2022-12-31-accounts - First Bangor Congregation of the Presbyterian Church in Ireland

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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland

Financial Statements for the year ended 31st December 2022

Registered with the Charity Commission for Northern Ireland NIC105217

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland STATEMENT OF FINANCIAL ACTIVITY for the year ended 31st December 2022

Notes Income and Endowments from: Donations and legacies 2 Charitable activities 3 Other activities 4 Investments 5 Other Total Expenditure on: Raising funds 6 Charitable activities 7 Other 8 Total Net Income / (expenditure) Transfers between funds Gains/(loss) on revaluation of assets Gains/(loss) on disposal of assets Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	Unrestricted Funds Restricted Funds Endowment Funds Total Funds 2022 £ £ £ £ 206,140 63,043 - 269,183 1,796 - - 1,796 14,274 38,135 - 52,409 239 48,908 12,571 61,718 - - - - 222,449 150,086 12,571 385,106 412 - - 412 284,624 88,325 1,850 374,800 2,496 40,606 480 43,582 287,532 128,931 2,330 418,793 (65,083) 21,154 10,241 (33,687) 21,462 (21,462) - (8,336) (8,336) - - (43,621) (308) 1,905 (42,023) 1,519,429 567,804 290,607 2,377,840 1,475,808 567,496 292,512 2,335,817	Total Funds 2021 £ 251,834 920 14,261 62,921 - 329,936 340 256,199 55,783 312,323 17,613 - 7,656 70,000 95,269 2,282,571 2,377,839

The notes on pages 13 to 25 form part of these accounts

Draft Accounts

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland BALANCE SHEET

As at 31st December 2022

Notes
Unrestricte
d Funds
Restricted
Funds
Endowmen
t Funds
Total Funds
2022
£
£
£
£
Fixed assets:
Tangible assets
11
1,903,677
-
1,903,677
Investments
12
-
-
250,741
250,741
Total fixed assets
1,903,677
-
250,741
2,154,418
Current assets
Debtors & prepayments
13
12,869
-
-
12,869
Cash at bank and in hand
14
73,092
127,980
19,698
220,771
Total current assets
85,961
127,980
19,698
233,640
Liabilities:
Creditors: Amounts falling due
within one year
15
5,718
11,523
-
17,241
Net current assets or liabilities
80,243
116,457
19,698
216,399
Total assets less current
liabilities
1,983,920
116,457
270,439
2,370,817
Creditors: Amounts falling due
after more than one year
16
-
35,000
-
35,000
Total net assets or liabilities
1,983,920
81,457
270,439
2,335,817
Funds of the charity
1,475,808
567,496
292,512
2,335,817

Total Funds
2021
£
1,947,259
259,077
2,206,336
16,509
202,720
219,229
7,726
211,503
2,417,839
40,000
2,377,839
2,377,839

The financial statements have been prepared in accordance with the provisions under Section1A of FRS102 "The Financial Repsorting Standard applicable in the UK and Republic of Ireland". Approved by Kirk Session on 10th October and signed on its behalf by

Rev. Mairisine Stanfield

Mrs Anne Kennedy

The notes on pages 13 to 25 form part of these accounts

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st December 2022

1. 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 FRS102 section 1A for small entities.

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.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and does not include a cash flow statement on the grounds that it is applying FRS 102 Section 1A.

The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1.

The church meets the definition of a public benefit entity as defined in section 34 of FRS102.

In the opinion of the Trustees, there are no significant judgements, assumptions or estimates included in the financial statements, other than those described in the accounting policies below.

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.

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st 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:

the congregation becomes entitled to the resources;
the trustees are virtually certain they will receive the resources; and
the monetary value can be measured with sufficient 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 actually realised. Gifts in kind for use by the charity are included in the SoFA as incoming resources when receivable.

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st December 2022

1 ACCOUNTING POLICIES (cont’d)

(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.

(vii) Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

(viii) Investment income

This is included in the accounts when receivable.

(ix) 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

(x) Liability recognition

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

(xi) 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.

(xii) 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.

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st December 2022

1 ACCOUNTING POLICIES (cont’d)

(xiii) Donated services and facilities

(xiv) Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

(xv) Investment income

This is included in the accounts when receivable.

(xvi) 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

(xvii) Liability recognition

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

(xviii) Governance costs

(xix) Grants with performance conditions

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st December 2022

1 ACCOUNTING POLICIES (cont’d)

(xx) Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, e.g. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

ASSETS

(xxi) 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 £1,000. They are valued at cost or, if gifted, at the value to the charity on receipt.

It is the view of the trustees that the Manse is a "residential home" for valuation purposes, and as such it's bulding is not used as part of the Chuch's main activities. The property is maintained sufficently to consider that its value will not reduce.

Depreciation is recorded on all tangible fixed assets other than freehold land and the Manse, at rates calculated to write of the cost, less estimated residual value, of each asset over its expected useful life as follows

Buildings over 50 years Land none Manse none Equipment straight line over the life of the asset

(xxii) 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.

