Charfty registration number 1090721Northern Ireland) NEWTOWNBREDA BAPTIST CHURCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
NEwfowNBREDA BAPTIST CHURCH LEGALAND ADMINISTRATIVE INFORMATION Trustees Graeme Leebum Sam Haighton Brian Davlson John Robinson Andrew Courtney Jonny Wright Pablo Murphy Stephen Wright Charlty number 109072 Audltor HM Chartered Accountants 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrlm BT13LP Bankers Danske Bank Donegall squa West Belfast Co. Antrim Northem Ireland BT16JS
NEwfowNBREDA BAPTIST CHURCH CONTENTS Page Trustees, report Independent aLtdltoVs report Statement of flnanclal actlvlties Statement of flnanclal posltlon Notes to the flnanclal statements 9-17
NEwfowNBREDA BAPTIST CHURCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present their annual report and financial statements forthe year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting pollcies set out in note 1 to the financial statements and comply with the Charity's governing document. ObJe¢tlves and actlvltles Newtownbreda Baptlst Church was founded 60 years ago, as a small group of believers met in an upper room at the Inns Shops and began to pray over the Newtownbreda Area. The church mel for rnany years on School Road, and then moved location to Newtownbreda Road baGk in 1979. Today Newtownbreda is known as church full of life, and it seeks to be a church that loves Jesus first, going deep in our relationship with him, and wide in our impact for God. We believe that God has placed us in this community and city "for such a tirne as Ihis" Belfast as a city has been known all over the world for Its divlded past. We dream of a day when this Gity is reconciled to God and the activity of God In thls clty becomes headline news across the World. We believe God can and will use the local church lo impact the city and that indeed "greater thlngs are yet to come in Ihis city" You are so welcome lo join us as we gather each Sunday to go deeper in our love for Christ, and encourage one another to go wider In our impact for Him. Our vision 'God Is caling us lo go DEEP AND WIDE. Deep into intimacy, the word, the spirit & Community. Wide on Mission 2417, with courage & faith, living with a kingdom mlndset, bringing hope and life to Breda, Belfast and Beyond.. The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Charity should undertake. Achlevements and perfonnance The net incoming resources for the year amounted to £135,239, of which £72,279 is attributsble to unrestricted reserves and £62,960 is attributable to restricted reserves which now stand at £243,699. Unrestricted reserves now stand at £2,470,547. To achieve its objectives Newtownbreda Baptist Church holds Sunday serwces of worship, provides a varlety of other meetings for members and guests, and teaches its members how to serve and glorify God. Publlc 8•n•flt The Trustees. believe that the publlc beneflts from its Sunday sepilces and weekly activities In th& educallon on how to serve and glorify God. Flnancial review The Trustees have a55e5sed the major rlsks to whlch the Charity is exposed, and are Satisfied that systems are in place to mitigate exposure to the major Tisks.
NEwfowNBREDA BAPTIST CHURCH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 structure, governance and management The Trustees who served durlng the year were: Graeme Leebum Sam Haighton Brfan Davison John Robinson Andrew Courtney Jonny Wrighl Pablo Murphy Stephen Wright Statemant of Trustees, responslbllllle8 The trustees a requlred to prepare the Annual Report and financial statements for each financlal year. which give a true and fair vSew of the state of the affairs and of the surplus or deficlt of the Church for that year and have been prepared In accordance wlth Unrted Kingdom Generally Accepted Accounting Practlce. In preparing these the trustees are required to.. select Suitable accounting policles and apply them consistently., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going conrn basis unless it is inappropriate to presurne that the church will continue in business. The trustees are responsible for keeping proper accounting records, which dlsclose wlth reasonable accuracy at any time the financial posillon of the Church. They are also responsible for safeguarding the assets of the Church and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees, report was approved by the Board of Trustees. Graame Leeburn Trustee Dated: 2%.(0-zS
NEWTOWNBREDA BAPTIST CHURCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF NEWTOWNBREDA BAPTIST CHURCH Opinlon We have audited the financial statement5 of Newiownbreda Baptist Church (the 'Charity') for the year ended 31 December 2024 which comprise the statement of financial activities, the statement of financial position and noles to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accountlng Standards. including Financial Reporting Standard 102 Thg Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. givè a true and fair vlew of Ihe stale of the Charity's affalrs as 8t 31 December 2024 and of its Incoming resource5 and application of resources. for the year Ihen ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the Chaiitles Act (Northem Ireland} 2008. Basls lor oplnlon We conducted our audit in accordance with International Slandards on Audltlng (UK) IISAS (UK)) and applicable law. Our responsibililies under those standards are further described in the AtJdit0S responsibilities for the audit or th8 fi'nanci81 stat8m8nt5 section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audrt of the financial statements in the UK, including the FRC'S Ethical standard, and we have fulfilled our other ethical responsibilities in accordance wlth these requirements. We belleve that the audlt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditlons that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibllltles and th8 responsibilities of the Trustees wlth respect to going concern are described in the relevant sections of this report. Other Infonnatlon The other inforrnation comprlses the Informatlon Included In the annual report other than the financial statèments and our auditoes report thereon. The Trustees are responsible for the other informatlon contained within the annual report. Our opinion on the financial stalernents does not cover the other inforTnation and we do not express any form of assur8nce conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information Is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent matenal misstatements, we are 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 misstatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard.
