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
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¥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
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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

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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

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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.
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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.
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{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.
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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
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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.
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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
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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
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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).
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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
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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 A￿et Fund
3,584.011
3,584,011
TOTAL Restrlrted Funds 3,695.916
79,078
88,815
3.784,659
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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.
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