Presbyter an Hillsborough Presbyterian Church a congregation of the Presbyterian Church in Ireland Financial Statements for the year ended 31 December 2024 Registered with the Charity Commission for Northern Ireland NIC105135
an HILLSBOROUGH PRESBYfERIAN CHURCH a congregation of the Presbyterian Church in Ireland STATEMENT OF FINANCIAL ACTIVITY For the year ended 31 December 2024 Unrestrirted Funds Restricted Funds Endowment Total Funds Funds 2024 Total Funds 2023 Notes Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investments Other 174,783 4,996 78,073 56,719 252,856 61,715 245,831 71,328 2.526 19 874 3,400 3,078 2,037 3,297 3,059 Total 182,324 138,725 321.049 322.493 Expenditure on: Raising Funds Charitable activities Other 818 229,975 818 880 370,333 132,593 362,568 Total 230,793 132.593 363,386 371,213 Net gains/{lossesl on investments Net Income/ (expenditure) Transfers between funds Gainslllosses on revaluation of fixed assets -48,469 7,624 6,132 -7,624 42,337 48.720 18 13 7.019 2,484 1,556 11,059 16,221 Net movement in funds Reconciliation of funds= Total funds brought forward -33,826 992 1,556 -31,278 -32,499 1,611,185 146,603 32,904 1,790,692 1.823.191 Total funds carried forward 1,577,359 147,595 34,460 1,759.414 1,790,692 14
an HILLSBOROUGH PRESBYTERIAN CHURCH a congregation of the Presbyterian Church in Ireland BALANCE SHEET As at 31 December 2024 Total Funds 2024 Total Funds 2023 Unrestricted Restricted Endowment Funds Funds Funds Notes Fixed assets Tangible assets Investments Total fixed assets 12 1,377,632 103.812 1,481,444 0 1,377,632 1,416,318 34,460 178,831 167,772 34,460 1,556,463 1,584.090 13 40.559 40,559 Current assets Debtors Current Investments Cash at bank and in hand Total current assets 14 9,440 6,649 16,090 17,346 15 92,324 101,764 118,992 125,641 211,316 227.406 217,313 234,659 Liabilities Creditors.. Amounts falling due within one year Net Current assets 16 5,849 95,915 18,606 107,035 24,455 202.951 28,057 206,602 Total assets less current liabilities Creditors.. amounts falling due after more than one year Provisions for liabilities Total net assets or liabilities 17 1.577,359 147,594 34,460 1,759,414 1,790,692 Funds of the charity Endowment funds Restricted income funds Unrestricted funds Revaluation reserve Total charity funds 18 18 18 34,460 34.460 32,904 147,595 146,603 0 1,577,359 1,611,185 147,595 1,577,359 1,577,359 147,595 34,460 1,759,414 1,790.692 Approved by the Kirk Session and signed on its behalf by - Rev Dr Allen Sleith Joyce McKee I" June 2025 15
an HILLSBOROUGH PRESBYTERIAN CHURCH a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2024 ACCOUNTING POLICIES BASIS OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Ireland IFRS1021 (effective l January 20151. 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 Ib} 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. ACCOUNTING POLICIES (cont'd) INCOMING RESOURCES Recognition of incoming resources These are included in the Statement of Financial Activities ISoFA} when: the congregation becomes entitled to the resources; the trustees are virtually certain they will receive the resource5,' and the monetary value can be measured with sufficient reliably (li) Incoming resources with related expenditure Where incoming resources have related expenditure las with fundraising income) the incoming resources and related expenditure are reported gross in the SOFA. 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. 16
Presbyter an {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 sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. 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 15 the estimated value to the charity of the service or facility received. (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 Ixi) 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 cost5 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 it5 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 ha5 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. ASSETS (xv) Tangible Fixed Assets Tangible fixed assets for use by 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 rate5 calculated to write off the cost, le55 estimated residual value, of each asset over its expected useful life as follows Buildings= over 50 years Fixtures, fittings and equipment over 10 years Motor Vehicles over4 years Computers, software and technical equipment over 4 years (xvi) Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment a55ets are included at trustees, best estimate of market value. 17
