First Garvagh Presbyterian Church a congregation of the Presbyterian Church in Ireland Financial Statements For the year ended 31 December 2024 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 2024 including a Balance Sheet as at that date. REFERENCE AND ADMINISTRATIVE DEfAILS First Garvagh congregation of the Presbyterian Church in Ireland 31 Kilrea Road, Garvagh BTS15LR Registered charity in Northern Ireland {NI 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 Mrs. A. Henry Miss L. Paul Mr. M. Campbell Mr. W. Doherty Mr. A. Galbraith Mr. D. Gurney Mr. S. McKee Mr. J. Moody Mr. D. Torrens PRINCIPAL OFFICE BEARERS Minister Clerk of Session Secretary Rev. M. Donald Mr. A. Galbraith Mr. l. Matthew retired 2 February 2024 Mr A. Wilson appointed 2 February 2024 Mr. W. Henry Treasurer AUDITORS Stevenson & Wilson 22-30 Broadway Avenue BALLYMENA BT43 7AA BANKERS Ulster Bank Limited 30-32 Catherine Street LIMAVADY BT49 9DB SOLICITORS W.B. Thompson & Co 36 Catherine Street LIMAVADY BT49 9DB
FIRsf GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND TRUSTEES FINANCIAL REPORT For the year ended 31 December 2024 FINANCIAL REVIEW The congregation's main source of income is members, contributions through the Weekly Freewill Offering. There were 274 contributors during the year {275 in previous year. 2023) donating a total of £93.908 (£88,465 in previous year. 2023). Total income of the congregation during the year was £711,846 compared to £257.953 in the previous year. The main reason for the change wa5 increased donations to the Renovation Fund. The success of this fundratsing campaign has enabled the Charity to further progress the renovation project in line with the expected timeframe. Total expenditure decreased from £190,054 to £159,034, with a further £517.225 expenditure on the renovation project being capitalised. The Renovation Project which commenced in the year and is due to complete in October 2025. The Trustees are pleased that the financial position of the Charity remains robust as shown on the balance sheet. RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS The Trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. The Trustees are required to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the congregation and the financial activities for that year. In preparing the financial statements the Trustees are required to: Select suitable accounting policies and then apply them consistently, Make judgments and estimates that are reasonable and prudent, State whether applicable accounting standards have been followed. subject to any material departures disclosed and explained in the financial statements; and Prepare the financial statements on a going concern basis unless It is inappropriate to presume that the funds will continue in operation. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the funds transactions and disclose with reasonable accuracy at any time the financial position of the congregation and enable them to ensure that the financial statements comply with the Statement of Recommended Practice "Accounting and Reporting by Charities11 January 2019)" 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 irregularities.
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND TRUSTEES FINANCIAL REPORT Convd For the year ended 31 December 2024 GOING CONCERN The activities of the congregation are dependent on ongoing 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 subjert to the continuing support from members to fund on an ongoing basis the congregation's current activities and other financial commitments RESERVES POLICY Total resenies of the Charity amounted to £2.407,916 at the balance sheet date. This amount is held in unrestricted, restricted and endowment funds in the amounts of £173,880, £2,125,235 and £108,801 respectively. The Trustees have considered the level of unrestritted 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 unrestritted funds. At the year-end unrestricted bank balances were £159,497 which represents a higher level of reserves. The Trustees. however, consider it prudent to hold reserves at this level as the funding of its present activities 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 likelihood of reputational damage and financial risks associated with 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 stated meetings and by encouraging members in their regular giving. Approved by the Kirk Session at a meeting on 2025 and signed on its behalf by: h-LsWW IQ_[J Rev. M. Donald Mr. A. Galbraith Date: £IL¥I 2025 Date: 2025
AUDITOR5 REPORT TO THE TRUSTEES OF FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND Opinion We have audited the financial statements of First Garvagh Congregation of the Presbyterian Church in Ireland for the year ended 31st December 2024, which comprise the Statement of Financial Activities, Balance Sheet. Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice)- Icharities SORP (FRS102)). In our opinion the financial statements: give a true and fair view of the state of the charitys affairs as at 31st December 2024 and of its incoming resources and their application for the period then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008. BasSs for oplnion We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRCS Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relatlng to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast significant doubt on the charivs ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Snformatlon The trustees are responsible for the other information. The other information comprises the information included in the annual report. other than the financial statements and our auditorfs report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent othepwise explicitly stated in our report. we do not express any form of assurance conclusion thereon.
