Presbyter an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2022 Income and Endowments from.. Donations and legacies Charitable activities Investments 108,488 94,049 2,665 260 202,537 2,665 334 223,740 3,324 325 74 Total 108,562 96,974 205,536 227,389 Expenditure on: Charitable activities (110,6291 {80,7951 (191,424) 1174,729) Total {110.629) (80,795) 1191,424) (174,7291 Net Income l (expenditure) (2,067) 16,179 14,112 52,660 Transfers between funds {33,856} 33,856 Net movement in funds Reconciliation of funds: Total funds brought forward 164,712 1,766,361 1,931,073 1,878,413 Total funds carrled forward 128,789 1,816,396 1,945,185 1,931,073 131 Page
an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland BALANCE SHEET As at 31 December 2022 Fixed assets: Tangible assets 1,763,404 1.763,404 1,763,735 Investments Total fixed assets 1,763,404 1,763,404 1,763,735 Current assets Debtors 4,147 2,278 6,425 8,269 Cash at bank and in hand io 129,871 50,714 180,585 207,985 Total current assets 134.018 52,992 187,010 216,254 Llabilities: Creditors: Amounts falling due within 11 one year 15,229) {5,2291 148,916) Net current assets or Ilabilities 128,789 52,992 181,781 167,338 Total assets less current liabilities 128,789 1,816,396 1,945,185 1,931,073 Creditors: Amounts falling due after more than one year 12 Total net assets or Ilabilities 128,789 1,816,396 1,945,185 1,931,073 14 | Page
Presbyter an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland BALANCE SHEET (cont.} As at 31 December 2022 Funds of the charity Restricted income funds 13 1,816.396 1,816,396 1,766,361 Unrestricted funds 13 128,789 128,789 164,712 Total cbarity funds 128,789 1,816,396 1,945,R85 1,931,073 Approved by Kirk Session on 16 May 2023 and signed on its behalf by: .L CLLL Michael R. Graham 16 May 2023 W. Gordon Dunlop 16 May 2023 151 Page
Presbyter an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2022 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 (FRS102) (effective l 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 (a) income from endowments which is to be expended only on the restricted purposes intended by the donor and (bl 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 basis. 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. 161 Page
Presbyter an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2022 ACCOUNTING POUCIES(conVdl INCOMING RESOURCES Recognition of incoming resources These are included in the Statement of Financial Activities (SOFA) 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 reclalms 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 Gift5 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. 171 Page
Presbyter an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2022 ACCOUNTING POLICIES (cont'd) (vil) 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 losse5 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 LIABIUTIES (xi) Liability recognition Liabilities are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources. (xii) Governance costs These are shown within charitable activities and include the costs of preparation and examination of accounts and the 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 seniice or output. 181 Page
Presbyter an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2022 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 condition5 to be met relating to the grant which remain in the control of the charity. ASSETS {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: Fixtures, fittings and equipment Computers, software and technical equipment - over 50 years - over 10 years over 4 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. 191 Page
Presbyter an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2022 2.DONATIONS AND LEGACIES Weekly Freewill Offering Loose and Special Collections Donations and Gifts Gift Aid Legacies and Bequests Organisations Missions & Charities Funds 87,659 1,338 3,419 16,072 32,268 4,452 2,425 7,609 4,810 4,177 38,308 119,927 124,185 5,790 5,461 5,844 25,292 23,681 25,956 4,810 3,470 4,177 1,497 38,308 37,879 108,488 94,049 202,537 223,740 3.CHARITABLE AcfiviTIES Income from charitable activities Fundraising events 2,665 2,665 697 Grants 2,627 2,665 2,665 3,324 201 Page
Presbyter an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2022 4. INVESTMENTS Deposit interest General Investment Fund Property Rents Other investment income 74 260 334 325 74 260 334 325 5. CHARITABLE ACTIVITIES General Assembly Assessments Minister's stipend Ministry and support staff costs Congregational running expenses Donations to Missions & Charities Governance costs Depreciation 24,694 36,893 24,267 22,948 15,667 34,471 24,694 36,893 24,267 38,615 34,471 1,827 30,657 24,887 36,081 24,745 27,199 30,518 1,827 29,472 1,827 30,657 110,629 80,795 191,424 174,729 211 Page
