Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND Trustees Annual Report and Financial Statements for the year ended 31 December 2024 Reglstered with the Charity Commlssion for Northern Ireland NIC105227
Presbyter an CONTENTS Page General Informatlon Trustees. Annual Report Independent Examiner's Report 11 Statement of Flnanclal Activities 12 Balance Sheet 13 Notes to the Financial Statements 14
Presbyter GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 GENERAL INFORMATION Charity name Glastry Congregation of the Presbyterian Church in Iland Char5ty reglstration number NIC 105277 Charlty address Glastry Congregation of the Presbyterian Church in Ireland 40 Manse Road Newtownards BT22 IDG Contact and publlc address Mr David McKee 10 BallyeasborouEh Road Portavogie Newtownards BT22 IDB Webslte https://glastrypresbyterian.co.uk Trustees Mr James Warnock Mr Jame5 Woods Mr Colin Nixon Mr William Mcclements Mr William Taylor Mr James Mcclement Snr Mr David McKee Mr Paul Warnock Mr Jame5 Mcclements Mr Barry Woods Prlnclpal office bearers M inister Clerk of Session Treasurer Rev. P Bradley Mr James Mcclements Mr David McKee Independent Examlner Mr Nigel Moore GMCG Chartered Accountant5 Alfred House 19 Alfred Street Belfast BT2 8EQ Bankers Ulster Bank 22 Frances Street Newtownards BT23 7DP Sollcltors Russell & Co. 11 Lower Mary Street Newtownards 8T23 4JJ
Presbyter GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 TRUSTEES, ANNUAL REPORT The Trustees present their Annual Report and Financial Statements for Glastry Congregation of the Presbyterian Church in Ireland for the year ended 31 December 2024. The trustees have adopted the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" IFRS 102) in preparinB the Annual Report and Financial Statements of the charity. The flnancial statements have been prepared in accordance with the accounting policles set out in notes to the financial 5tatement5 and applicable accounting standards. Accounting and Reporting by Charitie5: Statement of Recommended Practlce applicable to charities preparing their accounts in accordance with the Flnancial Reporting Standard appliable in the UK and Republlc of Ireland issued In October 2019, the Financial Reporting Standard the UK and Republic of Ireland IFRS 102), the charity's governing document, the Charities Act {Northern Ireland) 2008, Charities Act (Northern Ireland} 2013, The Charities (Accounts and Reports) Regulations (Northern Ireland) 2015 and UK Generally Accepted Accounting Practice. REFERENCE AND ADMINISTRATIVE DETAILS Glastry Congregation of the Presbyterlan Church in Ireland 40 Manse Road Newtownards 8T22 IDG Registered Charity in Northern Ireland {NIC105227 CHARITY TRUSTEES The Charity Trustee5 who served during the year were: Mr. James Warnock Mr. James Woods Mr. Colin Nixon Mr. William Mcclements Mr. William Taylor Mr. James Mcclements Snr Mr. David McKee Mr. Paul Warnock Mr. James Mcclements Mr. Barry Woods PRINCIPAL OFFICE BEARERS Minister Clerk of Session Treasurer Rev. P Bradley Mr. James Mcclements Mr. David McKee
Presbyter an GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 TRUSTEES, ANNUAL REPORT (contlnuedj REFERENCE AND ADMINISTRATIVE DETAILS (contlnuedj INDEPENDENT EXAMINER Mr. Nigel Moore GMCG Chartered Accountants Alfred House 19 Alfred Street Belfast BT2 8EQ BANKERS Ulster Bank 22 Frances Street Newtownards BT23 70P SOLICITORS Russell & Co 11 Lower Mary Street Newtownards 8T23 4JJ STRUCTURE AND MANAGEMENT The Kirk Session The charity trustees of the congregation are the members of its Kirk Session. Under the congregation's governing document, The Code, the book of the constitution and government of the Presbyterian Church in Ireland, the Kirk Session seeks to watch over and promote the spiritual interest of the congregation and of persons not connected with any congregation who are within its bounds. It ensures pastoral care Is In place In the congregation and seeks to further the contribution of the Church to Christian witness and service in the local community. The Kirk Session has delegated to its Congregational Committee the temporal affairs of the congregation including administering all funds and property belonging to the congregatlon. Members of the Klrk Session are ex-officio members of the Congregational Committee. The Kirk Session consists of the ordalned minister and the ruling elders of the congregations. All members are entitled to propose, speak and exercise equal votes at meetings, except that the Moderator. the ministers in active duty in the con6re8ation, has no deliberatlve but only a casting vote. Stated meetings of the Kirk session are held at least twlce a year.
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 TRUSTEES, ANNUAL REPORT (contlnued) STRUCTURE AND MANAGEMENT (contlnuedj Recrultment and Appolntment of the Kirk Sesslon To be chosen for the office of the eldership in the congregation a person must be a votlng member and a regular attendant on its ordinances. The selectlon of those proposed to be called to the office can be either by the congregation or by the Kirk Session. Members are elected if they obtain two- thirds of those who vote. Presbytery Under the Presbyterlan Church in Ireland form of governance the corporate oversight of a congregation is the responslbility of a Presbytery whlch superintends generally the spiritual and temporal affalrs of the congregations assigned to it by the General Assembly of the Presbyterian Church in Ireland. Glastry Congregation of the Presbyterian Church has been assigned to the Ards Presbytery of the Presbyterlan Church In Ireland. The membership of the Presbytery consists mainly of the active ministers of congregations assigned to it by the General Assernbly, ministers who have retired from active duty and an elder appointed by the Klrk Sesslon of the congregation. The General Assembly The General Assembly is the supreme court of the Church, representing in one body the whole Church and acting as it5 supreme legislative, administration and judicial authority, In dealing With all matters brought before It. The General Assembly is normally constituted during the first week in June for worshlp and to conduct its business, At the end of business it is dis501ved, The membership of the General Assembly conslsts mainly of the actlve mlnisters of each congregation, retlred mlnlsters and a representative elder appointed by the Kirk Session of each congregation. DESCRIPTION AND PURPOSE The charitable purpose of the congregation is the advancement of religion. Glastry Con8re8ation of the Presbyterian Church is a congregation of the Presbyterian Church In Ireland. The Presbyterian Church in Ireland, as a Refomied Church within the wider body of Christ is grounded in the Scriptures and exists to love and honour God through faith in His Son and by the power of His Spirit, and to enable her members to play thelr part in fulfilling God's mission to our world. The congregations mission purposes are to "Serve God with Gladness" is increasingly chararterised by love for God, and love and concernfor other5,. is committed to the historic Christian gospel os revealed in the Bible,. is relevont to people of this time and place.
