First Garvagh Presbyterian Church a congregation of the Presbyterian Church in Ireland Financial Statements For the year ended 31 December 2022 Registered with the Charity Commission for Northern Ireland N1105322
The Trustees present their Annual Financial Report and Financial Statements for the year ended 310ecember 2022 including a Balance Sheet as at that date. REFERENCE AND ADMINISTRATIVE DETAILS First Garvagh congregation of the Presbyterian Church in Ireland 31 Kilrea Road, Garva8h BT515LR Registered charity in Northern Ireland INI 1053221. CHARITY TRUSTEES The Charity Trustees who served during the year or who were trustees at the date of this report were: Rev. M. Donald Miss L. Paul Mr. M. Campbell Mr. W. Doherty Mr. A. Galbraith Mr. D. Gurney lappolnted 9 January 20221 Mr. G. Mcllroy (retired November 2022) Mr. S. McKee Mr. J. Moody Mr. D. Torrens PRINCIPAL OFFICE BEARERS Minlster Clerk of Session Secretary Treasurer Rev. M. Donald Mr. A. Galbraith Mr. l. Matthew Mr. W. Henry INDEPENDENT EXAMINER John Mcmullan ACMA CGMA sc High Street BALLYMONEY BT53 6AH BANKERS Ulster Bank Limited 30-32 Catherine stet LIMAVADY BT49 9DB SOLICITORS W.B. Thompson & Co 36 Catherine Street LIMAVADY BT49 9DB
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND TRUSTEES FINANCIAL REPORT For the year ended 31 December 2022 FINANCIAL REVIEW The congregation's main source of incomels members, contributions through the Weekly Freewlll Offering. There were 259 contributors during the year (256 In previous year, 2021) donating a total of £84,585 (£84,788 in previous year, 20211. Total income of the congregation during the year was £287,280 compared to £215,592 in the previous year. The main reason for the change wa5 an increase In donations to restrlcted funds. Total expenditure Increased from £141,762 to £157,025, primarily due to an increase in donations to missions and charlties restricted funds. RESPONSIBILITIES IN RESPEcf OF THE FINANCIAL STATEMENTS The trustees are responsible for preparing the Annual Report and the financial statements In accordance with appllcable law and United Kingdom Generally Accepted Accounting Practice. The Trustees are required to prepare financial statements for each financlal year which give a true and fair view of the state of affairs of the con8regations and the flnancial actlvltles for that year. In preparing the financial statements the Trustees are requlred to: SeSect suitable accounting policies and then apply them conslstently Make judgements and estimates that are reasonable and prudent Prepare the flnancial statements on the going concern basis unless it Is In3ppropriate to presume that the funds will continue in operation. The Trustees are responsible for keepin8 adequate accountin8 records that are sufficient to show and explain the funds transactions and disclose with reasonable accuracy at any time the financial position of the congregations and enable them to ensure that the financial statements comply wlth the Statement of Recommended Practice 'Accounting and Reporting by Charities (l January 2015)". They are also responsible for safeguardlng the assets of the congregation and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRES8YfERIAN CHURCH IN IRELAND TRUSTEES FINANCIAL REPORT Cont'd For the year ended 31 December 2022 GOING CONCERN The activities of the congregation are dependent on ongoin8 contributions from it5 members. The Trustees are of the opinion that the congregatlon has sufficient resources at the date of approval of these financial statements to meet commitments which will arise in the year from the date of signing this report and subject to the continuing support trom members to fund on an ongoing basis the congregation's current activities and other financial commitments RESERVES POLICY The Trustees have considered the level of unrestricted reserves that it is appropriate to hold taking account of current and ongoing commitments. It Is the policy of the Trustees to hold at least 12 month's normal expenditure from unrestricted funds. At the year-end unrestricted bank balances were £152,271 which represents a higher level of reserves, The Trustees however, consider it prudent to hold resenie5 at this level as the funding of Its present activitles Is dependent on the ongoing financial support of members. RISK REVIEW A review of major risks has been undertaken by the Trustees and systems and procedures implemented to manage Identified risks. The principal risks are in relation to the Ilkelihood of reputational damage and financial risks associated wlth the expectation of ongoing financial support from members. These risks are mitigated by the Trustees, and the Congregational Committee, regularly monitoring the various activities of the congregation at ststed meetings and by encouraging members In their regular giving. Approved by the Kirk Session at a meeting on 1% 2023 and signed on its behalf by: Rev. M. Donald Mr. A. Galbraith Date: tg)3 2023 Date: &s/3 2023 1
