Presbyter an KIRKPATRICK MEMORIAL PRESBYfERIAN CHURCH a Congregatlon of The Presbyterlan Church In Ireland STATEMENT OF FINANCIAL AcfiviTY for the year ended 31 December 2023 Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investments Other 262,116 986 3,525 3,453 151 382,663 12.819 6,697 5,081 644,779 13,805 10,222 8,534 151 418,171 2,589 12,295 556 620 Total 270,231 407,260 677,491 434,231 Expendlture on: Raising funds Charitable actlvlties 248 237,957 248 391,249 255 380,464 153,293 Total 238,205 153,293 391,497 380,719 Net gains/{losse5) on Investments Net Income / {expendlture) 32.026 253,967 285,993 53,512 Transfers between funds (73,138} 73,138 Net movement In funds Reconciliation of funds: Total funds brought forward {41,112) 327,105 285,993 53,512 338,027 746,110 1,084,137 1,030,625 Total funds carrled forward 296,915 1.073,215 1,370,130 1,084,137 There may be mlnor dlscrepancies in the totals (not exceeding £1) due to roundlng 20IPage
an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH a Congregatlon of The Presbyterian Church in Ireland BALANCE SHEET As of 31 December 2023 Flxed assets: Tangible assets 11 7,776 448,722 456,498 465,424 Total flxed assets 7,776 448,722 456,498 465,424 Current assets Debtors 12 27,018 15,715 632,569 42,733 32,003 Cash at the bank and in hand 13 268,802 901,371 629,367 Total current assets 295,820 648,284 944,103 661,370 Llabllltles: Creditors: Amounts falling due, within one year 14 6,681 23,791 30,472 42,657 Net current assets or Ilabllltles 289,139 624,492 913,631 618,713 Total assets less current Ilabllltles 296,915 1,073,215 1,370,130 1,084,137 Creditors: Amounts falling due after more than one year Provisions for liabilities 15 Total net assets or Ilablllties 296,915 1,073,215 1,370,130 1,084,137 rhere may be mlnor discrepancies in the totals (not exceeding £1) due to rounding. 211Page
Presbyter an KIRKPATRICK MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland BALANCE SHEET As of 31 December 2023 II li IR 11 Funds of the charlty Restricted income funds 16 0 1,073,215 1,073,215 296,915 296,915 746,110 Unrestricted funds 16 338,027 Total charlty funds 296,915 1,073,215 1,370,130 1,084,137 Approved by the Kirk Session at a meeting on 13 May 2024 and signed on its behalf by e. la- Graeme Kennedy 13 May 2024 Gareth Irwin 13 May 2024 221 Page
an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland STATEMENT OF CASHFLOWS Year ended 31 December 2023 2023 2022 Cash flows from operatlng actlvltles Net income 285,993 53,512 Adjustmentsfor.. Depreciation of tangible fixed assets 8,925 3,511 Changes in.. Trade and other debtor5 Trade and other creditors 110,7301 42,143 112,184) {29,995) Cash generated from operations 272,004 69,171 Net cash used in operating activities 272,004 69,171 Cash flows from Investlng actlvltles Purchases of tangible fixed assets (54,1361 Net cash from investing activities {54,136) Cash flows from flnancing actlvltles Proceeds from/(repayment of) borrowings Net cash from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equlvalents at beglnning of year 272,004 629,367 15,035 614,332 Cash and cash equivalents at end of year 901,371 629,367 231Page
Presbyter an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH Congregatlon of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 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 the Financial Reporting Standard applicable in the UK and Ireland {FRS1021 (effective l January 20151. 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 liabillties 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 Endowment funds are funds, the capital of which must be retained either permanently or at the congregation's discretion; the income derived from the endowment is to be used either as restricted or unrestricted income funds depending upon the purpose for which the endowment was established in the first place. Restricted funds comprise (a) income from endowments which is to be expended only on the restricted purposes intended by the donor and Ib) 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 that 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. 241 Page
Presbyter an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES (convd) INCOMING RESOURCES (l) Recognltlon of Incomlng resources These are included in the Statement of Financial Activities (5oFA) when: the congregation becomes entitled to the resources; the trustees are vlrtually certaln they will receive the resources; and • the monetary value can be measured wlth sufficient reliability. (11) Incomlng resources wlth related expendlture Where incoming 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 an unconditional entitlement to the resources. (Ivl Tax reclalms on donatlons 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) Gifts In kind Gifts in kind are accounted for at a reasonable estimate of their value 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. 251page