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 TRUSTEES, ANNUAL REPORT (contlnuedj DESCRIPTION AND PURPOSE (contlnuedj The congregotion aims to live out its Mission and Vision as afamily of God's people by being.. A Covenant Community.. where our relotionship5 are rooted in the promises of God by living foithfully toward him and toword one another. An Intergenerotional Community.. where adutts intentionolly take the leod to engage with, encouroge ond nurture younger members to moturity in Christ. An Outward looking Community.. where we wont the blessings of God that belong to us in the gospel to become blessingsfor others beyond the bounds of our community. As a congregation of the Presbyterion Church in Ireland, we believe that the Bible is the supreme outhority over oll we do. ond that the Westminster Confession of Foith, along with the Larger and Shorter Catechisms set out whot we understond the Bible teoches on key matters of Christian foith and practice. AcfiviTIES AND OBJECTIVES The congregation meets for worship every Sunday and visitors are welcome to joln. The Sacrament of the Lords Supper is observed on several occasions during the year and all those who have been baptised and who have made a professlon of faith in the Lord Jesus Christ are admitted to the Lord's Supper. The congre8ation holds regular bible study meetings and has a wide range of organisations Including.. Sunday School Bible Class Youth Fellowship Boys Brigade Presbyterlan Women ACHIEVEMENTSAND PERFORMANCE Worship and prayer The congregation normally meets for worship each Sunday at 11.30am. During the week the Bible Study provides an opportunity for members to meet for fellowship, to study the scriptures and for a time of prayer, As well as our regular services during the year we acknowledged God's gift of new life at the Sacraments of Baptism, we conducted marriage services and gave thanks for falthful service5 and sought to comfort those who had been bereaved during the year.
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 TRUSTEES, ANNUAL REPORT (contlnuedj ACHIEVEMENTS AND PERFORMANCE (contlnued) Worshlp and prayer (continuedl At 31 December 2024 there were 89 communicant members and 119 famllies connected with the congregation. The average weekly attendance at morning worshlp is 110. Pastoral care Members of the congregation who are unable to attend church due to sickness or age are vlslted on a regular basis by the minister, elders or by one of the congregation's pastoral visltors. Mis51on and outreach At a local level the congregation reaches out through Boy's Brigade and Youth Club and making the premises available for community groups. It also participates in inter-denominational servlces during the year. The congregation supports the United Appeal for Misslon which is a central fund of the Pre5byterlan Church in Ireland. Thls fund enable5 congregations to support the wider mlssion of the denomlnatlon and to do mission and outreach on a denominatiorbal basls beyond what the congregation could do on its own. The United Appeal Furbd provides financial support for misslon personnel at home and overseas, assists congregatlons with the deployment of locally based staff, enables church planting, provides grant support for the upkeep of church premises, asslsts with the runnlng costs of Union Theologlcal College, the Church's training college for ministry students, and financially supports congregations In the areas of worship, disclpleshlp, global mission, outreach, leadership and pastoral care. The congregation also contribute5 to the denomlnations annual World Development Appeal, Sunday School project and any other special appeals. Presbytery The congregatlon was represented at the regular meetings of Presbytery by our mlnister and / or one of the elders. This provides an important Ilnk between the con8regations and the wider structures of the church, General Assembly The minister and one of our elders were nominated to attend the meeting of the General Assembly of the Presbyterian Church in Ireland held in Assembly Buildings, Belfast, in June. Property There was major expenditure during 2024. We have started a new manse building project and have spent £98,498 during 2024. It is expected to be finished by November 2025.
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 TRUSTEES, ANNUAL REPORT (contlnuedj ACHIEVEMENTS AND PERFORMANCE (contlnued) Or8anlsatlons Sunday School meets during the church serrfice. There are 35 members on the roll. As well as teaching based on the Bible they attend major events orEanised by the denomination, Blble Class meets during the church service with 10 members on the roll. Youth Fellowship meets once a mor)th with membership broadly overlapping wlth Bible Class. The members attend special events In the area and enjoy soclal outings with the leaders. The Boys Brl8ade, (Anchor Boys, Junior Sectlon and Company Section) meet separately on Mondav and Wednesday nlghts with a total of around 60 boys attending. As well as teaching from the bible, the boys play games and attend competitions at a regional level and have outin8S throughout the year. Around 20 attend Presbyterian Women who meet monthly. The programme Includes Bible Study, craft evening5 and talks from vlslting speakers. Volunteers The Trustees wish to acknowled8e their deep appreciatlon of those who 8lve freely of their time by serving on commlttees and helplng with organisations and other church activities. FINANCIAL REVIEW At the beginning of the year, Klrcubbin Congregation of the Presbyterian Church In Ireland merged with the charity, It transferred its funds to the charity totalling £172,506, of which £36,374 is still owing to the charity at the balance sheet date. The congregation's maln source of income Is members, contributions through the Weekly Freewill Offering and interest recelved from the Glastry Presbyterian Church Trust Fund. There were 190 contrlbutors during the year (150 in the previous year, 2023) donatin8 a total of £47,889 (£48,268 in the previous year, 20231. Total Income of the congregation during the year was £151.958 compared to £159,603 in the previous yeaT. Total expenditure decreased from £120,749 to £95,257. After transfers between funds there was a surplus of £2,642 (2023.. deficit of £25,898) on restricted funds and a surplus of £63,17212023: £70,525) on unrestricted funds in the year.
