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
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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
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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
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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.
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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.
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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.
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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
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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
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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 eX￿s5 of £60,000.
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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.
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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

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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
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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
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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