Page 16 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 30 JUNE 2023 Total for perffiod 25 June 2021 to 30 June 2022 Unrestrficted Restricted Total for Funds Funds year Nots INCOMING RESOURCES Incoming resources from generating fimds." Voluntary income Activities for gcnerating funds Inveslment income tncoming resources from charitable activities Other incoming resources 82,980 185,928 817 82,980 185,928 817 165,663 9,793 52,412 5,008 315 6,833 772 165,663 9,793 279.518 TOTAL INCOMING RESOURCES 165,663 445,181 65,340 RESOURCES EXPENDED Charitable activities Governance costs 207,957 4,680 191,128 399,085 4,680 22,223 488 TOTAL RESOURCES EXPEIYDED 212,637 191,128 403,765 22,711 NET ll¥COMING I {OUTGOING) RESOURCES BEFORE TRANSFERS Transfer between funds 66,881 (34.465) (25,465) 34,465 41,416 42,629 OTHER RECOGNISED LOSSES Losses on revaluation of investments (15,328) (15J28) 29,435 NET INCOMING RESOURCES FOR THE YEAR RECONCILIATION OF FlfNDS Total ndS brought forward TOTAL FUNDS CAIiRIED FORWARD 17,088 9,000 26,088 72,064 72,064 89,152 72,064 9,000 98,152 72,064 The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. All of the above amounts relate to continuing activities, The notes on pag95 18 to 25 fom part of these flnanclal statements.
Page 17 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE BALANCE SHEET 30 JUNE 2023 2023 2022 Nots FI¥ED ASSETS Jnvestments 13 15,126 30,450 CURRENT ASSETS 14 10,857 83358 94,115 9,165 44,117 53,312 Cash at bank and in hand CREDITORS: Amounts falling due wlthin olle year 15 11,089 11,698 41,614 NET CURRENf ASSETS 83,026 NET ASSETS 98,152 72,064 FtrNDS Restricted income fjjnds Unrestricted income funds 16 17 89,152 98,152 72,064 72,064 TOTAL FUNDS These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime and in accordance with Charities SORJ) (FRS 102). The directors are satisfied that the compthy is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relatimg to the audit of the financial statements for the year by viriue of sectlon 477(2) relating to small companies, and that no member or members have quested an audit pursuant to section 476(1) of the Act. The directors acknowledge their responsibilities for: (i) ensuring that the company keeps adequatepccounting records which comply with section 386 of the Act, alld (li) preparing financial statements which give atn and fair view of the state of affairs of the company as at the end of the financial year and of its surplus or deficit for the.fJnancial year in accordance with the requirejnents of section 393, and which otherwise comply with the requirements of the Act relating to financial statements. so far as applicable to the company. These fJ]Aancial statements were approved by the members of the comrnittee on the ..... . and are signed on thei behalf by: sw Direc YLOR Director Date". Company Registration Number: N1680339
Page 18 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS YEAR ENDED 30 JUNE 2023 2023 2022 Note Cash flow from operating activities Net cash floiv from operatlng activities 20 39,111 44,147 39,111 44,147 Net Increase In Cash and $h equlvalents 39,111 44,147 Cash and cash equivalents at 30 June 2022 Casb and cash equlvalents at 30 June 2023 44.147 83258 44.147 Cash and cash equlvalents Conslst of - Cash at bank and in hand 83,258 83,258 44,147 Cash and cash equivalents at 30 June 2022 44,147
Page 19 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2023 ACCOUNTING POLICIES General inforniation and basis of accountlDg Church of Ireland and Methodist Chaplaincy Belfast is a charitable company limited by guarantee and does not have any share capital. It registered as a charity with The Charity Commission for Northern Ireland on 20 January 2022 and it is incorporated in Northern Ireland. The address of the registered oifice is given in the charity inforntIon on page l of these financial statements. The charitable company constitute5 a public benefit entity as defined by FRS 102. Statement of compllance The financial statements have been prepared in compliance 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 United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northem Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the Companies Act 2006 and UK Generally Accepted Practice as it applies from l January 2015. The financial statements are prepared on a going concern basis under the historical cost convention, modifIed to include certain items at fair value. The financial statements are prepared in stwling which is the functional currency of the charity and rounded to the nearest £1. The significant accounting policies are set out below. The directors consider that these accounting policies are suitable, have been consistently applied and are supported by reasonable and prudent judgement and cstlmates. Fund accounting- unrestrfieted funds The company's unrestricted funds consist of a General Fund which is ¢xpendable at the discretion of the directors in furtherance of the charitable objects of the company. The dlrectors may at their discretion designate funds for specific purposes but the designation does not legally restrict the directors, discretion to apply the funds. Income recognition All income is included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any perforniance conditions have been met, the amount can be measured reliably and it is probable that the income will be re¢¢ived. For donations to b¢ recognised the charity will hav¢ been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of perforniance befor¢ entitlement can be obtained tE]en income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled. Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A Corresponding amount is recogntsed in expenditure.
