Charity Number: XM46736 Richhill Presbyterian Church Annual Report and Audited Financial Statements for the financial year ended 31 December 2022
Richhill Presbyterian Church CONTENTS Page Trustees, and Other Information Trustees, Report Statement of Trustees, Responsibilities Independent Auditorfs Report Slatement of Financial Activities 10 Balance Sheet Statement of Cash Flows 12 Notes to the Financial Statements 13-19 Supplementary Information relating to the Financial Slatements 21
Richhill Presbyterian Church TRUSTEES, AND OTHER INFORMATION Trustees Mr Malcolm McHugh Mf Trevor Graham Mr Alastair McNeely Mr Leslie Brownlee Mr Thomas Ellison Mr Glen Evans Mr Eric Hanna Mr Clifford Mccullagh {Resigned 3 April 2022) Mr David Milligan Mr David Parr Mr Mark Vallelly Mr William Diffin Mr Simon Cardwell Mr Stephen Thompson Mr Richard Cregan Charity Number In Northern Ireland XM46736 Principal Address Richhill Presbyierian Church 6 Corcreevy Road Richhill Co. Amiagh BT619JR Northem Ireland Audltors Marttn Grimley MG accountants (Portadownl 25-27 Carteton Street Portadown Co. Amagh BT62 3EP Northem Ireland Solicltors Thompson Mitchel Solicitors 12 - 14 Mandeville Street Portadown Co. Armagh BT62 2NZ United Kingdom
Richhill Presbyterian Church TRUSTEES, REPORT for the financial year ended 31 Decemb8r 2022 The trustees present their modified Truslees, Report and the audited financial statements for the financial year ended 31 December 2022. A more detailed Tnjstees report is available from the Charity. Th8 financial statements are prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities.- Statement of Recommended Practice applicable to charities preparing their financial statements in accordancè with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102). The Trustees. Report contains the infomiation required to be provided in the Trustees, Annual Report under the Statement of Recommended Practice (SORP) guidelines. In this report the trustees of Richhill Presbyterian Church present a summary of its purpose, governan, activities, achievements and finances for the financial year 31 December 2022. Structure and Management The Kirk Session The charity trustees of the congregation are the members of tts Kirk Session. Under the congregation's goveming document, The Code, the book of the constitution and govemment of the Presbyterian Church in Ireland. the Kirk Session seeks to watch over and promote the spiritual interest of the congregation and of persons not connected with any congregation who are within its bounds. It ensures pastoral care is in place in the congregation and seeks to further the contribution of the Church to Christian witness and service in the local community- The Kirk Session has delegated to its Congregational Committee the temporal affairs of the congregation including administering all funds and propety belonging to the congregation. Members of the Kirk Session are ex-officio members of the Congregational Committee. The Kith Session consists of the ordained minister and the ruling elders of the congregations. All members are entled to propose, speak and exercise equal votes at meetings. except that the Moderator. the minister in active duty in the congregation, has no deliberative but only a casting vote. Stated meetings of the Kirk session are held at monthtyl six weekty intervals, either on Zoom or in person according to current Covid regulalions. To be chosen for the office of the eldership in the congregation a person must be a voting member and a r8gular attendant on its ordinances. The selection of those proposed to be called to the office can be either by the congregation or by the Kid( Session. Presbytery Under the Presbyterian Church in Ireland form of govemance, the cotporate oversight of a congregation is the responsibility of a Presbytery which superintends generally the spiritual and temporal affairs of the congregations assigned to it by the General Assembly of the Presberian Church in Ireland. Richhill Presbyterian Church has been assigned to the Annagh Presbytery of the Presbyterian Church in Ireland. The membership of the Presbytery consists mainly of the active ministers of congregations assigned lo it by the General Assembly. minsters who have retired from active duty and an elder appointed by the Kirf( Session of each congregation. The General Assembly The General Assembly is the supreme court of the Church. representing in one body the whole Church and acting as its Suprne legislative, administration and judicial authority, in dealing with all matters brought before it. The General Assembly is nomially constituted during the first week in June for worship and to conduct its business. Al the end of business it is dissolved. The membership of the General Assembly consists mainly of the active ministers of each congregation, retired minsters and a representative elder appointed by the Kirk Session of each congregation. Review of A1VitieS and Purpose Richhill Presbyterian Church is a congregation of the Presbyterian Church in Ireland. The Presbyterian Church in Ireland, as a Refomed Church within the wider body of Christ is grounded in the Scriptures, and exists to love and honour God through faith in His Son and by power of His Spirit, and to enable members to play their part in fulfilling God's mission lo our worfd. Richhill Presbyterian Church exists to lead people to saving faith in Jesus, to bring them to maturity within the fellowship and to encourage them to worship God in Spiril and Truih. and with lives of service. We strive to reach out into the community of Richhill and the surrounding area. Financial Review The results for the financial year are set out on page 10 and addttional notes are provided showing income and expenditure in greater detail.
