an CREGAGH PRESBYTERIAN CHURCH Congregation of The Presbyterian Church In Ireland STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2024 Income and Endowments from". Donations and legacies Charitable activities Investments 108,976 89,761 3,850 3,326 198,737 3,850 3,926 210,286 2,020 1,846 600 Total 109,576 96,937 206,513 214,152 Expenditure on: Charitable activities {119,387) 183,675) 1203,0621 1203,172) Total 1119,3871 {83,6751 1203,062) 1203,1721 Net Income / (expenditure) 19,8111 13,262 3,451 10,980 Transfers between funds Net movement in funds Reconclllation of funds: Total funds brought forward 128,504 1,827,661 1,956,165 1,945,185 Total funds carried forward 118,693 1,840,923 1,959,616 1,956,165 131 Page
an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland BALANCE SHEET As at 31 December 2024 Fixed assets: Tangible assets Investments 1,720,426 1,720,426 1,735,154 Total fixed assets 1,720,426 1,720,426 1,735,154 Current assets Debtors Cash at bank and in hand 10 11 4,168 118,570 2,503 119,244 6,671 237,814 10,028 218,828 Total current assets 122,738 121,747 244,485 228,856 Liabilities: Credltors: Amounts falling due within one year 12 (4,045) (1,250) 15,295) (7,845) Net current assets or liabilities 118,693 120,497 239,190 221,011 Total assets less cu rrent liabilities Creditor5: Amounts falling due after more than one year 118,693 120,497 239,190 221,011 13 Total net assets or liabilities 118,693 1,840,923 1,959,616 1,956,165 141 Page
an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland BALANCE SHEET (contd.) As at 310ecember 2024 Restricted income funds Unrestricted funds 14 14 1,840,923 1,840,923 1,827,661 118,693 128,504 118,693 Total charity funds 118,693 1,840,923 1,959,616 1,956,165 Approved by Kirk Session on 18 May 2025 and signed on it5 behalf by: ichael R. Graham 18 May 2025 W. Gordon Dunlop 18 May 2025 151 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2024 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 IFRS102 - 2019). The financlal 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 15 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 grant5 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
an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTESTO THE ACCOUNTS 31 December 2024 ACCOUNTING POLICIES (cont'd) INCOMING RESOURCES (l) Recognltlon of Incoming resources These are included in the Statement of Financial Activities {SoFAI when: the congregation becomes entitled to the resources; the trustees are virtually certain they will receive the resource5,' and the monetary value can be measured with sufficient reliably. (il) Incomlng resources wlth related expenditure Where incoming resources have related expenditure (as with fundraising income) the incoming resources and related expenditure are reported gros5 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 donatlons and gifts Incomlng 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 501d 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 PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2024 ACCOUNTING POLICIES (cont'd) (vii) 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. (vlll) Volunteer help The value of any voluntary help received is not included in the account5 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 or10ss resulting from revaluing investments to market value at the end of the year. EXPENDITURE AND LIABILITIES (xi) Llability recognition Liabilitie5 are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources. {xll) Governance costs These are shown within charitable actlvlties and include the costs of preparation and examination of accounts and the cost of any legal advice to trustees on governance or constitutional matter5. (xiii) Grants with performance condltlons Where the charity gives a grant with condition5 for its payment being a specific level of service or output to be provided, such grant5 are only recognised in the SOFA once the recipient of the grant has provided the specified service or output. 181 Page
an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2024 ACCOUNTING POLICIES (cont'd) {xiv) Grants payable without performance conditions These are only recogni5ed 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 {xvl 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 C05t 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 fol lows 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 recognlsed 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 Congregatlon of The Presbyterian Church In Ireland DONATIONS AND LEGACIES Weekly Freewill Offering Loose and Special Collections Donations and Gifts Gift Ald Legacles and Bequests Organisations Missions & Charltles Funds 85,332 1,362 4,488 17,794 29,518 3,155 6,457 7,666 114,850 4,517 10,945 25,460 117,231 5,693 4,536 30,425 2,000 2,568 47,833 2,338 40.627 2,338 40,627 108,976 89,761 198,737 210,286 CHARITABLE AcfiviTIES Income from charltable activities Fundraising events Grants 3,850 3,850 2,020 3,850 3,850 2,020 INVESTMENTS Deposit interest General Investment Fund Property Rents Other investment income 600 3,326 3,926 1,846 600 3,326 3,926 1,846 201 Page
