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2023-12-31-accounts

Waringstown Presbyterian Church a Congregation of the Presbyterian Church in Ireland

Financial Statements for the year ended 31 December 2023

Registered with the Charity Commission for Northern Ireland; NIC105076

1

STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2023

Notes Unrestricted
Funds		 Restricted
Funds		 Endowment Funds Total Funds
2023		 Total Funds
2022
£ £ £ £ £
Income and Endowments
from:
Donations and legacies 2 244,737 351,133 - 595,870 678,114
Charitable activities 3 1,007 27,879 - 28,886 23,469
Investments 4 5,237 - 45 5,282 2,950
Other 5 - 3,985 - 3,985 11,630
--------------- --------------- ----------- --------------- ---------------
Total 250,981 382,997 45 634,023 716,163
--------------- --------------- ----------- --------------- ---------------
Expenditure on:
Raising funds 6 814 - - 814 1,167
Charitable activities 7 241,707 166,989 - 408,696 326,756
Other 8 73,560 - - 73,560 52,163
--------------- --------------- ----------- --------------- ---------------
Total 316,081 166,989 - 483,070 380,086
--------------- --------------- ----------- --------------- ---------------
Net Income / (Expenditure) (65,100) 216,008 45 150,953 336,077
Transfers between funds 254,005 (254,005) - - -
Gains/(losses) on revaluation - - 318 318 (316)
of fixed assets
--------------- --------------- ----------- --------------- ---------------
Net movement in funds 188,905 (37,997) 363 151,271 335,761
Reconciliation of funds:
Total funds brought forward 2,186,964 174,402 6,523 2,367,889 2,032,128
--------------- --------------- ----------- --------------- ---------------
Total funds carried forward 2,375,869 136,405 6,886 2,519,160 2,367,889
======== ======== ====== ======== ========

BALANCE SHEET As at 31 December 2023

Notes Unrestricted
Funds		 Restricted
Funds		 Endowment
Funds		 Total Funds 2023 Total Funds
2022
£ £ £ £ £
Fixed assets:
Tangible assets 11 2,910,587 - - 2,910,587 2,939,186
Investments 12 60,000 - 3,825 63,825 63,507
--------------- -------------- ----------- --------------- ---------------
Total fixed assets 2,970,587 - 3,825 2,974,412 3,002,693
--------------- -------------- ----------- --------------- ---------------
Current assets
Debtors 13 63,445 33,108 - 96,553 59,723
Cash at bank and in hand 14 124,729 111,961 3,061 239,751 300,355
--------------- -------------- ----------- --------------- ---------------
Total current assets 188,174 145,069 3,061 336,304 360,078
--------------- -------------- ----------- --------------- ---------------
Liabilities:
Creditors: Amounts falling 15 158,268 8,664 - 166,932 127,649
due within one year
--------------- -------------- ----------- --------------- ---------------
Net current assets 29,906 136,405 3,061 169,372 232,429
/(liabilities)
--------------- --------------- ----------- --------------- ---------------
Creditors: Amounts falling 16 624,624 - - 624,624 867,233
due after one year
--------------- --------------- ----------- --------------- ---------------
Total assets less current 2,375,869 136,405 6,886 2,519,160 2,367,889
liabilities
======== ======== ====== ======== ========

BALANCE SHEET As at 31 December 2023

Note Total Funds
2023		 Total Funds
2022
£ £
Funds of the charity
Endowment funds 17 6,886 6,523
Restricted funds 17 136,405 174,402
Unrestricted funds 17 2,375,869 2,186,964
---------------- ----------------
Total charity funds 2,519,160 2,367,889
========= =========

Approved by the Kirk Session at a meeting on 14 March 2024 and signed on its behalf by

David Crawford Clerk of Session

Rev Mark Haugh Minister

STATEMENT OF CASH FLOWS For the Year Ended 31 December 2023

Note Total Funds 2023 Total Funds
2022
£ £
Cash flows from operating activities
Cash generated from operations 1 (16,375) 1,106,558
--------------- ---------------
Cash flows from investing activities
Purchase of tangible fixed assets (44,961) (1,082,711)
Interest received 657 673
Investment income 75 77
--------------- ---------------
Net cash provided by (used in) (44,229) (1,081,961)
investing activities
--------------- ---------------
Change in cash and cash equivalents (60,604) 24,597
in the reporting period
Cash and cash equivalents at the 300,355 275,758
beginning of the reporting period
--------------- ---------------
Cash and cash equivalents at the 239,751 300,355
end of the reporting period
======== ========

NOTES TO THE STATEMENT OF CASH FLOWS For the Year Ended 31 December 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE)

Note Total Funds
2023		 Total Funds
2022
£ £
Net movement in funds for the 151,271
335,761
reporting period
Adjustments for:
Depreciation charges 73,560 52,163
Loss / Gains on revaluation (318) 316
Interest received (657) (673)
Investment income (75) (77)
--------------- ---------------
223,781 387,490
Decrease/(increase) in debtors (36,830) (3,119)
(Decrease)/increase in creditors (203,326) 722,187
--------------- ---------------
Net cash provided by (used in) (16,375) 1,106,558
operating activities
======== ========

NOTES TO THE ACCOUNTS For the year ending 31 December 2023

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.