Page 20 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 ACCOUNTING POLICIES (contlnued) Income recognltlon (contlnued) No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Directors, Annual Report. Where practicable, gifts in kind donated foT distribution to the beneficiaries of the charity are included in stock and donations in the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the costs to undertake such a valuation outweigh any benefits, then the fair value is recognised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure. Voluntsry income received by way of donations and gift is credited to revenue on a receivable basis. Fixed asset gifts in kind are recognised when receivable and are included at fair value. They are not deferred over the life of the asset. For legacles, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion Icgacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Investment income AS interest earned through holding cash at bank. Interest income is recognised when receivable. Expendlture rccognltlon All cxpenditure is accounted for on an accruals basis and has been classified under headings that aggrcgate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Where costs cannot be directly attributed to a particular heading they have been allocated to activities on a basis consistent with the use of the resources. Staff costs and overhead expenses are allocated to activities on the basis of staff tim¢ spent on those activities. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating infonnation in support of the charitable activities. Value Added Tax The charity is not registered for VAT purposes, therefore expenditure is shown gross of VAT.
Page 21 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 ACCOUNTING POLICIES (conllnued) Taxation As a charity, the company benefits from various exemptions afforded by tax legislation. It is therefore not liable to corporation tax on income or gains falling due within those exemptions. Recovery is made of t deducted from receipts under gift aid. Going concern The financial statements have been prepared on a going concern basis. The Directors consider the basis to be appropriate assuming that the charlty has adequate financial support from the ba[erS and related parties. Volunt&ry ineome Total for period Total for 25 June 2021 to year 30 June 2022 Unrestricted Funds Transfer from previous non incorporated charlty Subscriptions and tax refund Parish subscriptions Church activities Utility grants Diocesan grants Conor Salary contribution- RCB Church of Resurrection FWO 46,520 3,858 250 34,277 5,934 908 4,200 7J44 23J31 6,986 34,277 5,934 908 4,200 7J44 23J31 6,986 1,474 310 82,980 82,980 52,412 Actlvfitles from generating funds Total for period 25 June 2021 to 30 June 2022 Unrestrlcted Funds Total for year Income from The Hub Café Resident students Vacation residency Student ministry 77 3,484 1,447 178,806 3,193 3,929 185,928 178,806 3,193 3,929 185,928 5,008
Page 22 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 Investment Income Totsl for period Total for 25 June 2021 to year 30 June 2022 Unrestricted FuDds Income from Church of Ireland TnLStees Assts Dividend income (Boyd Bequest) 562 255 562 255 315 817 817 315 Incomlng resources from charltable actlvltles Total for period Total for 25 June 2021 to year 30 June 2022 Restrlcted Funds Belfast Chaplaincy development project salary costs Methodist Home Mission Grants Income for Mission Teams 91,748 33,130 40,785 91,748 33,130 40,785 6,833 165,663 165,663 315 Other incoming resources Total for period Total for 25 Junc 2021 to year 30 June 2022 Unrestricted Funds Use of the Hub Income from Archdeaconry role Student committee Sundry 6,081 259 2,873 580 6,081 259 2,873 580 80 778 161 9,793 9,793 1,019 AnalysKS of expenditure on charitable activities Activities undertaken directly Total for period 25 June 2021 to 30 June 2022 Support costs Total for year Residential & outreach 399,085 4,680 403,765 22,709 399,085 4,680 403,765 22,709
Page 23 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 Allocation of support costs Total for period Total for 25 June 2021 to year 30 June 2022 Basls of allocatSon Ministry Governance (note 9) Cost 4,680 4,680 488 4,680 4,680 488 Governance costs Total for period Total for 25 Junc 2021 to year 30 June 2022 Unrestricted Funds Independent examitier's fees Other financial costs 3J75 IJ05 4,680 3J75 1?05 4,680 345 143 488 10. Net income for the year This is stated after charging: Total for period Total for 25 June 2021 to year 30 June 2022 Depreciation Operating lease rentals
Page 24 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 11. Directors, and key management personnel remuneration aDd expenses The key management personnel are considered to be the trustees. The trustees neither received nor waived any remuneration during the year (2022- Nil). The trustees did not have any expenses reimbursed dwing the year (2022- Nil). 12. Staff costs and employee benefits Total Staff costs were as follows: Total for period 25 June 2021 to 30 June 2022 Total for year Wages and salaries Social security costs Other pension costs 183,171 10,773 14,048 14,213 1,159 907 207,992 16,279 Allocated to: Total for period 25 June 2021 to 30 June 2022 Total for Year Residential & outreach 207,992 16,279 207,992 16,279 Particulars of employees: The average monthly number of employees including the directors during the year, calculated on the basis of full-time equivalents, was as follows: For period Total for 25 June 2021 to year 30 June 2022 Management Residential Outreach No employee received remuneration of more than £60,000 during the year.