AUDITORS REPORT TO THE TRUSTEES OF FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND (contlnuedj Other information (Continued) In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi55tated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothin8 to report in this regard. Opinions on other matters In our opinion, based on the work undertaken in the course of the audit: the information given in the Trustees. Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and the Trustees. Report has been prepared in accordance with applicable legal requirements. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the charity and its environment obtained In the course of the audit, we have not identified material misstatements in the trustees. report. We have nothing to report in respect of the following matters in relation to which the Charities Act (Northern Ireland) 2008 requires US to report to you if, in our opinion: accounting records have not been kept by the Trust. or returns adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting records and return5: or certain disclosures of trustees, remuneration specified by law are not made: or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustee5' responsibilities statement, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern. disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Other matter In the prior year the Chariws gross income had not exceeded the audit threshold, and 50 was subject to an independent examination as opposed to a statutory audit. We did not detect any mi5Statements in the opening balances which could materially affect the current period's financial statements.
AUDITORS REPORT TO THE TRUSTEES OF FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND (continued) Auditorfs responslbilities for the audit of the financial 5tstements (contlnued) Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with ISAS {UK). we exercise professional judgement and maintain professional scepticlsm throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion on the effectiveness of the internal control. Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities including fraud is detailed below: We identified the laws and regulations applicable to the charity through discussions with trustees and key personnel. and from our own knowledge and experience of the charitable sector. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including the Charities Act (Northern Ireland) 2008 and taxation legislation, while also giving consideration to data protection regulations, employment law and health and safety legislation. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable and regulations and the team remained alert to the p055ibility of fraud and non-compliance throughout the audit. We assessed the susceptibility of the charitvs financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We did so through discussions With management as to their assessment of areas where fraud or non- compliance might occur, as well as considering the internal controls in place to rnitigate risks of fraud and non-compliance. In order to ascertain the extent of compliance with the laws and regulatlons, we made enquiries of management as to whether there was any actual or potential litigation, we reviewed legal correspondence, we inspetted tax correspondence and we performed analytical procedures to identify any unusual or unexpected activity. A further description of our responsibilities is available on the Financial Reporting Council's website at www.frc.or auditorsres onsibilities. This description forms part of our auditorfs report.
AUDITORS REPORT TO THE TRUSTEES OF FIRST GARVAGH PRESBYtERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND {continuedJ Use of our report This report is made solely to the charivs members, as a body. Our audit work has been undertaken so that we might state to the Charl5 members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charitvs members as a body, for our audit work. for this report, or for the opinions we have formed. Peter Stevenson Senlor Statutory Auditor For and on behalf of: Stevenson & Wilson, Statutory Auditor 22- 30 Broadway Avenue Ballymena BT43 7AA March 2025
FIRST GARVAGH PRESBYfERIAN CHURCH89 A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL ACTIVITY For the year ended 31 December 2024 Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investments Other 118,900 530,503 50 649,403 50 224,806 200 8,610 367 49,590 3,826 58,2(X) 4,193 29,347 3,600 Total 127.877 583,969 711,846 257.953 Expendlture on: Raising funds Charitable activities Other 847 158,187 815 181,870 7,369 120,399 37.788 Total 121,246 37.788 159,034 190.054 Net gain/ {10sses) on investments 10 35 16,255 16,290 8,806 Net Income{deficlt) 6.631 546,216 16,255 569,102 76,705 Transfers between funds Gains/{losses) on revaluation of fixed assets 33,000 33,000 Net movement in funds Reconciliation of funds". Total funds brought forward 6,631 579,216 16,255 602.102 76,705 167.249 1.546,019 92.546 1.805,814 1,729,109 Totsl funds carried forward 173.880 2.125,235 108,801 2.407,916 1,805,814
