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 11 ## _**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 12 ## **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. 13 ## **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. 14 ## **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. 15 ## **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. 16 ## **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. 17 ## **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_| |---|---| 18 ## _**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_| 19 ## _**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_| 20 ## _**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. 21 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. 22 ## **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| 23 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_| 24 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. 25