Main Street Garvagh Presbyterian Church a congregation of the Presbyterian Church in Ireland Financial Statements for the year ended 31 December 2023 Registered wlth the Charlty Commlsslon for Northern Ireland NIC105347
Presbyter an STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2023 511 11 li Income and Endowrnents from: Grants received Donations and legacies Charitable artivitles Other trading activltles Investments Other 999 54,744 999 148,797 184 94,053 162,813 40- 1,150 5,937 3,059 20,091 4,209 26,028 1,176 6,394 Total 101,140 79,076 180,216 170,783 Expendlture on: Raising funds Charitable activities 62,710 87,615 150,325 82,647 Total 62,710 87,615 150,325 82,647 Net Income / (expendlture) Transfers between funds Gains/(losses on revaluation of fixed assets 38,430 (770) {8,539) 770 29,891 88,136 Net movement In funds Reconciliation of funds: Total funds brought forward 37,660 86,728 (7,769) 3,703,684 29,891 88,136 3,790,412 3,702,276 Total funds carrled forward 124,388 3,695,915 3,820,303 3,790,412
an STATEMEwf OF FINANCIAL AcfiviTY for the year ended 31 December 2022 li li li li 2- Income and Endowments from: Donations and legacies Charitable activities Other tradlng activities Investments Other 91,141 71,672 400 162,813 400 191,368 102 1,079 3,889 97 2,505 1,176 6,394 1,185 5,707 Total 96,109 74,674 170,783 198,362 Expendlture on: Raisin8 funds Charitable activities 53,619 29,028 82,647 106,784 Total 53,619 29,028 82,647 106,784 Net Income / (expendlture) Transfers between funds Gains/{losses on revaluation of fixed assets 42,490 90 45,646 (90) 88,136 91,578 Net movement In funds Reconciliation of funds: Total funds brought forward 42,580 44,148 45.556 3,658,128 88.136 91,578 3,702,276 3,610,698 Total funds carrled forward 86,728 3,703,684 3,790,412 3,702,276
Presbyter an BALANCE SHEEr A5 at 31 December 2023 Flxed asset5: Tanglble assets 3,584,011 3,584,011 3,584,011 Total flxed assets 3,584,011 3,584,011 3,584,011 Current assets Current Investments 10 32,046 79,858 32,021 32,021 Cash at bank and in hand 11 124,388 204,246 174,379 Total current assets 124,388 111,904 236,292 206,400 Less current Ilabllltles Loan Total net assets or Ilabllltles 124.388 3,695,915 3,820,303 3,790,411
an BALANCE SHEEf (Contlnued) As at 31 December 2023 Funds of the tharlty Flxed assets 12 3,584,011 3,584,011 3,584,011 Restrlcted Income funds 12 111,904 111,904 119,672 Unrestricted funds 12 124,388 124,388 86,728 Total charlty funds 124,388 3,695,915 3,820,303 3,790,411 Approved by the Kirk Session at a meeting on and signed on its behalf by; Mr Alan Farlow Clerk of Sesslon Mr Ivan Wrl8ht Treasurer
an NOTESTOTHE ACCOUNTS 31 December 2023 ACCOUNTING POLICIES BASIS OF FINANCIAL sTATEMEr$ The financial statements have been prepared in accordance with Accounting and Reporting by Charltles: Statement of Recommended Practlce appllcable to charltles preparin8 their accounts in accordance with Financial Reporting Standard applicable in the UK and Ireland (FRS102) {effective l January 2015). The financial statements have been prepared under the historical cost convention except for investment assets, whlch are shown at market value. The financial statements include all transactlons, assets and liabilities for which the congregatlon Is responsible In law. They do not include the accounts of church groups that owe their affiliatlon to another body* nor those that are informal 8atherlngs of church members. FUND ACCOUNTING Endowment funds are funds, the capital of which must be retained either permanently or at the congregation's discretlon; the income derlved from the endowment is to be used elther as restrlcted or unrestrlcted Income funds dependln8 upon the purpose for which the endowment was established in the first place. Restricted funds comprise (a) income from endowments whlch 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 apportloned to the Indlvldual funds on an average balance basis. Unre5trlcted funds are income funds which are to be spent on the congregatlon's general purposes.
an NOTES TO THE ACCOUNTS 31 Dember 2023 ACCOUNTING POUCIES (cont'd) INCOMING RESOURCES (l) Recognition of Incomlng 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 wlth sufflclent rellably. {11) Incomlng resources wlth related expendlture Where Incomln8 resources have related expenditure (as with fundralsln8 Income) the incoming resources and related expenditure are reported gross in the SOFA. (111) Grants and donatlons Grants and donations are only included In the SOFA when the congregation has uncondltlonal entltlement to the resources. (iv) Tax reclalms on donations and glfts Incomlng resources from tax reclaims are included in the SOFA at the date of receipt. (v) Volunteer help The value of any voluntary help received is not included in the accounts but Is descrlbed In the trustees, annual report. {vi) Investment Income This is included in the account5 when receivable. (vli) 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 LIABILITIES (vlll) Llablllty recognition Llabilltles are recognlsed as soon as there is a legal or constructlve obligation committing the congregation to pay out resources.
an (Ix) Grants payable without 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 charitv. ASSETS (xl Tanglble Flxed Assets Tangible fixed assets for use by charlty are capltallsed If they can be used for more than one year, and cost at least £3,500. They are valued at cost or, if gifted, at the value to the charlty on receipt. Flxed Assets are valued on the Balance Sheet usln8 Insurance valuatlons and the pollcy adopted is to not depreciate. (xl) Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustee5' best estimate of market value.
