First Garvagh Presbyterian Church a congregation of the Presbyterian Church in Ireland Financial Statements For the year ended 31 December 2023 Registered with the Charity Commission for Northern Ireland N1105322
The Trustees present their Annual Financial Report and Financial Statements for the year ended 31 December 2023 including a Balance Sheet as at that date. REFERENCE AND ADMINISTRATIVE DETAILS First Garvagh congregation of the Presbyterian Church in Ireland 31 Kilrea Road, Garvagh BT515LR Registered charity in Northern Ireland INI 105322}. CHARITY TRUSTEES The Charity Trustees who served during the year or who were trustees at the date of this report were: Rev. M. Donald Mrs. B. Glass lappointed 19 March 20231 Mrs. A. Henry (appointed 19 March 20231 Miss L. Paul Mr. M. Campbell Mr. W. Dohertv Mr. A. Galbraith Mr. D. Gurney Mr. S. McKee Mr. J. Moody Mr. D. Torrens PRINCIPAL OFFICE BEARERS Mlnister 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 Street LIMAVADY BT49 9DB SOLICITORS W.B. Thompson & Co 36 Catherine Street LIMAVADY BT49 9DB
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND TRUSTEES FINANCIAL REPORT For the year ended 31 December 2023 FINANCIAL REVIEW The congregation's main source of Income is members, contributions through the Weekly Freewill Offering. There were 275 contributors during the year {259 in previous year, 2022) donating a total of £88.4651£84,585 in previous year. 20221. Total income of the congregation during the year w35 £257,953 compared to £287,280 in the previous year. The main reason for the change was a decrease in donations to restricted funds. Total expenditure increased from £157,025 to £190,054 primarily due to an increase in congregational running expenses. RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS The trustees are responsible for preparln8 the Annual Report and the flnanclal statements In accordance with applicable law and Unlted Kin8dom Generally Accepted Accountin8 Practice. The Trustees are required to prepare financial statements for each flnancial year whlch give a true and falr view of the state of affairs of the con8re8ations and the financial activlties for that year. In preparin8 the financlal statements the Trustees are requlred to: Selett sultable accounting pollcles and then apply them consistently Make judgements and estimates that are reasonable and prudent Prepare the financlal statements on the going concern basls unless it is inapproprlate to presume that the funds wlll continue In operation. The Trustees are responsible for keeplng adequate accountlng records that are sufficient to show and explain the funds transattions and disclose with reasonable accuracy at any time the financial position of the congregatlons and enable them to ensure that the financial statements comply with the Statement of Recommended Practice"Accountin8 and Reporting by Charities11 January 20151.. They are also responsible for safeguarding the assets of the congregation and hence for taking reasonable steps for the prevention and detection of fraud and other irre8ularitie5.
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND TRUSTEES FINANCIAL REPORT Convd For the year ended 31 December 2023 GOING CONCERN The activities of the congregation are dependent on on80ing contributions from its members. The Trustees are of the opinion that the congregation 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 from members to fund on an ongoing basis the congregation's current activities and other financial commitments RESERVES POLICY The Trustees have consldered 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 £152,534 which represents a higher level of reserves. The Trustees however, consider it prudent to hold reserves at this level as the fundin8 of its present activities is dependent on the ongoing financial support of members. RISK REVIEW A revlew of major rlsks 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 financlal risk5 assoclated wlth the expettatlon of on80ing flnancial support from members. These risks are mitlgated by the Trustees, and the Congregational Commlttee, regularly monitoring the various activlties of the congregation at stated meetings and by encouraging members in their regular giving. Approved by the Kirk Session at a meeting on 261, | 2024 and signed on its behalf by: Rev. M. Donald Mr. A. albraith Date: Is 2024 Date: 2024
