an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND Trustees Annual Report and Financial Statements for the year ended 31st December 2023 Registered with the Charity Commission for Northern Ireland NIC105343
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND TRUSTEES ANNUAL REPORT The Trustees present their Annual Report and Financial Statements for the year ended 31st December 2023, including a Balance Sheet as at that date. REFERENCE AND ADMINISTRATIVE DETAILS First Broughshane Congregation of the Presbyterian Church in Ireland. Address: Main Street, Broughshane, Co Antrim, BT42 4JW. Registered Charity in Northern Ireland - NIC105343. CHARITY TRUSTEES The Charity Trustees who senied during the year or who were trustees at the date of this report were: Rev Ronnie Agnew Mr John Hamilton Mr Tonyjackson Mr John Knox Mr Colin Heron Mr Alan McRobert Mr John Maybin Mr Alan Reid Mr John Anderson Mr Noel Connor Mr Richard Hood Mr George Mcmullan PRINCIPAL OFFICE BEARERS Minister: Clerk of Session: Treasurer: Rev Ronnie Agnew Mr Noel Connor Mr John Anderson
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND TRUSTEES ANNUAL REPORT convd AUDITOR Mr Peter Stevenson F.C.A. Senior Statutory Auditor Stevenson and Wilson Chartered Accountants, Statutory Auditor 22-30 Broadway Avenue, Ballymena. BT43 7AA. BANKERS Danske Bank 1-2 Broadway Avenue, Ballymena. BT43 7PE. SOLICITORS McKervill Neilly l Broadway Avenue, Ballymena. BT43 7AA.
an FIRST BROUGHSHANE CONGREGATION OF THE PREsBERIAN CHURCH IN IRELAND TRUSTEES ANNUAL REPORT cont'd STRUCtURE AND MANAGEMENT The Kirk Session The Charity Trustees of the congregation are the members of its Kirk Session. Under the congregation's governing document, The Code, the book of the constitution and government of the Presbyterian Church in Ireland, the Kirk Session seeks to watch over and promote the spiritual interest of the congregation and of persons not connected with any congregation who are within its bounds. It ensures pastoral care is in place in the congregation and seeks to further the contribution of the Church to Christian witness and service in the local community. The Kirk Session has delegated to its Congregational Committee the temporal affairs of the congregation, including administering all funds and property belonging to the congregation. Members of the Kirk Session are ex-officio members of the Congregational Committee. The Kirk Session consists of the ordained minister and the ruling elders of the congregation. All members are entitled to propose, speak and exercise equal votes at meetings, except that the Moderator, the minister in active duty in the congregation, has no deliberative but only a casting vote. Stated meetings of the Kirk session are held several times each year as required. To be chosen for the office of the eldership in the congregation a person must be a voting member and a regular attendant at its ordinances. The selection of those proposed to be called to the office can be either by the congregation or by the Kirk Session. Members are elected if they obtain two-thirds of those who vote. Presbytery Under the Presbyterian Church in Ireland Form of Governance, the corporate oversight of a congregation is the responsibility of a Presbytery which superintends generally the spiritual and temporal affairs of the congregations a55igned to it by the General Assembly of the Presbyterian Church in Ireland. First Broughshane Presbyterian Church ha5 been assigned to the Ballymena Presbytery of the Presbyterian Church in Ireland. The membership of the Presbytery consists mainly of the active ministers of congregations assigned to it by the General Assembly, minsters who have retired from active duty and an elder appointed by the Kirk Session of each congregation. 31 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBERIAN CHURCH IN IRELAND TRUSTEES ANNUAL REPORT cont'd The General Assembly The General Assembly is the supremecourtof the Church, representing in one bodythe whole Church and acting as its supreme legislative, administration and judicial authority, in dealing with all matters brought before it. The General Assembly is normally constituted during the firstweek in June forworship and to conduct its business. At the end of business, it is normally dissolved. The membership of the General Assembly consists mainly of the active minister of each congregation, retired ministers and a representative elder appointed by the Kirk Session of each congregation. DESCRIPTION AND PURPOSE The charitable purpose of the congregation is the advancement of religion. First Broughshane congregation of the Presbyterian Church is a congregation of the Presbyterian Church in Ireland. The Presbyterian Church in Ireland, as a Reformed Church within the wider body of Christ, is grounded in the Scriptures, and exists to love and honour God through faith in His Son and by the power of His Spirit, and to enable its members to play their part in fulfilling God's mission to our world. The congregation's mission purpose isto be a local community of God's people, who "by grace of God" aims to help people of all ages come to know Jesus Christ as their Lord and Saviour and become His disciples. Our vision isto be a welcoming community of Christ's people of all ages, which: Is characterised by love for God, and love and concern for others. Is committed to the historic Christian gospel as revealed in the Bible. Is relevant to people of this time and place. The congregation aims to live out its Mission and Vision of God's people by being: A Covenant Community where our relationships are rooted in the promises of God by living faithfullytoward Him and toward one another. An Intergenerational Community where adults intentionally take the lead to engage with, encourage and nurture younger members to maturity in Christ. An Outward looking Community where we want to share the life changing Good News of Jesus and extend His love to others beyond the bounds of our Community.
