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2023-12-31-accounts

Charity number: NIC104366

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

CONTENTS

Page
Reference and administrative details of the Charity, its Trustees and advisers 1 - 2
Trustees' report 3 - 10
Independent examiner's report 11 - 12
Statement of financial activities 13
Balance sheet 14
Notes to the financial statements 15 - 35

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees of the Charity at 31st December 2023 are:

Alexander Abraham Samuel Armstrong Norma Best Anthony Breene Jennifer Breene Ian Bridgett Cynthia Brown Elizabeth Cullen Susan Eakin Alastair Edwards Yvonne Elder Gerald Gault Trevor Griffiths Tom Hunter Paul Hutchinson Sara Hutchinson Adam Leahy Peter Lindsay Linda Little Peter Little Valerie Little Jeremy Lyons Sharon McIntyre Dianne McKelvey Peter Scullion Fiona Skelly Gary Skelly Thomas Sloan Neil Stewart Rev Andrew Galbraith

Page 1

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Charity registered number NIC104366 Principal office 2 Chlorine Gardens Belfast BT9 5DJ Accountants UHY Hacker Young Fitch Limited 27-29 Gordon Street Belfast Antrim BT1 2LG Bankers Danske Bank PO Box 183 Donegal Square West Belfast BT1 6JS

Page 2

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2023

The Trustees present their annual report together with the financial statements of the Charity for the period 1 January 2023 to 31 December 2023.

Objectives and activities

a. Policies and objectives

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, and to its supplementary public benefit guidance on the advancement of the Christian religion.

b. Strategies for achieving objectives

To continue to meet as a community in person or online on Sunday mornings.

To meet as a Kirk Session, Congregational Committee, and various sub-groups to plan for the future.

c. Activities undertaken to achieve objectives

The charity fulfils its objectives by providing benefit to its members and the public by making known the Christian Gospel of the Lord Jesus Christ through the advancement of religion.

d. Public benefit declaration

The direct public benefits which flow from the purposes and activities of the Church include the gaining of an understanding in Christian beliefs as set out in the Bible and in the Church’s subordinate standards (the Westminster Confession of Faith and the Shorter and Larger Catechisms) leading to spiritual and moral growth and development. In turn, this framework leads to practical expressions of Christian beliefs and standards in the local community through pastoral care (including the poor, sick, disabled, and bereaved). The above benefits are delivered by the church ministers, staff, officers of the church and members through public services and a range of programmes and weekly activities. Public access is made known through the use of notice boards, printed material, websites, social media, and online services.

The benefits are demonstrated through regular evaluation of the services and informal and ad hoc feedback from members, their families, and members of the public.

Page 3

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

e. Main activities undertaken to further the Charity's purposes for the public benefit

The charity undertakes many activities to further its purposes. These are open to anyone of appropriate age and/or gender to access, without regard to whether they are part of our congregation.

During 2023 our organisations have once again been meeting in person.

Our regular activities included the following: Sunday worship services; Wedding and funeral services; Prayer meetings; Children and youth activities; Church choir; Praise bands; Easter Mission and Summer Club for primary school aged children; Badminton and Table Tennis clubs; Indoor bowling; Babies and toddlers group; Girls and Boys Brigade youth organisations; Fellowship small groups; Coffee and Chat – a weekly group for older adults; ‘Daylight’ stand offering free hot drinks for students and others during term time; Presbyterian Women's group, who organise events including fundraising events for mission and charities; Prayer Ministry and Deeper prayer ministry; Friends Across Borders, supporting immigrants and asylum seekers; Peaced Together: a creative arts course for women, exploring the journey from brokenness to hope; Griefshare; grief support group ministry.

Page 4

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Objectives and activities (continued)

Achievements and performance

a. Main achievements of the Charity

The Rev Andy Galbraith continues to lead the congregation as our minister. He teaches God’s Word, administers the sacraments and oversees the work of the Kirk Session and Congregational Committee, in addition to providing pastoral care to those in need.

Andy is assisted by Sheena Mcllwrath as our Pastoral Assistant. Sheena provides excellent pastoral care and support to many of our elderly members.

