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2022-12-31-accounts

Waringstown Presbyterian Church a Congregation of the Presbyterian Church in Ireland

Financial Statements

for the year ended 31 December 2022

Registered with the Charity Commission for Northern Ireland; NIC 1 05076

1

WARINGSTOWN PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2022

Notes Unrestricted
Funds
Restricted
Funds
Endowment Funds Total Funds
2022
Total Funds
2021
£ £ £ £ £
Income and Endowments
from:
Donations and legacies 2 247,648 430,466 - 678,114 599,106
Charitable activities 3 - 23,469 - 23,469 40,927
Investments 4 2,853 20 77 2,950 4,689
Other 5 5,802 5,828 - 11,630 2,665
Total 256,303 459,783 77 716,163 647,387
Expenditure on:
Raising funds 6 1,167 - - 1,167 1,135
Charitable activities 7 238,231 88,525 - 326,756 298,677
Other 8 52,163 - - 52,163 6,484
Total 291,561 88,525 - 380,086 306,296
Net Income / (Expenditure) (35,258) 371,258 77 336,077 341,091
Transfers between funds 297,194 (297,117) (77) - -
Gains/(losses) on revaluation - - (316) (316) 439
of fixed assets
Net movement in funds 261,936 74,141 (316) 335,761 341,530
Reconciliation of funds:
Total funds brought forward 1,925,028 100,261 6,839 2,032,128 1,690,598
Total funds carried forward 2,186,964 174,402 6,523 2,367,889 2,032,128
======== ======== ====== ======== ========

2

WARINGSTOWN PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland BALANCE SHEET As at 31 December 2022

Notes Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2022 Total Funds 2021
£ £ £ £ £
Fixed assets:
Tangible assets 11 2,939,186 - - 2,939,186 1,908,638
Investments 12 60,000 - 3,507 63,507 63,823
Total fixed assets 2,999,186 - 3,507 3,002,693 1,972,461
Current assets
Debtors 13 25,502 34,221 - 59,723 56,604
Cash at bank and in hand 14 157,158 140,181 3,016 300,355 275,758
Total current assets 182,660 174,402 3,016 360,078 332,362
Liabilities:
Creditors: Amounts falling 15 127,649 - - 127,649 272,695
due within one year
Net current assets 55,011 174,402 3,016 232,429 59,667
/(liabilities)
Creditors: Amounts falling 16 867,233 - - 867,233 -
due after one year
Total assets less current 2,186,964 174,402 6,523 2,367,889 2,032,128
liabilities
======== ======== ====== ======== ========

3

WARINGSTOWN PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland

BALANCE SHEET As at 31 December 2022

Note Total Funds
2022
Total Funds
2021
£ £
Funds of the charity
Endowment funds 17 6,523 6,839
Restricted funds 17 174,402 100,261
Unrestricted funds 17 2,186,964 1,925,028
Total charity funds 2,367,889 2,032,128
========= =========

Approved by the Kirk Session at a meeting on 23 March 2023 and signed on its behalf by

David Crawford

Clerk of Session

Gilbert Crook Treasurer

4

WARINGSTOWN PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland STATEMENT OF CASH FLOWS For the Year Ended 31 December 2022

Note Total Funds
2022
Total Funds
2021
£
£
Cash flows from operating activities
Cash generated from operations 1 1,106,558 646,917
Cash flows from investing activities
Purchase of tangible fixed assets (1,082,711) (1,350,599)
Interest received 673 1,609
Investment income 77 75
Net cash provided by (used in) (1,081,961) (1,348,915)
investing activities
Change in cash and cash
equivalents in the reporting
period
24,597 (701,998)
Cash and cash equivalents at 275,758 977,756
the beginning of the reporting
period
Cash and cash equivalents at the 300,355 275,758
end of the reporting period
======= =======

5

WARINGSTOWN PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church in Ireland

