CARNMONEY PRESBYTERIAN CHURCH Statement of Financial Actlvities For the year ended 31 December 2024 (incorporating an income and expenditure account) 2024 2023 Totsl Notes Unrestricted Restricted Totsl Incoming Resources Regular Giving Donations Activities that Generate Income 311,051 250 17,820 351 31,014 489,154 69,953 28,254 670 8LK),205 70,203 46,074 1,021 75.085 721,116 130,212 38,838 679 71,213 Investment Income Other Income Sources 44,071 Total Incoming Re50ur¢es 360,486 632,102 992,588 962,059 Resources Expended Central Church Assessments 31,809 31,809 30,145 Ministry and Support Staff Core Team and Organisations Expenditure Church Running Costs and Administration Donations 201,194 192,869 394,063 305,309 38,180 243,201 281,381 209,402 70,328 26,760 97,088 94,735 5,820 160,902 5,820 161,650 2,340 12,765 155,521 2,000 Other Costs 748 2,340 Governance Costs Total Resources Expended 344,599 629,552 974,151 809,878 Net Incoming Resour$ 15,887 2,550 18,437 152,181 Transfers 11112 4,042 (4,042) Net Movements in Funds 19,929 (1,492) 18,437 152,181 Fund Balances Brought Forward IV12 65.574 3,075,951 3,141,525 2,989,344 Fund Balances Carried Forward IV12 85.503 3,074,459 3,159,962 3.141,525 All income derive5 from continuing activities, therefore no statement of recognised gains or losses is given. The notes on pages 18 to 27 form an integral part of these financial statements. 15
CARNMONEY PRESBYTERIAN CHURCH Balance Sheet as at 31 December 2024 Notes 2024 2023 Fixed Assets Property, Plant and Equipment 3,382,737 3,485,892 Current Assets Debtors and prepayments Cash at bank and in hand 24,660 594,202 618,862 33,918 579,249 613,167 Current Liabilities Bank Loan repayable within l year (120,7881 (144,038) Other current liabilities Credltors: amounts falling due within one year (15,8391 112,248) (136,6271 1156,286) Net Current Assets 482,235 456,881 Creditors: amounts falling due after more than one year (705,010) (801,250) Net Assets 3,159,962 3,141,525 Funds Unrestricted Funds Restricted Funds li 12 85,503 3,074,459 65,574 3,075,951 Total Funds 3,159,962 3,141,525 The financial statements were approved by the Trustees and Congregational Committee and signed on its behalf by Date 9 Date )L12J- Date L4 Patricia Scullin Treasurer Paul Elliott Clerk of Session Len Johnston Congregational Secretary The notes on pages 18 to 27 form an integral part of these financial statements. 16
CARNMONEY PRESBYfERIAN CHURCH Statement of Cash Flows For the year ended 31 December 2024 Notes 2024 2023 Net Income/(Expenditure) Adjustments to reconcile net income/{expenditureJ to net coshflowsfrom operating ortivities Depreciation of tangible fixed assets 18,437 152,181 105,585 105,009 Loss on disposal of tangible fixed assets Net finance cost5 {Increase)/Decrease in debtors Increase/(decreasel in cdItorS Net cash inflow from operating activities 41,375 9,258 3,591 178,246 48,817 8,561 {307) 314,261 Investing activitie5 Interest received 1,021 679 Proceeds from sale of tsn8ible fixed assets Payments to acquire tangible fixed assets Net cash inflow from investing actlvlties {2,430} {30,707) {1,409) {30,0271 Flnancing artivities Interest paid (41,700) (48,8981 New long term loans Repayment of long term loans Net cash inflow/(outhow) from financing activities 1120,184) {143,208) (161,8841 1192,106) Net increase/{decrease) in cash and cash equivalents Cash and cash equivalents at l January Cash and cash equivalents at 31 Dernber 14,953 92,128 579,249 594.202 487,120 579,249 The notes on pages 18 to 27 form an integral part of these financial statements 17
CARNMONFY PRESBYTERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2024 Accounting Policies Basis of Preparation The principal accountin8 policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) Basi5 of Preparation 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) (effective l January 20191. Carnmoney Presbyterian Church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initia Ily recognised at historical cost or transaction va lue unless otherwise 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 going concern basis Carnmoney Presbyterian Church has prepared the accounts on a going concern basis. The balance sheet is strong with strong continued support by the member5. c) Incorne Income is recogni5ed when the charity has entitlementto the funds, conditions attached to the item{s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, whether 'capital' grants 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 received 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 servlces and facilities In accordance with the Charities SORP {FRS 102), the general volunteertime of the Chariwsvolunteers is not recognised financially in the Statement of Financial Activities 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 by the charity; this is normally upon notification of the interest paid or payable by the Bank. 18
