Dundonald Presbyterian Church A congregation of the Presbyterian Church in Ireland Church on the Green DUNDONALD PRes•YTERIAN RUSTEES ANNUAL REPORT AND FINANCIAL STATEMEN FOR THE YEAR ENDED DECEMBER 2023 Registered with the Charity Commission for Northern Ireland NIC 104489
DUNDONALD PRESBYfERIAN CHURCH A Congregation of the Presbyterian Church in Ireland STATEMENT OF FINANCIAL ACTIVITY FOR YEAR ENDED 31 DECEMBER 2023 Total Funds 2023 Total Funds 2022 Notes Unrestrirted Funds Restrirted Funds Income from . Donations Charitable activities Building Fund 82,873 82,873 335,448 63,141 58,052 190,285 62,197 335,448 63,141 Total 335,448 146,014 481,462 310,534 Expenditure on . Charitable activities Interest on loans 213,667 109,398 323,065 333,647 Total 213,667 109,398 325,065 333,647 Surplus/Deficit 121,781 36,616 158,397 {23,1131 Net gain on investments 46 46 30 Net Income / (expenditure) 121,827 36,616 158,443 123,083) Transfers between funds Net movement in funds Reconciliation of funds: Total funds brought forward 299,022 1,885,157 2,184,179 2,207,262 Total funds carried forward 420,849 1,921,773 2,342,622 2,184,179 io
DUNDONALD PRESBYfERIAN CHURCH A Congregation of the Presbyterian Church in Ireland BALANCE SHEET As at 31st December 2023 Total Funds Total Funds 2023 2022 Notes Unrestricted Restricted Funds Funds Fixed assets Tangible assets Investments Total fixed assets 1,717,469 1,717,469 2,151 1,719,620 1,699,408 2,151 1,701,559 2,151 2,151 1,717,469 Current assets Debtors 94,169 8,601 102,770 16,594 Cash at Bank and in hand 326,569 197,703 524,272 504,946 Total current assets 420,738 206,304 627,042 521,540 Liabilities Creditors: Amounts falling due within one year (2,0401 12,000) {4,040) 138,920) Net current assets or liabilities 418,698 204,304 623,002 482,620 Total assets less current liabilitie5 420.849 1,921,773 2.342,622 2,184,179 Creditors: amounts falling due after morethan one year Total net assets or liabblities 420,849 1,921,773 2,342,742 2,184,179 Funds of the Charity Restricted Funds Tangible Fixed assets Unrestricted Funds 204,304 1,717,469 204,304 1,717,469 420,849 183,598 1,701,559 299,022 420,849 420,849 1,921,773 by Kirk Session at a meeting on 26 April 2024 and signed on its behalf 2,342,622 2,184.179 Approv Chris Teer Trustee illiam Mccully Trustee li
DUNDONALD PRESBYfERIAN CHURCH A congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 I. ACCOUNTING POLICIES BASIS OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Ireland IFRS102) (effective I January 2015). The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the congregation is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those that are informal gatherings of church members. FUND ACCOUNTING Endowment funds are funds, the capital of which must be retained either permanently or at the congregation's discretion. the income derived from the endowment is to be used either as restricted or unrestricted income funds depending upon the purpose for which the endowment was established in the first place. Restricted funds comprise (al income from endowments which is to be expended only on the restricted purposes intended by the donor and Ib) revenue donations or grants for a specific congregational activity intended by the donor. Where these funds have unspent balances, interest on their pooled investment is apportioned to the individual funds on an average balance ba515. Unrestricted funds are income funds which are to be spent on the congregation's general purposes. Designated funds are general funds set aside by the congregation for use in the future. 12
DUNDONALD PRESBYfERIAN CHURCH A congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 I. ACCOUNTING POLICIES (convd) INCOMING RESOURCES Recognition of incoming resources These are included in the Statement of Financial Activities {SoFAI when: the congregation becomes entitled to the resources; the trustees are virtually certain they will receive the resources; and the monetary value can be measured with sufficient reliably. (li) Incoming resources with related expenditure Where incoming resources have related expenditure {as with fundraising income) the incoming resources and related expenditure are reported gross in the SOFA. (iii) Grants and donations Grants and donations are only included in the SOFA when the congregation has unconditional entitlement to the resources. (iv) Tax reclaims on donations and gifts Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. (v) Contractual income and performance related grants This is only included in the SOFA once the related goods or services have been delivered. {vi) Gifts in kind Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA as incoming resources when receivable. 13