NOTES TO THE STATEMENT OF CASH FLOWS For the Year Ended 31 December 2022

1. RECONCILIATION OF NET INCOME/(EXPENDITURE)

Net movement in funds for the
reporting period
£
335,761
Adjustments for:
Depreciation charges
52,163
Loss / Gains on revaluation
316
Interest received
(673)
Investment income
(77)
387,490
Decrease/(increase) in debtors
(3,119)
(Decrease)/increase in creditors
722,187
Net cash provided by (used in)
operating activities
1,106,558
========
Note
Total Funds
2022
£
341,530
6,484
(439)
(1,609)
(75)
345,891
34,051
266,975
646,917
========
Total Funds
2021

6

WARINGSTOWN PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS For the year ending 31 December 2022

1. ACCOUNTING POLICIES

BASIS OF FINANCIAL STATEMENTS

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015)’ and the Charities Act (Northern Ireland) 2008.

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.

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 (a) income from endowments which is to be expended only on the restricted purposes intended by the donor and (b) 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.

7

WARINGSTOWN PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

For the year ending 31 December 2022

1. ACCOUNTING POLICIES (cont’d)

INCOMING RESOURCES

(i) Recognition of incoming resources

These are included in the Statement of Financial Activities (SoFA) when:

(ii) Incoming resources with related expenditure

Where incoming resources have related expenditure (as with fundraising income) the incoming resources and related expenditure are reported gross 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 reclaims on donations and gifts

Incoming 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

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 SoFA as incoming resources when receivable.

(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.

8

WARINGSTOWN PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

For the year ending 31 December 2022

1. ACCOUNTING POLICIES (cont’d)

(viii) Volunteer help

The value of any voluntary help received is not included in the accounts 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 or loss resulting from revaluing investments to market value at the end of the year.

EXPENDITURE AND LIABILITIES

(xi) Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources.

(xii) Governance costs

These are shown within charitable activities and include the costs of preparation and examination of accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.

(xiii) Grants with performance conditions

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.

(xiv) Grants payable without performance conditions

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity .

9

NOTES TO THE ACCOUNTS

WARINGSTOWN PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church in Ireland

For the year ending 31 December 2022

1. ACCOUNTING POLICIES (cont’d)

ASSETS

(xv) Tangible Fixed Assets

Tangible fixed assets for use by the charity 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 recorded on all tangible fixed assets other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows

Buildings: - over 50 years Fixtures, fittings and equipment - 15% reducing balance

(xvi) Investments

Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees’ best estimate of market value.

2. DONATIONS AND LEGACIES

Recorded giving:
Freewill offering
Loose collections
Donations and gifts
Gift Aid
£
190,805
2,994
14,063
39,786
247,648
========
Unrestricted
Funds
£
275,975
470
86,704
67,317
430,466
========
Restricted
Funds
£
-
-
-
-
-
=======
Endowment
Funds
£
466,780
3,464
100,767
107,103
678,114
========
Total Funds
2022
£
380,660
1,486
116,679
100,281
Total Funds
2021
599,106
========

10

WARINGSTOWN PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church in Ireland

NOTES TO THE ACCOUNTS (cont’d)

For the year ending 31 December 2022

3. CHARITABLE ACTIVITIES

Income from charitable
activities
Organisation income
Grants
Fundraising Events

4.
INVESTMENTS
Deposit interest
Investment income
Rental income
£
-
-

Unrestricted
Funds
£
21,260
2,209

Restricted
Funds
£
-
-

Endowment
Funds
£
21,260
2,209

Total Funds
2022
£
9,058
9,202
22,667
40,927
=======
£
1,609
75
3,005
4,689
=======
Total Funds
2021
Total Funds
2021
-
=======
£
653
-
2,200
Unrestricted
Funds
23,469
=======
£
20
-
-
Restricted
Funds
-
=======
£
-
77
-
Endowment
Funds
23,469
=======
£
673
77
2,200
Total Funds
2022
40,927
=======
£
1,609
75
3,005
Total Funds
2021
2,853
=======
20
=======
77
=======
2,950
=======

11

WARINGSTOWN PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church in Ireland