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND BALANCE SHEET As at 31 December 2024 Flxed assets: Tangible assets Investments 13 14 752.225 170,782 752,225 279,583 235,000 230,293 108,801 Total red assets 923,007 108,801 1.031,808 465,293 Current assets Debtors Current Investments Cash at bank and in hand 15 17,212 31,153 48.365 27,538 16 159.497 1.226.075 0 1,385.572 1,314,050 Total current assets 176,709 1,257.228 0 1,433,937 1.341,588 Liabilities Creditors: Amounts falling due within one year 17 2,829 5,OCMJ 7.829 1,067 Net current assets 173.880 1,252,228 0 1.426,108 1,340,521 Total assets less current liabilities 173,880 2,175,235 108,801 2.457,916 1,805,814 Creditors: Amounts falling due after more than one year Provisions for liabilities 18 50.OCX) 50.000 Total net assets 173,880 2.125,235 108,801 2,407,916 1,805,814
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND BALANCE SHEEf {CONfD) As at 31 December 2024 Funds of the Charity Endowments funds Restricted income funds Unrestricted funds 21 21 21 108,801 108,801 92,546 0 2,125,235 1,546,019 173,880 167,249 0 2.125,235 173,880 Total Charity funds 173,880 2.125,235 108,801 2,407,916 1,805,814 Approved by the Kirk Session at a meeting on 2025 signed on its behalf by: Rev. M. Donald Mr. A. Galb aith Date: 2025 Date: 2025
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF CASH FLOWS For the year ended 31 December 2024 Note 2024 2023 Net cash flow from operatlng artivitie5 Net income for the period L055es / Igainsl on investments Dividends, interest and rents from investments Depreciation Renovation additions 569.102 (16,290) (58,200) 76,705 {8,806} 129,3471 7,369 {517,225) (20.827) 1,762 Ilncreasel/decrease in debtors Increase in creditors 8,692 137 141.678) 54,750 Net cash flow from investing artivities Dividends. interest and rents from investments 58,200 29,347 Net cash flow from financing attivities Cash receipts from interest free loans 55,000 Change in cash and cash equivalents In the reporting period 71,522 84,097 Cash and cash equivalents As at 1st January 2024 Net cash flow for the year As at 31# December 2024 1.314,050 71,522 1,385,572 1,229,953 84,097 1,314,050 16
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 ACCOUNTING POLICIES BASIS OF FINANCIAL STATEMENTS The financial statements 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 (FRS102} (effective l January 2019). The Charity is a public benefit entity The financial 5tatement5 have been prepared under the historical cost convention except for investment assets, which are shown at market value. The functional and presentational currency is Sterling. 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 was established in the first place. Restricted funds comprise (a) income from endowments which is to be expended only on the restricted purposes intended by the donor and (b) 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 basis. Unrestricted funds are income fund5 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. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAIMrY Estimates and judgments made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the ChariWs accounting policies. Accounting estimates or assumptions which may have a risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial period comprise the following: (o) Morket value of investment property The Trustees review the carrying value of the Charl5 investment property at each reporting date. The property, comprising agricultural land holdings, is subject to valuation adjustments dependlng on current market demand.
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 ACCOUNTING POLICIES (CONfD} GOING CONCERN There are no material uncertainties about the charlS ability to continue. The accounts have been prepared on a going concern basis. INCOMING RESOURCES (i) 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. Incomlng 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. Grants and donations Grants and donations are only included in the SOFA when the congregation ha5 unconditional entitlement to the resource5. Tax reclalms 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. Contractual Income and performance related grants This is only included in the SOFA once the related goods or services have been delivered. (vi) Glfts in kind Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SOFA a5 Incoming resources when recelvable.
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 ACCOUNTING POLICIES (congd) 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. (viii) Volunteer help The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. Investment income This is included in the accounts when receivable. Investment galns 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 UABILITIES LlabilFty recognltion Liabilities are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources. {xii) Analysis of expenditure by activity A separate analysi5 of expenditure on an actlvity basis has not been presented, nor considered necessary, since all expenditure of the charity is committed to the overall functioning of the Church. (xiii) Governance costs These are shown within charitable activities and include the costs of preparation, examination or audit of accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. (xlv) Grants wrth performance conditions 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. (xv) Grants payable without perfomiance conditlons 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.