During the last year the church has been blessed by the arrival of Michael Ferguson as our new Youth and Children’s Associate. Michael has begun a great work in engaging with our children and young people, encouraging our youth and children ministries volunteers, and developing a vision for leading young people into Christian discipleship.

Michael also liaises with local schools and gets the opportunity to lead school assemblies, engage with Scripture Union in schools, and has led teaching at school residential weekends.

During 2023 we were delighted to partner with two of our local neighbouring congregations (St Brigids Roman Catholic and St Bartholomew’s Church of Ireland) to run a joint Alpha course that gave members of the community an opportunity to explore the Christian Faith. This course moved around all three congregations and developed great relationships between the teams.

We are very thankful for the many church officers and volunteers (too many to name) who help keep the community of Fisherwick working well. We could not do everything we do without the willingness of so many who volunteer their gifts and time so willingly.

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FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Achievements and performance (continued)

b. Review of activities

Fisherwick’s Vision statement is, ‘The whole gospel, for the whole person, within the whole church in the whole world’. It is based on the core belief that as disciples of the risen Lord Jesus, the good news of Jesus should impact our relationship with each other, the wider church family, and the wider world.

The Whole Gospel

Through our Sunday services, small groups, and prayer meetings our Minister and visiting speakers have continued to tell us about the love of God and help us grow into mature disciples.

Our special Christmas and Easter services were attended in person or viewed by many online. Many of our elders helped lead and preach during the year and we have been encouraged and refreshed by their ministry. Our Music Director, Neale, the choir, and the praise bands enriched our worship throughout the year, but especially at Christmas and Easter.

The Whole Person

Our Minister, pastoral staff and elders provided pastoral care on an ongoing basis in the local area, nursing homes and local hospitals. Funerals and weddings continue to be a way to offer compassion and care to many at the most important times in their lives.

Much care and love has also been expressed in meeting together through 'Small Groups' and prayer groups and the congregation has been encouraged to contact those they miss meeting on a Sunday morning.

The Whole Church

As a congregation we believe that we are more than the sum of our parts. This means that we value the sense of shared identity and fellowship that exists when we gather sunday by sunday as a church family. We also recognise our role as part of the wider church of Jesus Christ. This means we participate fully in the work of the south belfast presbytery, we support the south Belfast Foodbank, and we work in partnership with Queen’s Chaplaincy and Friends International in reaching out to local and international students who are studying in our district.

The Whole World

We have continued to support Armond and Anace who are working in Peru. We have supported the work there in prayer and financially We also continue to support our friend Wilfred Abia who started the 'Integrated Health for all Foundation' which helps the poor in the Cameroon.

We have also supported Christians in other countries persecuted for their faith through regular prayer and by financial donations.

c. Fundraising activities and income generation

The charity is principally funded through voluntary donations, bequests and gifts from the congregation and fundraising activities.

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FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

The reserves policy of the charity is to develop and maintain unrestricted reserves not designated for a particular purpose at a level equivalent to 6 months incoming resources without prejudicing the ongoing activities of the organisation.

Total reserves held by the charity at the end of the year are £3,064,779 (2022 : £3,226,872) of which £2,471,944 (2022 : £2,653,890) are restricted for a specific purpose, £585,273 (2022 : £535,878) are in unrestricted funds and £7,562 (2022 : £37,104) are endowment funds. £2,469,866 of all reserves at 31st December 2023 are tangible fixed assets held for the ongoing delivery of the Church's charitable activities.

The reserves are needed to meet the operational costs of the Church on an ongoing basis. The primary indicator of the level of reserves are the expenses of the general fund. During the year general fund expenses were £286,132, further additional expenses of £46,938 were incurred in relation to other unrestricted funds and funds designated for a specific purpose.

As at 31st December 2023, the Charity held unencumbered unrestricted reserves which had not been designated for a specific purpose of £389,548. This amount represents approximately 16 months running costs and the Trustees are satisfied that at this level they would be able to continue the current activities of the Charity in the event of a significant drop in funding. It is noted that running costs in 2023 were higher than the previous year, in part, due to the increase in utilities and general inflation.

c. Principal funding and financial performance

The charity is principally funded through voluntary donations, bequests and gifts from its congregation and fundraising activities.