NOTES TO THE ACCOUNTS (cont’d)

For the year ending 31 December 2022

5. OTHER INCOME

Other income
Graveyard
6.
RAISING FUNDS
FWO envelopes
£
5,802
-
5,802
=======
£
1,167
1,167
=======
Unrestricted
Funds
Unrestricted
Funds
£
1,303
4,525
5,828
=======
£
-
-
=======
Restricted
Funds
Restricted
Funds
£
-
-
-
=======
£
-
-
=======
Endowment
Funds
Endowment
Funds
£
7,105
4,525
11,630
=======
£
1,167
1,167
=======
Total Funds
2022
Total Funds
2022
£
740
1,925
2,665
=======
£
1,135
1,135
=======
Total Funds
2021
Total Funds
2021

12

WARINGSTOWN PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church in Ireland

NOTES TO THE ACCOUNTS (cont’d)

For the year ending 31 December 2022

7. CHARITABLE ACTIVITIES

£
£
General Assembly Assessments
18,993
-
Presbytery fees
819
-
Ministry and support staff costs
88,755
-
Congregational running
expenses
Donations to Missions and
charities
101,531
35,937
22,943
52,588
Governance costs
5,190
-
238,231
88,525
======== ========
8.
OTHER EXPENDITURE
£
£
Depreciation
52,163
-
52,163
=======
-
=======
Unrestricted
Funds
Unrestricted
Funds
Restricted
Funds
Restricted
Funds
£
£
-
18,993
-
819
-
88,755
-
137,468
-
75,531
-
5,190
-
326,756
======= ========
£
£

-
52,163


-
=======
52,163
=======
Endowment
Funds
Endowment
Funds
Total Funds
2022
Total Funds
2022
£
18,843
819
118,378
65,263
91,324
4,050
298,677
========
£
6,484
6,484
=======
Total Funds
2021
Total Funds
2021

13

WARINGSTOWN PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church in Ireland

NOTES TO THE ACCOUNTS (cont’d)

For the year ending 31 December 2022

9. EMPLOYEES

Employment Costs

Total Funds 2022 Total Funds
2021
£ £
Wages and Salaries 76,106 94.535
Social Security Costs 6,170 5,208
Pension contributions 8,836 12,388
91,112 112,131
======== ========

Number of Employees

The average number of employees, including the minister of the congregation, during the year was

2022 2021
Average number of employees 4 5
======= =======

There were no employees in receipt of employee benefits in excess of £60,000.

14

WARINGSTOWN PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2022

10. 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 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 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 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

Contributions

£ £ 6,625 9,678 ======= =======

The congregation operates a defined pension contribution policy for its employees. The scheme and its assets are held by an independent scheme manager. The pension charge represents the contributions due from the congregation during the year

£ £ Contributions 2,212 2,710 ======= =======

15

WARINGSTOWN PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2022

11. TANGIBLE FIXED ASSETS

Land &
Buildings
Fixtures,
Fittings &
Equipment
Total
£ £ £
Cost or valuation
At start of year 1,901,068 28,944 1,930,012
Additions 1,009,149 73,562 1,082,711
At end of year 2,910,217 102,506 3,012,723
Depreciation
At start of year 15,000 6,374 21,374
Provision for year 41,803 10,360 52,163
At end of year 56,803 16,734 73,537
Net Book Value
At start of year 1,886,068 22,570 1,908,638
At end of year 2,853,414 85,772 2,939,186
======== ======== ========

12. INVESTMENTS

2022 2021
£ £
General Investment Fund 3,507 3,823
Investment - Land 60,000 60,000
63,507 63,823
======= =======

16

WARINGSTOWN PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church in Ireland

NOTES TO THE ACCOUNTS (cont’d)

For the year ending 31 December 2022

INVESTMENTS (Cont’d)

2022 2021
£ £
Value at start of year 63,823 63,384
Additions - -
Disposals - -
Impairment - -
Gains / (Losses) on revaluation (316) 439
Value at end of year 63,507 63,823
======= =======
13.
DEBTORS
2022 2021
£ £
Gift aid recoverable 53,448 52,532
Prepayments 6,275 4,072
59,723 56,604
======= =======

