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 Charl￿5 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 r￿ed 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 Charl￿5 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 charl￿S 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 pRE5B￿ERIAN 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 De￿rnber 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 Pre5b￿erlan 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 PRE5B￿ERIAN 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).