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND TRUSTEES ANNUAL REPORT cont'd As a congregation of the Presbyterian Church in Ireland. we believe that the bible is the supreme authority over all we do, and that the Westminster Confession of Faith, along with the Larger and Shorter Catechisms set out what we understand the Bible teaches on key matters of Christian faith and practice. ACTIVITIES AND OBJECTIVES The congregation, along with any visitors. meets for worship every Sunday and thi5 activity is central to the life of the congregation. The congregation desires that its Sunday worship would be a place where everyone is made welcome and is relevant to all ages. The Sacrament of the Lord's Supper is obsen4ed at least twice during the year. All those who have been baptised and who have made a profession of faith in the Lord Jesus Christ are admitted to the Lord's Supper. There were four new members admitted to the Lord's Supper in 2023. Baptisms are administered to children of believing parents and adults upon profession of faith. There we no baptisms in 2023. Weekly prayer meeting5 are held on Sunday mornings before the service and on Wednesday evenings. Organisations: The congregation has a busy programme of activities with a wide range of organisations including: Sunday School and Bible Class Connect Youth Fellowship Gir15 Brigade Bowling Cub Schools and Colleges Prayer Group Presbyterian Women Men Alive Tuesday Fellowship Wednesday Friends Missions Committee Small Groups for Bible Study and prayer Alternative Praise Band
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND TRUSTEES ANNUAL REPORT conyd ACHIEVEMENTS AND PERFORMANCE Worship and prayer The congregation meets for worship each sunday at 11.30 am, and on the second and fourth Sunday evenings at 6.30pm. Attendance at morning worship is approximately 200 each week, and 60 to 70 in the evening. During the week the Weekly Prayer meeting provides an opportunity for members to meet together and unite in prayer for the church and the wider community. We broadcast services each Sunday morning on Facebook, YouTube and Church website via our Livestream facility. DVD and CD recordings were also made available for anyone who did not have access to online facilitie5. At 31 December 2023 there were 180 communicant members and 211 families connected with the congregation. Pastoral care Members of the congregation who are unable to attend church due to sickness or age are visited by the minister, deaconess, elders or other congregational rnembers. Mission and Outreach All of the activities referred to earlier are open to people who are not members of the congregation. The congregation also supports the United Appeal for Mission, which is a central fund of the Presbyterian Church in Ireland. This fund enables congregations to support the wider mi55ion of the denomination and to do mission and outreach on a denominational basis beyond what the congregation could do on its own. The United Appeal Fund provides financial support for mission personnel at home and overseas, assists congregations with the deployment of locally based staff, enables church planting, provides grant SUPPOrt for the upkeep of church premises, assists with the running Costs of Union Theological College, the Church's training college for ministry student5, and financially supports congregations in the area5 of worship, discipleship, global mission, outreach, leadership and pastoral care. We also operate an envelope scheme administered by our Mission Committee which allocates the proceeds to other mission partners. During the year £700 was paid to other mission partners.