INDEPENDENT EXAMINERS REPORTTO THE TRusfEE5 OF FIRST GARVAGH PRESBYfERIAN CHURCH CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND I report on the accounts of Flrst Garvagh Presbyterlan Church for the year ended 31st December 2023. which are set out on pages 6 to 23 Respectlve responslbllltles of charlty trustee5 and examlnor As the charity's trustees you are responslble for the preparatlon of the accounts In accordance wlth the Charitle5 Act INorthem Ireland) 2008. It Is my re5ponsiblllty to: Examlne the accounts under sectlon 65 of the Charltles Act Follow the procedures lald down In the general Dlrectlons glven by the Commlsslon under sectlon 6519llbl of the Charltles Act State whether partl¢ular matters have come to my attention Basls of Independent examlner's report I have examlned your charlty accounts as requlred under section 65 of the Charltles Act and my examlnation was carried out In accordance with the general Directions given by the CharSty Commission for Northern Ireland under sectlon 6519llbl of the Charltles Act. My examination included a revlew of the accountlng records kept by the charlty and a comparlson of the accounts presented with those records. It also Included conslderation of any unusual Items or disclosures In the accounts, and seeklng explanations from you as charlty trustees concernlng any such matters. My role is to state whether any materlal matter5 have come to my attentlon glvlng me cause to belleve.. l. That accountln8 records were not kept in accordance with section 63 of the Charities Act 2. That the accounts do not accord wlth those accounting records 3. That the accounts do not comply wlth the accountlng requlrements of the Charltles Act 4. That there Is further Information needed for a proper understandlng of the accounts to be reached Independent Examlner's Statement I have completed my examinatlon and have no concerns In respect of the matters111 to141 Ilsted above and, In connectlon with following the Directions of the Charity Commission for Northern Ireland. I have found no matters that requlre drawin8 to your attention. John Mcmullan ACMA CGMA Chartered Management Accountant sc High Street. Ballymoney, BT53 6AH Date 27th March 2024
FIRST GARVAGH PRESBYfERIAN CHURCH89 A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL AcfiviTY For the year ended 31 December 2023 Income and Endowments from: Donations and legacies Charitable activities Other trading activitles Investments Other 107,220 117,586 200 224,806 200 278,370 200 6,768 22,579 3,600 29,347 3,600 6,760 1,950 Total 113,988 143,965 257,953 287,280 Expendlture on: Raising funds Charitable activities Other 815 113,431 815 181,870 7,369 896 148,760 7,369 68,439 7,369 Total 114,246 75,808 190,054 157,025 Net 8ain/ (losses} on investments 62 8,744 8,806 12,524) Net Income(deflclt) {2581 68,219 8,744 76,705 127,731 Transfers between funds Gains/{lossesl on revaluation of fixed assets Net movement In funds Reconciliation of funds: Total funds brought forward 12581 68,219 8,744 76,705 127,731 167,507 1,477,800 83,802 1,729,109 1,601,378 Total funds carrled foNard 167,249 1,546,019 92,546 1,805,814 1,729,109
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND BALANCE SHEET As at 31 December 2023 Flxed assets: Tangible assets Investments 12 13 235,000 137,747 235,000 230,293 242,369 221,487 92,546 Total flxed assets 372,747 92,546 465,293 463,856 Current assets Debtors Current Investments Cash at bank and in hand 14 15,782 11,756 27,538 36,230 15 152,534 1,161,516 0 1,314,050 1,229,953 Total current assets 168,316 1,173,272 0 1,341,588 1,266,183 Llabllltles Creditors: Amounts falllng due withln one year 16 1,067 1,067 930 Net current assets 167,249 1,173,272 0 1,340,521 1,265,253 Total assets less current Ilabllltles 167,249 1,546,019 92,546 1,805,814 1,729,109 Creditors: Amounts falling due after more than one year Provisions for liabilitie5 17 Total net assets 167,249 1,546,019 92,546 1,805,814 1,729,109
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND BALANCE SHEET (CONT'D) As at 31 December 2023 Funds of the Charlty Endowments funds Restritted income funds Unrestricted funds 18 18 18 92,546 92,546 83,802 0 1,546,019 1,477,800 167,249 167,507 0 1,546,019 167,249 Total Charlty funds 167,249 1,546,019 92,546 1,805,814 1,729,109 Approved by the Kirk Sesslon at a meetlng on 2024 signed on Its behalf by: Rev. M. Donald A. Galbralt 2024 Date: 24
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF CASH FLOWS For the year ended 31 December 2023 Net cash flow from operatln8 actlvltles Net income for the period Losses / Igalnsl on investments Divldends, interest and rents from investments Depreclation {Increasel/decrease in debtors Increase in creditors 76,705 18,806) 129,3471 7,369 8,692 137 127,731 2,524 16,760) 7,369 117,6281 30 113 266 Net cash flow from Investlng actlvltle$ Dividends, Interest and rent5 from Investments Proceeds from redemptlon of investments Purchase of Investments 29,347 6,760 29,347 6,760 Change In cash and cash equlvalents In the reportlng perlod 84,097 120,026 Cash and cash equfvalents As at I" January 2023 Net cash flow for the year As at 31° December 2023 1,229,953 84,097 1,314,050 1,109.927 120,026 1,229,953 15