DUNDONALD PRESBYfERIAN CHURCH A congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 I. ACCOUNTING POLICIES (convd) (vii) Donated services and facilities These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. {viii) Volunteer help The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. (ix) Investment income This is included in the accounts when receivable. (x) Investment gains and losses This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. EXPENDITURE AND LIABILITIES (xi) Liability recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources. (xiil Governance costs These are shown within charitable activities and include the costs of preparation and examination of accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. (xiii) Grants with performance conditions Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. 14
DUNDONALD PRESBYfERIAN CHURCH A congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 I. ACCOUNTING POLICIES (cont'd) (xiv) Grants payable without performance conditions These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. ASSErs (xv) Tangible Fixed Assets Tangible fixed assets for use by charity are capitalised if they can be used for more than one year, and cost at least £2,500. They are valued at cost or, if gifted, at the value to the charity on receipt. Depreciation is recorded on all tangible fixed assets other than freehold land, at rates calculated to write of the cost, less estimated residual value, of each asset over its expected useful life as follows Buildings". - over 50 years (xvi) Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees, best estimate of market value. 15
DUNDONALD PRESBYfERIAN CHURCH A Congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31st December 2023 2. INCOME Total Funds 2023 Total Funds 2022 Unrestricted Funds Restricted Funds Weekly freewill offering Loose collections Gift Aid Miscellaneous income Building fund Mission support Remembrance Day donations Donations for PCI funds Donations for Heat & Light Bank interest Property Rent5 NIE Wayleave Closurenransfer of Catering Fund Legacies (unallocl Inclusion of Mission account 186,725 3,414 35,582 120 186,725 3,414 60,710 923 63,141 27,038 loo 15,027 3,590 3,903 7,340 11 142,940 1,630 48,541 791 62,197 22,698 loo 12,627 2,645 502 7,140 io 8,713 25,128 803 63,141 27,038 100 15,027 3,590 3,903 7,340 li 94,763 94,763 14,777 14,777 335,448 146,014 481,462 310,534 16
DUNDONALD PRESBYfERIAN CHURCH A Congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31st December 2023 3. EXPENDITURE ON CHARITABLE ACTIVITIES Total Funds 2023 Total Funds 2022 Unrestrirted Restricted Funds Funds PCI Assessments Ministry and support staff costs Congregational running expenses Building Fund expenditure Donations to Missions & Charities Support costs Depreciation Fees re sold property {unalloc) 38,518 98,481 74,628 38,518 98,481 74,628 19,374 51,124 2,040 38,900 34,851 106,423 72,635 33,743 43,708 1,947 37,765 2,575 19,374 51.124 2,040 38,900 213,667 109,398 323,065 333,647 4. TANGIBLE FIXED ASSErs Cost or valuation At start of year Additions 1,888,233 56,961 1,888,233 56,961 At end of year 1,945,194 1,945,194 Depreciation At start of year Provision for year 188,825 38,900 188,825 38,900 At end of year 227,725 227,725 Net Book Value At end of year 1,717,469 1,717,469 At start of year 1,699,408 1,699,408 17
DUNDONALD PRESBYfERIAN CHURCH A Congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS $t 31 December 2023 5. DEBTORS 2023 2022 Gift Aid recoverable Legacy 18,007 84,763 16,594 102,770 16,594 6. CASH AT BANK Ulster Bank Number l Account Ulster Bank standing order account Ulster Bank Number 2 Account 320,380 199,643 4,249 330,020 174,926 524,272 504,946 7. CREDITORS: FALLING DUE WITHIN ONE YEAR Accruals Other creditors Interest free loans from congregation 2,040 1,920 2,000 37,000 4,040 38,920 8. CREDITORS: FALLING DUE AFTER ONE YEAR 2023 2022 18