FIRsf GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 ACCOUNTING POUCIES Iconyd) ASSETS (xvi) Tangible Fixed Assets The Church Building and halls are deemed to be heritage assets as defined by the Charities SORP IFRS102). They are not included on the balance sheet as information on the cost or valuation 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 congregation. The Manse 15 recognised 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 carrying value and the remaining useful life currently exceeds 50 years. Renovations to the Church and hall complex commenced in the year and are due to complete in October 2025. Expenditure to date is included at cost. Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year, and cost at le35t £6.500. They are valued at cost or. if gifted, at the value to the charity on receipt. Depreciation is recorded on all tsngible fixed assets other than freehold land and buildings, at rates calculated to write of the cost, less estimated residual value, of each asset over its expected useful life as follows: Fixtures, fittings and equipment over 10 year5 Computers, software and technical equipment - over 4 years (xvii) Investments and investment property Investments quoted on a recognised stock exchange are valued at market value at the year end. Investment properties comprise agricultural land. The initial recognition was based on the market value at the time of gift. Investment properties are measured at fair value at each reporting date with any changes in fair value recognised in the Statement of Financial Activities. (xvlll) Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 DONATIONS AND LEGACIES Recorded giving: Loose offerings Donations and gifts Gift Aid Legacies and bequest 3,325 99,828 15,747 3,325 599,071 47,007 2,354 191,910 30,542 499,243 31,260 118,900 530.503 649,403 224,806 CHARITABLE ACTIVITIES Income from charitable activities Grave fees 50 200 50 50 200
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 OTHER TRADING AcfiviTIES Letting of premises Trading income INVESTMENT INCOME Deposit interest General investment fund Land rents Other investment income 3,351 481 367 4,411 48,941 549 100 52,292 1,030 467 4,411 24,323 812 1,053 3,159 8,610 49.590 58.200 29,347
FIRST GARVAGH PRESBYtERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 OTHER INCOME Insurance claims Other income 367 3.826 4,193 3,600 367 3,826 4,193 3.600 RAISING FUNDS FWO envelopes 815
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE pRE5BERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 CHARITABLE ACTIVITIES General Assembly assessments Presbytery fees Ministry and 5UPPOrt staff costs Congregational running expenses Donations to missions and charities Governance costs- audit of accounts Governance costs- examinerfs fee 10,626 680 67,231 39,162 10,626 680 67,231 59,739 17,211 2,700 10,188 631 64,290 82,465 23,336 20,577 17,211 2,700 960 120.399 37.788 158,187 181,870 OTHER EXPENDITURE Depreciation 7,369 7,369 io. OTHER EXPENDITURE Fair value gain on investments 35 16,255 16,290 8,806
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 ii. EMPLOYEES The wages and salaries c05t, including the minister of the congregation. during the year was: 2024 2023 Wages and salaries Social security costs Pension contributions 53,838 4,822 8,571 51,641 4,558 8,091 67.231 64,290 Number of Employees The average number of employees. including the minister of the congregation. during the year was: 2024 2023 Average number of full-time employees No No There were no employees in receipt of employee benefits in excess of £60,CM)O.
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 Dernber 2024 12. 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 Pre5berlan 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 Scheme (2009) 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 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 2024 2023 Contributions 8,571 8.091 The congregation does not have any other eligible employees requiring a pension scheme.
