ORANGEFIELD PRESBYTERIAN CHURCH COngr•golion of the Pr•sbylerian Ch¥Jr¢h in Ir•land STATEMENT OF FINANCIAL Acrivtry for theyear ended 31 December 2023 Incorne and Endowments fram: Donatlons and legacies Ch3Tltable activftles Other trading artlvitles Investments 379,175 1,062 96,640 449 320,470 110,821 386 699,645 111.883 97,026 449 845.723 98.884 78.477 573 Other 4,870 4,870 1,838 Total 482,196 431,677 913,873 1,025,495 Expertdlture on: Rai51ng funds Charitable a¢tlvltles Other 475,180 90,191 328,420 25 803,600 90,216 844,833 73,578 Total 565,371 328,445 893,816 918,411 Net Income I lempendlturel 183,1751 103,232 20,057 107,084 Transfers between funds 180,929 1180,9291 Net movement in funds 97,754 177,6971 20,057 107,084 Reconclllation of funds.. Total funds brought forward 1205,8081 2,754.S82 2,548,774 2,441,69J Total funds carA*d forward 20 1108,0541 2.676,885 2,568,831 2,548,774 22 Page 19 ORANGEFIELD PRESBYTERIAN CHURCH a Congregation of the Pre5bylèrlan Church in Irèlond STATEMENT OF FINANCIAL POSITION As at 31 December 2023 Flxed assets: Taneible a55ets Investment5 12 11,976 2,$04.$28 2.516,504 2,573.270 13 Total fixed assets 11,976 2.504,528 2,516,504 2,573,270 Current a55ets Debtor5 Cash at bank and In hand 14 15 28,868 146.2651 6,732 178,575 35,600 132,310 36,243 219,831 Totsl ¢urrerbt assets 117,3971 185,307 167,910 256,074 Llabllltle5: Creditors: Amounts falling due within one year 16 102,633 12,950 115,583 71,704 Net Current assets or IlabSlltles 1120,0301 172,357 52,327 184,370 Totsl assets less current Ilabllltles Creditors.. Amounts fallin8 due after more than one year 17 208,866 Totsl net assets or Ilabllltles 1108,OS41 2,676,885 2,568,831 2,548,774 Funds of the charlty Restricted income lunds Unrestricted funds 18 2,676,885 2,676,885 1108,0541 2,7S4,582 1205,8081 1108,0541 Total charlty fundg 1108,0541 2,676,885 2,568,831 2,548,774 Approved by the Kifk Sesslon at a meeting on 10th lune 2024 and signed on its behalf bv Rev Gareth MacLean Mr JereTny Dowd Page 20 ORANGEFIELD PRESBYTERIAN CHURCH congrogation of the Pr•sbyterian Church in Irelond STATEMENT OF CASHFLOW Year ended 31 De￿Mtser 2023 2023 2022 Notes Cash flow from operatin8 artlvlties Net IncomellLossl 20.057 107,084 Adjustmentfor.. Depredation of tsngible fixed assets 76,539 74,562 Chonge5 in Tfade & other debtors Trade & other creditor5 644 11,050 3,268 117,4931 Net cash from operatin8 aciivltie5 108,290 167.421 Cash flowfrom Investlng actlvltles Purthase of t8nglble assets 119,7741 Net cash ftom operatin8 activltles 119,7741 Net increase/de¢rease In cash & cash equlvalent5 Cash and cash equlvalents al beginnlng of year 88.516 139,4111 167,421 1206,8321 Cash and cash equlvalents at end of year 15 49,105 139,4111 Page 21 ORANGEFIELD PRESBYTERIAN CHURCH ¢ongregqli•n of the Prèsbyl•rlon chuY¢h in Ir•lAnd NOTES TOTHE ACCOUNTS 31st December 2023 ACCOUNTING POLICIES 8ASIS OF FINANCIAL STATEMENTS The financial statements have been prepared in accordan￿ with Accauntlng and Reporting Charities.. Statement of Recommended Practice applicable to charltles pceparin8 their accounts in aCcordart￿ with Financial Reporting Standard applicable in the UK and Ireland IFRS1021 leffettive l January 20151. The financial statemènts have been prepa¥ed under the historical cost convention except for investment assets, whlch are shown at market value. The linanclal statements include all transactions, assets and Ilabilitles for whlch the congregation Is regponslble In law. They do not Include the accounts of church groups that owe their affiliatlon to another body, nor those Ihal are infoTmal 8atherin8s of church members. FUND ACCOUNTING Endowment funds are funds, the capltal of which mutt be retalned elther permanently or at the con8regation's dlscretlon.. the income derived from the endowment Is to be used either as restrlcted or unrestrS¢ted income funds dependin8 upon the purpose for whSch the endowment was e5tablSshed in the flrst place. Resirlcted fvnds comprise lal Income from endowments which is to be expended only on the restrScted purposes Intended by the donor and Ibl revenue donatlons or grants for a speclffc congre8ational a¢tlvSty Iniended by the donor. Where these funds have unspent balance5, interest on thelr pooled Investment Is apportioned to the Indlvldual funds on an average balance basls. Unrestrlcted funds are income funds whlch are to be spent on the con8re8atlon'$ general purposes. Desl8nated funds are 8eneral funds set aside by the con8Te8atlon lor use in the future. Page 22 ORANGEFIELD PRESBYTERIAN CHURCH ¢Ongwofion of the pr•$b￿ri￿n Church in Ir•lood NOTES TO THE ACCOUNTS 31st December 2023 ACCOUNTING POLICIESlconVdl INCOMING RESOURCES Reco8nition of Incoming resources These are included in the Statement of Financial Activltles ISOFAI when: the ton8re8ation becomes entitled to the resources: the trustees are virtually certain they wlll receive the resource5,' and the monetary value can be mea5urÈd with suffltient reliablv. Incomlng resources wlth related expendlture Where Incomln8 resources have related expenditure las with fundialslng Income) the incoming resources and related expenditure are reported 8ross In the SOFA. Grnnts and dortatlons Grants and donatlons are only Included In the SOFA when the con8re8atlon has uncondilional entltlement to the resources. Tax reclalms on donatlons and 81fts Incomin8 resources from tai ieclaims are Included In the SOFA at the same tlme as the 81ft