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 TRUSTEES, ANNUAL REPORT (continued) FINANCIAL REVIEW (contlnued) Reserves policy Reserves are held in order to maintain the operation of Glastry Congregation of the Presbyterlan Church in Ireland and to provide some surety against financial events, such as a reduction in Income or unplanned expenditure being required. At 310ecember 2024, the balance of the funds are restricted funds £151,S2912023: £148,887) and unrestricted funds £445,461 (2023: £382,289). The trustees are satisfied that the level of reserves is sufficient to continue the current artivities of the charity in the event of a signlficant shortfall in Income levels. The trustees will continue to review the reserves policy to ensure that the policy reflects the needs of the charity In a chan8in8 environment. The amount of free reserrfes at 31 December 2024 Is £37,823 (2023: £81,305I, after excluding restricted funds of £151,529 {2023., £148,887) and unrestricted fixed assets of £407,638 (2023: £300,984). Going Concern The trustees have reviewed the financial position of Glastry Congregation of the Presbyterian Church in Ireland and the budgets for the year ahead and are satisfied that there are adequate funds in place to ensure that the congregation can contlnue its activltles for the foreseeable future and that the financial ststements to 31 December 2024 can be signed as a going concern. Future Developments At present, the Trustees do not anticipate any slgnificant future developments beyond the charlt¢s regular charitable activitie5. PUBLIC BENEFIT STATEMENT The Presbyterian Church in Ireland meets the public benefit requirement by providing benefit to Its members and the general public by making known the Christian Gospel of the Lord Jesus Christ through the advancement of religion. The direct benefits which flow from the purposes of the Church include the galning of an understanding in Christian beliefs as set out in the Bible and in the Church'5 subordlnate standards (the Westminster Confession of Faith and the Shorter and Larger Catechlsmsl leading to spiritual and moral development and opportunities for response to Bible teaching. In turn, this framework leads to prattical expression5 of Christian belief5 and standards in the local community such as through the care of those in need (including the sick, disabled and bereaved).
Presbyter an GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 TRUSTEES, ANNUAL REPORT (contlnuedj PUBLIC BENEFIT STATEMENT {continuedJ Generally the above benefits are delivered locally by congregations and their members, or are facilitated through presbyteries or are organised and dellvered centrally. Local dellvery is facilitated by central resources in almost all cases. Public access is made known through the use of noticeboards, printed material, press advertisement, websites, and social media or in other ways. The benefits are demonstrated through regular evaluation of the services and informal and ad-hoc feedback from members, their families, and members of the public. The purpose does not lead to harm. The only private benefit flowing from our purpose is related to Ministers, Missionarles, Deaconesses, Irlsh Mission workers and Lay Agent5 who receive benefits as a result of thelr holding office or employment. However, this is incidental and necessary in order to further our charitable purpose. There are no other private benefits. The beneficiaries of this purpose are members, their families, other individuals that the Presbyterian Church in Ireland is in direct and indirect contact with, the community in which pastoral services are provided and other communities throughout Northern Ireland, the Republic of Ireland, and worldwide which beneflt from our en8agement with and support for both Christian and other secular orgarbisations, charities and individual members of the public. The Kirk Session has had regard to the Charity Commission's Public benefit requirement statutory guidance. STATEMENT OF TRUSTEE RESPONSIBILITIES The law applicable to charitie5 in Northern Ireland requires the trustees to prepare financlal statements for each financial year which give a true and falr view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to: select suitable accounting policles and then apply them consistently; observe the methods and principles in the Charities SORP 2019 IFRS 102): make Judgements and estimates that are reasonable and prudent,. state whether applicable accountlng standards have been followed, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basi5 unless it is inappropriate to presume that the charity will contlnue in operatlon.