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND TRUSTEES ANNUAL REPORT cont'd Mission and Outreach (convd) The congregation normally joins with other churches in Broughshane village for Easter, Harvest and Christmas services, and on other occasions throughout the year. Presbytery The congregation was represented at the regular meetings of Presbytery by our minister and one of the representative elders. This provides an important link between the congregation and the wider structures of the church. General Assembly The minister and one of our elders are normally nominated to attend the meeting of the General Assembly of the Presbyterian in Ireland which is held in Assembly Buildings, Belfast which took place in June this year. Property- New Hall Project The builders, Martin and Hamilton, moved on site early in 2023, and the building project is progressing with the hope it will be completed before the summer of 2024. We are incredibly grateful to Second Broughshane Presbyterian, St Patrick's Church of Ireland and the Community Association for all their help with alternative accommodation durin8 the building project. Volunteers The Trustees wish to acknowledge their deep appreciation of those who give freely of their time by serving on committees and helping with organisations and other church attivities.
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND TRUSTEES ANNUAL REPORT convd PUBLIC BENEFIT STATEMENT The Presbyterian Church in Ireland meets the public benefit requirement by providing benefit to its members and the general public, by making known the Christian Gospel of the Lord Jesus Christ through the advancement of religion. The direct benefits which flow from the purposes of the Church include the gaining of an understanding in Christian beliefs, as set out in the Bible, and in the Church's subordinate standards (the Westminster Confession of Faith and the Shorter and Larger Catechisms), leading to spiritual and moral development and opportunities for response to Bible teaching. In turn, this framework leads to practical expressions of Christian beliefs and standards in the local community, such as through the care of those in need (including the sick, disabled and bereaved). Generally, the above benefits are delivered locally by congregations and their members, or are facilitated through presbyteries, or are organised and delivered centrally. Local delivery 15 facilitated by centra5 resources in almost all cases. Public access is made known through the use of noticeboards, printed material, press advertisement, websites, and social media or in other ways. The benefits are demonstrated through regular evaluation of the services and informal and ad-hoc feedback frorn members, their families, and members of the public. The purpose does not lead to harm. The only private benefst flowing from our purpose is related to Ministers, Missionaries, Deaconesses, Irish Mission workers and Lay Agents who receive benefits as a result of their holding office or employment. However, this is incidental and necessary in order to further our charitable purpose. There are no other private benefits. The beneficiaries of this purpose are members, their families, other individuals that the Presbyterian Church in Ireland is in direct and indirect contact with, the community in which pastoral services are provided and other communities throughout Northern Ireland, the Republic of Ireland, and worldwide which benefit from our engagement with and support for both Christian and other secular organisations, charities and individual members of the public. The Kirk Session has had regard to the Commission's Public benefit requirement statutory guidance. 81 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PREsBERIAN CHURCH IN IRELAND TRUSTEES ANNUAL REPORT cont'd FINANCIAL REVIEW These financial statements consolidate the income and expenditure for the General account and the other activities of the church organisations. The congregation's main source of income is members, contributions through the weekly Free Will Offering. There were 211 contributing families during the year {219 in 2022) donating a total of £111,364 {£103,089 in 2022}to the General account. In addition tothisthere was also £273,153 donated to Building account (£150,687 in 2022). The Church's overall income for 2023 was £780,683 (£360,085 in 2022). The main reasons for this substantial increase were the increased donations and grants received towards the ongoing new hall project. Expenditure increased from £148,157 in 2022 to £167,462 in 2023. The major item of expenditure are costs in relation to ministry and support Staff totalling £77,202 {£74,913 in 2022. During the year donations to Missions and Charities of £12,982 were made (£22,702 in 2022). At 31 December 2023 the balance sheet is in a healthy position with net assets of £2,599,741 {£1,981,557 in 2022). TRUSTEES, RESPONSIBILITIES IN RESPECT OF THE FINANCIAL STATEMENTS The Trustees are responsible for preparing the annual report and the financial statements of the congregation in accordance with applicable law and 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; and make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the 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 congregation's transactions and disclose with reasonable accuracy at any time its financial position and enable them to ensure that the financial statements comply with the Statement of Recommended Practice "Accounting and Reporting by Charities". 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.
