Page 17 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 2024 Total Funds 2024 Total Funds 2023 Unrestricted Restricted Funds Funds Note INCOMING RESOURCES Incoming resources from generating funds.. Voluntary income Activ ities for gienerating fiinds Investment income Incomiiig resources froin cliaritable activities Other incoming resoiirces 59,659 206,039 751 47,096 5,217 82,980 18S,928 817 165,663 9,793 5,000 211,039 751 156,873 4,027 109,777 TOTAL INCOMING RESOURCES 318,762 114,777 433,539 445,181 RESOURCF.S EXPENDED Charilable activiti¢5 Governance costs 244,2£3 11,419 144,808 389,061 11,419 399,085 4,680 TOTAL RESOURCES EXPENDED 255,672 144,808 400,480 403,765 NET INCOMING I (OUTGOING) RESC)URCF.S IIEFORE TRANSFERS Transfer betwecii l uiids 63,090 (23,531) (30,031) 23,531 41,416 OTHER RECOC.NISED LOSSES Gain/(Loss) on revaluation of iiivestments NET INCOMING RF.SOURCES FOR THE YEAR RECONCILIATION OF FUNDS Total fiinds broughi forward TOTAL FUNDS CARRIED FORWARD 633 633 (15J28) 40,192 (6,500) 33,059 26,088 89,152 9,000 98,152 72,064 129,344 2,500 131,211 98,153 The Statement of Financial Activities includes al I gains and losses in the year and therefore a stateinent of total recognised gains and losscs lias not been prepared. All of the above amounts relate to continliing activities. The notes on pages 18 to 25 fomi part of these financial statements.
Page 18 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE BALANCE SHEET 30 JUNE 2024 2024 2023 Note FIXED ASSETS Tangible assets Investments 13 14 26,655 15,759 15,126 CURRENT ASSETS Debtors Cash at bank and in hand 42,414 15,126 15 21,756 73,686 10,857 83,258 CREDITORS: Amounts falling due within one year 95,442 94,115 16 6,012 11,089 NET CURRENT ASSETS 89,430 83,026 NET ASSETS 131,844 98,152 FUNDS Restricted income fiinds Unrestricted income funds TOTAL FUNDS 17 18 2500 129J44 9,000 89,152 131,844 98,152 These accounts have been prepared in accordance with the provisions applicable to companies SLibject to the small companies, regime and in accordance with Charities SORP (FRS 102). The dlrectors are satisfied that the company is entitled to exemption from the provisions of the Companies Act 2006 (the Act) relating to the aiidit of tlie financial statements for ilie year by virtue of section 477(2) relating to small companies, and that no member or members have requested an aiidit pursuant to sectton 476(1) of the Act. The directors acknowledge their responsibilities for.. (i) ensuring that the company keeps adequate accoiinting records which comply with section 386 of the Act, and (li) preparing financial stateincnts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its sui'plus or deficit for the financial year in accordance with the requirements of section 393, and whicli otheNiise comply with the requirements of the Act relating to fiiiancial statements, 50 far as applicable to the company. These financial statements were approved by the meinbers of the committee on the and are signed o their behalf by: RTH Direc DR I TAYLOR Director 41,1¥ Date.. ..24.Iql Ir..... Company Registration Number". NJ680339
Page 19 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE STATEMENT OF CASH FLOWS YEAR ENDED 30 JUNE 2024 2024 2023 Note Cash flow from operating activities Net cash flow from operating activities 20 25,144 39,111 25,144 39,111 Investing activities Purchase of tangible fixed assets (34,716) Net (decrease)lincrease in cash and cash equivalents (9,572) 39,111 Cash and cash equivalents at 30 June 2023 Cash and cash equivalents at 30 June 2024 83,258 44,147 73,686 83,258 Cash and cash equivalents consist of - Cash at bank and in liand 73,686 83,258 Cash and cash equivalent5 at 30 June 2024 73,686 83,258
Page 20 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES General information and basis of accounting Church of Ireland and Methodisl Chaplaincy Belfast is a charitable company limited by guarantee and does not have any sharc capital. It registered as a charity with The Charity Commission for Northem Ireland on 20 January 2022 and it is in¢orporat¢d in Northern Ireland. The address of the registered office is given in the charity information on page l of these financial statements. The charitable company constitutes a public benefit entity as defined by FRS 102. Statement of compliance 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 Kingydom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2008, The Charities (Accounts and Reports) Regulations (Northeni Ireland) 2015 aiid the Companies Act 2006 and UK Generally Accepted Practice as it applies from l Janiiary 2015. The financial statements are prepared on a g70ing concern basis under the historical cost convention, modified to inLlude certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £ l. The significant accoiinting 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 estimates. Fund accounting- unrestricted funds The company's unrestricted funds consist of a General Fund which is expendable at the discretion of the directors in furtherance of the charitable objects of the company. The directors may at their discretion designate funds for specific purposes biit the designation does not legally restrict the directors, discretion to apply th¢ funds. Income recognition All income is incliided in the Statement of Financial Activities (SOFA) whcn the charity is legal ly entitled to the income after any performance conditions have been met, the amoiint can bc measured reliably and it is probable that the income will be received. For donatioiis to be recognis¢d the charity will have been notified of the ainounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can bc obtained Ihen income is deferred iintil those conditions arc rully met or th¢ flilfilment of those conditions is within the control of the charity and it is probable tliat 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 cliarity has control over the item. Fair value is determined on tlie basis of tlie value of the gift to the charity. For exaiiiple the amoiint the charity would be wil l ing to pay in tlie open market for siich facil ities and services. A corresponding amount is recognised in expenditiire.