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND I report on the accounts of First Garvagh Presbyterian Church for the year ended 31 December 2022, which are set out on pages 6 to 23. Respective respon51blllttes of charlty trustees and examlner As the charity's trustees you are responsible for the preparation of the accounts in accordance with the Charities Att (Northern Ireland) 2008. It is my responsibility to: Examine the accounts under section 65 of the Charities Act Follow the procedures Izid down in the general Directions given by the Commission under Section 65 {9)Ib} of the Charities Act stste whether particular matters have come to my attentlon. Bas15 of Independent examIne5 report I have examined your charity accounts as required under sertlon 65 of the Charities Act and mv examination was carried out in accordance wlth the general Directions glven by the Charlty Commisslon for Northern Ireland under settFon 65{91(bl of the Charlties Act. My examlnation Included a revlew of the accounting records kept by the charlty and a comparison of the accounts presented with those records. It also included consideration 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 matters have come to my attentlon glvln8 me cause to believe: l. That accounting records were not kept in accordance with sectlon 63 of the charle$ Act. 2. That the accounts do not accord with those accounting records. 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 ExamIne$ Statement I have completed my examination and have no concerns in respect of the matters (l) to (41 listed above and, in connection with followin8 the Directions of the Charity Commission for Northern Ireland, I have found no matters that require drawlng to your attention. -LL4 John Mcmullan ACMA CGMA Chartered Management Accountant sc High Street, Ballymoney, BT53 6AH Date:
FIRST GARVAGH PRESBYTERIAN CHURCH89 A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL ACTIVITY For the year ended 31 December 2022 Income and Endowments from: Donations and legacies Charltable activities Other trading activities Investments Other 111,771 166,599 200 278,370 200 208,495 2,630 3,983 250 2,777 1,700 6,760 1,950 4,167 300 Total 116,004 171,276 287,280 215,592 Expendlture on: Raising funds Charitable activities Other 896 100,477 896 148,760 7,369 846 133,547 7,369 48,283 7,369 Total 101,373 55,652 157,025 141,762 Net gain/ (losses) on investments 161) 12,463) {2,5241 11,139 Net Income 14,631 115,563 12,4631 127,731 84,969 Transfers between funds Gains/llosses) on revaluation of fixed assets Net movement In funds Reconciliation of funds: Total funds brought forward 14,631 115,563 12,463) 127,731 84,969 152,876 1,362,237 86,265 1,601,378 1,516,409 Total funds carrled forward 167,507 1,477,800 83,802 1,729,109 1,601,378
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND BALANCE SHEET As at 31 December 2022 Flxed assets: Tangible assets Investments 12 13 242,369 137,685 242,369 221,487 249,738 224,011 83,802 Total flxed assets 380,054 83,802 463,856 473,749 Current assets Debtors Current Investments Cash at bank and in hand 14 16,165 20,065 36,230 18,602 15 152,272 1,077,681 0 1,229,953 1,109,927 Total current assets 168,437 1,097,746 0 1,266,183 1,128,529 Llabllltles Creditors.. Amounts falling due within one year 16 930 930 900 Net current assets 167,507 1,097,746 0 1,265,253 1,127,629 Total assets less current liabilitles 167,507 1,477,800 83,802 1,729,109 1,127,629 Credltors,, Amounts falllng due after more than one year Provisions for liabilities 17 Total net assets 167,507 1,477,800 83,802 1,729,109 1,601,378
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND BALANCE SHEET (CONT'D) As at 31 December 2022 Unrest ricted Funds Restric ted Funds Endow ment Funds Total Funds 2022 Total Funds 2021 Funds of the Charlty Endowments funds Restricted income funds Unrestricted funds 18 18 18 83,802 83,802 86,265 0 1,477,800 1,362,237 167,507 152,876 0 1,477,800 167,507 Totsl Charlty fund5 167,507 1,477,800 83,802 1,729,109 1,601,378 Approved by the Klrk Session at a meeting on Ig 2023 signed on its behalf by: Rev. M. Donald Mr. A. Galbraith Date: 13 2023 Date.. gf 3/ 2023
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF CASH FLOWS For the year ended 31 December 2022 Net cash flow from operating activltles Net income for the period Losses / (gains) on investments Dividends, Interest and rents from Investments Depreciation {Increase}/decrease in debtors Increase in creditors 127,731 2,524 16,760) 7,369 (17,628) 30 84,969 111,1391 14,167) 7,369 2,793 60 113 266 Net cash flow from Investlng actlvltles Dividends, interest and rents from investments Proceeds from redemption of Investments Purchase of investments 6,760 4,167 6,760 4,167 Change In cash and cash equlvalents In the reportlng perlod 120,026 84,052 Cash and cash equlvalents As at I'january 2022 Net cash flow for the year As at 31" December 2022 1,109,927 120,026 1,229,953 1,025,875 84,052 1,109,927 15
FIRST GARVAGH PRES8YfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 ACCOUNTING POUCIES BASIS OF FINANCIAL STATEMENTS The financial ststements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Ireland (FRS1021 (effective l January 2015). The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at market value. The financlal 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 dlscretion,. the income derived from the endowment is to be used elther as restrirted or unrestricted income funds dependlng upon the purpose for which the endowment was establlshed In the first place. Restrlcted funds comprlse (a) Income from endowments which is to be expended only on the restrlcted purposes intended by the donor and (bl 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 basls. 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. io
