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2024-12-31-accounts

THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL ACTIVITIES For the year ended 31 December 2024

Income and endowments from:
Notes
Donations & Legacies
2
Charitable activities
3
Other trading activities
4
Investments
5
Other
6
Total
Expenditure on:
Raising funds
Charitable activities
7
Other
Total
Net gains/(losses) on investments
8
Net Income / (expenditure)
Transfers between funds
Other recognised gains/(losses):
Actuarial gains (losses) on defined
benefit pension schemes
9/10
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
Restricted
Endowment
Total Funds Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
309,854
2,643,781
-
2,953,635
2,182,442
19,354,952
194,305
-
19,549,257 17,198,496
7,229,379
4,775
2,465
7,236,619
6,829,792
37,066
1,775,344
(2)
1,812,408
1,538,816
330,041
-
-
330,041
487,699
27,261,292
4,618,205
2,463
31,881,960 28,237,245
-
(6,470)
-
(6,470)
(4,430)
(954,682)
(30,010,082)
(14,958)
(30,979,722) (33,015,990)
(71,337)
-
-
(71,337)
(70,167)
(1,026,019)
(32,657,774)
(14,958)
(31,057,529) (33,090,587)
38,840
529,469
2,312,269
2,880,578
5,077,821
26,274,113
(24,868,878)
2,299,774
3,705,009
224,479
(18,130,414)
18,332,367
(201,953)
-
-
-
(2,188,368)
-
(2,188,368)
1,004,044
8,143,699
(8,724,879)
2,097,821
1,516,641
1,228,523
3,640,035
26,524,006
50,543,637
80,707,678
79,479,155
11,783,734
17,799,127
52,641,458
82,224,319
80,707,678

The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities.

14

THE PRESBYTERIAN CHURCH IN IRELAND BALANCE SHEET As at 31 December 2024

Fixed Assets
Notes
Tangible assets
11
Investments
12
Total Fixed Assets
Current Assets
Debtors
13/14
Short-term Investments
12
Cash at bank and in hand
15
Total Current Assets
Liabilities
Creditors: amounts due within 1 year
16
Net Current Assets
Total Assets less Current Liabilities
Creditors: amounts due after 1 year
17
Provisions for liabilities & charges
18
Net Assets excluding pension assets / liabilities
Defined Benefit Pension Asset
Other Pension liability
10
Total Net Assets
Funds of the Charity
22		 Unrestricted
Restricted
Endowment
Total Funds Total Funds
Funds
Funds
Funds
2024
2023
£
£
£
£
£
16,337,395
-
1,020,000
17,357,395 18,216,874
-
12,591,423
51,276,259
63,867,682 60,984,314



16,337,395
12,591,423
52,296,259
81,225,077 79,201,188
2,838,636
-
-
2,838,636
3,172,718
-
2,000,000
-
2,000,000
2,580,963
121,598
5,817,518
347,281
6,286,397
7,128,148





2,960,234
7,817,518
347,281
11,125,033 12,881,829
(20,668)
(2,174,608)
(2,083)
(2,197,359)
(2,970,406)





2,939,566
5,642,910
345,198
8,927,674
9,911,423





19,276,961
18,234,333
52,641,457
90,152,751
89,112,611
-
(419,783)
-
(419,783)
(441,955)
-
(15,423)
-
(15,423)
(16,896)



19,276,961
17,799,127
52,641,457
89,717,545
88,653,760
-
-
-
-
-
(7,493,227)
-
-
(7,493,227)
(7,946,081)



11,783,734
17,799,127
52,641,457
82,224,318
80,707,679





11,783,734
17,799,127
52,641,457
82,224,318
80,707,679

The financial statements were approved and authorised for issue by the General Council.

H Wilson, Support Services Committee Convener;

D ALLEN, Acting Clerk of the General Assembly.

28 Oct 2025

15

Reconciliation of net movement of funds

to total cash inflows / (outflows) from charitable activities

Net movement of funds
Depreciation on fixed assets
Exchange (gain) / loss on translation of fixed assets
(Gain) / loss on investments
Actuarial (gain) / loss on pension obligations
Pension reporting adjustments FRS 102
Gain on disposal of fixed assets
Decrease / (Increase) in debtors
Decrease / (Increase) in loans receivable
(Decrease) in creditors		 2024
2023
£
£
1,516,641
1,228,523
1,046,029
999,565
70,112
26,899
(2,880,578)
(5,077,820)
2,188,368
2,045,214
(2,641,222)
(3,049,258)
(330,041)
(487,699)
(56,147)
12,102
390,229
12,076
(796,692)
(285,518)
Net cash (outflow) from charitable activities
Financial investment
Payments to acquire fixed assets
Proceeds from disposal of fixed assets
(Increase) / decrease in short term investments
Payments to acquire investments
Proceeds from disposal of investments		 (1,493,301)
(4,575,916)
(409,178)
(897,650)
482,556
558,651
580,963
(2,580,963)
(2,791)
(73,995)
-
995,601
651,550
(1,998,356)
Total cash (outflows) from charitable activities (841,751)
(6,574,272)
Reconciliation of net cash (outflow) to
movement in bank and cash balances
Cash and bank balances at end of year
Cash and bank balances at start of year		 6,286,397
7,128,148
7,128,148
13,702,420
(Decrease) in cash and bank balances in the year (841,751)
(6,574,272)

16

1. ACCOUNTING POLICIES AND BASIS OF ACCOUNTS PREPARATION

(i) BASIS OF PREPARATION AND GOING CONCERN

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 Republic of Ireland (FRS 102) - (Charities SORP (FRS102)).

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 note.

These financial statements reflect the activities of the General Assembly of the Presbyterian Church in Ireland. They do not include the financial activities of congregations of the Presbyterian Church in Ireland. Congregations have their own separate legal identity and are individually registered as charities with HM Revenue & Customs. The accounts do not include the financial activities of associated organisations and in particular The Presbyterian Children’s Society, The Presbyterian Relief Fund and The Presbyterian Historical Society which are separately constituted and prepare their own financial statements. These financial statements also do not include the General Investment Fund, which is a common investment fund managed by the Trustees of the Presbyterian Church in Ireland. The Trustees prepare a separate set of accounts for the General Investment Fund in accordance with the Statement of Recommended Practice: Financial Statement of Authorised Funds (May 2014, as amended in June 2017).

The Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS102) requires charities to account for the proper administration of individual funds in accordance with their respective terms. Charities will normally have the following types of funds:

The General Assembly is attended by active and retired ministers and representative elders from each congregation each with voting rights. The General Assembly endeavours to set the level of the United Appeal and the rates of assessments at amounts which congregations can afford to meet from their incoming resources. This should provide the financial support Councils require to continue their activities and the work carried out through the various assessment funds.

The activities of the Councils of the General Assembly of the Presbyterian Church in Ireland are dependent on contributions from congregations to the United Appeal and the various Assessment Funds, and in the case of the Council for Social Witness, fees earned from residential care activities.

The continuing deficit incurred by the Council for Social Witness during 2024 is not sustainable. The Council has engaged with the relevant Health Trusts to agree increased fees and has also implemented resident’s top-up fees. However, as these can only be applied to new residents it will take some time for the full financial benefit to be realised. The Council is also addressing underoccupancy in some of its facilities. With regard to its Disability & Specialist Services the Council is in discussion with funding partners with the aim of ensuring the full cost of these services is covered. It is anticipated these measures will allow most of the Council’s facilities to operate on a sustainable financial footing.

The Trustees have assessed the ability of the General Assembly to continue as a going concern for the period to 31 October 2026. In particular, the Trustees have considered the General Assembly’s available liquid resources, financial commitments and forecast cash flows, including considering the risk of increases in expenditure due to inflationary pressures and expected changes in the amount of income from congregations and residential care activities. Based on their assessment the General Assembly is expected to continue to operate within its cash facilities and meet its obligations as they fall due. As a consequence, the Trustees have assessed that it is appropriate to prepare the General Assembly’s financial statements on the going concern basis.

(ii) SOURCES OF INCOME

The main sources of income for the Councils established by the General Assembly are congregational donations to the United Appeal and Congregational Assessments.

Contributions to the United Appeal are to support the overall Mission work of the church, helping us do together, what none of the individual congregations could do by themselves. At its core therefore, United Appeal essentially covers everything we do.

Congregational Assessments are also used for a variety of purposes, including providing support to smaller congregations who are unable to fully fund the cost of their ministerial staff and to provide central administrative support and advice to all congregations. Assessments also provide financial support to congregations where a minister is unwell for a period of time and support the ongoing professional training and development of ministers as they lead their congregations. In financial terms, assessments therefore have some similarities with a membership charge or with the purchase of an insurance policy.

Income from residents, NHS Trusts and other government bodies in relation to the care homes is contractual income based on services provided.

Accordingly, in preparing these financial statements a significant majority of the income of the General Assembly is therefore classified as unrestricted income. This is a change from previous years as income was previously treated as being received at a Council level and therefore restricted to that Council.

Some Councils also receive direct support for their activities, e.g. donations, legacies or grants. If the donor has applied a restriction on what these funds can be used for, they are treated as restricted income related to that activity.

Any such funds are treated as being applied towards a Council’s costs in priority to any funding from United Appeal or Congregational Assessments. United Appeal Funding, in particular, is therefore seen as deficit funding.

Donations & Legacies

Donations and legacies include all income received by the charity that is, in substance, a gift made to it on a voluntary basis.

Legacies in particular are accounted for when received or earlier if it is probable that they will be received and their value can be measured with sufficient reliability. This will normally be when notification of the legacy is received from the personal representatives of the estate. Where a material legacy has been notified but the conditions of recognition in the Statement of Financial Activities have not been met details are included in the notes to the accounts.

17

Charitable Activities

Income from charitable activities primarily relates to income earned from the supply of goods / services under contract. It includes,

Other Trading Activities

This category includes income earned from both trading activities to raise funds for the charity and income from fundraising events. The main item in this category is congregational assessments.

Assessments on Congregations are intended to:

In addition, some Assessment income is allocated to the Incidental Fund which then covers payment of any other grants or expenses as approved by the General Assembly

The General Assembly of the Presbyterian Church in Ireland operates a central payroll for ministers in congregations. The related costs are paid through central funds and then collected from congregations with the Assessments. As the General Assembly of the Presbyterian Church in Ireland only acts as an agent in the collection and disbursement of these funds, such costs are not reflected in these financial statements but are included in the financial statements of individual congregations.

Investment Income

Investment income is accounted for on a receivable basis. Interest due at the year end on fixed interest investments is included in the valuation of those investments.

Other Income

Other income represents income that cannot be reported under the other analysis headings and is accounted for when received.

(iii) RESOURCES EXPENDED

Expenditure is recognised when and to the extent that a liability is incurred, when authorised by the relevant Council of the Church and communicated to the recipient or when a legal or constructive obligation arises.

(iv) FIXED ASSETS AND INVESTMENTS

Fixed assets are recorded at cost or valuation. Fixed assets received as gifts are capitalised at their estimated valuation and the equivalent amount included as voluntary income.

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 its expected useful life as follows:

Buildings – 50 years
Fixtures, fittings and equipment – 10 years
Motor vehicles – 4 years
Computers, software and technical equipment – 4 years

The carrying values of fixed assets are reviewed for impairment when circumstances indicate the carrying value may not be recoverable. Investments are valued at the ‘bid’ price at the balance sheet date and the gain or loss taken to the Statement of Financial Activities. Income accrued on fixed interest holdings is included as part of the valuation of investments at the year end.

Investments in short-term deposits that have an original term of more than 3 months are classified as short-term investments rather than cash or cash equivalent. They are held to meet short-term cash commitments rather than for investment purposes.

(v) EXCHANGE RATES

Activities based in the Republic of Ireland

Assets and liabilities denominated in Euro are translated at the rate of exchange ruling at the Balance Sheet date. Transactions in Euro currencies are recorded at the average rate of exchange and all differences are taken to the Statement of Financial Activities.

18

Transactions in Foreign Currencies

Transactions incurred during the year in foreign currencies are translated at the rate of exchange ruling at the date of the transaction.

