## **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: - the congregation becomes entitled to the resources. - the trustees are virtually certain they will receive the resources; and - the monetary value can be measured sufficiently reliably. ## **(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 - over 50 years. - 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** ||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 - £18,396 to Presbyterian Church for congregational assessments - £16,049 to Presbyterian United Appeal - £24,520 to Presbyterian Missions (for S & A Cowan in Kenya, including £10K from Harvest) - £2,000 to Presbyterian Missions (for A & O Nel in Russia) - £1,679 to Presbyterian Student Bursary Fund - £2,615 to Presbyterian World Development Appeal 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).