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND TRUSTEES ANNUAL REPORT convd GOING CONCERN The activities of the congregation are dependent on on-going contributions from its members. The Trustees are of the opinion that the congregation has sufficient resources at the date of approval of these financial statementsto 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 on-going basis, the congregation's current activities and other financial commitments. RESERVES POLICY The Trustees have considered the level of unrestricted reserves that it is appropriate to hold, taking account of current and ongoing commitments. It is the aim of the Trustees to hold unrestricted reserves equating to at least six months normal expenditure. At the year-end unrestricted reserves were £192,651 which is well in keeping with this policy. The Trustees consider it prudent to hold reserves at this level as the funding of its current activities IS dependent on the ongoing financial support of its members. RISK REVIEW A review of major risks has been undertaken by the Trustee5 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 on-going 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 30th May 2024 and signed on its behalf by: Rev, Ronnie Agne Mr. Noel Connor Position: Minister Position: Clerk of Session 101 Page
an INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND Opinion We have audited the financial statements of First Broughshane Presbyterian Church for the year ended 31st December 2023 which comprise the Statement of Finance Activities, Statement of Financial Position, 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) - (Charities SORP {FRS102)). In our opinion, the financial statements: give a true and fair view of the state of the charit¢s affairs as at 31st December 2023 and of its incoming resources and their application for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Charities Act (Northern Ireland) 2008. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's 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 FRC'S 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 basis for our opinion. Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which the ISAS (UK) require us to report to you where: the trustees, use of the going concern basi5 of accounting in the preparation of the financial statements is not appropriate; or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about charitvs ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. IIIPage
Presbyter an INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND (cont'd) Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report, otherthan thefinancial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any form of assurance conclusion thereon. 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 misstated. 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 nothing 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 year 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 whlch we are required 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 charity, 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 record5 and returns. or certain disc105ures of trustees, remuneration specified by law are not made; or we have not received all the information and explanation5 we require for our audit. 121Page
an INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND {cont'd) Responsibilities of trustees As explained more fully in the trustees, responsibilitie5 Statement set out on page 9, 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 charit¢s ability to continue as a going concern, disclosin& as applicable, matters related to going concern and using the going concern basis of accounting unless the trustee either intends to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's 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. 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: 131Page
