CARNMONEY PRESBITERIAN CHURCH Statement of Financial Activities For the year ended 31 December 2023 (incorporating an income and expenditure account) Z023 2022 Unrestrlrted Restrlrted Total Total Incoming Resources Regular Giving Donations 250,109 30 11.777 471.CM)7 130.182 27.061 280 51,834 721,116 130,212 38,838 680 71,213 649,437 102,835 27,004 519 52,771 Attivities that Generate Income Investment Income Other Income Sources 19,379 Total Incoming Resources 281,695 680,364 962.059 832,566 Resources Expended Central Church Assessments 30,145 30,145 18,162 Mlnistry and Support Staff Core Team and Organisations Expenditure Church Running Costs and Administration 173.652 131.657 305.309 232,201 26,744 182.658 209,402 213,371 61,888 96.736 99,544 Donations 51X) 774 12.265 154,747 12,765 155.521 9,165 158.861 Other Costs Totsl Resources Expended 293,703 516,175 809,878 731.304 Net Incoming Resources (12,008) 164,189 152.181 101.262 Transfers 3,950 13,950} Net Movements in Funds (8,OS8) 160.239 152,181 101,262 Fund Balan$ Brought Forntard 213 73.632 2.915.712 2.989,344 2,888,082 Fund Balances Carried Fon¥ard 213 65,574 3,075,951 3.141.S2S 2.989,344 All income derives from continuing activities, therefore no statement of recognised gains orlosses is given. The notes on pages 18 to 25 forrn an integral part of these financial statemerrts. 15
CARNMONEV PRESBITERIAN CHURCH Balance Sheet as at 31 December 2023 Notes 2023 2022 Fixed Assets Property. Plant and Equipment 3.485.892 3.560.194 Current Assets Debtors and prepayments Cash at bank and in hand 33,918 579,249 613,167 42,480 487.120 529,6¢JO Current Liabilities Bank Loan repwiable within l year (144,038) {148,245) Other current liabilities 112.248) {12,555) Creditors: amounts falling due wlthin one year (156,286) (160,800) Net Current Assets 456,881 368,8LJJ Creditors: amounts falling due after more than one year (801.248) (939,650) Net A$5ets 3.141.525 2.989.344 Funds Unrestricted Funds Restricted Funds 65,574 3,075,951 73,632 2,915,712 Total Fund5 3,141.525 2.989,344 The financial statements were approved by the Trustees and Congre8ational Committee and signed on its behalf by Date Date Date Patricia Scullin Treasurer pa Elliott aerk of Session Len Johnston Congregational Secretary The notes on pa8es 18 to 25 form an integral part of these financial statements. 16
CARNMONEY PRESBITERIAN CHURCH Statement of Cash Flows For the year ended 31 December 2023 Notes 2023 2022 Net Income/(Expenditure) 152,181 101,262 Adjustments to reconcile net intome/(expenditure) to net cashflowsfrom operating artivities Depreciation of tangible red assets Net finance costs (Increase)/Decrease in debtors Increase/ldecrease) in creditors Net cash inflow from operating artiinties 105,009 48.817 8.561 {307) 314,261 114,486 43.421 {8,4461 {28.5271 222,196 Investin8 actlvities Interest received Payments to acquire tangible fixed assets Net cash inflow from investing activitses 680 130.707) 130.027) 521 {7.3351 (6,8141 Financing activities Interest paid Repayment of long terni loans (48,8971 {143.2081 (44,084) 1147.574) Net cash inflowl(oufflowl fr<¥m finanan8 activitses (192.1051 1191.6581 Net increaselldecrease) in cash and cash equiwdlents 92,129 23,724 Cash and cash equivalents at l January Cash and cash equivalents at 31 December 487.120 579.249 463,396 487.120 The notes on pages 18 to 25 form an integral part of these finanoal statements 17
CARNMONEY PRESBITERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2023 Accounting Policies Bosis of Preparotion The principal accounting policies adopted, judgements and key sources of estimation UnrtaInty in the preparation of the financial statements are as follows- a) Basis of Preparatitin The financial statements have been prepared in accordan with Accounting and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffertive l January 2019). Carnmoney Presbyterian Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otheiSe stated in the relevant accounting policy notes. The financial statements include all transactions, assets and liabilities for which the congregation is responsible in law. b) Preparation of the accounts on a 80in8 concern basls Carnmoney Presbyterian Church has prepared the accounts on a going conr basis. The balance sheet is strong with strong continued support by the members. c) Income Incorne is recognised whenthe charity has entitlementtothefijnds, conditions attached tothe itemls) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from governmerrt and other grants, whether 'capital' grarrts or 'revenue' grants, is recognised when the charity has entitlement to the funds. any performance conditions attached to the grants have been met. it is probable that the income will be recetved and the amount can be measured reliably and is not deferred. Income from tax reclaims (Gift Aid) is recognised at the same time as the gift to which they relate. d) Donated servkes and facillties In accordance withtheCharities50RP IFRS 1021.thegeneral volunteertime ofthe Charitysvolunteers is not recognised financially in the Statement of Financial Artivities but their valuable contribution is acknowledged in the Trustees Report. e) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably bythe charity; this is normally upon notifitation of the interest paid or payable by the Bank. 18