NOTES TO THE ACCOUNTS For the year ending 31 December 2023

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 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.

NOTES TO THE ACCOUNTS

For the year ending 31 December 2023

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 .

NOTES TO THE ACCOUNTS For the year ending 31 December 2023

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: Fixtures, fittings and equipment

(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

Unrestricted
Funds		 Restricted
Funds		 Endowment Funds Total Funds
2023		 Total Funds
2022
£ £ £ £ £
Recorded giving:
Freewill offering 184,530 248,211 - 432,741 466,780
Loose collections 5,882 - - 5,882 3,464
Donations and gifts 2,035 40,148 - 42,183 100,767
Gift Aid 52,290 62,774 - 115,064 107,103
--------------- --------------- -------------- --------------- --------------
244,737 351,133 - 595,870 678,114
======== ======== ======= ======== ========

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2023

3. CHARITABLE ACTIVITIES

.
CHARITABLE ACTIVITIES
Unrestricted
Funds		 Restricted
Funds		 Endowment Funds Total Funds
2023		 Total Funds
2022
£ £ £ £ £
Income from charitable
activities
Organisation income - 24,398 - 24,398 21,260
Grants - 3,481 - 3,481 2,209
Fundraising Events 1,007 - - 1,007 -
-------------- -------------- -------------- -------------- --------------
1,007 27,879 - 28,886 23,469
======= ======= ======= ======= =======
.
INVESTMENTS
Unrestricted
Funds		 Restricted
Funds		 Endowment Funds Total Funds
2023		 Total Funds
2022
£ £ £ £ £
Deposit interest 612 - 45 657 673
Investment income 75 - - 75 77
Rental income 4,550 - - 4,550 2,200
-------------- -------------- -------------- -------------- --------------
5,237 - 45 5,282 2,950
======= ======= ======= ======= =======

4. INVESTMENTS

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2023

5. OTHER INCOME

. OTHER INCOME
Unrestricted Funds Restricted
Funds		 Endowment Funds Total Funds
2023		 Total Funds
2022
£ £ £ £ £
Other income - 2,735 - 2,735 7,105
Graveyard - 1,250 - 1,250 4,525
-------------- -------------- -------------- -------------- --------------
- 3,985 - 3,985 11,630
======= ======= ======= ======= =======
. RAISING FUNDS
Unrestricted Funds Restricted
Funds		 Endowment Funds Total Funds
2023		 Total Funds
2022
£ £ £ £ £
FWO envelopes 814 - - 814 1,167
-------------- -------------- -------------- -------------- --------------
814 - - 814 1,167
======= ======= ======= ======= =======

6. RAISING FUNDS

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2023

7. CHARITABLE ACTIVITIES

.
CHARITABLE ACTIVITIES
Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2023 Total Funds
2022
£ £ £ £ £
General Assembly Assessments 18,396 - - 18,396 18,993
Presbytery fees 889 - - 889 819
Ministry and support staff costs 79,766 - - 79,766 88,755
Congregational running 131,497 50,417 - 181,914 137,468
expenses
Donations to Missions and 6,809 116,572 - 123,381 75,531
charities
Governance costs 4,350 - - 4,350 5,190
-------------- -------------- -------------- -------------- --------------
241,707 166,989 - 408,696 326,756
======== ======== ======= ======== ========
.
OTHER EXPENDITURE
Unrestricted
Funds		 Restricted Funds Endowment Funds Total Funds
2023		 Total Funds
2022
£ £ £ £ £
Depreciation 73,560 - - 73,560 52,163
-------------- -------------- -------------- -------------- --------------
73,560 - - 73,560 52,163
======= ======= ======= ======= =======

8. OTHER EXPENDITURE

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2023

9. EMPLOYEES

Employment Costs

Total Funds 2023 Total Funds
2022
£ £
Wages and Salaries 72,137 76,106
Social Security Costs 1,842 6,170
Pension contributions 5,787 8,836
-------------- --------------
79,766 91,112
======== ========
Number of Employees
The average number of employees, including the minister of the congregation, during the year was
2023 2022
Average number of employees 4 4
======= =======
There were no employees in receipt of employee benefits in excess of £60,000.

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2023

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.