NEvwfowNBREDA BAPTIST CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NEWTOWNBREDA BAPTIST CHURCH Matters on whlch we are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities Accounts and Reports Regulations (Northern Ireland) 2015 requires us to report to you if, in our opinion.. the infonnation given in the financial statements is inconsistent in any material respect wtth the Tnjstees, report,. or sufficient accounting records have not been kept; or the financial statements are not in agreement with the accounting records,. or We have not recelved all the information and explanations we require for our audlt. Rasponslbllltles of Trustee8 As explained more fully in the slatemenl of Truslees, responsibilities, the Trustees are responslble for the preparation of the flnancial statemenls and for belng satisfied that they give a true and fair view, and for such internal control as the Trustees determine Is necessary to enable the preparation of financial statements Ihat are free from material mlsstatement, whether due to fraud or error. In preparing the financial stalernents, the Trustees are responsible for assessing the Charity's abillty to continue as 8 going CDncern, disclosing, as applicable, rnatters related lo going concern and using the going concem basis of accounting unless the Trustees either intend to cease operations, or have no reali5tlc alternative but to do so. Audltorfg responglbllltles for the audlt of the 1Snanclal Statements Our objectives are to obtain reasonable assurance about whether the financial statements 85 a whole are free from material misstatement, whether due to fraud or error, and to issue an auditaS report that Includes our opinion. Reasonable assurance 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. Misstatemenls can arise from fraud or error and are considered material if, individualty or In the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect materi81 misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting Irregularities, including fraud, Is detailed below.
NEwfowNBREDA BAPTIST CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NEWTOWNBREDA BAPTIST CHURCH Our approach to identifying and assessing the risks of material misstatement in respect of irregularitie5, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement learn collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with directors andlor senior management. and from our ¢ommercial knowledge and experience of the sector,. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations af the company, including the Charities Act (NII 2008, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation we assessed the extent of compllance wllh the laws and regulations identified above through making enquiries of management and inspecting legal correspondence.. and Identlfied laws and regulations were communicated within the audit team gUlarlY and the team rèmained alert to instances af non-compliance throughout the audit. We assessed the susceptibility of the company's finandal statements to matertal misstatement, Including obtaining an understandlng of how fraud rnighl occur, by.. making enquiries of management as to whefe they considered the was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud., and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions.. assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 2 were indicatlve of potential blas. and investlgated the rationale behind significant or unusual transactions., In response to the dsk of Irregularities and non-complianca wlth laws and r8gulatlons, we designed procedures which Included, but were not limited to: agreelng flnancial statement disclosures to underlylng supportlng documentatlon., reading the minutes of meetings ofthose charged with govemance., enquiring of management as to actual and polents'al litigation and claims., and reviewing correspondence wllh HMRC and the company's legal advisors., There a inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would becorne aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the dlrectors and other management and the Inspection of regulatory and legal correspondence, If any. Material mi5Statement5 that arise due lo fraud can be harder to detect than those Ihal arise from error as they may involve deliberate concealment or collusion. A further description of our re5ponsibililies is available on the Financial Reporting Council's website at: httPS-.11 www.frc.org.uklauditorsresponsibilities. This description fom15 part of our auditorfs report.
