an Saintfield Road Presbyterian Church a congregation of the Presbyterian Church in Ireland Trustees. Annual Report and Flnancial Statements for the year ended 31 December 2023 Reglstered with the Charfty Commlsslon for Northern Ireland NIC104268
an SAINTFIELD ROAD PRESBYfERIAN CHURCH a Con8regatlon of The Presbylerlan Church In Ireland STATEMENT OF FINANCIAL AcfiviTY for the year ended 31 December 2023 Income from: Donations and grants Legacies Investments 163.323 127.242 1,315 72.530 235.853 127.242 2.081 244,454 2,161 Total 291,880 73.296 365.176 246,615 Expenditure on: Charitable artivities Other 162.403 8,069 48.249 76.249 210,652 84,318 202,921 77,451 Total 170.472 124.498 294,969 280.372 Net gainslllosses) on Investments 8.852 8.852 (8,761) Net Income /lexpendlture} 121,408 (51.2021 8.852 79,059 142,518) Transfer Between Funds {47,857) 47.857 Net movement In funds 73,551 (3.3451 8,852 79.059 (42,518) Reconciliation of funds: Total funds brought fonNard 110.067 3.384,879 97,816 3.592,762 3,635,280 Total funds carrled forward 183,618 3,381,534 106,669 3,671.821 3,592,762 li
Presbyter an SAINTFIELD ROAD PRESBYfERIAN CHURCH a Congregatlon of The Presbyterlan Church In Ireland BALANCE SHEET As at 31 December 2023 2023 2022 Fixed assets: Tangible assets 3.355,975 3,376,277 Investments 106.669 97,816 Total fixed assets 3.462,fA4 3.474,093 Current assets Debtors 35.021 41.408 Cash at bank io 185.525 85.329 Totsl current assets 220,546 126.737 Uabllftles: Creditors: Amounts falling due within one year li 111.369) {8,0681 Net turrent assets 209.177 118,669 Total assets less current Ilabllltles 3,671,821 3,592,762 Net assets 3,671,821 3.592,762 12
an SAINTFIELD ROAD PRE5BYfERIAN CHURCH a Congregation of The Presbyterfan Church in Ireland BALANCE SHEEf Icont'd) As at 31 December 2023 2023 2022 Funds of the charlty Endowment funds 12 106.669 97.816 Restricted income funds 12 3,381,534 3.384,879 Unrestricted funds 12 183,618 110.067 Total charfty funds 3,671.821 3.592,762 The financlal statements have been prepared in accordance with the provisions under Section IA of FR5102- Yhe Financlal Reporting Standard applicable In the UK and Republic of Ireland". Ross Withers ACA (Treasurer) Date 13
an SAINTFIELD ROAD PRE58YfERIAN CHURCH a Congregatlon of The Presbyterlan Church In Ireland They have been approved by the 1rk Se55knn at a meetln8 on 21V March 2024 and signed on its behalf on 19th July 2024 by Dr. Allstair Mccracken (aerk of Session) 14
an SAINTFIEID ROAD PRESB YfERIAN CHURCH a Congregatlon of The Presbyterian Church In Ireland NOTES TO ThE ACCOUNTS 31 December 2023 AccouKllNG POLICIES BASIS OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with Accountin8 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 Ireland (effective l January 2019) and section IA of FRS 102 The financlal statement5 have been prepared under the hlstorical cost convention except for investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the congregation is responsiblc in law. They do not include the accounts of church group5 that owe their affiliation to another body, nor those that are informal gatherings of church members. The church meets the definition of a public benefit entity as defined in section 34 of FRSIO2. In the opinion of the Trustees, there are no significant judgements. assumptions or estimates included in the financial statements, other than those described in the accounting policies below. FUND AccouMfiNG Endowment funds are funds, the capital of which must be retained either permanently or at the congregation's discretion. The income derNed from the endowments is to be used either as restricted or unrestrlcted Income funds depending upon the purpose for which the endowment was established in the first place. Restricted funds comprise (al income from endowments which is to be expended only on the restricted purposes intended by the donor and (b) revenue donations or grants for a speafic congregational activity intended by the donor. Where these funds have unspent balances, interest on their pooled investment is apportioned to the individual funds on an average balance basis. 15
