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 reSoUr￿s.
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