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