Presbyter GLASTrY CONGREGATION OFTHE pfttsBYfERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 TRUSTEES. ANNUAL REPORT (contlnuedj STATEMENT TAUSTEE RESPONSIBILMES {contlnuedJ The Trustees are responslble for keepln8 proper accounting record5 that dlsclom wlth reascnable a¢curxy at •ny tlme the finaftelal posltlon of the charlty and enable thern to emure that the fInal91 ststernents comply wlth Ihe Chafltles Act INorthern Ireland) 2CI)8, the Charltles (Accounts and Reports) Re8ulations (Northern Irelandl 2015 and the provislon5 of trust deed. They are also responslble for safe8uardln£ the assets of the charfty and herKe for takln8 reasonab steps for the preventlon and detectlon of fraud and other Irre8ularltles. The twstees are responslble f¢r the maintenance and Inte8rbty of the charlty and 1SnanclJl Inforrfiatlon InCIled on the charivs webslte. Le8lslatlon in the Uted Kln8dom 8overnin8 the preparatlon and dlssemlnatlon ol flnarKlal statements may dlffer Irom le8lsktlon In other Jurlsdirtlons. DIKlosurn of Irbfomi•tlon t• Ind•p•nd•rt •x•mln•r So lir as each of the trustees In office at the date of approval of these flnanclal staterneilts Is aware.. thqre Is no rehvant Infomiatlon for the Independent •Mmlnatbn of whlth the charlty$ independent examlrr are unaware: and they have taken all steps that they ought to hav¢ t4k¢n as trustees tè make thernselves aware of any relevt information and to establtsh that the Ch$ Independent examlner re aware of that Inforffmtlon. Ind•p•nd•nt wmln GM¢G Belfast wlll contlnue In offlce as Independent examln•r for the en5uln8 year. Approved by the Klrk 5esslon * a meetkn8 on Iq OcA&J gned on Its behalf by: Davld McKee TfU5tet James Mcclements KJ. Trustee Date: 1111 bts, loir Date: 19 Q Lbsbu L 40 Manse Road Newtownards BT22 IDG 10
Presbyter an GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLASTRYCONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND YEAR ENDED 31 DECEMBER 2024 I report on the accounts of the charity for the year ended 31" December 2024 which are set out on pages 12 to 33. Respectlve responslbllities of trustees and examlner As the charitws trustees you are responsible for the preparation of the accounts In accordance with the Charitie5 Act (Northern Ireland) 2008. It is my responsibility to: examlne the accounts under settion 65 of the Charlties Act; follow the procedures laid down In the general Directions given by the CharSty Commlssion for Northern Ireland under section 6519)(b) of the Charities Act; and state whether particular matters have come to my attention. Basls of independent examiner's report I have examined your charltvs accounts as required under section 65 of the Charltles Act and my examlnation was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 6519)(b) of the Charltles Act. My examlnation included a revlew of the accounting records kept by the charity and a comparison of the accounts presented wlth those records. It also included consideratlon of any unusual items or disclosures in the accounts and seeking explanations from you as charlty trustees concerning any such matters. My role Is to state whether any materlal matter5 have come to my attentlon giving me cause to believe: l. That accounting records were not kept in accordance wlth section 63 of the Charities Act 2. That the accounts do not accord with those accounting record5 3. That the accounts do not comply with the accounting requirements of the Charities Act 4. That there is further Information needed for a proper understanding of the accounts to be reached. Independent examlner's statement I have completed my examination and have no concerns in respect of the matters (l) to (4) listed above and, In connection with following the Directions of the Charity Commlssion for Northern Ireland, I have found no matters that require drawing to your attention. r Nigel Moo CA (Independent Examiner) Chartered Accountants Ireland For and on behalf of GMCG Belfast Chartered Accountants & Statutory Auditor Alfred House 19 Alfred Street Belfast 8T2 8EQ Date: 31.10.z 11
GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Note Vnrestr5rted Restricted Funds Funds Total 2024 Total 2023 Income from: Donations and legacies Charitable activities Other trading activities Investment Income 105,704 6,863 112.567 119.483 6,725 370 6,725 32.666 12,908 27,212 32,296 Totsl Income 138,000 13,958 151,958 159,603 Expendlture on: Raising funds Charitable activitie5 668 72,962 668 94,S89 889 119,860 21,627 Total expenditure 73,630 21,627 95,257 120,749 Net income/(expenditurel before galn on investments 11 64,370 (7,669) 56.701 38,854 Net Eain on Investments 8,156 957 9,113 5,773 Net income/(expenditurel 72,526 (6,712) 65,814 44,627 Transfers between funds 19,354) 9,354 Net movement in funds 63,172 2,642 65A14 44,627 Reconclllatlon of funds: Total funds brought forward Total funds carried forward 382,289 148,887 531.176 486,549 445,461 151,529 596,990 531,176 12
GLAsfRY CONGREGATION OF THE PRES8YfERIAN CHURCH IN IRELAND BALANCE SHEEr AS AT 31 DECEMBER 2024 2023 Axqd •ss•ts Tan8Sble assets Herlta8e assets Investments 16 17 340.705 331,592 439303 331,592 Debtors Investments C•sh at bank and in hJnd 19 20 36J74 13,146 186.438 122,313 158M7 199,584 Cr•dltors: •mounls f•lHw due wllhln one year 21 (900) Not curr•nt ass•ts IS7,787 199,584 Total as*ts les5 wrrent Ilibllltl•s 596,990 571,462 tl•t asS•ts S96,990 S31,176 (hwlty Funds ustrIcted Funds ftestrlrted funds 22 22 445061 151,529 382,289 148M7 Total charfty funds 5%,990 531.176 The notes on p•y$ 14 to 33 form part of these flnancial statements. 19 ...£41.. £o£J- Tho flnaYKlal stat•m•nts were 8ppro¥ed and authortsed for Issue by thè trustees on ....- - and l8ned on thelr behalf bv: Davld McKee Trustee tyyl'j James Mcclements Trustee Date: Date: Iq s" 13
