Presbyter an FINAGHY LOWE MEMORIAL PREsBYfERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2023 Note Unrestricted Restricted Funds Funds Total Funds 2023 Total Funds 2022 Income and Endowments from: Donatlons and legacies Charitable activities Other trading activltles Investments 275,828 66,893 6,271 749 38,012 32,747 313,840 99,640 6,271 749 328,799 97,570 9,642 657 Total 349,741 70,759 420,500 436,668 Expendlture on: Ralslng funds Charitable activities 695 359,858 695 430,551 692 432,712 70,693 Total 360,553 70,693 431,246 433,404 Net Income l (expendlture) Transfers between funds (10,8121 3,022 66 {3,0221 (10,7461 3,264 Net movement In funds Reconciliatlon of funds: Total funds brou8ht forward {7,7901 (2,9561 110,7461 3,264 1,352,282 45,815 1,398,097 1,394,833 Total funds carrled forward 1,344,492 42,859 1,387,351 1,398,097 131Page
Presbyter an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregatlon of The Presbyterian Church In Ireland BALANCE SHEEr As at 31 December 2023 Notes Unrestricted Funds Restrlcted Funds Total Funds 2023 Total Funds 2022 Flxed assets: Tangible assets Total flxed assets io 1221002 1221002 1199 534 1221002 1221002 1199 534 Current assets Debtors li 12,876 2,000 14,876 14,475 Cash at bank and in hand 12 5 339 110 Total Current assets 42 261 35 2 59 11 AL85 Llabllltles: Creditors: Amounts falllng due withln one year Net current assets or (Ilabllltles) 13 155 022 Total net assets or Ilabllltles Funds of the charlty Restrltted Income funds 14 42859 42,859 45,815 Unrestrirted funds 14 344 492 2 13522 Total charlty funds Approved by the Kirk Session at a meeting on 20 February 2024 and signed on its behalf by Rev Dr J Mccracken Minister J White Hon Treasurer 20 February 2024 20 February 2024 141Page
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH Congregatlon of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES BASIS OF FINANCIAL STATEMENTS The financlal statements have been prepared In accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Ireland (FRS102) (effective l January 2015), The financial statements have been prepared under the historical cost conventlon except for investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for whlch the congregation is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those that are informal gatherings of church members. FUND ACCOUNTING Restricted funds comprise revenue donations or grants for a specific 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. Unrestricted funds are income fvnds which are to be spent on the congregation's general purposes. Designated funds are general funds set aside by the congregation for use in the future. INCOMING RESOURCES {1) RecognStion of Incomlng resources These are included in the Statement of Financial Activities (SOFA) when: the congregation becomes entitled to the reSoUrs. the trustees are virtually certain they will receive the resources; and the monetary value can be measured with sufficient reliably. 151Page
Presbyter an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyierfan Church In Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POUCIES (conyd) (11) Incomlng resources wlth related expendlture Where incomin8 resources have related expenditure (as with fundraising Income) the incoming resources and related expenditure are reported gross in the SOFA. (111) Grants and donatlons Grants and donations are only included In the SOFA when the congregation has unconditional entitlement to the resources. {Iv) Tax reclalms on donatlons and glfts Incoming resources from tax reclaims are included in the SOFA at the same time a5 the gift to which they relate. (v) Contractual Income and performance related grants This Is only Included in the SOFA once the related goods or senilces have been dellvered. (vl) Glfts In klnd Gifts in kind are accounted for at a reasonable estimate of their value to the charlty or the amount actually realised and are included in the SOFA as incoming resources when receivable. (vll) Donated services and faclllties These are onli included in incomlng resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources Is the estimated value to the charity of the service or facility received. (vill) Volunteer help The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. {ix) Investment Income This is included in the accounts when receivable. 161 Page
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH Congregation of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES (conyd) EXPENDITURE AND UABILITIES (x) Llability recognltlon Liabilities are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources. {xl) Governance costs These are shown within charitable activities and include the costs of preparatlon and examination of accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. (xll) Grants payable wlthout performance condltlons These are only recognised in the accounts when a commitment has been made and there are no condltions to be met relatin8 to the grant which remain In the control of the charity. ASSErs (xlll) Tanglble Flxed Assets Tangible fixed assets for use by charity are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or, if glfted, at the value to the charity on receipt. Depreciation is recorded on all tsngible fixed assets other than freehold land, at rates calculated to write of the cost, less estimated residual value, of each asset over its experted useful life as follows Buildings: Building internal refurbishment Fixtures, fittings and equipment Soft furnishings Computers, software and technical equipment over 50 years over 20 years over 10 years over 5 years over 2 years 171Page
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregatlon of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 DONATIONS AND LEGACIES Unrestricted Restricted Total Funds Funds Funds 2023 Total Funds 2022 Recorded giving: Loose collections Donatlons and glfts Glft Ald 216,300 1,474 2,830 55,224 29,340 245,640 1,474 4,365 62,361 257,099 2,265 4,580 64,855 1,535 7,137 275,828 38,012 313,840 328,799 CHARITABLE AcfiviTIES Unrestricted Restrlcted Funds Funds Total Funds 2023 Total Funds 2022 Income from charitable attlvities Membershlp fees Fundraislng events 60,597 4,719 1,577 30,292 90,689 4,719 4,032 92,735 900 3,935 2,455 66,893 32,747 99,440 97,570 OTHER TRADING AcfiviTIES Unrestricted Fund5 Total Funds 2023 Total Funds 2022 Lettlng of premises 6,271 6,271 9,642 6,271 6,271 9,642 181Page