Income from donations and legacies from contributing families and grants totalled £346,586 (£302,541 in 2022).

Total expenditure increased from £498,596 in 2022 to £538,067 due to a charge for depreciating the COP Project building, additional salaries and the increased costs of running the Church building and rising energy costs. Expenditure on COP is being capitalised into a separate category of leasehold improvements on the balance sheet of the Church and depreciated accordingly.

The church recorded an overall deficit for the year of £162,095.

The General Fund of the church ended the year with an deficit of income over expenditure and transfers of £10,315 and a closing surplus of £92,436.

The main charitable objective of the church is the advancement of the Christian religion and it is considered that all direct charitable costs and support costs are incurred in furtherance of this purpose. Direct charitable expenditure increased from £211,843 in 2022 to £228,875, and support costs also increased from £285,578 in 2022 to £305,854 during the year. As noted, a depreciation charge of £186,178 relating to the COP project and running costs are a part of support costs. The COP project depreciation charge should be anticipated at similar levels in future years as COP additions are depreciated. The COP project is considered by the Trustees to be solely for the purpose of enhancing the delivery of the church's charitable objectives.

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FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Structure, governance and management

a. Constitution

Fisherwick Congregation of The Presbyterian Church in Ireland is a registered charity, number NIC104366, and is constituted under a Trust deed.

b. Methods of appointment or election of Trustees

The management of the charity is the responsibility of the Trustees who are appointed under the rules and guidance outlined in 'The Code', which is the Constitution and Government of the Presbyterian Church in Ireland’ published by the authority of the General Assembly in 1980, reprinted with amendments 1992, reprinted with amendments 1997, reprinted with amendments June 2019, 2020 and 2022.

c. Organisational structure and decision-making policies

The Kirk Session has the spiritual oversight of the congregation and, as elders/Trustees, is also responsible for the financial aspects of church life. The Congregational Committee has responsibility for the upkeep of the building, general management, and operational financial planning on behalf of the Kirk Session. The elders are ex officio members of Congregational Committee, so the two bodies work together. Both the Kirk Session and the Congregational Committee have a series of 'Ministry Responsibilities' and 'Subgroups' which look after specific areas covering all spiritual and operational matters

d. Vision statement - Fisherwick's values

Fisherwick holds fast to the central beliefs of Christianity as stated (and often used at Communion services) in the Apostles’ Creed, which states

I believe in God, the Father almighty, creator of heaven and earth. I believe in Jesus Christ, his only Son, our Lord. He was conceived by the power of the Holy Spirit and born of the virgin Mary. He suffered under Pontius Pilate, was crucified, died, and was buried. He descended to the dead. On the third day he rose again. He ascended into heaven and is seated at the right hand of God the Father. He will come again to judge the living and the dead. I believe in the Holy Spirit, the holy catholic Church, the communion of saints, the forgiveness of sins, the resurrection of the body and the life everlasting.

As a member church of the Presbyterian Church in Ireland we hold that ‘the Word of God as contained in the scriptures of the Old and New Testament is the only infallible rule of faith and practice and the supreme standard of the Church’.

We support and adhere to the Presbyterian form of Church Government and we seek to play our part in the wider church.

At the heart of Fisherwick’s own distinctive values is a heritage, a passion and vision which can be summed up in the following statement:

“The Whole Gospel, for the Whole Person, within the Whole Church, in the Whole World’.

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FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in Northern Ireland requires the Trustees to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act (Northern Ireland) 2008, the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 9

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023

Approved by order of the members of the board of Trustees on 14 May 2024 and signed on their behalf by:

................................................ ................................................ Gerald Gault Peter Lindsay (Trustee) (Trustee)

Page 10

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31[ST] DECEMBER 2023

Independent examiner's report to the Trustees of Fisherwick Congregation of The Presbyterian Church in Ireland

I report on the financial statements of the charity for the year ended 31 December 2023 which are set out on pages 13 to 35.

Respective responsibilities of charity Trustees and examiner

As the charity's trustees you are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008.

It is my responsibility to:

Basis of independent examiner's statement

I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act.

My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters.

