an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2023 Income and Endowments from: Donations and legacies Charita ble activities Investment5 175,396 4,738 728 93,283 4,454 268,679 9,192 728 264,874 10,561 697 Total 180,862 97,737 278,599 276,132 Expenditure on: Raising funds Charita ble activities 743 210,242 743 296,167 1,127 261,185 85,925 Total 210,985 85,925 296,910 262,312 Net Income / (expendlture) {30,123) 11,812 (18,311) 13,820 Transfers between funds {3,327) 3,327 Net movement in funds Reconciliation of funds: Total funds brought forward 133,450) 15,139 {18,3111 13,820 1,801,319 201,223 2,002,542 1,988,722 Total funds carried forward 1,767,869 216,362 1,984,231 2,002,542 151Page
an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland BALANCE SHEET As at 31 December 2023 Fixed assets: Tangible assets 1,654,278 1,654,278 1,681,789 Total fixed assets 1,654,278 1,654,278 1,681,789 Current assets Debtor5 10 28,755 90,973 11,651 40,406 44,096 Cash at bank and in hand li 204,711 295,684 279,024 Total current assets 119,728 216,362 336,090 323,120 Liabilities: Creditors: Amounts falling due within one year 12 (6,1371 (6,137) {2,3671 Net current assets 113,591 216,362 329,953 320,753 Total net assets 1,767,869 216,362 1,984,231 2,002,542 161Page
Presbyter an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland BALANCE SHEET {Cont'd) As at 31 December 2023 Funds of the charity Restricted income funds 14 216,362 201,223 1,801,319 Unrestricted funds 14 1,767,869 Total charity funds 1,984,231 2,002,542 Approved by the Kirk Session and signed on its behalf by: Rev Andrew Thompson Mr. Mark Noble Minister Clerk of Session 09 May 2024 09 May 2024
an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES BASIS OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Ireland (FRS1021 (effective l January 20151. 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 wa5 established in the first place. Elmwood does not have any endowment funds at the present time, Restricted funds comprise lal income from endowments which is to be expended only on the restricted purposes intended by the donor and (b) revenue donation5 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 ba51S. 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. 181 Page
Presbyter an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTESTO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES {cont'd) INCOMING RESOURCES 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 reliability. (li) 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 donation5 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. (vl) Volunteer help The value of any voluntary help received is not included in the accounts but is described in the tru5tees' annual report. (vii) Investment income Thi5 is included in the account5 when receivable. 191 Page
Presbyter an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES {cont'd) (viii) 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 (ix) Liability recognition Liabilities are recognised as soon as there is a legal or constructive obligation comm itting the congregation to pay out resources, (x) 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. {xi) 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. (xii) 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. 20IPage
an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES (cont'd) ASSETS (xiii) Tangible Fixed Assets Tangible fixed asset5 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, Depreciation is recorded on all tangible fixed assets, other than freehold land and the church manse which is recorded at market value, at rates calculated to write of the cost, less estimated residual value of each asset over its expected useful life as follows: Buildings.. Motor vehicles Technical equipment over 50 years over 4 years over 4 years
Presbyter an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2023 DONATIONS AND LEGACIES Recorded giving: FWO Loose col lections Donations and gifts Gift Aid 145,172 2,748 3,557 23,919 62,407 12 19,312 11,552 207,579 2,760 22,869 35,471 193,031 2,671 27,211 41,961 175,396 93,283 268,679 264,874 CHARITABLE ACTIVITIES Income from charitable activities Fees from weddings, funerals, and organisations Sale of Magazines, Study Books Income from Church Events Miscellaneous Income Grants 150 110 260 415 393 393 1,431 1,308 5,800 1,172 305 3,618 5,051 1,431 113 2,800 1,195 3,000 4,738 4,454 9,192 10,561 221Page
an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2023 INVESTMENTS Deposit interest 728 728 697 728 728 697 RAISING FUNDS FWO envelopes 743 743 1,127 743 743 1,127 231Page
an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS {cont'd) 31 December 2023 CHARITABLE ACTIVITIES General Assembly Assessments Presbytery fees Ministry and 5UPPOrt staff costs Congregational running expenses Donations to Missions and charities 15,260 1,123 110,378 40,569 13,641 15,260 1,123 131,544 102,125 16,844 14,350 1,069 104,750 75,075 36,730 21,166 61,556 3,203 Governance costs Depreciation Charge 1,760 27,511 1,760 27,511 1,700 27,511 210,242 85,925 296,167 261,185 241Page
Presbyter an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (cont'd} 31 December 2023 EMPLOYEES Employment Costs Wages and Salaries Socia I Security Costs Pension contri butions 104,860 74,046 9,803 7,261 16,881 13,331 131,544 94,638 Number of Employees The average number of employees, including the minister of the congregation, during the year was 2023 2022 Average number of employees There were no employees in receipt of employee benefits in excess of £60,000.