(vi) PENSIONS AND OTHER POST-RETIREMENT BENEFITS

The cost of providing benefits under the defined benefit scheme is determined using the projected unit method, which attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of defined benefit obligations) and is based on actuarial advice. Past service costs are recognised in the Statement of Financial Activities on a straightline basis over the vesting period or immediately if the benefits have vested. When a settlement or a curtailment occurs the change in the present value of the scheme liabilities and the fair value of the plan assets reflects the gain or loss which is recognised in the Statement of Financial Activities. Losses are measured at the date that the Church becomes demonstrably committed to the transaction and gains when all parties whose consent is required are irrevocably committed to the transaction.

The interest element of the defined benefit cost represents the change in present value of scheme obligations resulting from the passage of time, and is determined by applying the discount rate to the opening present value of the benefit obligation, taking into account material changes in the obligation during the year. The expected return on plan assets is based on an assessment made at the beginning of the year of longterm market returns on scheme assets, adjusted for the effect on the fair value of plan assets of contributions received and benefits paid during the year. The difference between the expected return on plan assets and the interest cost is recognised in the Statement of Financial Activities as other finance income or expense.

Actuarial gains and losses are recognised in full in the period in which they occur.

The defined benefit pension asset or liability in the balance sheet comprises the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds that have been rated at AA or equivalent status), less any past service cost not yet recognised and less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

Contributions to defined contribution schemes are recognised in the Statement of Financial Activities in the period in which they become payable and unfunded.

Contributions to other post-retirement benefits are recognised in the Statement of Financial Activities in the period in which they become payable and unfunded.

(a) The Presbyterian Church in Ireland Pension Scheme (2009)

These accounts, as noted above, do not include the accounts of congregations of the Presbyterian Church in Ireland or the costs relating to ministers of those congregations who are members of the scheme. Although the full liability of the pension scheme is shown as a liability on the balance sheet, congregations contribute to the pension cost of ministers by way of an assessment and the amount received is included within Congregational Assessments shown in Note 4 to the accounts and the amount paid to the scheme in Note 10. The pension liability is therefore expected to be significantly funded by ongoing annual assessments on congregations.

(b) Other Retirement Benefits

A liability has been recognised in respect of pensions payable by the Retired Ministers’ Fund and the Widows of Ministers’ Fund to ministers and their widows respectively in respect of a minister’s service prior to 1 April 1978. A liability has also been included in respect of some other unfunded retirement arrangements and in respect of members of the Pension Trust Growth Plan.

(vii) RELATED PARTY TRANSACTIONS

Income or expenditure received from or paid to congregations and agencies is separately disclosed, but due to the volume of some of these transactions they are aggregated by nature of income or expenditure.

(viii) RESERVES

Reserves are primarily held in the form of investments or bank balances to provide a source of income for, or to fund expenditure related to charitable activities which are incurred before incoming resources are received.

(ix) LIABILITIES

Liabilities are recognised when there is an obligation committing the General Assembly to the expenditure.

(x) FUNDS

Restricted funds (including endowment funds) are to be used for specific purposes as specified by the donor. Expenditure which meets these criteria is identified to the fund, together with a fair allocation of overheads and support costs, if applicable.

Unrestricted funds are donations and other incoming resources received for charitable purposes. Designated funds are unrestricted funds earmarked for particular purposes.

(xvi) JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The estimation of and accounting for retirement benefit obligations involves judgements made in conjunction with independent actuaries. This involves estimates about uncertain future events including the recovery of net pension benefit assets, the life expectancy of scheme members, future salary and pension increases and inflation as well as discount rates. The assumptions used by the Church and a sensitivity analysis of the assumptions are described in note 10.

19

2. Donations & Legacies

2. Donations & Legacies
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2024 2023
£ £ £ £ £
Congregational Contributions to
– World Development Appeal – 516,180 – 516,180 459,211
– Special Appeals – 23,211 – 23,211 120,084
– Presbyterian Women – 371,029 – 371,029 376,965
– Students Bursary Fund – 75,993 – 75,993 70,225
– Council for Mission in Ireland – 142,020 – 142,020 144,336
– Other – 25,184 – 25,184 44,553
Contributions sub-total – 1,153,617 – 1,153,617 1,215,374
Gifts and Donations – 726,516 – 726,516 418,155
Legacies 205,968 200,312 – 406,280 363,993
Trust Funds – 263,521 – 263,521 94,422
Grants receivable – 34,815 – 34,815 23,106
Other 103,886 265,000 – 368,886 67,392
Other sub-total 309,854 1,490,164 – 1,490,164 967,068
Total 309,854 2,643,781 – 2,953,635 2,182,442

There were no legacies which have been notified which have not been included in the Statement of Financial Activities.

3. Charitable Activities

3. Charitable Activities
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2024 2023
£ £ £ £ £
Congregation United Appeal contributions 3,509,186 3,509,186 3,136,819
Sale of Magazines and Publications 253,281 - – 253,281 241,740
Rental income from provision of
accommodation including students 570,200 - – 570,200 573,779
Fees and contractual payments from
government or public authorities
– Care for the Elderly 9,959,886 - – 9,959,886 8,514,029
– Care for Disability 2,752,515 - – 2,752,515 2,350,427
– Rehabilitation of Offenders 722,313 - – 722,313 670,900
– Alcohol and Drug Abuse 939,532 - – 939,532 904,168
– Youth Work 37,158 - – 37,158 30,477
– Deaconesses 282,831 - – 282,831 286,796
– Union Theological College 288,717 - – 288,717 212,626
– Student Bursary 36,713 - – 36,713 13,077
External grants – 194,305 – 194,305 260,758
Other 2,620 - – 2,620 2,900
Total 19,354,952 194,305 – 19,549,257 17,198,496

4. Other Trading Activities

4. Other Trading Activities
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2024 2023
£ £ £ £ £
Congregational Assessments 6,449,756 - - 6,449,756 6,180,501
Rental income from surplus property 698,177 - 2,465 700,642 663,313
Trading activity 81,446 - - 81,446 -
Other – 4,775 – 4,775 (14,020)
Total 7,229,379 4,775 2,465 7,236,619 6,829,794

5. Investments

5. Investments
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2024 2023
£ £
General Investment Fund 20,342 1,496,830 -2 1,517,170 1,213,054
Equities - 5,893 - 5,893 5,781
Interest on deposits - 272,621 - 272,621 305,274
Interest on loans 16,724 - - 16,724 14,709
Total 37,066 1,775,344 -2 1,812,408 1,538,818

The dividend received on shares held in the General Investments Fund was 33.0p per share in 2024 compared to 26.0p in 2023.