Page 21 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES (conlinued) Income recognition (conlinued) No ainount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is givcn in the Directors, Annual Report. Where practicable, gifts in kind donated for distribution to the beneficiaries of the charity are included in slock 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 rccogynised as a component of donations when it is distributed and an equivalent amount recognised as charitable expenditure. Voluntary income received by way of donations and gift is credited to revenue on a receivable basis. Fixed asset gifts in kiild are recogFnised when receivable and are included at fair value. They are not deferred over the life of the asset, For legacies, entitlement is the earlier of the charity being notified of an impending distribLltion or the legFacy being received. At this point income is recognised. On occasion legFacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On tliese occasions, the legacy is treated as a contingenl asset and disclosed. Investmenl income is interest earned through liolding cash at bank. Interest income is recognised when receivable. Expendkture recognition All expenditLire is accollllted for on an accruals basis and has been classified uiider headings that agygiregyate all costs related to the categynry. Expenditlire is recognised wliere there is a leg7al or coiistrLlCtive obligyalion lo make payillents to third Pi?rties, it is probable that the settleinent will be reqLiired and the amoiinl of the obl igiltion ¢<ll) be measured reliably. Where costs cannot be directly attribLlted to a particiilar hcading they have been allocated to aLtivities on a basis consistent with the iise of the resources. Staff costs and overhead expenses are allocaled io activities on tlie basis of staff lime spent on those activities. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Fund-raisiiig costs are those incurred in seeking voliintary contributions and do not inclLide the costs of disscminating infom]ation in support of the charitable activities. Tangible fixed assets Tangible fixed assets are measured at cost. Depreciation is recognised to write off the costs of the assets over their useful lives on the following basis:_ Equiptnent Fixtures and fittings 200/0 - 33 % straight line 250/0 Straight line
Page 22 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES (conlinued) Value Added Tax The charity is not registered for VAT purposes, therefore expenditure is shown gross of VAT. Taxation As a charity, the company bcnefits from various exemptions afforded by tax legislation. It is thercforc not liable to corporation tax on income or gains falling due within those exemptions. Recovery is made of tax dcducted 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 charity has adequate financial support from the bankers and related parties. Voluntary income Unrestricted Funds Total for year Total Last year Subscriptions and tax refiind Parish subscriptions ChLirch activities Utility grants Diocesan grants Conor Down and Droinore Salary contribution- RCB LCB granl ChLirch of Resurrection FWO 37,121 6,242 37,121 6,242 34,277 5,934 908 4,200 7,344 4,190 3,000 4,190 3.000 23,331 4,000 5,106 4,000 5,106 6,986 59,657 59,657 82,980 Activities from generating funds Unrestricted Restricted Funds Funds Total for year Total Last year Resideiit students Vacation residency Student ministry Worship Academy fees Stiident bursary 193,134 7,827 193,134 7,827 178,806 3,193 3,929 5,078 5,078 5,000 5,000 206,039 5,000 211,039 185,928
Page 23 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2024 Investment income Unrestricted Funds Total for year Total Last Year Income from Chiirch of Ircland Trustees Assts Dividend iiicome (Boyd Bequest) Bank interest 302 295 154 302 295 154 562 255 751 751 817 Incoming resources from charitable activities Unrestrictcd Restricted Funds Funds Total for year Total Last Year Belfast Chaplaincy development project salary costs Metliodist Horne Mission Grants Iiicome for Missioii Teams 109,777 109,777 47,096 91,748 33,130 40,785 47,096 47,096 109,777 156,873 165,663 Other incoming resources Unreslricted Funds Total for year Total Last Year Use of tlie Hub Income from Archdeaconry role Stiident committee Siindry 4,746 4,746 6,081 259 2,873 471 471 5,217 5,217 9,793 Analysis of expenditure on charitable activities Activities undcrtaken directly Support costs Total for year Total Last Year Residential & outreach 389,061 11,419 400,480 403,765 389,061 11,419 400,480 403,765
