First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland
Financial Statements for the year ended 31st December 2023
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 2023
| 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 2023 £ £ £ £ 212,768 62,823 - 275,592 12,484 - - 12,484 19,825 42,114 - 61,939 46,128 - 5,000 51,128 - - - - 291,205 104,937 5,000 401,142 384 - - 384 331,729 77,562 2,791 412,082 11,749 24,370 120 36,239 343,862 101,932 2,911 448,706 (52,657) 3,005 2,089 (47,563) 17,206 (3,588) (13,618) - 2,028 2,028 37,908 37,908 (35,451) (583) 28,406(7,628) 1,475,808 567,496 292,512 2,335,817 1,440,357 566,914 320,918 2,328,189 |
Total Funds 2022 £ 269,183 1,796 52,409 61,718 - |
|---|---|---|
| 385,106 | ||
| 412 374,800 43,582 |
||
| 418,793 | ||
| 33,687 - - 8,336 - - |
||
| 42,023 - |
||
| 2,377,840 | ||
| 2,335,817 |
The notes on pages 13 to 25 form part of these accounts
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Accounts
First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland BALANCE SHEET
As at 31st December 2023
| Notes Unrestricte d Funds Restricted Funds Endowmen t Funds Total Funds 2023 £ £ £ £ Fixed assets: Tangible assets 11 1,872,703 - 1,872,703 Investments 12 - - 248,013 248,013 Total fixed assets 1,872,703 - 248,013 2,120,716 Current assets Debtors & prepayments 13 12,204 - - 12,204 Cash at bank and in hand 14 58,265 122,057 46,358 226,680 Total current assets 70,469 122,057 46,358 238,884 Liabilities: Creditors: Amounts falling due within one year 15 7,300 10,112 - 17,412 Net current assets or liabilities 63,169 111,945 46,358 221,472 Total assets less current liabilities 1,935,872 111,945 294,371 2,342,188 Creditors: Amounts falling due after more than one year 16 - 14,000 - 14,000 Total net assets or liabilities 1,935,872 97,945 294,371 2,328,188 Funds of the charity 1,440,357 566,914 320,918 2,328,189 |
Total Funds 2022 £ 1,903,677 250,741 |
|---|---|
| 2,154,418 12,869 220,771 |
|
| 233,640 17,241 |
|
| 216,399 2,370,817 35,000 |
|
| 2,335,817 | |
| 2,335,817 |
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 and signed on its behalf by
Rev. Mairisine Stanfield
Mrs Anne Kennedy
The notes on pages 13 to 25 form part of these accounts
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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
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.
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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st 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 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.
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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
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.
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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
1 ACCOUNTING POLICIES (cont’d)
(xiii) 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.
(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
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.
(xix) 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.
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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
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.
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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
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 2023 £ £ £ £ 143,455 50,090 193,545 2,734 2,734 16,671 192 16,864 17,168 17,168 32,739 11,971 44,710 - 570 570 212,768 62,823 - 275,592 |
Total Funds 2022 £ 201,761 506 13,661 14,339 38,916 - |
|---|---|---|
| 269,183 |
3. CHARITABLE ACTIVITIES
| Weddings, Funerals, Family Weekend. Events Sundry |
Unrestricted Funds Restricted Funds Endowme nt Funds Total Funds Total Funds 2023 2022 £ £ £ £ £ 11,275 11,275 330 1,209 1,209 1,466 12,484 - - 12,484 1,796 |
|---|---|
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Accounts
First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
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 2023 £ £ £ £ 8,131 8,131 11,695 11,695 42,114 42,114 19,825 42,114 - 61,939 Unrestricted Funds Restricted Funds Endowme nt Funds Total Funds 2023 £ £ £ £ 383 383 3,725 3,725 45,745 1,275 47,020 46,128 - 5,000 51,128 . Unrestricted Funds Restricted Funds Endowme nt Funds Total Funds 2023 £ £ £ £ 384 384 |
Total Funds 2022 £ 8,715 5,559 38,135 |
|---|---|---|
| 52,409 | ||
| Total Funds 2022 £ 239 8,701 52,778 |
||
| 61,718 | ||
| Total Funds 2022 £ 412 |
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Accounts
First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
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 2023 2022 £ £ £ £ £ 16,240 16,240_16,921_ 1,183 1,183_1,068_ 218,043 218,043_198,808_ 90,788 1,588 92,376_68,006_ 39,861 39,861_36,651_ 37,701 37,701_51,675_ 5,476 1,203 6,678_1,671_ |
|---|---|
| 331,729 77,562 2,791 412,082_374,800_ |
8. OTHER EXPENDITURE
| Loan Interest Investment properties expenses Depreciation |
Unrestricted Funds Restricted Funds Endowment Funds Total Funds Total Funds 2023 2022 £ £ £ £ £ -- -- 11,749 24,370 120 36,239_43,582_ |
|---|---|
| 11,749 24,370 120 36,239_43,582_ |
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Accounts
First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31st December 2023
9. EMPLOYEES Employment Costs
| Wages and Salaries Social Security Costs Widows Pension contributions |
2023 £ 167,565 10,634 1,129 21,830 201,158 |
2022 £ 153,375 10,422 1,233 20,653 |
|---|---|---|
| 185,683 |
Number of Employees
The average number of employees, including the minister of the congregation, during the year was :
| 2023 | 2022 | |
|---|---|---|
| Average number of employees | 7 | 7 |
There were no employees in receipt of employee benefits in excess of £60,000.
