New Row Presbyterian Church a congregation of the Presbyterian Church in Ireland Flnancial Statements for the year ended 31 December 2024 Registered with the Charity Commission for Northern Ireland NIC105351
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterlan Church In Ireland STATEMENT OF FINANCIAL AcfiviTY for the year ended 31 December 2024 Unrestricted Restricted Notes Funds Funds Endowment Total Funds Funds 2024 Total Funds 2023 Donation5 and Legacie5 159.102 103.611 262,713 226,396 Charitable activities 5,878 9,705 15,583 12.424 Investments 743 1,385 2,128 1,923 Other Total 241943 Expenditure on: Raising funds 688 672 Charltable activlties Total 235 227 236 090 Net Income / (Expenditure) 953 44,244 45,197 5,853 Transfers between funds Gainsl(lossesl on revaluation of investments Net movement in funds 953 Reconciliation of funds- Total funds brought forward 46 993 190 1073 345 1065 566 Total funds carried forward
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterian Church in Ireland BALANCE SHEET As at 31 December 2024 Unrestricted Restricted Notes Funds Funds Endowment Total Funds Funds 2024 Total Funds 2023 Fixed Assets: Tangible assets io 1,080,494 1,080,494 1,102,552 Investments 11 Total Fixed Assets 1080 494 1 114 834 1135 711 Current Assets Debtors 12 6,131 1,510 7,641 8,282 Cash at bank 13 Total Current Assets 136 885 100 298 Creditors.. Amounts falling due in under l year 14 Net Current Assets/(Liabilities) Total Assets less Current Liabilities 47 949 1110 163 1192 452 1180 113 Creditors: Amounts falling due after more than l year 15 106 768 Total Net Assets 47 949 1037 434 1119 723 1073 345
NEW ROW PRESBYTERIAN CHURCH a Congregation of the Presbyterian Church in Ireland BALANCE SHEET As at 31 December 2024 Unrestricted Restricted Notes Funds Funds Endowment Total Funds Funds Total Funds 2023 2024 Funds of the charity Endowment funds 16 34,340 34,340 33,159 Restricted income funds 16 1,037,434 1,037,434 993,190 Unrestricted funds 16 Total charity funds 47 949 1037 434 1119 723 1073 345 Approved by the Kirk Session and signed on its behalf by Signed by: Date: 12th May 2025 {Rev. Jonny McKane) {Mr Adrian Cochrane)
NEW ROW PRESBYTERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS 31 December 2024 ACCOUNTING POLICIES BASIS OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of RecorAmended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Ireland {FRS1021 (effective I January 20151. The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at market value. The financial 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 gatherings of church members. FUND ACCOUNTING Endowment funds are funds, the capital of which must be retained either permanently or at the congregation's discretion; the income derived from the endowment is to be used either as restricted or unrestricted income funds depending upon the purpose for which the endowment was established in the first place. Restricted fund5 comprise la) income from endowments which 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 apportioned to the individual funds on an average balance basis. Unrestricted funds are income funds which are to be spent on the congregation's general purposes. Designated funds are general funds set aside by the congregation for use in the future.
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS {conVd) 31 December 2024 ACCOUNTING POLICIES (convd) INCOMING RESOURCES Recognition of incoming resources These are included in the Statement of Financial Activities {SoFA) when: the congregation becomes entitled to the resources; the trustees are virtually certain that they will receive the resources; and the monetary value can be measured with sufficient reliability. Incoming resources with related expenditure Where incoming resources have related expenditure (as with fundraising income) the Incoming 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 resources. {Iv) Tax reclalms on donations and gifts Incoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. (v) Gifts in kind No gifts in kind were received during the year. (vi} Donated services and facilitles No donated services and facilities were received during the year. Volunteer help The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. Iviii) Investment income This is included in the accounts when receivable. Investment gains and1055es 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.
