WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL AcfiviTIES Year ended 31 December 2022 Unrestrlcted funds Restricted funds Endowment funds Total 2022 Total 2021 Note Income from: Donations and legacies Charitable activltles Other tradin8 actlvltles Investment income Other Income sources 405,079 5,745 2,270 1,444 229 408,734 813,813 5.745 2,270 22,617 16,710 833,908 1,099 21,173 16,481 2.043 580 Total income 414,767 446,388 861,155 837,630 Expendlture on: Rai5in8 funds Charitable activitie5 Other 4,962 399,540 8,714 4,962 648,444 30,317 io li 248,904 21,603 585,661 33.039 Total expendlture 413,216 270,507 683,723 618,700 Net income /lexpenditurel Transfers between funds 1,551 400 175,881 14001 177,432 218,930 Net movement In lunds 1,951 175,481 177.432 218,930 Reconclllatlon of funds Fund5 brought forward 20 387,408 5,838,665 182,034 6,408,107 6,189,177 Funds carried forward 20 389,359 6,014,146 182,034 6,585,539 6,408,107 All Income derlves Irom contlnulng a¢ttvltles; therelore, no statement of reeognlsed galns or1055es Is glven. The comparative amount5 by funds have been dlsclosed on notes 2 & 3. The notes on pages 20 to 32 form part of these finanaal statements 17
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND BALANCE SHEET AS AT 31 DECEMBER 2022 Unrestrlrted funds Restrlrted fund5 Endowrnent funds Total 2022 Total 2021 Note Flxed a55ets Tangible as5et5 Iz 29,889 5.480,567 5.510,456 5,642,191 Total flxed assets 29,889 5,480,567 5.510,456 5,642,191 Current assets Debtors Current investments G3sh at bank & in hand 13 14 15 11,303 44,855 56,158 31,468 1,667,709 59,440 151,468 1.574.494 31,468 15.182 425,820 1.226,707 437,123 1.271,562 46,650 1,755,335 1,785,402 Credltors.. amounts falllng due within one year 16 119,5021 1247.2501 1266,752) 1258,7401 Net curnent a55ets 417,621 1.024,312 46.650 1,488,583 1.526,662 Inter fund debtoys / {creditors} 17 158,1511 177,2331 135,384 Total assets less current 389,359 6,427,646 182,034 6,999,039 7,168,853 Creditors.. amount5 fallin8 due after more than one year 18 1413,5001 1413,5001 1760,7461 Total net assets 389.359 6,014,146 182,034 6,585,539 6,408,107 Funds carrled forward 20 389,359 6,014,146 182,034 6,5B5,539 6,408,107 Approved by the Kirk Session at a meeting on 2<1m/?013 and signed on its behalf by offrey M rshall n Marshall John Mcclintock The notes on pages 20 to 32 form part of these flnanclal statements 18
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND STATEMENT OF CASH FLOWS Year ended 31 December 2022 Note 2022 2021 Net Income / (expenditure) 177,432 218,930 Adjustments to reconclle net Income/ (expendlturej to net cashjlowsfrom operoting actlvitie5 Depreclation of tan8ible flxed asset5 Loss I/Galnl on property disposal Net finance cost5 Ilncrea5el / decrease in debtor5 Increase I Idecreaselin creditors 12 131,735 120,000) 18,669 3,182 8,440 132,508 22,565 33,985 12,5981 Net cash Inflow from operating actlvSties 319,558 405,390 Investing activities Interest received Proceed5 from property d15posa15 2,617 140,000 2,044 Net cash inflow from investing actlvSties 142,617 2,044 Financlng activltles Interest paid Capital expendlture Repayment of long-term loans 121,2861 124,6091 118,8211 1253,3111 1347,6741 Net Cash {outflow) I Inflow from f inancin8 actlvities {368,9601 1296,7411 Net increase / Idecreasel In cash and cash equivalents Cash and cash equivalent5 at l January 2022 93,215 110,693 1,574,494 1,463,801 Cash and cash equlvalents at 31 De¢ember 2022 15 1,667,709 1,574,494 The notes on pages 20 to 32 form part of these financlal statements 19
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2022 I. ACCOUNTING POLICIES The principal accounting policies adopted, jud8ements and key sources of estimation in the preparation of the financial statements are as follows: a) Basis of preparation The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charitie5: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (second edition- October 2019). Wellington Congre8ation of the Presbyterian Church in Ireland meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historic cost or transaction value unless Otherwise stated in the relevant accounting policy note5. The financial statements i nclude all transactions assets and liabilities for wh ich the congregation is responsible in law. b} Preparation of accounts on a going concern basis Wellington Congregation of the Presbyterian Church in Ireland has prepared the accounts on a going concern basis. The balance sheet is strong with continued support by members. c} Income Income is recognised when the charity has entitlement to funds, conditions attached to the itemlsl of income have been met, it is probable that the income will be received, and the amount can be measured reliably, Income from government and other grants, whether capital grant5 or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grant5 have been met, it is probable that the income will be received, and the amount can be measured reliably and 15 not deferred. Income from tax reclaims (Gift Aid) is recogni5ed at the same time as the gift to which they relate. 20
