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2024-12-31-accounts

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church (Combing the former Windsor Presbyterian Church & Great Victoria Street Presbyterian Church)

Financial Statements

for the year ended 31[st] December 2024

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Charity Information

Principal address 34 Shaftesbury Square Belfast BT2 7DB Trustees Cecil Graham Barbara Lagan Rev Ivan Steen Tony Tham Karen Dawson Fergus Hanna Bell Heather Hanna Nell Cooke Colin Houston Accountants JSR 44 Blackisland Road Annaghmore Portadown BT62 1NE Bankers Ulster Bank 11-16 Donegal Square East Belfast BT1 5HD Charity Number 104213

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Contents
Page
Report of the Trustees 1 - 4
Independent Examiners report 5
Statement of Financial Activities 6
Balance sheet 7
Notes to the financial statements 8 - 18

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Report of the Trustees

for the year ended 31 December 2024

Structure, Governance and Management

The Trust (the Charity) is an unincorporated Trust, constituted under a Deed of Trust, and is registered as a Charity with HMRC and Charity Commission for Northern Ireland. The Charity plans to continue to raise funds through its routine and special collections from within its congregation, raising supplementary income from various other sources such as investment income, all of which to serve the Charity’s objectives in the furtherance of the Christian belief.

South Kirk Presbyterian Church is a congregation of the Presbyterian Church in Ireland (‘PCI’) and established under the rules and constitution of PCI. It is a charity established for the advancement of religion (Christianity). In accordance with the Code of the PCI, the charity trustees are the elders of the church: the minister is the teaching elder, there are 11 ruling elders. Together these 12 people form the Kirk Session. The Kirk Session is responsible for the spiritual oversight of the Church. It also exercises oversight of the Congregational Committee which deals with congregational finances and property. The Kirk Session met ten times and the Congregational Committee met approximately six times. Elders / charity trustees are elected by voting members of the congregation in accordance with the Code of the PCI; once elected, they remain in office until they retire or resign. The General Assembly is the supreme court of PCI in terms of legislative, administration and judicial authority. South Kirk has been assigned to the South Belfast Presbytery of PCI by the General Assembly for corporate oversight of its spiritual and temporal affairs.

On 15[th] January 2024 the congregation of Great Victoria Street Presbyterian Church merged with the congregation of Windsor Presbyterian Church. On 21[st] June 2024 at the General Assembly the new name of the merged congregation was agreed, South Kirk Presbyterian Church.

Trustees

The Trustees who served during the year were as follows:

Barbara Lagan Cecil Graham Fergus Hanna Bell Heather Hanna Rev Ivan Steen Nell Cooke Colin Houston Tony Tham Karen Dawson Norma Dawson (resigned 3/10/24) Ryan McAnlis (resigned 11/9/24) Margaret Lewis (resigned 24/11/24)

Risk Management

The Trustees actively review any major risks which the Charity faces on a regular basis and believe that maintaining reserves at current levels, combined with an annual review of the controls over key financial systems, will provide sufficient resources for the incoming year. The Trustees have also examined other operational and business risks faced by the Charity and confirm that they have established systems to mitigate the most significant risks.

Objectives

The Trustees have regard to the Northern Ireland Charity Commission's Public benefit requirements statutory guidance.

The principal activity of the Charity is to hold services of worship and other religious activities. These, and all that follow, are open to anyone of appropriate age and/or gender to access, without regard to whether they are members of our congregation.

Page 1

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Report of the Trustees

for the year ended 31 December 2024

The main activities undertaken to further these aims are detailed in the "Achievements and performance" section of this report.

Achievements & Performance

South Kirk’s income is derived from weekly collections (‘freewill offering’) and other donations, legacies and gift aid.

Our services were conducted in full compliance with current regulations and guidance. One aspect of our services is that we integrated British Sign Language and Persian into our Services. We have a very strong connection with Kinghan Church for the Deaf. We have continued to develop our role with the International Meeting Point in South Belfast. Bible study, and Prayers all continued. Congregation regularly undertakes youth and children ministry.