FIRST GARVAGH PRESBYTERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 13. TANGIBLE FIXED ASSErs Cost or valuation At start of year Additions Disposals 235,000 29,475 264,475 517,225 517,225 At end of year 517,225 235,000 29,475 781,700 Depreciation At start of year Provision for year Disposals 29,475 29,475 At end of year 29,475 29,475 Net Book Value At start of year 235,tK)O 235,000 At end of year 517,225 235,000 752.225 14. INVESTMENTS Cost or valuatlon At start of year Fair value adjustment on revaluation 41,593 1,967 51,700 14.323 137.000 33,000 230,293 49,290 At end of year 43,560 66.023 170.000 279,583
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 14. INVESTMENTS (contlnued) Unlisted investments comprise a holding in the General Investment Fund of The Presbyterian Church in Ireland. This is a collective investment fund, and is restated to market value at the balance sheet date based on valuations provided by the investment fund managers. Listed investments comprises stocks and gilts held in the London Stock Exchange. These are restated to open market value at each reporting date. Investment property comprises a holding of agricultural land. A portion of this was last revalued in May 2023 by the independent external valuers, Iyconnor. Kennedy Turtle and this valuation ha5 been incorporated into these accounts. The remaining holding is held at cost. In the opinion of Trustees, the fair value of the land has not changed materially Since the date of last valuation/acquisition. 15. DEBTORS 2024 2023 Gift aid Recoverable Prepayments Other Debtors 42,212 5,785 368 23,835 3,703 48,365 27,538 16. CASH AT BANKAND IN HAND 2024 2023 Ulster Bank current accounts Ulster Bank deposit accounts Cash in hand 86,599 86,433 1.298,470 1,227,299 503 318 1,385,572 1,314,050
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 17. CREDITORS: amounts falling due withln one year 2024 2023 Auditors fee Examiners fee Other creditors Interest free loans 2,700 960 107 129 5.000 7.829 1,067 18. CREDITORS: amounts falling due after more than one year 2024 2023 Interest free loans 50.0(X) 19. ANALY515 OF NEf CASH Balance Cash flows at start Balance At end Cash at bank Loans falling due within one year Loans falling due after more than one year 1,314,050 71,522 1,385,572 (5.000) (5,000) (50,000} (50,000) 1,314,050 16,522 1,330,572 20. FINANCIAL INSTRUMENTS 2024 2023 Flnancial assets Financial assets measured at fair value 109.583 93.293
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRE5BERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 21. FUND BALANCES AND RECONCILIATION OF FUNDS Balance at start Gains Losses Balance At end Income Ex enditure Transfer Unrestrltted Funds General Fund 167.249 127,877 121,246 173,880 Restricted Funds Renovation Fund Session fund Building & Repair Fund Manse garage fund 1,122,805 545,300 3.059 95 17,546 8,029 20.931 1,250 i.iio 2,819 2.254 964 2,315 836 2,346 4.025 253 4,195 88 1,491 997 8,175 102 63 12 {517,225) 1,150,880 3,154 18,336 19,931 1,345 2,576 2,409 1,886 458 1,043 947 7,239 2,250 2,584 642 777 4.485 3.990 536 8,225 165 12 322 90 188 5onseekers & CY Bowling Club Girls Brigade Time for You Youth Connect United Appeal European M F Faith in Action-ukraine Leprosy Mission Mission Africa Open Doors Smiles Foundation Presbyterian Childrens Society World Development UFM Royal British Legion 35 319 45 90 63 125 1,215 2,559 893 769 1.215 2,559 893 769 Land Manse Renovations Fixtures & fittings 137,000 235.IXJO 33,tK)O 170,000 235,000 517,225 517.225 1,546,019 583.969 37.788 33,035 0 2,125,235 Endowments Legacies and Bequests 92,546 16,255 108,801 TOTAL 1,805.814 711,846 159,034 49,290 0 2,407,916
FIRST GARVAGH PRESBYfERIAN CHURCH A CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 December 2024 22. RELATED PARTY TrANSACTIONS One of the Trustees, Rev. M Donald, the minister of the congregation, received remuneration of £35,710 and expenses of £7,036 for acting in that capacity. Pension contributions of £8,570 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme {2009). The remuneration for the minister is independently determined by the Presbyterian Church in Ireland. None of the other trustees received any remuneration 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. £10,626 for congregational assessments £8,225 towards the United Appeal The congregation contributed £680 towards Presbytery Assessments during the year. There were no other related party transactions that require disclosure. 23. COMMITMENTS The Charity had capital commitments at the balance sheet date amounting to £1,732,775 {2023 £Nil).