Presbyter an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS {cont'd) 31 December 2022 6.EMPLOYEES Employment Costs Wages and Salaries Social Security Costs Pension contributions 52,733 4,977 8,854 52,945 4,622 8,659 66,564 66,226 Number of Employees The average number of employees, including the minister of the congregation, during the year was: Average number of employees There were no employees in receipt of employee benefits in excess of £60,000. 221 Page
Presbyter an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2022 7.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 employer's pension contribution for the Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme {2009} is a funded Scheme of the defined benefit type, providing defined benefits based on career average re-valued 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 benefits for future 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 Contributions 8,853 8,659 The Congregation has two part-time employees lan organist and a church officer) neither of whom qualify for automatic enrolment into a workplace pension scheme. Both have been offered pension scheme membership but both have declined. 231 Page
Presbyter an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2022 8. TANGIBLE FIXED ASSETS Cost or valuation At start of year Additions 1,475,727 365,000 11,424 30,326 1,852,151 30,326 At end of year 1,475,727 365,000 41,750 1,882,477 Depreciation At start of year Provision for year Disposals 188,416) {29,5151 188.416) {30,6571 (1,1421 At end of year {117,931) 11,1421 {119.0731 Net Book Value At end of year 1,357,796 365,000 40,608 1,763,404 At start of year 1,387,311 365,000 11,424 1,763,735 During the year, capital expenditure of £27,589 was incurred in upgrading the AV system and £2,737 spent on a new risograph. The redevelopment of the church building was completed in 2018. Depreciation lat 2Yol has been applied from l January 2019. The provision for depreciation has been increased in line with capital expenditure incurred in 2021. principally on the refurbishment of the church kitchen. No depreciation has been applied to the manse property which 15 subject to regular maintenance to maintain its value (£365,000). The residual value is considered to be at least equal to the carrying valuation. 241 Page
Presbyter an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2022 9.DEBTORS 2022 2021 Gift Aid Recoverable VAT Recoverable Other 4,859 6,278 417 1,567 1,574 6,426 8,269 10. CASH AT BANK AND IN HAND 2022 2021 Current account Cash in hand 180,585 207,985 180,585 207,985 11. CREDITORS: amounts falling due within one year 2022 2021 Building retention Bank loan Other Creditors and Accruals 44,381 4,535 5,230 5,230 48,916 251 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2022 12. CREDITORS: amounts falling due after more than one year 2022 2021 Bank loan 13. FUND BALANCE5 AND RECONCILIATION OF FUNDS Balance at start Income Expend. Transfer Balance at end Unrestricted Funds General Fund Development Fund 97,205 67,507 108,562 110,629 95,138 33,651 (33,856) 164,712 108,562 110,629 133,8561 128,789 Restricted Funds Renovation Fund Property/Building Fund Mission & Charitie5 Funds Organisational Funds Manse Fund 1,119,768 262,984 15,552 3,057 365,000 260 54,229 38,308 4,177 30,890 11,704 34,471 3,730 60,048 (26,1921 1,149,186 279,317 19,389 3,504 365,000 1,766,361 96,974 80,795 33,856 1.816,396 Total Funds 1,931.073 205,536 191,424 1,945,185 261 Page
Presbyter an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2022 14. RELATED PARTY TRANSAcfioN One of the Trustees, the minister of the congregation, who was appointed minister in September 2018, received remuneration of £ 36,893 and expenses of £ 6,977 for acting in that capacity. Pension contributions of £ 8,853 were paid by the congregation, in respect of the minister, to the Presbyterian Church in Ireland Pension Scheme (2009). None of the other trustees received any remuneration or expenses in connection with their duties. During the year the congregation contributed the following amounts to Funds of the General Assembly of the Presbyterian Church in Ireland, a separate charity. £ 24,694 for congregational assessments (includes above pension contribution). £ 10,000 toward5 the United Appeal. £ 1,000 towards the World Development Appeal. £ 500 towards the Children's Society. The congregation contributed £ 771 in respect of Presbytery fees during the year. There were no other related party transactions. 271 Page