Presbyter an Main Street Garvagh Presbyterian Church a congregation of the Presbyterian Church in Ireland Flnancial Statements for the year ended 31 December 2024 Reg15tered wlth the Charlty Cornmlsslon for Northern Ireland NIC105347
an STATEMEKf OF FINANCIAL ACTIVITY for the year ended 31 December 2024 Income and Endowments from: Grants Received Donatlons and le8acles Charltsble actlvities Other trading actlvitles Investments Other 1,150 56,580 113 1.150 159,250 113 999 148.797 102,670 1,182 6,505 5,405 26,589 6,587 33,094 4,208 26.028 Total 110,357 89,837 200,194 180,216 Expendlture on: Ralsing funds Charitable actlvltles 90,063 80,076 170,139 150,325 Total 90,063 80,076 170.139 150,325 Net Income / {expendlturel Transfers between furMIs Galns/{losses on revaluation of fixed assets 20,294 {78,982) 9,761 78,982 30.055 29,891 Net movement In funds Reconciliatlon of funds: Totsl funds brought forward (58.688) 88,743 124,388 3,695,915 30,055 29,891 3.820.303 3,790.412 Total funds carrfed fonward 65,700 3.784.658 3,850,358 3,820.303 2 Ipage
an ¥rATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2023 Income and Endowments from: Grants Received Donatlons and legacles Charltable actlvltles Other trddlng actlvltles Investments Other 999 54,744 999 148,797 94.053 162,813 400 1,150 5.937 3,059 20,091 4,208 26,028 1,176 6,394 Total 101.140 79,076 180,216 170,783 Expendlture on: Ralslng funds Charltable activities 62,710 87,615 150,325 82,647 Total 67,710 87.615 150,325 82,647 Net Income l (expendlture) Transfers between funds Galnsl(losses on revaluatlon of flxed assets 38,430 (770} {8.539) 770 29,891 88,136 Net movement In funds Reconciliation of funds: Totsl funds brought forward 37,660 86,728 {7,769) 3.703.684 29.891 88.136 3.790.412 3,702.276 Totsl funds carrled forward 124,388 3,695.915 3.820.303 3,790.412 31 Page
Presbyter an BALANCE SHEEr As at 31 December 2024 Flxed assets: Tanglble assets 3.584,011 3.584.011 3,584.011 Totsl flxed assets 3,584,011 3,584.011 3,584,011 Current assets Current Investments io 112,077 112,077 154,270 32,046 204,246 Cash at bank and In hand 11 65,700 88,570 Total current assets 65,700 200.647 266.346 236,292 Less current Ilabllttles Loan Total net auets or Ilablllths 65,700 3,784,658 3.850.358 3,820.303
an BALANCE SHEEf (contInu) As at 31 December 2024 Funds of the charlty Flxed assets 12 3,584,011 3,584,011 3,584,011 Restrlcted Income funds 12 2,647 200,647 111.904 Unrestrlcted funds 65,700 65,71XI 124,388 Total charlty funds 65,700 3,784,658 3,850,358 3020,303 Approved by the Klrk Sesslon at a meetln8 on 21-ol.2< and 51gned on its behalf by; Rev. Brian Smyth Mlnlster Mr Ivan Wright Treasurer SIpa8e
an NOTES TOTHE ACCOUNTS 31 De¢ember 2024 ACCOUNTING POUCIES BASIS OF FINANaAL sfATEMENTS As the totsl Income of the con8re8ation is less than £250.000 the con8regatlon have elerted in accordance with the provisions In The Charities {Accounts and Reports Regulatlons) (Northern Ireland) 2015 to prepa Its accounts on a receipts and payments basis. The financlal statements have been prepared under the hlstorical cost conventlon except for Investment assets, whlch are shown at market value. The flnancial ststements Include all transactlons, assets and Ilabilities for whlch the congregatlon is responslble In law. They do not Include the accounts of church groups that owe thelr afflllatlon to another body, nor those that are Informal 8atherlngs of church members. FUND ACCOUNTING Endowment funds are funds, the capltal of whlch must be retalned elther permanently or at the congre8atlon's discretlon; the Income derlved from the endowment Is to be used elthef as restricted or unrestrlcted income funds dependlng upon the purpose for which the endowment was established In the flrst place. Restrlrted funds comprfse (a) Income from endowments whlch Is to be expended only on the restrlcted purposes Intended by the donor and (b) revenue donatlons or grants for a spedflc con8reBational actlvlty Intended by the donor. Where these fund5 have unspent balances, interest on their pooled investment Is apportloned to the Indlvldual funds on an average balance basls. Unrestrlcted fvnds are Income funds whlch are to be spent on the congregatlon's general purposes. 61Page