an HILLSBOROUGH PRESBYfERIAN CHURCH a congregation of the Presbyterian Church in Ireland Notes to the Accounts 31 December 2024 2. Donations and Legacies Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Recorded giving Loose Donations and gifts Gift Aid Legacies and bequest 131,132 4,620 9,334 29,697 54,600 1,643 7,876 13,954 185,732 6,263 17,210 43,651 185,162 4,132 15,564 39,973 1,000 245,831 174,783 78.073 252,856 3. Charitable Activities Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Income from charitable activities Fees from weddings and funerals Membership fees Fundraising events Grants 2,362 175 33,465 35,827 175 7,443 8,122 10,148 30,882 7,443 8,122 7,689 56.719 8.205 6,064 26,177 71.328 2,459 4,996 61,715 4. Other Trading Activities Unrestrlcted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Letting of premises Trading income 5. Investments Unrestricted Funds Restrirted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Deposit Interest General Investment Fund Property Rents Other investment income 2,216 310 125 2,341 1,059 1,187 850 749 2,526 874 3,400 2.037 18
an Notes to the Accounts 31 December 2024 6. Other Income Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Insurance Claim5 Other Income 19 3,059 3,059 3,078 3,078 3,297 3,297 19 7. Raising Funds Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 FWO envelopes Fundraising events 818 818 880 818 818 880 8. Charitable Activitles Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 General A55embly Assessments Presbytery Fees Ministry and support staff cost5 Congregational running expenses Donations to Missions & charities Governance costs 28,188 1,548 118,922 73,609 2,862 4,846 229,975 28,188 1.548 149,463 134,440 43,747 5,182 362.568 26,683 1,219 147,814 148,086 38,886 7,645 370,333 30,541 60,831 40,885 336 132.593 9. Other Expenditure Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Investment Property expenses 19
an Notes to the Accounts 31 December 2024 10. Employees Total Funds Total Funds 2024 2023 Employment Costs Wages and Salaries Social Security Costs Pension contributions 124,741 12,220 15,159 152.120 123,320 11,960 14,840 150.120 Number of employees The average number of employees, including the minister of the congregation, during the year was: 2024 2023 Average number of employees There were no employees in receipt oof employee benefits in excess of £60,000. 11. Pension Costs The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme120091. 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 Scheme120091 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: Total Funds 2024 Total Funds 2023 Contributions 11.943 11,374 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: Total Funds 2024 Total Funds 2023 Contributions 3,216 3,465 20
an Notes to the Accounts 31 December 2024 Land & Buildings Fixtures & Fittings 12. TANGIBLE FIXED ASSETS Cost or Valuation At start of year Additions Disposals At end of year Vehicles Total 2024 1,833,850 20,130 1,853,980 1,833,850 20,130 1,853,980 Depreciation At start of year Provision for year Disposals At end of year 423,458 36,673 14,204 2,013 437,662 38,686 460,131 16,217 476,348 Net Book Value At start of year At end of year 1,410,392 1,373,719 5,926 3,913 1,416,318 1.377,632 Unrestrlcted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 13. Investments Value at start of year Additions Disposals Gains / (Losses} on revaluation Value at end of year 96,793 38,075 32,904 167,772 151,551 7,019 103.812 2,484 40,559 1,556 34,460 11,059 178,831 16,221 167,772 21
