Financial Statements
Joymount Presbyterian Church Statement of Financial Activities For the year ending 31 December 2022
| Notes Income from: Regular direct giving 2 Donations and legacies 3 Other trading activities 4 Investments 5 Organisations 6 Other 7 Total income Expenditure on: Central Church assessments 8 Ministry and support staff 9, 18 Life and work 10 Grants to missions and charities 11 Property & equipment maintenance 12 Governance 13 Organisations 6 Total expenditure Net income Depreciation on buildings Transfers between funds 22 Net loss on investment assets Net movement in funds Reconciliation of funds: Total funds brought forward 22 Total funds carried forward 22 |
Unrestricted Restricted Total Total funds funds 2022 2021 £ £ £ £ 134,151 30,951 165,102 179,140 4,726 - 4,726 16,737 2,363 - 2,363 230 899 - 899 624 - 14,461 14,461 6,911 1,624 4,580 6,204 571 |
|---|---|
| 143,763 49,992 193,755 204,213 |
|
| 14,690 - 14,690 14,916 28,729 - 28,729 100,044 24,928 - 24,928 18,140 5,710 21,636 27,346 17,946 20,263 13,694 33,957 30,333 6,065 1,670 7,735 9,087 - 14,750 14,750 10,033 |
|
| 100,385 51,750 152,135 200,499 |
|
| 43,378 (1,758) 41,620 3,714 - (8,360) (8,360) (8,360) (100) 100 - - - - - - |
|
| 43,278 (10,018) 33,260 (4,646) 269,721 341,275 610,996 615,642 |
|
| 312,999 331,257 644,256 610,996 |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
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Joymount Presbyterian Church Balance Sheet As at 31 December 2022
| Notes Fixed assets Tangible assets 14 Total fixed assets Current assets Debtors 15 Cash at bank and in hand 16 Total current assets Liabilities Creditors: Amounts falling due 17 within one year Net current assets Total net assets The funds of the charity: Unrestricted income funds 22 Restricted income funds 22 Restricted land & building fund 22 Total charity funds |
2022 £ 229,086 229,086 29,776 390,027 419,803 4,633 415,170 644,256 312,999 118,617 212,640 644,256 |
2021 £ 236,043 |
|---|---|---|
| 236,043 | ||
| 34,488 350,861 |
||
| 385,349 | ||
| 10,396 | ||
| 374,953 | ||
| 610,996 | ||
| 269,721 120,275 221,000 |
||
| 610,996 |
The trustees have prepared the financial statements in accordance with The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 for circulation to the members.
The notes 1 to 23 form part of these financial statements.
Approved by the trustees on 20th March 2023.
Signed: Mr Stephen Drake Name: Mr Stephen Drake, Clerk of Session on behalf of the trustees
13
Joymount Presbyterian Church Notes to the Financial Statements For the year ended 31 December 2022
1 Accounting policies
The principal accounting policies that have been adopted consistently throughout the year and the prior year are summarised below.
1.1 Basis of preparation
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 the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and The Charities (Accounts and Reports) Regulations (Northern Ireland) 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.
Joymount Presbyterian Church meets the definition of a public benefit entity under FRS 102.
1.2 Fund accounting
Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted funds are primarily from the receipt of Free Will Offerings and loose collections from the congregation.
Restricted funds comprise (a) restricted income funds and (b) restricted land and building fund. These are detailed below.
Restricted income funds are funds which are to be used in accordance with specific restrictions imposed by the donor. Restricted income funds are from the collection of congregational offerings to the Church's property account and for the Presbyterian Church in Ireland's (PCI) various appeals. The income received by the various church organisations is also restricted for use in the respective organisations.
Restricted land and building fund is the fund created on the initial recognition of the land and buildings owned by the church which have not previously been recorded. The only movement on this fund each year is the expensing of the depreciation on land and buildings. Further details can be found at note 14.
1.3 Income recognition
All income is recognised once the charity has entitlement to the income, it is virtually certain that the income will be received and the amount of income receivable can be measured reliably.
Where income received has related expenditure (as with fundraising income) the income and related expenditure are reported gross in the Statement of Financial Activities.
Regular direct giving
Regular direct giving receipts relate to offerings received from the congregation and are recognised on receipt when the church has unconditional entitlement to the income.