CARNMONEY PRESBITERIAN CHURCH Notes to the Financial Statement5 For the year ended 31 December 2023 (continued) L Accountlng Policies Icontinued) Fund Accounting Unrestricted funds are available for use at the discretion of the congratiOnal Cornmtiee in furtherance of the objectives of the tharity. Designated funds comprise unrestricted funds that have been set aside by the Congregational Committee for particular purposes. General funds may be transferred to designated funds where the Congregational Commtttee wish to use these funds for a specrfic purpose. Such funds may be transferred back to general funds once the criteria for the designation have been met or are no longer applicable. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of the appeal. 81 Expenditure and irrecoverable VAT Expenditure is recognised once the is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classrfied under the following activrty headings: Expenditure on charitable artivities includes the costs of central church assessments. ministry and support staff, core team and organisations expenditure. church running costs and administration. donations and other support seNices to further the purposes of the charity and their associated 5UPPOrt costs. Other expenditure represents those items not falling into any other heading. The church is not registered for VAT purposes, therefore irrecoverable VAT is charged to the Statement of Financial Activities or capitalised as part of the cost of the related asset, where appropriate. hl Allocation of support costs Support costs are those functions that assist the work of the charity but do not dirertly undertake charitable activities. Support costs include back-office costs. finance, human resources. payroll and governance costs which support the CharItS activities. These costs have been allocated against the expenditure on charitable activities. Operating leases Leases where substantially all risks and rewards incidental to ownership are retained by the lessors are cla55ified as operating leases. Payments made under operating leases are recognised in profit or loss on a straight-line basis overthe period of the lease. 19
CARNMONEY PRESBYTERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2023 (continued) Accounting Policles Icontlnued) Tangible Fixed Assets Items of property, plant and equipment are capitalised if they can be used formorethan one year and cost at least £2.000. They are stated at cost less accumulated depreciation and impairment losses. if any. The depreciable amount is the cost of an asset less its residual value. Depreciation is charged to profit or loss on a straight-line basis so as to write off the depreciable amount of property, plant and equipment over their estimated useful lives, as follows: Freehold Land Property Fixtures, fingS & rnIShingS Motorvehicles Computer and AV equiprnent Not depreciated 50 years 10 year5 5 years 4yea The residual value and useful lifeof property, plantand equipment are reviewed ateach Balancesheet date and updated for any changes. k) Debtors Trade and other debtofs are recognlsed at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturty of three months or less from the date of acquisition or opening of the deposit or similar account. m) Creditors and provisions Creditors and provisions are recognised where the chartty has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 and provisions are normally recognised at their settlement amount after allowing for anytrade discounts due. n) Critical a¢countlng estimates and judgements In the application of the Charitrfs accounting policies, the Trustees are required to makejudgements, estirnates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated a55UrnPtions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptTons are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods wherethe revision affects both current and future periods. 20
CARNMONEY PREs8ERlAN CHURCH Notes to the Financial Statements For the year ended 31 December 2023 (continued) Unrestrirted Funds- Movements In Year Opening Balance Income Expenditure Transfers Closing Balance 2023 General Fund 73,632 281,695 (293,7031 3,950 65,574 2022 General Fund 72,552 238,128 1240,618) 3,570 73,632 Restricted Funds- Movements In Year Opening Balance Closing Balance Income Expenditure Transfers 2023 Building & Maintenance Youth Development United Appeal & Mission Christian Training Christians Against Poverty Foodbank Manna Central Organisations Total Restricted Funds 2.602.027 17,637 14.014 1.678 1,869 83.595 7.142 143.671 44,079 1915.712 281.409 17,683 27.120 351 46,185 69.517 9,218 162,069 66,812 680.364 (241.4811 110.261) 132,043) 2,641,955 25.059 9,091 2,029 31,6CK) 105.202 6,574 206.447 47,994 3,075,951 {16,454) {47.910} (9,7861 (99.2931 (58,9471 (516.175) (3,9501 13,950) Opening Balance aosin8 Balance Income Expenditure Transfers 2022 Building & Maintenan Youth Development United Appeal & Mission Christian Training Christians Against Poverty Foodbank Manna Central Organisations Total Restrirted Funds 2,577.790 12.209 15,507 1.678 16.440 65.132 4,817 81.141 40,816 2,815,530 277.672 9.057 30,797 (253,435) 13,6291 132.290) 2,602,027 17,637 14,014 1,678 1,869 83,595 7,142 143,671 44.079 2.915,712 17,024 51.043 8,784 145.343 54,718 594,438 131,595) (32.5801 {6,4591 (82.8131 (47,8851 (490.6861 13.5701 {3.5701 21