6. Other Income

6. Other Income
Unrestricted Restricted Endowment Total Funds Total Funds
Funds Funds Funds 2024 2023
£ £ £ £ £
Gain on disposal of fixed assets 330,041 - - 330,041 476,621
Gain on disposal of investments - - - - 11,078
Total 330,041 - - 330,041 487,699

20

7. Expenditure on Charitable Activities

7. Expenditure on Charitable Activities
Total Funds Total Funds
2024 2023
£ £
Council for Global Mission 2,481,720 2,207,731
Council for Mission in Ireland 3,836,114 4,431,935
Council for Social Witness 15,844,166 15,033,490
Council for Congregational Life and Witness 737,959 642,390
General Council 5,513,469 5,491,077
Council for Training in Ministry 1,972,813 1,824,076
Special Appeals 72,152 388,519
Presbyterian Women 214,879 205,881
Grants distributed by Trustees under various Trust funds 73,136 7,538
30,746,408 30,232,637
Pension Contributions relating to congregational ministers
funded through congregational assessment 69,416 2,614,267
Governance Costs:
Audit 64,432 66,312
Legal Fees 18,000 18,000
General Assembly costs 81,466 84,774
163,898 169,086
Total 30,979,722 33,015,990

The auditors’ remuneration relates to the audit of the financial statements. No other fees were incurred during the year in respect of non-audit work. Members of General Assembly Councils and Committees do not receive any remuneration but are entitled to claim an allowance for travel expenses to meetings or any expenses necessarily incurred in fulfilling their duties.

Included in £30,979,722 above (2023 - £33,015,990) are the following costs in respect of personnel:

Total Funds Total Funds
2024 2023
£ £
Salaries and Allowances 12,476,953 11,487,750
National Insurance 1,062,049 970,379
Pension Contributions 1,414,851 1,363,209
14,953,853 13,821,338
Pension Payments 614,651 625,987
Total 15,568,504 14,447,325
The average number of personnel during the year was 556 546
The average number receiving a pension payment was 397 387

There were 3 employees who received emoluments (excluding pension costs) exceeding £60,000.

60,000 - 70,000 1
70,000 - 80,000 2

Included within the cost of charitable activities is the following allocation of support services costs;

Included within the cost of charitable activities is the following allocation of support services costs;
£ £
Finance department and central administration costs 482,746 447,613
Information Technology department 609,275 594,406
Payroll office 125,710 120,872
Human Resources department 338,540 262,936
General Secretary’s department 413,124 455,666
1,969,395 1,881,493
Less: income (20,764) (8,053)
Less: charges to other agencies and external bodies (24,546) (53,089)
Net allocation to Councils 1,924,085 1,820,351
The allocation to Councils is as follows:
Council for Global Mission 51,490 53,263
Council for Mission in Ireland 113,055 114,253
Council for Social Witness 509,924 448,127
Council for Congregational Life and Witness 89,752 90,356
General Council 903,725 860,697
Council for Training in Ministry 184,636 181,608
Presbyterian Women 29,750 30,951
Creative Production 41,753 41,096
Total 1,924,085 1,820,351

Support service costs have been allocated on the following basis

– Finance and administration: staff time

– Information Technology: number of users and user accounts – Personnel and Payroll: staff numbers

– General Secretary’s: allocated to the Incidental Fund

21

8. Net Gains / (Losses) on Investments

8. Net Gains / (Losses) on Investments
Total Funds Total Funds
2024 2023
£ £
Gains / (Losses) on investment assets 2,880,578 5,077,821
9. Actuarial (Losses) / Gains on Pension Benefits
Total Funds Total Funds
2024 2023
£ £
Defined pension obligations (Note 10(i)) (1,853,000) (2,010,000)
Unfunded pension obligations (Note 10(ii)) (302,527) (35,242)
Pensions Trust (Note (10(iii)) (32,841) 28
Total (2,188,368) (2,045,214)

10. Pensions

10. Pensions 10. Pensions 10. Pensions
Reporting adjustments relating to the accounting for pensions under Financial Reporting Standard No. 102
2024 2023
Presbyterian Church in Ireland Pension Scheme (2009) £ £
Current service cost (2,951,000) (2,729,000)
Administrative expenses (includes PPF levy) (212,000) (185,000)
Net interest cost 890,517 888,838
Past service cost – –
Contributions by the Church 4,141,178 4,050,178
1,868,695 2,025,016
Unfunded Pension Scheme contributions 772,527 1,024,242
Total 2,641,222 3,049,258
Balance Sheet Pension Asset & Liability Total Funds Total Funds
2024 2023
Pension asset £ £
PCI Pension Scheme (2009)* - Note 10(i) – –
Pension liability
Unfunded pension obligations - Note 10 (ii) (7,459,000) (7,929,000)
Pension Trust - Note 10(iii) (34,227) (17,081)
Pension liability (7,493,227) (7,946,081)

(i) The Presbyterian Church in Ireland Pension Scheme (2009)

The Presbyterian Church in Ireland Pension Scheme (2009) (the Scheme) is a funded scheme of the defined benefit type, providing defined benefits based on career average revalued earnings. The Scheme has assets held in a separately administered fund managed by a board of trustees. The Church and 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 2 March 2022 whereby the Church agreed to pay 24.0% of pensionable salary to cover the accrual of benefits for future service, expenses, the cost of insuring death in service benefits and funding the scheme deficit. A further Schedule was agreed on 31 Dec 2024 and valid for 5 years, whereby the church contribution was reduced to 17.5% of pensionable salary.

Church contributions to the Scheme in 2025 are estimated to be £4.0m. Additional church contributions may be required if there are any augmentations during the year.