The Trustees are most grateful to our Minister for his resolute determination in carrying out the work of South Kirk Presbyterian Church.

Statement of Activities for 2024

Session agreed to look into the formation of task groups to deal with specific areas of the church life and workload and the following groups were set up to consider issues and report back to Kirk Session:

To coincide with the new church entity a successful weekend of rest and recreation was held at the Corrymeela residential activity centre for church and family members, in May. Spiritual sessions were also organised and members contributed towards the costs of a very successful trip.

In March a Congregational meeting voted to allow the sale of both manses and to start looking for a suitable replacement manse.

An away morning for elders was held at the Cranmore Manse in May. Elders considered ideas for the vision and structures of the new church.

Page 2

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Report of the Trustees

for the year ended 31 December 2024

Significant Session effort was channelled into the election of new elders over a period of months. Church code was duly followed, and church members elected seven new elders who had agreed to serve South Kirk.

Session agreed after consideration of a report by the Finance and Staffing Group, to employ Temporary Church Manager for a period of six months to assist with and drive areas of work around the use and life of the church building and any processes involved. This work would kick start activities that the newly created Session and Committee would then continue to take forward.

Financial Review

The Financial Statements are presented in the standard format required by the Charities SORP (FRS 102) 2015. The Statement of Financial Activities on page 6 shows the gross income from all sources for the year ended 31[st] December 2024.

South Kirk Presbyterian Church is reliant upon income collected through its weekly collections and special collections; combined with the receipt of donations and the subsequent Gift Aid claims and investment income to cover the running costs of the Charity and to further its objectives.

In the year under review, the income received from weekly collections amounted to £57,979 (2023:£72,042), this amount was further enhanced by the subsequent receipt of Gift Aid amounting to £16,120 (2023; £29,076). Special Collections received amounted to £ 1,375 (2023: £37,003); with Loose collections raising £5,651 (2023; £3,999).

During the year under review the Charity received £1,900 (2023; £Nil) by way of grant income. Investment and rental income for the year amounted to £26,391 (2023; £14,116).

Expenses associated with its charitable activity work amounted to £136,300 (2023; £132,741) during the year, with a further amount of £51,754 being spent on running and administration expenses (2023; £69,320).

Investment Policy

The Charity holds a long-term investment from which it receives bi-annual dividend income. Apart from retaining a prudent amount in reserves each year most of the Charity’s funds are spent in the short term.

Reserves Policy

The Trustees aim to maintain sufficient reserves to enable the Trust to continue its humanitarian aid and Christian outreach at its current level, and if possible, to increase it.

Page 3

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Report of the Trustees for the year ended 31 December 2024

Plans for the future

We are seeking to consolidate our position by living and serving out our Christian values. Our vision is one that seeks to breakdown borders between people in our community and beyond. This is achieved through:

Trustee responsibilities in relation to the accounts

The Charity Trustees are responsible for preparing a Trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Northern Ireland requires the Charity Trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, of the Charity for that period. In preparing the financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the financial statements comply with the Charities Act, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the Charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are responsible for the maintenance and integrity of the Charity and financial information included on the Charity's website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.

This report was approved by the Trustees and signed on its behalf by

Mr Colin Houston Rev Ivan Steen Trustee Trustee

Date: 09 October 2025

Date: 09 October 2025

Page 4

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Independent examiner’s report to the Charity Trustees of ‘South Kirk Presbyterian Church’ Trust

I report on the accounts of the Trust for the year ended 31 December 2024, which are set out on pages 6 to 18.

Respective responsibilities of Charity Trustees and examiner

As the Charity’s Trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008 and the Presbyterian Code. It is my responsibility to:

Basis of independent examiner’s report

I have examined your Charity accounts as required under section 65 of the Charities Act and Paragraph 240 of the Presbyterian Code, and my 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.

My 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.

