Assets 12 (12,9001 (6,2761 367.730 254,782 Total Assets less Current Llabilltl¢s 4.837,715 4,661.749 Funds Restricted trust funds Designated funds {Unreslricled} General fund (unrestricted) Total funds 96 32,186 4,805,433 2.837 4.658,912 15 4.837,715 4,661,749 The total unreslricled funds includes a revaluation reserve of £(332,4711 {2023 - £(257,471)) Approved by the Board of Trustoes and authorised for issue on 24 September 2025 and signed on It$ behalf by Tommie Llnton Trustee Brenda Blair Trustee The notes on pages 13 to 18 form part of the financlal statemgnts 11
Portstewart Baptist Church STATEMENT OF CASH FLOWS for the financial year ended 31 December 2024 2024 2023 Cash flows from operating activities Nel movement in funds Adjustments for.. Gains and losses on investments Depreciation Notes 175,966 335,200 175,000) 18,822 (257,4711 22,958 Movements in working capital.. Movement in debtors Movement In creditors 119,788 100,687 3.619 6,624 (23,431) 876 Cash generated from operations 130,031 78,132 Cash flows from investlng actlvities Payments lo acquire tangible assets (6,8401 Net increase in cash and cash equivalents Cash and cash equlvalents at the beginnlng of the year Cash and cash equivalents at the end of the year 123,191 231,492 78,132 153,360 11 354,683 231.492 12
Portstewart Baptist Church NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 GENERAL INFORMATION Portstewart Baptist Church Is a charity incorporated in Northem Ireland. The registered office of the charity is which is also the principal place of business of the charity. The financial statements have been presented in Pound 1£) which is also the fLrnclional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity's financial slalemenls. Basis of preparatlon The financial statements of the charity. which is a public benefit entity under FRS 102, have been prepared on the going concern basis under the historical cost convention. modified lo include certain items at fair value. The financial slalemenls have been prepared in accordance with the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charitie$ preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102.. ststement of compliance The financial slalements of the charity for the ffnancial year ended 31 December 2024 have been prepared on Ihe going concern basis and in accordance with the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland FRS 102" Fund accountlng The following are the categories of funds maintained: Restricted funds Restricted funds represent income received which can only be used for parti¢ular purposes, as specified by the donors. Such purposes are within the overall objectives of the charity. Unrestricted funds Unrestricted funds consist of General and Designated funds. General funds represent amounts which are expendable at the discretion of the board, in furtherance of the objectives of the charity. Designated funds comprise unreslricled funds that the board has, al its discretion, set aside for particular purposes. These designations have an administrative purpose only. and do not legally restrict the board's discretion to apply the fund. Income Income is recognised by inclusion in the Statement of Financial Activities only when the charity is legally entitled to the income, performance conditions attached lo the ilem{s) of income have been met. the amounts involved can be measured with sufficient reliability and il is probable that the income will be received by the charity Expenditure Expenditure is analysed betW8en costs of charitable activities and raising funds. The costs of each activity are separately accumulated and dlsclosed. and analysed according to their major components. Expenditure Is recognised when a legal or conslructive obligation exists as a result of a past event, a transfer of economic benefits is required in settlement and the amount of the obligation Can be reliably measured. Support costs are those functions that assist the work of the charity but ¢annol be attributed to one activity. Such costs are allocated to activities in proportion to staff time spent or other suitable measure for each activity. Tangible fixed as$ets and depCiatIon Tangible fixed assets are slated al cost or al valuation, 18ss accumulated depreciation. The Charge to depreciation is calculated lo write off the orrginal cost or valuation of tangible fixed assets, less their estimated residual value, over their expected useful lives as follows.. Land and buildings freehold Fixtures. fittings and equipment Not depreciated 20 /0 on reducing balance 13