an NOTES TO THE ACCOUNTS (convd) 31 December 2023 DONATIONS AND LEGACIES Recorded giving Loose collettions FWO Glft Aid Legacies and bequest 40,902 6,850 40,902 55,900 10,498 7,968 77,296 75,362 20,102 23,583 3,647 77,296 13,111 6,991 94,053 54,744 148,797 162,813 Unrestricted funds Sn 2022 amounted to £91.141 and were spllt between Loose Collections- £2,194, FWO- £75,362 and Gift Aid - £13,585. Restricted funds in the 2022 year amounted to £71,672 and included Recorded giving- £55,900, Loose Collections- £5,774 and Gift aid of £9,998. CHARITABLE AcfiviTIES Fundraising events 184 184 400 184 184 400 All monies received in 2021 were for restricted use. 91Page
an NOTES TO THE ACCOUNTS (cont'd) 31 December 2023 OTHER TRADING AcrivrriES Trading income INVESTMENTS General Investment Fund Property Rents Other investment income 1,146 131 1,277 97 2,928 2,932 1,079 1,150 3,059 4,209 1,176 Unrestricted monies received in 2022 for other investment income amounted to £1,079. IOIpage
NOTES TO THE ACCOUNTS (convd) 31 December 2023 OTHER INCOME Miscellaneous income Collections and gifts 5,937 3,771 16,320 9,708 16,320 6,344 50 5,937 20,091 26,028 6,394 Other unrestricted miscellaneous Income in 2022 amounted to £3,889. All gifts In 2022 were for restricted use. RAISING FUNDS Fundraising events IIIPage
an NOTES TO THE ACCOUNTS {cont'd) 31 December 2023 CHARITABLE ACTIVITIES General Assembly Assessments Presbytery fees Ministry and support staff costs Congregational running expenses Collections and gifts paid out Donatlons to Mlsslons and charltles 9,090 554 9,090 554 8,718 558 51,866 67,906 119,772 52,097 15,593 4,116 15,593 5,316 21,274 1,200 62,710 87,615 150,325 82,647 Unrestricted expendlture In 2022 amounted to £52,199 and was made up of General Assembly Assessments- £8,718, Presbytery fees - £558 and Congregational runnlng expen5es- £42,843 121Page
Presbyter an TANGIBLE FIXED ASSErs Cost or Yaluation At start of year Additions Disposals 3,548,426 35,585 3,584,011 At end of year 3,548,426 35,585 3,584,011 Depreclatlon At start of year At end of year Net Book Value At start of year 3,584,426 35,585 3,584,011 At end of year 3,584,426 35,585 3,584,011 Additlons of £49,739 for 2020 are shown at cost together wlth additions at cost in 2019 of £194,889 and 2018 of £1,126,458 and 2017 of £92,657. Existing buildings at I" January 2017 are carrled at insurance valuation and amount to £2,090,167 and fixtures and fittings also at insurance value of £30,100. 131Page
an 10. INVESTMENTS 2022 2022 General Investment Fund Investments 32,021 32,021 32,021 32,021 2023 2022 Value at start of year Additions Interest 32,021 32,017 28 Transfers Value at end of year 32,046 32,021 11. CASH AT BANK AND IN HAND 2023 2022 Ulster Bank current account 202,246 174,379 202,246 174,379 141Page
an 12. FUND BALANCESAND RECONCILIATION OF FUNDS Balance at start Income Expend. Gains/ Transfer Losses Balance at end Unrestrfcted Funds General Fund 86,728 101,141 61,510 {1.970) 124,388 TOTAL Unrestrlcted Funds 86728 101,141 61,510 {1,970) 124,388 Restrlcted Funds Property/Bullding Fund 105,976 52,691 62,918 {3) 95,745 United Appeal Fund Collections & Gifts Fund Mlssionary & Student Fund Sunday School Fund 7,556 8,764 245 7,850 8,943 495 294 179 4,687 4,437 3,060 1,214 700 3,574 Catering Fund Cafe Link Fund 1,807 1,005 1,807 460 90 635 Pampered & Prepared fund Junior Bible Club Fund Youth Club Fund Women Together Fund 61 287 458 514 258 897 20 1,603 5,837 275 2,332 4,302 259 1,228 2,232 1,700 {21M)I Mums & Tots Fund Holiday Blble Club 321 1,088 325 1,380 370 78 119,672 79,078 88.815 1.970 111,905 Fixed Asset Fund 3,584,011 3,584,011 TOTAL Restrirted Funds 3,703,683 79,078 88,815 3,695,916 151Page
13. RELATED PARTY TRANSACTION During the year the congregation contributed the following amounts to Funds of the General Assembly of the Presbyterlan Church In Ireland a separate charity £9,090 for con8regatlonal assessments (2022- £8,718) £7,850 towards the United Appeal (2022 - £7,906} The congregation contributed £554 (2022 -£558) towards Presbytery Assessments during the year There were no other related party transactions. 14. INDEPENDENT EXAMINERS, REMUNERATION 2023 2022 Examination of financial statements Other fees 15. FUNDS RECEIVED AS AN AGENT Durlng the year funds were collected on behalf of the following and directly pald to them. Earl Hai81 Presbyterian Children's Society, Tear Fund, United Appeal, Belfast City Missions, Leprosy Mission, Martins and Moderatorfs Appeal. The total amounted to £15,593. 161page