Presbyter an NOTES TOTHE ACCOUNTS 31 December 2024 AccouHfiNG POLICIES (conVd> INCOMING RESOURCES (l) RecoBnltlon of Incornlng resources These are Sncluded in the Statement of Financlal Actlvlties (SOFA) when: • the congregation becomes entitled to the resources; • the trustees are virtually certaln they will receive the resources; and • the monetary value can be measured wlth sufflclent reliabEy. {11) Incomln8 resources wlth related expendlture Where Incomlng resources have related expendSture (as with fundraising Income) the In¢omln8 resources and related expendlture are reported gross In the SOFA. (1111 Grants and donatlons Grants and donatlons are only Included In the SOFA when the con8re8atlon has unconditlonal entltlernent to the resources. (Iv) Tax redalrns on donatlons and 81fts Incomlng resources from tax reclalms are Included in the SOFA at the date of recelpt. Iv) Volunteer help The value of any voluntary help recelved Is not included In the accounts but Is descrlbed in the trustees. annual report. (vl) Investment Income This Ss included In the accounts when receivable. {vll) Investment galns and1055es This includes any 8ain or loss on the sale of Investments and any galn or loss resultlng from revalulng Investments to market value at the end of the year. EXPENDITURE AND LIABIUTIES (vlll) Llablllty reco8nltlon Llabllities are recognlsed as 500n as there Is a legal or con5trurtive obligatlon commlttln8 the congregation to pay out resources. 71Page
Presbyter an {ix) Grants payable wlthout perforniance condltlons These are only recognised in the accounts when a commitment has been made and there are no conditions to be Met relating to the Brant whlch remaln in the control of the charlty. {x) Tan8lble Flxed Assets Tan8lble flxed assets for use by chartty are capltsllsed If they can be used for MO than one year, and cost at least £3,500. They are valued at cost or, If glfted, at the value to the charlty on recelpt. Flxed Asset5 are valued on the Balance Sheet uslng Insurance valuatlons and the pollcy adopted Is to not depreciate. Ixl) Investm•nts Investments quoted on a reco8nlsed stock exchange are valued at market value at the year end. Other Investment assets are Included at trustees, best estlmate of market value. Ipage
an NOTES TO THE ACCOUNTS (conVd} 31 December 2024 DONATIONS AND LEGAaES Recorded 8lvln8 L005e collections FWO Gift Ald Le8acles and bequest 42,799 6,456 42,799 40,902 11.833 10,498 83,963 77,296 20,655 20.102 5,377 83,963 13,330 7,325 102,670 56,580 159,250 148,797 Unrestrlcted funds in 2023 amounted to £94.053 and vmre splft between Loose Collertlons- £3,647, FWO- £77,296 and Gfft Ald- £13,111. Restrlcted funds In the 2023 year amounted to £54,744 and Included Recorded glvln8- £40,902, Loose Q)Ilertlons- £6,850 and Glft ald of £6,991. CHARITABLE AcrivrriES Fundralsing events Grants received 113 113 184 113 113 184
Presbyter an NOTES TO THE ACCOUNTS (coned) 31 December 2024 OThER TRADING AcrivrriES Tradlng income INVESTMENTS Interest recelved 1,182 1,188 2,370 1,277 Other Investment Income 4,217 4,218 2,932 1,182 5,405 6.588 4,209 Unrestrlcted monies recelved In 2023 for Interest recelved amounted to £1.146 and the other Investment Income came to £4. IOIPage
