Charity registration number XN 47489
Company registration number NI050946 (Northern Ireland)
MISSIONARY HOMES (NI) LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
MISSIONARY HOMES (NI) LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
Mr S J D Graham
Mr D S McNair
Mr D A Irvine
Mr S J Hamilton
Mr T F Armstrong
Mr S Thompson
Secretary
Mr T F Armstrong
Charity number
XN 47489
Company number
NI050946
Registered office
15 Moneybroom Road
Lisburn
Co Antrim
BT28 2QP
Independent examiner
Harbinson Mulholland
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
Co. Antrim
BT1 3LP
Bankers
First Trust Bank Limited
Solicitors
Hewitt & Gilpin
14-16 James Street South
Belfast
BT2 7GA
MISSIONARY HOMES (NI) LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Statement of cash flows
6
Notes to the financial statements
7 - 13
MISSIONARY HOMES (NI) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
- 1 -

The Directors present their annual report and financial statements for the year ended 5 April 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the the company's governing document, the Companies Act 2006 and "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 UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Structure, governance and management

Missionary Homes (NI) Limited was incorporated on 16th June 2004. The directors who served in the year are shown on page 1 and new directors can be appointed at a properly convened company meeting. A director must be someone who has confirmed their personal acceptance of the Lord Jesus Christ as Saviour and Lord and must hold to the Doctrines as set out in the Articles of Association.

Objectives and activities

The the company exists to acquire and maintain properties for the use of Missionaries and Christian Workers whilst temporarily resident in Northern Ireland. The facility at Lisburn consists of six residential units.

Achievements and performance

During the period under review, there was continued good demand for use of the properties.

Financial review

Missionary Homes (NI) Limited relies upon gifts to cover expenses. These generally come from four sources: Christian Assemblies, individuals, residents of the properties and legacies and trusts.

 

Surplus income over expenditure is held in unrestricted reserves. As needs arise, repairs and upgrading works to the properties are undertaken.

 

The net expenditure for the year amounted to £28,271 (2023: £13,389), all of which is attributable to unrestricted reserves, which now stand at £834,896. After deduction of fixed assets funded by unrestricted income, the free reserves at the year end are £276,564. The normal running costs are met by annual income.

Statement of directorsresponsibilities

 

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements the directors are required to: -

 

•    select suitable accounting policies and apply them consistently;

•    make judgements and estimates that are reasonable and prudent;

•    prepare the financial statements on the going concern basis unless it is inappropriate to presume that

the company will continue in business.

 

The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

MISSIONARY HOMES (NI) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 5 APRIL 2024
- 2 -

 

Directors and their interests

 

The directors who served during the year and at the year-end are listed on page 1.

 

This report has been prepared in accordance with the Statement of Recommended Practice “Accounting and Reporting by Charities” effective January 2015 and in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006

The Directors' report was approved by the Board of Directors.

Mr T F Armstrong
Secretary
Dated: 6 February 2025
MISSIONARY HOMES (NI) LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS OF MISSIONARY HOMES (NI) LIMITED
- 3 -

We report on the financial statements of Missionary Homes (NI) Limited for the year ended 5 April 2024 which comprise the statement of financial activities, the balance sheet and the related notes. These financial statements have been prepared under the historical cost convention and the accounting policies set out on pages 7-9.

Responsibilities and basis of report

As the Directors of the the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts and you consider that the audit requirement of Section 65(3) of the Charities Act (NI) 2008 (the Act). Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independent examination, it is our responsibility to:

Independent examiner's statement

We have examined your charity accounts as required under section 65 of the Charities Act and our examination was carried out in accordance with the general directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

 

Our role is to state whether any material matters have come to our attention giving me cause to believe:

1

That accounting records were not kept in respect of the the company as required by section 386 of the 2006 Act; or

2

the accounts do not accord with those records; or

3

That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland.

4

That there is further information needed for a proper understanding of the accounts to be reached.

We have completed our examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention.

Harbinson Mulholland
Chartered Accountants
6th Floor East Tower
Lanyon Plaza
8 Lanyon Place
Belfast
Co. Antrim
BT1 3LP
Dated: 6 February 2025
MISSIONARY HOMES (NI) LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 5 APRIL 2024
- 4 -
Unrestricted
Total
Total
funds
2024
2023
Notes
£
£
£
Income from:
Donations and legacies
3
9,419
9,419
9,788

Investments

4
1,684
1,684
1,027
Total income
11,103
11,103
10,815
Expenditure on:
Charitable activities
5
39,374
39,374
24,204
Net expenditure for the year/
Net movement in funds
(28,271)
(28,271)
(13,389)
Fund balances at 6 April 2023
863,167
863,167
876,556
Fund balances at 5 April 2024
834,896
834,896
863,167

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
MISSIONARY HOMES (NI) LIMITED
BALANCE SHEET
AS AT 5 APRIL 2024
05 April 2024
- 5 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
558,332
566,127
Current assets
Debtors
11
1,703
1,629
Cash at bank and in hand
276,500
297,050
278,203
298,679
Creditors: amounts falling due within one year
12
(1,639)
(1,639)
Net current assets
276,564
297,040
Total assets less current liabilities
834,896
863,167
Income funds
Unrestricted funds
Designated funds:
General reserve
276,564
297,040
Fixed asset funds
558,332
566,127
13
834,896
863,167
834,896
863,167
834,896
863,167