FIRST GARVAGH 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 Charities: Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with Financial Reporting Standard appllcable in the UK and Ireland IFRS1021 {effective l January 20151, The financial statements have been prepared under the historical cost convention except for Investment assets, whlch are shown at market value. The financial statements include all transactions, assets and Ilabilities 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 dependin8 upon the purpose for which the endowment was establlshed in the first place. Restricted funds comprise lal income from endowments which is to be expended only on the restricted purposes intended by the donor and Ibl revenue donations or grants for a specific congregatlon31 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. Unrestricted funds are income funds which are to be spent on the con8regation's general purposes. Deslgnated funds are general funds set aside by the congregation for use in the future. io
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES (CONfD) INCOMING RESOURCES Recognltlon of incomlng resources These are included in the Statement of Financial Actlvities ISOFAI 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. Incomln8 resources wlth related expendlture Where incoming resources have related expenditure las with fundraising income) the incoming resources and related expenditure are reported gross in the SOFA. Grants and donatlon5 Grants and donations are only included In the SOFA when the congregation has unconditional entitlement to the resources. (Iv) Tax reclalms on donatlons and glfts Incoming resources from tax reclaims are Included in the SOFA at the same tlme as the gift to whlch they relate. {v) Contractual Income and performance related 8rants This is only included in the SOFA once the related goods or services have been delivered. lvl) Glfts In klnd Gifts in kind are accounted for at a reasonable estimate of their value to the charlty or the amount actually realised. Gift5 in kind for sale or distribution are Included in the account5 as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are Included in the SOFA as Incoming resources when receivable. li
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRE58YTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES (convd) {vll) Donated services and facllltles 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 servlce or facility received. {vlll) Volunteer help The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. (Ix) Investment Income This is included in the accounts when recelvable. Investment galns and losses This includes any gain or loss on the sale of investments and any gain or loss resulting from revalulng investments to market value at the end of the year. EXPENDITURE AND LIABILITIES Llablllty reco8nltlon Liabilltles are recognised as soon as there Is a legal or constructive obligatlon committing the congregation to pay out resources. (xll) Governance costs These are shown within charltable activities and Include the costs of preparation and examinatlon of accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutlonal matters. {xlll) Grants wlth performance condltlons 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 reclpient of the grant has provided the specified servlce or output. 12
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES (conyd) Ixlv) Grants payable wlthout performance condltions These are only recognised in the account5 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 charlty. ASSETS (xvl) Tanglble Flxed Assets The Church Building and halls are deemed to be heritage assets as defined by the Charities SORP IFR51021. They are not Included on the balance sheet as information on the cost or valuation 15 not available and such informatlon cannot be obtained at a cost commensurate with the benefits to the users of the accounts and to the congregation. The Manse is recognised at costldeemed cost, being the estimated fair value of the property. No depreciatlon has been provided on the Manse as the current estimated residual value is not less than its carrying value and the remainin8 useful life currently exceeds 50 years. Tangible fixed a55et5 for use by charity are capltalised if they can be used for more than one year, and cost at least £6,500. They are valued at cost or, If glfted, at the value to the charlty on receipt. Depreclatlon Is recorded on all tanglble fixed assets other than freehold land and bulldings, at rates calculated to wrlte of the cost, less estimated residual value, of each asset over its expected useful life as follows.. Fixtures, 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 2023 DONATIONS AND LEGACIES Recorded giving: Loose offerings Donations and glfts Gift Aid Legacies and bequest 2,354 89,871 14,995 2,354 191,910 30,542 1,075 227,563 36,732 13,000 102,039 15,547 107,220 117,586 224,806 278,370 CHARITABLE ACTIVITIES Income from charitable attlvltles Grave fees 200 200 200 200 200 200 14
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 OTHER TRADING ACTIVITIES Letting of premises Tradin8 income INVESTMENT INCOME Deposit interest General investment fund Land rents Other Investment income 2,277 379 953 3,159 22,046 433 loo 24,323 812 1,053 3,159 2,559 842 1,029 2,330 6,768 22.579 29,347 6,760 15