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

  1. That accounting records were not kept in accordance with section 63 of the Charities Act

  2. That the accounts do not accord with those accounting records

  3. That the accounts do not comply with the accounting requirements of the Charities Act

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

Independent examiner’s statement

I have completed my 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, I have found no matters that require drawing to your attention.

Jonathan Ross FCA

Chartered Accountant

44 Blackisland Road Annaghmore Portadown BT62 1NE

Date: 09 October 2025

Page 5

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Statement of Financial Activities

for the year ended 31 December 2024

For the period ended 31 December 2024
Incoming Resources
Notes
Incoming Resources from generated funds
Voluntary income
3
Activities for generating funds
4
Investment income - rent received
Total Incoming Resources
Resources Expended
Charitable activities
5
Running Costs/ Administrative costs
6
Governance Costs
7
Total Resources Expended
Net incoming/ outgoing resources
before transfers
Gross transfers between funds
Net incoming resources before other
recognised gains and losses
Other recognised gains and losses
Gains/ (losses) on investment assets
8
Gains/ (losses) on disposal of fixed assets
Gains/ (losses) on exceptional items
Net movement in funds
Reconciliation of funds
Total funds brought forward
12,
15
Manse Introduced
Prior Year Adjustment
14
Total funds brought forward
Total funds carried forward
12,
15		 Unrestricted
Funds
Restricted
Funds
Total
Funds
£
£
162,884
14,582
177,466
80
4,281
4,361
2,565
-
2,565
165,529
18,863
184,392
92,222
44,078
136,300
50,094
1,660
51,754
4,030
10,430
14,460
146,346
56,168
202,514
19,183
(37,305)
(18,122)
(2,225)
2,225
-
16,958
(35,080)
(18,122)
5,527
-
5,527
-
24,813
24,813
-
-
-
22,485
(10,267)
12,218
1,643,978
1,089,181
2,733,159
-
-
-
-
-
-
1,643,978
1,089,181
2,733,159
1,666,463
1,078,914
2,745,377		 Prior year
£
(Combined)
(Restated)
173,474
318
2,287
176,079
132,741
69,320
4,144
206,205
(30,126)
-
(30,126)
9,700
-
2,297
(18,129)
1,427,600
523,687
800,000
2,751,287
2,733,159

All of the Charity’s activities derived from continuing operations during the period. The Charity has no recognised gains or losses other than those shown above and therefore no separate statement of total recognised gains and losses has been presented.

Page 6

The notes on pages 8-18 form part of these financial statements.

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Balance sheet
as at 31 December 2024
Notes:
2024
£
Investments
8
122,417
Fixed Assets
9
1,312,078
Current Assets
Other Debtors
10
15,709
Cash at Bank and in hand
10
1,295,903
Liabilities
Loans
11
-
Other creditors and accruals
11
(729)
Total assets less current liabilities
2,745,377
Represented
by:
Unrestricted funds
12
1,666,463
Restricted
funds
12
1,078,914
12
2,745,377		 2023
(Combined)
(Restated)
£
116,889
1,848,602
31,005
737,164
-
(500)
2,733,159
1,643,978
1,089,181
2,733,159

Approval of Account

The foregoing Balance Sheet Account was approved by the Trustees on

8th October 2025

.

Signed on behalf of the Trustees

Mrs Anna Shariati Mr Fergus Bell Treasurer Trustee

Page 7

The notes on pages 8-18 form part of these financial statements.

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements

for the year ended 31 December 2024

1.

Accounting policies

The accounting policies adopted by the Charity are consistent with those adopted previously and are set out below:

1.1. Basis of preparation

The financial statements have been prepared in accordance with the provisions of the Charities Act (Northern Ireland) 2008 and the Presbyterian Code, and with applicable Accounting Standards. These financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice FRS 102 (Charities SORP FRS102).

The accounts are prepared under the historical cost convention. The results of the Charity’s operations, which are described in the Trustee’s report, are all continuing.