14. CASH AT BANK AND IN HAND

2022 2021
£ £
Bank accounts 299,995 274,988
Cash in hand 360 770
300,355 275,758
======== ========

17

WARINGSTOWN PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2022

15. CREDITORS: Amounts falling due within one year

2022 2021
£ £
Other Creditors 1,372 1,700
Social Security 1,527 944
Accruals 4,750 3,700
Bank Overdraft - 266,351
Bank loan due within one year 120,000 -
127,649 272,695
======== ========

16. CREDITORS: Amounts falling due after one year

2022 2021
£ £
Bank loan due after one year 867,233 -
867,233 -
======== ========

18

WARINGSTOWN PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church in Ireland

NOTES TO THE ACCOUNTS (cont’d)

For the year ending 31 December 2022

17. FUND BALANCES AND RECONCILIATION OF FUNDS

Fund Balance at Income Expend. Gains Transfer Balance at
start Losses end
£ £ £ £ £ £
Unrestricted Funds
General Fund 222,741 256,303 (239,398 - (64,635) 175,011
Fixed Assets 1,702,287 - (52,163) - 361,829 2011953
1,925,028 256,303 (291,561) - 297,194 2,186,964
Restricted Funds
Building Fund 42,131 385,351 (30,729) - (297,130) 99,623
Missions Fund 18,127 46,065 (30,621) - - 33,571
Bowling Fellowship 169 426 (182) - (350) 63
Boys’ Brigade 8,549 7,455 (4,109) - - 11,895
Catering Ministry 1,937 320 (1,092) - - 1,165
Community 4,299 - - - - 4,299
Friendship Circle 17 710 (710) - - 17
Graveyard Fund 13,608 4,640 (2,523) - - 15,725
Little Lambs 205 518 (650) - 63 136
Luncheon Club 767 340 (990) - - 117
Flourish 242 2,095 (2,280) - 300 357
Youth & Children’s 1,371 8,411 (8,574) - - 1,208
Donations Fund 4,171 - - - - 4,171
Special Collections 4,668 - (4,668) - - -
Girls Brigade - 3,452 (1,397) - - 2,055
100,261 459,783 (88,525) - (297,117) 174,402
Endowment Funds
General Invest. Fund 3,823 77 - (316) (77) 3,507
Deposit Invest. Fund 3,016 - - - - 3,016
6,839 77 - (316) (77) 6,523
Total 2,032,128 716,163 (380,086) (316) - 2,367,889
======== ======== ======== ====== ======== ========

19

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2022

WARINGSTOWN PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland

18. RELATED PARTY TRANSACTIONS

One of the Trustees, the Minister of the congregation received remuneration of £31,279 and expenses of £4,272 for acting in that capacity. Pension contributions of £6,625 were paid by the congregation in respect of the Minister to the Presbyterian Church in Ireland Pension Scheme (2009). The Facilities Manager is also a trustee and is paid as an employee of the church for his role as Facilities Manager. No trustee received any remuneration or expenses during the year in connection with their duties, other than those mentioned above.

During the year the congregation contributed the following amounts to Funds of the General Assembly of the Presbyterian Church in Ireland a separate charity

£18,843 for congregational assessments

£16,000 towards the United Appeal

£3,848 to Presbyterian Missions (for S & A Cowan in Kenya)

£14,211 to Presbyterian Moderators Appeal for Ukraine

£762 to Presbyterian Student Bursary Fund

The congregation contributed £819 towards Presbytery Assessments during the year.

There were no other related party transactions.

19. NEW BUILD - HALL

Construction of the new hall, which commenced in February 2021, was completed by April 2022. The cost of this project was £2.46 million. The building was officially opened by the Moderator of the Presbyterian Church in Ireland in May 2022.

20. Capital Commitments

At the year end the charity had a capital commitment of £39,262 in relation to retention monies due on the construction of the new church hall.