Apostolate of the Faith STATEMENT OF FINANCIAL ACTIVITIES for the financial year ended 1 February 2024 Unrestricted Funds 2024 Total unreslric16d Funds Funds 2024 2023 Total Funds 2023 Notes Income Donations and1ggacie8 Other income 665 165 665 185 845 13 845 Total Income 830 830 858 858 Expendituro Charllable activities 920 920 426 426 Nel Incomel{exp8ndlture) 1901 1901 432 432 Transfers between funds Nat mov•m8nt In funds for the flnanclal year 1901 {901 432 432 R•conclllatlon of funds: Total funds beglnnSng of the year 170,778 170,778 170,346 170,346 Total funds at the end of tho year 170,688 170,688 170,778 170,778 The Statement ol FinancSal AGlivlli8s includes all gains and10sses recognlsed in the lin8nclal year. All incotTi8 and expendllure relate to conllnulng aclivllies, The notes on pages 10 10 12 form part of the financlal slalements Apostolate of the Faith BALANCE SHEET as al 1 February 2024 2024 2023 Notes Current Assets Cash al bank and in hand 170,991 170,901 Credltors: Amounts falllng due wlthln ono year Nat Current A$$et8 13031 11231 170.888 170,778 Total Assets less Current Llobllltles 170,688 170,778 Funds General fund lunreslricledl 170,688 170,778 Tot81 fundB 170,688 170,778 The financial slalemenls have been prepared in accordance with the provisinnq applicable lo companies subject lo the small companies, regime and in apcordanre with FRS 102 "Tho Financial Reporting Standard applicable in the UK and R&pL5bllc of Ireland applying Seclior) 1 A of Ihal Standard. Approvod by th• Board of Trustees and author18ed lor Issue on 17 Decamb&r 2024 and slgned on Iti b•half by Tom Jennlngs Trust80 Colm Prlce Tru$t•• Martln Malloy f Trustee The notes on pages 10 tc> 12 fomi part of the financial statements Apostolate of the Faith NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 1 February 2024 GENERAL INFORMATION Aposlolale of the Faith is a charity incorporated in Northern Ir8land. The registered office of th8 charity is which is also the princip81 place of bugin8ss of the ch8rily, The financial slalemenls have bgen presented in Pound 1£) which is also the functional currency of the charity. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following 8ccounling policies have been applied consislenlly in dealing with items which are considered material in r8lalion lo the charity's financial slal&menls. Ba816 of preparatlon The fiiiancial statemanls have been prepared on th¥ goiiig conc8rn b8919 under Ili¥ hlslorical cosl convenllon, rr)odilied lo include cert8ln items al lair value. The fln8ncial slalemenls have been prepared In accordance with the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities preparing their accounts in accordance with the Flnancial Reporting Standard appllcable In the UK and Republlc of Ireland FRS 102. 8pplyino Secilon 1 A of that Standard. A8 pemiitled by the Comp8nie¥ A¢1 2006, the charity ha8 varied tha standard formals In that act for th& Slalemenl of Financial Aclivllies and 11)e Siilance Slie81. D8parlur8s from the standard foriiials ar8 to comply wlih the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 01 that SORP. Statamènt tsf Compllanca Th¥ fiiiancial slalamenls of the charlly for the finaiicial year endod 1 February 2024 havo beon prepared on the golng concern basis and In accordance wSlh the Sialemenl of Recommended Practice ISORPI "Atstiounllrig and Reportlng by Charilles preparlng their accounts Sn accordance wllh the Flnancial RepDrtlng siandard appllcable in the UK and Republlc of Ireland FRS 102" applylng Secllon 1 A of Ihal Standard. Fund accountlng The following are the calegorles of funds maintained.. Rostrlcted fund8 Reslricled funds repres8nl Income recelved whlch can only be used for partlcular purposes, as spe¢lfled by the donors. Such purpos8s are wilhiii the overall ubjeclives ol the charity. Unrèstrlctèd funds Unreslriclod funds consist of General 8nd Deslgnaled funds. General funds represent amounls which are expendable al the disorellon of the board, in furtherance of the oblecllves of the charliy. Designated funds comprise unrestricted funds that the board has, al ils discretion, set a8lde lor particular purposes. These designations have an admlnislraliv8 purpo88 only, and do not Isgally restrict the board's discretion lo apply th8 fund. Incorne Income Is re¢ognlsed by Incluslon In th8 Slalemenl ol Flnancial Activities only when th8 charity is legally enlilled lo the income, performance condillons allached lo the ilemlsl of income have been mel, the amounts Involved can be measured with sufficient reliability and il Is probable that the income will be received by the charity. Income from charltable actlvltles Income from charilable activities inilude ii)como earned from the supply of seNices under ¢onlraclual arrangements 8nd Irom