an CASTLEREAGH PRESBYfERIAN CHURCH a ConggatIon of The Presbyterlan Church In Ireland ofFi ancial A Year end d ivities IstD ber 2020 Unrestricted Restrirted Endowment Funds Funds Funds Total Funds 2020 2019 Income From: 2.. Donations and Legacies 3.. Charitable Activities 4.. Olh9r Trading Activits'es 5.. Investments 61,516 2,135 14.418 3.984 3,704 11,495 75,934 6.119 3,T04 14.831 71.941 17,691 28,3TO Total Incomè 66,987 33.601 100,588 119,202 Expenditure On: 6: Raising Funds 7.. Chafitabte Aclivili8S Total Expendlture 209 83,151 209 110,314 110,523 27.163 115,693 83,360 27.163 I 16, 176 Gains/(losses) on inve&fmenl assets Net incoma 119xpenditu) resources betore transfer 1.002 1,Tr)2 182.944) {15,371) 6,438 {8.933} (79, 918J Transfers Gross fr3nsfers behveen funds- in Gross transfers between funds- out 6.838 6,838 22,429 14001 (6,4381 (6,8381 f22,429J Net Income I (expenditure} resources after transfgrs {8,933) (8,933) (79.918) 18: Total fund$ brought forward 180.987 616.004 64760 861,751 941,669 18: Total Funds carried forward 172,054 616,004 64,760 852,818 861, 751 Note.. The Transfer5 include a number of the Organisations who contribute to the heating and lighting of the buildings in acknowledgement of their own use.
an CAsfLEREAGH PRESBYTERIAN CHURCH a Congregatlon of The Presbyterian Church In Ireland al nce Sheet at 31st cember 2 20 Total Funds General Restrlrted Endowment 2020 2019 Fixed assets to.. rangible assets 11.. Fixed assets Investments 94,432 94,432 98,272 Total Ted assets 475.cfo 474000 475,000 Current assets 569.432 569.432 573.273 12.. Debtors 17,561 13.. Cuent assèts Inv8stments 10,188 27,749 17,394 40.07T 14.. Cash at bank and in h8nd Total currgnt a88ets 24,118 64,195 63, 192 119.366 41,301 40.642 201.309 216.086 177.004 l&. Credltors." amounts fallJTng due In one ygar Net current assets le88 cuTrent Ilabllitles l&. Credilors.. amounts falling due after than one year Net a55ets 51,489 84,760 293.253 296.671 14,9501 (4,917) (9.867) (8. 192) 172.054 44572 64,760 183,386 288.479 172.054 616,004 17: Fund5 of the Church 64,7fj0 852.818 861,751 172.1154 616.004 64.760 8S2.818 861, 751 Approved by the Klrk Session at a meeting on 2nd June 2023 and Signed on Its behalf by.. Rev. Mervyn Bumside Minister Andrew Mccann Clerk of Session A /4(.
an CASTLEREAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS 31st December 2020 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 [land (FRS102). 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. asset5 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 Endowment funds are funds, the capital of which must be retained either permanently or at the congregation s dlscretion; the income derived from the Endowment is to be used either as restricted or unrestrirted income funds depending upon the purpose for which the endowment was established in the first place. Restritted funds comprise (a) 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 specific congregational activity intended by the donor. Where these funds have unspent balances, interest on their pooled investment is apportioned to the individual fund5 on an average balance basis. Unrestricted funds are income funds 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.
Presbyter an CA5TLEREAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNT5 31$t December 2020 ACCOUNTING POLICIES INCOMING RESOURCES (i) Recognition of Incoming 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. (li) Incomlng resources wlth related expenditure Where incominq resources have related expenditure (as with fundraising income) the incomlng resources and related expenditure are reported gross in the SOFA. (iii) Grant5 and donations 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 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. (vi) Glfts in kind Gifts in kind are accounted for at a reasonable estimate of their value to the chartty 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.
an CASTLEREAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS st 31 December 2020 ACCOUNTING POLICIES (vii) Donated services and facllities 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 irs the accounts but is described in the trustees, annual report. (Ix) Investment income This is included in the accounts when receivable. (x) Investment gains 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 (xi) Liability recognltion Liabilities are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources. (xii) 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. (xiii) Grants with performance conditions Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants a only recognised in the SOFA once the recipient of the grant has provided the specified service or output.
