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 c￿dItorS
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 De￿rnber
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