Presbyter an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES (convd) (vll) Donated servlces and facilitle5 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 seniice or facility received. (vlll) Volunteer help The value of any voluntary help received Is not included in the accounts but Ss described In the trustees, annual report. (Ix) Investment Income This is included in the accounts when receivable. (x) Investment galns and losses This includes any gain or loss 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 LIABILITIES (xl) Llablllty recognitlon Liabilities are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources. (xll) Governance Costs These are shown within charitable activities and include the costs of preparation and examination of accounts, the costs of trustee meetings and the cost of any legal advice to trustees on governance or constitutional matters. (xiii) Grants with performance conditlons Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grant5 are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. 261Page
Presbyter an KIRKPATRICK MEMORIAL PRESBYfERIAN CHURCH Congregatlon of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES (convd) (xlv) Grants payable wlthout performance condltlons 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. (xv) 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. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. ASSETS (xvl) Tanglble Flxed 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 off the cost, less estimated residual value, of each asset over it5 expected useful life as follows Buildings: Fixtures, fittings and equipment Motor Vehicles Computers, software and technical equipment over 50 years over 10 years - over 4 years - over 4 year5 Where depreciation is calculated for a tangible fixed asset, the depreciation commences in the first full year of ownership of the asset. (xvii) Investments Investments quoted on a recognised stock exchange are valued at market value at the year-end. Other investment 3$5et5 are included at the trustees, best estimate of market value. 271Page
an KIRKPATRICK MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Church in Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 DONATIONS AND LEGACIES Recorded giving Loose collections Donations and gifts Gift Aid Legacies and bequest 202,788 307,165 7,289 203 49,836 2,000 509,954 304,651 7,289 4,525 9,681 26,972 115,856 80,223 2,000 1,800 9,478 66,020 262,116 382,663 644,779 418,171 CHARITABLE ACTIVITIES IJ li li 1% Income from charitable activities Church Publications Weddings Grants 531 10,619 11,150 2,064 315 140 315 140 2,2(Xl 285 240 2,200 986 12,819 13,805 2,589 281Page
Presbyter an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 OTHER TRADING ACTIVITIES 1111 21 11 Letting of premises Membership Fees 3,525 3,525 6,697 3,610 8,685 6,697 3,525 6,697 10,222 12,295 5. INVESTMENTS Deposit interest 3,453 5,081 8,534 556 3,453 5,081 8,534 556 6. OTHER INCOME Miscellaneous income 151 151 620 291page
Presbyter an KIRKPATRICK MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 7. RAISING FUNDS FWO envelopes Fundraising events 248 248 255 248 248 255 CHARITABLE AcfiviTIES General Assembly Assessments Presbytery fees Ministry and support staff costs 33,175 1,086 131,430 33,175 1,086 133,144 31,886 1,086 126,680 1,714 Congregational running expenses 69,505 50,300 119,806 111,673 Buildings- Professional Fees Donations - Missions & Charities Governance costs 23,088 78,190 23,088 78,190 2,760 19,435 86,610 3.094 2,760 237,957 153,293 391,249 380,464 30IPage
an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (coned) 31 December 2023 EMPLOYEES Employment Costs Wages and Salaries Social Security Costs Pension contributions 116,807 101,149 9,450 8,842 14,989 13,022 141,246 123,013 Number of Employees The average number of employees, including the minister of the congregation, during the year, was Average number of employees There was one employee in receipt of employee benefits (excluding pension contributions) in excess of £60,CX)O. 311Page
Presbyter an KIRKPATRICK MEMORIAL PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Church in Ireland NOTES TO THE ACCOUNTS {conVd) 31 December 2023 10. 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 separately registered charity. The congregation pays an assessment to the Presbyterian Church in Ireland equivalent to the employerfs penslon contrlbutSon for the Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme (2(X)9) 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 Trustee5 have agreed on 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 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 5eniice benefits and funding the scheme deficit. The contributions made by the congregation during the year were Contributions 12,818 11,558 The congregation operate5 a defined contribution pension scheme for its employees. The scheme and its assets are held by an independent scheme manager. The pension charge represents the contributions due from the congregation during the year. Contributions 2,170 1,464 321Page