an INDEPENDENT AUDITORS REPORT TO THE TRUSTEES OF FIRST BROUGHSHANE CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND (cont'd) Auditorfs responsibilities for the audit of the financial statements (convd) We identified the laws and regulations applicable to the charity through discussions with directors 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 orthe operations of the charity, includingthe CharitiesAct and related legislation, while alsogivingconsideration to data protection regulations and the safeguarding of charitable funds. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilitie5 and skills to identify or recognise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit. We assessed the susceptibility of the charity's 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 mitigate risks of fraud and non-compliance. In order to ascertain the extent of compliance with the laws and regulations, we made enquiries of management as to whether there wa5 any actual or potential litigation, we reviewed legal correspondence, we inspected board minutes 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.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Stevenson and Wilson is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. Peter Steven50n Senior Statutory Auditor For and on behalf of: Stevenson and WiSson Chartered Accountants, Statutory Auditor 22-30 Broadway Avenue, Ballymena. BT43 7AA. th Date: 30 May 2024 141 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL AcfiviTY FOR THE YEAR ENDED 31- DECEMBER 2023 Unrestricted Funds Restrirted Funds Total Funds 2023 Total Funds 2022 Notes Income from: Donations and legacies Charitable activities Other trading activities Investments Other income 127,004 375,335 5,881 502,339 5,881 331,372 3,068 16,130 6,486 241,545 16,130 6,863 249,470 2,902 5,581 17,162 377 7,925 Total income and endowments 135,306 645,377 780,683 360,085 Expenditure on: Cost of raising funds Expenditure on charitable activities Other expenditure 1,506 3.600 5,106 5,587 112.731 48,190 1,435 160,921 1,435 139,159 3,411 Total expenditure 114,237 53,225 167,462 148,157 Net income 21,069 592.152 613,221 211,928 Transfers between funds 10 Revaluation of fixed assets Revaluation / recognition of PCI and NICIFC share5 {3.152) 3.152 470,000 14 13 4.950 4,963 85,491 Net movement in funds Reconciliation of funds: Total funds brought forward 17.930 600.254 618, 184 767,419 174,721 1,806,836 1,981,557 1,214,138 Total funds carried fonmard 192,651 2.407.090 2,599,741 1,981,557 151 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PREsBERIAN CHURCH IN IRELAND BALANCE SHEET AS AT 31 DECEMBER 2023 Unrestricted Funds Restricted Funds Total Funds 2023 Total Funds 2022 Notes Fixed assets Tangible fixed assets Investments 13 14 71,192 147 2.135.100 90,307 2.206,292 90,454 915,344 85,491 Total fixed assets 71,339 2,225,407 2,296,746 1,000,835 Current assets Debtors and prepayments Cash at bank and in hand 15 10,815 135,078 145,893 65,330 16 118.552 515.191 633.743 1,049,731 Total current assets 129,367 650,269 779,636 1,115,061 Current liablllties Creditors due within one year 17 8,055 468,586 476,641 134,339 Total current liabilities 8,055 468,586 476,641 134,339 Net current a55et5 121,312 181,683 302,995 980,722 Total net assets 192.651 2.407.090 2.599,741 1,981,557 161 Page
an FIRST BROUGHSHANE CONGREGATION OF THE pREsBER1AN CHURCH IN IRELAND BALANCE SHE AS AT 31 DECEMBER 2023 Unrestricted Funds Restricted Funds Total Funds 2023 Total Funds 2022 Notes Funds of the charity Unrestricted funds Restricted funds 18 18 192,651 192,651 2,407,090 174,721 1,806,836 2.407,090 Total charlty funds 192,651 2,407,090 2,599,741 1,981,557 Approved by the Kirk Session at a meeting on 30th May 2024 and signed on its behalf by: Rev. Ronnie Ag Mr. Noel Connor Position: Minister Position: Clerk of Session 171 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND CASH FLOW STATEMENT FOR THE YEAR ENDED 31- DECEMBER 2023 Total Funds 2023 Total Funds 2022 Cash flow from operating activities Net incoming resources before interest received Depreciation / loss on disposal Revaluation of tangible fixed assets and investments {Increase)/decrease in debtors Increase in creditors 611.321 19,227 (4,963) (80,563) 342,302 761,838 1,462 (555,4911 18,737 79,367 Net cash inflow from Incomlng resources 887,324 305,913 Return on investments and servicing of finance Interest received 6,863 5,581 894,187 311,494 Capltal expendlture Purchase of tangible fixed assets (1.310,1751 (179,872) Net {decrease)/increase in cash for the year (415.988) 131,622 Cash and cash equivalents at the beginning of the year 1.049,731 918,109 Cash and cash equlvalents at the end of the year 633,743 1,049,731 181 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PREsBERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31- DECEMBER 2023 ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: 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 IFRS 102) - (Charities SORP (FRS 102)). The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the congregation is responsible in law. They do not include the accounts of church groups that owe their afriliation to another body, nor those that are informal gatherings of church members. The church meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transaction value unless Otherwise stated in the relevant accounting policy note. PREPARATION OF ACCOUNTS ON A GOING CONCERN BASIS The Church generally meets its day-to-day workings capital requirements from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the incoming year and based on these are satisfied that the Church has resources to provide a reasonable expectation that it can continue to meet its financial obligations as they fall due for the foreseeable future. Therefore, these financial statements have been prepared on a going concern basis. FUND ACCOUNTING Restricted funds comprise 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 funds which are to be spent on the congregation's general purposes. Designated funds are general funds set aside by the congregation for use in the future. 191 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (cont'd) ACCOUNTING POLICIES (convd) INCOMING RESOURCES (l) Recognition of incoming resources These are included in the Statement of Financial Activities {SoFA) when: the congregation becomes entitled to the resources; the trustees are virtually certain they will receive the resources. and the monetary value can be measured with sufficient reliability. (li) Incoming resources with related expenditure Where incoming resources have related expenditure {as with fundraising income) the incoming resources and related expenditure are reported gross in the SOFA. (iii) Grants and donations Grants and donations are only included in the SOFA when the congregation has unconditional entitlement to the resources. (iv) Tax reclaims on donations and gifts Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. (v) Contractual income and performance related grants This is only included in the SOFA once the related goods or seniices have been delivered. (vi) Gifts 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 use bythe charity are included in the SOFA as incoming resources when receivable. (vii) 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. 201 Page
an FIRST BROUGHSHANE CONGREGATION OF THE pRE5BERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (convd) ACCOUNTING POLICIES (convd) (ix) Investment income This is included in the accounts when receivable. (x) Investment gains and losses This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year. EXPENDITURE AND LIABILITIES (xi) Liability recognitlon Liabilities are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources. (xil) Governance costs These are shown within charitable activities and include the costs of preparation and examination of accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. {xiii) Grants payable wlthout performance conditions These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. ASSETS/(LIABILITIESI Tangible Fixed Assets The assets of the Church comprise: Church buildin& stores and contents at Main Street, Broughshane Church hall building and contents at Main Street, Broughshane Manse at 111 Raceview Road, Broughshane Agricultural land adjacent to 111 Raceview Road, Broughshane 211Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (cont'd) ACCOUNTING POLICIES {cont'd) Tangible Fixed Assets {conVd) Tangible fixed assets for use by the church are capitalised if they can be used for more than one year, and cost at least £2,500. The Trustees have agreed that any fixed asset addition with a value of less than £2,500 does not need to be shown as an asset and will simply be written off as expenditure in the year of purchase. The church and hall buildings, stores and contents are valued at cost or current market value, or if gifted, at the value to the church on receipt. The manse and agricultural land are valued at current market value. This will be reviewed on an annual basis by the Trustees. Depreciation is recorded on all tangible fixed assets other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected Useful life as follows: Church and church hall buildings Fixtures, fittings and equipment Computers, software and technical equipment 2% straight line 20% straight line 20% straight line Tangible fixed assets are de-recognised on disposal or when no future economic benefits are expected. On disposal, the difference between the disposal proceeds and the carrying amount is recognised in the statement of financial activities. All capital expenditure associated with the new hall project will be capitalised, with depreciation charged from the date it is available for use by the church members. Investments Investments are included in the balance sheet at their market value at the year end. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held and other 5hort-term highly liquid investments with maturities of three months or less. Financial instruments The Church only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basis financial instruments are initially recognised at transaction price and Subsequently measured at their settlement value. 221 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS {cont'd) DONATIONS AND LEGACIES Unrestricted Funds Restricted Total Funds Funds 2023 Total Funds 2022 Recorded giving: Donations and gifts Loose collections Gift Aid 112,257 3.201 11,546 308.739 420,996 3,201 78,142 286,322 969 44,081 66,596 127,004 375.335 502,339 331,372 CHARITABLE ACTIVITIES Unrestricted Funds Restrlrted Total Funds Funds 2023 Total Funds 2022 Income from charitable activities Membership fees Organisation grant income 699 1,311 3,871 699 1,311 3.871 800 2,268 5,881 5.881 3,068 OTHER TRADING ACTIVITIES Unrestrirted Fund5 Restricted Total Funds Funds 2023 Total Funds 2022 Fundraising events Function income Sale of hoodies 16.130 16.130 495 1,496 911 16.130 16.130 2,902 231 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (convd) INVESTMENTS Unrestrirted Funds Restrirted Total Funds Funds 2023 Total Funds 2022 Deposit interest PCI General investment fund Nl Central Investment Fund for Charities 374 3,848 4.222 2,880 2,638 2,638 2,698 377 6,486 6,863 5,581 OTHER INCOME Unrestricted Funds Restricted Total Funds Funds 2023 Total Funds 2022 NIE wayleave Use of hall PCI support Sundry income Conacre income Bequest receipts Contribution towards utility C05tS Building project grant income 30 30 27 1,280 2,922 312 1,000 895 250 1,100 1.500 1,145 1,100 4,500 3,000 4.000 4.000 238,695 238,695 11,621 7,925 241,545 249,470 17,162 241 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (conyd) COST OF RAISING FUNDS Unrestrirted Funds Restricted Total Funds Fund5 2023 Total Funds 2022 FWO envelopes Events and catering 1,466 40 1.466 3.640 1,466 4,121 3,600 1,506 3.600 5,106 5,587 EXPENDITURE ON CHARITABLE ACTIVITIES Unrestricted Funds Restricted Total Funds Funds 2023 Total Funds 2022 Ministry and support staff costs General assessments Utilities Congregational runnin8 expenses Governance costs Stationery and teaching materials Presbytery fees Depreciation charge / loss on disposal Donations to missions and charities 77,202 13,239 11,024 1,100 1,596 6.839 78,302 14,835 17,863 74,913 14,603 14,006 2.852 5,497 5.069 363 7.921 5,860 5,369 2,375 2,365 552 1.014 3.379 552 3,091 638 19.227 19,227 1,462 12,982 12,982 22,702 112,731 48,190 160,921 139,159 251 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (cont'd) OTHER EXPENDITURE Unrestrirted Funds Restricted Total Funds Funds 2023 Total Funds 2022 Repairs and maintenance 1.435 1,435 3,411 1,435 1,435 3,411 10. TRANSFERS BETWEEN FUNDS Unrestricted funds are spent or applied at the discretion of the trustees to further any of the charity's purposes. Unrestritted funds may be used to supplement expenditure made from restricted funds. 11. EMPLOYEES Number of Employees The church had no employees during the year (2022: none). The minister and the deaconess of the congregation are employees of the Presbyterian Church in Ireland, which is a separate charity and they have not been reflected in the employee costs and average number of employees above. The congregation pays an assessment to the Presbyterian Church in Ireland for both the rninister and the deaconess. The following amounts were paid during the year: 2023 2022 Minister stipend Deacones5 salary 42,242 12,440 38,796 11,598 54,682 50,394 261 Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS {cont'd) 12. PENSION COSTS The minister and deaconess of the congregation are members of the Presbyterian Church in Ireland Pension Scheme12009). This is a scheme operated by the Presbyterian Church in Ireland, a separate registered charity. The congregation pays an assessment to the Presbyterian Church in Ireland equivalent to the employer's pension contribution for the Scheme and based on the stipend paid to the minister and the salary paid to the deaconess. The Presbyterian Church in Ireland Pension Scheme (2009} is a funded Scheme of the defined benefit type, providing defined benefits based on career average re-valued 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°A 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 total contributions made by the congregation during the year were: 2023 2022 Contributions 11,949 11,063 271 Pa8e