Donation and legacies
Donations and legacies are recognised on receipt unless otherwise notified of a settlement date. The nature of the charity as a church means that donations do not usually have conditions attached which may result in the deferral of recognising income.
14
Joymount Presbyterian Church Notes to the Financial Statements For the year ended 31 December 2022
1 Accounting policies (continued)
Tax reclaims on donations and gifts
Income from Gift Aid (included under Regular direct giving) is included in the Statement of Financial Activities at the same time as the donation or gift to which they relate.
Investments
Interest on funds held on deposit is recognised when receivable and the amount can be measured reliably by the charity.
Gifts 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 use by the charity are included in the Statement of Financial Activities as income when receivable.
Donated services and facilities
These are only included in income (with the equivalent amount in expenditure) where the benefit to the church is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the church of the service or facility received.
Volunteer help
The value of any voluntary help received is not included in the financial statements but is described in the trustees' annual report.
1.4 Expenditure recognition
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis.
1.5 Irrecoverable VAT
Irrecoverable VAT is charged against the expenditure heading for which it was incurred.
1.6 Tangible fixed assets
Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Assets for use by the church 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 provided on all tangible fixed assets other than land at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:
Buildings: 50 years Fixtures & fittings: 10 years
1.7 Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount.
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Joymount Presbyterian Church Notes to the Financial Statements For the year ended 31 December 2022
1 Accounting policies (continued)
1.8 Employee benefits
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 church 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 Pension Scheme (2009) is a funded Scheme of the defined benefit type, providing defined benefits based on career average revalued salary. The Scheme has assets held in a separately administered fund managed by the board of trustees. The Presbyterian Church and the Scheme trustees have agreed a funding 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 agreed to pay from 31 December 2015 contributions of 24% of pensionable salaries to cover accrual of benefits for future service, expenses, the cost of insuring death in service benefits and funding the scheme deficit.
The church operates a defined contribution pension scheme for its employees. The scheme and its assets are held by an independent scheme manager. The pension charge represents the contributions due by the church during the year.
The charity recognises a cost equal to their contribution payable for the period in their statement of financial activities.
2 Regular direct giving
| Recorded giving Donations - property Gift Aid Loose collections United Appeal World Development Appeal |
Unrestricted Restricted 2022 2021 £ £ £ £ 114,150 11,769 125,919133,856 - - - - 17,491 6,317 23,808 31,012 2,510 -2,510 836 - 11,263 11,263 11,736 - 1,6021,602 1,700 |
|---|---|
| 134,151 30,951 165,102 179,140 |
3 Donations and legacies
| Gift days, special collections and donations Legacies and bequests HMRC CJRS grant |
Unrestricted Restricted 2022 2021 £ £ £ £ 4,506 - 4,506 10,489 220 - 220 4,148 - - - 2,100 |
|---|---|
| 4,726 - 4,726 16,737 |
During the year the church was grateful to receive bequests amounting to £220. The donors did not impose any restrictions on the use of these funds, therefore they are held as unrestricted reserves for use at the trustees' discretion.