to which they relate. Iv) Contractual Income and pertormance related grants Thi5 15 only Included in the SOFA once the Telaled good5 or 5ervlces have been delivered. {vll Glfts In klnd GSfts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually reallsed. Gifts In klnd for sale or disiributlon are included the accounts as glfts only when sold or dlstrlbuted by the charity where the vallte is 8reater than £2,500. Gifts in klnd for use by the charlty are Included in the SOFA as Incomlng resource5 when recelvablè. Donated 5eNlces and fadlltle5 These are only included In Incoming resources Iwith an equlvalent arnount In resources expended) where the beneflt to the charity 15 reasonably quantiflable, measurable and material. The value placed on these Tesour¢es is the estimated value to the charlty of the service or facllity received. 1111 Volunteer help The value ol any voluntary help recelved is Thot iftcluded In thè account5 but Is described In the trustees, annual report. 11111 Investment Income Thls Is included In the accounts when recelvable. lfvl Investment galns and losses Th15 includes any 8ain or loss on the sale of Investments and any galn or loss resulting from revaluin8 Investments to market value at the end ol the year. Page 23 ORANGEFIELD PRESBYTERIAN ¢HURCH ¢ongreytion of the PrèAbyl•rian Church in Ir•land NOTESTO THE ACCOUNTS 31st De￿rnbel 2023 ACCOUNTING POLiaESlcontdl EXPENDITURE AND LIABILITIES Liability rècognltlon Llabilities are recognised as soon as there Is a legal or constructive obligation committin8 the ¢ongregation to pay out resources. {vl) fjavernance costs These are shown within charitable activities and include the costs of preparation and examination of acwunts, the costs of trustee meetings and cost of any legal advlce to trustees on governance or constltutional matters. Ivlll Grants wlth performance condltSons Where the charlty gives a grant wlth conditions for Its payment bein8 a specific level of servlce or output to be provlded, such grants are only reco8nlsed in the SOFA once the reclpient of the grant has provlded the specilied service or output. Grants payable wlthout performanee condltlons These are only rerognlsed In the accounts when a commitment has been made and there are no condition5 to be met relatln8 to the grant whlch remain in the control of the charity. Support costs Support costs Include central functlon5 and have been allocated to acilvlty COSt categorles on a basls consistent with the use of resources, e.g. allocatln8 property costs by Ilooi area5, or pei caplta, staff co$15 by the time spent and other costs by their usa8e. A5SErs Tanslble Flxed Assets Tanglble fixed assets for use by charlty are capilallsed If they can be used for more than one year, and cost ai least E2,500. They are valued at cost or, If gifted, at the value to the charity on receipt. Depreciatlon Is recorded on all tangible flxed asset5 Other than freehold land, at rates calculated to write of the cost, less eslimated resldual value, of each asset over Its expected useful life as follows. Bulldlng5'. Flxtures. Nttin85 and equlprnent Motor Vehicles Computer Equlprnent over 50 years . over 10 years over 4 years . over 4 years As thè majorlty of flxtures, flttin8s and equlpment were purchased in 2008 they are deemed to be of Ilmlted value 50 not included as Tanglble Flxed As5et5. It Is not poliry to capitalise ¢omputeis and assoclated hardware. {Ivl Investments Investments quoted on a reco8ni5ed stock exchange are valued at market value ot the year end. Other investment assets are Included at trustee5' besi estlmate of markei value, Page 24 ORANOEFIELD PRESBYTERIAN CHURCH and expenses of £6,13712022. £5,893) for tin8 ln that capaclty. Pension contribulion of £7,50712022. £7,082) were paid by the ¢ongregatSon In respect of the minlster lo the Presbyterlan Church in Ireland Penslon Scheme120091. A Third Trustee Is engaged as the facilities/AdmlnlstratSon Mana8er and received remuneratlon of £29,02912022 - £28,313) for actin8 in that Capaclty. A Penslon contributlon of £1,78412022 - £1,699) was paid by the congregaiton in respect of the facilitles/admlnSstration mana8er to a stakeholder penslon scheme. A Fourth trustee re￿IVed remuneration of £158 for pulpit supply. None of the other trustees recelved any remuneratlon, and no trustees claimed expenses during the year in connectlon with their dutles. There were no other related party transactions. zo. Goin¥ Conrern The charity's un¥estricted funds show a net current Ilabllity P051tion (Excess of current liabillties over current assets of £120,030 as at 31si December 2023 (Free reserves). Included in the negative free reserves is the short term loans outstanding for the amount of £83,205, drawn down for the purpose of construciing the Church building. It 15 the intention of the church to continue to repay this loan through annual contribution to the building fund. Thè Trustees also continue to review the 8oiri8 con￿rn Status and at the time of approving the financial statements the trustees have a reasonable expectation that the charity has adequate fesources to continue in operational existence foT the foreseeable future. Thu5, trustees continue to adopt the going concern basis of accounting in pieparing the financial statements. zi. Ethlcal standards In common with many other business of OUT size and nature. we use our auditor5 to a5515t with the preparation of the financial 5t8tements. Page 32