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 5 April 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Directors on 6 February 2025
Mr S J D Graham
Mr T F Armstrong
Trustee
Trustee
Company registration number NI050946
MISSIONARY HOMES (NI) LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 5 APRIL 2024
- 6 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
15
(22,234)
(6,408)
Investing activities
Investment income received
1,684
1,027
Net cash generated from investing activities
1,684
1,027
Net cash used in financing activities
-
-
Net decrease in cash and cash equivalents
(20,550)
(5,381)
Cash and cash equivalents at beginning of year
297,050
302,431
Cash and cash equivalents at end of year
276,500
297,050
MISSIONARY HOMES (NI) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 5 APRIL 2024
- 7 -
1
Accounting policies
Charity information

Missionary Homes (NI) Limited is a private company limited by guarantee incorporated in Northern Ireland. The registered office is 15 Moneybroom Road, Lisburn, Co Antrim, BT28 2QP.

1.1
Accounting convention

The financial statements have been prepared in accordance with the the company's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The the company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Preparation of accounts on a going concern basis

The charity reported net expenditure of £39,374 for the year. The Charity had unrestricted reserves of £834,896 at the year end. The directors have prepared projections and, having considered the circumstances outlined above, are of the view that they have secured sufficient funding to ensure that the Charity can continue to trade for the next 12 months. For this reason they continue to adopt the going concern basis in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Directors in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the the company.
1.4
Income
Income is recognised when the the company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

MISSIONARY HOMES (NI) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 8 -

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

 

Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold buildings
1% straight line
Fixtures and fittings
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the the company reviews the carrying amounts of its tangible assets to 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 determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The the company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the the company's balance sheet when the the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

MISSIONARY HOMES (NI) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
1
Accounting policies
(Continued)
- 9 -
Basic financial liabilities

Basic 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 liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services 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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the the company’s contractual obligations expire or are discharged or cancelled.

2
Critical accounting estimates and judgements

In the application of the the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions 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 considered to be relevant. Actual results may differ from these estimates.

 

Tangible fixed assets

 

The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
9,419
9,788
Donations and gifts
Assemblies
3,650
1,950
Residents
3,815
6,028
Individuals
700
100
Other
1,254
1,710
9,419
9,788
MISSIONARY HOMES (NI) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 10 -
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
1,684
1,027
5
Charitable activities
2024
2023
£
£
Depreciation and impairment
7,795
8,013

Food packs

-
2

Rent and rates

1,958
1,836

Heat and light

39
250

Insurance

2,228
2,026

Repairs

7,442
9,965

Telephone

876
708

Bank charges

183
552

Missionary building projects

18,000
-
38,522
23,352
Share of governance costs (see note )
852
852
39,374
24,204
6
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets
7,795
8,013
7
Directors
None of the Directors (or any persons connected with them) received any remuneration or benefits from the the company during the year.
8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
MISSIONARY HOMES (NI) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
8
Employees
(Continued)
- 11 -

There were no employees during the year.

There were no employees whose annual remuneration was more than £60,000.
9
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

10
Tangible fixed assets
Freehold buildings
Fixtures and fittings
Total
£
£
£
Cost
At 6 April 2023
656,378
77,392
733,770
At 5 April 2024
656,378
77,392
733,770
Depreciation and impairment
At 6 April 2023
98,459
69,183
167,642
Depreciation charged in the year
6,564
1,231
7,795
At 5 April 2024
105,023
70,415
175,438
Carrying amount
At 5 April 2024
551,355
6,977
558,332
At 5 April 2023
557,918
8,209
566,127
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Prepayments and accrued income
1,703
1,629
12
Creditors: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
1,639
1,639
MISSIONARY HOMES (NI) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 12 -
13
Designated funds
Movement in funds
Balance at
6 April 2023
Incoming resources
Resources expended
Transfers
Balance at
5 April 2024
£
£
£
£
£
General reserve
297,040
11,103
(39,374)
7,795
276,564
Fixed asset funds
566,127
-
-
(7,795)
558,332
863,167
11,103
(39,374)
-
834,896

The general reserve represents the free funds of the Charity. The fixed asset fund has been set up to assist in identifying those funds which are not free funds and it represents the net book value of tangible fixed assets which have been funded by unrestricted income.

14
Analysis of net assets between funds
Unrestricted
funds
2024
£
At 5 April 2024:
Tangible assets
558,332
Current assets/(liabilities)
276,564
834,896
Unrestricted
funds
2023
£
At 5 April 2023:
Tangible assets
566,127
Current assets/(liabilities)
297,040
863,167
MISSIONARY HOMES (NI) LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 5 APRIL 2024
- 13 -
15
Cash generated from operations
2024
2023
£
£
Deficit for the year
(28,271)
(13,389)
Adjustments for:
Investment income recognised in statement of financial activities
(1,684)
(1,027)
Depreciation and impairment of tangible fixed assets
7,795
8,013
Movements in working capital:
(Increase) in debtors
(74)
(4)
Cash absorbed by operations
(22,234)
(6,408)
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