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 INVESTMENTS Unrestricted Funds Total Funds 2023 Total Funds 2022 Deposlt Interest 749 749 657 749 749 657 RAISING FUNDS Unrestricted Funds Total Funds 2023 Total Funds 2022 FWO envelopes 695 695 692 695 695 692 CHARITABLE AcfiviTIES Unrestricted Restricted Funds Funds Total Funds 2023 Total Funds 2022 General Assembly Assessments Presbytery fees Ministry and support staff costs Congregational running expenses Donations to Mlsslons and charities Governance costs 21,525 2,079 130,394 148,793 56,107 960 21,525 2,079 130,394 161,938 113,655 960 18,865 1,876 116,871 169,951 124,429 720 13,145 57,548 359,858 70,693 430,551 432,712 191 Pa8e
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congre8atlon of The Presbyterlan Church In Ireland NOTESTO THE ACCOUNTS (conVd} 31 December 2023 EMPLOYEES Employment Costs Total Funds 2023 Total Funds 2022 Wages and Salaries Social Securlty Cost5 Penslon contributlons 112,407 3,061 8,651 99,614 3,436 6,919 124,119 109,969 Number of Employees The average number of employees, includlng the mlnlster of the congregation, durlng the year was Total Funds 2023 Total Funds 2022 Average number of employees There were no employees in receipt of employee benefits in excess of £60,000 {2022- Nill. PENSION COSTS The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme (2009). This 15 a scheme operated by the Presbyterian Church in Ireland, a separate registered charity. The congregation pays an assessment to the Presbyterian Church in Ireland equivalent to the employer's pension contribution for the Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme12009) is a funded Scheme of the defined benefit type. providing defined benefits based on career average revalued 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 fundin8 plan to ensure the Scheme is sufficiently funded to meet current and future obligations. A formal schedule of contributions was drawn up on 25 November 2015 20IPage
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland NOTES TO THE Accoumfs (convd) 31 December 2023 whereby the Presbyterian Church agreed to pay from 31 December 2015 contributions of 24% of pensionable salaries to cover the accrual of benefits for future service, expenses, the cost of insuring death in service benefits and funding the scheme deficit. The contributions made by the congregation during the year were Total Fund5 2023 Total Fund5 2022 Contrlbutlons 5,674 4,508 The congregation contributes to a defined contribution pension scheme for its other employees. The scheme and its assets are held by the National Employment Savlngs Trust Corporation INESTI. The pension charge represents the contributions due from the congregation during the year. Total Funds 2023 Total Funds 2022 Contribution5 2,977 2,411 211Page
Presbyter an FINAGHY LOWE MEMORIAL PRESBYTERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 10. TANGIBLE FIXED ASSET5 Land Buildings Fixtures & Flttin85 Total Cost or valuatlon At start of year Additions Disposals 490 1,696,557 85,457 95,5(K) 563 1,792,547 86,020 At end of year 490 1,782,014 96,063 1,878,567 Depre¢latlon At start of year Provislon for year Disposals 550,481 54,861 42,532 9,691 593.013 64,552 At end of year 605,342 52,223 657,565 Net Book Value At start of year 490 1,146,076 52,968 1,199,534 At end of year 490 1,176,672 43,840 1.221,002 11. DEBTORS Unrestricted Restrlcted Funds Funds Total Funds 2023 11,276 3,600 Total Funds 2022 13,786 690 Glft Aid Recoverable Sundry debtors 11,276 3,600 14,876 14,876 14,476 221Page
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregatlon of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS {conVd) 31 December 2023 12. CASH AT BANK AND IN HAND Unrestrirted Restricted Funds Funds Total Funds 2023 Total Funds 2022 Danske Bank current accounts Cash in hand 205,576 40,859 246,435 339,110 205,576 40,859 246,435 339,110 13. CREDITORS: amountfalllng due wlthln one year Unrestrlcted Restritted Funds Funds Total Funds 2023 Total Funds 2022 Sundry credltor Interest free loans Glft for use In future years 8,962 30,000 56,000 8,962 30,000 56,000 39,022 60,000 56,000 94,962 94,962 155,022 231Page
Presbyter an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS {conYd) 31 December 2023 14. FUND BALANCES AND RECONCILIATION OF FUNDS Fund Balance at start Income Expend. Transfer Balance at end Unrestrlcted Funds General fund Building fund 137,105 294,937 1,215,177 54,804 1294,665} {65,888) 3,022 140.399 1,204,093 1,352,282 349,741 (360,5531 3,022 1,344,492 Restrirted Fund5 Missionary fund Kenya fund Nigeria fund Organ repair fund Christians against Poverty fund Church Organisations 4,060 3,222 11,070 18,430 2,168 6,865 56,533 (55,0621 5,531 {3,2221 1,768 {2,6121 10,226 19,330 827 6,945 900 4,367 8,091 15,7081 {7,311) {700) 45,815 70,759 170,693) {3,022) 42,859 Totsl Funds 1,398.097 420.500 (431,2461 1,387,351 15. RELATED PARTY TRANSACTION The minister of the congregation received remuneration of £23,643 and expenses of £4,112 for acting in that capacity. Pension contributions of £5,674 were paid by the congregation in respect of the minister to thè Presbyterian Church in Ireland P@nsion Scheme120091. Mr Keag received £16,599 as Church Officer. None of the other trustees received any remuneration. During the year the congregation contributed the following amounts to Funds of the General Assembly of the Presbyterian Church in Ireland a separate charity £19,108 for congregational assessments, £15.888 tOW3rds the United Appeal and £11,485 toward the World Development Appeal. The congregation contributed £2,079 towards Presbytery Assessments during the year. There were no other related party transactions. 241Page