Richhill Presbyterian Church TRUSTEES. REPORT for the financial year ended 31 December 2022 Results and Dlvldends At the end of the financial year the charity has assets of £2.146,410 (2021 - £2,124,399) and liabilities of £4,62012021 - £1,560}. The net assets of Ihe charity have increased by £22,011. Reserves Position and Policy The Trustees have considered the level of unrestricted reserves that is appropfiale to hold taking account of current and ongoing commitments. It is the poli of the Trustees lo hold at least 12 months nomi81 expenditure. At the year end the unrestricted reserves were £1.838.094 with cash balances of £690,424. The Trustees consider it prudent to hold cash reserves at least £300,00 as the funding of its present activities is dependent on the ongoing financial support of members. Principal Risks and Uncertaintles A review of major risks has been undertaken by the Trustees and systems and procedures implemented to managa identified risks. The principal risks are in relation to the likelihood of reputational damage and financial risks associated with the expectation of ongoing financial support from members. These risks are mitigated by the Trustees, and the Congregational Committee, regulady monitoring the various activities of the congregation at stated meetings and by encouraging members in their regular giving. Going Concem The activities of the congregation are dependent on ongoing contributions from its members. The Trustees are of the opinion that the congregation has sufficient resources at the date of approval of these financial statements to meet Gommitments which will arise in the year from the date of signing this report and subject to the continuing support from members to fund on an ongoing basis the COTwJregation's current activities and other financial commitmants. Compliance wlth Sector-wlde Legislation and Standards The charity engages pro4ctively with legislation. standards and codes which are developed for the sector. Richhill Presbyterian Church subscribes to and is compliant with the following: The Charities SORP (FRS 102) Approved by the Board of Truste8s on 13 June 2023 and signed on its behalf by: Mr Malcolm McHugh Trustee Mr Alastair McNeely Trustee
Richhill Presbyterian Church STATEMENT OF TRUSTEES. RESPONSIBILITIES for Ihe financial year ended 31 December 2022 The trustees are responsible for preparing the financial statements in accordance with applicable law and regulations. The law applicable to charities in Northem Ireland requires the trustees lo prepare financial statements for each financial year which give a Inle and fair view of the assets. liabilities and financial position of the charity as at the financial yearend date and ofthe surplus or deficit ofthe charity and otheiSe comply with the Charities Acl (Northem Ireland) 2008. In preparing these financial statements, the trustees are required to: select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP make judgements and estimates that are reasonable and prudent- state whether the ffinancial statements have been prepared in accordance with the relevant financial reporting framework, identify those standards. and note the effect and the reasons for any material departure from those standards,. and prepare the financial statèments on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees confirm that they have complied with the above requirements in preparing the financial statements. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy 81 any time Ihe financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (Northem Ireland} 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the Board of Trustees on 13 June 2023 and signed on Its behalf by: Mr Malcolm McHugh Trustee m.L..L*t 1497J4s /4 Mr Alastair McNeely Trustee
INDEPENDENT AUDITOR'S REPORT to the Members of Richhill Presbyterian Church Report on the audit of the flnanclal statements Oplnlon We have audited the charity financial statements of Richhill Presbyterian Church {'the charity'} for the financial year ended 31 December 2022 which comprise the Statement of Financial Activits'es. the Balance Sheet, the Statement of Cash Flows and notes to the financial statements. including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" and Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102. In our opinion, when reporting in accordance with a fair presentation framework the financial statements: give a true and fair view of the state of the charity's affairs as at 31 December2022 and of its surplus for the financial year then ended., have been propetly prepared in accordance United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Charities Acl (Northem Ireland) 2008. Bas18 for oplnlon We conducted our audit in accordance