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS {conVd) 31 December 2024 ACCOUNTING POLICIES {conVd) EXPENDITURE AND LIABILITIES Llablllty recognltlon Liabilities are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources. ASSETS (xl) Tanglble Flxed Assets Tangible fixed assets for use by the charity are capitalised if they can be used for more than one year, and c05t at least £1,000. They are valued at cost or at market value. Depreciation is recorded on all tangible f ixed assets other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as fo51ows: Buildings - over 50 years Fixtures, fittings and equipment over 10 years Computers, software and technical equipment - over 4 year5 {xii) 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 PRESBYfERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (convd) 31 December 2024 DONATIONS AND LEGACIES Unrestricted Restricted Funds Funds Endowment Funds Total Funds Total Funds 2024 2023 Recorded giving Loose collections Donations and gifts Gift Aid 132,046 1,986 65,619 197,665 1,986 26.643 185,506 1,304 2,400 26,643 159 102 103 611 262 713 226 396 CHARITABLE AcfiviTIES Unrestricted Funds Restricted Funds Endowment Total Funds Total Funds Funds 2024 2023 Income from Charitable Activities Membership Fees Grants 5,878 5,668 750 11,546 750 9,059 365
NEW ROW PRESBYTERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (conyd) 31 December 2024 INCOME FROM INVESTMENTS Unrestricted Restricted Funds Funds Endowment Total Funds Total Funds Funds 2024 2023 Bank interest General Investment Fund (PCI) Northern Ireland Central Investment Fund for Charities 743 389 95 1,132 95 1,218 65 901 901 640 743 OTHER INCOME Unrestricted Restricted Funds Funds Endowment Funds Total Funds Total Funds 2024 2023 Miscellaneous income
NEW ROW PRESBYTERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (conVd} 31 December 2024 RAISING FUNDS Unrestricted Restricted Funds Funds Endowment Total Funds Total Funds Funds 2024 2023 FWO envelopes 688 688 672 CHARITABLE AcfiviTIES Unrestricted Restricted Funds Funds Endowment Total Funds Total Funds Funds 2024 2023 General Assembly Assessments Presbytery fees Ministry and support staff costs (note 81 Other staff costs Congregationa5 running expenses M issions & Charities 24,639 877 24,639 877 22,259 821 107,054 747 30,765 107,054 747 84.427 91,901 2,052 96,962 53,662 235 418 io
NEW ROW PRESBYTERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (convd) 31 December 2024 EMPLOYEES Employment Costs Total Funds Total Funds 2024 2023 Wages and Salaries Expenses Social Security Costs Pension contributions (excluding minister) 92,868 7,036 5,774 81,380 5,170 4,138 107 054 Number of Employees The average number of employees during the year was.. Total Funds Total Funds 2024 2023 No. Ministerial Team Others Average number of all employees There were no employees in receipt of employee benefits in excess of £60,000. li
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS {conYd) 31 December 2024 PENSION COSTS The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme 120091. This 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 employer's pension contributfon for the Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme120091 is a funded 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 trustees. 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 240A of pensionable salaries to cover the accrual of benefits for future service, expenses, the cost of insuring death in service benefits and funding the scheme deficit. The contributions made by the congregation during the year were: Total Funds Total Funds 2024 2023 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 2024 2023 Contributions 12
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (conVd} 31 December 2024 io. TANGIBLE FIXED ASSErs Fixtures and Fittings Land & Buildings Technical Total Equipment 2024 At I"January 2024 Additlons At 31" December 2024 1,268,595 52,971 34,221 1,355,787 1268 595 1355 787 Depreclatlon At I" January 2024 Charge for year At 31" December 2024 167,629 51,532 34,074 147 253,235 188 101 275 293 Net Book Value At 31" December 2024 1080 494 1080 494 At 31" December 2023 1100 966 147 1102 552 11. INVESTMENTS 2024 2023 General Investment Fund Northern Ire13nd Central Investment Fund for Charities 4,034 3,851 5t Value at l January 2024 Gain/lLossl on revaluation Value at 31" December 2024 33,159 31,233 13