My role is to state whether any material matters have come to my attention giving me cause to believe:

  1. that accounting records were not kept in accordance with section 63 of the Charities Act;

  2. that the accounts do not accord with those accounting records;

  3. that the accounts do not comply with the accounting requirements of the Charities Act;

  4. that there is further information needed for a proper understanding of the accounts to be reached.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of (enter body here), which is one of the listed bodies.

I have completed my examination and have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawing to your attention.

This report is made solely to the charity's Trustees, as a body, in accordance with section 65(3)(a) of the Charities Act (Northern Ireland) 2008 and regulations made under section 66 of that Act. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.

Signed:

Michael Fitch

Dated: 14 May 2024

Chartered Accountants Ireland

UHY Hacker Young Fitch 27-29 Gordon Street Belfast BT1 2LG

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

Note
Income and
endowments from:
Donations and
legacies
3
Investments
4
Other income
5
Total income and
endowments
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net
income/(expenditure
) before investments
Net gains/(losses) on
investments
Net
income/expenditure
Transfers between
funds
17
Net movement in
funds
Reconciliation of
funds:
Total funds brought
forward
Net movement in
funds
Total funds carried
forward		 Endowment
funds
2023
£
-
1,162
-
1,162
-
-
-
1,162
458
1,620
(31,162)
(29,542)
37,104
(29,542)
7,562		 Restricted
funds
2023
£
29,896
-
-
29,896
-
204,997
204,997
(175,101)
-
(175,101)
(6,846)
(181,947)
2,653,891
(181,947)
2,471,944		 Unrestricted
funds
2023
£
316,690
27,766
-
344,456
3,338
329,732
333,070
11,386
-
11,386
38,008
49,394
535,879
49,394
585,273		 Total
funds
2023
£
346,586
28,929
-
375,514
3,338
534,729
538,067
(162,553)
458
(162,095)
-
(162,095)
3,226,874
(162,095)
3,064,779		 Total
funds
2022
£
302,540
22,710
555
325,805
1,174
497,420
498,594
(172,789)
(12,813)
(185,602)
-
(185,602)
3,412,476
(185,602)
3,226,874

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 15 to 35 form part of these financial statements.

Page 13

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

BALANCE SHEET AS AT 31 DECEMBER 2023

Note
Fixed assets
Tangible assets
12
Investments
13
Current assets
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Endowment funds
17
Restricted funds
17
Unrestricted funds
17
Total funds		 50,723
558,300
609,023
(19,627)		 2023
£
2,469,866
5,517
2,475,383
589,396
3,064,779
3,064,779
3,064,779
7,562
2,471,944
585,273
3,064,779		 52,459
569,222
621,681
(30,892)		 2022
£
2,631,026
5,059
2,636,085
590,789
3,226,874
3,226,874
3,226,874
37,104
2,653,891
535,879
3,226,874

The financial statements were approved and authorised for issue by the Trustees on 14 May 2024 and signed on their behalf by:

................................................ ................................................ Alexander Abraham Samuel Armstrong (Trustee) (Trustee)

The notes on pages 15 to 35 form part of these financial statements.

Page 14

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General information

Fisherwick Congregation of the Presbyterian Church in Ireland is an unicorporated Charity, registered with the Charity Commission for Northern Ireland under registration number NIC:104366.

The Charity is registered in Northern Ireland with principal offices at 2 Chlorine Gardens, Belfast, BT9 5DJ.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act (Northern Ireland) 2008.

Fisherwick Congregation of The Presbyterian Church in Ireland meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

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FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Expenditure (continued)

Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Tangible fixed assets and depreciation

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Church buildings and manse - Measured at fair value - Fixtures and fittings Depreciated straight line over 4 years - Long-term leasehold property Depreciated straight line over 10 years

2.5 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Statement of financial activities.

2.6 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.7 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.8 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

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FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.9 Financial instruments

The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.10 Pensions

The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.