Presbyter GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENT5 Year ended 31 December 2024 I. ACCOUNTING POUCIES l. Summary of s5gniflcant accountln8 policies The principal accounting policies adopted, jud8ements and key sources of estimation uncertainty in the preparatlon of the financial statements are as follows: {al General Information and basls of preparatlon Glastry Congregation of the Presbyterian Church in Ireland is a charity registered with The Charity Commission for Northern Ireland under registration number NIC 105227. The address of the registered office is Eiven in the charlty Information on page l of these financial statements. The nature of the charltvs operations and principal actlvities are the advancement of religion. Glastry Congregation of the Presbyterlan Church In Ireland constltutes a publlc benefit entity as deflned by FRS 102. tatement of com liance The flnancial statements have been prepared In accordance with applicable accounting standards, Accounting and Reporting by Charltles: Statement of Recommended Practlce applicable to charities preparing thelr accounts In accordance with the Flnancial Reportlng Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act (Northern Ireland) 2008, Charities Act (Northern Ireland) 2013, The Charities {Accounts and Report5) Regulations {Northern Ireland) 2015 and UK Generally Accepted Accounting Practice. In prlor years, the financial statements were prepared on a recelpts and payments basls, As part of the transition to the accruals basis, the comparative figures for the year ended 31 Oecember 2023 have been restated to reflect income and expenditure when they are earned or incurred, rather than when cash is received or paid. This has resulted in the recognition of certaln items in the comparatlve year that had previously been excluded under the receipts and payments basis. At the beginning of the year, Kircubbin Congregation of the Presbyterlan Church In Ireland merged with the charity. It transferred its funds to the charity totalling £172,506, of which £36,374 is still owing to the charity at the balance sheet date. These financial statements are prepared on a merger basis, in accordance with the Charity SORP (FRS 102), reflecting the combination of Glastry Congregation of the Presbyterian Church in Ireland and Kircubbin Congregation of the Presbyterian Church in Ireland into Glastry Congregation of the Presbyterian Church in Ireland. The accounts are presented as if the merged entities had alway5 been combined. Comparative figures for the previous accounting period have been restated to reflect the combined results of both prevlous entities with investments stated at market value. The carrying amounts are adjusted to ensure uniformity of accounting policies across the merged entity. 14
Presbyter an GLASTRY CONGREGATION OFTHE PRES8YTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS {contlnuedJ Year ended 31 December 2024 I. ACCOUNTING POLICIES (contlnued) l. Summary of sl8nlflcant accounting FK)Ilcles (contlnuedj (a) General Informatlon and basls of preparatlon Unrestricted funds of the combining charities have been aggregated, provided their purposes are identical to those of the new charity. Any funds wlth restricted purposes that are specific to the merged charity continue to be presented as restrlcted funds. The finarlcial statements have been prepared on the golnB concern basis under the historical cost conventlon, as modifled to include fixed asset investments at fair value. The financial statements are prepared on the accruals basis and are presented In sterling which is the functional currency of the charity and rounded to the nearest El. The signiflcant accounting pollcies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) Preparation of accounts on a golng Concern basls The financial statements have been prepared on a golng 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 statement5. The budgeted income and expenditure is sufficient with the level of resources for the charlty to be able to continue as a golng concern. (c} Funds Funds are classified as either restricted funds or unrestricted funds. Restricted funds comprise lal income frorn 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. 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 restrlcted or unrestricted income funds depending upon the purpose for which the endowmerbt was established in the first place 15
Presbyter GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (contlnued) Year ended 31 December 2024 I. ACCOUNTING POLICIES (continued) l. Summary of slgnlflcant accountlng policles (contlnued) (d) Income Plate Collectlons and weekly and monthly Envelopes are accounted for on a cash receipts basis as the amount is collected. Income from gift ald Is recognised in the year the gift aid is claimed. Legacles and bequests are Included within income under elther unrestricted or restricted funds accordin8 to the terms under which the donation is made. For legacies, entitlement is the earlier of the charity being notified of an impendin8 dlstributlon or the legacy being received. At this point income is recognised. On occasion, legacles 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. Donations and gifts in klnd are brought Into the accounts at thelr fair value to the hurch. Income from trading actlvltles includes Income from letting of premlses. Income is received in exchange for supplying goods and service5 in order to raise funds and is recognised when entitlement has occurred. Investment income is earned through holdlng assets for investment purposes such as Investments held by Presbyterian Church Ireland and investments In M&G Charity Fund. It includes dividends and interest. Where it Is not practlcable to identify Investmerlt management costs incurred withln a scheme with reasonable accuracv the Investment income is reported net of these costs. Interest and dividends together with any reclaimable tax credits are included in the accounts as recelved. (e) EMpend5ture 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 once there is a legal or constructive obligation to make a payment to a third party, it Is probable that settlement will be required and the amount of the obligation can be measured reliably. 16
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (continuedj Year ended 31 December 2024 I. ACCOUNTING POLICIES (contlnued) l. Summary of signlflcant accounting pollcles (contlnued) (e) Expenditure (continued) It is categorlsed under the following headings: Expenditure on ralsing funds are those costs incurred in seekin8 voluntary contrlbutions; Expenditure on charitable activitie5 Includes all cost5 Incurred by the charlty In undertaking activitles that further its charitable alms for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charSty apportioned to the charitable activltles; and Other expenditure represents those costs incurred not falling Into the categories aljove. Irrecoverable VAT is char8ed as a cost against the actlvlty for which the expenditure was incurred. (f) Support cost allocatlon Support COSts are those that assist the work of the charity but do not directlv represent charitable activities and include running costs, governance costs, and administrative costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable actlvities on a basis conslstent with use of resources, The analysis of these costs is included In note 8. 18) Tanglble flxed assets The assets of the church comprise land and buildings and fixtures, fittlngs and equSpment. The land and buildlng5 comprise of Glastry Presbyerian Church, Church halls, manse and land at 40 Manse Road, Newtownards, BT22 IDG. and Kircubbin Presbyerian Church premises and hall situated at The Green, Kircubbin, Newtownards, BT22 2UX. The Churches are deemed to be Heritage assets as defined by the Charities SORP IFRS1021 and are not included in the balance sheet. The historical cost or market values for the church halls, land, manse and associated rixtures and fittings are not available and therefore are not Included in the balance sheet. 17
