an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2024 Note Unrestricted Restricted Funds Funds Total Funds 2024 Total Funds 2023 Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investments 266,050 64,055 11,543 1,065 37,740 32,802 303,790 96,857 11,543 1,065 313,840 99,640 6,271 749 Total 342,713 70,542 413,255 420,500 Expendlture on: Raising funds Charltable activities 695 389,450 695 453,572 695 430,551 64,122 Total 390,145 64,122 454,267 431,246 Net Income / lexpendlturel Transfers between funds (47,432) 483 6,420 14831 (41,012) {10,746) Net movement In funds Reconciliation of funds: Total funds brought forward 146,9491 5,937 {41,012) 110,7461 1,344,492 42,859 1,387,351 1,398,097 Total funds carroed fonvard 1,297,543 48,796 1,346,339 1,387,351 131Page
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland BALANCE SHEEr As at 31 December 2024 Notes Unrestricted Funds Restrirted Funds Total Funds 2024 Total Funds 2023 Fixed assets.. Tangible assets io 1156 198 1156 198 1221002 Total fixed assets 1156 198 Current assets Debtors li 8,727 226 391 2,012 10,739 14,876 Cash at bank and in hand 12 273 175 246 43 Total Current assets 235 118 283 48 796 14 261311 Uabllltles: Creditors: Amounts falllng due within one year Net current assets or (Ilabllltles) Total net assets or Ilabllltles 13 Funds of the charlty Restrlrted income funds 14 48,796 48,796 42,859 Unrestrlrted funds 14 1344 492 Total charlty funds Approved by the Kirk Session at a meeting on 18 February 2025 and signed on its behalf by Rev Dr J Mccracken Minister J White Hon Treasurer 18 February 2025 18 February 2025 141Page
Presbyter an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTESTOTHE AcCourS 31 December 2024 ACCOUNTING POLICIES BASIS OF FINANCIAL STATEMENTS The financial 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 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 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 funds which are to be spent on the congregatlon's general purposes. Designated funds are general funds set aside by the congregation for use in the future. INCOMING RESOURCES (l) Recognltlon of incomlng resources These are included in the Statement of Financial Activities (SOFA) when: the congregation becomes entitled to the resources: the trustees are virtually certain they will receive the resources; and the monetary value can be measured with sufficient reliably. 151 Page
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregatlon of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2024 ACCOUNTING POLICIES (cont'd) {ii) Incoming resources with related expenditure Where incoming resources have related expenditure {as with fundraising income) the incoming resources and related expenditure are reported gross in the SOFA. (iii) 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 donations and glfts Incoming resources from tax reclaims are included in the SOFA at the same time as 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 services have been delivered. (vl) Glfts In kind Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised and are included in the SOFA as incoming resources when receivable. Ivli) Donated service5 and facllltles These are only included in incoming 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. (viii) Volunteer help The value of any voluntary help received is not included in the accounts but 15 described in the trustees, annual report. (ix) Investment income This is included in the accounts when receivable. 161 Page
Presbyter an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE AccouKrs 31 December 2024 ACCOUNTING POUCIES (convd) EXPENDITURE AND LIABILITIES {x) Liability recognition 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 preparation 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 without performance conditions These are only recognised 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. ASSErs (xlll) Tangible Fixed Assets Tanglble fixed assets for use by charlty are capitalised if they can be used for more than one year, and cost at least £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 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 171 Page
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregatlon of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 DONATIONS AND LEGACIES Unrestricted Restricted Total Funds Funds Funds 2024 Total Funds 2023 Recorded giving: Loose collections Donations and gifts Gift Aid 210,562 849 2,216 52,423 28,688 239,250 849 4,102 59,589 245,640 1,474 4,365 62,361 1,886 7,166 266,050 37,740 303,790 313,840 CHARITABLE AcfiviTIES Unrestricted Restrlcted Funds Funds Total Funds 2024 Total Funds 2023 Income from charitable activities Membership fees Fundraisin8 events 57,868 2,199 3,988 32,078 89,946 2,199 4,712 90,689 4,719 4,032 724 64,055 32,802 96,857 99,440 OTHER TRADING ACTIVITIES Unrestricted Funds Total Funds 2024 Total Funds 2023 Letting of premises 11,543 11,543 6,271 11,543 11,543 6,271 181 Page
Presbyter an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 INVESTMENTS Unrestricted Funds Total Funds 2024 Total Funds 2023 Deposit interest 1,065 1,065 749 1,065 1,065 749 RAISING FUNDS Unrestricted Funds Total Funds 2024 Total Funds 2023 FWO envelopes 695 695 695 695 695 695 CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Total Funds 2024 Total Funds 2023 General Assembly Assessments Presbytery fees Ministry and support staff costs Congregational running expenses Donations to Missions and charities Governance costs 19,407 2,187 155,178 163,294 48,778 19,407 2,187 155,178 175,441 l(Xl,753 606 21,525 2,079 130,394 161,938 113,655 960 12,147 51,975 389,450 64,122 453,572 430,551 191 Page
