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 Accou￿rS (convd)
31 De￿rnber 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