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Joymount Presbyterian Church Notes to the Financial Statements For the year ended 31 December 2022
4 Other trading activities
| Income from church events Sale of books, etc. Weddings, funerals, etc. |
Unrestricted Restricted 2022 2021 £ £ £ £ 1,973 - 1,973 - 390 - 390 - - - - 230 |
|---|---|
| 2,363 -2,363 230 |
5 Investment income
| 5 Investment income |
||
|---|---|---|
| Bank & Building Society interest Other investment income 6 Organisations' income and expenditure Thursday Sale Indoor Bowling Club Art Group PW Boys' Brigade Girls' Brigade Girls' Brigade Camp Tots & Co. Friendship Club Coffee at Bus Stop |
Unrestricted £ 681 218 |
Restricted 2022 2021 £ £ £ -681550 -218 74 |
| 899 | -899 624 |
|
| Surplus / Income Expenditure (Deficit) £ £ £ - 3,173 (3,173) 315 325 (10) - 4 (4) 3,111 2,831 280 1,475 1,766 (291) 5,257 4,533 724 9 23 (14) 2,818 1,023 1,795 1,083 711 372 393 361 32 |
||
| 14,461 14,750 (289) |
17
Joymount Presbyterian Church Notes to the Financial Statements For the year ended 31 December 2022
7 Other income
| Moderator's Appeal Miscellaneous income |
Unrestricted Restricted 2022 2021 £ £ £ £ - 4,5804,580- 1,624 -1,624571 |
|---|---|
| 1,624 4,5806,204571 |
8 Central Church assessments
| Central Church assessments | |
|---|---|
| Central Ministry Fund Retired Ministers' Fund Widows of Ministers' Fund Prolonged Disability Fund Incidental Fund Ministerial Development Fund Assembly Buildings' External Work Sick Supply Fund Students' Bursary Fund |
Unrestricted Restricted 2022 2021 £ £ £ £ 4,791 - 4,791 5,188 - - - - 997 - 997 1,189 798 - 798 865 3,693 - 3,693 3,999 458 - 458 562 1,996 - 1,996 2,270 60 - 60 87 1,897 - 1,897 756 |
| 14,691 -14,691 14,916 |
9 Ministry and support staff
| Minister's stipend, pension and expenses Other Ministry and Support Staff Life and work Worship and Fellowship Discipleship and Ministry Mission and Outreach |
Unrestricted Restricted 2022 2021 £ £ £ £ - - - 64,816 28,729 - 28,729 35,228 |
|---|---|
| 28,729 - 28,729 100,044 |
|
| Unrestricted Restricted 2022 2021 £ £ £ £ 12,394 -12,394 6,272 12,109 - 12,109 11,067 425 - 425 801 |
|
| 24,928 -24,928 18,140 |
10 Life and work
18
Joymount Presbyterian Church
Notes to the Financial Statements For the year ended 31 December 2022
11 Grants to missions and charities
| Grants to missions and charities | |
|---|---|
| United Appeal World Development Appeal PCI Moderator's Appeal Other missions and charities |
Unrestricted Restricted 2022 2021 £ £ £ £ - 14,314 14,314 14,300 - 1,9001,900 2,040 - 5,4225,422 - 5,710 -5,710 1,606 |
| 5,710 21,636 27,346 17,946 |
12 Property and equipment maintenance
| Property and equipment maintenance | |
|---|---|
| Utilities Repairs and maintenance Insurances Leasing Depreciation – fixtures & fittings |
Unrestricted Restricted 2022 2021 £ £ £ £ 12,078 - 12,078 7,593 1,296 12,477 13,773 16,472 5,001 - 5,001 3,502 1,108 - 1,108 1,108 780 1,217 1,997 1,658 |
| 20,263 13,694 33,957 30,333 |
13 Governance
| Governance | |
|---|---|
| Other professional services Independent Examination Advertising, printing, etc. Sundry expenses Bank interest and charges |
Unrestricted Restricted 2022 2021 £ £ £ £ 700 1,6702,370 700 200 - 200 200 2,455 -2,455 4,660 2,257 -2,257 3,172 453 -453355 |
| 6,065 1,670 7,735 9,087 |
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Joymount Presbyterian Church Notes to the Financial Statements For the year ended 31 December 2022
14 Fixed Assets
| Fixed Assets | ||
|---|---|---|
| Cost or valuation At 1 January 2022 Additions At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 1 January 2022 At 31 December 2022 |
Buildings £ 423,040 - |
Fixtures & Fittings Total £ £ 46,431 469,471 3,400 3,400 |
| 423,040 | 49,831 472,871 |
|
| 197,101 8,461 |
36,327 233,428 1,896 10,357 |
|
| 205,562 | 38,223 243,785 |
|
| 225,939 | 10,104 236,043 |
|
| 217,478 | 11,608 229,086 |
Buildings have been recognised at the date of transition to FRS 102 and the Charities SORP (FRS 102). The buildings comprise the Church building, church halls, church office and the manse and their contents. The buildings which were built or purchased within the past 50 years have been recorded on a historical cost basis with associated accumulated depreciation based on a useful economic life of 50 years. Buildings that are older than 50 years are considered to be fully depreciated.