Portstewart Baptist Church NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2024 Investment propertl8$ Investment propety is propety held either to eam rental income, or for capital appreciation (including future re4evelopmenl) or for both, but not for sale in the ordinary course of business. Investment property is initially measured al cost. which includes the purchase cost and any directly attributable expenditure. Investment property is subsequently valued at ils fair value at each reporting dale, by professional external valuers. The difference beeen the fair value of an investment property at the reporting dale and its carrying value prior to the valuation is recognised in the Ststement of Comprehensive Income as a fair value gain or loss. Any gain or loss on disposal of an investment property (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in th8 Statement of Comprehensive Income. Debtors Debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Income recognised by the charity from govemment agencies and other co-funders, but not yet received al financial year end, is included in debtors. Cash at bank and in hand Cash at bank and in hand comprises cash on deposit at banks requiring less than three months notice of withdrawal. Taxation No current or deferred taxation arises as the charity has been granted Charitable exemption. Irrecoverable valued added tax is expensed as incurred. Pensions The charity operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. Annual contributions payable to the charitys pension scheme are charged to the profit and loss account in the period to which they relate INCOME DONATIONS AND LEGACIES Unrestricted Restricted Funds Funds 2024 2023 Donations Gift aid Legacies 479.479 75,229 54.390 6.625 465 486.104 75.694 54,390 463.474 74,313 609.098 7,090 616,188 537.787 CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds 2024 2023 other incomo: Other income Special-eventdncom Baby basics donations 10,712 -16.384- 10.712 16.384 2,102 7,455 -23.652- 2,302 2,102 27,096 2.102 29.198 33.409 OTHER TRADING ACTIVITIES Unrostricted R05tricted Funds Funds 2024 2023 Chalet income Premises and house rental 6.610 20,161 6.610 20,161 7.889 14,511 26,771 26.771 22.400 EXPENDITURE 14
Portstewart Baptist Church NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2024 CHARITABLE ACTIVITIES Direct Costs Other Costs Support Costs 2024 2023 Expenditure on charitable aclivites Governance Costs {Note 4.21 512,494 50,963 7,734 563,457 7,734 509,016 6,851 512.494 58,697 571,191 515,867 GOVERNANCE COSTS Direct Costs Other Costs Support Costs 2024 2023 Charitable activities - governance costs 7,734 7,734 6,851 SUPPORT COSTS Charitable Governance Activities Costs 2024 2023 Auditors, MneratIon Bank charges Postage and slalionery Insurance FSxtures and fittings depreciation Sundries Architect fees 7,734 7,734 5,325 4.442 941 18,822 2.233 19,200 6,851 3,982 4.936 915 22,958 1.100 5.325 4,442 941 18.822 2,233 19.200 50.963 7.734 58,697 40,742 ANALYSIS OF SUPPORT COSTS Basis of Apportionment 2024 2023 Auditors, remuneration Bank charges Postage and stationery Insurance Fixtures and fittings depreciation Sundries Architect fe85 100° 100V 7.734 5.325 4,442 941 18,822 2,233 19,200 6.851 3.982 4,936 915 22.958 1.100 1 OOU/o In¢ome Protection 100/0 1 OO¢J 58,697 40.742 NET INCOME 2024 2023 Net In¢ome Is stated after ¢hargingllcrediting): Depreciation of tangible assets Auditor's remuneration-. audit services 18,822 22,958 7,734 6,851 INVESTMENT AND OTHER INCOME 2024 2023 Chalet income Premises and house rentsl 6.610 20,161 7,889 14,511 26,771 22,400_- 15
continued Portstewart Baptist Church NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 EMPLOYEES AND REMUNERATION Number of employees The average number of persons employed {Including executive trustees) during the financial year was as follows.. 2024 Number 2023 Number Pastoral and adminislralion The staff costs Ilnclusive of Iruslees. salaries) comprise- 2024 2023 Wages and salaries Social security costs Pension costs 194,573 13,212 12,986 141,781 8,129 9,495 220,771 159,405 No employees received emoluments in excess of £60.000. TANGIBLE FIXED ASSETS Land and Investment Flxtures, buildings properties fittings and freehold equlpment Total Cost or Valuation At 1 January 2024 Additions Revaluation 3.765,135 550,000 176,493 6,840 4.491.628 6,840 75,000 75,000 At 31 December 2024 3.765.135 625,000 183,333 4,573.468 Depreciation At 1 January 2024 Charge for the financial year 84.661 18,822 84,661 18.822 At 31 December 2024 103.483 103,483 Net book value At 31 December 2024 3,765,135 625,000 79,850 4,469,985 Al 31 December 2023 3,765,135 550,000 91.832 4,406.967 10. DEBTORS 2024 2023 Prepayments and anjed income 25,947 29.566 11. CASH AND CASH EQUIVALENTS 2024 2023 Cash and bank balances 354.683 231,492 12. CREDITORS Amounts falllng due within ono year 2024 2023 Accruals and deferred income 12.900 6,276 16
