**GREENWELL STREET PRESBYTERIAN CHURCH** 


**a Congregation of The Presbyterian Church In Ireland** 

## **Greenwell Street Presbyterian Church a congregation of the Presbyterian Church in Ireland** 

**Trustees Annual Report and Financial Statements for the year ended 31 December 2024** 

**Registered with the Charity Commission for Northern Ireland 105225** 

1 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

## **a Congregation of The Presbyterian Church In Ireland STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2024** 

||Notes|Unrestricted<br>Funds|Restricted<br>Funds|Total Funds<br>2024|Total Funds<br>2023|
|---|---|---|---|---|---|
|||£|£|£|£|
|**Income and Endowments from:**||||||
|Donations and legacies|2|244,095|123,938|368,033|334,119|
|Charitable activities|3|703|38,111|38,814|30,737|
|Investments|4|349|65|414|403|
|Other|5|100|450|550|6,137|
|||------------|------------|------------|------------|
|Total||245,247|162,564|407,811|371,396|
|||------------|------------|------------|------------|
|**Expenditure on:**||||||
|Raising funds|6|1,300|-|1,300|1,385|
|Charitable activities|7|220,578|271,346|491,924|371,928|
|||----------|----------|----------|------------|
|Total||221,878|271,346|493,224|373,313|
|||----------|----------|----------|------------|
|**Net Income / (expenditure)**||23,369|(108,782)|(85,413)|(1,917)|
|Transfers between funds||(22,054)|22,054|-|-|
|||----------|----------|----------|-------------|
|**Net movement in funds**||1,315|(86,728)|(85,413)|(1,917)|
|Reconciliation of funds:||||||
|Total funds brought forward||1,460,853|141,028|1,601,881|1,603,798|
|||--------------|------------|--------------|-------------|
|**Total funds carried forward**||1,462,168|54,300|1,516,468|1,601,881|
|||=========|=======|=========|========|



2 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

**a Congregation of The Presbyterian Church In Ireland BALANCE SHEET** 

**As at 31 December 2024** 

||Notes|Unrestricted<br>Funds|Restricted|Funds|Total Funds<br>2024|Total Funds<br>2023|
|---|---|---|---|---|---|---|
|||**£**||**£**|**£**|**£**|
|**Fixed assets:**|||||||
|Tangible assets|10|1,493,634||-|1,493,634|1,387,224|
|||**--------------**||**-------------**|**--------------**|**--------------**|
|**Total fixed assets**||1,493,634||-|1,493,634|1,387,224|
|||**--------------**||**-------------**|**--------------**|**--------------**|
|**Current assets**|||||||
|Debtors|11|15,892||5,064|20,956|32,131|
|Cash at bank and in hand|12|59,078||50,864|109,942|190,337|
|||**------------**||**------------**|**-----------**|**------------**|
|**Total current assets**||74,970||55,928|130,898|222,468|
|||**------------**||**------------**|**-----------**|**------------**|
|**Liabilities:**|||||||
|Creditors: Amounts falling due|13|(106,436)||(1,628)|(108,064)|(7,811)|
|within one year|||||||
|||**-----------**||**-------------**|**------------**|**--------------**|
|**Net current assets or liabilities**||(31,466)||54,300|22,834|214,657|
|||**-------------**||**-------------**|**---------------**|**--------------**|
|**Total assets less current liabilities**||1,462,168||54,300|1,516,468|1,601,881|
|||**--------------**||**-------------**|**---------------**|**--------------**|
|Creditors: Amounts falling due after||-||-|-|-|
|more than one year|||||||
|**Total net assets or liabilities**||1,462,168||54,300|1,516,468|1,601,881|
|||**--------------**||**-------------**|**---------------**|**--------------**|



3 




## **GREENWELL STREET PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland BALANCE SHEET** 

**As at 31 December 2024** 

**Funds of the charity** Restricted income funds **14** Unrestricted funds **14 Total charity funds** 

**£ £** 54,300 141,028 1,462,168 1,460,853 **--------------** -------------1,516,468 1,601,881 

Approved by the Kirk Session and signed on its behalf by 

Rev. J Mullan (Minister) Mr. D. Francis (Clerk) 31 July 2025 31 July 2025 

4 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

## **a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2024** 

## **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) (effective 1 January 2015). 

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 (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. 

