New Row Presbyterian Church a congregation of the Presbyterian Church in Ireland Flnanclal Statements for the year ended 31 December 2023 Registered with the Charity Commission for Northern Ireland NIC105351
NEW ROW PRESBYTERIAN CHURCH a Congregatlon of the Presbyterlan Church In Ireland STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2023 Unrestrlcted Restricted Notes Funds Funds Endowment Total Funds Funds 2023 Total Funds 2022 Donations and Legacies 143,919 82,477 226,396 225,953 Charitable activities 3,177 9,247 12,424 9,582 Investments 784 1,139 1,923 1,200 other Total Expenditure on: Raising funds 672 672 721 Charitable activities 147 583 235 214 056 Total 148 255 236 090 214 777 Net Income / (Expenditure} 13751 6,228 5,853 29,368 Transfers between funds 400 14001 Gains/llosses) on revaluation of investments Net movement in funds 25 Reconcil iation of funds.. Total fund5 brought forward 46,971 987,362 31,233 1,065,566 1,045,605 Total funds carried forward 46,996 993,190 33,159 1,073,345 1,065,566
NEW ROW PRESBYfERIAN CHURCH a Congregatlon of the Presbyterlan Church in Ireland BALANCE SHEET As at 31 December 2023 Unrestricted Restrlcted Endowment Total Funds Notes Funds Funds Funds 2023 Total Funds 2022 Flxed Assets: Tangible assets io 1,102,552 1,102,552 1,128,666 Investments li Total Fixed Assets 1102 552 1135 711 1159 899 Current Assets Debtors 12 5,745 1,537 8,282 13,885 Cash at bank 13 Total Current Assets 100 298 108 523 Creditors: Amounts falling due In under l year 14 Net Current Assets/lLiabilities) Total Assets less Current Llabllltles 99 1099 958 1180 113 1212 095 Creditors: Amounts falllng due after more than l year 15 106 768 106 768 146 529 Total Net Assets 993 190 1073 345 1065 566
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterian Church in Ireland BALANCE SHEET As at 31 December 2023 Unrestrlcted Restrlcted Notes Funds Funds Endowment Total Funds Funds 2023 Total Fund5 2022 Funds of the charity Endowment funds 16 33,159 33,159 31,233 Restricted income funds 16 993,190 993,190 987,362 Unrestricted funds 16 Total charltyfunds 993 190 1073 345 1065 566 Approved by the Klrk Sesslon and signed on Its behalf by Signed by: Date: 14 May 2024 (Rev. Jonny McKane) (Mr Adrian Cochrane)
NEW ROW PRESBYfERIAN CHURCH a Congregatlon of the Presbyterian Church In Ireland NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 ACCOUNTING POLICIES 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 wlth Flnanclal Reporting standa rd applicable in the UK and Ireland IFR5102) (effective I January 20151. The flnanclal statements have been prepared under the historical cost convention except for investment assets, which are shown at market value. The flna nclal 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 affiliation to another body, nor those that are informal gatherlngs of church members. FUND ACCOUNTING Endowment fund5 are funds, the capital of which must be retained either permanently or at the congre8ation'5 discretion; the income derlved from the endowment is to be used elther as restricted or unrestricted Income funds depending upon the purpose for which the endowment was established in the f irst place. Restricted funds comprise lal income from endowments which is to be expended only on the restrlcted purposes intended by the donor and Ibl revenue donation5 or Brants for a specific congregational activity intended by the donor. Where these funds have unspent balances, interest on their pooled i nvestment is apportioned to the individual funds on an average balance basls. Unrestricted funds are income funds which are to be spent on the congregation's general purposes. Designated funds are general funds set aslde by the congreEatlon for use In the future.
NEW ROW PRESBYfERIAN CHURCH a Congregatlon of the Presbyterlan Church In Ireland NOTES TO THE FINANCIAL STATEMENT5 Iconvd) 31 December 2023 ACCOUNTING POLICIES (cont'd} INCOMING RESOURCES Recognltlon of Incomlng resources These are included in the Statement of Financial Activities (SOFA) when: the con8re8ation becomes entltled to the resources; the trustees are virtually certain that they will receive the resources- and the monetary value can be measured with sufficient reliability, Incomlng resources wlth related expendlture Where incoming resources have related expenditure las with fundralsing Income) the Incomlng resources and related expenditure are reported gross in the SOFA. Grants and donations Grants and donations are only included in the SOFA when the congregation has unconditional entitlement to the resource5. liv} Tax reclalms on donatlons and glfts Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. (v} Glfts In klnd No gifts I n kind were recelved durlnE the year. (vi) Donated services and facilitles No donated services and facilities were received during the year. (vll} Volunteer help The value of any voluntary help received is not included in the account5 but is described in the trustees, annual report, Iviii) Investment incorne This is included in the accounts when receivable. (ix} Investment gain5 and1055es This includes any gain or loss on the sale of investments and any gain or loss resulti ng f rom revaluing investments to market value at the end of the year.