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 ACCOUNTING POUCIES (CONT'D) INCOMING RESOURCES Recognltlon of Incomln8 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 wlll receive the resources and The monetary value can be measured with sufficient reliability. Incomlng resources wlth related expendlture Where incomin8 resources have related expenditure las with fundralsin8 income) the incoming resources and related expenditure are reported gross in the SOFA. Grants and donatlons Grants and donations are only included In the SOFA when the congregation has unconditional entitlement to the resources. {Iv) Tax reclaims on donatlons and gifts Incoming resources from tax reclaims are included in the SOFA at the same ttme as the glft to which they relate. (v) Contractual Income and performance related grants This Is only Included in the SOFA once the related goods or servlces have been delivered. (vl) Glfts In klnd Gifts in kind are accounted for at a reasonable estlmate of their value to the charlty or the amount actually realised. Gifts In klnd for sale or distribution are included in the accounts as gifts only when sold or dlstributed by the charity. Gifts in kind for use by the charlty are included In the SOFA as incoming resources when receivable. li
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESWIT£RIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 ACCOUNTING POLICIES Icont'd) (vll) Donated services and facilities These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received. {vlll) Volunteer help The value of any voluntary help received is not included in the accounts but is descrlbed In the trustees, annual report. Investment Income This is included in the accounts when receivable. Investment galns and losses This includes any galn or loss on the sale of investments and any gain or loss resultin8 from revaluin8 investments to market value at the end of the year. EXPENDITURE AND LIABILITIES Llablllty recognltlon Liabilities are recognlsed as soon as there is a legal or construttive obligatlon committrng the congregatlon to pay out resources. (xll) Govemance costs These are shown within charitable activities and include the costs of preparation and examinatlon of accounts. the costs of trustee meetings and cost of any le8al advice to trustees on governance or constttutlonal matters. (xlll) Grants with performance condltions Where the charity give 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. 12
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 ACCOUNTING POLICIES (cont'd) (xlv) Grants payable wlthout performance condltlons These are only recognised in the accounts when a commitment has been made and there are no conditrons to be met relating to the grant which remain in the control of the charity. (xvl) Tanglble Flxed A55ets The Church Building and halls are deemed to be herltage assets as defined by the Charities SORP IFRS1021. They are not included on the balance sheet as information on the cost or valuatfjon is not available and such Information cannot be obtained at a cost commensurate with the benefits to the users of the accounts and to the congre8ation. The Manse Is reco8nised at cost/deemed cost, being the estimated fair value of the property. No depreciation has been provided on the Manse as the current estimated residual value is not less than its carryin8 value and the remaining useful life currently exceeds 50 years. Tanglble fixed assets for use by charity are capitalised if they can be used for more than one year, and cost at least £6,000. 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 buildings, at rates calculated to wrlte of the cost. less estfmated residual value, of each asset over its expected useful life as follows: Flxtures, fittings and equipment over 10 years Computers, software and technical equipment - over 4 years (xvll) Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets including agricultural land are included at trustees, best estimate of market value. 13
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 DONATIONS AND LEGACIES Recorded givlng: Loose offerings Donations and gifts Gift Aid Legacies and bequest 1,075 85,350 15,346 10,000 1,075 227,563 36,732 13,000 520 187,302 20,673 142,213 21,386 3,000 111,771 166,599 278,370 208,495 CHARITABLE ACTIVITIES Income from charltable activlties Grave fees 2,080 550 200 200 200 200 2,630 14
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 OTHER TRADING ACTIVITIES Letting of premises Trading income INVESTMENT INCOME Deposit interest General investment fund Land rents Other investment income 331 393 929 2.330 2,228 449 loo 2,559 842 1,029 2,330 183 811 1,426 1,747 3,983 2,777 6,760 4,167 15
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRES8YfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 OTHER INCOME Insurance claims Other income 250 1,700 1,950 3QO 250 1,700 1,950 300 RAISING FUNDS FWO envelopes 896 896 846 16