----- Start of picture text -----
£ £
Contributions 3,243 6,625
======= =======
Total Funds 2023 Total Funds 2022
----- End of picture text -----

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 2,544 2,212
======= =======

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2023

11. TANGIBLE FIXED ASSETS

Land & Buildings Fixtures,
Fittings &
Equipment		 Total
£ £ £
Cost or valuation
At start of year 2,910,217 102,506 3,012,723
Additions 44,961 - 44,961
--------------- --------------- ---------------
At end of year 2,955,178 102,506 3,057,684
--------------- --------------- ---------------
Depreciation
At start of year 56,803 16,734 73,537
Provision for year 59,104 14,456 73,560
--------------- --------------- ---------------
At end of year 115,907 31,190 147,097
--------------- --------------- ---------------
Net Book Value
At start of year 2,853,414 85,772 2,939,186
--------------- --------------- ---------------
At end of year 2,839,271 71,316 2,910,587
======== ======== ========

12. INVESTMENTS

General Investment Fund Investment - Land

2023 2022
£ £
3,825 3,507
60,000 60,000
-------------- --------------
63,825 63,507
======= =======

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2023

INVESTMENTS (Cont’d)

2023 2022
£ £
Value at start of year 63,507 63,823
Additions - -
Disposals - -
Impairment - -
Gains / (Losses) on revaluation 318 (316)
-------------- --------------
Value at end of year 63,825 63,507
======= =======
13. DEBTORS
2023 2022
£ £
Gift aid recoverable 88,912 53,448
Prepayments and other debtors 7,641 6,275
-------------- --------------
96,553 59,723
======= =======
14. CASH AT BANK AND IN HAND
2023 2022
£ £
Bank accounts 236,071 299,995
Cash in hand 3,680 360
--------------- --------------
239,751 300,355
======== ========

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2023

15. CREDITORS: Amounts falling due within one year

2023 2022
£ £
Other Creditors 42,182 1,372
Social Security - 1,527
Accruals 4,750 4,750
Bank Overdraft - -
Bank loan due within one year 120,000 120,000
--------------- ---------------
166,932 127,649
======== ========

16. CREDITORS: Amounts falling due after one year

2023 2022
£ £
Bank loan due after one year 624,624 867,233
--------------- --------------
624,624 867,233
======== ========

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2023

17. FUND BALANCES AND RECONCILIATION OF FUNDS

Fund Balance at Income Expend. Gains Transfer Balance at
start Losses end
£ £ £ £ £ £
Unrestricted Funds
General Fund 175,011 250,981 242,521 8,460 (718,189) (534,718)
Fixed Assets 2,011,953 - 73,560 (73,560) 972,194 2,910,587
--------------- --------------- --------------- ----------- --------------- ---------------
2,186,964 250,981 316,081 (65,100) 254,005 2,375,869
--------------- --------------- --------------- ----------- --------------- ---------------
Restricted Funds
Building Fund 99,623 259,271 22,927 236,344 (254,811) 81,156
Missions Fund 33,571 88,150 111,950 (23,800) - 9,771
Bowling Fellowship 63 518 399 119 (150) 32
Boys’ Brigade 11,895 11,644 16,351 (4,707) - 7,188
Catering Ministry 1,165 1,870 1,358 512 356 2,033
Community Ministry 4,299 2 - 2 - 4,301
Friendship Circle 17 1,105 1,105 - - 17
Graveyard Fund 15,725 1,252 2,762 (1,510) - 14,215
Children’s Ministry 136 2,344 1,646 698 0 834
Luncheon Club 117 1,045 1,190 (145) 300 272
Flourish 357 6,006 3,259 2,747 300 3,404
Youth Ministry 1,208 3,115 2,676 439 - 1,647
Donations Fund 4,171 - - - - 4,171
Special Collections - - - - - -
Girls Brigade 2,055 6,675 1,366 5,309 - 7,364
--------------- --------------- --------------- ----------- --------------- ---------------
174,402 382,997 166,989 216,008 (254,005) 136,405
--------------- --------------- --------------- ----------- --------------- ---------------
Endowment Funds
General Invest. Fund 3,507 318 - 318 - 3,825
Deposit Invest. Fund 3,016 45 - 45 - 3,061
--------------- --------------- --------------- ------------ --------------- ---------------
6,523 363 - 363 - 6,886
--------------- --------------- --------------- ------------ --------------- ---------------
Total 2,367,889 634,341 483,070 151,271 - 2,519,160
======== ======== ======== ======== ======== ========

NOTES TO THE ACCOUNTS (cont’d) For the year ending 31 December 2023

18. RELATED PARTY TRANSACTIONS

One of the trustees, the Minister of the congregation received remuneration of £13,513 and expenses of £2,103 for acting in that capacity. Pension contributions of £3,243 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

The congregation contributed £889 towards Armagh 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 no capital commitments (2022 £39,262 in relation to retention monies due on the construction of the new church hall).