wtth Intemational Standards on Auditing IUKI (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees. use of the going concem basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any fflaterial uncertainties relating to events or conditions that, individually or collectively. may cast signtficant doubt on the charity's ability to continue as a going concem for a period of at least e1ve months from the date when the financial statements are authorised for issue. Our responsibilities and the responsibiliiies of the trustees with respect to going COnM are described in the relevant sections of this report. Key Audit Matters The charity was exempt from audit for the financial year ended 31 December 2021. As a result, the comparative figures in these financial statements are unaLsdited. However, we have obtained sufficient appropriate audit evidence that the opening balances do not contain misstatements that materially affect the current period's financial statements. Other Information The other information comprises the infomiation included in the annual report other than the financial ststements and our Auditorfs Report Ihereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to thè extent otherwise explicidy stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other infoThation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that there is a material missiatement of this other infomiation, we are required to report that fact. We have nothing to report in this regard. Opinion on other matter prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit-. the information given in the Trustees, Report for the financial year for which the financial statements are prepared is consistent with the financial statements- and the Trustees, Report has been prepad in accordance with applicable legal requirements.
INDEPENDENT AUDITOR'S REPORT to the Members of Richhill Presbyterian Church Matters on which we are requlred to report by exceptlon In the light of our knowledge and understanding of the charity and its environmenl obtained in the course of the audit, we have not identified material misstatements in the Trustees, Report. We have nothing to report in respect of the following matters where tha Charities Act (Northem Ireland} 2008 requires us to report to you if, in our opinion= adequate accounting records have not been kept., or the financial statements are not in agreement with the accounting records and retums. or certain disclosures of truslees. remuneration specified by law are not made,. or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemption in preparing the Trustees, Annual Report. Responsibilities of trustees for the financlal statements As explained more fully in the Statement of Trustees, Responsibilities set out on page 6, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they deteIne is necessary to enable the preparation of financial statemènts that are free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trnstees are responsible for assessing the charity's ability to continue as a going concem, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless management either intends to liquidate the charity or to cease operations. or has no realistic alternatlV8 but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an Auditorfs Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliarTrce with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Further Information regarding the scope of our responsibiliti8s as audltor As part of an audit in accordance with ISAS (UK). we exercise professional judgement and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit eviden that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery. intentional omissions. misrepresentations, or the oveiride of intemal control. Obtain an understanding of intemal control relevanl to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the charity's internal control. Evaluate the approprlateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by tnjstees. Conclude on the appropriateness of the trustees, use of the going concem basis of accounting and. based on the audit evidence obtained. whether a material uncertainty exists lated to events or condib'ons that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we a required to draw attents'on in our Auditorfs Report to the related disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of ourAuditorfs Report. However. future events or condits'ons may cause the charity to cease to continue as a going concem. Evaluate the overall presentation, structure and content of the financial statements, including the disclosurès. and whelher the financial statements represent the underfying transactions and events in a manner that achieves fair presentation.