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st December 2022

NOTES TO THE ACCOUNTS (cont’d)

2. DONATIONS AND LEGACIES

Recorded giving: FWO, Stipend & CMF Loose collections Donations and gifts Donations from Organsiations Gift Aid Legacies and bequest	Unrestricted Funds Restricted Funds Endowme nt Funds Total Funds 2022 £ £ £ £ 149,956 51,806 201,761 506 506 12,398 1,262 13,661 14,339 14,339 28,941 9,975 38,916 - - - 206,140 63,043 - 269,183	Total Funds 2021 £ 192,683 446 9,614 3,625 45,467 - 251,834

3. CHARITABLE ACTIVITIES

Fees from weddings and funerals Sundry	Unrestricted Funds Restricted Funds Endowme nt Funds Total Funds 2022 £ £ £ £ 330 330 1,466 1,466 1,796 - - 1,796	Total Funds 2021 £ 400 520 920

Accounts

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st December 2022

4. OTHER ACTIVITIES

Letting of premises Misc Income Organisational Income 5.INVESTMENTS Deposit interest General Investment Fund Property Rents Other investment income 6.RAISING FUNDS COSTS FWO envelopes	Unrestricted Funds Restricted Funds Endowme nt Funds Total Funds 2022 £ £ £ £ 8,715 8,715 5,559 5,559 38,135 38,135 14,274 38,135 - 52,409 Unrestricted Funds Restricted Funds Endowme nt Funds Total Funds 2022 £ £ £ £ 239 239 8,701 8,701 48,908 3,870 52,778 239 48,908 12,571 61,718 Unrestricted Funds Restricted Funds Endowme nt Funds Total Funds 2022 £ £ £ £ 412 412	Total Funds 2021 £ 3,782 252 10,227 14,261 Total Funds 2021 £ 271 3,788 58,861 62,921 Total Funds 2021 £ 340

Accounts

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31st December 2022

7. CHARITABLE ACTIVITIES

General Assembly Assessments Presbytery fees Ministry and support staff costs Congregational running expenses Organisation Expenses Donations to Missions and charities Governance costs	Unrestricted Funds Restricted Funds Endowment Funds Total Funds Total Funds 2022 2021 £ £ £ £ £ 16,921 16,921_17,849_ 1,068 1,068_1,068_ 198,808 198,808_146,376_ 67,013 992 68,006_44,666_ 36,651 36,651_12,272_ 51,675 51,675_26,136_ 813 858 1,671_7,832_ 284,624 88,325 1,850 374,800_256,199_

8. OTHER EXPENDITURE

Loan Interest Investment properties expenses Depreciation	Unrestricted Funds Restricted Funds Endowment Funds Total Funds Total Funds 2022 2021 £ £ £ £ £ -12,201 -- 2,496 40,606 480 43,582_43,582_ 2,496 40,606 480 43,582_55,783_

Accounts

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31st December 2022

9. EMPLOYEES Employment Costs

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|||| |---|---|---| |2022|2021| |£|£| |Wages and Salaries|153,375|105,516| |Social Security Costs|10,422|9,369| |Widows|1,233|1,546| |Pension contributions|20,653|19,121| |185,683|135,552|

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Number of Employees

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

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||| |---|---| |2022|2021| |Average number of employees| |7|6|

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

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st December 2022

10. PENSION COSTS

The Minister and Associate Minister of the congregation are members 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 each 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

Present Retired Minister's & Staff Contributions	Total Funds 2022 £ 20,653 - 20,653

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.

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st December 2022

11. TANGIBLE FIXED ASSETS

Cost or valuation At start of year Additions Disposals At end of year Depreciation At start of year Provision for year Disposals At end of year Net Book Value At start of year At end of year 12.INVESTMENTS General Investment Fund NICIF Investment Properties Value at start of year Additions Disposals Impairment Gains / (Losses on revaluation) Value at end of year	Land & Buildings Equipment £ £ 2,062,511 95,245 2,062,511 95,245 146,220 64,277 24,370 19,212 - - 170,590 83,489 1,916,291 30,968 1,891,921 11,756 2022 61,179 49,562 110,741 140,000 250,741 119,077 (8,336) 110,741	Total £ 2,157,756 - - 2,157,756 210,497 43,582 - 254,079 1,947,259 1,903,677 2021 62,633 56,444 119,077 140,000 259,077 111,421 7,656 119,077

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st December 2022

13. DEBTORS

Prepayment Gift Aid Recoverable	Unrestrict Funds Restricted Funds Endow. Funds Total 2022 8,399 8,399 4,470 4,470 12,869 - - 12,869	Total 2021 7,805 8,704 16,509

14. CASH AT BANK AND IN HAND

Unrestrict
Funds
Restricted
Funds
Endow.
Funds
Total
2022
Organisation Accounts
17,188
17,188
Building Fund
110,343
110,343
Fundraising Account
449
449
Revenue account & Cash
73,092
73,092
Salters Trust
19,698 19,698
73,092 127,980 19,698 220,771
15.CREDITORS: amount falling due within one year
Unrestrict
Funds
Restricted
Funds
Endow.
Funds
Total
2022
Accruals
1,024 7,448
8,472
Advanced rentals
4,075
4,075
Other
4,694
4,694
5,718 11,523 - 17,241
16.CREDITORS: amount falling due after more than one year
Unrestrict
Funds
Restricted
Funds
Endow.
Funds
Total
2022
Members Loans
35,000
35,000
- 35,000 - 35,000

Total
2021
15,705
80,324
475
93,546
12,670
202,720
Total
2021
1,272
4,075
2,379
7,726
Total
2021
40,000
40,000

First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS

31st December 2022

17. RELATED PARTY TRANSACTION

Two of the Trustees received remuneration during 2022, the minister of the congregation received remuneration of £45,071, and expenses of £6,955, for acting in that capacity. Pension contribution of £10,817 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme (2009). The Associate Minister of the congregation received remuneration of £33,420 and pension contributuons of £8,020 for acting in that capacity. None of the other trustees received any remuneration, nor claimed expenses during the year in connection with their duties.

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

£5,920 for congregational assessments £4,564 towards incidental fund £2,467 towards Assembly buildings external works. £3,970 towards other PCI funds £22,099 towards United Appeal £2,505 towards World Development Appeal

There were no other related party transactions.