GLENWHERRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL ACTIVITY FOR YEAR ENDED 31 DECEMBER 2023 NOTE UNRESTRICTED FUNDS RESTRICTED FUNDS TOTAL 2023 TOTAL 2022 Receipts Donations & legacies Charitable activities Investment income Other income Revaluation Buildings & Investments Total receipts 118,469 4,478 1,928 45,364 13,649 25 196,055 163,833 18,127 1,953 196,055 107,232 14,197 714 8,068 249,524 504,617 249,524 629,492 124,875 130,211 Payments Raising fu nds Charitable activities Total payments 746 98,389 99,135 746 145,387 146,133 684 105,133 105,817 46,998 46,998 Net receiptsl(payments) Transfers between funds Net movement in funds 25,740 14.9501 20.790 457,619 4,950 462,569 483,359 24,394 483,359 24,394 Reconciliation of funds: Total fund5 brought forward Total funds carried forward 137,354 158,144 3,367,920 3,830,490 3,505,274 3,988,634 3.480,880 3,505,274 io GLENWHERRY CONGREGATION OFTHE PRESBYTERIAN CHURCH IN IRELAND BALANCE SHEET ASAT 31 DECEMBER 2023 NOTES UNRESTRicfED FUNDS RESTRICTED FUNDS TOTAL FUNDS 2023 TOTAL FUNDS 2022 FIXED ASSETS Tangible assets Investments io li 3,547,741 24,202 3,547,741 24.202 Total fixed a55ets 3,571,943 3,571,943 CURRENT ASSETS Debtors Cash at bank and in hand Total current assets 12 13 18,731 141,113 159,844 29,221 229,326 258,547 47.952 370,439 418,391 182,856 182.856 LIABILITIES Creditors.. amounts falling due within one year 14 1,700 1,700 Net current a$5ets 158,144 258,547 416,691 182,856 Total net assets 158,144 3,830,490 3,988,634 182,856 FUNDS OF THE CHARITY Unrestricted funds Restricted funds 15 15 158.144 158,144 3,830,490 137,354 45,502 3,830,490 Total charity funds 158,144 3,830,490 3,988,634 182,856 Approved by the Kirk Sesslon at a meeting on ,,Isl and signed on its behalf by- Rev T Kane Mr B McKinstry Dated '. I Dated . i&lsllW li GLENWHERRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of financial statements The financial statements have been prepared in accordance with Accounting and Reporting by Charities.'Statements of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and I reland IFRS102) leffective l January 20151. Due to income of more than £250,000 during the financial year the accou nts have been prepared on an accruals basls, This is a temporary rise in income due to funds being raised to purchase land adjacent to the church, which completed on 29 February 2024. The fina ncia I statements have been prepared under the historical c05t convention except for investment assets, which are shown at market value. The financial statement5 include all transactions, assets and liabilities for which the congregation is responsible in law. They do not include the accou nts of church groups that owe their affiliation to another body& nor those that are informal gatherings of church members. Fund accounting Restricted fu nd5 com prise revenue donations or grants for a specific congregational activity intended by the donor. Where these funds have unspent balance, interest on their pooled investment is apportioned to the individual funds on an average 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. Income resources Reco nition of incomin These are included in the Statement of Financial Activities {SoFAI 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 with sufficient reliably. resources Incomin resources with related ex enditure 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 reclaims on donation5 and ift5 ncoming resources from tax reclaims are included in the SOFA at the same time as the gift to which they relate. 