an SAINTFIELD ROAD PRESBYfERIAN CHURCH Con8re8atlon of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 ACCOUNTING POUCIES {cont'd) Unrestricted funds are income funds which are to be spent on the congregation's general purposes. Designated funds are general funds Set aside bythe Trustees and Congregational Committee for use in the future. INCOMING RESOURCES (11 Recognltlon of Incomlng resources These are included in the Statement of Financial Artivities {SoFA) when: • the congregation become5 entitled to the resources; it is probable that the funds will be received,- and the monetary value can be measured with sufficient reliably. (11) Incomlng resources wlth related expenditure Where incoming resources have related expenditure (as wlth insurance proceeds) the incoming resources and related expenditure are reported gross in the SOF (ill) Grants and donatlon$ Grants and donations are only included in the SOFA when the congregation has unconditional entitlement to the resources. (iv) Tax reclaims on donations and gifts Incoming resources from tax reclaims are Included in the SOFA in the same period as the gift to which they relate. (v} Contractual Incorne and performance related grants This is only included in the SOFA once the related goods or serrfices have been delivered and all performance conditions met. 16
an 5AINTFIELD ROAD PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Churth In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 ACCOUNTING POUCIES (convd) (vi) Glfts In klnd Gifts in kind are accounted for at a reasonable estimate of theirvalue to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable. (vll} Donated servlces and facillties These are only included in incomin8 resources (with an equivalent amount in resources expended) where the benefrt to the charity is reasonably quantifiable. measurable and material. The value placed On the5@ resources is the estimated value to the charity of the seniice or facility received. (vlll) Investment Income This is included in the accounts in the period to which it relates. (ixl Investment gains and losses This includes any gain or10ss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. EXPENDITURE AND LIABIUTIES (i) Llablllty recognltion Liabilities are recognised as soon as there is a legal or constrnctive obligation committing the congregation to pay out resources. (11) Governance costs These are shown within charitable activities and indude the costs of preparation and examination of accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. 17
an SAINTFIELD ROAD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS {conVd) 31 December 2023 ACCOUNTING POUCIES Iconvd) (liil Grants wlth performance ¢onditlons Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only reco8nised in the SOFA once the recipient of the grant has provided the specified service or output. liv) Grants payable wlthout performance conditlons These are only recogni5ed in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. (v} Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocatin8 property costs by fk>or areas, or per capita, staff costs by the time spent and other costs bvtheir usage. 15) Tanglble Hxed Assets Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year, and cost at least £2,500. They are valued at cost or, if gifted, at the value to the charity on receipt. Depreciation is recorded on all tangible fixed assets other than freehold land, at rates calculated to write of the cost. less estimated residual value, of each asset over its expected useful life a5 follows Buildings: Fixtures, fitting5 and equipment: - over years - between 5 and 20 year5 18
Presbyter an SAINTFIELD ROAD PRESBYTERIAN CHURCH a Congregatlon of The Presbyterian Churth In Ireland NOTES TO THE AccouKfs (convd) 31 December 2023 ACCOUNTING POLiaES (convd) (11) Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees, best estimate of market value. DONATIONS AND LEfjACIE5 Donations and gifts Legacies Gift aid Grants Loose collectlons Mlsc. income 133,142 127,242 19,114 51.802 184,944 197,560 127,242 28,152 11.690 1,140 9,927 9,038 11,690 36,654 3.437 923 5,880 1,140 9,927 290,565 72.530 363,095 244,454 19
