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 sTATEME￿r$
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 De￿mber 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