Continued Portstewart Baptist Church NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 13. PENSION COSTS- DEFINED CONTRIBUTION The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. Pension costs amounted to £12,986 {2023 - £9,495). 14. RESERVES Revaluation re$erve Funds Total At the beginning of the year Revaluation gain Surplus for the financial year 257.471 75.000 4.404,278 4,661,749 75,000 100.966 100,966 At the end of the year 332,471 4,505.244 4,837.715 15. FUNDS 15.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestrl¢t•d Restricted Funds Funds Total Funds At 1 January 2023 Movement during the financlal year 4.318.709 340,203 7.840 15,003) 4,326.549 335,200 At 31 December 2023 Movement during the financial year 4,658.912 178.707 2.837 12.741) 4,661.749 175.966 Al 31 December 2024 4,837,619 96 4,837,715 15.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance Income Expenditure 1 January 2024 Transfers between funds Gains and Balance losses 31 December 2024 Restricted funds Retiring Offering Other Restricle¢J Funds Baby Basl¢s Fund 3,426 3,199 3,426 3.190 87 96 2,750 2,567 5,498 181 2,837 9.192 12.114 181 96 UnreSJrLc.t.eIurnd5 Unrestricted General General Revaluation Fund 4,401,441 611,255 488,484 (51.250) 4.472.962 257.471 75.000 332.471 Designated funds.. Missionary Fund Trellis Education Authority 12,284 36,426 3.000 70,193 57.909 16,840) 29,586 2,600 400 Total funds 4,661,749 672,157 571,191 75,000 4,837,715 17
Continued Portstewart Baptist Church NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2024 15.3 ANALYSIS OF NET ASSETS BY FUND Fixed assots - charlty use Current assets Current Ilabllitie$ Total Reslri¢ted trust funds 96 96 Unrestricted designated funds Unrestricted general funds 38,186 342.348 {6,000) (6,9001 32,186 4,805.433 4.469,985 4,469,985 380,534 (12,9001 4,837,619 4,469,985 380,630 {12,900} 4,837,715 16. TRUSTEES, REMUNERATION 2024 2023 Trustees, expenses Remuneration including pension contributions 2.252 97,819 2,676 68,008 100.071 70,684 17. RELATED PARTY TRANSACTIONS Trustees, remuneration and expenses are detailed in note 16. Remuneration and expenses paid to trustees relate solely to their duties as employees. These are the only related party transactions in the year ended 31 December 2024. 18. POST-BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial year-end. 18
PORTSTEWART BAPTIST CHURCH SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2024 NOT COVERED BY THE REPORT OF THE AUDITORS 19
Portstewart Baptist Church SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS Operating Statement for the financial year ended 31 December 2024 2024 2023 Income 645,386 571,196 Expenses Wages and salaries (including trustees, remuneration) Social security costs Trustees, pension Pensions Trustees, expenses Insurance Light and heat Repairs and maintenance Advertising Telephone Chalet costs Other ministry expenses Ministry fund distributions Special event expenses Retiring offerings distrrbulions Specified expenditure Other donations and subscriptions Youth organisalion costs Food and drink costs Audio visual expenses Visiting speakers Staff expenses Baby basics expenditure Architects fees Auditor's remuneration Bank charges Postage and Stationery Sundries Depreciation 192,321 13.212 7,249 5,737 2,252 9.973 46,859 37,068 114 2.423 9,042 25,854 70.193 24.650 3,426 3,190 16.616 8,739 17.585 1,195 3,925 6,314 5.498 19,200 7,734 5,325 4.442 2,233 18,822 139,105 8,129 5,135 4,360 2,676 8.484 36,814 52,381 2,893 3,047 4.070 13,261 68,121 45,403 11.778 8,826 20,593 12.278 14,397 1,691 4,455 3,672 4,471 6,851 3,982 4,936 1.100 22,958 571,191 515.867 Miscellaneous in¢orne Chalet income Premises and house rental 6,610 20,161 7.889 14.511 26,771 22,400 Net surplus 100.966 -77-,729 The supplementary information does not fonn part of th8 audited financial statements 20