5 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

## **a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS 31 December 2024** 

## **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. 

6 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

## **a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS** 

## **31 December 2024** 

## **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. 

## **(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. 

## **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. 

7 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

**a Congregation of The Presbyterian Church In Ireland** 

## **NOTES TO THE ACCOUNTS** 

## **31 December 2024** 

## **1. ACCOUNTING POLICIES (cont’d)** 

## **(xiii) 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** 

## **(xiv) 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 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|
|---|---|
|Fixtures, fittings and equipment|- over 10 years|
|Motor Vehicles|- over 4 years|
|Computers, software and technical equipment|- over 4 years|



8 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

## **a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d) 31 December 2024** 

## **2. DONATIONS AND LEGACIES** 

||Unrestricted|Funds|Restricted|Funds|Total Funds|2024|Total Funds|2023|
|---|---|---|---|---|---|---|---|---|
|||£||£||£||£|
|Recorded giving:|||||||||
|FWO||177,020||85,574||262,594||256,837|
|Loose collections||2,328||2,990||5,318||5,602|
|Donations and gifts||746||21,358||22,104||20,991|
|Gift Aid||26,218||14,016||40,234||39,838|
|Legacies and bequest||37,783||-||37,783||10,851|
|||----------||----------||----------||----------|
|||244,095||123,938||368,033||334,119|
|||----------||----------||----------||----------|
|**.**<br>**CHARITABLE ACTIVITIES**|||||||||
||Unrestricted|Funds|Restricted|Funds|Total Funds|2 023|Total Funds|2023|
|||£||£||£||£|
|Income from charitable|||||||||
|activities|||||||||
|Organisation income||-||35,854||35,854||27,974|
|Contributions and events||703||570||1,273||1,363|
|Grants||-||1,687||1,687||1,400|
|||----------||----------||----------||----------|
|||703||38,111||38,814||30,737|
|||----------||----------||----------||----------|



## **3. CHARITABLE ACTIVITIES** 

9 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

**a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d) 31 December 2024** 

## **4. INVESTMENTS** 

|||Unrestricted|Funds|Restricted|Funds|Total Funds|2024|Total Funds|2023|
|---|---|---|---|---|---|---|---|---|---|
||||£||£||£||£|
|Bank interest|||349||65||414||403|
||||----------||----------||----------||----------|
||||349||65||414||403|
||||----------||----------||----------||----------|
|**.**|**OTHER INCOME**|||||||||
|||Unrestricted|Funds|Restricted|Funds|Total Funds|2024|Total Funds|2023|
||||£||£||£||£|
|Other income|||100||450||550||545|
|Discounts|||-||-||-||5,592|
||||----------||----------||----------||----------|
||||100||450||550||6,137|
||||----------||----------||----------||----------|



## **5. OTHER INCOME** 

10 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

**a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d)** 

**31 December 2024** 

## **6. RAISING FUNDS** 

||Unrestricted|Funds|Restricted|Funds|Total Funds|2024|Total Funds|2023|
|---|---|---|---|---|---|---|---|---|
|||£||£||£||£|
|FWO envelopes||1,300||||1,300||1,385|
|||----------||----------||----------||----------|
|||1,300||-||1,300||1,385|
|||----------||----------||----------||----------|
|**.**<br>**CHARITABLE ACTIVITIES**|||||||||
||Unrestricted|Funds|Restricted|Funds|Total Funds|2024|Total Funds|2023|
|||£||£||£||£|
|General Assembly Assessments||18,667||-||18,667||17,579|
|Presbytery fees||1,174||-||1,174||1,117|
|Ministry and support staff costs||101,494||-||101,494||150,836|
|Congregational running||60,028||189,259||249,287||98,681|
|expenses|||||||||
|Donations to Missions and||37,390||82,087||119,477||101,921|
|charities|||||||||
|Governance costs||1,825||-||1,825||1,794|
|||-----------||----------||------------||-----------|
|||220,578||271,346||491,924||371,928|
|||-----------||----------||------------||-----------|



## **7. CHARITABLE ACTIVITIES** 

11 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

**a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d)** 

**31 December 2024** 

## **8. EMPLOYEES** 

## **Employment Costs** 

||Total Funds|2024|Total Funds|2023|
|---|---|---|---|---|
|||£||£|
|Wages and Salaries||77,546||113,338|
|Social Security Costs||7,029||9,931|
|Pension contributions||7,342||9,250|
|||----------||----------|
|||91,917||132,519|
|||----------||----------|



## **Number of Employees** 

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

||2024|2023|
|---|---|---|
|Average number of employees|6|7|
||----------|----------|



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

12 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

## **a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d)** 

## **31 December 2024** 

## **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 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. 

The contributions made by the congregation during the year were: 

||Total|Total|
|---|---|---|
||Funds|Funds|
||2024|2023|
||£|£|
|Contributions|-|2,555|
||----------|----------|