Presbyter an GLASTRY CONGREGATION OF THE PRES8YfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (continued) Year ended 31 December 2024 I. ACCOUNTING POLICIES (continued) l. Summary of slgnlficant accountlng poll¢les {contlnuedJ (h) Depreclatlon Assets under construction are not depreciated until complete. (11 Herlta8e asset The Church is deemed to be a Herltage asset as defined by the Charitles SORP {FRS102}. The Herita8e asset Is not included In the balance sheet as information on the cost or valuation Is not avallable. U) Impalrment of fixed asset5 A review for Indicators of Impairment is carried out at each reporting date, wlth the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impalred accordingly. For the purposes of impairment testing, when It Ss not possible to estimate the recoverable amount of an Individual asset, an estimate is made of the recoverable amount of the cash- generating unlt to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. (k) Investments Fixed osset investment5 comprising investments held by Presbyterian Church Ireland and investments in M&G Charity Fund are Initlally recorded at cost and are then subsequently stated at falr value at each balance sheet date. Unrealised gains and losses represent the difference between the fair value at the beginning and end of the financial year or, if purchased in the year, the difference between cost and fair value at the end of the year. Realised gains and losses represent the difference between the proceeds on disposal and the falr value at the start of the year or cost if purchased in the year. Both realised and unrealised gains and losses In investments are reported within "Net Gains / (Losses) on Investments. within the Statement of Financial Activities. (l} Debtors and creditors recelvable/payable w5thln one year Debtors and creditors with no stated Interest rate and receivable or payable within one year are recorded at transaction price. Any losse5 arising from impairment are recognised in expenditure. 18
Presbyter an GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (contlnuedj Year ended 31 December 2024 I. ACCOUNTING POLICIES (continued) l. Summary of slgniflcant accountlng policles (contlnued) (m) Cash and cash equlvalents Cash and cash equivalents includes cash in hand, short-term deposits held with banks and other short-term highly liquld investments with original maturities of three month5 or less. (n) Flnanclal Instruments The church only has flnanclal assets and flnancial liabilities of a klnd that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction price and subsequently measured at thelr settlement value. qo) Tax The charlty Is exempt from tax and capltal gains tax to the extent that its Income and gains are applied for charitable purposes. No tax char8e has arisen. Recovery is made of tax deducted from receipts under gift aid. The charity is not registered for VAT purposes, therefore expenditure is shown 8ross of VAT. Ip) Employee benellts The costs of short-term employee benefits are recognlsed as a Ilablllty and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets, The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. (q) Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 19
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (contlnued) Year ended 31 December 2024 2. CRITICALACCOUNTING ESTIMATES ANDJUDGEMENTS In the application of the charitvs accountinE policies, the trustees are required to make judgements, estimates and assumptlons about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on hlstorical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongolng basis. Revisions to accounting estimates are recognised in the period in which the estlmate is revised where the revision affects only that perlod, or in the period of the revision and future periods where the revision affects both current and future perlods. Key sources of estlmatlon uncertainty Valuatlon of Investments At each balance sheet date, fixed asset Investments are remeasured at market value based on the valuatlon obtained from the external professional valuer. Assessing the fair value of these fixed a55et investments therefore Involves judgement and estimation uncertainty. Support costs Judgements are made in relatlon to the allocation of svpport costs of the charity to its charitable activities. Where support costs cannot be directly attributed to particular headings the trustees consider it appropriate to allocate these costs to expenditure o charitable actlvities on a basis consistent with use of resources. Restrlcted funds Judgements are made in relation to allocation of income and expenditure to restrlcted and unrestricted funds. The trustees consider it appropriate to allocate these funds based on interpretation of donations received. 20
Presbyter GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (continued) Year ended 31 Oecember 2024 INCOME FROM DONATIONS AND LEGACIES Unrestrltted Re$trlcted Funds Funds Total Unrestricted Restricted 2024 Funds Funds Total 2023 Recorded glving Loose collections Donations and gifts Gift Aid Glastry Church Trust Fund 47,406 550 1,880 3,971 483 47.889 550 8,260 3,971 45,470 992 874 5,014 2,798 48,268 992 6,425 5.014 6,380 5,551 51,897 51,897 53,784 5,000 58,784 105,704 6,863 112.567 106,134 13,349 119,483 INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted Restrlcted Funds Funds Total Unrestricted Restricted 2024 Funds Funds Total 2023 Fundraising events 4. INCOME FROM OTHER TRADING ACTIVITIES Unrestrlcted Restricted Funds Funds Total Unrestricted Restricted 2024 Funds Funds Total 2023 Lettlng of premises Graveyard Fees and subscriptions Education Authority GrarbtS 2,084 2.084 1,850 1,850 4,641 4,641 4,355 5,123 9,478 1,200 380 1,580 6,725 6.725 5,555 7,353 12,908 21