NEwfowNBREDA BAPTIST CHURCH INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF NEWTOWNBREDA BAPTIST CHURCH Use of our raport This report is made solely to the company's members, as a body, in accordance with section 65 of the Charilies Act (NII 2008. Our audit work has been undertaken so that we might stale to the company's rnembers those matters we are required to state to them in an audito$ report and for no other purpose. To the fullest extent permrtted by law, we do not accept or assume responsibility lo anyone other than Ihe company and the company's members as a body, for our audil work, for this report, or for the opinions we have formed. CkFL L",~ Angela Crdlgan (Senior Statutory Audltor) for and on behalf of HM Chartered Accountants 2811012025 Chartered Accountants Statutory Audltor 6th Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast Co. Antrim 8T13LP HM Chartered Accountants is eligible for appointment as audltor of the Charlty by virtue of its eligibility for appointment as auditor of a company under Section 1212 ofthe Companies Act 2006.
NEWTOWNBREDA BAPTIST CHURCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestiicted Restrlcted funds funds 2024 2024 Total Unrestricted Restrlcted fund8 funds 2023 2023 Total 2024 2023 Not•8 Income from: Donalions and legacies Charitable activities 712,512 51,477 66,976 6,933 779.488 58,410 680,305 45,902 45.432 5,600 725,737 51,502 Totsl In¢ome 783.989 73,909 837,898 726,207 51,032 777,239 Expendilure on: Charitable actlvlties 570,710 131,949 702,659 501,668 145,655 647,323 Total expendlture 570,710 131,949 702,659 501,668 145,655 647,323 Net Incomel(expenditure) 193,279 158,040) 135,239 224,539 ' 194,623) 129,916 Transfers beeen funds {121,0001 121,000 (123,100) 123,100 Net movemént In funds 72,279 62,980 135,239 101,439 28,477 129,916 Roconclllation of funds: Fund balances at 1 January 2024 2,398,268 180,739 2,579,007 2,296,829 152,262 2,449,091 Fund balances at 31 Decemb•r 2024 2,470,547 243,699 2,714,246 2,398,268 180,739 2,579,007 The statement of financial activities includes all gains and losses rècognlsed In the year. All income and expenditure derfve from contlnuing activilies.
NEWTOWNBREDA BAPTIST CHURCH STATEMENT OF FINANCIAL POSITION ASAT31 DECEMBER 2024 2024 2023 Notes Flxed assèts Tangible assets 11 2,043,131 1,682,834 Current a880ts Debtors Cash at bank and in hand 12 102,375 573,289 52,518 855,043 675,664 907,561 Credftors: amount¥ falllng du• wlthSn one year 13 (4,549) {11,388) N•t ¢urrnnt assets 671,115 896,173 Total assets loss current Ilabllltle• 2,714,246 2,579,007 The funds af th• Charlty Restricted Income funds Unrestrlcted funds 14 15 243,699 2,470,547 180.739 2,398,268 2,714,246 2,579.007 L3-(0-15 The flnanclal statements were approved by the Trustees on ....... Graeme Leebum Trustse
NEwfowNBREDA BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles Charlty Infonnatlon Newtownbreda Baptist Churth is a charity based in Northern Ireland. 1.1 Accounting convenllon The financial statements have been prepared in accordance with the Charity's governing document. The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under Ihe historical cost convention. The principal accounting policies adopted are set oul below. 1.2 Golng concern At Ihe lime of approving the financial stalements, th8 Trustees have a reasonable expectation Ihat the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees conb'nue to adopt the going concern basis of accounling in preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees In furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the reslricted funds are set out in the notes to the financial statements. Endowment funds are subject to speclflc condltions by donors that the capltal must be maintained by the Charity- 1.4 Incomo Income Is r8cognised when the Charity is legally ents'tled to il after any performancé conditions have been met, the amounts can be measured reliabty, and it is probable that income will be received. Cash donations are recognised on receipl. Olher donalions are recognised once the Charity has been notified of the donation. unless performance condition5 require defeal of the amount. Income tax recoverable in relation lo donalions received under Gift Aid or deeds of covenant is recognised at the ts'me of the donation. Legacies are recognised on receipt or otherwise if the Charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 1.5 Expendlture Expenditure is recognised on an accruals basis as a liability is incurred. Funding provided through contractual agreements and perfomance related grants are recognised as goods and serviced are supplied. Other grant payments are recognised when a constructive obligation aTises that results in the payment being unavoidable. Costs of generating funds are those costs incurred in attracting voluntary income, and these Incurred in trading activities that raise funds.