2.11 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

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FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from donations and legacies

Donations
Legacies
Grants
Donations
Legacies
Grants		 Restricted
funds
2023

£
29,896
-
-
29,896
Restricted
funds
2022
£
45,326
-
-
45,326		 Unrestricted
funds
2023
£
279,567
36,673
450
316,690
Unrestricted
funds
2022
£
253,795
2,500
920
257,215		 Total
funds
2023
£
309,463
36,673
450
346,586
Total
funds
2022
£
299,121
2,500
920
302,541

4. Investment income

Rental income from Church properties
Bank interest received
Dividends received		 Endowment
funds
2023
Unrestricted
funds
2023
£
£
-
17,961
1,054
9,574
108
231
1,162
27,766		 Total
funds
2023
£
17,961
10,628
339
28,928

Page 18

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Investment income (continued)

Rental income from Church properties
Bank interest received
Dividends received		 Endowment
funds
2022
£
-
-
713
713		 Unrestricted
funds
2022
£
16,057
3,299
2,641
21,997		 Total
funds
2022
£
16,057
3,299
3,354
22,710

5. Other incoming resources

Total
funds
2023
£
Unrestricted Total
funds funds
2022 2022
£ £
Insurance claims 555 555

6. Expenditure on raising funds

Costs of raising voluntary income

Unrestricted Total
funds funds
2023 2023
£ £
Events 3,338 3,338

Page 19

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Expenditure on raising funds (continued)

Costs of raising voluntary income (continued)

Unrestricted Total
funds funds
2022 2022
£ £
Events 1,174 1,174

7. Analysis of expenditure on charitable activities Summary by fund type

Advancement of the Christian Religion
Advancement of the Christian Religion		 Restricted
funds
2023
£
204,997
Restricted
funds
2022
£
213,486		 Unrestricted
funds
2023
£
329,732
Unrestricted
funds
2022
£
283,934		 Total
2023
£
534,729
Total
2022
£
497,420

8. Analysis of expenditure by activities

Activities
undertaken Support Total
directly costs funds
2023 2023 2023
£ £ £
Advancement of the Christian Religion 228,875 305,854 534,729

Page 20

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Activities
undertaken Support Total
directly costs funds
2022 2022 2022
£ £ £
Advancement of the Christian Religion 211,843 285,577 497,420

Analysis of direct costs

Staff costs
Earl Haig Fund
Other Charitable Donations
Pulpit Supply
Moderators, United, Students Bursary and World Development Appeals
PCI Assessments
Magazine and Publications
Charitable Gifts
Presbyterian Women & Choir
Sunday School
General Ministry Activities
Youth/Student/Summer Club Ministry
Miscellaneous and Staff Expenses/Training		 Advancing
Christianity
2023
£
154,598
260
7,044
160
18,059
20,258
7,993
6,969
2,639
90
8,857
1,698
250
228,875		 Total
funds
2023
£
154,598
260
7,044
160
18,059
20,258
7,993
6,969
2,639
90
8,857
1,698
250
228,875

Page 21

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of direct costs (continued)

Analysis of direct costs (continued)
Staff costs
Earl Haig Fund
Other Charitable Donations
Welcome Centre Outreach Costs
Pulpit Supply
Moderators, United and World Development Appeals
PCI Assessments
Magazine and Publications
Charitable Gifts
Wednesday Club
Presbyterian Women
Sunday School
General Ministry Activities
Youth/Student/Summer Club Ministry
Miscellaneous and Staff Expenses/Training		 Advancing
Christianity
2022
£
134,981
507
6,440
240
300
26,800
19,566
1,574
6,550
207
4,320
124
7,797
2,070
367
211,843		 Total
funds
2022
£
134,981
507
6,440
240
300
26,800
19,566
1,574
6,550
207
4,320
124
7,797
2,070
367
211,843

Page 22

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Depreciation
Worship Resources
Heat & Light
Insurance
Repairs - Church & Equipment
Repairs - Halls
Rent & Rates
Printing, Postage, Stationery & Church Envelopes
Assembly, Presbytery & Synod Fees
Telephone & Internet
Miscellaneous and Staff Expenses
Copyright Licences
Cleaning
Catering/Hospitality Costs
Computer Costs
Banking Charges
Governance costs		 Advancing
Christianity
2023
£
190,870
248
43,315
13,808
10,521
2,174
1,884
3,888
2,365
2,384
1,356
1,379
6,381
3,630
5,764
287
15,600
305,854		 Total
funds
2023
£
190,870
248
43,315
13,808
10,521
2,174
1,884
3,888
2,365
2,384
1,356
1,379
6,381
3,630
5,764
287
15,600
305,854