an CREGAGH PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland CHARITABLE ACTIVITIES General Assembly Assessments Mlnlsterfs stipend Mlnlstry and support staff costs Congregational running expenses Donatlons to Misslons & Charities Governance costs Depreciation 10,662 40,674 40,422 25,589 10,662 40,674 40,422 42,788 32,242 2,040 34,234 10,406 39,238 38,513 36,381 43,024 1,920 33,690 17,199 32,242 2,040 34,234 119,387 83,675 203,062 203,172 211 Page
an CREGAGH PRESBYTERIAN CHURCH a Congregatlon of The Presbyterian Church In Ireland EMPLOYMENT COSTS Wages, Salaries & Allowances Social Securlty Costs Pension contributions 66,006 5,328 9,762 63,370 5,084 9,297 81,096 77,751 2024 2023 Number of Employees The average number of employees, Includlng the minlster of the congregation, during the year was: There were no employees in receipt of benefits In eXs5 of £60,000. 221 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland 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 employerfs pension contribution forthe 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 suff iciently funded to meet current and future obligations. A formal schedule of contributions was drawn up on 25 November 2015 whereby the Presbyterlan 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 service benefits and funding the scheme deficit. The contributions made by the congregation during the year were Contrlbutions 9,762 9,297 The Congregation has two part-tlme employees lan organist and a church off icer) neither of whom qualify for automatic enrolment into a workplace pension scheme. Both have been offered pension scheme membership but both have declined. 8, TRANSFER BEfwEEN FUNDS £15,456 was transferred from the Property Fund to the Manse Fund for Manse renovations during 2024. 231 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland 9. TANGIBLE FIXED ASSETS Cost or valuatlon At start of year Additions 1,475,727 365,000 15,456 47,190 1,887,917 4,050 19,506 At end of year 1,475,727 380,456 51,240 1,907,423 Depreciation At start of year Provision for year Disposals {147,446} 129,5151 15,3171 1152,7631 14,7191 134,2341 At end of year 1176,9611 {10,0361 1186,9971 Net Book Value At end of year 1,298,766 380,456 41,204 1,720,426 At start of year 1,328,281 365,000 41,873 1,735,154 The redevelopment of the church building was completed in 2018. Depreciatlon (at 2%) has been applied from l January 2019. During the year capital expenditure of £15,456 was incurred in renovations to the Manse kitchen and dining room. £4,050 was spent on fixtures and fitting5 (ensulte refurbishment). No depreciation has been applied to the manse property which is subject to maintenance to maintain its value. The residual value 15 considered to be at least equal to the carrying valuation. 241 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterlan Church In Ireland 10. DEBTOR5 2024 2023 Gift Aid Recoverable VAT Recoverable Other 5940 6,896 731 3,132 6,671 10,028 11. CASH AT BANK AND IN HAND Current account Cash in hand 237,814 218,828 237,814 218,828 12. CREDITORS: amounts falling due within one year Creditors and Accruals 5295 7,845 5,295 7,845 13. CREDITORS: amounts falling due after more than one year 251 Page
Presbyter an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland 14. FUND BALANCES AND RECONCILIATION OF FUNDS Balance at l Jan 2024 Balance at 31 Dec 2024 Income Expend. Transfer Unrestricted Funds General Fund Development Fund 94,853 109,576 33,651 119,387 85,042 33,651 128,504 109,576 119,387 118,693 Restricted Funds Renovation Fund Property Fund Mission & Cha rities Funds Organisational Fu nds Manse Fund 1,116,698 318,530 24,217 3,216 365,000 3,208 50,646 40,745 2,338 34,234 14,147 115,4561 32,242 3,052 1,085,672 339,573 32,720 2,502 380,456 15,456 1,827,661 96,937 83,675 1,840,923 Total Funds 1,956,165 206,513 203,062 1,959,616 261 Page
an CREGAGH PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church In Ireland 15. RELATED PARTY TRANSACTIONS One of the Trustees, the minister of the congregation, who was appointed minister in September 2018, received remuneration of £40,674 and expenses of £7,836 for acting in that capacity. Pension contributions of £ 9,762 were paid bythe congregation, in respect of the minister, to the Presbyterian Church in Ireland Pension Scheme120091. None of the othertrustees received any remuneratlon or expenses in connectlon with thelr dutles. Duringtheyearthe congregation contributed thefollowing amounts to Funds of the General Assembly of the Presbyterian Church in Ireland, a separate charity - £10,662 for congre8atlonal assessments (excluding ministerfs employment costs). £10,000 towards the Unlted Appeal. £1,250 towards the World Development Appeal. £1,000 towards the Children's Society. The congregation contributed £854 in respect of Presbytery fees during the year. There were no other related party transactions. 271 Page