DUNDONALD PRESBYTERIAN CHURCH A Congregation of the Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31" December 2023 9. RECONCILIATION OF FUNDS Balance at start Income Expend. Transfer Balance at end Unrestricted Funds General Fund 299,022 335,494 (213,667) 420,849 299,022 335,494 {213,392) 420,849 Restricted Funds Fixed asset fund Other restricted funds 1,699,408 185,749 {38,9001 {70,4981 56,961 (56,961) 1,717,469 204,304 146,014 1,885,157 146,014 {109,398) 1,921,773 Total Funds 2,184,179 481,508 (323,065) 2,342,622 10. STAFF COSTS The total staff costs and employee benefits for the reporting period are analysed as follows: 2023 2022 Wages and salaries Social security costs Employer contributions to pension plans Pension contribution by congregation Other employee benefits 92,049 6,581 776 11.902 6.701 99,673 6,480 1,198 11,335 6,382 118,009 125,068 The average head count of employees during the year was 4 (2022: 41. No employee received employee benefits of more than £60,000 during the year {2022: Nil). 19
DUNDONALD PRESBYfERIAN CHURCH A Congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31" December 2023 11. PENSION COSTS The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme (20091. This is a scheme operated by the Presbyterian Church in Ireland, a separate registered charity. The congregation pays an assessment to the Presbyterian Church in Ireland equivalent to the employerf5 pension contribution for the Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme120091 is a funded Scheme of the defined benefit type, providing defined benefits based on career average revalued salary. The Scheme has asset5 held in a separately administered fund managed by a board of trustees. The Presbyterian Church and the Scheme Trustees have agreed a funding plan to ensure the Scheme is sufficiently funded to meet current and future obligations. A formal schedule of contributions was drawn up on 25 November 2015 whereby the Presbyterian Church agreed to pay from 31 December 2015 contributions of 24% of pensionable salariesto cover the accrual of benefits forfuture service, expenses, the cost of insuring death in seniice benefits and funding the scheme deficit. The contributions made by the congregation during the year were 2023 2022 11,902 11,335 The congregation operates a defined pension contribution policy for other employees. The scheme and its assets are held by an independent scheme manager, in this case NEST. The pension charge represents the contributions paid by the congregation during the year. 2023 2022 Contributions 776 1,198 20
DUNDONALD PRESBYfERIAN CHURCH A Congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31. December 2023 12. RELATED PARTYTRANSACTIONS The minister of the congregation, who is also a trustee, received remuneration of £50,089 and expenses amounting to £6,878 including Car Allowance of £4,020 and Duties Allowance of £2,681 for acting in that capacity. Car and Duties Allowance are paid direct by PCI and reimbursed through Assembly Assessment5. Pension contributions of £11,902 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme (2009). Six additional trustees were appointed on 13 November 2023, one of whom is an employee of the church. Since that date he ha5 received remuneration of £3717, pension contributions of £87 to a NEST scheme and training course costs of £416. None of the other trustees received any remuneration or expenses in connection with their duties. During the yearthe congregation contributed the following amounts to Funds of the General Assembly of the Presbyterian Church in Ireland, a separate charity. £38,518 for congregational assessments {includes above ministerfs pension contribution and Car and Duties Allowances). £16,613 towards the United Appeal. £1,165 towards the World Development Appeal. The congregation contributed £1,041 towards Presbytery Assessments during the year. There were no other related party transactions. 21