INDEPENDENT AUDITOR'S REPORT to the Members of Richhill Presbyterian Church We communicate with those charged with govemance regarding. among other matters, the planned scope and liming of the audit and significant audit findings. including any significant deficiencies in internal control that we identify during our audit. The purpose of our audlt work and to whom w8 owe our responsibilities This report is made solely to the charity's members, as a body. in accordance wtth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's members as a r our audit w rk. for this report. or for the opinions we havé fomied. IN GRIML Seni r Statutory itor MG countsnlsl orta 25-27 Cadeton Stre Portadown Co. Armagh BT62 3EP Northem Ireland 12 June 2023
Richhill Presbyterian Church STATEMENT OF FINANCIAL ACTIVITIES for the financial year ended 31 December 2022 Unrestrlcted Restricted Funds Funds 2022 2022 Totsl Unrestricted Restricted Funds Funds 2021 2021 Total 2022 2021 Notes Incoming Resources Activities for generating funds 323,910 225.839 549,749 312,992 157.814 470,806 Resources Expended Charitable activities Other expenditure 302.451 40,513 184,774 487,225 40,513 236.669 39,650 103,701 340,370 39,650 Total Resources Expended 342,964 184,774 527,738 276.319 103.701 380,020 Net incomingloutgoing resources before transfers Gross transfers betwèen funds (19,054) 41,065 22.011 36,673 54,113 90,786 Net movement in funds for the financial year (19.054) 41,065 22.011 36.673 54,113 90,786 Reconciliation of funds Balances brought forward at 1 January 2022 14 1,857.148 267.251 2,124,399 1,820,475 213,138 2,033,613 Balances carrled forward at 31 December 2022 1,838,094 308.316 2,146,410 1,857,148 267.251 2.124,399 The Statèment of Financial Activtbes includes all gains and losses recognised in the financial year. All income and expendtture relate to continuing activities. The notes on pages 13 to 20 fomi part of the finanLyal statements 10
Richhill Presbyterian Church BALANCE SHEET as at 31 December 2022 2022 2021 Notes Fixed Assets Tangible assets Investments 1,382,736 1,418 1,409,611 1,418 1,384,154 1,411,029 Current Assets Debtors Cash at bank and in hand 10 76,452 690,424 73,786 641,144 766,876 714.930 Creditors: Amounts falllng due within one year 11 (4,6201 {1,560} Net Current Assets 762.256 713.370 Total Assets less Current Liabilities 2,146,410 2,124,399 Funds Restricted funds Unrestricted funds 308,316 1.838.094 267,251 1.857,148 Total funds 14 2,146,410 2,124,399 Approved by the Board of Trustees and authorised for issue on 13 June 2023 and signed on its behalf by Mr Malcolm McHugh Trustee Mr Alastair McNeely Trustee The notes on pages 13 to 20 ft)rm part of the finanoal slalements 11
Richhill Presbyterian Church STATEMENT OF CASH FLOWS for the financial year ended 31 December 2022 2022 2021 Notes Cash flows from operating activities Net movement in funds Adjustments for.. Depreciation 22,011 90,786 40,513 39,650 62,524 130,436 Movements in working capital: Movement in debtors Movement in creditors {430) 824 (1,181) 120 Cash generated from operdtions 62,918 129,375 Cash flows from Investlng actlvlties Payments lo acquire tangible assets (13,838) 16,9221 Net increase in cash and cash equlvalents Cash and cash equivalents at 1 January 2022 49,280 641,144 122,453 518,691 Cash and cash equivalents at 31 December 2022 16 690,424 641,144 12
Richhill Presbyterian Church NOTES TO THE FINANCIAL STATEMENTS for the financial year ended 31 December 2022 GENERAL INFORMATION Richhill Presbyterian Church is a charity incorporated in Northem Ireland. The registered office of the company is Richhill Presbyterian Church. 6 Corcreevy Road, Richhill, Co. Amagh. BT619JR. Northem Ireland which is also the prtncipal place of business of the company The financial ststements have been presented in Pound Sterling {£) which is also the functional currency of the company. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the charity's financial statements. Basis of preparatlon The financial statements have been preparerj on the going concem basis under the historical cost convention, modified to include certain items at fair value. The financial statements have been prepared in accordance wtth the Statement of Recommended practi {SORP} 'Accounting and Reporting by Chartties preparing their accounts in accordance with the Financial ReportFng Standard applicable in the UK and Republic of Ireland FRS 102.. As pemitted by the Companies Act 2006. the charity has varied ihe standard fomats in that act for the statement of Financial Activities and the Balan Sheet. Departures from the standard fomiats are to comply with the requirements of the Charities SORP and are in compliance with section 4.7, 10.6 and 15.2 of that SORP. Statement of compliance Th8 financial statements of the charity for the financial year ended 31 Oecember 2017 have been prepared on the going concem basis and in accordance with the Statement of Recommended Pracb'ce {SORPI "Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporbng SLqndard applicable in the UK and Republic of Ireland FRS 102.. Incoming Resources Voluntary income or capital is included in the Statement of Financial Activities when the charity is legally entitled to it. its financial value can be quantified with reasonable certainty and there is reasonable certainty of its ultimate receipt. Entitlement io legacies is considered established when the charity has been notified of a distribution to be made by the executors. Income received in advance of due perfomiance under a contract is accounted for as deferred income until eamed. Al other income is accounted for on an accruals basis. Income from charitable activities Income from charitable activlties include income eamed from the supply of seNices under contractual arrangements and from perfomiance related grants which have conditions that specify the provision of particular services lo be provided by the charity. Income from govemment and other co-funders is recognised when the charity is legally entitled to the income because it is fulfilling the conditions contained in the related funding agreements. Where a grant is received in advance, its recognition is deferred and included in creditors. Where entitlement occurs before income is reTrived, it is accrued in debtors. Grants from govemments and other co-funders typically include one of the following types of condilions: Perfomiance based conditions- whereby the charity is contractually entitled to funding only to the extent that the core objectives of the grant agreement are achieved. Where the charity is meeting the core objectives of a granl agreement, it recognises the related expenditure. to the extent that it is reimbursable by the donor, as income. -Time based conditions= whereby the charity is contractually entitled to fijnding on the condition that it is utilised in a particular period. In these cases the charity recognises the income to the extent it is utilised within the period specified in the agreement. In the absence of such conditians. assuming that receipt is probable and the amountcan be reliably measured, grant income is recognised once the charity is notified of entitlement. Grants received towards capital expenditure are credited to the Statement of Financial Activities when received or receivable, whichever is eadier. 13
Richhill Presbyterian Church NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 Resources Expended Expenditure is recognised on an accrual basis as a liability is incutred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Other charitable expenditure comprises those costs incurred by the charity in the delivery of its activilies and seivices for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Cantral ministry fund is assessed quarterly and paid each December. Ministry and Support staff are paid in accordance with agreed tenns and conditions and for the direct b8nefrt of th8 charity's congregation. Critical accounting estlmates and judgements in the application of the charity's accounting policies. the trustees are required to make judgements, eslimales and assumptions about the carying amount of assets and liabiities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estirnates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Tanglble fixed assets and depreciation Tangible fixed assets are stated al cost or at valuation, less accumulated depreciation. The charge to depreciation is calculated