First Larne Presbyterian Church Worship God . Build His Kingdom . Share His Love First Larne Presbyterian Church a congregation of the Presbyterian Church in Ireland Trustees Annual Report For the year ended 31 December 2023 Registered with the Charity Commission for Northern Ireland NIC 104895
FIRST LARNE PRESBYfERIAN CHURCH A Congregation of The Presbyterian Church in Ireland RECEIPTS AND PAYMENTS STATEMENT For the year ended 31 December 2023 Receipts: Donations and legacies Charitable activities Other trading activities Investments Other 143,982 782 11,412 921 3,550 33,569 14,792 177,551 15,574 11,412 1,820 3,550 186,686 19,033 12,528 627 22 877 Total 160,647 48,383 877 209,907 218,874 Payments: Raising funds Charitable activities Other Expenses 440 187,097 440 237,103 I,ioo 192,207 50,006 Total 187,537 50,006 237,543 193,307 Net gains/llossesl on investments 1,154 1,154 14971 Net Receipts/ (Payments) Transfers between funds Gains/{lossesl on revaluation of fixed assets -26,890 1,741 -1,623 -1,705 2,031 -36 -26,482 25,070 Net movement in funds Reconciliation of funds.. Total funds brought forward -25,149 -3,328 1,995 -26,482 25,070 255,065 261,763 120,896 637,724 612,654 Total funds carried forward 229,916 258,435 122,891 611,242 637,724 io
FIRST LARNE PRESBYfERIAN CHURCH A Congregation of The Presbyterlan Church in Ireland STATEMENT OF ASSETS AND LIABILITIES As at 31 December 2023 Fund Reconciliation: Bank and Cash at start of year 255,065 261,763 120,896 637,724 612,654 Net movement in funds -25,149 -3,328 1,995 -26,482 25,070 Bank and Cash at end of year 229,916 258,435 122,891 611,242 637,724 Other Assets Fixed Assets Investments 12 13 220,000 17,764 220,000 16,419 237,764 236,419 th Approved by the Kirk Session at a meeting on 9 May 2024 and signed on its behalf by Mr. R. Tweed Clerk of Session Date: "/1 2L) Llr li
FIRST LARNE PRESBYfERIAN CHURCH A Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES BASIS OF FINANCIAL STATEMENTS As the total income of the congregation is le55 than £250,000 the congregation have elected in accordance with the provisions in The Charities {Accounts and Reports Regulations (Northern Ireland) 2015 to prepare its accounts on a receipts and payments basis. 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 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 {al income from endowments which is to be expended only on the restricted purposes intended by the donor and Ibl 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's general purposes. Designated funds are general funds set aside by the congregation for use in the future. 12
FIRST LARNE PRESBYfERIAN CHURCH A Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 2. DONATIONS AND LEGACIES Recorded giving: Loose collections Donations and gifts Gift Aid & charitable giving Legacies and bequest 403 29,076 4,090 403 155,682 21,466 1,062 159,148 26,476 126,606 17,376 143,982 33,569 177,551 186,686 3. CHARITABLE ACTIVITIES Income from charitable activities Christian Literature 782 14,792 15,574 19,033 782 14,792 15,574 19,033 13
FIRST LARNE PRESBYfERIAN CHURCH A Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 OTHER TRADING ACTIVITIES Donations for use of premises Isle Court rent Solar Panel Income 3,650 4,206 3,556 3,650 4,206 3,556 5,435 4,308 2,785 11,412 11,412 12,528 INVESTMENT INCOME Deposit interest General investment fund dividend DFC Charities Bequest account interest 921 22 943 345 36 496 209 343 37 38 345 36 496 921 22 877 1,820 627 14
FIRST LARNE PRESBYTERIAN CHURCH A Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2023 OTHER INCOME Grants Sundry 2,950 600 2,950 600 3,550 3,550 RAISING FUNDS FWO Envelopes 440 440 I,ioo 440 400 I,ioo 15