NEwfowNBREDA BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng pollcles (Continued) 1.6 Tangible fixed assets Tangible fixed assels are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depr8ciatlon is recognised so as lo write off the cost or valuation of a658ts less their residual values over their useful lives on the following bases.. Flxturés and fittings 10% stralght line The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and th8 carrying value of the assel, and 55 recognised in net incomellexpenditure) for the year. 1.7 Impalrment of fSxed assets At each reporting end dale, the Charity reviews the carrying amounts of its tangible assets lo determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to deterrnlne the extent of the impairment loss lif any). 1.8 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid Investments with original maturilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Flnanclal instrumants The Charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 'other Financi81 Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument. Flnancial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel off the recognised amounts and there is an intention to setue on a net basis or to realise the asset and settle the liability simultaneously. Basic linancial assets Basic financial a5set5. which Include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently Garried at amortised cost using the effective interest method unless the arrangement constitute5 a financing transaction, where the Iransaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial as5els classified as receivable within one year are not amortised. Basic financial liabilities B8sic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilitie5 classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised c051, using the effective interest rate method. Trade creditors are obligations to pay for goods or service5 that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised inrtialty at transaction price and subsequently measured at amortised cost using the effective interest method. 10-
NEWTOWNBREDA BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policiès (Conllnued) Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or ancelled. 1.10 Employee beneflts The cost of any unused hollday enlluemenl Is cOgnised In the period in which the employee's s8rvlc8s are recelved. Terminatlon benefits are recognised immediately as an expense when the Charfty Is demonstrably committed to teminate the employment of an employ8e or to provide terminabon beneffts. Crltlcal accountlng ostlmatss and Judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumption5 about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are consldered to be relevant. Actual results may dlffer from these estlmates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revlsions to accounting estimates a Tecognised in the period In which the estimate is revised where the revlsion affects onty that period, or in the penod of the revision and future periods where the revision affects both current and future perfods. 11
NEvwfowNBREDA BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donatlons and legacles Unrnstrlcled Restricted funds funds Total Unrestricted funds Restricted funds Total 2024 2024 2024 2023 2023 2023 Donatlons and glfts other 683,919 28.593 66,976 750,895 28,593 659.637 20,668 45,432 705,069 20,668 Donatlons and glfts Collections Gift Aid donatlons Gift Aid rebate Other designated donation5 253,281 326,443 104,195 253,281 326,443 104,195 246,318 308,132 105,187 246,318 308,132 105,187 66,978 66,976 45,432 45,431 683,919 66,976 750,895 659,637 45,432 705,069 Incomo from charltable actlvltle• Unrogtrlcted RestrScted funds funds 2024 2024 Total Unregtrlct8d Re8trfcted funds funds 2023 2023 Total 2024 2023 Analysed by fund Other income Charitable rental Income 51,477 51,477 8,933 45,902 45,902 5,600 8,933 5,600 51,477 8,933 58,410 45,902 5,600 51,502 12-