Page 23

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Analysis of expenditure by activities (continued)

Analysis of support costs (continued)

Depreciation
Worship Resources
Heat & Light
Insurance
Repairs - Church & Equipment
Repairs - Halls
Rent & Rates
Printing, Postage, Stationery & Church Envelopes
Assembly, Presbytery & Synod Fees
Telephone & Internet
Miscellaneous and Staff Expenses
Copyright Licences
Cleaning
Catering/Hospitality Costs
Computer Costs
Banking Charges
Governance costs
9.
Independent examiner's remuneration
Fees payable to the Charity's independent examiner for the independent
examination of the Charity's annual accounts
Fees payable to the Charity's independent examiner in respect of:
All other services not included above		 Advancing
Christianity
2022
£
188,969
733
28,724
12,865
7,791
384
3,970
5,721
2,019
2,144
2,734
1,283
4,498
3,042
4,383
341
15,975
285,576
2023
£
2,645
3,995		 Total
funds
2022
£
188,969
733
28,724
12,865
7,791
384
3,970
5,721
2,019
2,144
2,734
1,283
4,498
3,042
4,383
341
15,975
285,576
2022
£
2,490
3,892

Page 24

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

10. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2023
£
136,552
5,517
12,529
154,598		 2022
£
118,101
5,412
11,469
134,982

The average number of persons employed by the Charity during the year was as follows:

Minister
Ministry Staff F/T
Ministry Staff P/T
Support Staff P/T		 2023
No.
1
1
4
5
11		 2022
No.
1
-
4
4
9

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 1 -

11. Trustees' remuneration and expenses

During the year, one Trustee (Rev Andrew Galbraith) has been paid remuneration in his capacity as a Minister of Religion. Such remuneration is common for similar churches and charitable organisations . The value of Trustees' remuneration and other expenses is disclosed in note 21 to the accounts.

2023 2022
£ £
Rev Andrew Galbraith Remuneration 41,871 39,877
Pension contributions paid 10,049 9,571
Rev Andrew Galbraith Other benefits and expenses 8,300 9,093

During the year ended 31 December 2023, expenses totalling £ 8300 were reimbursed or paid directly to Mr Rev Andrew Galbraith, a Trustee (2022 - £9093 ), a Trustee.

Page 25

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

12. Tangible fixed assets

Cost or valuation
At 1 January 2023
Additions
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Church
buildings
and manse
£
1,528,515
-
1,528,515
-
-
-
1,528,515
1,528,515		 Long-term
leasehold
property
£
1,856,784
-
1,856,784
762,146
186,178
948,324
908,460
1,094,638		 Fixtures and
fittings
£
22,808
29,709
52,517
14,935
4,691
19,626
32,891
7,873		 Total
£
3,408,107
29,709
3,437,816
777,081
190,869
967,950
2,469,866
2,631,026

The interests in the Church property owned and occupied by the Charity was valued by external valuers, Natalie Clarke Residential on 31st January 2018, as at 31st December 2017 and 31st December 2016 on the basis of Fair Value. Fair Value is the amount for which an asset could be exchanged between knowledgeable, willing parties on an arm's length basis in accordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (FRS 102) and the Charities SORP 2015 (SORP 2015).

Page 26

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

13. Fixed asset investments

Cost or valuation
At 1 January 2023
Revaluations
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022
Debtors
Due within one year
Church debtors
Other debtors
Prepayments and accrued income
Creditors: Amounts falling due within one year
Church creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 2023
£
3,542
26,595
20,586		 Unlisted
investments
£
5,059
458
5,517
5,517
5,059
2022
£
4,354
27,429
20,676
52,459
2022
£
15,777
843
640
13,632
30,892		 Unlisted
investments
£
5,059
458
5,517
5,517
5,059
2022
£
4,354
27,429
20,676
52,459
2022
£
15,777
843
640
13,632
30,892
50,723 52,459
2023
£
10,941
960
878
6,848		 2022
£
15,777
843
640
13,632
19,627 30,892

14. Debtors

15. Creditors: Amounts falling due within one year

Page 27

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Financial instruments

2023 2022
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 563,818 574,282

Financial assets measured at fair value through income and expenditure comprise cash at bank and in hand and fixed asset investments.