The accounts have been prepared on the accruals basis.

1.2. Cash flow statement

The Charity has taken advantage of the exemption provided by FRS102 and has not prepared a cash flow statement.

1.3 Funds Structure

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor.

Unrestricted funds comprise those funds, which the Trustees are free to use for any purpose in furtherance of the charitable objects.

The charity does not hold any endowment funds.

1.4 Incoming Funds

All incoming resources are recognised once the Charity has entitlement to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability.

1.5 Resources Expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under heading that aggregate all costs related to the category.

Page 8

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements

for the year ended 31 December 2024

1.6 Value Added Tax

South Kirk Presbyterian Church is not registered for VAT.

1.7 Grants

Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets.

1.8 Depreciation

The cost of tangible fixed assets is their purchase cost, together with any incidental costs of acquisition. Depreciation is calculated to write off the cost of fixed assets, in equal annual instalments on the following basis:-

Land & Buildings: None

Computer & AV Equipment: 25% Straight line basis Fixtures, Fittings & Equipment: 25% Straight line basis

The properties held have been valued and are included at their Fair Value.

No depreciation has been charged against these assets as they are recorded at Fair Value.

2. Income

Income for the period represents all cash received/ receivable during the period.

Voluntary Income
Recorded Giving
Gift Aid on Recorded Giving
Loose Collections
Special Collections
Gift Aid on Occasional Gifts
Gifts in kind - United Appeal
Legacies
Collection - PCI World Dev Fund
Donations - unspecified
Raised for other charities
Bank & Building society interest
Other Invest. Income - Dividends
Grants Received		 Unrestricted
Restricted
£
£
57,979
-
13,663
2,457
5,651
-
100
1,275
986
462
-
6,243
62,924
-
-
-
-
-
-
-
18,687
2,245
2,894
-
-
1,900
162,884
14,582		 Total
Funds
£
57,979
16,120
5,651
1,375
1,448
6,243
62,924
-
-
-
20,932
2,894
1,900
177,466		 Prior year
(Combined)
£
72,042
29,076
3,999
37,003
7,950
7,526
-
140
3,569
340
9,549
2,280
-
173,474

3. Voluntary Income

Page 9

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements

for the year ended 31 December 2024

4. Activities for generating funds
Fundraising
Corrymeela Retreat
Church Magazines
5. Charitable activities
Congregational Assessments
Ministerial Stipend/ Expenses etc
Assistant Minister/ Expenses
Ministry support services
United Appeal
Presbyterian Women
Discretionary/ Welfare Fund
Corrymeela Retreat
Convenor's fees/ expenses		 Unrestricted
Restricted
£
£
-
-
-
4,281
80
-
80
4,281
Unrestricted
Restricted
£
£
19,406
-
47,221
-
18,875
-
5,615
21,975
-
8,681
-
-
-
3,914
-
9,508
1,105
-
92,222
44,078		 Unrestricted
Restricted
£
£
-
-
-
4,281
80
-		 Total
Funds
£
-
4,281
80
4,361
Total
Funds
£
19,406
47,221
18,875
27,590
8,681
-
3,914
9,508
1,105
136,300		 Prior year
(Combined)
£
42
-
276
318
Prior year
(Combined)
£
27,269
60,010
17,371
15,954
5,067
695
2,607
-
3,768
132,741		 Prior year
(Combined)
£
42
-
276
80
4,281		 318