FIRST LARNE PRESBYfERIAN CHURCH A Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2023 CHARITABLE ACTIVITIES General Assembly assessments Presbytery fees Ministerial salary & expenses Other salaries & expenses Congregational running expenses Property running costs Donations to missions and charities Governance costs 14,414 945 70,553 43,161 9,831 47,693 14,414 945 70,553 43,161 21,095 68,279 18,156 500 14,981 907 66,903 18,906 22,047 43,083 24,880 500 11,264 20,586 18,156 500 187,097 50,006 237,103 192,207 OTHER EXPENSES Nil 16
FIRST LARNE PRESBYfERIAN CHURCH A Congregatlon of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 io. EMPLOYEES Wages and salaries inc NIC Pension contributions 45,997 11,039 48,861 10,514 57,036 59,375 Number of Employees The average number of employees, including the minister of the congregation, during the year was.. No No Average number of employees There were no employees in receipt of employee benefits in excess of £60,000. 17
FIRST LARNE PRESBYfERIAN CHURCH A Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 ii. PENSION COSTS The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme 120091. 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 Pension Scheme12009} 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 a 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 24Yo of pensionable salaries to cover the accrual of benefits for future seNice, expenses, the cost of insuring death in service benefits and funding the scheme deficit. The contributions made by the congregation during the year were Contributions 11,039 10,514 18
FIRST LARNE PRESBYTERIAN CHURCH A Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 12. TANGIBLE FIXED ASSETS Cost or valuation At start of year Additions Disposals 220,000 220,000 At end of year 220,000 220,000 Depreciation At start of year Provision for year Disposals At end of year Net Book Value At start of year 220,000 220,000 At end of year 220,000 220,000 13. INVESTMENTS 2023 2022 General Investment Fund 16,265 16,419 Value at start of year Additions: dividends reinvested 16,265 345 16,419 343 16,610 1,154 16,762 (4971 Gains1llosses on revaluation) Value at end of year 17,764 16,265 19
FIRST LARNE PRESBYTERIAN CHURCH A Congregatlon of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 14. FUND BALANCES AND RECONCILIATION OF FUNDS Balance At end Gains Losses Balance At end Income Ex enditure Transfer Unrestricted Funds General Fund Capital Reserve Manse Interest Millbrook School 102,923 159,726 75,178 27,156 49,808 -186,142 1,925 -184 78,432 74,989 26,085 50,410 319 602 -1,390 255,065 160,647 -187,537 1,741 229,916 Restricted Funds Building & Repair Fund Community Care Missions & Charities United Appeal Church Organisations Buildings Investment Income 12,634 402 15,033 403 -20,586 7,081 805 18,154 14,793 -18,156 -11,264 28,725 220,000 -1,705 30,549 220,000 261,763 48,383 -50,006 -1,705 258,435 Endowments General Investment Fund Bequests 16,265 104,631 345 532 1,154 17,764 105,127 -36 120,896 877 1,154 -36 122,891 TOTAL 637,724 209,907 -237,543 1,154 611,242 The movement of funds from the Restricted Fund to the Unrestricted Fund reflects transfers between church organisations and the general fund, largely contributions towards heat & light costs of the hall. 20
FIRST LARNE PRESBYTERIAN CHURCH A Congregatlon of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 15. RELATED PARTY TRANSACTION One of the Trustee5, the minister of the congregation, received remuneration of £45,997 and expenses of £3,006 for acting in that capacity. Pension contributions of £11,039 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme120091. None of the other trustees received any remuneration during the year in connection with their duties. During the year the congregation contributed the following amounts to Funds of the General Assembly of the Presbyterian Church in Ireland, a separate charity. £84,967 £13,477 £661 £3,910 for congregational assessments towards the United appeal toward Presbyterian Children's Society towards Moderators Appeal incorporating the World Development Appeal There were no other related party transactions. 21