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (cont'd) 13. TANGIBLE FIXED ASSETS Buildings and contents Total Cost / Valuatlon As at 1st January 2023 Additions Disposals 4,115,420 1,320,175 {30,000> 4,115,420 1,320,175 (30,0001 si As at 31 December 2023 5,405,595 5,405,595 Depreciation As at istjanuary 2023 Charge for the year Disposals 3,200,076 2,227 13,000) 3,200,076 2,227 (3,000} A5 at 31st December 2023 3,199,303 3,199,303 Net Book Value as at 319t December 2023 2,206,292 2,206,292 Net Book Value as at 31st December 2022 915,344 915,344 The assets of the Church comprise: Church building, stores and contents at Main Street, Broughshane Church hall building and contents at Main Street, Broughshane Manse at 111 Raceview Road, Broughshane Agricultural land adjacent to 111 Raceview Road, Broughshane 14. INVESTMENTS 2023 2022 PCI General investment fund Nl Central Investment Fund for Charities 147 90,307 134 85,357 Value as at 31" December 2023 90,454 85,491 281page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (cont'd) 15. DEBTORS AND PREPAYMENTS 2023 2022 Gift Aid recoverable Grant receivable Prepayments 9,349 131,332 5.212 50,787 9,963 4,580 145,893 65,330 16. CASH AT BANK AND IN HAND 2023 2022 Bank current accounts Bank deposit accounts Cash in hand 627,372 5,265 1,106 607,684 441,842 205 633,743 1,049,731 17. CREDITORS DUE WITHIN ONE YEAR 2023 2022 Building construction costs due Other creditors and accruals 453,139 23,502 124,759 9,580 476,641 134,339 291Page
an FIRST BROUGH5HANE CONGREGATION OF THE PREsBERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (cont'd) 18. FUND BALANCES AND RECONCILIATION OF FUNDS Fund Balance at start Balance at end Income Costs Revaluation Transfer Unrestricted Funds General account 174,721 135,306 114,237 13 13,152> 192,651 174.721 135.306 114,237 13 (3,152) 192,651 Restricted Funds General account Children'5 and Youth Ministry account Property and Repairs account 11,196 11,196 4,873 4,873 563,363 17,120 25,185 {24,253) 531,045 New Hall Building account 1,124,497 9,693 497 119 4,414 745 129 94,370 599,722 3,969 280 3,582 745 68 27,560 1,748,197 795 13,712 (300} 409 119 5,006 345 129 99,181 Missionary account Bowling Club account Church Choir account Girls Brigade account PW account Shining Star account Sunday School account Tuesday Fellowship account 3,864 2,556 3,272 2,206 {750) 3,398 3,537 4,950 2,545 2,727 2,977 100 2,395 Wednesday Friends account 1,591 545 457 1,679 1.806,836 645.377 53,225 4,950 3.152 2,407,090 OVERALL TOTALS 1,981,557 780.683 167,462 4,963 2,599,741 30IPage
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (cont'd) 18. FUND BALANCES AND RECONCILIATION OF FUNDS (cont'd) Analysis of closing funds Unrestricted Funds Restricted Total Funds Funds 2023 Total Funds 2022 Fixed assets Current assets Current liabilities 71,339 129,367 (8,055) 2,225,407 650,269 (468,586) 2.296,746 779,636 {476,641) 1,000,835 1,115,061 (134,3391 Total funds 192,651 2,407,090 2,599,741 1,981,557 19. RELATED PARTYTRANSACTIONS Rev. Ronnie Agnew is a trustee of the church. In his capacity as the minister of the congregation he received remuneration of £38,162, an expenses allowance of £6,701 and a cost-of-living payment of £500. Pension contributions of £9,159 were also paid by the congregation in respect of him to the Presbyterian Church in Ireland Pension Scheme12009). Employer's NIC of £5,005 was paid to the Presbyterian Church in Ireland for the minister. None of the other trustees received any remuneration nor were any of them re-imbursed during the year for expenses they incurred in connection with their duties. A trustee paid conacre of £1,100 during the year for the renting of agricultural land belonging to the church. Expenditure in the Statement of Financial Activity includes the following amounts to Funds of the General Assembly of the Presbyterian Church in Ireland, a separate charity: Assessments United Appeal 13,239 7,737 The congregation contributed £552 towards Presbytery Assessments during the year. There were no other related party transactions. 311Page
an FIRST BROUGHSHANE CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (conyd) 20. CAPITAL COMMITMENTS st At 31 December 2023 the Church had capital commitments of £1.2 million in relation to the on-going building works for the new hall project, which have not been provided for in the st accounts (31 December 2022: £2.2 million). These commitments will be met by funds currently held in bank accounts, by a bank loan, by interest free loans from church member5, by grants from the Listed Places of Worship scheme (towards the VAT incurred on the building works), by future donations and fundraisin8 activities and by Gift Aid reclaimable. 321 Page