CARNMONEY PRESBYTERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2024 (continued) Accountlng Policies (continued) f) Fund Accountlng Unrestricted funds are available for use at the discretion of the Congregational Committee in furtherance of the objectives of the charity. 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 Committee wish to use these funds for a specific 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 5ubjerted to restrictions on their expenditure imposed by the donor or through the terms of the appeal. g) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a paymentto a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Expenditure on charitable activities includes the costs of central church assessments, ministry and support stsff, core team and organisations expenditure, church running costs and administration, donations and other support services 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. h) Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable artivities. Support costs include back-office costs, finance, human resources, payroll and governance costs which support the charitys 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 classified as operating leases. Payments made under operating leases are recognised in profit or 1055 on a straight-line basis over the period of the lease. 19
CARNMONEY PRESBYTERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2024 (continued) Accounting Policies {continued) i) Tangible Fixed Assets Items of property, plant and equipment are capitalised if they can be used for more than 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, fittings & furniture Computer and AV equipment Not depreciated 50 years 10 years 4 years The residual value and useful life of property, plantand equipment are reviewed at each Balance Sheet date and updated for any changes. k) Debtors Trade and other debtors are reco8nised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. i) Cash at bank and in hand Cash at bank and cash in hand includes cash and short temi 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. m) Creditors and provisions Creditors and provisions are recognised where the charity 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. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. n) Critlcal accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not adIlY apparent from other sources. The estimates and associated assumptions 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 assumptions 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 where the revision affects both current and future periods. o) Flnancial instruments The Charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 Other Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financia 20
CARNMONEY PRESBYTERIAN CHURCH Notes to the Flnancial Statements For the year ended 31 December 2024 (continued) l. Accounting Policies (continued) instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provision5 of the instrument. Financial assets and liabilities are offset, the net amounts are presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis of to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities Basic financial liabilities are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instruments is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the Charity's contractual obligations expire or are discharged or cancelled. p) Taxation As a registered charity, Cammoney Presbyterian Church a congregation of the Presbyterian Church in Ireland is not liable to either Income Tax or Corporation Tax. 21
CARNMONEY PRESBYTERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2024 {contlnued) 2) Property. Plant and Equipment Fixtures, Fittings & Fumiture Computer andAV equipment Property Totsl 2024 Cost Opening cost Additions Disposals Closlng cost 4,806,927 66,409 114.372 2.430 4.987.708 2,430 4.806.927 66,409 116,802 4,990.138 Depreciatlon Opening Depreciation Charge for the year Disposals Closlng Depreclatlon 1,360,186 96.139 36.121 5.353 105.509 4.093 1,501.816 105,585 1,456.325 41,474 109,602 1,607,401 Net book value at 31112124 3.350.602 24.935 7.200 3,382,737 2023 Cost Opening cost Additions Disposals Closing cost 4,806.927 39,463 26,946 110.612 3,761 4,957.002 30,707 4A06.927 66,409 114,372 4,987,708 Depreciation Opening Depreciation Charge for the year Disposals Closlng Depreclatlon 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 3,446,741 3.446.741 30.288 30.288 8.864 8.864 3,485,892 3,485,892 Net book value at 31112123 3) Contingent Asset Carnmoney Presbyterian Church had an investment in the Presbyterian Mutual Society which has not been re¢ogni5ed in these accounts as the administrator has now confirmed that this money will not be released. 22
CARNMONEY PRESBYTERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2024 (continued) 4) Cash and Cash Equivalents Cash and cash equivalents comprise the following: 2024 2023 Cash at bank and in hand 594,202 579,249 5) Debtors 2024 2023 Accrued income Prepayments 14,216 10,444 24,660 24,027 9,891 33,918 6) Creditors: Amounts falllng due within one year 2024 2023 Bank loans Accruals 120,788 15,839 136,627 144,038 12,248 156,286 7) Creditors: Amounts falllng due after one year 2024 2023 Bank loans 705,010 705,010 801,250 801,250 Carnmoney Presbyterian Church a congregation of the Presbyterian Church in Ireland holds two structured loans with Danske Bank as follows: l. A pound sterling structured loan which carries a fixed rate of 3.6% pa. The loan has a maturity date of 2yh October 2031. Repayments and interest are paid monthly. 2. A pound sterling structured loan which carries a variable interest rate of 2.55Yo pa plus Danske Bank Reference Rate. The loan has a maturity date of 21" November 2031. Repayments and interest are paid monthly. 23