Presbyter an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNT5 (cont'd) 31 December 2023 PENSION COSTS The minister and deaconess 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 the minister and deaconess. The Presbyterian Church in Ireland Pension Scheme120091 is a funded Scheme of the defined benefit type, providing defined benefit5 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 sufficientlyfunded to meet current and future obligations. Aformal schedule of contribution5 wa5 drawn up on 25 November 2015 whereby the Presbyterian Church agreed to pay from 31 December 2015 contribution5 of 24Yo 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 Contributions 16,880 13,331 The congregation operates a defined pension contribution policy for it5 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 Contributions 261Page
an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS {cont'd) 31 December 2023 TANGIBLE FIXED ASSETS Cost or valuation At start of year Additions Di5P05als 1,810,000 25,044 8,000 1,843,044 At end of year 1,810,000 25,044 8,000 1,843,044 Depreciation At start of year Provision for year 140,000 15,255 20,000 5,511 6,000 2,000 161,255 27,511 At end of year 160,000 20,766 8,000 188,766 Net Book Value At start of year 1,670,000 9,789 2,000 1,681,789 At end of year 1,650,000 4,278 1,654,278 10. DEBTORS 2023 2022 Accrued Income Prepayments 37,199 41,013 3,207 3,083 40,406 44,096 271 Page
an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTE5 TO THE ACCOUNTS (cont'd) 31 December 2023 11. CASH AT BANK AND IN HAND 2023 2022 Danske Bank current account Cash in hand 295,643 278,983 41 41 295,684 279,024 12. CREDITORS: amount falling due wlthln one year 2023 2022 Accrua15 6,137 2,367 6,137 2,367 281Page
an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church in Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2023 13. FUND BALANCES AND RECONCILIATION OF FUNDS Fund Balance at start Income Expend. Transfer Balance at end Unrestricted Funds General Account 1,801,319 180,862 (210,9851 {3,3271 1,767,869 1,801,319 180,862 1210,985) (3,327) 1,767,869 Restricted Funds Building & Maintenance Missionary & Outreach Sunday School IJAMI Boy's Brigade Girl's Brigade Presbyterian Women Youth Fel lowsh ip {Fishl Youth Club Iwoodl Community Ministry Young Adults Holiday Bible Club Special Offerings 131,091 58,797 120 2,310 3,993 1,765 1,273 1,424 216 221 49,686 22,384 110 10,407 4,735 4,077 2,835 1,234 2,269 131,235) 129,831} 149,542 51,350 230 4,606 5,423 1,412 807 1,957 801 221 19,0861 {4,2801 (4,4301 (3,703) (1,676) (1,684) 975 975 402 975 11 11 201,223 97,737 (85,9251 3,327 216,362 Tot31 2,002,542 278,599 1296,910} 1,984,231
Presbyter an ELMWOOD PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont'd) 31 December 2023 14. RELATED PARTY TRANSACTIONS Two of the trustees received remuneration, The minister of the congregation received remuneration of £42,440 and expenses of £7,201 for acting in that capacity, Pension contributions of £10,186 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme {20091. The music leader received remuneration of £4,287. No pension contributions were paid in relation to this post. None of the other trustees received any 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.. £15,260 for congregational assessments £12,181 towards the United Appeal The congregation contributed £1,123 toward5 Presbytery Assessments during the year. There were no other related party transactions. 30IPage