performance related grants which have conditions that specify the provision of particular services lo be provided by the ¢harily. Income from govemmenl and other cc>-lunders Is recognised when the charity is legally enliiled to the income because il is fulfilling the conditions contained in the related funding agreements. Where a grant is rèceived in advance, ils recognition is deferred and included in creditors. Where enlillemenl occurs before income is received, il Is 2ccrued in debtors. Grants from govemments and other co-funders typically include one of the following types of conditions: Performance based conditions.. whereby the ch8rily is conlraclually entitled to funding only lo the exlenl that the core objectives of th¢ grant agreetllent are achieved. Where the charity is meeting the core objectives of a grant agreement, it recognises the related expenditure, lo the extent that it is reimbursable by the donor, as income. 10 continued Apostolate of the Faith NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 1 February 2024 -Time based conditions.. whereby the charity is conlraclually Ènlilled to funding on the ¢ondilion that il is ulilised in a particular period. In these cases the ch8rily recognises the income lo the exlenl il is utilised within the period specified In the agreem8nl. In the absence of such condllions, assuming that receipt is probable and the amount Can be reliably mea8ur8d, grant income Is recognised once Ihe Gharily is notified of enlillemenl. Grants received towards capital expenditure are credited lo Ihe Statement of Financial Activities when received or receivable, whichever is earlier. Expenditure Expenditure is 8nalysed between Gosls ol clicirilabl¥ ciLlivili&s and r8lslng funds, The costs of each aclivlly are sep8ralely accumulated and disclosed, and an81ysed according lo their major components. ExperTrdilure is recognised when a legal or eonslruclive obligation exists as a result of a past evenl, a transfer of economic beneflls is required in selllernenl and the amount of the obligation can be rÈllably measiirRd. SiJpDorl rosl are those funLlions that FJ$8iql Ihp wtsrk of the phgrity bLII cannot be allribuled lo one 8clivily. Such costs are allocated lo activitles in proportion lo staff lime spent or other sullible meesure for each aclivily. Cash at bank and In hand Lash al bank and In hand comprises cash on deposit al banks requiring less than three months nollce of withdrawal, Tax8tlon and deferred taxatlon No curreiil or deferred laxaiS011 arlses as the charlly has been granted charitable ex&mpllon. Irrecovttrable valued added lax Is 8xpens8d a8 incurred. Deferred lax Is recognised In re8ppcl Of 811 lirnSno differenc88 that hHv8 nrlglnAled bul not revArsed Bl th balance sh881 dale where transactions or events have occurred al that dale that will resiill In an obligation lo pay more tax in the luluro, or a right to pBy less IBX in Ihe fuluro. Tirnlng differences are lemporery differences between the charity's taxable profits aiid ils results as slated ii) Ilie liiiai)Gial slalEtiI)ei)Is. Deferred lax Is measured on an undiscounled basis al thg lax rates that are Znlicipaled lo apply in the periods in which the limlno differences are expected lo reverse, based on lax rates and laws that have been enacted or subslanlively enacted by the balance sheel date. INCOME DONATIONS AND LEQACIE8 Unrestrlcted Restrlcted Funds Funds 2024 2023 Donallons and leg8cies 665 685 OTHER INCOME Unrgstrlcted Rostrlcted Funds Funds 2024 2023 Olh8r Income 165 165 13 EXPENDITURE CHARITABLE ACTIVITIES Dlroct Costs Other Costs Support Costs 2024 2023 Expenditure on charitable acliviles 920 920 426 INVESTMENT AND OTHER INCOME 2024 2023 Bank interest 165 13 11 continued Apostolate of the Faith NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 1 February 2024 CREDITORS Amounts falling due wlthln one ygar 2024 2023 Accruals and deferred income 303 123 RESERVES 2024 2023 Al the be9lniiing of the year (Deflcilllsurplus for the linanclal year 170.778 190) 170,346 432 Al the end of the year 170,688 170,778 FUNDS RECONCILIATION OF MOVEMENT IN FUNDS Unre8trlcted Funds Total Funds Al 2 February 2022 Movemanl during the financial y88r 170,348 432 170,346 432 Al 1 February 2023 Movement during the fin8nclBI year 170,778 1901 170,778 1901 Ai 1 F8bruary 2024 170,688 170,688 ANALYSIS OF MOVEMENTS ON FUNDS Balanca 2 Fgbruary 2023 Incomo Exp6ndllure Transfèrs batWè6n funds Balanca 1 February 2024 Unrostrleted fund8 Unreslricled General 170,778 830 920 170,668 Total fund$ 170,778 830 920 170,688 ANALYSIS OF NET ASSETS BY FUND Currenl assets Currtrnt IlJbilltl8S Total Uttreslriclecl oeneral funds 170,991 1303) 170,688 170,991 (303) 170,688 POST-BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financi81 year-end. 12