Presbyter an GLASTRY CONGREGATION OF THE PRES8YTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS {continuedJ Year ended 31 Decernber 2024 S. INCOME FROM INVESTMENTS Unrestrlcted Restricted Funds Funds Total Unrestricted Restricted 2024 Funds Funds Total 2023 Interest {M&G Investments) General Investrnent Fund Other investment income Wayleave Bank interest 28,953 28,953 24,891 24,891 2,394 2.394 1,886 1,886 400 400 24 925 24 1.295 370 35 35 32,296 370 32,666 27,177 35 27,212 6. EXPENDITURE ON RAISING FUNDS Unrestrlcted Restrlcted Funds Funds Total Unrestricted Restricted 2024 Funds Funds Total 2023 FWO envelopes 668 889 889 889 889 22
Presbyter GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IREIAND NOTES TO THE FINANCIAL STATEMENTS (contlnuedj Year ended 310ecember 2024 7. EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Restrlcted Funds Funds Total Unrestricted Restricted 2024 Funds Funds Total 2023 Dlrect costs: General Assemblv Assessments Presbytery fees Ministry and support staff costs Congregational runnin8 expenses Donatlons to Missions and charities Support costs: Governance cost5 7,058 962 7,058 962 7,387 915 7,387 915 22,477 22,477 24,297 24,297 41,205 12,381 53.586 31,002 41,661 72,663 9,246 9,246 635 11,353 11,988 1,260 1,260 2,610 2,610 72,962 21,627 94,589 66,846 53,014 119.860 9. ANALYSIS OF EXPENDITURE ON CHARITABLE AcfiviTIES Unrestrlcted Re5trlcted Funds Funds Total Unrestricted Restricted 2024 Funds Funds Total 2023 Advancement of the Chiistlan Religion Activities undertaken directly Support costs 71,702 1,260 21,627 93,329 1,260 64,236 2,610 53,014 117,250 2,610 72,962 21,627 94,589 66,846 53,014 119,860 23
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (continuedj Year ended 31 December 2024 10. GOVERNANCE COSTS Unrestrlrted Restrlcted Funds Funds Total Unrestricted Restricted 2024 Funds Funds Total 2023 Independent examiner's remuneration Other 900 360 900 360 270 2,340 270 2,340 1,260 1,260 2,610 2,610 11. GAIN/(LOSS) ON INVESTMENTS Unrestricted Restricted Funds Funds Total Unrestricted Restricted 2024 Funds Funds Total 2023 Fairvalue gains on Investments 9,113 9,113 5,773 5,773 12. TAXATION Glastry Congregation of the Presbyterian Church in Ireland is recognlsed as a charity for the purposes of applicable taxatlon legislation and is therefore not subject to taxation on its charitable activitles. 13. INDEPENDENT EXAMINER'S REMUNERATION The independent's examlnerfs remuneration amounts to an independent examiner'5 fee of £90012023: £2701 and other servlces of £Nil12023: £Nill. 24
Presbyter GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (continued) Year ended 31 December 2024 14. STAFF COSTS AND EMPLOYEE BENEFITS 2024 2023 Wage5 and salaries Social securitv Defined contribution pension costs 10.800 10,885 10,800 10,885 2024 2023 Allocated to: Charitable activities 10.800 10,885 No employee received employee benefits of more than £60,000 durlng the year (2023: None). The average number of persons employed by the charlty during the year was 312023.. 3). 2024 2023 Allocated to: Mlni5try Organlst Caretaker Total minlstry and support staff costs were £22,477 (2023: £24,297) of which wages and salaries as shown above were £10,800 (2023.. £10,885). Other staff costs totalled £11,677 (2023: £13,412) and were as follows: Glastry Congregation of the Presbyterian Church in Ireland was a vacant congregation in 2024 and without a minister, however the congregation was overseen by a convenor Rev. James Rogers of Ballygrainey Presbyterian Church, who received £9,282 (2023: £6,700) for his services; Kircubbin ConEregation of the Presbyterian Church in Ireland's: organist £60912023: £1,248), caretaker £1,17012023: £1,248) and convenor £Nil (2023: £3,845); 25
an GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (continued) Year ended 31 December 2024 14. STAFF COSTS AND EMPLOYEE BENEFITS (contlnuedj Travel expenses of £537 (2023: £3711 were paid to the asslstant, Rev. Richard Graham who performs pastoral duties and £79 (2023: £Nil) was paid to Rev James Rogers. 15. TRUSTEES, AND KEY MANAGEMENT PERSONNEL REMUNERATION AND EXPENSES The charlty considers its key management personnel comprSse the trustees. The total amount of employee benefits received by key management personnel was £3,000 (2023.. £3,OLX)) which was for a trustee for work as a caretaker. There were no expenses reimbursed in the year to trustees12023: £Nil). 16. TANG18LE FIXED ASSETS Assets under onstructSon (new manse) Total Valuatlon At l January 2024 Additlons 98,498 98,498 At 31 December 2024 98,498 98,498 Depreclation At l Januarv 2024 CharRe for the vear At 31 December 2024 Net book value At 31 December 2024 98,498 98,498 At 31 December 2023 The historical cost information for the church halls and land, and manse are not available for to provide their carrying values on a historical cost basis. 26
Presbyter an GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (continued) Year ended 31 December 2024 16. TANG18LE FIXED ASSETS (contlnued) The congregation owns the Church premises situated at Manse Road. Glastry and the associated fixtures, fitting5, plant and machinery. These have an insurance value of £3,595,196. The congregation also owns the Kircubbin Church premises and hall situated at The Green, Kircubbin. These have an insurance value of £2,073,255. 17. HERITAGE ASSETS The church buildings are deemed to be heritage asset5 as defined by the Charitles SORP 20191FRS 102). These heritaEe assets are not included in the balance sheet as information on the cost or valuation is not available. 18. FIXED ASSET INVESTMENTS Presbyterian Church in Ireland IPCI} Investments M&G Investments Total Valuatlon At l January 2024 Revaluation 90,312 2.823 241,280 6,290 331,592 9,113 At 31 December 2024 93,135 247,570 340,705 Impalrment At l January 2024 Additions Revaluation At 31 December 2024 Carrylng amount At 31 December 2024 93.135 247,570 340,705 At 31 December 2023 90,312 241,280 331,592 27
an GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (contlnued) Year ended 31 Decernber 20Z4 18. FIXED ASSEf INVESTMENTS Investments at fair value comprise: 2024 2023 M&G Charifund: M&G Equltles investment Fund for Charities 247,570 241,280 Presbyterlan Church in Ireland: General Investment Fund 93,135 90,312 340,705 331,592 Investments held by M&G Investments are stated at fair value {market value where appllcable) at the balance sheet date. Investments held by Presbyterian Church Ireland (PCI) are stated at fair value at the balance Sheet date. The Congregation is the sole beneficlary of the Glastry Presbyterian Church Trust Fund whlch is a re8lStered th charity. The latest available accounts of the Fund Show that the value of the Fund as at 5 April 2024 wa5 £1,725,013. 19. DEBTORS 2024 2023 Other debtOfS Amount due from Kircubbin Congregation of the Presbyterian Church in Ireland 36,374 20. CURRENT ASSET INVESTMENTS 2024 2023 Short term deposits 13,146 28
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (continuedj Year ended 31 December 2024 21. CREDITORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 2024 2023 Accruals and deferred income 900 900 22. FUNDS RECONCILIATION Fund As at Income l January 2024 Expendlture Gain/(10ss) Transfer Asat31 December 2024 Unrestrfcted Funds General Account 382,289 138,000 173,630) 8,156 19,354} 445.461 Restrlcted Funds Property fund Graveyard fund Mission and charities Boys, Brlgade PW fund Manse restricted fund 5,147 3,408 2,567 4,641 3,030 2,302 1,092 17,412) {2,367) {9,246) (1,586) (1,016 2,466 2,768 5.682 6,216 3,071 664 95,269 3,787 740 96.226 957 107,559 13,632 121,6271 957 8,682 109,203 Endowment Fund 41,328 326 672 42,326 Total restricted funds 148,887 13,958 (21,627) 957 9,354 151.529 Total 531,176 151,958 195,257} 9,113 596,990 29
Presbyter an GLASTRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (contlnuedj Year ended 31 December 2024 22. FUNDS RECONCILIATION (continued) Fund Asat l January 2023 Income Expendlture Galnllloss) Transfer Asat31 December 2023 Unrestricted Funds General Account 311,764 138,866 {67,735) 5,773 {6,379) 382,289 Restrirted Funds Property fund Graveyard fund Mission and charities Boys, Brlgade PW fund Manse restricted fund Charities 27,097 5,767 7,797 5,123 2,672 2,088 1,206 {29,296) (7,482) 19,502) (3,745 (1,138) {451) 5,147 3,408 6,830 4,728 596 95,269 3,071 664 95,269 1,851 11,851 133,457 20.737 153,0141 6,379 107,559 Endowment Fund 41,328 41,328 Totsi restrlcted funds 174.785 20,737 {53,014) 6,379 148,887 Total 486,549 159,603 1120,749) 5,773 531,176 Fund descrlptlons a) Unrestricted income funds The income in the General Account comprises malnly of income from Freewlll Offerlng and income from investments and pays for assembly assessments and all the running costs of the congregatlon Including staff costs. b) Restrlcted funds The Income and expenditure in the restricted funds relate to restricted donations to the property fund, graveyard fund, mission and charities, Boys, Brigade, PW Fund, Manse Fund and Charities fund. 30
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS {contlnued) Year ended 31 December 2024 22. FUNDS RECONCILIATION (contlnuedj Fund descrlptlons (contlnued) Restricted Property Fund - The income in this fund is donations to the property fund and for the use of the property. It pays for the maintenance and repalrs to the property. Restricted Graveyard Fund The income in this fund is subscriptions for graveyard malntenance and interment fees for burial. It pays for the grass-¢utting and malntenance of the graveyards at Glastry and Kircubbin. Restricted Mission and Charities Fund- The Income in this fund is donations for the Unlted Appeal of the Presbyterian Church for mlsslon work, the World Development Appeal and other charities such as the Presbyterian Children's Society, Tear Fund and the Fishermen's Mission. Restricted Boys Brigade Fund- The Income In thls fund is membership fees and fundraising actlv5ties. Use is restricted to the runnin8 expenses of the Boys Brigade. Restrlcted PW {Presbyterian Women) Fund - The Income In this fund 15 membership fees and fundralsln8 actlvities. Use is restricted to the runnlng expenses of the PW. 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 dependlng upon the purpose for which the endowment was established in the flrst place. 23. TRANSFERS Funds are transferred from unrestricted funds to restricted funds to cover shortfalls in restricted funding. During the year, £9,354 (2023: £6,379) was transferred from the unrestricted general fund to the restricted funds as follows: £2,466 to the Property Fund (2023: £451 transfer out), £6,21612023: £6,830) to the Mission and Charities Fund and £672 {2023: £Nill to the Endowment Fund. 31
Presbyter an GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (continued) Year ended 31 December 2024 24. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Restrlcted Total Fixed assets tanglble investments Net current assets 98,498 309,140 37,823 98,498 340.705 157,787 31,565 119,964 As at 31 December 2024 445,461 151,529 596,990 Unrestricted Re5trScted Total Fixed assets tangible Investments Net current assets 300,984 81,305 30,608 118,279 331,592 199,584 As at 31 December 2023 382,289 148,887 531,176 25. RELATED PARTY TRANSACTIONS Ir• addition, to the related party transactions dlsclosed in note 15, the following related party transactions occurred during the year. At the beginnin8 of the year, Kircubbin Congregation of the Presbyterlan Church in Ireland merged wlth the charity. It transferred its funds to the charlty totallin8 £172,506, of which £36,374 is stlll owing to the charity at the balance sheet date. The Presbyterian Church in Ireland, which is a separate charity, is a related party. During the year, the congregation contributed £7,05912023: £6,075> to Funds of the General Assembly of the Presbyterian Church in Ireland. 32
Presbyter GLASTRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (continuedj Year ended 310ecember 2024 26. FINANCIAL COMMITMENTS There is a financial commitment at the balance sheet date of £350,071 (2023: £Nill for the remainin8 contracted costs to be incurred for the demolition of the existing Manse property and erection and completion of a new Manse dwelllng, together with ancillary buildin8 services installation and site works. 27. FINANCIAL INSTRUMENTS The carrying amounts of the charity's financial instruments are as follows: 2024 2023 Flxed asset Investments 340,705 331,592 2024 2023 Current asset investments 13,146 The 8ains and losses recognised in the Statement of Financlal Activities for the fixed asset investments are as follows: 2024 2023 Flxed asset Investments 9,113 5,773 Total Interest income for the year included within the Statement of Financial Activitie5 was £32,666 (2023: £27,212) and is disclosed in further detall in note 6. 33