The valuations used for FRS 102 purposes have been based on a full assessment of the liabilities of the Scheme as at 31 December 2024. The present values of defined benefit obligations, the related current service cost and any past service costs were measured using the projected unit method. The principal assumption used to calculate the liabilities under FRS 102 are set out below.

The Trustees are aware that the appeal in the UK High Court case of NTL v Virgin Media was dismissed in July 2024. The Court upheld the decision that relevant amendments made between April 6, 1997, and April 5, 2016, to affected contracted-out UK defined benefit pension scheme rules are invalid and void in certain circumstances, particularly where an amendment affecting section 9(2B) rights lacked the necessary section 37 confirmation. The Presbyterian Church in Ireland Pension Scheme (2009) was contracted-out during this period, and there may be relevant rule changes made during that time.

The UK government has since proposed amendments to the Pension Schemes Bill to introduce a mechanism for retrospectively validating 'potentially remediable alterations'. This allows Trustees to seek actuarial confirmation that the alteration would not have prevented the scheme from meeting the required standard. If confirmed, the alteration is treated as always valid.

The Pension Trustees and the employer will now review amendments made during the specified period to assess if they are 'potentially remediable alterations' and if the new provisions can be used to obtain retrospective actuarial confirmation. This review will determine if any additional liabilities for the Scheme and the General Assembly may arise.

Main financial assumptions 2024 2023
% p.a. % p.a.
RPI inflation 3.25 3.10
CPI inflation 2.65 2.40
Pension Increases
– CPI inflation up to 2.5% p.a. 1.85 1.75
– RPI inflation up to 5.00% p.a. 3.05 2.85
– Consumer Prices Index up to 5% p.a. subject to a minimum of 3% p.a. 3.50 3.45
Discount rate for scheme liabilities 5.40 4.60
Longevity for members currently aged 65
– Male 86.2 86.0
– Female 88.7 88.5
Longevity for members reaching 65 in 20 years
– Male 87.1 86.9
– Female 89.8 89.6

22

The table below provides information on the sensitivity of the defined obligations to changes to the most significant actuarial assumptions. The table shows the impact of changes of each assumption in isolation although, in practice, changes to the assumptions may occur at the same time and can either offset or compound the overall impact on the defined benefit obligations. These sensitivities have been calculated using the same methodology as used for the main calculations, and there has been no change since the previous period to the method and assumptions used in preparing the sensitivity analysis. The weighted average duration of the defined benefit obligation is 20 years.

Percentage change to Defined Benefit Obligation
Assumption Change to assumptions
Increase by Increase %
Discount rate (+ 0.1% p.a.) (£1,906,000) -1.2%
Inflation (+ 0.1% p.a.) £981,000 0.6%
Life Expectancy (+1 year) (£4,207,000) 2.7%
Fair value of assets Value at Value at
2024 2023
£000’s £000’s
Equities 58,105 50,414
Dynamic Diversified Growth Fund 48,299 47,805
Matching Core Real Long Fund 25,562 33,917
Matching Core Fixed Long Fund 21,813 30,009
Property 19,492 18,463
Cash / other 43 –
Assets held in respect of insured pensioners 1932 910
Total 175,246 181,518
2024 2023
Reconciliation of funded status to balance sheet £000’s £000’s
Fair value of Scheme assets 173,314 180,608
Fair value of insured pensioner annuities 1,932 910
Present value of funded defined benefit obligations (152,514) (163,176)
Liability in respect of insured pensioners (1,932) (910)
Restriction on Scheme asset to recoverable amount (20,800) (17,432)
Asset recognised on the balance sheet – –

The FRS 102 valuation of the Scheme as at 31 December 2024 resulted in an estimated net pension plan asset of £20,800,000 (2023: £17,432,000). FRS 102 requires that an entity shall recognise a plan surplus as a defined benefit plan asset only to the extent that it is able to recover the surplus either through reduced contributions in the future or through refunds from the plan. Since FRS 102 provides no further guidance in this respect, as allowed under FRS 102 the Trustees have considered the relevant requirements of International Financial Reporting Standards, in particular IFRIC Interpretation 14 IAS 19 – “The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction” (IFRIC 14).

IFRIC 14 requires that the right to recovery through a refund must be unconditional. Having sought legal advice the Trustees have concluded that the Presbyterian Church in Ireland does not have an unconditional right to a refund of a surplus in the Scheme.

The Trustees have also considered the requirements of IFRIC 14 in respect of the ability to recover a surplus through reduced contributions in the future. In particular, the Trustees have considered the schedule of contributions agreed by the Presbyterian Church in Ireland and the Trustees of the Scheme following the triennial actuarial valuation of the Scheme as at 31 December 2020. This valuation reflects a lower future funding rate than is required as part of the surplus that will be utlised over the period to the next triennial actuarial valuation of the scheme on 31 December 2023.

The Trustees’ assessment has also included obtaining advice from the actuaries that performed the FRS 102 valuation. The Trustees have assessed that due to the magnitude of the estimated net pension plan asset, the long term duration of the period over which contributions would be required to be reduced (at least 15 years), and the inherent uncertainty over future actuarial valuations and the resultant contribution required, that there is significant uncertainty over the ability of the Presbyterian Church in Ireland to recover the estimated surplus at 31 December 2024 through reduced contributions in the future.