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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
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
| The contributions made by the congregation during the year were | |
|---|---|
| Present Retired Minister's & Staff Contributions |
Total Funds 2023 £ 21,830 - |
| 21,830 |
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.
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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
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 6,425 (2,400) 2,062,51199,270 170,590 83,489 24,370 11,869 - (1,240) 194,960 94,118 1,891,921 11,756 1,867,551 5,152 2023 60,333 52,436 112,769 135,244 248,013 110,741 2,028 112,769 |
Total £ 2,157,756 6,425 (2,400) |
|---|---|---|
| 2,161,781 | ||
| 254,079 36,239 (1,240) |
||
| 289,078 | ||
| 1,903,677 | ||
| 1,872,703 | ||
| 2022 61,179 49,562 |
||
| 110,741 140,000 |
||
| 250,741 | ||
| 119,077 (8,336) |
||
| 110,741 |
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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
13. DEBTORS
| Prepayment Gift Aid Recoverable |
Unrestrict Funds Restricted Funds Endow. Funds Total 2023 8,657 8,657 3,547 3,547 12,204 - - 12,204 |
Total 2022 8,399 4,470 |
|---|---|---|
| 12,869 |
14. CASH AT BANK AND IN HAND
| Organisation Accounts Building Fund Fundraising Account Revenue account & Cash Salters Trust |
Unrestrict Funds Restricted Funds Endow. Funds Total 2023 19,441 19,441 102,448 102,448 167 167 58,265 58,265 46,358 46,358 58,265 122,057 46,358 226,680 |
Total 2022 17,188 110,343 449 73,092 19,698 |
|---|---|---|
| 220,771 |
15. CREDITORS: amount falling due within one year
| Accruals Advanced rentals Other |
Unrestrict Funds Restricted Funds Endow. Funds Total 2023 Total 2022 3,425 6,432 9,857 8,472 3,680 3,680 4,075 3,875 3,875 4,694 7,300 10,112 - 17,412 17,241 |
|---|---|
| 16. | CREDITORS: amount falling due after more than | CREDITORS: amount falling due after more than | one year | ||
|---|---|---|---|---|---|
| Unrestrict | Restricted | Endow. | Total | Total | |
| Funds | Funds | Funds | 2023 | 2022 | |
| Members | Loans | 14,000 | 14,000 | 35,000 | |
| - | 14,000 | - | 14,000 | 35,000 |
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First Bangor Presbyterian Church a congregation of the Presbyterian Church in Ireland NOTES TO THE ACCOUNTS
31st December 2023
17. RELATED PARTY TRANSACTION
Two of the Trustees received remuneration during 2023, the minister of the congregation received remuneration of £47,325, and expenses of £8,129, for acting in that capacity. Pension contribution of £11,357 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 £35,090 and pension contributuons of £8,422 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
£5,523 for congregational assessments £4,518 towards incidental fund £2,510 towards Assembly buildings external works. £3,993 towards other PCI funds £21,368 towards United Appeal £1,584 towards World Development Appeal
There were no other related party transactions.
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