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 CHARITABLE AcfiviTIES General Assembly assessments Presbytery fees Mlnistry and support staff costs Congregational running expenses Donations to missions and charities Governance costs 9,516 620 60,909 28,502 9,516 620 60,909 45,145 31,640 930 10,789 485 59,595 46,566 15,212 900 16,643 31,640 930 100,477 48,283 148,760 133,547 OTHER EXPENDITURE Depreciation Investment Property Expenses 7,369 7,369 7,369 7,369 7,369 7,369 17
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 10. EMPLOYEES Wages and salaries Social securlty costs Pension contributions 48,959 4,268 7,683 48,919 3,963 7,513 60,910 60,395 Number of Employees The average number of employees, includin8 the minister of the con8re8ation, durin8 the year was: No No Average number of employees There were no employees in receipt of employee benefits in excess of £60,000. 18
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 11. PENSION COSTS The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme {20091. 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 employerfs pension contribution for the Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme120091 is a funded Scheme of the defined benefit type, providing defined benefits based on career average revalued salary. The Scheme has assets held in a separately admlnistered fund managed by a board of trustees. The Presbyterian Church and the Scheme Trustees have agreed a funding plan to ensure the Scheme is sufficiently funded to meet current and future obligations. A formal schedule of contributions was drawn up on 25 November 2015 whereby the Presbyterian Church agreed to pay from 31 December 2015 contrlbutions of 24% of pensionable salaries to cover the accrual of beneflts for future service, expenses, the cost of insurin8 death in service benefit5 and fundin8 the scheme deficlt. The contributions made by the congregation during the year were Contributlons 7,683 7,513 The congregation does not have any other eligible employees requiring a pension scheme. 19
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 12. TANGIBLE FIXED ASSETS Cost or valuatlon At start of year Additions Disposals 235,000 29,475 264,475 At end of year 235,000 29,475 264,475 Depreclatlon At start of year Provision for year Disposals 14,737 7,369 14,737 7,369 At end of year 22,106 22,106 Net Book Value At start of year 235,000 14,738 249,738 At end of year 235,000 7,369 242,369 13. INVESTMENT5 2022 2021 General Investment Fund Other Financials Agricultural Land 38,141 46,346 137,000 41,558 45,453 137,000 221,487 224,011 Value at start of year Additions Disposals/matured Impairment 224,011 212,872 224,011 {2,524) 212,872 11,139 Gain51{losses) on revaluation Value at end of year 221,487 224,011 20
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 14. DEBTORS 2022 2021 Gift aid Recoverable Prepayments 32,781 3,449 15,464 3,138 36,230 18,602 15. CASH AT BANK AND IN HAND 2022 2021 Ulster Bank current accounts Ulster Bank deposit accounts Cash in hand 89.482 88,953 1,140,344 1.020,809 127 165 1,229,953 1,109,927 16. CREDITORS: amounts falllng due wlthln one year 2022 2021 Examiners fee 930 900 17. CREDITORS: amounts falllns due after more than one year 2022 2021 21
FIRST GARVAGH PRES8YfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 18. FUND BALANCES AND RECONCILIATION OF FUNDS Balanc ins Balance Unrestrlrted Funds General Fund 152,876 116,004 101,373 167,507 Restrlcted Fund5 Renovation Fund Session fund Bullding & Repair Fund Manse 8arage fund p.w. Sonseekers & CY Bowling Club Girls Brigade Time for You Youth Connect United Appeal UFM Pres Children's Soclety European M F World Development Student Bursary Fund Faith in Action-ukraine Leprosy Mission Moderator's Appeal Mission Afrlca Ukraine-A Torrens Poppy Appeal Open Doors Land Manse Fixtures & fittings depreciation 932,563 118,920 3,000 10,636 4,044 0 1,047,439 3,000 14,402 20,000 1,743 1,828 2,106 4,249 127 375 2,713 11,265 20,000 548 1,613 2,140 4.898 125 55 2,030 44 130 7,499 4,007 554 227 3,037 912 320 17,429 959 2,221 160 889 375 1,512 240 2,985 1,295 1,015 283 3CN) 2,812 339 200 3,686 910 (61) 16,746 1,003 2,351 160 771 375 1,500 245 2,985 1,059 1,015 283 300 118 12 39 280 137,000 235,000 14,738 137,000 235,000 7,369 7,369 1,362,237 171,276 55,652 {61) 0 1,477,800 Endowments Legacies and Bequests 86,265 (2,463) 83,802 TOTAL 1,601,378 287,280 157,025 (2,524) 0 1.729,109 22
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2022 19. RELATED PARTY TRANSAcfioNS One of the Trustees, the minister of the con8re8ation. received remuneration of £32,012 and expenses of £6,944 for acting in that capacity. Pension contributions of £7,683 were pald by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme12009). None of the other trustees received any remuneration durln8 the year in connection wlth 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. £9,516 for congregational assessments £16,746 towards the Unlted Appeal The con8regatlon contrlbuted £620 towards Presbytery Assessments durlng the year. There were no other related party transactions. 23