to write off the original cost or valuation of tangible fixed assets, less their estimated residual value. over their expected useful lives as follows.. Land and Manse Church buildings Fixtures. fittings and equipment 0% 2°/0 Straight line 20 /0 Reducing balance Investments Investments held as fixed assets are stated at cost less provision for any pemianent diminution in value. Income from other financial fixed asset investments together with any related tax credit is recognised in the profit and loss account in the year in which it is receivable. Debtor8 Debtors are recognised at the settlement amount due after any discount offered. Prepaymenls are valued at the amount prepaid net of any trade discounts due. Income recognised by the charity from govemment agencies and other c(Ffunders, but not yet received at year end, is included in debtors. Cash at bank and In hand Cash at bank and in hand comprises cash on deposit at banks requiring less than threa months noti of withdrawal. Taxation and deferred taxation No current or deferred taxats'on arises as the charity has been granted charitable exemption. Irrecoverable valued added tax is expensed as incurred. 14
Richhill Presbyterian Church NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 Flnanclal Instruments Financial Instruments are recognised in the Charivs balance sheet when the charity becomes paty to the contractual provisions of the instrument. Basic Financial assets Basic financial assets. which include debtors and cash and bank balances, are initially measured at transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financial transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as re1vable within one year are not amortised. Basis financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised at trdnsaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured al the present value of the fiJture payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or servicas that have been acquired in the ordinary course of operalions from suppliers. Amounts payable are classified as current liabililies if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequentfy measured at amortised cost using the effective interest method. Derecognition of financlal liabllllles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. INCOME OTHER TRADING ACTIVITIES Unrestricted Restricted Funds Funds 2022 2021 Activities that generate Income Regular direct giving Donations and legacies other income resources Investment income 3,400 259.632 57,874 1,308 1.696 3.400 355,890 181.637 7.126 1,696 3,400 314,688 143,171 8,432 1,115 96.258 123,763 5,818 323,910 225,839 549.749 470,806 EXPENDITURE CHARITABLE ACTIVITIES Direct Costs Other Costs Support Costs 2022 2021 Grants to mission and charities Other support costs Central church assessments Ministry and support staff Life and work Govemance Costs (Note 4.3) 123.548 300 2,350 223.313 1.320 92.412 642 633 37,721 4,986 124,868 92,712 2.992 223,946 37,721 4.986 89.756 32.982 19,281 172,002 24.215 2,134 349,511 137,714 487,225 340.370 OTHER EXPENDITURE Direct Costs Other Costs Support Costs 2022 2021 Depreciation 40.513 40,513 39.650 15
Richhill Presbyterian Church NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 GOVERNANCE COSTS Dlrect Costs Other Costs Support Costs 2022 2021 Bank fees Audit and Accountancy 306 4,680 306 4,680 514 1,620 4.986 4,986 2,134 SUPPORT COSTS Charitable Governance Activities Costs 2022 2021 Worship and fellowship Bank fees Sundries Office costs Propety and Equipment Govemance costs Utilities Insurance 24.624 590 14,978 26,955 57,422 24,624 896 14,978 26,955 57,422 4,680 2,659 5,500 23,933 514 772 9,193 9,350 1,620 9,294 5,125 306 4.680 2,659 5,500 132,728 4,986 137,714 59,801 ANALYSIS OF SUPPORT COSTS 2022 2021 Worship and fellowship Bank fees Sundries Office costs Property and Equipment Governance costs Utilities Insurance 24.624 896 14.978 26.955 57,422 4,680 2,659 5,500 23,933 514 772 9,193 9,350 1,620 9,294 5,125 137.714 59,801 NET INCOMING RESOURCES 2022 2021 Net Incoming Resources are stated after chargingl(crediting): Depreciation of tangible assets 40.513 39,650 EMPLOYEES AND REMUNERATION The staff costs comprise: 2022 2021 Wages and salaries 203,264 165,880 16