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2022 d) Donated services and facillties In accordance with the Charities SORP IFRS 1021, the general volunteer time of the charity's volunteers is not recognised financially in the Statement of Financial Activities, but their valuable contribution is acknowledged in the Trustees, Report. el Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. f) Fund accounting Unrestricted funds are available for use at the discretion of the Congregational Committee in furtherance of the objectives of the charity. Designated fund5 comprise unrestricted funds that have been set aside by the Congregational Committee for particular purposes. General funds may be transferred to designated funds where the Congregation Committee wish to use these funds for a specific purpose, Such funds may be transferred back to general funds once the criteria for the designation have been met or are no longer applicable. Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the term5 of the appeal. Expendable endowment funds are donations that have been given to the church and the Kirk Session has elected to hold these as capital, The Trustees have the discretion to use these funds as income. g) Expenditure and Irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. 21
WELLINGTON CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2022 Expenditure is accounted for on an accruals basis and ha5 been classified under the following he3dings:_ expenditure on raising funds includes all expenditure on fundraising activities and other costs incurred on raising funds for charitable purpose, expenditure on charitable activities includes the costs of central church assessments, ministry and support Staff, core team and organizational expenditure, church running and administration costs, donations and other support services to further the purposes of the charity, other expenditure represents those items not falling into any other heading. The church is not registered for VAT purposes, therefore irrecoverable VAT is either charged to the Statement of Financial Activities or is capitalized as part of the cost of the related asset, where appropriate. h) Allocation of support costs Support costs are those function5 that assist the work of the charity but do not directly undertake charitable activities. Support Costs include back-office costs, finance, human resources, payroll and governance costs which support the charity's activities. i) Operating leases The Church has no operating leases. j) Tangible flxed a55ets Items of property, fixtures and equipment are capitalised if they can be used for more than one year and c05t at least £2,000. They are stated at cost less accumulated depreciation and impairment losses, if any. The depreciable amount is the cost of an asset less its residual value. Depreciation is charged to the Statement of Financial Activities on a straight-line basis so a5 to write off the depreciable amount of the asset over its estimated useful life as follows". Freehold land Property Fixtures & equipment Not depreciated 50 year5 20% strai8ht line 1150A straight line The residual value and useful life of property, fixtures and equipment are reviewed at each balance sheet date and updated for any changes. 22
WELLINGTON CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd Year ended 31 December 2022 k) Debtors Operational and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. l) Cash at bank and in hand Cash at bank and In hand include5 cash and short term liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. m) Creditors and provisions Creditors and provisions are recogni5ed where the charity has a present obligation resulting from a past event that will probabSy result in the transfer of funds to a third party and the amount due to Settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 23
WELLINGTON CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2022 Statement of Financial Actlvltles: Unrestricted funds Note 2022 2021 Income frorn: Donation5 and legacies Charitable activities Other trading activities Investment income Other income 50urce5 405,079 5,745 2,270 1,444 229 396,320 1,099 944 580 Total Inrome 414,767 398,943 Expenditure on: Raisin8 funds Charitable activlties Other 4,962 399,540 8,714 io li 352,568 8,172 Total expendlture 413,216 360,740 Net income Ilexpenditurel Transfers between funds 1,551 400 38,203 500 Net movement In funds 1,951 38,703 Reconclllatlon of funds Funds brought forward 20 387,408 348,705 Funds carried forward 20 389,359 387,408 24
