Second Presbyterian Church Comber
Statement of Financial Activities for the Year Ended 31 December 2024
| Note Unrestricted funds £ Income and Endowments from: Donations and legacies 2 201,342 Charitable activities 3 - Investment income 4 3,838 Other income 5 27 Total income 205,207 Expenditure on: Charitable activities 6 222,096 Total expenditure 222,096 Gains/losses on investment assets 1,448 Net (expenditure)/income (15,441) Gross transfers between funds 37,501 Net movement in funds 22,060 Reconciliation of funds Total funds brought forward 251,188 Total funds carried forward 16 273,248 |
Restricted funds £ Endowment funds £ 87,948 - 54,309 - - 250 - - 142,257 250 108,404 - 108,404 - - - 33,853 250 (37,251) (250) (3,398) - 65,798 8,500 62,400 8,500 |
Total 2024 £ 289,290 54,309 4,088 27 347,714 330,500 330,500 1,448 18,662 - 18,662 325,486 344,148 |
Total 2023 £ 364,009 62,398 4,011 168 |
|---|---|---|---|
| 430,586 | |||
| 532,543 | |||
| 532,543 (1,606) |
|||
| (103,563) - |
|||
| (103,563) 429,049 |
|||
| 325,486 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 16 to 29 form an integral part of these financial statements. Page 14
Second Presbyterian Church Comber
(Registration number:NIC105165 ) Balance Sheet as at 31 December 2024
| Note Fixed assets Tangible assets 10 Investments 11 Current assets Debtors 12 Cash at bank and in hand 13 Creditors: Amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 15 Net assets Funds of the charity: Endowment funds Restricted income funds Restricted funds Unrestricted income funds Unrestricted funds Total funds 16 |
2024 £ 167,895 127,942 295,837 19,579 117,078 136,657 (17,358) 119,299 415,136 (70,988) 344,148 8,500 62,400 273,248 344,148 |
2023 £ 180,262 126,494 |
|---|---|---|
| 306,756 | ||
| 20,972 113,206 |
||
| 134,178 (17,372) |
||
| 116,806 | ||
| 423,562 (98,076) |
||
| 325,486 | ||
| 8,500 65,798 251,188 |
||
| 325,486 |
The financial statements on pages 14 to 29 were approved by the trustees, and authorised for issue on ....................21 Aug 2025 and signed on their behalf by:
R A Courtenay
......................................... Robert Andrew Courtenay Other officer
Mary McIlveen
......................................... Mary Mcllveen Chief executive officer
The notes on pages 16 to 29 form an integral part of these financial statements. Page 15
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024
1 Accounting policies
Statement of compliance
The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable in the United Kingdom and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act (Northern Ireland) 2018, and the Charities (Accounts and Reports) Regulations (Northern Ireland) 2015, and UK Generally Accepted Accounting Practice.
Basis of preparation
Second Presbyterian Church Comber is an Unincorporated Charity registered with the Northern Ireland Charities Commission. The address of the registered office is given in the Charity information on page 1 of the financial statements. The nature of the Charity's operations and principal activities are that of a church.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest £.
The significant accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Funds
Unrestricted funds are available for use at the discretion of the Trustees. In furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are which are to be used in accordance with specific restrictions imposed by the donors of which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes of the financial statements.
Endowment funds represent those assets which must be held permanently by the charity, principally the D Edgar, M Smyth and P Ritchie endowment funds. Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund, investment management charges and legal advices relating to the fund are charged against the fund.
Page 16
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Income recognition
All incoming resources are included in the Statement of Financial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this required a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example, the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP. Further details is given in the Trustees' Report.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy, the investment income is reported net of these costs. It is included when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established.
Other income includes the conversion of endowment funds into income with arises when capital funds are released to an income fund from expendable endowments or when a charity has authority to adopt a total return approach to its permanent endowment fund.
Page 17
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Expenditure Recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties. It is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under Expenditure on Charitable Activities which includes:
-
General Assembly Assessments
-
Presbytery fees
-
Ministry and support staff costs
-
Congregational running expenses
-
Wages and salaries
-
Donations to Missions and Charities
-
Governance costs
-
Repairs and maintenance account expenses
-
Organisation account expenses
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in "net gains/(losses) on investments" in SOFA if the shares are publicly traded or their fair value can otherwise be measured reliably.
Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Land and Buildings - 6.67% Straight Line
Debtor and creditors receivable/ payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Page 18
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Employee benefits
When employees have rendered services to the charity, short-term employee benefits to which the employees are entitled are recognised at an undiscounted amount expected to be paid in exchange for those services.
The charity operates a pension plan for the benefit of its employees. Contributions are expensed as they become payable.
Financial Instruments
The congregation has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial Instruments Issues" of FRS 102 to all its financial instruments.