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterlan Church in Ireland NOTES TO THE FINANCIAL STATEMENTS {conVd) 31 December 2023 ACCOUNTING POLICIES (cont'd) EXPENDITURE AND LIABILITIES Llablllty recoEnltion Liabilities are recognised as soon as there is a legal or constructlve obllgation committing the congregation to pay out resources. ASSErs (xil Tangible Fixed A55ets Tanglble f ixed assets for use by the charFty are ca pitalised if they can be used for more tha n one year, and cost at least £1,000. They are valued at C05t or at market value. Depreciation is recorded on all tangible fixed assets other than f reehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful Ilfe as follows.. Bulldlngs - over 50 years Fixtures, f ittings and equipment over 10 years Computers, software and technical equipment over 4 years Ixll} Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. No other Investment assets were held by the trustees during the year.
NEW ROW PRESBYTERIAN CHURCH a Con8re8ation of the Presbyterian Church In Ireland NOTES TO THE FINANCIAL STATEMENTS (cont'd) 31 December 2023 DONATIONS AND LEGACIES Unrestrlcted Restrlcted Funds Funds Endowment Total Funds Total Fund5 Funds 2023 2022 Recorded glving Loose collections Donatlons and glfts Gift Aid 118,260 1,304 67,246 185.506 1,304 2,400 185,254 980 2,692 2,400 143 919 CHARITABLE ACTIVITIES Unrestricted Funds Restricted Funds Endowment Total Funds Total Funds Funds 2023 2022 Income from Charita ble Activities Membership Fees Grants 2,577 6,482 365 9,059 365 4,380 2,602 600
NEW ROW PRESBYTERIAN CHURCH a Congregatlon of the Presbyterlan Church in Ireland NOTES TO THE FINANCIAL STATEMENTS Icont'd 31 December 2023 INCOME FROM INVESTMENTS Unrestrlcted Restricted Funds Funds Endowment Total Funds Total Funds Funds 2023 2022 Bank interest General Investment Fund IPCI) Northern I reland Central Investment Fund for Charities 784 434 65 1,218 65 137 42 784 OTHER INCOME U nrestricted Restricted Funds Funds Endowment Total Funds Total Funds Funds 2023 2022 Mlscellaneous income 410
NEW ROW PRESBYTERIAN CHURCH a Congregation of the Presbyterian Church In Ireland NOTES TO THE FINANCIAL STATEMENTS Iconvd) 31 December 2023 RAISING FUNDS Unrestrlcted Restrlcted Funds Funds Endowment Total Fund5 Total Funds Funds 2023 2022 FWO envelopes 672 672 721 CHARITABLE ACTIVITIES Unrestricted Restricted Funds Funds Endowment Funds Total Funds Total Funds 2023 2022 General Assembly Assessments Presbytery fees Ministry and support staff costs Inote 8} Other staff costs Congregational running expense5 Missions & Charities 22,259 821 22,Z59 821 17,396 897 91,901 2,052 30,550 91,901 2,052 96,962 69,765 5,897 99,320 66,412 147 583 235 418 214 056 io
NEW ROW PRESBYfERIAN CHURCH a Congregatlon of the Presbyterian Church In Ireland NOTES TO THE FINANCIAL STATEMENTS (cont'd) 31 December 2023 EMPLOYEES Employment Costs Total Funds Total Fund5 2023 2022 Wages and 5alarie5 Expenses Social Security Costs Pension Contri butlons lexcludi ng mlni5terl 81.380 5,170 4,138 62,149 3,538 3,223 855 Number of Employees The average number of employees durlng the year was: Total Funds Total Funds 2023 2022 No. Minlsterlal Team Others Average number of all employees There were no employees in receipt of employee benefits in excess of £60,000. li
NEW ROW PRESBYTERIAN CHURCH a Congregatlon of the Presbyterlan Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (cont'd) 31 December 2023 PENSION COST5 The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme 12009). Th is is a scheme operated by the Presbyterian Church in Ireland, a separately registered charity. The congregation pays an assessment to the Presbyterian Church in Ireland equivalent to the employe¢s pension contribution for the Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme {2009) is a f unded Scheme of the defined benefit type• providing defined benefits based on career average revalued salary. The Scheme has assets held in a separately administered fund managed by a board of trustee5. The Presbyterian Church and the Scheme Trustees have agreed a funding plan to ensure that 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% of pensionable salaries to cover the accrual of benefits for future service, expenses, the c05t of insuring death in service benefits and f unding the scheme deflclt. The contributions made by the congregation during the year were: Total Funds Total Funds 2023 2022 Contributions The congregation also operates a defined pension contribution scheme for its other employees. The scheme and its assets are held by an independent scheme manager. The pension charge represents the contributions due from the congregation during the year. Total Funds Total Funds 2023 2022 Contributions 855 855 12