Based on their assessment as set out above, the Trustees have concluded that it is appropriate not to recognise any of the estimated net pension plan asset and hence the Trustees have restricted the net pension plan asset to £nil.

restricted the net pension plan asset to £nil.
2024 2023
Analysis of Statement of Financial Activities £000’s £000’s
Total current service cost 2,951 2,729
Administrative expenses (includes PPF levy) 212 185
Past service cost – –
Net interest income / cost (891) (890)
Expense recognised in the Statement of Financial Activities 2,272 2,024
2024 2023
Changes to the present value of the defined benefit obligation £000’s £000’s
Opening defined benefit obligation 164,086 156,914
Current service cost 2,951 2,729
Expenses 212 185
Interest cost 7,398 7,518
Contributions by Scheme participants 1,187 1,150
Remeasurement losses / (gains) on Scheme liabilities (15,197) 5,869
– Actuarial gains on Scheme liabilities in respect of assumptions 1,053 (4,847)
– Actuarial gains on Scheme liabilities in respect of experience 554 2,775
Net benefits paid out (7,798) (8,207)
Past service cost – –
Closing defined benefit obligation 154,446 164,086
Changes to the fair value of Scheme assets during the year £000’s £000’s
Opening fair value of Scheme assets 181,518 173,084
Interest income on Scheme assets 8,289 8,408
Return on Plan in excess of interest (12,075) 3,049
Contributions by the Church 4,125 4,034
Contributions by Scheme participants 1,187 1,150
Net benefits paid out (7,798) (8,207)
Closing fair value of Scheme assets 175,246 181,518

23

2024 2023
Analysis of amounts recognised in other comprehensive income £000’s £000’s
Return on Scheme assets less interest income (12,075) 3,049
(Losses) / Gains on assumptions 14,144 (1,022)
Experience gains on scheme liabilities (554) (2,775)
Restriction on Scheme asset to recoverable amount (3,368) (1,262)
Total (loss) / gain (1,853) (2,010)
2024 2023
Actual return on Scheme assets £000’s £000’s
Interest income on Scheme assets 8,289 8,408
Return on Scheme assets less interest income (12,075) 3,049
Total return on Scheme assets (3,786) 11,457

(ii) Unfunded Pension Arrangements

The Presbyterian Church in Ireland has some unfunded pension arrangements as follows:

The amounts charged to the Statement of Financial Activities during the year were as follows:

2024 2023
£ £
Central Ministry Fund 175,258 394,528
Retired Ministers Fund 344,303 352,364
Widows of Ministers Fund 251,090 271,836
Retired College professors - 1,787
Retired Deaconesses 1,876 3,727
Total 772,527 1,024,242
Retirement Benefits Present value Present value
of retirement Fair value of retirement Fair value
obligations of assets obligations of assets
2024 2024 2023 2023
(£000) (£000) (£000) (£000)
Retired Ministers’ Fund 2,446 2,308 2,788 2,470
Widows of Ministers’ Fund 2,428 839 2,459 831
Central Ministry Fund 2,518 7,847 2,527 7,493
Presbyterian Women 22 – 27 –
Union Theological College - – 82 –
Missionaries and others 45 – 46 –
Total 7,459 10,994 7,929 10,794
Present value of retirement obligations 2024 2023
£ £
At start of year 7,929,000 8,918,000
Amount charged to Statement of Financial Activities during the year (772,527) (1,024,242)
Actuarial gains during the year 302,527 35,242
At end of year 7,459,000 7,929,000

The fair value of assets represents the net assets of the Funds and these are included within the Balance Sheet. These Funds are managed by the General Council and are not held in a separately administered fund with a separate Board of Trustees. Consequently, the fair value of assets is not deducted from the pension liability shown on the Balance Sheet.

(iii) The Pensions Trust Growth Plan

The Presbyterian Church in Ireland’s Council for Social Witness participates in the Pension Trust Growth Plan - a multi-employer scheme which provides benefits to some 638 nonassociated participating employers. The scheme is a defined benefit scheme in the UK. It is not possible for the Presbyterian Church in Ireland to obtain sufficient information to enable it to account for the scheme as a defined benefit scheme. Therefore, it accounts for the scheme as a defined contribution scheme.

The scheme is subject to the funding legislation outlined in the Pensions Act 2004 which came into force on 30 December 2005. This, together with documents issued by the Pensions Regulator and Technical Actuarial Standards issued by the Financial Reporting Council, set out the framework for funding defined benefit occupational pension schemes in the UK.

The scheme is classified as a ‘last-man standing arrangement’. Therefore, the Presbyterian Church in Ireland is potentially liable for other participating employers’ obligations if those employers are unable to meet their share of the scheme deficit following withdrawal from the scheme. Participating employers are legally required to meet their share of the scheme deficit on an annuity purchase basis on withdrawal from the scheme.

A full actuarial valuation for the scheme was carried out at 30 September 2020. This valuation showed assets of £800.3m, liabilities of £931.9m and a deficit of £31.6m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2022 to 31 January 2025: £3,312,000 per annum (payable monthly)

Unless a concession has been agreed with the Trustees the term to 31 January 2025 applies.

24

The scheme’s previous valuation was carried out at 30 September 2017. This valuation showed assets of £794.9m, liabilities of £926.4m and a deficit of £131.5m. To eliminate this funding shortfall, the Trustee has asked the participating employers to pay additional contributions to the scheme as follows:

Deficit contributions

From 1 April 2019 to 30 September 2025: £11,243,440 per annum, (payable monthly, increasing by 3% on 1st April)

The recovery plan contributions are allocated to each participating employer in line with their estimated share of the Series 1 and Series 2 scheme liabilities.

Where the scheme is in deficit and where the participating employer has agreed to a deficit funding arrangement the participating employer recognises a liability for this obligation. The amount recognised is the net present value of the deficit reduction contributions payable under the agreement that relates to the deficit. The present value is calculated using the discount rate detailed in these disclosures. The unwinding of the discount rate is recognised as a finance cost.

2024 2023
£ £
Present value of provision 34,227 17,081
2024 2023
Reconciliation of opening and closing provisions £ £
Provision at start of period 17,081 32,125
Unwinding of the discount factor (interest expenses) 483 1,162
Deficit contributions paid (16,178) (16,178)
Remeasurements – impact of any change in assumptions 214 (28)
Remeasurements – amendments to the contributions schedule 32,627 –
Provision at end of period 34,227 17,081
2024 2023
Income and expenditure impact £ £
Interest expense 483 1,162
Remeasurements – impact of any change in assumptions 214 (28)
Remeasurements – amendments to the contributions schedule 32,627 –
Assumptions
Rate of discount 4.90% 5.31%

The discount rates shown above are the equivalent single discount rates which, when used to discount the future recovery plan contributions due, would give the same results as using a full AA corporate bond yield curve to discount the same recovery plan contributions. The following schedule details the deficit contributions agreed between the Presbyterian Church in Ireland and the scheme at each year end period:

(£000s) (£000s)
Year ending 31 December 2024 31 December 2023
Year 1 10 16
Year 2 12 1
Year 3 12 –
Year 4 3 -

(iv) Standard Life Auto-Enrolment Scheme

The Presbyterian Church in Ireland has in place a pension arrangement with Standard Life for those not eligible to join the Presbyterian Church in Ireland Pension Scheme (2009). The Church contribution rate is 6% and the members 4%. This is a defined contribution scheme and contributions are accounted for as they become due.