15 Debtors
| Debtors | |
|---|---|
| Accrued interest income Gift Aid to be claimed Prepayments |
2022 2021 £ £ 14 7 26,118 30,209 3,644 4,272 |
| 29,776 34,488 |
20
Joymount Presbyterian Church Notes to the Financial Statements For the year ended 31 December 2022
16 Cash at bank and in hand
| Cash at bank and in hand | |
|---|---|
| No. 1 account Property account No. 5 account No. 6 account Church Hall Extension account Investment accounts Organisations' accounts balances |
2022 2021 £ £ 159,258 118,403 56,341 59,833 70,936 70,716 1,584 824 2,300 1,400 80,576 80,364 19,032 19,321 |
| 390,027350,861 |
17 Creditors
| Creditors | |
|---|---|
| United Appeal accrual Other PCI accrued donations Taxation and social security costs Other accrued expenses Staff costs and employee benefits Gross salaries and wages Social security costs Minister pension costs Staff pension costs Ministry expenses |
2022 2021 £ £ - 8,300 1,900 - 593 513 2,140 1,583 |
| 4,633 10,396 |
|
| 2022 2021 £ £ 28,729 79,715 - - - 10,267 - - - 10,062 |
|
| 28,729 100,044 |
18 Staff costs and employee benefits
There were no employees who received total employee benefits in excess of £60,000 as detailed below (2021: one).
The key management personnel of the charity, the Church, comprise the trustees (members of the Kirk Session) and the minister. The total employee benefits of the key management personnel of the Church were £0 (2021: £64,816). The minister retired towards the end of 2021 and a new minister was installed early in 2023 and therefore there were no minister costs throughout 2022.
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Joymount Presbyterian Church Notes to the Financial Statements For the year ended 31 December 2022
19 Staff numbers
The average employee head count for the year was as follows:
| 2022 | 2021 | |||
|---|---|---|---|---|
| £ | £ | |||
| Minister and Assistant Minister | - |
2 | ||
| Other staff | 4 |
4 | ||
| 4 |
6 |
20 Trustees' expenses and remuneration
There were seven trustees who received expenses during the year amounting to £1,013.
There was one trustees who received remuneration during the year.
Hilary McGavock received gross remuneration amounting to £8,234 (2021: £7,788) for her administrative role in the Church which is separate from her duties as a trustee. This remuneration is as determined and permitted by Kirk Session.
21 Related party transactions
Please refer to note 20 for transactions with trustees during the year.
During the year the congregation contributed the following amounts to Funds of the General Assembly of the Presbyterian Church in Ireland, a separate charity:
£14,690 for congregational assessments
£14,314 towards the United Appeal
£2,040 towards the World Development Appeal
£5,422 towards the Moderator's Appeal
£2,025 towards the Presbyterian Children's Society
The congregation contributed £892 towards Presbytery Assessments during the year.
During the year, fees were paid to Madigan Electronics, a business owned by Andrew McKeegan a trustee. These fees were in respect of IT support and equipment maintenance amounting to £10,975.
There were no other related party transactions.
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Joymount Presbyterian Church Notes to the Financial Statements For the year ended 31 December 2022
22 Analysis of movement in charitable funds
| nalysis of movement in charitable funds | |
|---|---|
| Unrestricted income funds Restricted income funds Restricted land & building fund |
Balance at Balance at 01/01/2022 Income Expenditure Transfers 31/12/2022 £ £ £ £ £ 269,721 143.763 (100,385) (100) 312,999 120,275 49,992 (51,750) 100 118,617 221,000 - (8,360) - 212,640 |
| 610,996 193,755(160,495) - 644,256 |
During the year, a total of £100 was transferred from the General No. 1 account (which is unrestricted funds) to the Property account. The trustees have considered it appropriate to recognise this transfer therefore leaving the cash in the property bank account for future restricted property use.
Details of each fund can be found at note 1.2.
23 Analysis of net assets between funds
| Tangible fixed assets Cash at bank and in hand Other net current assets/(liabilities) Creditors of more than one year |
Unrestricted Restricted Restricted funds funds L&B funds Total £ £ £ £ 4,200 12,246 212,640 229,086 288,073 101,954 - 390,027 20,726 4,417 - 25,143 - - - - |
|---|---|
| 312,999 118,617 212,640 644,256 |
23