an SAINTFIELD ROAD PRESBYTERIAN CHURCH a Congre8ation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 CHARITABLE ACTIVITIES General Assembly assessments Presbytery fees Minlstry and support staff costs Congregational running expense5 Donations to missions and charities Governance costs 15,724 IA85 1,303 21.464 15.724 1.485 121.303 21,464 15,749 1,381 111,667 25,305 48.249 48.249 2,427 46,609 2,210 2,427 162,403 48,249 210,652 202,921 Fees payable to the church's Independent examiner were £2,427 {2022 £2,200). The independent examiners also provided payroll proSSIng at a cost of £951 (2022 £1,328). OTHER EXPENDITURE Depreciation Property expenses Other costs 53,392 22.857 53,392 22.857 8,069 63,448 8.069 14,003 8.069 76,249 84.318 77,451 20
Presbyter an SAINTFIELD ROAD PRESB YfERIAN CHURCH a Con8regatlon of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 EMPLOYEES Employment Costs 2023 2022 Stipend and Salarie5 Social Security Costs Pension contrlbLrtions 95.721 87,747 5,133 5,027 13.076 12,211 113.929 104.985 Number of Employees The Minister Is an office holder and not all employee. He recelves a stipend from the Presbyterian Church but this. and associated costs includin8 pension. are reimbursed by the tongregation. In addition, In 2023, the church took on a student minister who a150 receives remuneration from the Presbyterian Church which is reimbursed by the congregation. For the purposes of these accounts. the stipend of the minister is included in employee costs as well as the salary of the Student minister. The average number of employees during the year, including the minister of the congregation. was 2023 2022 Average number of employees There were no employees in recelpt of employee benefits in excess of £60,000 (2022: nonel 21
an SAINTFIELD ROAD PRESBYfERIAN CHURCH Congregatlon of The Presbyterlan Church in Ireland NOTES TO THE ACCOUKTS {conVd) 31 December 2023 Two trustees were in receipt of remuneration, Including a stipend, during the current year 12022: 2) In relation to their engagement as mlnister and employment as director of youth minlstries respectively. The total of such remuneration duringthe year, excluding pension and social Security costs. were as follows: 2023 2022 Ben Walker {Minister) Johnny Bell (Director of Youth Minlstries) 40,095 37,233 32.061 30.054 72.156 67,287 No trustees rece•ved remuneration in their role as trustee (2022.. none). The above trustees a150 received expenses reimbursed during the year as follows: 2023 2022 Ben Walker (Minister) Johnny Bell (Director of Youth Mlnistriesl 6,701 952 6,382 1,317 7,653 7,699 These expenses were in relation lo their respective role as minister and employee of the church. No trustees received reimbursement of expenses in their role as trustee12022: none). PENSION COSTS The minister of the congregation is a member of the Presbyterian Church in Ireland Penslon Scheme (2009). This is a scheme operated by the Presbyterian Church in Ireland. a separate 22
an SAINTFIELD ROAD PRESBYTERIAN CHURCH a Congregatlon of The Presbyterian Churth in Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 registered charity. The congregation pays an a55es5ment to the pre5berlan Church in Ireland equivalent to the employerfs pension contribution forthe Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme120091 15 a funded scheme of the defined benefit type, providing defined benefits based on career average re-valued salary. The Scheme has assets held in a separately administered fund managed by a board of trustees. The Presbyterian Church and the Scheme Trustees have agreed a funding plan to ensure the Scheme is sufficiently funded to meet current and ru¢ure obli8atior15. The Presbyterian Church has agreed to contributions of 24% of pensionable salaries to cover the accrual of benefits for future service, expenses, the cost of insurin8 death in service benefits and funding the scheme deficit. As it is not PO55ible to separately identify the assets and liabilities of the scheme that relate to Saintfield Roaif Presbyterian Church. the scheme has been accounted for a5 a defined contribution scheme, in accordance with the provlslons of section 29 of FRS 102. The contributions made by the congregatbon towards the pension of the Minister during the year were 2023 2022 Contributions 9,383 8,739 Two employees of the church are enrolled with the National Employment Savings Trust, an occupational pension scheme, and the congregation makes a contribution towards their pensions. The congregation also contributes to a Pf ivate pension scheme for one of it5 employees. The pension charge represents the contributions paid during the year. 2023 2022 Contributions 3,694 3,275 There were no contributions outstanding12021: £nil) to either scheme at the year end. 23