11. Fixed Assets

11. Fixed Assets
Fixtures
Land and Fittings and Motor
Buildings Equipment Vehicles Total
COST £ £ £ £
At start of year 29,811,060 6,332,621 226,403 36,370,084
Exchange loss on retranslation (156,267) 212 – (156,055)
Additions 149,708 202,881 56,591 409,180
Disposals (246,663) (2) (24,001) (270,666)
At end of year 29,557,838 6,535,712 258,993 36,352,543
DEPRECIATION
At start of year 13,177,243 4,790,429 185,541 18,153,213
Exchange loss on retranslation (86,333) 390 – (85,943)
Charge for year 636,525 393,618 15,886 1,046,029
Disposals (92,334) (1,818) (24,001) (118,153)
At end of year 13,635,101 5,182,619 177,426 18,995,146
NET BOOK VALUE
At start of year 16,633,817 1,542,192 40,862 18,216,871
At end of year 15,922,737 1,353,093 81,567 17,357,397

Land and Buildings are recorded at cost or where they have been bequeathed or donated at their estimated value at that time.

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12. Investments

Fixed Asset Investments

Fixed Asset Investments
Total Funds Total Funds
2024 2023
£ £
General Investment Fund 63,763,496 60,882,578
Equities 104,186 93,963
Property and Ground Rents - 7,773
Total 63,867,682 60,984,314
At start of year 60,984,314 56,817,020
Additions 2,790 73,995
Proceeds on disposal - (995,600)
Realised (losses) / gains on disposal of investments and
unrealised (decreases) / increases in market value of investments 2,880,578 5,088,899
At end of year 63,867,682 60,984,314

All investments were listed on recognised stock exchanges

The Councils of the Church hold shares in the General Investment Fund which is managed by the Trustees of the Presbyterian Church in Ireland, a corporate body established under the Irish Presbyterian Church Act 1871 (the Church Trustees).

Other investments represent quoted securities held by Councils outside of the General Investment Fund.

FRS 102 requires the disclosure of investments under the following hierarchy,

2024 2023
Category 1 63,867,821 60,984,314

There were no individual shareholdings or investments which are considered to be material with regard to their market values and proportion of the portfolio as at 31 December 2024. The General Council have set 5% of the year end market value of the investment portfolio as the threshold for reporting material investments.

Investment Risk Disclosures

FRS 102 requires the disclosure of information in relation to certain investment risks. These risks are set out by FRS 102 as follows:

The Church Trustees determine their investment strategy after taking advice from a professional investment adviser. The Funds have exposure to these risks because investments are made following the investment strategy set out below. The Church Trustees manage investment risks, including credit risk and market risk, within agreed risk limits which are set taking into account the strategic investment objectives. These investment objective and risk limits are implemented through the investment management agreements in place with the Scheme’s investment managers and monitored by the Church Trustees by regular reviews of the investment portfolio. Further information on the Church Trustees’ approach to risk management, credit and market risk is set out below,

Cash is held within financial institutions which are at least investment grade credit rates. This is the position at the year-end.

Short Term Investments

Investments in term deposits at the bank have an average maturity of 5 months at the balance sheet date. These deposits earned an average interest rate of 4.17% during the period

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13. Debtors

13. Debtors
Total Funds Total Funds
2024 2023
£ £
Amounts receivable from congregations towards United Appeal 907,617 1,104,756
Amount receivable from congregations towards assessments 41,527 65,495
Income due from Trust Funds - 5,000
Residents’ fees 259,539 143,036
Interest receivable 38,413 20,835
Loans Receivable (Note 14) 281,245 671,474
Prepayments and accrued income 1,310,295 1,162,122
Total 2,838,636 3,172,718

14. Loans Receivable

14. Loans Receivable
Total Funds Total Funds
2024 2023
£ £
Retired Ministers’ House Fund 116,875 124,470
Crescent Loan Fund 161,583 169,798
Council for Mission in Ireland – Bridging Loan 2,787 377,206
Total 281,245 671,474

The Retired Ministers’ House Fund prior to 2019 provided loans to ministers to assist in the provision of accommodation in retirement. Loans of up to £50,000 were available. Ministers were required to make a monthly loan repayment with any outstanding balance normally repaid within 6 months of a minister’s retirement. Interest is charged at 50% of the Base Rate +1%. The average rate during 2024 was 3.56% (2023 – 3.33%).

The Crescent Loan Fund provides loans to congregations of the Presbyterian Church in Ireland with short-term financial requirement on an interest free or low interest basis. The present policy is to charge interest at half the sum of bank base rate and 2% on the average balance outstanding over the term of the loan. Loans are provided up to £50,000 and normally have a 3-year term.

CMI provided a bridging loan in 2022 to Dundalk Presbyterian Church to facilitate the purchase of a new manse. This loan was repaid in 2024.

Total Funds Total Funds
2024 2023
£ £
At start of year 671,474 683,550
New loans issued during the year 70,000 137,395
Repayments during the year (460,229) (149,471)
At end of year 281,245 671,474

15. Cash at Bank and In-Hand

15. Cash at Bank and In-Hand
Total Funds Total Funds
2024 2023
£ £
Current Accounts 671,175 953,664
Euro Accounts 690,469 113,938
Cash in hand 15,667 17,076
Interest Bearing Deposit Accounts 4,909,087 6,043,370
6,286,397 7,128,148

16. Creditors: Amounts falling due within one year

Total Funds Total Funds
2024 2023
£ £
Trade creditors 315,799 450,913
Social security creditors 702,586 708,101
Due to General Investment Fund 231,595 482,076
Due to Presbyterian Relief Fund 54,426 53,649
Finance lease obligations – –
Accruals and other creditors 892,953 1,275,667
Total 2,197,359 2,970,406

17. Creditors: Amounts falling due after more than one year

17. Creditors: Amounts falling due after more than one year
Total Funds Total Funds
2024 2023
£ £
Loan Council of Social Witness, Tritonville Development 419,783 441,955

The former Board of Social Witness received an interest free Euro loan from Frazer House, Dublin towards the cost of the Tritonville Development, Dublin. The loan is only repayable in the event of the disposal of that development. The loan is converted to sterling at the rate of exchange ruling at the Balance Sheet date.

