ISLANDMAGEE pREs8ERLAN CHURCH a Congfegatson of The Presbyterian Church in Ireland. STATEMENT OF FINANCIAL ACTivrrY IRecetpts & Payments AOunt) for the year ended 31 Decesnber 2024 NOTE Totsl Funds Total Funds 2023 (as 2024 restated) Funds Income: Donations and legaues Charitable activities Other trading activities Investments other Total 90.202 37,934 11.925 6.428 128,136 11.925 6.428 6,835 5,393 158.717 114.477 9.954 3,838 5,808 1,200 135.277 3.171 5,393 65,344 93.373 Expenditure On: Raising funds Charitable actNities Other Totsl 450 449 -215.259 -191,921 44,785 -130.474 -85.235 -130.474 -215,709 -192,370 Net Gain on Investments 44.123 44,123 Net incomel(expenditure) EXptional Items Transfers between fijnds Net (Outgoing)Ilncoming ReSoUrS 8,138 5.130 -12.869 -57,093 172.749 -14,000 -5.862 14.1)00 -51.130 44.123 -12,869 115,656 Net movement in Funds -51,130 44.123 -12,869 115,656 Reconciliation of Funds= Total funds brought fornard -as previousty reported Prior Year Adjustment Total fijnds carrEd f0rdrd- as restated 44.277 505.851 916.290 434,472 366,162 916.290 10 13 366,162 454.721 410,285 38,415 903.421
ISLANDMAGEE PRESBYTERIAN CHURCH STATEM OF ASSETS AND UABIUTIES As at 31 December 2024 2024 2023 Fixed Assets Investments 410285 366.162 Curont Assets Cash at bank and in hand Total Assets 493.136 903.421 550.128 916.290 Funds untricted Funds RestrKted Fund5 Endowment Funds 13 13 13 38.415 454.721 410.285 903.421 44.277 505,851 366,162 916,290 Approved by Kirk Session at a meeting on 26 Oclits 2025 arKI suJr£d on rts behalfty Name Date: 2611012025 Date:lI)r2025
ISLANDMAGEE PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland. NOTES TO THE ACCOUNTS 31 December 2024 1. ACCOUNTING POLICIES BASIS OF FINANCIAL STATEMENTS The financial ststements have been prepared in accordan wth Accounting and Reporttng by Charities: Statement of Recommended Practice applicable to thartties preparing their accounts in a1rdance the Financial Reporb"ng Standard applicable in the UK and Ireland FRS 102 (effective from 1 January 2019). The financial statements have been prepared U[er the hithrical cost convention exr4tfor invesknents assets, whith are shown at market value. The financial ststements indLsde all transacb"ons. assets and liabilities for whith Ihe congregation is responsible. They do not indude the accounts of church groups wfiich o¥ their affiliation to another t4)dy. FUND ACCOUNTING EndowTnent Funds are funds, the capital of whith must be retained or * the congregation's discretion: the income provisions derived from the endowment is to be used either as restricted or unrestricted income fvnds depending on the purpose for which the endovMnt vrds estsblished the fit pla. Restricted funds cornprise donatsns or grants for a speafic purpose as spefied by the donor. Unrestricted funds are income funds whtch are to be spent on the congregation's general Purposes. Designated funds are general funds set aside by the congregation for speofic purposes.
ISLANDMAGEE PRESBYfERIAN CHURCH a Congregation of The Presbyterian Church in Ireland. NOTES TO THE Accoupirs 31 December 2024 1. DONATIONS AND LEGACIES Total Total Funds Funds 2024 2023 Funds Recorded gNing: Loose collections Donations and grfts Gift Ad Legacies and bequests 1.137 89,C65 1,137 856 126,999 113.621 37.934 90.202 37.934 128,136 114,477 2. CHARITABLE ACTIVITIES Total Total Funds Funds 2024 2023 Funds lftcome from charitsbte activths Other Organisational income Grants 11.925 11,925 9.954 11.925 11,925 9,954 3. OTHER TRADING ACTivmES Total Funds 2023 Total Funds 2024 Funds Fw Edueation Authority Use of Halls 4.365 2,063 6,428 2.588 1,250 3,838 2,063 6.428 4. INVESTMENT INCOME Totsl Funds 2023 Total Funds 2024 Furrfts Fd$ Deposit interest NFU Mutual Interest Income from Bequests 1,658 1,658 1,877 3.300 6.835 1,513 1.695 2,600 5,808 1.877 1.294 3.171 S. OTrIER INCOME Total Funds 2023 Totsl Funds 2024 Funds Fts Power Nl Other 4,475 918 5,393 4,475 918 5,393 1,200 1.200
ISLANDMAGEE pREsBEWAN CHURCH a Congregation of The Presbyterian Church in Ireland. NOTES TO THE ACCOUNTS 31 December 2024 6. RAISING FUNDS Total Funds 2023 Total Funds 2024 Funts Printing Envelopes Fundraising events 450 450 449 450 450 7. CHARITABLE ACTIVMES Total Funds 2023 Totsl Funds 2024 Funds Genernl Assembly Assessments Presbytery fees Ministy and support staff costs Congregational running expenses Donations to mtssions and charilies Organisatsonal expendÉlure Govemance $t$ -10.183 411 49,059 4.732 -10,183 411 -93.503 -39,467 -57.602 -13,693 -7.841 -780 -91,766 -57,904 -24,464 -9,166 -24.444 -34,735 -57,602 -13.693 -84,785 -130.474 -215,259 -191,921 8. OTHER EXPENDITURE Totsl Funds 2023 Total Funds 2024 Funts FWK Other 9. EXCEPTIONAL ITEMS Total Funds 2023 Restricted Funds Total Funts 2024 Insurance proceeds Income from Amalgamation 132.749 40,000 172.749 10. PRIOR YEAR ADJUSTMENT Endownment funds totalling £366,162 were induded in note 13 to the finanual statements for the year ended 31 December 2023. These were omitted from the Statement of Financial Actswty and Ststefflent of Assets and Liabiliti"es and an adjustment has been made to restate comparative figures. 11. FIXED ASSET INVESTMENTS A5 Restated 2024 2023 General Investsnent Fund (Centenary Fund} Endowments- PCI General Invesknent Fund= General Propety NFU Mutual 178.201 154.910 54.725 48,714 84,831 75,512 92.528 87,026 410,285 366.162 12. FIXED AssErs The Congregation owns the Church Premtses situated at 161 Browns Bay Road, Islandmagee BT40 3TQ and the associated fixtures and fitttngs. These had an Insuran value of £2.924.640 at the last renewal date. The Congregation aLso owns the Church Manse situated at 6S Low Road. Islandma9ee BT40 3RD and the associated ftthres and fiitings. These had an Insuran value of £389.070. at the last renewal dale. The Churth Premises situated al Lunnon Road. Islandmagee had an Insuran value of £1.552.827 at the last renewal date.