Page 10

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements

for the year ended 31 December 2024

6. Running costs/ Admin expenses
Ministers National Insurance
Students
Worship resources
Church Envelopes
Church Magazines and Literature
Childrens and Youth Ministries
Church Events
Computer Costs
Advertising, Stationery & Postage
Sundry
Heat & Light
Rent & Rates
Telephone & Internet
Repairs & Maintenance
Insurance
Bank fees
Depreciation (see Note 9)
7. Governance Costs
Legal & Professional
8. Investments
Valuation B/fwd
Fair Value movement in year
Valuation C/ fwd		 Unrestricted
Restricted
£
£
5,261
-
1,018
-
1,000
-
289
-
1,258
-
795
-
2,749
-
1,122
-
66
-
637
-
8,401
463
2,578
1,197
-
-
7,279
-
4,742
-
62
-
12,837
-
50,094
1,660
Unrestricted
Restricted
£
£
4,030
10,430
4,030
10,430		 Unrestricted
Restricted
£
£
5,261
-
1,018
-
1,000
-
289
-
1,258
-
795
-
2,749
-
1,122
-
66
-
637
-
8,401
463
2,578
1,197
-
-
7,279
-
4,742
-
62
-
12,837
-		 Unrestricted
Restricted
£
£
5,261
-
1,018
-
1,000
-
289
-
1,258
-
795
-
2,749
-
1,122
-
66
-
637
-
8,401
463
2,578
1,197
-
-
7,279
-
4,742
-
62
-
12,837
-		 Total
Funds
£
5,261
1,018
1,000
289
1,258
795
2,749
1,122
66
637
8,864
3,775
-
7,279
4,742
62
12,837















Prior year
(Combined)
£
5,020
933
1,076
132
499
97
1,716
850
(270)
2,535
9,610
3,889
77
29,073
1,167
79
12,837
69,320
Prior year
(Combined)
£
4,144
4,144
2023
(Combined)
£
107,190
9,700
116,890		 Prior year
(Combined)
£
5,020
933
1,076
132
499
97
1,716
850
(270)
2,535
9,610
3,889
77
29,073
1,167
79
12,837
50,094
1,660		 51,754 69,320
Total
Funds
£
14,460
14,460
4,030
10,430
2024
£
116,890
5,527
122,417

The fair value of the General Investment Fund is determined by reference to the quoted price for identical assets in an active market at the balance sheet date.

Page 11

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements

for the year ended 31 December 2024

for the year ended 31 December 2024
9. Tangible Fixed Assets
Cost
At 1 January 2024 (Combined)
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024 (Combined)
Charge
At 31 December 2024
Net Book Value
At 31 December 2024
At 31 December 2023 (Combined)		 Buildings
Computer &
Fixtures,
Fittings
Freehold
AV Equipment
& Equipment
£
£
£
1,823,687
54,351
4,342
-
-
-
(523,687)
-
-
1,300,000
54,351
4,342
-
31,607
2,171
-
11,751
1,086
-
43,358
3,257
1,300,000
10,993 1,085
1,823,687
22,744
2,171		 Total
£
1,882,380
-
(523,687)
1,358,693
33,778
12,837
46,615
1,312,078
1,848,602

Page 12

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements

for the year ended 31 December 2024

10. Current Assets
Cash at bank and in hand
Other debtors
11. Creditors less than 1 year
Loans
Accruals
12. Reconciliation of Reserves
B/fwd 1 January 2024
Surplus/ (Deficit) in year
Manse introduced
Prior Year Adjustment (see Note 14)
C/fwd 31 December 2024		 2024
2023
(Combined)
£
£
1,295,903
737,164
15,709
31,005
1,311,612
768,169
2024
2023
(Combined)
£
£
-
-
729
500
729
500
Unrestricted
Restricted
Total
Funds
Prior year
(Combined)
(Restated)
£
£
£
£
1,643,978
1,089,181
2,733,159
1,427,600
22,485
(10,267)
12,218
(18,128)
-
-
-
523,687
-
-
-
800,000
1,666,463
1,078,914
2,745,377
2,733,159		 2024
2023
(Combined)
£
£
1,295,903
737,164
15,709
31,005
1,311,612
768,169
2024
2023
(Combined)
£
£
-
-
729
500
729
500
Unrestricted
Restricted
Total
Funds
Prior year
(Combined)
(Restated)
£
£
£
£
1,643,978
1,089,181
2,733,159
1,427,600
22,485
(10,267)
12,218
(18,128)
-
-
-
523,687
-
-
-
800,000
1,666,463
1,078,914
2,745,377
2,733,159
2,733,159

 A detailed breakdown of the Unrestricted and Restricted accounts can be found at: Note 15 - Analysis of Charitable Funds.