12 ACCOUNTING POLICIE5- CONT'D Iv) Contractual income and erformance related rant5 This is only Included in the SOFA once the related good5 or services have been dellvered. Volunteer hel The value of any voluntary help received is not included in the accounts but is described in the trustees, annual report. Expenditure and liabiltles reco nition Liabilities are recognised as soon as there is a legal or constructive obligation committlng the congregation to pay out resource5. Governance costs These are shown within charitable activities and include the costs of preparation and examination of accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. Grants with erformance conditlons Where the charity gives a grant with conditions for its payment belng a specific level of service or output to be provided, such grants are only recognised in the SOFA once the recipient of the grant ha5 provided the specified service or output. (xl Grants able without erformance conditions These are only recogni5ed 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 charity. {xi} Tan ible fixed assets Tangible fixed assets for use by tharity are capitalised if they can be used for more than one year, and cost at least £500. They are valued at cost or. if gifted, at the value to the charity on receipt. 13 GLENWHERRY CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 DECEMBER 2023 DONATIONS & LEGACIES UNRESTRicfED RESTRICTED FUNDS FUNDS TOTAL 2023 TOTAL 2022 Recorded giving Loose collections Donations and gifts GiftAid Legacies and bequests 82,638 1,685 5,382 28,764 8,944 1,051 2,056 31,092 2,221 45,364 91,582 2,736 7,438 59,856 2,221 163,833 85,030 2,176 6,683 13,343 118,469 107.232 CHARITABLE ACTIVITIES UNRESTRICTED RESTRICTED FUNDS FUNDS TOTAL 2023 TOTAL 2022 Orga nisation income Fees from wedding5 & funerals Grants 4,478 7,524 12,002 3,314 2,125 4,000 2,125 4,000 7,000 3,883 4,478 13,649 18,127 14,197 INVESTMENTS UNRESTRICTED RESTRicfED FUNDS FUNDS TOTAL 2023 TOTAL 2022 Deposit interest Investment income Other interest 884 472 572 1,928 25 909 472 572 1,953 224 490 25 714 OTHER INCOME UNRESTRICTED RESTRICTED FUNDS FUNDS TOTAL 2023 TOTAL 2022 Received re discrepancies Property Fund 8,068 196,055 196,055 196,055 196,055 8,068 14 GLENWHERRY CONGREGATION OF THE PRESB￿ERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 DECEMBER 2023 RAISING FUNDS UNRESTRICTED FUNDS RESTRICTED FUNDS TOTAL 2023 TOTAL 2022 FWO envelopes 746 746 746 746 684 684 CHARITABLE ACTIVITIES UNRESTRicfED FUNDS RESTRICTED FUNDS TOTAL 2023 TOTAL 2022 General Assembly Assessments Presbytery fees Ministry & support staff costs Congregational running expenses Donations to missions & charities Governance costs Depreciation charge 16,383 356 16,383 356 9,862 376 45,457 45,457 8,315 25,753 46,798 72,551 71,284 9,120 1,320 200 9,320 1,320 14.036 1,260 98,389 46,998 145.387 105,133 EMPLOYEES ment costs TOTAL FUNDS 2023 TOTAL FUNDS 2022 Wages, 5alarie5 and expense allowance Social security costs Pension contribution5 41,047 4,410 8,123 53,580 7,578 737 1,518 9,833 Number of em The average number of employees, including the minister of the congregation, during the year wa5: 2023 2022 Average number of employees There were no employees in receipt of employee benefits in exce55 of £60,000. 15 GLENWHERRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 DECEMBER 2023 PENSION COST5 The minlster of the congregation is a member of the Presbyterian Church in Ireland Penslon Scheme120091. This 15 a scheme operated by the Presbyterian Church In Ireland, a separate registered charity. The congregation pays an assessment to the Presbyterian Church In Ireland equivalent to the employer's pension contribution for the Scheme and based on the stipend pald to the minster. The Presbyterian Church In Ireland Pension Scheme120091 Is a funded scheme of the defined benefit type, prtsviding defined benefits based on career average