Pag8 24 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2024 Allocation of support costs Basis of allocatAon Total for year Total Last Year Ministry Governance (note 9) Cost 11,419 11,419 4,680 11,419 11,419 4,680 Governance costs Unreslricted Funds TotAI for yeydr Total Last Year Independent examiner's fees Legal & professional Other financial costs 775 10,079 565 775 10,079 565 3,375 1,305 11,419 11,419 4,680 10. Net income for the year This is stated after charging.. Total for year Total Last Year Depreciation Operating lease rentals 8,061
Page 25 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2024 I l. Directors, and key manydgement personnel remuneration and expenses The key management personnel are considered to bc the trustees. The trustees neither received nor waived any remiineration during the year (2023 - Nil). The trustees did not have any expenses reimbursed diiring the year (2023 - Nil). 12. Staff costs and employee benefits Total stalT costs were as follows: Total for year Total Last Year Wagies and salaries SoLial seciirity costs Otlier pension costs 191,516 10,111 14290 183,171 10,773 14,048 215,917 207,992 Al located to.. Total for Year Total Last Year Residential & outreach 215,917 207,992 215,917 207,992 Particulars of employees: Tlie avcragyL monthly nlimber of einployees incliidingy the directors during the year, calciilated on the basis of fiill-time eqiiivalents, was as follows.. Total for year Total Last Year Management Resideiitial Oiitreach No employee received remiineration of more than £60,000 during tlie year.
Page 26 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2024 13. Tangible fixed assets Fixtures and rittings Equipment Total Cost At l July 2023 Additions 19,240 15,476 34,716 At 30 June 2024 19,240 15,476 34,716 Depr6clation At l July 2023 Charge for the year At 30 June 2024 4,193 4,193 3,868 3,868 8,061 8,061 Net book value At 30 June 2024 15,047 11,608 At 30 June 2023 14. Investments 2024 2023 Market value at 30 June 2024 15,759 15,126 Investments reflect holdings in to two beqiiests held in unit trusts- Miss Annie Boyd (Ballycastle) Memorial Liidowment & Mrs S tiraliam Bequest. The fair value of investments is determined by reference to the valuations provided by RCB Unit TrLlSts ai 30, Jiine 2024. 15. Debtors 2024 2023 Other debtors 21,757 10,857 16. Creditors: Amounts falling due within one year 2024 2023 PAYE and social security Accruals 2,280 8,809 5,127 6,012 11,089
Page 27 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2024 17. Restricted funds Balance at 30 June 2023 Balance as at 30 .lune 2024 Income Expenditure Transfers Restricted funds 9,000 114,777 (144,808) (144,808) 23,531 2,500 9,000 114,777 23,531 2,500 Balance at 30 June 2022 Balance as at 30 June 2023 Income Expenditure Transfers Restricted fiinds 165,663 (191,128) (191,128) 34,465 9,000 165,663 34,465 9,000 18. Unrestricted funds Balance at 30 June 2023 Income Expenditure Transfers Balance as at Gain 30 June 2024 General Fuiids 89,152 318,762 (255,672) {23,531) (255,672) (23,531) 633 129,344 89,152 318,762 633 129,344 Balance at 30 June 2022 Income Expenditure Transfers Balance as at Loss 30 June 2023 General Fiinds 72,064 278,886 (212,637) (212,637) (34,465) (15,328) (34,465) (15,328) 89,152 72,064 278,886 89,152 Unre.¥tricledfiind,s.' Geiieral fund The unrestricted funds of the charity consist of a G¢ii¢ral Fund which is expendable at ihe discrelion of the triistees in fiirtherance of the charitable objectives of the charity and which lias not been designated for other purposes. 19. Transfer between funds The transfer between unrestricted and iinrestricted funds of £23,531 (2023 £34,465) represents that difference between the restricted fiinding received towards staffing costs and chaplaincy's match funding from unrestricted funds.
