Presbyter an CREGAGH PREs8YfERIAN CHURCH Congregation of The Presbyterian Church In Ireland STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2023 Income and Endowments from: Donations and legacies Charitable actlvlties Investments 112,287 97,999 2,020 1,311 210,286 2,020 1,846 202,537 2,665 334 535 Total 112,822 101,330 214,152 205,536 Expendlture on: Charitable activities 1113,107) {90,0651 1203,172> (191,424) Total 1113,107) {90,0651 1203,172) (191,424) Net Income / (expendlture) (285) 11,265 10,980 14,112 Transfers between fund5 Net movement in funds Reconciliation of funds: Total funds brought forward 128,789 1,816,396 1,945,185 1,931,073 Total funds carried forward 128,504 1,827,661 1,956,165 1,945,185 131 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland BALANCE SHEET As at 310ecember 2023 li Is Z JLL Flxed assets: Tangible assets Investments 1,735,154 1,735,154 1,763,404 Total fixed assets 1,735,154 1,735,154 1,763,404 Current assets Debtors 5,628 4,400 10,028 218,828 6,425 180,585 Cash at bank and in hand io 129,721 89,107 Total current assets 135,349 93,507 228,856 187,010 Liablllties: Creditors: Amounts falling due within one year 11 {6,845) (1.000) (7,8451 (5,2291 Net current assets or Ilabilitles 128,504 92,507 221,011 181,781 Total assets less current liabilltles 128,504 92,507 221,011 181,781 Creditors: Amounts falling due after more than one year 12 Total net assets or liabllltles 128,504 1,827,661 1,956,165 1,945,185 141 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland BALANCE SHEET {cont.) As at 31 December 2023 Funds of the charlty Restricted income funds 13 1,827,661 1,827,661 1,816,396 128,504 128,789 Unrestricted funds 13 128,504 Total charlty funds 128,504 1,827,661 1,956,165 1,945,185 Approved by Kirk Sesslon on 21 May 2024 and signed on its behalf by., Michael R. Graham 21 May 2024 W. Gordon Dunlop 21 May 2024 151 Page
an CREGAGH PRESBYfERIAN CHURCH Congregatlon of The Presbyterian Church In Ireland NOTESTO THE ACCOUNTS 31 December 2023 AccouMfiNG POLICIES BASIS OF FINANCIAL STATEMENT5 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 IFRS102) leffectlve 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 fund5 are funds, the capital of which must be retained either permanently or at the congregation'5 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 (b) 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'5 general purposes. Designated funds are general funds set aside by the congregation for use in the future. 161 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland NOTESTO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES (convd) INCOMING RESOURCES (l) Recognltion of Incomlng resources These are included in the Statement of Financial Activitles (SOFA) when: the congregation becomes entitled to the resources. the trustees are vlrtually certain they will receive the re50urces' and the monetary value can be measured wlth Sufficient reliably. (11) Incoming resources wlth related expenditure Where incoming resource5 have related expenditure las with fundraising income) the incoming resource5 and related expenditure are reported gross in the SOFA. (Ill) 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) Contrartual Income and performance related grants This is only included in the SOFA once the related goods or services have been delivered. (vl) Glfts in kind Gifts 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 account5 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
an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES Icont'd) (vll) Donated servlces and facllities These are only included in incoming resources (with an equlvalent 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 losses 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 LIABILITIES (xi) Liabillty recognition Liabilities are recognised as soon as there is a legal or constructlve obligation committing the congregation to pay out resources. {xll) Governance c05tS These are shown within charitable activities and include the costs of preparation and examination of accounts and the cost of any legal advice to trustee5 on governance or constitutional matters. (xiii) Grant5 Wlth performance conditions Where the charity give5 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 Service or output. 181 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTESTOTHE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES (cont'd) {xiv) Grants payable without performance condition5 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) Tanglble Flxed 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 estlmated residual value, of each asset over its expected useful life as fol lows Buildings: Fixtures, fittings and equipment Computers, software and technical equipment over SO years over 10 years over 4 years (xvl) 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