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18. Provisions for Liabilities & Charges

18. Provisions for Liabilities & Charges
Total Funds Total Funds
2024 2023
£ £
Deferred Grant – Council for Social Witness (Older People Services) 15,423 16,895
Balance at start of year 16,896 17,887
Exchange rate adjustment (814) (332)
Amortised during the year (659) (659)
Balance at end of year 15,423 16,896

19. Taxation

The General Assembly is registered with HMRC as a Charity, Charity No. XN45376. It is also registered for Value Added Tax, VAT No. 820745442. There were no activities during the year which gave rise to a liability to Corporation Tax and consequently a deferred tax asset has not been recognised in relation to the pension liability included on the Balance Sheet.

20. Financial Commitments and Contingencies

(i) On 1 September 2014 the Presbyterian Church in Ireland entered into an agreement to take over the running of Lawnfield House, Newcastle a respite care facility, from the Trustees of the Disabled Christians’ Fellowship Holiday Homes. The agreement included the transfer of the ownership of the property which was independently valued at £500,000. In exchange the Church agreed pay an amount to the Trustees of the Disabled Christians’ Fellowship Holiday Homes to clear existing loan facilities which were agreed at £168,115. The net amount of £331,885 had been included as a gift within incoming resources in the Statement of Financial Activities. Part of the transfer agreement made provision that if within a 20 year period the Church sells, transfers, assigns, leases or otherwise disposes of the property (or any part) that it will pay to the Trustees of the Disabled Christians’ Fellowship Holidays Homes a percentage of £331,855 starting at 95% if disposed of within year 1 and reducing by 5% each year thereafter with no payment required after 20 years.

(ii) There are no financial commitments in respect of operating or finance leases

There were no capital or financial commitments contracted for, or contingencies at 31 December 2024 which are not otherwise disclosed in these financial statements.

21. Related Party Transactions

The Councils of the General Assembly of the Presbyterian Church in Ireland and their respective roles are outlined in the Annual Report. The main source of income for most Councils is from congregations of the Presbyterian Church in Ireland, either through donations to the United Appeal and other appeals or though Congregational Assessments. The amounts received during the year are disclosed in Notes 2-4 to the Financial Statements.

Some of the resources expended as disclosed under Note 7 Charitable Activities will be paid to congregations, individuals or agencies connected with the Presbyterian Church in Ireland. In particular pensions paid through the Retired Ministers and Widows of Minister Funds in respect of pre-1978 service are to retired ministers and widows of the Church (see Note 10).

The Retired Minsters’ House Fund provided loans in the past to ministers to assist in the provision of a retirement home. Ministers receiving loans may serve on Councils or Committees or be paid from the central funds of the Church. The terms of such loans are on the same basis as for any minister requesting assistance from the fund.

The Charity Trustees of the General Assembly of the Presbyterian Church of Ireland are the members of its General Council. None of the members receive any remuneration for acting as Charity Trustees or as members of the General Council but they are entitled to claim certain expenses in relation to their attendance at meetings. In this regard, 15 Trustees were reimbursed £8,700 of business expenditure.

Members who are ministers of congregations will be in receipt of a stipend and other amounts directly from their congregation.

Retired members will be in receipt of a pension from the Presbyterian Church in Ireland Pension Scheme (2009) and in some cases from other funds of the Church. Clerks of Presbytery will receive remuneration directly from their Presbyteries for acting as Clerk.

Six members of the General Council (T Gribben, K Swarbrick, M McClenahan, M Cowan, D Allen and N Craig) did during the year receive remuneration from the Presbyterian Church in Ireland in their capacity as employees of the Church. The total cost to the Church, including salary, employer’s national insurance and pension contributions, for these individuals during 2024 was £438,126 (2023: 4 members at a cost of £299,263).

The Moderator of PCI is also paid an allowance equal to the Basic Ministerial Minimum (£32K) to cover costs incurred during his year in office.

22. Funds of the Charity

22. Funds of the Charity
Fund Balances
Assembly Discretionary Fund
General Council
Global Mission
Congregational Life & Witness
Presbyterian Women
Training in Ministry
Mission in Ireland
Social Witness
United Appeal
Trustees of PCI
Pension Scheme Liability
Total		 Unrestricted
2024
2023		 Restricted
2024
2023		 Endowment
2024
2023		 Total
2024
2023
1,185,855
8,924,151
27,388
44,200
75,963
876,248
1,033,403
4,798,556
2,296,223
14,975
-7,493,227		 1,012,156
2,627,880
-
-
-
-
-
-
-
-
-		 -
-
3,828,520
596,824
2,564,210
1,201,744
9,195,397
-
-
412,432
-		 -
6,484,508
3,681,422
587,153
2,415,631
2,499,732
11,138,651
5,450,932
2,212,058
-
- 7,946,081		 -
23,195,291
7,350,858
180,645
1,075,303
2,964,127
63,443
-
59,513
17,751,277
-		 22,204,948
7,018,998
172,490
1,026,758
2,876,357
60,996
-
56,826
17,126,264
-		 1,185,855
32,134,111
11,206,766
821,669
3,715,476
5,042,119
10,293,242
4,798,556
2,355,736
18,178,684
- 7,493,227		 1,012,156
31,312,633
10,700,420
759,643
3,442,389
5,376,089
11,199,647
5,450,932
2,268,884
17,126,264
- 7,946,081
80,707,679
11,783,734 3,640,036 17,799,127 26,524,006 52,641,458 50,543,637 82,224,318

Funds have been transferred to ensure there are no negative balances in the Restricted Funds.

Information relating to the purposes of these funds is provided in the Trustee report.

28