2022-12-31-accounts - Trinity Greyabbey Congregation of the Presbyterian Church in Ireland

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ANNUAL REPORT & ACCOUNTS 2022

A Welcoming, Christ-centred and Spirit-filled Church, Worshipping and . Serving God in the Community

Registered Charity in Northern Ireland (NIC 105263)

www.trinitygreyabbey.org

This report is for information of Trinity members / associated members only.

OFFICE BEARERS (at December 2022)

MINISTER

Rev Neil Stewart

KIRK SESSION

George Angus (Clerk of Session)	Norman Hamilton
Noel Angus (Secretary)	Richard McCracken
Walker Bowden (Elder Emeritus)	Colin Muldoon (Property Co-Ordinator)
Leonard Brown	Philip Robinson (Elder Emeritus)
Herbert Carson (Elder Emeritus)	Alan Ryder
Harold Campbell	David Thompson
John Cranston	Ronald Walker
Mark Gracey

CONGREGATIONAL COMMITTEE

The Minister & Kirk Session plus:-	David Hamilton
Michael Allen	Terry Lindsay
Alan Angus	John McCullough
Andrew Beattie	Helen Megarry (Treasurer)
Joan Brown	Sam Megarry
Tony Craig	Fiona Nelson (Committee Secretary)
David Cully	Richard Smith
William Dorrian	Ruth Stewart
James Finlay

SUB-COMMITTEES


Communications
Tony Craig (Convenor)	William Dorrian


Finance
Andrew Beattie (Convenor)	John McCullough
Joan Brown	Helen Megarry (Treasurer)
Terry Lindsay	Ruth Stewart


Property (inc H&S)
Michael Allen	David Hamilton
Alan Angus (Convenor GR)	Sam Megarry (H&S)
David Cully	Richard Smith (Convenor CL)
James Finlay

1. General information

The charity is a public benefit entity and a registered charity in Northern Ireland and is unincorporated. The address of the principal office is 26-34 Main Street, Greyabbey, Co Down, BT22 2NE.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Charities Act (Northern Ireland) 2008.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

There are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

3. Accounting policies (continued) Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

3. Accounting policies (continued) Tangible assets (continued)

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Freehold property - 2% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit 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 largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value

recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

3. Accounting policies (continued)

Financial instruments (continued)

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Donations and legacies

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2022
	£	£	£
Donations
Recorded giving	159,494	50,712	210,206
Loose collections	13,119	6,240	19,359
Donations and gifts	518	6,614	7,132
Gift aid	35,930	–	35,930
Grants
Grants	–	14,472	14,472
	─────────	────────	─────────
	209,061	78,038	287,099
	══════	══════	═════

		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
		£	£	£
	Donations
	Recorded giving	145,246	33,385	178,631
	Loose collections	10,565	14,734	25,299
	Donations and gifts	–	2,656	2,656
	Gift aid	29,486	–	29,486
	Grants
	Grants	–	25,098	25,098
		─────────	────────	─────────
		185,297	75,873	261,170
		══════	══════	═════
5.	Charitable activities
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2022
		£	£	£
	Income from charitable activities	2,920	6,037	8,957
	Fees from weddings and funerals	–	4,730	4,730
	Membership fees	–	2,833	2,833
	Fundraising events	–	3,419	3,419
	Use of premises	–	2,175	2,175
		───────	────────	────────
		2,920	19,194	22,114
		══════	══════	═════
		Unrestricted	Restricted	Total Funds
		Funds	Funds	2021
		£	£	£
	Income from charitable activities	541	19,256	19,797
	Fees from weddings and funerals	–	3,155	3,155
	Membership fees	–	3,023	3,023
	Fundraising events	–	28	28
	Use of premises	–	1,910	1,910
		───────	────────	────────
		541	27,372	27,913
		══════	══════	═════

6. Investment income

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||||| |---|---|---|---| |Unrestricted|Restricted|Total Funds| |Funds|Funds|2022| |£|£|£| |Bank interest receivable|–|15|15| |General investment fund|17|–|17| |────|────|────| |17|15|32| |════|════|════| |Unrestricted|Restricted|Total Funds| |Funds|Funds|2021| |£|£|£| |Bank interest receivable|–|7|7| |General investment fund|16|–|16| |────|────|────| |16|7|23| |════|════|════| |Costs of raising donations and legacies| |Unrestricted|Restricted|Total Funds| |Funds|Funds|2022| |£|£|£| |Raising funds|1,935|1,871|3,806| |════|════|════| |Unrestricted|Restricted|Total Funds| |Funds|Funds|2021| |£|£|£| |Raising funds|3,171|–|3,171| |═══════|═══════|═══════|