13 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

## **a Congregation of The Presbyterian Church In Ireland** 

## **NOTES TO THE ACCOUNTS (cont’d)** 

## **31 December 2024** 

## **10. TANGIBLE FIXED ASSETS** 

||Land and|Fixtures and|Vehicles|Total|
|---|---|---|---|---|
||Buildings|Fittings|||
||£|£|£|£|
|**Cost or valuation**|||||
|At start of year|1,550,000|93,202|4,000|1,647,202|
|Additions|145,153|-|-|145,153|
|Disposals|-|-|-|-|
||--------------|--------------|--------------|--------------|
|At end of year|1,695,153|93,202|4,000|1,792,355|
||--------------|--------------|--------------|--------------|
|**Depreciation**|||||
|At start of year|192,000|63,978|4,000|259,978|
|Provision for year|26,903|11,840|-|38,743|
|Disposals|-|-|-|-|
||--------------|--------------|--------------|--------------|
|At end of year|218,903|75,818|4,000|298,721|
||--------------|--------------|--------------|--------------|
|**Net Book Value**|||||
|At start of year|1,358,000|29,224|-|1,387,224|
||--------------|--------------|--------------|--------------|
|At end of year|1,476,250|17,384|-|1,493,634|
||--------------|--------------|--------------|--------------|



## **11. DEBTORS** 

||2024|2023|
|---|---|---|
|Gift Aid Recoverable|10,071|20,972|
|Prepayments|10,865|10,351|
|Other Debtors|20|808|
||-----------|-----------|
||20,956|32,131|
||=======|=======|



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## **GREENWELL STREET PRESBYTERIAN CHURCH** 

## **a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d)** 

## **31 December 2024** 

## **12. CASH AT BANK AND IN HAND** 

|||2024|2023|
|---|---|---|---|
|Bank accounts||102,903|184,373|
|Cash in hand||7,039|5,964|
|||----------|----------|
|||109,942|190,337|
|||======|======|
|**3.**|**CREDITORS: amount falling due within one year**|||
|||2024|2023|
|Other creditors||100,070|1,563|
|Accruals||7,994|6,248|
|||------------|-----------|
|||108,064|7,811|
|||========|=======|



## **13. CREDITORS: amount falling due within one year** 

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## **GREENWELL STREET PRESBYTERIAN CHURCH** 

## **a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d)** 

## **31 December 2024** 

## **14. FUND BALANCES AND RECONCILIATION OF FUNDS** 

|Fund|Balance at|Income|Expend.|Transfer|Balance at|
|---|---|---|---|---|---|
||start||||end|
||£|£|£|£|£|
|**Unrestricted Funds**||||||
|General Fund|1,460,853|245,247|(221,878)|(22,054)|1,462,168|
||-------------|-----------|-------------|----------|-------------|
||1,460,853|245,247|(221,878)|(22,054)|1,462,168|
||-------------|-----------|-------------|----------|-------------|
|**Restricted Funds**||||||
|Property Fund|90,719|58,897|(153,532)|14,847|10,931|
|Missionary Fund|26,238|48,999|(65,077)|3,778|13,938|
|Sunday School|748|378|(81)|-|1,045|
|Badminton Club|4,415|7,467|(7,093)|-|4,789|
|Bowling Club|1,283|320|(180)|-|1,423|
|Boys’ Brigade|2,094|1,903|(2,217)|-|1,780|
|Chat & Hobby Huddle|270|1,617|(1,504)|(150)|233|
|Girls’ Brigade|365|4,739|(4,238)|-|866|
|Uganda Wells Project|6,889|12,808|(9,576)|50|10,171|
|Mainly for Men|800|470|(682)|(250)|338|
|Outreach|-|174|(1,936)|1,800|38|
|Presbyterian Women|769|4,191|(4,610)|-|350|
|Wednesday Club|337|1,299|(1,145)|(150)|341|
|Youth Club|1,720|2,221|(2,279)|-|1,662|
|Special Collections|4,381|17,081|(17,196)|2,129|6,395|
||-------------|-----------|------------|-------------|-------------|
||141,028|162,564|(271,346)|22,054|54,300|
||-------------|-----------|-----------|-------------|-------------|
||1,601,881|407,811|(493,224)|-|1,516,468|
||========|=======|=======|========|========|



## **Interest Free Loan, General Fund to Property Fund** 

During the year, the General Fund (an unrestricted fund) made an interest free loan to The Property Fund (a restricted fund). At the balance sheet date a balance of £60,000 (2023 : £nil) was outstanding. This loan is repayable in future periods by transfers between these funds. 

16 




## **GREENWELL STREET PRESBYTERIAN CHURCH** 

**a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d)** 

## **31 December 2024** 

## **15. RELATED PARTY TRANSACTIONS** 

One of the Trustees, the retired minister of the congregation, received remuneration of £7,824 and expenses of £1,173 for acting in that capacity. No pension contributions were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme (2009).  None of the other trustees received either remuneration or 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: 

£18,667 for congregational assessments £17,938 towards the United Appeal £1,500 towards the World Development Appeal £1,750 towards the Presbyterian Children’s Society 

The congregation contributed £1,174 towards Presbytery Assessments during the year. 

There were no other related party transactions. 

17