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 2.DONATIONS AND LEGACIES Weekly Freewill Offering Loose and Special Collections Donations and Gifts Gift Aid Legacies and Bequests Organisations Missions & Charities Funds 86,469 30,762 1,572 4,121 3,052 1,484 21,194 9,231 2,000 2,568 47,833 117,231 119,927 5,693 5,790 4,536 5.844 30,425 23,681 2,000 4,810 2,568 4,177 47,833 38,308 112,287 97,999 210,286 202,537 3.CHARITABLE ACTIVITIE5 Income from charitable actlvities Fundraising events 2,020 2,020 2,665 Grants 2,020 2,020 2,665 201 Page
an CREGAGH PRESBYfERIAN CHURCH Congregation of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 4. INVESTMENTS Deposit interest General Investment Fund Property Rents Other investment Income 535 1,311 1,846 334 535 1,311 1,846 334 5. CHARITABLE ACTIVITIES General Assembly Assessments Minister's stipend Ministry and support staff costs Congregational running expenses Donations to Missions & Charities Governance costs Depreciation 24,981 39,238 26,392 20,576 13,351 43,024 24,981 39,238 26,392 33,927 43.024 1,920 33,690 24,694 36,893 24,267 38,615 34,471 1,827 30,657 1,920 33,690 113,107 90,065 203,172 191,424 211 Page
an CREGAGH PRES8YfERIAN CHURCH Congregation of The Presbyterlan Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 6.EMPLOYEES Employment Costs Wages, Salarles & Allowances Social Security Costs Pension contribution5 63,370 59,710 5,084 4,977 9,297 8,854 77,751 73,541 Number of Employees The average number of employees, Including the minlster 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
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 7.PENSION COSTS The minlster of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme (20091. 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 Penslon Scheme12009) 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 fundlng 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 a8reed to pay from 31 December 2015 contributions of 24% of pensionable salaries to cover the accrual of benefit5 for future service, expenses, the cost.of insuring death in service benefits and funding the scheme deficit. The contributions made by the congregation during the year were Contribution5 9,297 8,853 The Congregation has two part-time employees {an 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
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2023 . TANGIBLE FIXED ASSET5 Cost or valuation At start of year Additions 1,475,727 365,000 41,750 5,440 1,882,477 5,440 At end of year 1,475,727 365,000 47,190 1,887,917 Depreciatlon At start of year Provision for year Disposals (117,931} (29,515) 11,142) (4,175) (119,073) {33,6901 At end of year {147,446) 15,3171 (152,7631 Net Book Value At end of year 1,328,281 365,000 41,873 1,735,154 At start of year 1,357,796 365,000 40,608 1,763,404 During the year, capital expenditure of £5,440 was incurred in upgrading the Manse bathroom. The redevelopment of the church building was completed in 2018. Depreciation lat 2%) has been applied from l January 2019. No depreciation has been applied to the manse property which is subject to regular maintenance to maintain its value1£365,000). The residual value Is considered to be at least equal to the carrying valuation. 241 Page
an CREGAGH PRESBYfERIAN CHURCH Con8regatlon of The Presbyterian Church In Ireland NOTES TO THE AccouNf5 Iconvd) 31 December 2023 9.DEBTOR5 2023 2022 Gift Aid Recoverable VAT Recoverable Other 6,896 4,859 3,132 1,567 10,028 6,426 10. CASH AT BANKAND IN HAND 2023 Z022 Current account Cash in hand 218,828 180,585 218,828 180,585 11. CREDITORS: amounts fallln8 due wlthln one year 2023 Z022 Creditors and Accruals 7,845 5,230 7,845 5,230 251 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE AccourS (convd) 31 Dernber 2023 12. CREDITORS: amounts falling due after more than one year 2023 2022 13. FUND BALANCES AND RECONCILIATION OF FUNDS Balance at start Income Expend. Transfer Balance at end Unrestricted Funds General Fund Development Fund 95,138 33,651 112,822 113,107 94.853 33,651 128,789 112,822 113,107 128,504 Restricted Funds Renovation Fund Property Fund Mission & Charities Funds Organlsational Funds Manse Fund 1,149,186 279,317 19,389 1,315 49,618 47,833 33,803 10,405 43,005 1,116,698 318,530 24,217 3.504 365,000 2,564 2,852 3,216 365.000 1,816,396 101,330 90,065 1,827,661 Total Funds 1.945.185 214.152 203,172 1.956.165 261 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (convd) 31 December 2023 14. RELATED PARTY TRANSACTION One of the Trustees, the minister of the congregation, who was appointed mlnister in September 2018, received remuneration of £ 39,238 and expenses of £7,489 for acting in that capacity. Pension contributions of £ 9,297 were paid by the congregation, In respect of the minister, to the Presbyterian Church in Ireland Pension Scheme {20091. None of the other trustees received any remuneration or expenses in connectlon with their dutles. During the year the congregation contributed the following amounts to Funds of the General Assembly of the Presbyterian Church In Ireland, a separate charity. £ 24,981 for congregational assessments (Includes above penslon contribution). £ 10,000 towards the United Appeal. £ 1,000 towards the World Development Appeal. £ 700 toward5 the Children's Society. The congregation contributed £ 813 in respect of Presbytery fees during the year. There were no other related party transactions. 271 Page