Magherafelt Free Presbyterian Church Statement of Financial Activities For the year ended 31 December 2024 Unrestricted funds Restricted funds Total 2024 Total 2023 Note Income from: Donations and legacies Charitable activitie5 Investment income Other income Total income 283,421 3.970 705 143,940 1,120 1.722 427.361 5,090 2,427 418,312 13,951 1,162 1,040 434,465 288.096 146.782 434,878 Expenditure on: Raising f unds Charitable attivities Other costs Total expenditure 234,029 39,988 274.017 6,973 132.427 139,400 241,002 172,415 413.417 246,565 188,017 434,582 Net income/(expenditure) before transfers 14.079 7,382 21,461 11171 Transfers between funds {37,507) 37,507 Net incomel(expenditure) for the year (23.428) 44.889 21,461 1117) Fund balances at 01 January 2024 271,444 89,556 361,000 361,117 Fund balances at 31 December 2024 248.016 134,445 382,461 361,000
Magherafelt Free Presbyterian Church Statement of Assets and Liabilities For the year ended 31 December 2024 Unrestricted Funds Restricted Funds Total Funds 2024 Total Funds 2023 Funds Reconciliation Bank and Cash at start of year Net movement in funds Bank and C35h at end of year 271,444 123,4281 248.016 89.556 44,889 134,445 361,000 21.461 382,461 361,117 11171 361,000 Bank & Cash Balances Bank Deposit Accounts Bank Credit Card Bank Current Account Cash in Hand 172,688 {3571 75,685 80.766 253,454 13571 129.364 172.688 1231) 188,543 53.679 382,461 361,000 Other Assets Fixed Assets- Note 7 - Church Premises
Magherafelt Free Presbyterian Church Notes to the financial statements (continued) For the year ended 31 December 2024 l Accouting Policies Basis of Financial Statements As the total icome af the congregation is between £250,000 and £500,(K)O in accordance with the provisions in The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 to prepare accounts on an accrua15 basis and subject to independent examination by an examiner who 15 a member of The Institute of Chartered Accountants in Ireland. Donations and legacies Unrestrirted Funds Restricted Funds Total 2024 Total 2023 Donations and gifts Gift Aid on donations and gifts Legacies and bequest5 248,277 35,144 143.940 392.217 35,144 384,251 34,061 283,421 143,940 427.361 418,312 Charitable activitie5 Unrestrlcted Funds Restricted Fund5 Total 2024 Total 2023 Income from conferences & events Income from books, magazines, etc 3,880 90 1,120 5,000 90 12,031 1,920 3,970 1.120 5.090 13,951 Investment income Unrestrirted Funds Restrirted Funds Total 2024 Total 2023 Bank interest receivable 705 1.722 2,427 1,162 705 1,722 2.427 1,162
Magherafelt Free Presbyterian Church Notes to the financlal statements (continued) For the year ended 31 December 2024 Unrestrirted Funds Restricted Funds Cost of charitsble artivities 2024 2023 Salarie5 and pensions Ministry expenses Facilities expenses Transport expense5 Media and advertising Other expenses 62.989 40.436 81,240 21,674 6,320 21.370 62,989 47,409 81.240 21,674 6,320 21,370 61,197 40,689 83,569 19.685 11,543 29,882 6.973 234.029 6.973 241.002 246,565 Unrestrirted Funds Restrirted Funds Other expenditure 2024 2023 Grants and donations Bank fees and charges Independent examiner's remuneration 36,737 382 2,869 131.710 717 168,447 1,099 2,869 184,501 878 2,638 39,988 132,427 172,415 188,017 Tan8lble fixed assets The congregation owns the Church premises. halls and lands including a graveyard and carparking situated at Mullaghboy Hill Road, Magherafelt, and the associated fixtures. fittings, pland and machinery. These have an insurance value of £10.092,197. Fund Balances Balance at start Balance at end Fund Receipts Payments Transfers Unrestrirted Funds No l Account 271.444 288.096 274.017 137,5071 248,016 Restrirted Funds Missionary Account Sunday School Account Youth Fellowship Account Building Fund / No 4Acc Women's Fellowship Acc Men's Fellowship Acc Senior Cit12en Account Total Restrfcted Funds 7,172 655 999 79.384 409 637 300 89.556 134.527 1,545 5,523 1,722 2,517 131,085 1.295 3.519 21 2,402 3,000 13.614 905 3,003 116,229 524 35,144 16371 948 146.782 1,078 139,400 170 134,445 37,507 Total 361.000 434.878 413,417 382,461