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 OTHER INCOME Insurance claims Other income 3,600 3,600 1,950 3,600 3,600 1,950 RAISING FUNDS FWO envelopes 815 815 896 16
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2032 CHARITABLE ACTivrriES General Assembly assessments Presbytery fees Mlnlstry and support staff costs Congregational running expenses Donations to missions and charities Governance costs 10,188 631 64,290 37,362 10,188 631 64,290 82,465 9,516 620 60,909 45,145 45,103 Iiii,, 23,336 23,336 960 31,640 930 960 113,431 68,439 181,870 148,760 OTHER EXPENDITURE Depreciation Investment Property Expenses 7,369 7,369 7,369 7,369 7,369 7,369 17
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 io. EMPLOYEES Wages and salarles Social security costs Pension contributions 51,641 4,558 8,091 48,959 4,268 7,683 64,290 60,910 Number of Employees The average number of employees, including the mlnister of the congregation, during the year was.. No Average number of employees There were no employees in receipt of employee benefits in excess of £60,000. 18
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 ii. PENSION COSTS The minister of the con8re8ation is a member of the Presbyterian Church in Ireland Pension Scheme 12009). This is a scheme operated by the Presbyterian Church in Ireland, a separate registered charity, The congre8ation 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. The Presbyterian Church in Ireland Pension Scheme12009} 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 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 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 contributions of 24% of pensionable salarles to cover the accrual of benefits for future servlce, expenses, the cost of insuring death in service benefits and funding the scheme deficit. The contributions made by the congregatlon during the year were Contributions 8,091 7,683 The congregation does not have any other eligible employees requiring a penslon scheme. 19
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 12. TANGIBLE FIXED ASSETS C05t 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 22,106 7,369 22,106 7,369 At end of year 29,475 29,475 Net Book Value At start of year 235,000 7,369 242,369 At end of year 235,000 235,000 13. INVESTMENT5 2023 2022 General Investment Fund Other Financials Agricultural Land 41,593 51,700 137,000 38,141 46,346 137,000 230,293 221,487 Value at start of year Additions Disposalslmatured Impairment 221,487 224,011 221,487 8,806 224,011 12,5241 Gains1{lossesl on revaluation Value atend of year 230,293 221,487 20
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 14. DEBTORS 2023 2022 Gift aid Recoverable Prepayments 23,835 3,703 32,781 3,449 27,538 36,230 15. CASH AT BANK AND IN HAND 2023 2022 Ulster Bank current accounts Ulster Bank deposit accounts Cash in hand 86,433 89,482 1,227,299 1,140,344 318 127 1,314,050 1,229,953 16. CREDITORS; amounts falllng due wlthln one year 2023 2022 Examiners fee Other creditors 960 107 930 17. CREDITORS: amount$ fallln8 due after more than one year 2023 2022 21
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 18. FUND BALANCES AND RECONCILIATION OF FUNDS Balance at start Gains Losses Balance At end Income Ex enditure Transfer Unrestrlcted Funds General Fund 167,507 113.988 114,246 167,249 Restrlrted Funds Renovation Fund Session fund Building & Repalr Fund Manse garage fund 1,047,439 103,358 3,000 59 14,402 9,781 20,000 1,028 1,743 3,913 1,828 808 2,106 416 4,249 3,449 127 1,897 375 2,100 2,713 10,191 1,097 1,160 102 2,295 655 27,992 0 1,122,805 3,059 17,546 20,931 I,iio 2,254 2,315 2,346 253 88 997 6,637 97 4,546 382 269 5,352 1,771 2,387 11,907 1,097 1,160 Sonseekers & CY Bowling Club Gir15 Brigade Time for You Youth Connect United Appeal UFM Pres Children'5 Society European M F World Development Student Bursary Fund Falth In Action-ukraine Leprosy Mission Mission Africa Poppy Appeal Open Doors Land Manse Fixtures & fittings 62 102 118 2,413 655 12 39 280 12 48 90 359 916 318 63 350 1,106 318 63 137,000 235,000 137,000 235,000 7,369 7,369 1,477,800 143,965 75,808 62 0 1,546,019 Endowments Legacies and Bequests 83,802 8,744 92,546 TOTAL 1,729,109 257,953 190,054 8,806 0 1,805,814 22
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2023 19. RELATED PARTY TRANSACTIONS One of the Trustees, the minister of the con8reg3tion, received remuneration of £34,211 and expenses of £7,309 for arting in that capaclty. Pension contributions of £8,091 were paid by the congregation in respect of the minister to the PreSberlan Church in Ireland Pension Scheme120091. None of the other trustees received any remuneration during the year in connection with their duties. During the year the congregation contrlbuted the followlng amounts to Funds of the General Assembly of the Presbyterian Church In Ireland, a separate charity. £10,188 for congregational assessments £11,907 towards the United Appeal The congre8ation contributed £631 towards Presbytery Assessments during the year. There were no other related party transactions. 23