NEW ROW PRESBYTERIAN CHURCH a Con8re8ation of the Presbyterian Church In Ireland NOTES TO THE FINANCIAL STATEMENTS (¢onVd) 31 December 2023 io. TANGIBLE FIXED ASSErs Fixtures and Flttings Land & Bulldlngs Technlcal Total Equipment 2023 At I" January 2023 Additions At 31st December 2023 1,268,595 52,971 34,221 1,355.787 1268 595 1355 787 Depreciation At I" January 2023 Charge for year At 3151 December 2023 147,157 46,235 33,729 345 227,121 167 629 253 235 Net Book Value At 31SI December 2023 1100 966 439 147 1102 552 At 31° December 2022 1121438 492 1128 666 ii. INVESTMENTS 2023 2022 General Investment Fund Northern Irela nd Central Investment Fund for Charitie5 3,851 3,532 Value at I" January 2023 Gain/lLossl on revaluation Value at 31" December 2023 31,233 40,640 13
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS Icont'd 31 December 2023 ii. INVESTMENTS {conVd) The congregation does not directly hold investments that are listed on recognised stock exchanges. The congregation however holds shares in the General Investrnent Fund which is managed by the Trustees of the Presbyterian Church in Ireland, a corporate body established under the Irish Presbyterian Church Act 1871. The shares were formally valued on 31, December 2022 and are included in the Balance Sheet at that value. The congregation a Iso hold shares i n the Northern Irela nd Central Investment Fund For Charities. Established in 1965 through the Charities Act (Northern Ireland) 1964 the Northern Ireland Central Investment Fund for Charities aims to provide charity trustees with the opportunity to invest all or part of thelr funds with the benefit of expert supervision. It is managed by the Department for Communities through recognised fund managers, but its investment pol icy is gu ided by a locally based advisory committee appointed by the department, which meets in February, Mayj August and November each year, The fund operates as a discretionary managed fund. Participating charities pool thelr Investments and are glven a proportionate number of shares in the fund based on the most recent valuation (share pricel. The fund invests in fixed-interest securities and selected equities. The allocation between fixed-interest securities and equlties is reviewed and adjusted periodicallyi in line with the fund's investment policy. The Fund Is formally valued at the end of each month and our congregatlon's share of Its value as at 31. December 2022 is included in the Balance Sheet. All investments of the Congregation are therefore held withi n the category of quoted 5ecuritie5. 2023 2022 Valuation Quoted securities 14
NEW ROW PRESBYTERIAN CHURCH a Congregatlon of the Presbyterlan Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (cont'd) 31 December 2023 12. DEBTORS 2023 2022 Gift Aid Recoverable Prepaid Expenses 4.109 10,722 13. CASH AT BANKAND ON HAND 2023 2022 Ulster Bank Current Account U15ter Ban k Building Account Boys BrlEade Sunday Bible Club 8owllng Club G irls Brigade pw Tuesday Drop In Choir Friendshlp Clrcle Cash on Hand 72,076 10,612 3,041 615 1,981 2,099 1,033 50 301 ioi 107 68,846 16,202 4,317 239 2,089 2,140 315 105 301 84 14. CREDITORS: amount falling due within one year 2023 2022 UAand Missions Accrued expenses Bank Loan repayment5 15,655 2,741 15,483 3,344 15
NEW ROW PRESBYTERIAN CHURCH Congregation of the Presbyterian Church In Ireland NOTES TO THE FINANCIAL STATEMENTS Icont'd) 31 December 2023 15. CREDITORS: amount falling due after more than one year 2023 2022 U Ister Ban k loan (see note below) 106 768 146 529 Note: The bank loan is secured on the following freehold properties: Church building and halls at New Row, Colerainei property at 24 Society 5t., Coleraine and property at 24 Grange Road, Coleraine (church mansel. 16. FUND BALANCES AND RECONCILIATION OF FUNDS Balance at ilt Jan 2023 Galnsl Losses Balance at 31" Dec 2023 Income Expenditure Transfers Unrestrlcted Funds General Fund 46,971 147,880 148,255 400 46,996 Restricted Funds General Fund Building Fund Bequest Fund Charities Fund Bowling Club Boys, Brlgade Church Choir Friendship Circle Girls, Brigade Presbyterian Women Sunday Bible Club Tuesday Drop-in Youth Fellowship 5,770 961,456 3,435 7,451 2,090 4,317 301 89 2,140 315 1376) 107 267 987,362 23,824 61,062 23,792 53,238 5,802 969,280 3,435 7,451 1,982 3,041 301 106 2,100 1,033 17501 52 16431 993.190 45 3,706 153 4,982 281 2,008 2,820 206 iii 264 1,898 1,952 580 66 910 87,835 1150) 11501 iiooi 94.063 (400) Endowments 31,233 1,926 33,159 Total 1,065.566 241.943 236.090 1,926 1,073.345 16
NEW ROW pRE5BERIAN CHURCH Congregation of the Presbyterian Church In Ireland NOTES TO THE FINANCIAL STATEMENTS {conVd) 31 December 2023 17. RELATED PARTY TRANSACTIONS One of the Trustees, the minister of the congregation, received remuneration of £32,403 and expenses of £5,165 for acting In that capacity, Pension contributions of £7,777 were paid by the congregation in respect of the minister to the Presbyterlan Church in Ireland Pension Scheme {20091. None of the other trustees received any remuneration, or expenses during the year In connection with their duties apart from the reimbursement of expenses laid out by them wholly and excluslvely on behalf of the congregation. There were no other related party transactions. 17
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