an 5AINTFIELD ROAD PRESBYfERIAN CHURCH a Congregatlon of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2023 TANGIBLE FIXED ASSETS Cost or valuation At l January 2023 Additlons 3,644,932 27,630 167,490 S,460 3.812,422 33,090 At 31 December 2023 3.672,562 172,950 3.845,51Z DeprecFatlon At l January 2023 Charge for year 307,108 36,449 129,037 16,942 436,145 53,392 At 31 December 2023 343.557 145.979 489.536 Net Book Value At 310ernber 2023 3.329.005 26.971 3.355,976 At 31 December 2022 3,337,824 38.453 3,376,277 INVESTMENTS 2023 2022 97.816 106,577 8,852 (8.761) Value at l January 2023 Gain/{Loss) on revaluatlon Value at 31 December 2023 106,669 97,816 The investments are held, and managed, on behalf of the congregation in the General Investment Fund of the Presbyterian Church in Ireland. 24
Presbyter an 5AINTFIELD ROAO PRESBYTERIAN CHURCH a Congregatlon of The Presbyterian Churth In Ireland NOTES TO THE ACCOUNTS (cont'd 31 December 2023 DEBTORS 2023 2022 29.600 37,597 L106 4.315 Gift Aid Recoverable Bank Interest Receivable Prepayments 3,811 35,021 41,408 10. CASH AT BANK AND IN HAND 2023 185.525 2022 85,329 Cash at bank 185.525 85,329 11. CREDITORS: amount fallin8 due wlthln one year 2023 11.369 2022 8,068 Accruals 11.369 8.068 25
an SAINTFIELD ROAD PRE5B YfERIAN CHURCH a Congregatlon of The Presbyterlan Churth in Ireland NOTES TO THE ACCOUNTS (conyd) 31 December 2023 12. FUND 8ALANCES AND RECONCILIATION OF FUNDS Balan atljan 2023 Balance at 31 Dec 2023 Fund Income Expenditure GaInsoSseS Transfer Unrestrfcted funds General fund 110.067 291,879 (170,472) 110,067 291.879 {170,472) (47,857) {47,857) 183,618 183.618 Restrlcted fvnds Property reserdes fund Supportfund 3,333,128 46,643 {53.392} {70.306) 33,090 14.767 3,312.826 55.819 64.715 Other funds 5,108 8.581 3,384.879 73,296 (800) (124.498) 12,890 47.857 3.381.534 Endowment and investment funds Funds 97,816 97,816 8,852 8,852 106.669 106,669 Total funds 3,592,762 365,176 (294,969) 8,852 3,671,821 26
Presbyter an SAIMTFIELD ROAD PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (Cont'dl 31 December 2023 Tangible Fixed Assets Investment5 Current Assets Creditors: Due within one year 3.355,975 3,355,975 106,669 220,546 111,369) 106,669 188,316 14,698) 32.230 (6.671) 183,618 3,381,534 106,669 3,671,821 Unrestrlcted funds These funds are available for the continuation of the church's activities, without restriction. Restricted funds Property reserves These funds arose on the donation of the church a5 a gift to the congregation, and on subsequent revaluation on transitlon to FRSIO2. Supportfund These are funds available for use in the areas of major property maintenance, capital expenditure and mission and outreach activities. Otherfunds These are small restricted funds belon8ing to various church organisations. Endowment funds These are funds arising from endowment investments and managed, on the church's behalf. by the Presbyterian Church in Ireland. 27
an SAINTFIELD ROAD PRESBYfERIAN CHURCH a Congregatlon of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS {cont'd) 31 December 2023 13. RELATED PARTY TRANSACTIONS Durin8 the yearthe congregation contributed the followins amount5 to Fund5 Of the General Assembly of the Presbyterian Church in Ireland, a separate charity: £15,528 (2022: £15,749) for congregational assessments £13,50012022: £12,000) towards the PCI United Appeal £2,87812022: £2,893) towards the PCI World Development Appeal The congregation contributed £1,485(2022: £1,381) toward5 Presbytery Assessments during the year. The total amount of donations received in year from Trustees Without condltions attached to them were £36,862 (2022; £34,423). A donation of £2,000 wa5 given to a Trustee who was working abroad. 14. COMMITMENTS In 2017, the church committed to SUPPOrt the work of a member and his family oversea5. The church declded to continue this for a further period to the end of December 2027. 28