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS Icont'd) Year ended 31 December 2022 3. Statement of Financlal Activities: Restricted fund5 Note 2022 Z021 Income from.. Donations and legacies Investment income Other income sources 408,734 21.173 16.481 437.588 I,ioo Total income 446,388 438,688 Expenditure on: Chayitable activities Other ID li 248,904 21.603 233,093 24,868 Total expendlture 270,507 257.961 Net income llexpenditurel Transfers between funds 175,881 14001 180,727 15001 Net movement in funds 175,481 180,227 Reconciliatlon of funds Funds brought forward 20 5,838,665 5,658.438 Funds carried forward 20 6,014,146 5.838,665 DONATIONS AND LEGACIES Unrestrlcted fund5 Restrlcted funds Endowment fund5 Total 2022 Total 2021 Recorded giving: Loose collection5 Donation5 and gifts Gift aid Le8acies and bequests 6.659 335,620 62,800 6,659 6S9,426 125,328 2Z,400 4,16Q 637,205 120,814 71,729 323,806 62,528 22,400 405,079 408,734 813,813 833,908 25
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS {cont'd) Year ended 31 December 2022 5. CHARITABLE AcfiviTIES Unrestricted funds Restricted funds Endowment funds Total 2022 Total 2021 Fees from wedding5 and funera15 Fundraising events Sundry income Literature sales 2,160 2,160 480 1,791 1,794 1,791 1,794 359 260 5,745 5,745 1,099 6. OTHER TRADING AcfiviTIES Unrestricted funds Restrlcted funds Endowment funds Total 2022 Total 2021 Letting of premises 2.270 2,270 2,270 2,270 7. INVESTMENT INCOME Unrestrlrted funds Restrlcted funds Endowment funds Total 2022 Total 2021 Deposit interest Profit on investment disposal 1,444 1,173 20,000 2,617 20,000 2,043 1,444 21,173 22.617 2.043 OTHER INCOME Unrestricted funds ReStrIed funds Endowment funds Total 2022 Total 2021 Other incorne 229 16,481 16,710 580 229 16,481 16,710 580 26
WELLINGTON CONGREGATION OF THE PRESBITERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2022 RAISING FUNDS Unrestricted funds Restricted funds Endowment funds Total 2022 Total 2021 FWO envelopes 4,962 4,96Z 4,962 4,962 10. CHARITABLE AcfiviTIES Unrestricted fund5 Restrl¢ted fund5 Endowment fund5 Total 2022 Total 2021 General Assemblv Assessment5 Presbytery fees Ministry and 5UPPOrt staff costs Congregational runnin8 expenses Donation5 to mission5 and charities Personal support Depreciation (Note 12) Governance costs 39,770 1,625 12,526 52,296 1,625 49,621 1,805 186,218 186,218 202,006 123,375 17,423 140.798 87,538 15,000 54,831 38,921 121,683 3,520 69,831 38,921 131,735 27,020 66,358 37,948 132,508 7,877 10,052 23,500 399,540 248.904 648,444 585,661 11. OTHER EXPENDITURE Unrestricted funds Restricted funds Endowment fund5 Total 2022 Total 2021 Loan interest Bank charge5 Sundry Catering costs 21,286 317 21,286 648 1,734 6,649 24,609 253 4,852 3.325 331 1,734 6,649 8,714 21,603 30,317 33.039 Total 20Z2 Total 2021 Net Income Net income is stated after charging I IcreditinBI: Auditor'5 remLJneration 3,840 3,600 27
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2022 12. TANGIBLE FIXED ASSETS Church bulldln8S Fixture5 & Equlpment Land Manse Total COST At l January 2022 Additions Disposa15 I,ioo,000 5,634,129 450,000 135,266 7,319,395 At 31 December 2022 I,ioo,000 5,634.129 450,000 135.266 7.319,395 DEPRECIATION At l January 2022 Charge for the year Eliminated on disposal 1,464,879 112,683 117,000 9,000 95,326 10,052 1,677,205 131,735 At 31 December 2022 1,577,562 126,000 105.378 1.808.940 NET BOOK VALUE At 31 December 2022 I,iOO,ODO 4,056,567 324,000 29,889 5,510,456 At 31 December 2021 I,ioo,000 4,169,250 333.000 39.941 5,642,191 13. DEBTORS 2022 2021 Gift aid recoverable CAF vouchers 5undrv War loan debtor 17,789 50 2,934 35,385 21,698 50 2,307 3S,385 56,158 59,440 28
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2022 14. INVESTMENTS The congregation has the following investments. Amounts are shown at cost. 2022 2021 National SavinEs Income Bonds Investment property held for sale 31,468 31,468 120,000 31,468 151,468 The Investment property19 Circular Road. Ballymenal was sold during the year for £140,000 after selling costs 15. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise the followin8', 2022 2021 Cash at bank and in hand 1,667,709 1,574,494 16. CREDITORS: Amounts falling due within one year 2022 2021 Accruals and deferred income Other creditor5 Ulster bank loan Other taxation and Social security 15,225 41,914 208,634 979 5,710 43,024 209,062 944 266,752 258,740 17. Inter fund debtors/ (creditors) Inter fund debtor and credltors balances are included to represent the amount5 owed between funds. 18. CREDITORS: Amounts falling due after one year 2022 2021 Ulster bank loan Sundry loan5 Elsie Steele Trust loan 347,246 3,500 410,OQO 760,746 3,500 410,000 413,500 29