an NOTES TO THE ACCOUNTS (wnvdl 31 December 2024 OTHER INCOME Mlscellaneous Income Collectlons and Glfts 6,505 5,450 21.139 11,954 9,708 21,139 16,320 6,505 26,589 33,093 26,028 Other unrestrlrted miscellaneous Income In 2023 amounted to £5,937. All 8lfts In 2023 were for restrlcted use. RAISING FUNDS Fundralsing events IIIPage
Presbyter an NOTES TO THE ACCOUNTS {conVd} 31 December 2024 CHARITABLE AcllviTIES General Assembly Assessments Presbytery fees Ministry and support staff costs Con8regatlonal running expenses Collections and gffts pald out Donatlons to Mlsslons and charltles 40,347 571 40,347 571 9,090 554 49.146 55,282 104,428 119,772 20.178 4,616 20.178 15,593 4,616 5.316 90,063 80,076 170,139 150,325 UnrestrScted expendlture In 2023 amounted to £62,710 and was made up of General Assembty Assessments- £9,090, Presbytery fees - £554 Congregatlonal runnln8 expenses- £SI,866 and DonatJons to mlsslons and charltles- £1,200 121 Page
Presbyter an TANGIBLE FIXED ASSETS Cost or valuatlon At Start of year Additlons 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 V•lue At start of year 3,584,426 35,585 3,584,011 At end of year 3.584,426 35,585 3,584,011 Addltlons of £49,739 for 2020 are shown at cost together wlth addftlons at cost In 2019 of £194,889 and 2018 of £1,126,458 and 2017 of £92,657. Existing bulldin8s at 1° January 2017 are carrled at Insurance valuatlon and amount to £2,090,167 and f5xtures and fittlngs also at Insurènce value of £30,1(K). 131Page
Presbyter an 10. INVESTMENTS 2024 2023 General Investment Fund Investments 112.077 32,046 112,077 32.046 2024 2023 Value at start of year Addltions Interest 32,046 32,021 80,000 1.049 28 Transfers 11,018) (3) Value at end of year 112,077 32.046 11. CASH AT BANK ANO IN HAND 2024 2023 Ulster Bank current account 154,270 204,246 154,270 204,246 141Page
Presbyter an 12. FUND BALANCES AND RECONCILIATION OF FUNDS Balance at start Income Expend. Galns/ Transfer Losses Balance at end Unrestrlcted Funds General Fund 124,388 110,357 90,063 (78,9821 65,700 TOTAL Unrestrkted Funds 124,388 110,357 90,063 178,9821 65,7 Restrlrted Fun¢ts Property/Bulldln8 Fund 95,745 56,399 50,768 80,742 182,118 Unlted Appeal Fund Collectlons & Glfts Fund Mlsslonary & Student Fund Sunday School Fund 7.225 13,914 1,613 7,236 12,942 li {972) 961 4,437 6,126 3.574 866 314 4,126 Caterln8 Fund Cafe Llnk Fund Pampered & Prepared Fund Junlor Blble Club Fund Youth Club Fund Women Together Fund Munchklns Fund Hollday Blble Club 1,807 460 458 (1,7601 47 660 744 200 1,054 767 259 1,229 2,232 325 1,380 210 1,705 4,978 1,321 353 77 1,022 4,835 1,099 131 392 2,212 2,076 547 1,602 300 (3001 111,905 89,837 80,076 78,982 200.648 Flxed Aet Fund 3,584.011 3,584,011 TOTAL Restrlrted Funds 3,695.916 79,078 88,815 3.784,659 151Page
an 13. RELATED PARTY TRANSAcfioN During the year the congregation contrlbuted the followlng amounts to Funds of the General Assembly of the Presbyterian Church In Ireland a separate charlty £16,057 for congregatlonal assessments (2023 - £9,090) £7,236 towards the Unlted Appeal (2023 - £7,8SO) The congregatlon contrlbuted £571 {2023 -£554) towards Presbytery Assessments durlng the year There were no other related party transactlons. 14. INDEPENDENT EXAMINERS, REMUNERATION 2024 2023 Examlnatlon of Flnanclal Statements Other Fees 14. FUNDS RECEIVED AS AN AGENT During the yearfunds were collected on behalf of the followlng and directly paid to them. Earl Hal& Presbyterlan Chlldren's Society, Tear Fund, United Appeal, Belfast City Mlsslons, Leprosy Mlssion, FrSends of VISPA, CEF and Martlns. The total amounted to £13,914. 161Page