Financial instruments are recognised in the congregation's balance sheet when the congregation becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
Page 19
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
| 2 Income from donations and legacies Unrestricted funds £ Restricted funds £ Donations and legacies; Donations from individuals 201,342 87,948 201,342 87,948 3 Income from charitable activities Unrestricted funds £ Restricted funds £ Endowment Funds £ - 54,309 - 4 Investment income Unrestricted funds £ Restricted funds £ Endowment Funds £ Interest receivable and similar income; Interest receivable on bank deposits 204 - - Other income from fixed asset investments 3,634 - 250 3,838 - 250 5 Other income Unrestricted funds £ Restricted funds £ Endowment Funds £ Other income 27 - - |
Total 2024 £ 289,290 289,290 Total 2024 £ 54,309 Total 2024 £ 204 3,884 4,088 Total 2024 £ 27 |
Total 2023 £ 364,009 |
||
|---|---|---|---|---|
| 364,009 | ||||
| Total 2023 £ 62,398 |
||||
| Total 2023 £ 221 3,790 |
||||
| 4,011 | ||||
| Total 2023 £ 168 |
Page 20
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
6 Expenditure on charitable activities
| Unrestricted Funds |
Restricted Funds |
Endowment Funds |
Total 2024 | Total 2023 | |
|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | |
| General | |||||
| Assembly | 14,000 | - | - | 14,000 | 17,725 |
| Assessments | |||||
| Presbytery Fees |
1,117 | - | - | 1,117 | 1,065 |
| Congregational | |||||
| Running | 77,710 | 220 | - | 77,930 | 64,715 |
| Expenses | |||||
| Donations to | |||||
| Missions and |
5,611 | 34,407 | - | 40,018 | 39,739 |
| Charities | |||||
| Presentations | 400 | - | - | 400 | 1,561 |
| Wages and Salaries |
105,961 | - | - | 105,961 | 115,532 |
| Rent | - | - | - | - | 2,630 |
| Repairs and | |||||
| Maintenance | 1,300 | 24,753 | - | 26,053 | 231,412 |
| Expenses | |||||
| Organisational Expenses |
- | 41,149 | - | 41,149 | 48,375 |
| Depreciation | 12,367 | - | - | 12,367 | 5,153 |
| Interest | - | 7,875 | - | 7,875 | 1,336 |
| Governance Costs |
3,630 | - | - | 3,630 | 3,300 |
| 222,096 | 108,404 | - | 330,500 | 532,543 |
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
Page 21
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
8 Employees
| Employment costs Wages and salaries Social Security Pension costs |
2024 £ 87,174 7,121 11,666 105,961 |
2023 £ 95,709 8,436 11,387 |
|---|---|---|
| 115,532 |
Average Number of Employees
The average number of employees during the year was as follows:
| Average number of employees | 2024 No 3 |
2023 No 3 |
|---|---|---|
No employee received emoluments of more than £60,000 during the year (2023: £Nil)
9 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 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.
Page 22
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
10 Tangible fixed assets
| 10 Tangible fixed assets | ||
|---|---|---|
| Cost At 1 January 2024 At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Land and buildings £ 185,415 185,415 5,153 12,367 17,520 167,895 180,262 |
Total £ 185,415 |
| 185,415 | ||
| 5,153 12,367 |
||
| 17,520 | ||
| 167,895 | ||
| 180,262 |
Page 23
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
11 Fixed asset investments
Listed investments
| At 1 January 2024 Gains/ (Losses) on revaluation At 31 December 2024 Net book value At 31 December 2024 At 31 December 2023 |
Listed investments £ 126,494 1,448 127,942 127,942 126,494 |
Total £ 126,494 1,448 127,942 127,942 126,494 |
|---|---|---|
12 Debtors
| Gift aid recoverable 13 Cash and cash equivalents Cash at bank |
2024 £ 19,579 2024 £ 117,078 |
2023 £ 20,972 |
|---|---|---|
| 2023 £ 113,206 |
Page 24
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
14 Creditors: amounts falling due within one year
| Bank loans Accruals 15 Creditors: amounts falling due after one year Due after one year Bank loans . Due after more than five years After more than five years by instalments |
2024 £ 3,565 13,794 17,359 2024 £ 70,988 2024 £ 53,059 |
2023 £ 3,260 14,113 |
|---|---|---|
| 17,373 | ||
| 2023 £ 98,076 |
||
| 2023 £ 81,682 |
16 Analysis of net assets between funds
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted funds General £ 167,895 119,442 74,257 (17,358) (70,988) 273,248 |
Restricted funds £ - - 62,400 - - 62,400 |