Page 28

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Property Fund
Benevolent
Fund
Flower Funds
Montgomery
Fund
PW Fund
PW Funeral
Funds
Sunday School
Fund
Wednesday
Club Funds
Missions &
Outreach Fund
Church Organ
Fund
Donations to
Ministries Fund
Freinds Across
Borders M&O
Bicentenary
Fund
General funds
General
account
Sundry
bequests and
gifts
Pattinson Fund		 Balance at 1
January
2023
£
79,358
892
172
4,314
1,375
1,160
217
-
111,704
2,200
-
1,649
-
203,041
102,750
230,088
-
332,838		 Income
£
-
1,330
-
-
1,622
650
-
139
625
1,217
583
4,971
8,806
19,943
287,842
36,671
-
324,513		 Expenditure
£
(13,253)
(805)
-
(1,000)
(2,189)
(300)
(90)
(139)
(15,825)
-
(583)
(2,622)
(10,132)
(46,938)
(286,132)
-
-
(286,132)		 Transfers
in/out
£
13,647
-
-
-
2,190
(1,000)
300
-
6,742
(2,200)
-
-
-
19,679
(12,024)
-
30,353
18,329		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Balance at
31
December
2023
£
79,752
1,417
172
3,314
2,998
510
427
-
103,246
1,217
-
3,998
(1,326)
195,725
92,436
266,759
30,353
389,548

Page 29

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Statement of funds (continued)

Statement of funds - current year (continued)

Total
Unrestricted
funds
Endowment
funds
Waddell Trust
Fund
Pattison Fund
Restricted
funds
Existing
Property Value
Building
Improvement
Fund COP
PW Appeal
United Appeal
World
Development
Appeal
Earl Haig
Appeal
YCF Fund		 Balance at 1
January
2023
£
535,879
7,104
30,000
37,104
1,528,515
1,094,638
-
-
738
-
30,000
2,653,891		 Income
£
344,456
108
1,054
1,162
-
-
1,690
-
2,321
260
25,625
29,896		 Expenditure
£
(333,070)
-
-
-
-
(186,178)
-
(16,260)
(1,799)
(260)
(500)
(204,997)		 Transfers
in/out
£
38,008
(108)
(31,054)
(31,162)
-
-
(1,690)
16,260
-
-
(21,416)
(6,846)		 Gains/
(Losses)
£
-
458
-
458
-
-
-
-
-
-
-
-		 Balance at
31
December
2023
£
585,273
7,562
-
7,562
1,528,515
908,460
-
-
1,260
-
33,709
2,471,944

Page 30

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Property Fund
Benevolent
Fund
Flower Funds
Montgomery
Fund
PW Fund
PW Funeral
Funds
Sunday School
Fund
Wednesday
Club Funds
Missions &
Outreach Fund
Church Organ
Fund
Donations to
Ministries Fund
Freinds Across
Borders M&O
General funds
General
account
Sundry
bequests and
gifts
Total
Unrestricted
funds		 Balance at
1 January
2022
£
113,843
887
257
8,514
2,683
710
191
52
114,284
1,050
250
-
242,721
55,757
237,556
293,313
536,034		 Income
£
-
306
-
-
2,287
1,050
214
155
1,427
650
158
2,490
8,737
268,530
2,500
271,030
279,767		 Expenditure
£
(9,706)
(300)
(86)
(4,200)
(3,720)
(600)
(188)
(207)
(13,820)
-
(250)
(841)
(33,918)
(251,192)
-
(251,192)
(285,110)		 Transfers
in/out
£
(24,779)
-
-
-
124
-
-
-
9,814
500
(158)
-
(14,499)
29,656
-
29,656
15,157		 Gains/
(Losses)
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
(9,969)
(9,969)
(9,969)		 Balance at
31
December
2022
£
79,358
893
171
4,314
1,374
1,160
217
-
111,705
2,200
-
1,649
203,041
102,751
230,087
332,838
535,879

Page 31

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17. Statement of funds (continued)