Richhill Presbyterian Church NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 TANGIBLE FIXED ASSETS Land and Manse Church Fixtures. buildings fittings and equipment Total Cost At 1 January 2022 Additions 423.017 1,460,783 352,734 13,638 2,236,534 13.638 At 31 December 2022 423,017 1,460,783 366.372 2,250,172 Depreciation Al 1 January 2022 Charge for the financial year 521,594 29,215 305,329 11,298 826,923 40,513 At 31 December 2022 550,809 316.627 867,436 Net book value At 31 December 2022 423,017 909.974 49,745 1,382,736 At 31 December 2021 423,017 939,189 47,405 1,409,611 INVESTMENTS Other Investment5 Investments Cost At 31 December 2022 1,418 Net book value At 31 December 2022 1,418 At 31 December 2021 1,418 10. DEBTORS 2022 2021 Gift aid tax refund due Taxation and social security costs (Note 12) 74,216 2.236 73,786 76,452 73,786 11. CREDITORS Amounts falling due within one year 2022 2021 Accruals and deferred income 4,620 1,560 12. TAXATION AND SOCIAL SECURITY 2022 2021 Debtors: PAYE I NI 2,236 17
Richhill Presbyterian Church NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 13. RESERVES 2022 2021 At 1 January 2022 Surplus for the financial year 2.124.399 22,011 2,033,613 90,786 At 31 December 2022 2,146,410 2,124.399 14. FUNDS 14.1 RECONCILIATION OF MOVEMENT IN FUNDS Unrestricted Restricted Funds Funds Total Funds At 1 January 2021 Movement during the financial yéar 1,820.475 36.673 213,138 54.113 2,033,613 90,786 At 31 December 2021 Movement during the financial year 1.857.148 (19,054) 267.251 41,065 2,124,399 22,011 At 31 December 2022 1,838,094 308,316 2,146,410 14.2 ANALYSIS OF MOVEMENTS ON FUNDS Balance 1 January 2022 Income Expenditure Transfers Balance between 31 December funds 2022 Restrlcted funds Regular direct giving Life and work 1.091.491 (824,240) 225.839 642 184,132 1,316,688 {1,008.372} 267,251 225,839 184,774 308,316 Unrestricted funds Regular direct giving Ministry and support staff Depreciation 3.875.666 (2,018,518) 323.910 4,197,132 {2,318,5251 140,5131 300,007 40,513 1.857,148 323,910 (342,964) 1,838.094 Total funds 2,124.399 549.749 527,738 2,146,410 14.3 ANALYSIS OF NET ASSETS BY FUND Fixed assets - charity use Financial fixed assets Current assets Current liabilities Total Restricted trust funds 3,457 304,859 308,316 Unrestricted designated funds Unrestricted general funds 1.419,792 {40,513) 1,418 459,781 (2.384) 1.878.607 (40,5131 1,379,279 1.418 459,781 12.384) 1.838,094 1,382,736 1,418 764,640 12,384) 2,146,410 18
Richhill Presbyterian Church NOTES TO THE FINANCIAL STATEMENTS continued for the financial year ended 31 December 2022 15. TRUSTEES, REMUNERATION 2022 2021 Fees Remuneration 3,070 104,154 136,274 136.274 101,084 16. CASH AND CASH EQUIVALENTS 2022 2021 Cash and bank balan$ 690,424 641,144 17. POST-BALANCE SHEET EVENTS There have been no significant events affecting the Charity since the financial year-end. 19
RICHHILL PRESBYTERIAN CHURCH SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2022 NOT COVERED BY THE REPORT OF THE AUDITORS 20
Richhill Presbyterian Church SUPPLEMENTARY INFORMATION RELATING TO THE FINANCIAL STATEMENTS Operating Statement for the financial year ended 31 December 2022 2022 2021 Income Recorded giving Tax recorded on gift aid Loose collection Gifts and donations Other income Activities to generate income Investment Income 348.642 67,642 13,790 107,003 7,126 3,400 2,146 311,573 74,183 5,204 66,899 5,362 3,400 1,115 549,749 467,736 Expenses Wages and salaries {including trustees. remuneration) Furlough receipts Central Ministry Fund Presbyierian Orphan Society Grants lo missions and charities Rent & Rates Worship and fellowship Insurance Light and heat Repairs and mainlenanca Stationary and materials Telephone and intemet Computer costs Legal and professional Examination and audit fees Bank charges General expenses Depreciation 203.264 168,950 {3,0701 20,050 2.283 89,786 2,016 23,433 5,125 7,278 6,729 1,566 2,313 5.314 2,621 1,620 514 772 39,650 20,254 2.109 124,904 2,359 23,304 5,500 19,945 55.211 3,001 2.674 900 3,246 4,680 896 14,978 40.513 527,738 376,950 Net surplus 22,011 90,786 The supplementary infomatson does not form part of the audited financial statements 21