Page 25 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 13. Investments 2023 2022 Market value at 30 June 2023 15,126 30,450 Investments reflect holdings in to two bequests held in unit trusts - Miss Annie Boyd (Ballycastle) Memorial Endowment & Mrs S Graham Bequest. The fair value of investments is deterniined by reference to the valuations provid by RCB Unit Trusts at 30 June 2023. 14. Debtors 2023 2022 Other debtors 10,857 9.165 IS. Credltors: Amounts falling due wlthfin one year 2023 2022 PAYE and social security Accruals 2,280 8,809 3,625 8,073 11,698 11,089 16. Restricted funds Balance at 30 June 2022 Balance as at 30 June 2023 Income Expenditure Transfers Restricted funds 165,663 (191,128) (191,128) 34,465 9,000 9,000 165,663 34,465 17. Unrestricted funds Balance #t 30 June 2022 Income Expendlture Transfers Balance as at IA)ss 30 June 2023 General Funds 72,064 278,886 (212,637) (34,465) (15 J28) (212,637) (34,465) (15J28) 89,152 72,064 278,886 89,152 Unrestrictedfynds." General fund The unrestricted funds of the charity consist of a General Fund which is expendable at the discretion of the trustees in furtherdnce of the charitable objectives of the charity and which has not been designated for other puryoses.
Pag8 26 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2023 18. Transfer between funds The transfer between unrestricted and unrestricted funds of £20,417 (2022 - £5,873) represents that difference between the r¢stri¢ted funding received towards staffing costs and chaplaincy's match funding from unrestricted funds. 19. Analysls of net assets between tsnds Tangible Net current rixed assets ssets As at 30 June 2023 Totsl Unrestricted Funds Restrictcd Funds 15.126 73,394 9,(MlO 88,520 9,000 Total Funds 15,126 82J94 97,520 20. Reconciliation of net income to net cash flow from operating activities Total for period 16 June 2021 to 30 June 2022 Total for year Net income for year 25,456 72,064 Decrease in creditors Increase in debtors Decrease in investments (609) (1,060) 15J24 11,698 (9,165) (30,450) 44,147 Net cash flow from operating activities 39,111 21. Related party transactions With a number of trustees being nominated representativcs from - and therefore tithing members of- the Church of the Resurrection (Trustees Report) p.6), a total of £311 (2022- £790) is recorded &s collated income for the year to 30 June 2023. Expenses were paid to two trustees for costs incurred in the course of their work on behalf of the charity as chaplains: •Barry Forde.. £30 Gail Mercer: £642 22. Company limited by guarantee The company is limited by guarantee and has no share capital. On a winding up members may be required to ¢ontribut¢ a maximum of £1.
Page 27 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2023 For period Tot21 for 25 June 2021 to year 30 June 2022 INCOMING RESOURCES VOLUNTARY INCOME Transfer from previous non incorporated charity Subscriptions and tax refund Parish subscriptions Church Activities Utility grants Diocesan grants Conor Salary contribution - RCB Church of the Resurrection FWO 46,520 3.858 250 34,277 5.934 908 4,200 7,344 23,331 6,986 82,980 1,474 310 52,412 ACTMTIES FOR GENERATING FUNDS Income from The Hub Café Resident students Vacation residency Student mintstry 77 3,484 1,447 178,194 3,193 3,929 185,316 5.008 INVESTMENT INCOME Income from Church of Ireland Trustees Assts Dividend income (Boyd Bequest) 562 255 315 817 315 ItNCOMING RESOURCES FROM CHARITABLE ACTIVITIES B¢lf&sl Chaplaincy development project- salary costs Methodist Home Mission Grants Income for Mission Teams 91,748 33,130 40,785 6,833 165,663 6,833 OTHER INCOMING RESOURCES Use of the Hub Income from Archdeaconry role Student committee Sundry 6,061 259 2,873 580 80 778 161 9,773 1,019 TOTAL INCOMING RESOURCES 444,549 65,587
Page 28 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2023 For period For the 25 June 2021 to year 30 June 2022 RESOURCES EXPENDED CHARITABLE ACTIVITIES Costs of the Hub Café Wages & salaries Pension costs Ground rent, rates and insurance Light & heat Repairs & maintenance Telephone & internet Cornputer expenses Charitable donations Training Office expenses Housekeeping expenses Outreach and mission expenses Ministry expenses GeneraE expenses 2,607 193,944 14,048 16,300 44,113 52,670 6,693 286 15,372 907 807 1,316 28 378 394 782 540 1,784 2,471 34.382 24,192 4,559 557 1,921 255 399.085 22,223 GOVERNANCE COSTS Independent examiners, fees Bank fees and interest 3,375 1,305 345 143 4.680 488 TOTAL RESOURCES EXPENDED 403,765 22,711 NET INCOMING RESOURCES FOR THE YEAR BEFORE TRANSFERS & OTHER GAINS 40,784 42,629