CA5TLEREAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31st December 2020 ACCOUNTING POLICIES (xiv) 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. ASSETS (xv) Tangible Fixed Assets Tangible fixed assets for use by 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 expetted useful life as follows: Buildings.. Fixture5, fittings and equipment Computers, software and technical equipment {xvi) Investments - over 50 years over 10 years - over 4 years Investments quoted on a CogniSed stock exchange are valued at market value at the year end. Other investment assets are included at trustees. best estimate of market value. {xvii) Investment Property Investment property will not be subjett to depreciation but rather be correctly valued by the fair value movement each year.
an CAsfLEREAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31ST December 2020 Unrestricted Restr. Total Funds 202 20 ndowmen 2." Donations and Legacie5 Recorded Giving Loose Collections Gift Days Special Collections Gilt Aid Recovered 50.551 2.010 7.575 S8,126 2,010 3,980 66, 143 3,851 1,258 3,980 8,955 61.516 2,863 14.418 rotal 11.818 75,934 10,673 81,923 3.- Charitable Artivlties Income from Charltable Activities Weddings, funerals, etc. Grants 166 648 814 1.969 2.135 3.336 3,984 1,200 Total 5,305 6,119 1,200 4.. Other Trading Artivities Lettsng Income from Church Property Tiduiiiy IriLuTTie 3,230 3,230 IT,390 30.1 17,691 474 3.704 474 3,704 Total 5.. Investments Bank and Building Society Interest General Investment Fund Other Investment Income Rents from Investment Pmperty 1,504 27 1.531 1.978 1.832 1,832 68 71,400 1,492 68 11,400 24,900 rotal 3,336 11,495 14.831 28,370 6.. Raising Funds Printéd Boxes of Church Envelopes 209 209 483 Total 209 209 483 7.. Charitable Artivlties Ass855ments Ministry and Support Staff Costs Congregational Running Expenses Mission Giving and Donations Governance 15,594 45,846 7.782 15,594 53.628 15.156 58,339 19,261 15,031 34,292 35, 169 450 4.350 4.800 5, Q29 2.000 83.151 Total 2.000 110.314 2,000 175,693 27,163
an CASTLEREAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31st December 2020 8. EMPLOYEES Employment Costs Wages and Salaries Minister.- Caretaker." 32,817 6.846 32,174 7,628 Social Security Costs 4,347 4,262 Pension Contribution5 7,877 51,887 7, 722 51,786 Number of Employees The average number of employees (including the minister of the congregatlon), during the year was: Average number of employees There wefft no employees in rec@ipt of employée benefits in excess of £60,000. (Caretaker lerr their position in November 2020)
an CASTLEREAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31st December 2020 9. 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'5 pension contribution for the Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme (2009) is a fL¢nded 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 ChLfrch 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 whereby the Presbyterian Church agreed to pay from 31st December 2015 contributions of 240/0 of pensionable salaries to cover the accrual of benefits for fijtijre. %p.rvic.p., p.xpp.nsp.%, the c.ost of insiiring death in service benefits and funding the scheme deficit. The contributions made by the congregation during the year were Contributions 7,877 7,722 The Charity is registered with the Pension Regulator and operates a defined pension contribution policy for our 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.
an CASTLEREAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31st December 2020 10. TANGIBLE FIXED ASSETS Cost or valuation At start of year Additions Revaluation 221,616 25,661 247,277 At end of year 221,616 25,661 247.277 Depreciation At start of year Provisiofi for year Revaluation 123,345 25,661 3,839 149, 006 3,839 At end of year 127,184 25,661 152,845 Net Book Value At start of year At end of year 98,272 98,272 94,432 94,432 The land and buildings include freehold properties owned by the Congregation and consist of the Church, Church Halls, Graveyard and the Manse. As a Grade B+ Historic Building (HB25/13/002) the Church is classified as Historical Heritage Asset and has been valued at nil, in keeping with the Charities SORP. The Church property which is used to carry out the activities of the Church includes the Church Hall and the Manse which are being depreciated over their estimated economic life of 50 years.
an CASTLEREAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31st December 2020 11. INVESTMENT PROPERTY Investment Property Total Cost or valuation At start of year Transfer in Disposals Revaluation At end of year 475,000 475,000 475,000 475,000 Land and buildin95 owned by the Church and heldfor long-term capitol oppreciotion ond not currently in regulor use by the congregation include5 the propety and lond at 59 Church Road (known as The Learning free) andsexton 5 House Lond & Buildings. 12. DEBTORS 2020 2019 HMRC - Gift Aid Receivable ppaYMents and Accrued Income 22.491 10,673 5,258 6,721 27.749 17,394
an CASTLEREAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS 31st December 2020 13. CURRENT ASSET INVESTMENTS 2020 2019 General Investment Fund Other Investments 64,000 195 62.997 195 64.195 63,192 2020 2019 Value at Start of y•ar Additlons 63,193 78.074 Transferred lrnpalrment Galns l (Losses on revaluadon) Value at end of year (22,673) 7, 791 1.002 64,195 63,192 14. CASH AT BANK AND IN HAND 2020 2019 Bank Current Accounts Bank Deposit Accounts 61,982 77,758 139,327 138,327 201,309 216,085 15. CREDITORS: amount falling due within one year 2020 2019 Creditors Accruals and Deferred Income 5.815 4.052 6.140 2,052 8,192 9.867
an CASTLEREAGH PRESBYfERIAN CHURCH 3 Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 315t December 2020 16. FUND BALANCES AND RECONCILIATION OF FUNDS Fund Type/Name Balance at start Income Expend. Galns/ Losses Transfer Balance at end Endowment Funds Endovvment Fund Sub-totals 64,760 64.760 64,760 Restrirted Fund5 Tangible Assets Fixed Asset Investment #69 Property Property Trust Missions Moderators, Appea15 World Development Appeal Presbyterian Children's Society Royal British Legion Christian Aid Bowling Club Boys, Brigade Choir Girls, Brigade Hilltop Group Manna for Men Playroom Presbyterian Women Sunday School Youth Oryanisations Sub-totals 98,271 475,000 17.025 14,204 4,319 329 50 3,841 94.432 475.000 24,411 14,204 29,513 16.389 (5.738) 4.275 329 50 164 164 91 50 175 1,716 15 969 623 139 564 470 1.705 125 616,004 91 50 175 1,364 15 597 1,438 139 564 1,107 1,705 125 616,004 972 1,024 (300) 272 1,165 644 350 1,679 642 (400) 33,601 27,163 (6,438) Unrestricted Funds General Fund Bequest Fund {Designated) Sub-totals 33,802 147,184 66,990 83,362 1,002 6,438 24,870 147.184 180,987 66,990 83.362 1,002 6,438 172.OS4 Total Funds Totals 861,751 100.591 110,523 1,002 852,818 There mèy be minor discrepancles in the totals (not exedIng £1) due to rounding
Presbyter an CASTLEREAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Churth In Ireland NOTES TO THE ACCOUNTS 31$t December 2020 17. RELATED PARTY TRANSACTION One of the Trustees, the minister of the Congregation received remuneration of £32,817 and expenses of £6,242 for arting in that capacity. A Pension contribution of £7,877 was paid by the Congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme (2009). 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 Presbyterlan Church in Ireland a separate charity.. £15,276 for Congregational Assessments £3,980 towards the United Appeal The congregation contributed £869 towards Presbytery Assessments during the year. There were no other related party transactions,