an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (conyd) 31 December 2023 11. TANGIBLE FIXED ASSETS Cost or valuatlon At start of year Additions Disposals 400,000 69,690 469,690 At end of year 400,000 69,690 469,690 Depreclation At start of year Provision for year Disp05als 4,267 8,925 4,267 8,925 At end of year 13,192 13,192 Net Book Value At start of year 400,000 65,423 465,423 At end of year 400,000 56,498 456,498 Where depreciation is calculated for a tangible fixed asset, the depreciation, as per Note l(xvil, commences in the first full year of ownership of the asset. Land and Buildings consist of two classes of assets. The first class is church property which is used to carry out the activities of the church. This class is carried at COSt and depreciated over the estimated economic life of 50 years. However, given the age of the premises in question, it is deemed to be fully written off and have nil carrying value at 31 December 2023 and 2022 on a cost basis. 331Page
Presbyter an KIRKPATRICK MEMORIAL PRESBYfERIAN CHURCH a Congregatlon of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 The second class is a residential property that is made available to employees of the church. The property in question is the manse and it has been valued at £400,000, the value set by the local rating authority. Given the nature of the properties and ongoing maintenance/repairs to which they are subject, no depreciation Is applied as the residual value is considered to be at least equal to the carrying valuation. 12. DEBTORS 2023 2022 Gift Aid Recoverable Prepayments & Accrued Income 32,604 25,770 10,128 6,233 42,733 32,003 13. CASH AT BANK AND IN HAND (CA = Current Account, DP = Deposlt Account) 2023 2022 General Fund/Ulster Bank CA General Fund/Danske Bank CA General Fund/Progressive BS DP Property Fund/Ulster Bank CA Property Fund/Danske Bank CA Property Fund/Danske Bank DP Property Fund/Fixed Term Deposit Mercy Fund/Danske Bank CA Presbyterian Women/Danske Bank CA Girls Brigade/Danske Bank CA The Globe Café/Danske Bank CA Boys Brigade/First Trust Bank DP Kirkpatrick Tots/Ulster Bank CA Friendship Club/Cash in hand 8,804 121,065 145,lJX) 13,963 19,287 76,635 500,0(X) 7,175 1,401 1,885 1,259 3,191 716 990 75,746 189,793 45,000 13,963 199,543 85,352 10,562 1,232 1,733 2,359 2,168 664 1,252 901,371 629,367 341Page
an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH Congregation of The Presbyterlan Church in Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 14. CREDITORS: amount falling due wlthln one year 2023 2022 Agency collections Accounts Payable [438J 30,472 43,095 30,472 42,657 15. CREDITORS.. amount falllng due after more than one year 2023 2022 35IPage
Presbyter an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (conyd) 31 December 2023 16. FUND BALANCES AND RECONCILIATION OF FUNDS Fund Balance at Income start Expend. Transfer Balance at end Unrestrlcted Funds General Fund 338,027 270,231 238,205 (73,138} 296,915 Restrlcted Funds Property Fund Mercy Fund United Appeal Fund General Mission Fund World Dev App Fund Moderators App Fund Mission Partner Fund Flower Fund Ch Family Events Fund Gift Rev P Lutton Friendship Club Boys Brigade Girls Brigade GB Extra The Globe Café Klrkpatrick Tots Presbyterian Women Duke of Edinburgh Sch 726,564 10,712 365,122 1,715 6,302 1,375 3,309 48 1,075 54 10,168 3,201 2,075 6,176 1,190 460 1,242 948 1,433 1,365 39,270 5,146 18,094 2,025 3,309 48 52,700 35 16,353 1,000 1,053,415 7,281 11,792 650 51,625 19 100 6,092 3,201 1,027 3,191 1,565 1,252 2,168 1,733 1,300 5,153 1,358 567 3,281 896 1,269 2,487 I 1,000) 107 1,750 1,549 664 1,369 1,259 716 1,533 1,122 746,109 407,260 153,292 73,138 1,073,215 Total 1,084,137 677,491 391,497 1,370,130 There may be mlnor discrepancies in the totals (not exceeding £1) due to roundlng. 361Page
Presbyter an KIRKPATRICK MEMORIAL PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (conyd) 31 December 2023 17. RELATED PARTY TRANSACTION One of the Trustees, Rev Graeme Kennedy, the minister of the congregation, received remuneration of £53,907.48 and expenses of £6,701 for acting in that capacity. A pension contribution of £12,818.25 was paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme {2009) again for acting as Minister to the congregation. 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 charitv £31,048.87 for Congregational Assessments £18,094 for the United Appeal £3,309.26 for the World Development Appeal £48.17 for the 2022 Moderators Appeal 'Ukraine' (Gift Aid recovered} The congregation paid £1,086 as Presbytery Assessments during the year There were no other related party transactions. 371Page