Endowment
funds
Waddell Trust
Fund
Pattison Fund
Restricted
funds
Existing
Property Value
Building
Improvement
Fund COP
COP
Community
Outreach
Project
Moderator's
Appeal
PW Appeal
United Appeal
World
Development
Appeal
Earl Haig
Appeal
New Minister
Fund
YCF Fund
Special Appeal
- Student
Bursary		 7,557
33,103
40,660
1,485,704
1,259,773
39,027
-
-
-
-
-
51,278
-
-
2,835,782		 112
601
713
-
-
50
9,735
1,624
-
2,441
507
-
30,000
969
45,326		 -
-
-
-
(186,179)
-
(9,744)
-
(14,383)
(1,703)
(507)
-
-
(969)
(213,485)		 (112)
(1,313)
(1,425)
42,811
21,044
(39,077)
9
(1,624)
14,383
-
-
(51,278)
-
-
(13,732)		 (453)
(2,391)
(2,844)
-
-
-
-
-
-
-
-
-
-
-
-		 7,104
30,000
37,104
1,528,515
1,094,638
-
-
-
-
738
-
-
30,000
-
2,653,891

Page 32

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Summary of funds

Summary of funds - current year

Balance at
Balance at 1 31
January Transfers Gains/ December
2023 Income Expenditure in/out (Losses) 2023
£ £ £ £ £ £
Designated
funds 203,041 19,943 (46,938) 19,679 - 195,725
General funds 332,838 324,513 (286,132) 18,329 - 389,548
Endowment
funds 37,104 1,162 - (31,162) 458 7,562
Restricted
funds 2,653,891 29,896 (204,997) (6,846) - 2,471,944
3,226,874 375,514 (538,067) - 458 3,064,779
Summary of funds - prior year
Balance at
Balance at 31
1 January Transfers Gains/ December
2022 Income Expenditure in/out (Losses) 2022
£ £ £ £ £ £
Designated
funds 242,721 8,737 (33,918) (14,499) - 203,041
General funds 293,313 271,030 (251,192) 29,656 (9,969) 332,838
Endowment
funds 40,660 713 - (1,425) (2,844) 37,104
Restricted
funds 2,835,782 45,326 (213,485) (13,732) - 2,653,891
3,412,476 325,806 (498,595) - (12,813) 3,226,874

Page 33

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

19. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Endowment
funds
2023
£
-
5,517
2,045
-
7,562
year		 Restricted
funds
2023
Unrestricted
funds
2023
£
£
2,436,976
32,890
-
-
34,968
572,011
-
(19,627)
2,471,944
585,274		 Total
funds
2023
£
2,469,866
5,517
609,024
(19,627)
3,064,780
Analysis of net assets between funds - prior
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Other creditors
Total		 Endowment
funds
2022
£
-
5,059
32,045
-
-
37,104		 Restricted
funds
2022
£
2,623,153
-
30,737
-
-
2,653,890		 Unrestricted
funds
2022
£
7,873
-
558,900
(30,892)
(3)
535,878		 Total
funds
2022
£
2,631,026
5,059
621,682
(30,892)
(3)
3,226,872

20. Pension commitments

The charity operates a defined contributions pension scheme for its employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £2,480 (2022 - £1,898).

Contributions totalling £845 (2022 - £368) were payable to the fund at the balance sheet date and is included in creditors.

The Presbyterian Church in Ireland Pension Scheme (2009) Fund provides appropriate funds for the contributions to be made by the Presbyterian Church in Ireland to the Presbyterian Church in Ireland Pension Scheme (2009).

The property and assets of the Fund are held by the Trustees of the Presbyterian Church in Ireland. The Fund is made up of quarterly contributions assessed on the charity and other congregations which are determined annually by the General Assembly of the Presbyterian Church in Ireland. During the year, the charity made payments of £10,049 (2022: £9,571) to the Fund. There were no contributions outstanding at the balance sheet date in the current or prior year.

Page 34

FISHERWICK CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

21. Related party transactions

Rev Andrew Galbraith, also served as a Trustee of the charity for part of the year.

Total remuneration in respect of Rev Galbraith is £60,150, made up as follows: Salary: £41,871, Pension: £10,049 and Reimbursement of Expenses incurred on behalf of the charity of £8, 30 0.

Page 35