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 EMPLOYEES Employment Costs Total Funds 2024 Total Funds 2023 Wages and Salaries Social Security Costs Pension contributions 124,816 6,105 14,251 112,407 3,061 8,651 145,172 124,119 Number of Employees The average number of employees, including the minister of the congregation, during the year was Total Funds 2024 Total Funds 2023 Average number of employees There were no employees in receipt of employee benefits in excess of £60,000 (2023 - Nil). PENSION COSTS The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme (2009). This is 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 Scheme (2009) 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 funding 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 Presbyterian Church In Ireland NOTESTO THE ACCOUNTS (convd) 31 December 2024 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 Funds 2024 Total Funds 2023 Contributions 11,113 5,674 The congregation contributes to a defined contribution pension scheme for its other employees. The scheme and its assets are held by the National Employment Savings Trust Corporation (NEST). The pension charge represents the contributions due from the congregation during the year. Total Funds 2024 Total Funds 2023 Contributions 3,138 2,977 211Page
an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH a Congregatlon of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS {conVd) 31 December 2024 10. TANGIBLE FIXED ASSErs Land Buildings Fixtures & Fittings Total Cost or valuatlon At start of year Additions Disposals 490 1,782,014 3,532 96,063 675 {1,813) 1,878,567 4,207 11,8131 At end of year 490 1,785,546 94,925 1,880,961 Depreclatlon At start of year Provision for year Disposals 605,342 61,422 52,223 7,589 {1,8131 657,565 69,011 11,813} At end of year 666,764 57,999 724,763 Net Book Value At start of year 490 1,176,672 43,840 1.221,002 At end of year 490 1,118,782 36,926 1.156,198 11. DEBTORS Unrestricted Restricted Funds Funds Total Funds 2024 8,139 2,600 Total Funds 2023 11,276 3,600 Gift Aid Recoverable Sundry debtors 8,139 600 10,739 2,000 10,739 14,876 221 Page
Presbyter an FINAGHY LOWE MEMORIAL PRESBYfERIAN CHURCH Congregation of The Presbyterian Church In Ireland NOTESTO THE ACCOUNTS (convd) 31 December 2024 12. CASH AT BANKAND IN HAND Unrestricted Restricted Funds Funds Total Funds 2024 Total Funds 2023 Danske Bank current accounts Cash in hand 226,391 46,784 273,175 246,435 226,391 46,784 273,175 246,435 13. CREDITORS: amount falllng due within one year Unrestrlcted Restricted Funds Funds Total Funds 2024 Total Funds 2023 Sundry creditor Interest free loans Gift for use in future years 7,773 30,000 56,000 7,773 30,000 56,000 8,962 30,000 56,000 93,773 93,773 94,962 231 Page
an FINAGHY LOWE MEMORIAL pREsBER1AN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2024 14. FUND BALANCES AND RECONCILIATION OF FUNDS Fund Balance at start Income Expend. Transfer Balance at end Unrestricted Funds General fund Building fund 140,399 302,119 1,204,093 40,594 1307,9171 (82,2281 135,084 1,162,459 1,344,492 342,713 (39),145) 483 1,297,543 Restrlcted Funds Missionary fund N igeria fund Organ repairfund Christians against Poverty fund Church Organisations 5,531 10,226 19,330 827 6,945 50,461 7,091 144,4721 (7,643) 11,520 9,674 19,330 1,819 11,171 {3,147} {8,860} 501 {9841 8,272 42,859 70,542 164, 122) 1483} 48,796 Totsl Funds 1,387,351 413,255 1454,267) 1,346,339 15. RELATED PARTY TRANSACTION The minister of the congregation received remuneration of £46,305 and expenses of £7,036 for aciing In that capaclty. Penslon contrlbutlons of £11,113 were paid by the congregation in respect of the minister to the Presbyterian Church i n Ireland Pension Scheme {20091. Mr Keag received £16,642 as Church Officer. Mrs Nicole Ford received £15,492 as Youth and Children's associate. 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 £19,407 for congregational assessments, £16,334 towards the United Appeal and £11,161 towa rd the World Development Appeal. The congregation contributed £2,187 towa rds Presbytery Assessments during the year. There were no other related party transactions. 241 Page
Presbyter an FINAGHY LOWE MEMORIAL PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2024 14. FUND BALANCES AND RECONCILIATION OF FUNDS Fund Balance at start Income Expend. Transfer Balance at end Unrestrlrted Funds General fund Buildlng fund 140,399 302.119 1.204,093 40.594 1307.9171 (82,228) 135,084 1,162,459 1,344,492 342,713 {390,145) 483 1,297,543 Restrfcted Funds Missionary fund Nigeria fund Organ repair fund Christlans against Poverty fund Church Organisatlons 5,531 10,226 19,330 827 6,945 50,461 7,091 (44,4721 17,fA3) 11,520 9,674 19,330 1,819 11,171 (3,147) {8,860) 501 {9841 8,272 42A59 70,542 164,122) {4831 48,796 Total Funds 1,387,351 413,255 (454,267) 1,346,339 15. RELATED PARTY TrANSAclloN The minister of the congregation received remuneratton of £46,305 and expenses of £7,036 for acting in that capacity. Pension contributions of £11,113 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme121X)91. Mr Keag received £16,642 as Church Offlcer. Mrs Nlcole Ford received £15,492 as Youth and Children's associate. 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 £19,407 for congregational assessments, £16,334 towards the United Appeal and £11,161 toward the World Development Appeal. The congregation contributed £2,187 towards Presbytery Assessments during the year. There were no other related party transactions. 241Page