ISLANDMAGEE PRESBYfERIAN CHURCH a Con9regation of The PSbYterIan Church in Ireland. NOTES TO THE ACCOUPtrs 31 December 2024 13. FUND BALANCES {1} Unrestricted Funds 2024 2023 General Fund 38.415 38.415 44.277 44,277 (li) Restricted Funds 2024 2023 Restricted Funds 454,721 454.721 505,851 505,851 liii} Endowment Funds 2024 2023 Investments- note 11 410.285 410,285 366,162 366,162 13. FUND BALANCES {iv) Reconciliation in movement of funds Balance at end Income Expen5e5 Transfe Unrestricted Funds General Fund 44.277 44.2T7 93.373 45,235 93.373 -85.235 -14,000 -14.000 38,415 38,415 Restricted Funds Missions and Charities Building and Repair Wofk Youth Worker Future Propety Fund Milliken Mission Fund Sound and Vision Presbyter¢an Women Seedlings Boys. Brigade Impact Gids. Brigade 10.454 -11,602 21.345 -23.553 9.826 -24.444 1.025 10.769 46,000 -11.098 4.127 -208 288 231 131 422,363 10,996 15,241 352 514 2.731 236 1,638 14,000 454,721 493.136 1.939 1,249 421.422 46.227 26.339 151 357 500 13.500 5.328 2.223 1,619 -2,430 2.390 -2,988 65,344 -130,474 158.717 -215.709 1.047 2.236 505,851 550,128 Total Balance at end Endowment Funds value Investments 366.162 44,123 410,285 Total Total Fun(ts Funds 2024 2023 Funts Funds Reconciliation Cash at bank and in hand Investments 38,415 454.721 0 410,285 454.721 410.285 493,136 550.128 410.285 366,162 903,421 916,290 38,415
ISLANDMAGEE PRESBYfERIAN CHURCH a Congregalion of The Presbyterian Church in Ireland. NOTES TO THE ACCOUNTS 31 December 2024 14. Amounts OVMI to the Congregation {Memo only) At the end of the year Ihe following amounts [ o*ed to the cojreg0tt.on 2024 2023 G&ft Aid 15. RELATED PARTY TRANSACTIONS One of the Trustees, the Minister of the congregation. reNed remuneyation and expenses in accordan v the temis of employment No other Trustees received any remuneration or expenses during the year in connection wth their duties. During the year the congregation conrtiuted to Funds of the General A%sembly of the Presbyterian Church in Ireland for congregational assessments which amounted to £10,183 (2023- £7.841). The were no other related party transacltons. 16. PENSION SCHEME The Minister of the congregation is a member of the Presbyierian Church in Ireland Pension Scheme {2009). This is a scheme operated by the Presbyterian Church in Ireland. a separate registered tharity. The congregation pays an assessment to the Presbyterian Church in Ireland equwalent to the employerfs pension contnbution for the Scheme and based on the stipend patd to the Minister. The Presbytefsan Church in Iland Pension Scheme {2009) is a funded Scheme of the defined benefft type, which provides defined beneffts based on career average re-valued saLary. The assets of the Stheme are held in a separately administered fund which is managed by a Board of Tnjstees. The Presbyterian ChLtrch in Ireland and the S¢heme Trustees have agreed a funding plan to ensure the Scheme is suffiuenty funded to meet current artd fure obligab'ons. The Presbyierian Church has agreed to empbyer contribubons of 24% of pensionable salaries to cover the accrual of benefits for fijture service. expenses. the cost of insurtng death in se[ benefits and fLfjnding the Scheme deftut As it is not possible to separately identify the assets and liabiltbes of the Scheme that relate to Islandmagee Presbytertan Church, the Scheme has been accounted for as a defined contribubon Scheme in aecofdance with section 29 of FRS 102. The ¢onlributions made by the ¢ongregalion tovrdrds the employer pension conlit)utions duriThJ the year were: 2024 2023 Employer Pension Contributions 9,188 9,188 8,750 8.750 The wngregation contributes to a defined contiibution pension scheme for other staff. The amount of employer contributions was £1.09612023- £959).