CARNMONEY PRESBYTERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2024 (continued) 8) Employees Employment CQStS: 2024 2023 Wages and Salaries Intern contributions Employer Social Security & Pension Costs 302.026 219,438 2,000 19,256 220,181 24,726 326,752 Number of employees: The number of staff employed by the church as at 31 December 2024 was 16, Ff equivalent was 12 (2023: 12). Staff salaries are in line with the salary scales maintained by the Presbyterian Church in Ireland (PCI). No employee received remuneration of more than £60,000 during the year12022: Nil). 9) Key Management Personnel Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the church. These positions comprise of the Clerk of Session {Chairperson). Treasurer and Secretary. These positions are all voluntary and this no remuneration is paid. 10) Penslon 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 employerfs pension contribution for the kheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme (2CK)9) is a funded Scheme of the defined benefittype, providin8 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 salaries to cover the accrual of benefitsforfuture service, expenses, the cost of insuring death in seriice benefits and funding the scheme deficit. 24
CARNMONEY PRESBYTERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2024 (continued) The contributions made by the congregation during the year were 2024 2023 Contributions 12,715 12,110 All other staff ernployed by the congregation are automatically enrolled in the National Employment Savings Trust (NE). This scheme and its assets are held by an independent scheme manager. The contributions made by the congregation to this scheme were 2024 2023 Contributions 3,952 3,958 11) Unrestricted Funds- Movements in Year Opening Balance Income Expenditure Transfers Closing Balance 2024 General Fund 65,574 360,486 (344,599) 4,042 85,503 2023 General Fund 73,632 281,695 (293,703} 3,950 65,574 12) Restricted Funds- Movements in Year Opening Balance Closing Balance Income Expendlture Transfers 2024 Buildings & Maintenance Youth Development United Appeal & Mission Christian Training Christians Against Poverty Foodbank Foodbank Savings a/c Manna Central Central savings a/c Organisations Totsi Restrlrted Fund5 2,641,955 25,059 9,091 2,029 31,600 105,202 252,028 12,813 34,133 (255.6531 (17,717) (35,455) 2,638,330 20,155 7.769 2,029 52,627 23,608 65,141 6,855 94,361 120,260 43,324 3,074,459 47,484 35,720 141 8,481 164,429 260 {26,457) (52,314) (65,0(XJ) 650LX) 6,574 206,447 18,2(X)) (156,515) (120,0) 120,CMJO (4,042) (4,042) 47,994 3.075.951 76,613 632,102 177,2411 (629,552) Included in income is government grant income received in the year of £38,863 (2023: £32,388). 25
CARNMONEY PRESBYTERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2024 (continued) 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 2,915,712 281,409 17,683 27,120 351 46,185 69,517 9,218 162,069 66,812 680,364 (241,481) (10,261) (32,043) 2,641,955 25,059 9,091 2,029 31,600 105,202 6,574 206,447 47,994 3,075,951 (16,4541 (47,9101 (9,7861 (99,2931 (58,9471 (516,175) {3,950} (3,950) The following is a list of the restricted funds in use together 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 funds the staffing costs associated with congregational youth work and the development and expansion of that work. United Appeal and Mission is used to meet our commitments to PCI United Appeal and non- congregational mission at home and overseas. Christians Against Poverty funds 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 records takings from the Manna shop and associated costs with runningthe shop and donations made for other community or missionary purposes. Central Belfast fund5 the staffing and associated costs with our church plant in Belfast city centre. Foodbank records the donations made towards the work of the Foodbank and funds the staffing cost, 8eneral expenses and the supply of food items when required. 26
CARNMONEY PRESBYTERIAN CHURCH Notes to the Financial Statements For the year ended 31 December 2024 (contlnued) 13) Analysls of net assets between funds Unrestricted Restrlcted Total funds Fund balances at 31 December 2024 were represented by: Tangible fixed assets Net current/non-current assets 3,382,737 {308.277} 3,074,460 3,382,737 (222.7751 3.159.962 85,502 85,502 14) Related Party Transactions The minister is a Trustee and was paid through PCI with expense5 being paid by the church. The Discipleship Associate, the Pastoral Care Associate, the Compassion and Community Associate, the Central Associate, and the Foodbank Worker are Trustees and were paid by the church a5 employees for all of 2024. No charity Trustee, other than the staff mentioned above, received payment for professional or other services supplied to the charity. During the yearthe congregation contributed the following amounts to Fundsof the General Assembly of the Presbyterian Church in Ireland, a separate charity. £31,089 for congregational assessments £24,723 toward the United Appeal £450 toward the World Development Appeal The congregation received £IO,(X)O funding during 2024from the North Belfast Presbyteryforthe CAP centre and £10,000 for the Children & Family Associate Post in Central. 27