CARNMONEY PRESBYtERIAN CHURCH Note5 to the Financial Statements For the year ended 31 December 2023 (continued) Restricted Funds- Movements In Year {contlnued) The following is a list of the restricted funds in use tivaether with a description of their use: Building and Maintenance is used to fund capital projects and the on-going maintenance and development of the properties owned and used by the congregation in its mission. Youth Development fvnds the staffing costs associated with congregational youth work and the development and expansion of that work United Appeal and MIs5ion is used to rneet our commitments to PCI United Appeal and non- congregational mission at home and overseas. Christians Against Povertyfunds the work of the CAP Centre including Staff salaries and other costs and is used to develop other CAP initiatives. for example. CAP Job Club. Christian Training Fund is used support people who are undertaking Christian training. Manna Fund recordstakinES from the Manna shopand associated costs with wnnlngthe shop and donations made for other community or missionary purposes. Central Belfast funds the staffing and associated costs wlth our church plant in Belfast cty centre. Fooodbank COrdS the donations made towards the work of the Foodbank and fund5 the staffing cost, general expenses and the supply of food items when required. 4. Creditors: amounts falling due after more than one year This relates to loans that have been taken out to fund the building of the new church centre. These loans are repayable in more than fNe years. 22
CARNMONEY PRESBYfERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2023 (continued) Property, Plant and Equipment Fixtures, Fittings Property Computer &AV equipment Motor Vehicles Total Furniture 2023 Cost Opening cost Additions Disposals aosing Cost 4,806,927 39,463 26.946 110,612 3.761 4,957,lJ)2 30,707 4,806,927 66.409 114,372 4,987,708 Depreciation Opening Depreciation Charge forthe year Disposals aosing Depreciation 1,264,047 96,139 31,250 4.871 101,510 3,999 1,396,807 105,009 1.360.186 36.121 105.509 1.501,816 Net book value at 31112123 3.446,741 30288 8,864 3,485,892 2022 Cost Opening cost Additions Disposals aosing cost 4,806,927 39.463 103.277 7,335 32,(KM) 4,981,667 7,335 (32.OIX)) 132.000) 4.957,002 4.806,927 39,463 110.612 Depreciation Opening Depreciation Charge for the year Disposals Closln8 Depreclatlon 1.167,909 96.139 28,110 3.140 86,302 15.208 32,000 1,314,321 114,487 132,OiXII 1,396,808 132.OCI)I 1,264.048 31.250 101.510 Net book value at 3V12122 3,542,879 8,213 9,102 3.560.194
CARNMONEY PRESBWtERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2023 (continued) 6. Contingent Asset Carnrnoney pSbYterlan Church had an investment in the Presbyterian Mutual Societywhich has not been recognised in these accounts as the administrator has now confimied that this money will not be released. 7. Cash and Cash Equivalents Cash and cash equivalents comprise the following- Z023 2022 Cash at bank and in hand 579,249 487,120 8. Employees Employment costs: 2023 2022 Wages and Salaries Intern contributions Employer Social Security & Pension Costs 219,438 190.211 6,000 23,970 220,181 19,256 Z40.694 Number of employees: The number of staff employed by the church as at 31 December 2023 was 12 {2022: 10). In addition, in 2023 there was l apprentice {2022: 01. Staff salaries are in line with the salary scales maintained by the Presbyterian Church in Ireland (PCI). No employee received remuneration of more than £60,(KM] durinE the year {2022: Nill. 24
CARNMONEY PRESBYtERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2023 (continued) 9. Pension costs The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme (2009). This is a scheme operated by the Presbyterian Church in Ireland, a separate registered charity. The congregation pays an assessment to the Presbyterian Church in Ireland equivalent to the ernployerfs pension contribution for the Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Stheme {2(K19) is a funded Scheme of the defined benefft type, providing defined benefits based on career average revalued salary. The Scheme has assets held in a separately administered fund managed by a Board of Trustees. The Presbyterian Church and the Scheme 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 salarie5 to coverthe accrual of benefts forfuture service, expenses, the cost of insuring death in sen41 benefits and funding the scheme deficit. The contributions made by the congregation during the year were 2023 2022 Contributions 2,672 3,812 All other staff employed bythe congregation are automatically enrolled in the National Employment Savings Trust {NESTI. This scheme and its assets are held by an independent scheme manager. The contributions made by the congregation to this scheme were 2023 2022 Contributions 3,563 3,958 10. Related Party Transartions The minister is a Trustee and was paid through pa with expenses being paid by the church. The Discipleship Associate, the Central Associate. and the Foodbank Worker are Trustee5 and were paid bythe church as employeesfor all of 2023. No charityTrustee, otherthan thestaff mentioned above, received payment for professional or other services supplied to the charity. Duringtheyearthe congregation contributedthefollowingamountsto Funds of the GeneralAssembly of the Presbyterian Church in Ireland, a separate charity. £30.145 for congregational assessments £23.923 toward the United Appeal £971 toward the World Development Appeal The congregation receNed £30,0 funding durin8 2023 from the North Belfast Presbytery for the CAP centre. 25