NEW ROW PRESBYTERIAN CHURCH Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (convd) 31 December 2024 ii. INVESTMENTS (conyd) The congregation does not directly hold investments that are listed on recognised stock exchanges. The congregation however holds shares in the General Investment 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 valued on 31, December 2024 and are included in the Balance Sheet at that value. The congregation also hold shares in the Northern Ireland 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 their funds with the benefit of expert supervision. It is managed by the Department for Communities through recognised fund managers, but its investment policy is guided by a locally based advisory committee appointed by the department, which meets in February, May, August and November each year. The fund operates as a discretionary managed fund. Participating charities pool their investments and are given 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 a Ilocation between fixed-interest securities and equities is reviewed and adjusted periodically, in line with the fund's investment policy. The Fund is formally valued at the end of each month and our congregation's share of its value as at 31, December 2024 is included in the Balance Sheet, All investments of the Congregation are therefore held within the category of quoted securities. 2024 2023 Valuation Quoted securities 14
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (convd) 31 December 2024 12. DEBTORS 2024 2023 Gift Aid Recoverable Prepaid Expenses 4,331 4,109 13. CASH AT BANK AND ON HAND 2024 2023 Ulster Bank Deposit Account Ulster Bank Current Account Ulster Bank Buildin8 Account Boys Brigade Sunday Bible Club Bowling Club Girls Brigade NRW Tuesday Drop In Choir Friendship Circle Cash on Hand 26,000 75,006 19,147 3,146 458 1,889 2,193 779 23 301 195 107 129 244 72,076 10,612 3,041 615 1,981 2,099 1,033 50 301 ioi 107 14. CREDITORS.. amount falling due within one year 2024 2023 UA and Missions Accrued expenses Bank Loan repayments 17.071 4,696 15,655 2,741 15
NEW ROW PRESBYfERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (convd) 31 December 2024 15. CREDITORS: amount falling due after more than one year 2024 2023 Ulster Bank loan (see note belewl 106 768 Note- The bank loan is secured on the following freehold properties: Church building and halls at New Row, Coleraine; property at 24 Society St., Coleraine and property at 24 Grange Road, Coleraine (church mansel. 16. FUND BALANCES AND RECONCILIATION OF FUNDS Balance at I" Jan 2024 Galnsl Losses Balance at 31" Dec 2024 Income Expenditure Transfers Unrestricted Funds General Fund 46,996 165,723 164,770 47,949 Restricted Funds General Fund Building Fund Bequest Fund Charities Fund Bowling Club Boys, Brigade Church Choir Friendship Circle Girls, Brigade NRW Sunday Bible Club Tuesday Drop-in Youth Fellowship 5,802 969,280 3,435 7,451 1,982 3,041 301 106 18,373 85,589 17,014 41,977 711 1,012,892 3,435 7,451 1,890 3,146 301 200 2,194 779 (963) 25 11,077) 1,037,434 583 5,262 675 5,157 393 299 2,316 2,156 278 151 434 70,457 2,100 1,033 (7501 52 (6431 993,190 2,410 1,902 65 124 114,701 Endowments 33,159 1,181 34,340 Total 1,073,345 280,424 235,227 1,181 1,119,723 16
NEW ROW PRESBYTERIAN CHURCH a Congregation of the Presbyterian Church in Ireland NOTES TO THE FINANCIAL STATEMENTS (convd) 31 December 2024 17. RELATED PARTY TRANSAcfioNS One of the Trustee5, the minister of the congregation. received remuneration of £43,916 and expenses of £7,036 for acting in that capacity. Pension contributions of £10,540 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme12009). None of the other trustees received any remuneration, or expense5 during the year in connection with their duties apart from the reimbursement of expenses laid out by them wholly and exclusively on behalf of the congregation. There were no other related party transactions. 17