Page 13

Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements

for the year ended 31 December 2024

13. Merger Accounting

On 15[th] January 2024, the congregations of Windsor Presbyterian Church (WPC) (Charity Number 104213) and Great Victoria Street Church (GVS) (Charity Number 104312) merged, and the combined entity was subsequently renamed South Kirk Presbyterian Church at the General Assembly on 21[st] June 2024.

These accounts have been prepared under the guidelines for Merger accounting as set out in Section 27 of Charities SORP (FRS102) which defines a merger as being where…. “two or more charities coming together in partnership for the mutual sharing of risks and benefits” , and “no party obtains control over any other” .

This piece of guidance requires… “aggregating the assets, liabilities and funds of the combining charities and presenting them as though they had always been part of the same reporting charity.” Thus the assets, liabilities and funds of WPC & GVS have been aggregated and are presented as though they had always been part of the same reporting charity. The guidance further stipulates that…. “although the merger may have taken place part way through a reporting period, the accounts must be drawn up to include the results of the combining charities for the whole of the reporting period in which the merger occurred.”

In relation to the comparative year figures, this guidance states…. “The accounts must present comparative amounts on the same basis to show the aggregated results for the combining charities for the previous reporting period. The comparative amounts should be identified as being ‘combined’ figures.”

Date of Merger: 15[th] January 2024

Combining charities: Windsor Presbyterian Church Charity Number 104213 Previously prepared accounts each year to 31[st] December Great Victoria Presbyterian Church Charity Number 104312 Previously prepared accounts each year to 31[st] December

Alignment Adjustments: Paragraph 14 of Section 27 of The Charities SORP (FRS 102) requires the disclosure of the nature and amount of any significant adjustments made in order to align the accounting policies as a result of the merger.

No such significant adjustments were required in the preparation of the merged accounts.

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Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements

for the year ended 31 December 2024

Analysis of principal SOFA components for the current reporting period, for the year ended 31[st] December 2024:

Total Income
Total expenditure
Net income/(expenditure)
Other gains/(losses)
Net movement in funds		 Windsor
Presbyterian
Church (Pre-
Merger)
Great Victoria St
Presbyterian
Church (Pre-
Merger)
South Kirk
Presbyterian
Church
(Post-
Merger)
Combined
£
£
£
£
2,405
-
181,987
184,392
871
-
201,643
202,514
1,534
-
(19,656)
(18,122)
-
-
30,340
30,340
1,534
-
10,684
12,218

Analysis of principal SOFA components for the previous reporting period:

Total Income
Total expenditure
Net income/ (expenditure)
Prior Period Adjustment
Manse Introduced
Other gains/(losses)
Net movement in funds
Total funds brought forward
Total funds carried forward		 Windsor
Presbyterian
Church, 31/12/2023
Great Victoria St
Presbyterian
Church,
31/12/2023
£
£
126,520
49,096
143,275
62,467
(16,755)
(13,371)
-
800,000
-
523,687
11,997
-
(4,758)
1,310,316
1,131,732
295,868
1,126,974
1,606,184		 Combined
£
175,616
205,742
(30,126)
800,000
523,687
11,997
1,305,558
1,427,600
2,733,158

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Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements for the year ended 31 December 2024

Analysis of net assets at the date of merger (15[th] January 2024):

Net Assets
Represented by:
Unrestricted funds
Restricted funds
Endowment funds
Total funds		 Windsor
Presbyterian
Church
Great Victoria St
Presbyterian
Church
£
£
1,128,508
1,606,184
89,029
1,556,482
1,039,479
49,702
-
-
1,128,508
1,606,184		 Combined
£
2,734,692
1,645,511
1,089,181
-
2,734,692

14. Prior Period Adjustment

The Charities SORP, under para 3.36, “Charities must correct material errors resulting from an omission or misstatement in a prior period by either restating the comparative amounts for the prior period(s) in which the error occurred, or by restating the opening balance of the asset or liability for the item(s) for all prior periods for which comparative information is presented to the earliest date for which it is practicable.”