NEvwfowNBREDA BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expendlture on charltable actlvhlos Charltable actlvltles 2024 Charftable actlvitles 2023 Dlrect cost8 Pastoral, children and youth Evangelism & discipleship Local comrnunity General Missions 73,359 12.179 15,629 130,987 125,648 53,436 14,625 16,082 144,756 134,946 357,802 363,845 Shar• of •upport and governance co•t8 (see note 6 Support Govemanc8 342,157 2,700 280,778 2,700 702,659 847,323 Analysls by fund Unrestricted funds Restricted funds 570,710 131,949 501,668 145,655 702,659 647,323 Support costs Support Govemance Cogts costs 2024 Support costs Governance costs 2023 Staff costs Depreciation Staff expenses 297,791 35,515 8,850 297,791 35,515 8,850 241,866 29,183 9,728 241,868 29,183 9,728 Govemance 2,700 2,700 2,700 2,700 342,157 2.700 344,857 280,778 2,700 283,478 Analysed between Charitable activities 342,157 2,700 344,857 280,778 2,700 283,478 Net movement In funds 2024 2023 The net movement in funds is slated after chargingl(crediting)'. Fee5 payable for the audit of the charity's financial statements Depreciation of owned tanglble fixed assets 2,700 35,515 2,700 29,183 13
NEWTOWNBREDA BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Trustees Three of the Trustees received remuneration amount to £125,04712023'. £98,300) during the year for their duties as employees, Employèes The average monthly number of employee6 during the year was.. 2024 Number 2023 Number 10 10 Employment costs 2024 2023 Wage5 and salar18S 297,792 241,867 There were no employees whose annu81 rernuneralion was more than £80,000. Rernuneratlon of key managemont personnel The remuneration of key management personnel was as follows.. 2024 2023 Aggregate compensation 98,815 91,075 Key management personnel comprlse the Executlve Pastor and the Lead Pastor. 10 Taxatlon The chartty Is exempt from taxation on its activltles because all Its income Is applied for charitable PUTposes. 14-
NEwfowNBREDA BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Tanglble flxed assets Freehold land Flxtur•s and and bulldlng¥ flttlngs Total Cost At 1 January 2024 Additlons 1,500,000 332,494 291,829 1,791,829 63,318 395,812 At 31 December 2024 1,832,494 355,147 2,187,641 Depreclatlon and Impalm)ent At 1 January 2024 Depreciation charged In the year 108,995 35,515 108,995 35,515 At 31 December 2024 144,510 144,510 Carrylng amount At 31 December 2024 1,832,494 210,637 2,043,131 At 31 December 2023 1,500,000 182.834 1.682,834 12 Debtorn 2024 2023 Amounts falllng du• within one year: Trade debtors 102,375 52.518 13 Credltors: amounts falllng due wlthln one y••r 2024 2023 Trade creditors Other creditors Accnjals and deferred income 282 1,567 2,700 2,107 1,181 8,100 4,549 11,388 15-
NEwfowNBREDA BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 14 Restricted funds The restricted funds of the charity comprise the unexpended balances of donatlons and grants held on trust subject to specific conditions by donors as to how they may be used. Movèment In funds Incomlng ReBources rMourc•* •xpondod Balanc? at 1 January 2024 Trangl•r¥ Balan¢• at 31 D•¢¢mber 2024 Missions Building fund Designaled Inlout funds 57.200 35,278 88,261 15,138 6,933 51,838 (119,2121 121,000 74,128 42,211 127,362 (12,7371 180,739 73,909 1131,949) 121.000 243.699 15 Unrestrfctad funds The unrestrfcted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 Incomlng resources Resources expended Transfers At31 December 2024 General funds 2.398,288 763,989 (570,710) (121,000) 2,470,547 Prevlous y•ar'. At 1 January 2023 Incomlng resource8 R•sourc6s expended Transferg At31 December 2023 General funds 2,296,829 726,207 {501,668) 1123,100) 2,398,268 16 Analysls of net assets between funds Unrestrlcled Restrlcted funds funds 2024 2024 Total Unre5trtcted funds 2023 Restricted funds 2023 Total 2024 2023 Fund balances at 31 December 2024 are represented by.. Tangible assets Current assets1(liabilities) 2.043,131 427,416 2.043,131 671.115 1,682,834 715.434 1,682,834 896,173 243.699 180,739 2,470,547 243,699 2,714,246 2,398.268 180.739 2,579.007 16-
NEvwfowNBREDA BAPTIST CHURCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 17 Related party transactlons Trustees, remuneratlon and expenses are d8talled in note 8. Remuneration and expenses pald to trustees relates solely to their duties as employees. These were the onty related party transactions in the year ended 31st December 2024. 17-