an Notes to the Accounts 31 December 2024 14. Debtors Total Funds 2023 Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2024 Gift Aid Recoverable Accounts Recoverable 4,363 5,077 9.440 5,609 1,040 6,fJ49 9,973 6.117 16.090 8,921 8,425 17.346 15. Cash at Bank Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Danske Bank Santander Cash in Hand 92,324 118,725 267 211,049 267 217,046 267 92.324 118.992 211,316 217.313 16. Creditors: Amount falling due within one year Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2024 Total Funds 2023 Accruals Interest Free Loan Other 5,849 18,606 24,455 28,057 5,849 18,606 24,455 28,057 17. Creditors: amount falling due after more than one year Unrestricted Restricted Funds Funds Endowment Fund5 Total Funds 2024 Total Funds 2023 22
an Notes to the Accounts 31 December 2024 18. Fund balances and reconciliation of funds Balance at 01 Jan 2024 Gains / Losses Balance at 31 Dec 2024 Income Expenditure Transfer Unrestricted Funds General Fund Capital Reserve Capital Reserve GIF Reserve Fund LCCC 1,459,222 16,865 96,793 35,000 179,865 -227,205 3,800 6,000 1,415,682 22,865 103,812 35,000 7,019 1,680 779 182,324 -246 -3,342 -230,793 -1,434 -742 PHA 3,305 1,611,185 7.019 7,624 1,577,359 Restricted Funds Helping Hands HPC Fundraising Catering Manse Reserve Fund Property Fund Youth Development Fund Ukraine Fund United Appeal Fund World Development Appeal Moderators Appeal Sunday School Fund Summer Scheme Fund Organisations TW Welsh Memorial Organ Fund Young Adults Group GIF Young Adults Group Evergreens Parent & Toddler Presentation Host Choir Choir Robes Presbyterian Men Girls, Brigade Boys, Brigade Presbyterian Women Indoor Bowling Badminton Club Youth Account 246 246 22,858 18,768 20,997 3,675 -7,040 -1,542 -9,867 -2,133 16,619 24,052 29,938 2,918 1,204 17,823 15,270 20,151 3,300 24,284 20,754 2.281 14,652 12,118 26 -33,466 -30.541 -1,899 -15,228 -12118 400 576 -26 85 106 2,285 1,475 1,250 191 1,715 982 282 -1,552 -1757 5,000 6,250 10,873 11,864 10,382 11,075 491 789 937 413 277 -342 872 650 1,235 400 1,063 -1,235 -255 196 81 255 341 81 255 38 10,674 15,684 2,244 815 38 7,834 13,469 2,921 974 596 8,797 6,514 3,430 601 606 -6,149 -5,104 -4,197 -460 192 805 90 -300 -400 -230 -99 -11,340 -132,593 703 4,278 147,595 3,536 146,603 12,312 138,725 -7,624 23
an Notes to the Accounts 310ecember 2024 18. Fund balances and reconciliation of funds (cont) Balance at 01 Jan 2024 Gains / Losses Balance at 31 Dec 2024 Income Expenditure Transfer Endowment Funds Henry Bell I George Bell John Lappin Philpot and Archer Miss Patterson Miss Bell 1,053 1,679 2,545 386 50 79 1,103 1,758 2,666 405 121 19 227 io 237 853 1,066 400 40 893 1,117 419 J Sterritt 51 Miss EJ Brown 19 79 53 16 Henry Bell 2 James D Dorman Miss M Gardner Miss M Wilkinson Henry Bell 3 Andrew Lillie Main Street House Rev JH Orr 1,652 1.119 347 1,973 1,052 214 1,731 1,172 363 2,066 1,103 223 93 51 533 240 160 4,118 893 400 25 558 251 167 4,313 935 li Mrs EF Orr Emily M Smyth Miss Mary Starrett Miss Sadie Baxter Thomas G Tate Mrs M Ball 195 42 19 419 2,512 907 2,399 866 113 41 Isaac Mahood Edith Irvine Memorial Beq 533 25 388 558 8.196 32,904 8,584 34,460 1,556 Total Funds 1.790,692 321,049 -363,386 11,059 1,759,414 24
Presbyter an Notes to the Accounts 31 December 2024 19. Related Party Transactions One of the Trustees, the minister of the congregation received remuneration of £49,764 and expenses of £7.387 for acting in that capacity. Pension contribution of £11,943 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme12009}. None of the other trustees received any remuneration. During the year the congregation contributed the following amounts to Funds of the General Assembly of the Presbyteria n Church in Ireland a separate charity.. £16,245 for congregational assessments £15,228 towards the United Appeal £12,118toward the World Development Appeal The congregation contributed £1,548 towards Presbytery Assessments during the year. There were no other related party transactions. 25