In relation to the term ‘material’ , The Charities SORP gives the following guidance on the identification of an item that may be ‘material’. “Charities, in preparing their accounts, should therefore give particular consideration to material items or transactions as their omission or misstatement could influence economic decision-making by the user of the accounts and any assessment of the stewardship of charitable funds. An omission or misstatement of a material item may result in the accounts failing to give a true and fair view.

The Charities SORP, under para 10.14 defines a fixed asset as “Fixed Assets provide an economic resource to the charity on an on-going basis (i.e. more than one reporting period) through their ability to:

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Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements

for the year ended 31 December 2024

For these reasons noted above, it is believed that a Prior Period Adjustment is now required to introduce a Fixed Asset, namely, the property located at 34 Shaftesbury Square, as it would:

One adjustment has been deemed necessary by the Trustees, in accordance with the above noted sections of the Charities SORP, and as a result the following adjustments have been made to the prior year figures of the accounts in relation to the inclusion of Land and Buildings.

Land and Buildings

In previous years the charity has not included all Land and Buildings. In 2023 the property at 12 Osborne Park was correctly disclosed, but no disclosure was made in respect of the property at 34 Shaftesbury Square. This error of omission has been identified and is now resolved within these accounts. The property was valued (at its £800,000 Market Value) by a qualified firm of Estate Agents.

The necessary adjustment has had the effect of increasing closing unrestricted funds at 31st December 2023 by £800,000. The effect of this adjustment to the Prior Year figures and total reserves can been seen within Note 14 to these accounts. The property in question and its valuation is as follows:

34 Shaftesbury Square, Belfast, estimated valuation in the region of £800,000

The title deeds for this property are in the name of The Presbyterian Church in Ireland Holding Trustee Company (Previously The Trustees of The Education Board of the South Belfast Presbytery), for the beneficial ownership of the congregation of Great Victoria Street Presbyterian Church, now known as South Kirk Presbyterian Church.

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Docusign Envelope ID: 220F9B93-B16E-41C4-A41C-71D7E9EFF35A

South Kirk Presbyterian Church

Notes to the financial statements for the year ended 31 December 2024

15. Analysis of Charitable Funds

General funds
Manse reserve
Shaftesbury Sq - at market value
Total Unrestricted Funds		 At 1 Jan
2024
Income Expenditure Transfers
Gains
&
(losses)
At 31
Dec 2024
320,291
165,529
(146,347)
(2,225)
5,527
342,775
523,687
-
-
-
-
523,687
800,000
-
-
-
-
800,000
1,643,978
165,529
(146,347)
(2,225)
5,527
1,666,462

Restricted funds

United Appeal
Corrymeela retreat
Discretionary / welfare fund
Church buildings fund
Children's activities
Ministry support services
Other
Manse reserve
Mission fund
Presbyterian Women
Benevolent fund
Total Restricted Funds		 At 1 Jan
2024
Income Expenditure Transfers
Gains
&
(losses)
At 31
Dec 2024
(13,678)
8,700
(8,681)
-
-
(13,659)
2,628
4,655
(9,508)
2,225
-
-
7,272
3,175
(3,914)
-
-
6,533
985,490
-
(1,100)
-
-
984,390
455
-
-
-
-
455
57,927
89
(21,975)
-
-
36,041
(131)
-
-
-
-
(131)
47,961
2,245
(10,990)
- 24,813
64,029
493
-
-
-
-
493
93
-
-
-
-
93
666
-
-
-
-
666
1,089,176
18,864
(56,167)
2,225
24,813
1,078,910

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