Endowment funds £ - 8,500 - - - 8,500 |
Total funds at 31 December 2024 £ 167,895 127,942 136,657 (17,358) (70,988) |
|---|---|---|---|---|
| 344,148 |
Page 25
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Creditors over 1 year Total net assets |
Unrestricted Funds General £ 180,262 126,494 68,380 (17,372) (98,076) 259,688 |
Restricted Funds £ - - 65,798 - - 65,798 |
Total Funds at 31 December 2023 £ 180,262 126,494 134,178 (17,372) (98,076) |
|---|---|---|---|
| 325,486 |
Page 26
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
17 Fund Reconciliation
| Fund Unrestricted Funds General Fund Investments Restricted Funds Renovation Fund Manse Fund United Appeal Christian Aid Presbyterian Children's Society World Development Appeal Warm Space UDR Benevolent Fund Tots & Co Monday Night Bowls Table Tennis Club Drama Club Bible Study Shine (HBC + Crossfire) Youth Club |
Balance at Start Income Expenditure Gains/Losses Transfer Balance at End £ £ £ £ £ £ 133,194 201,370 (222,096) - 37,501 149,969 117,994 3,838 - 1,448 - 123,280 |
|---|---|
| 251,188 205,207 (222,096) 1,448 37,501 273,248 |
|
| 6,091 21,351 (24,753) - - 2,689 - 36,235 (8,799) - (26,357) 1,079 - 19,266 (20,403) - 1,137 - - 2,286 (2,286) - - - - 3,490 (3,490) - - - - 1,026 (1,026) - - - - 500 (220) - - 280 - 619 (619) - - - 1,621 4,490 (4,137) - (400) 1,574 712 808 (757) - (200) 563 749 204 - (200) 753 443 7,688 (5,171) - (550) 2,410 969 616 (532) - (402) 651 75 - - - - 75 840 - - - - 840 |
Page 27
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
| Fund | Balance at Start |
Income | **Expenditure ** | Gains/Losses | Transfer | Balance at End |
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| World | ||||||
| Development | 2,406 | 4,000 | (2,500) | 2,000 | 5,906 | |
| Group | ||||||
| Saturday night bowls |
1,143 | 1,810 | (597) | - | (2,300) | 56 |
| GB Explorers | 7,149 | 3,729 | (2,810) | - | (572) | 7,496 |
| GB | 3,149 | 6,245 | (3,627) | - | 269 | 6,036 |
| BB | 12,222 | 12,969 | (20,672) | - | 9,102 | 13,621 |
| Sunday School Project |
169 | - | - | - | - | 169 |
| Coffee Bar | 129 | 847 | (171) | - | (750) | 55 |
| Youth Council | 7 | - | - | - | - | 7 |
| Catering Corps | 9,620 | 6,450 | (1,102) | (5,000) | 9,968 | |
| Special Sunday School |
172 | - | (172) | - | - | - |
| Presbyterian Woman |
542 | 3,401 | (1,573) | - | - | 2,370 |
| Mission | 290 | 607 | (987) | - | 1,014 | 924 |
| M Smyth | 17,300 | - | - | - | (14,300) | 3,000 |
| Recife | - | 3,620 | (2,000) | - | 258 | 1,878 |
| 65,798 | 142,257 | (108,404) | - | (37,251) | 62,400 | |
| Endowment | ||||||
| Funds | ||||||
| D Edgar Bequest |
1,500 | 40 | - | - | (40) | 1,500 |
| M Smyth Bequest |
5,000 | 150 | - | - | (150) | 5,000 |
| P Ritchie Memorial |
2,000 | 60 | - | - | (60) | 2,000 |
| 8,500 | 250 | - | - | (250) | 8,500 |
Page 28
Second Presbyterian Church Comber
Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)
Restricted funds of the congregation include restricted organisational funds held by the following organisations:Tots & Co, Monday Night Bowls, Table Tennis Club, Drama Club, Bible Study, Shine, Youth Club, World Development Group, Saturday Night Bowls, GB Explorers, GB, BB, Coffee Bar, Youth Council, Catering Corps, Special Sunday School and Presbyterian Women.
The monies received in relation to these organisations is restricted as the funds may only be spent only on activities of the organisation.
Restricted congregational property funds include those held in the Renovation Fund and the Manse Fund. The monies received into these funds are restricted by the condition that they must be spent on repairs, maintenance, renovation of the congregational property and payment of the bank loan. Donors to the funds expect this condition to be satisfied.
Restricted congregational missions and charities funds include the following: United Appeal, Christian Aid, Presbyterian Children's Society, World Development Appeal, Sunday School Project, UDR Benevolent Fund, and Warm Space.
Monies received into these funds are restricted by the condition that donors expect the funds to be spent only on these missions and charities.
A gift was received from Mr J Smyth. The monies are to be allocated to the following activities the BB, the choir and the World Development Group.
Page 29