revalued salary. The scheme has assets held in a separately administered fund rnanaged by a board of trustees. The Presbyterian Church and the Scheme Trustees have agreed a funding plan to ensure the Scheme Is sufflciently funded to meet current and future obligation5. A formal schedule of contributions was drawn up on 25 November 2015 whereby the Presbyterian Church agreed to pay from 31 December 2015 contribution5 of 24% of pensionable salaries to cover the accrual of benefits for future seNice, expenses. the cost of insuring death in servlce benefits and funding the scheme deficlt. The contributlons made by the congregation during the year were.. TOTAL FUNDS 2023 TOTAL FUNDS 2022 Contributions 8,123 1.518 16 GLENWHERRY CONGREGATION OF THE pREsB￿ER1AN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 DECEMBER 2023 10 TANGIBLE FIXED ASSETS BUILDINGS FIXTURES FI￿INGs & EQUIPMENT TOTAL COST OR VALUATION At start of year Additions Disposals Reva luation 3,300,225 3,300,225 247,516 247,516 At end of year 3,547,741 3,547,741 DEPRECIATION At start of year Provision foryear Disposa15 At end of year NET BOOKVALUE At start of year 3,300,225 3,300,225 At end of year 3,547,741 3,547,741 17 GLENWHERRY CONGREGATION OFTHE PRESB￿ERlAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 DECEMBER 2023 li INVESTMENTS The eongregatlon has the following investrnent5. Amount5 are shown at market valuation: 2023 2012 PCI ShaTe5 General Investment Fund 24,202 24.202 22.193 22,193 12 DEBTORS UNRESTRicfED FUNDS RESTRicfED FUNDS TOTAL FUNDS 2023 Gift Aid Recoverable Prepayments FWO 14.667 3,964 loo 29.221 43.888 3,964 18,731 29,221 47,952 13 CASH AT BANK AND IN HAND UNRESTRicfED FUNDS RESTRicfED FUNDS TOTAL FUNDS 2013 Bank current accounts Bank dep051t accounts Cash in hand 63,010 78,103 229,136 292,146 190 190 141,113 229,326 292.336 14 CREDITOR5: amounts falllng due wlthln one year UNRESTRICTED FUNDS RESTRICTED FUND5 TOTAL FUNDS 2023 Accruals Interest free loans Bank loan 1,700 1,700 1,700 1.700 18 GLENWHERRY CONGREGATION OF THE PREsB￿ERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 DECEMBER 2023 15 FUND BALANCES AND RECONCILIATION OF FUNDS FUND BALANCE RECEIPTS PAYMENTS TRANSFER 5URPLUSI BALANCE AT START DEFICIT AT END Unrestricted funds General account 137,354 124,875 99,135 14,9501 20,790 158,144 137.354 124,875 99,135 14,9501 20,790 158,144 Restricted funds Building & repair fund Presbyterian Women PW Catering Boy5, Brigade Sunday School Laos Account Girls, Brigade Property Fund Buildings PCI Investment Fund 35.125 146 1,200 3,800 1,238 3,430 563 17,799 2,412 2,020 1.660 405 12 7.917 222,868 247,516 2,008 504,617 27,919 2,109 2,082 3,554 503 {7601 110.8801 24,245 303 449 1621 1,138 256 4,056 1981 1,140 12 3,442 11141 449 223,628 223,628 247,516 3,547,741 2,008 24,202 462,569 3,830,490 2,150 10,831 2,800 760 3,300,225 22,193 3,367,920 46,998 4,950 Total 3,505,274 629,492 146,133 483.359 3,988,634 19 GLENWHERRY CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS 31 DECEMBER 2023 16 RELATED PARTY TRANSACTIONS One of the trustees, the minister of the congregation received remuneration of £34,346 and expenses of £6,701 for acting in that capacity. Pension contributions of £8,123 were paid by the congregation in respect of the m inister to the Presbyterian Church in Ireland Pension Scheme120091. None of the othertrustee5 received any remuneration or expenses during the year in connection with their duties. During the year the congregation contributed the following amounts to Funds of the General Assem bly of the Presbyterian Church in Ireland a separate charity. £61,840 for congregational assessments £7,475 towards the United Appeal There were no other related party transactions. 20