Page 28 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS (continued) YEAR ENDED 30 JUNE 2024 20. Analysis of net assets between funds Tangible Net current rixed assets assets As at 30 June 2024 Total Unrestricted Funds Restricted Funds 42,414 84,430 2,500 126,844 2,SOO Total Funds 42,414 86,930 129J44 Tangible Net current rixed assets assets As at 30 June 2023 Total Unrestricted Funds Restricted Funds 15,126 73,394 9,000 88,520 9,000 Total Funds 15,126 82,394 97,520 21. Reconciliation of net income to net cash flow from operating activities Total for year Total Last year Net income for year 33,059 25,456 Depreciation Decrease in creditors Increase in debtors Decrease in investments 8,061 (5,077) (10,899) (609) (1,060) 15,324 39,111 Nct cash flow from operating activities 25,144 22. Related party transactions With a number of trustees being nominated represciitatives from and therefore tithingF members of - the Chiirch of the Resiirreclion (TrLlSt¢¢s Report, p.5), a total of £4,450 (2023 £311) is recorded as collated income for tlie year to 30, June 2024. Expenses of £1,489 were paid to one trustee- Rev Danielle Mccullagh - for costs incurred in the course of their work on behalf of the charity as chaplain. 23. Company limited by guarantee The company is limited by guarantee and has no share capital. On a winding up members may be reqiiired to contribute a maximum of £1.
Page 29 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2024 Total for year Total Last year INCOMIING RESOURCES VOLUNTARY INCOME Subscriptions and tax refund Parish SLibscriptions Church Activities Util ity grants Diocesan grants Conor Down and Dromore Salary contribution - RCB RCB Church of the Resiirrection FWO 37,121 6,242 34,277 5,934 908 4,200 7,344 4,190 3,000 23,331 4,000 5,106 6,986 59,659 82,980 ACTIVITIES FOR GENERATING FUNDS Resident students Vacation residency StLideiit tninistry Worsliip Acadeiny fees Student bursary 193,134 7,827 178,806 3,193 3,929 5,078 211,039 185,928 INVFSTMENT INCOME Income froiii Cliurcl) ot" I reland TrLlStees Assts Dividend income (Boyd Bequest) Bank interest 302 295 154 562 255 751 817 INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Belt"ast c.haplaincy development project- salary costs Methodi.%t Horne Mission Grants Income for Mission Teams 109,777 47,096 91,748 33,130 40,785 156,873 165,663 OTHFR INCOMING RESOURCES Use of tlie Hub Income from Archdeaconry role Student committee Sundry 4,746 6,061 259 2,873 580 471 5,217 9,773 TOTAL INCOMING RESOURCES 433,539 445,181
Page 30 CHURCH OF IRELAND AND METHODIST CHAPLAINCY BELFAST COMPANY LIMITED BY GUARANTEE DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 30 JUNE 2024 For the year Total Last year RESOURCES EXPENDED CHARITABLE ACTIVITIES Costs of the l-ILib Café Wages & salaries Pension costs Ground rent, rates and insurance Light & heat Repairs & maintenance Telephone & internet Computer expenses Charitable donations Training Office expenses HoLisekeepingF expenses Outreacli and iiiission expenses Ministry expenses Biirsary payments Worship Academy expenses General expenses Deprecialion 2,607 193,944 14,048 16,300 44,113 52,670 6,693 201,627 14,290 14,323 53,640 33,669 1,859 11,052 2,150 8,983 12,755 4,969 13,742 2,500 2,811 2,630 8,061 782 540 1,784 2,471 34,382 24,192 4,559 389,061 399,085 GOVERNANCE COSTS Independent examiners, fees Legal & professional Bai)k fees and intcrcst 775 10,079 565 3,375 1,305 11,419 4,680 TOTAL RESOURCES EXPENDED 400,480 403,765 NET INCOMING REI SOURCES FOR THE YEAR BEFORE TRANSFERS & OTHER GAINS 33,059 40,784