WELLINGTON CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2022 19. BANK AND OTHER BORROWINGS On the 25, June 2015 the Ulster Bank provided the congregation of Wellington Presbyterian Church with a loan of £2,48Q,000. The loan is repayable at 3% over the base rate for the entlrety of the term of the loan ntil January 2031. The loan is secured by a legal charge over the Church premises at 28 Sourhill Road, Ballymena, Co. Antrim and associated assets. The Elsie Steele Trust provided the Church with a loan of £410,000 to be repaid at the end of a twenty five - vear period. The loan is at a fixed rate of 4% and has another nine years to run. The Elsie Steele Trust has a secondary char8e over the Church premise5 at 28 Sourhill Road, Ballymena, Co Antrim and assoclated assets. 20. FUND BALANCES Balance at 01101122 Surplu51 Ideflcit) Balance at 31112122 Receipts Payments Transfefs Unrestricted funds General fund 387,408 414,767 1413,2161 1,551 400 389,359 Restrlcted fund5 Old property reserve Benevolent fund Misslon fund New buildin8 fund Or8anisations' fund 24,341 131 104,888 5,679,071 30,234 332 332 24,673 131 119,036 5,836,139 34,167 113,774 300,271 32,011 199,6261 1143,2031 127,6781 14,148 157,068 4,333 14001 5,838,665 446,388 1270,5071 175,881 14001 6.014,146 Endowment funds Endowments 182,034 182,034 Total fund5 6,408,107 861,155 1683,7231 177.432 6.585,539 The following Is a list of the restricted funds in use together with a description of their use.. The old property fund is used to fund capital projects and the on-going maintenance and development of the propertie5 owned and used by the congregation in its mi55ion. The new building fund wa5 launched to fund the move to the New Premlses where the Church Is now located. The benevolent fund is used for social outreach proBrammes into the local community. The mission account IS Used to meet our commltments to PCI and non-conBregational mission at home and overseas. The organisations fund is the total funds of all church organisations. 30
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2022 21. EMPLOYEES NUMBERS AND STAFF COSTS Employment costs 2022 2021 Wages and salarie5 Employer's social security Employer's pension contributlon 147,090 9,452 12,294 168,836 146,822 9.019 1.196 157,037 Number ot employees: The number of staff employed by the church on 31 December 2022 was 912021- 71 Staff salaries are in line with the salary scales malntained by the Presbyterian Church in Ireland IPCII. No employees received rernuneration in excess of £60,000. Pension costs The minlster of the congregatSon 15 a member of the Presbyterlan Church in Ireland Pension Scheme120091. Thls is a scheme operated by the Presbyterian Church in Ireland. a separate registered charity. The congregation pays an assessment to PCI equivalent to the employer's pension contribution for the Scheme and based on the stipend paid to the minister. The PCI Scheme120091 is a funded scheme of the defined benefits 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 fLtndlng plan to ensure the Scheme is suff iciently funded to meet current and future obligations. A formal schedule of contribution5 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 cost of insuring death in service benefits and fundlng the scheme deficit. 2022 2021 The contributions made by the congregation during the year were a5 follows: Pension costs 11,118 10.874 All other staff employed by the congregation are automatically enrolled in the SMART PENSION scheme. This scheme and its assets are held by an independent scheme manager. The contributions made by the congregation to this scheme were, 2022.. £1,17612021.' £1,196). 31
WELLINGTON CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2022 19. RELATED PARTY TRANSACTIONS One of the trustees, the mlni5ter of the congregation. received remuneratlon of £46,327 and expense5 of £1,353 for actin8 in that capacity. Penslon contribution5 of Ell,118 were paid by the congregation in respect of the minister. Another trustee, Mr Mervyn Orr received remuneration of E6,008 as a result of his employment by the hurch. No other charity tFUStee, other than the minister meniSoned above, recelved payment for profe55ional or other services supplied to the charity. Durlng the year the congregatlon contrlbuted the following amounts to Funds of the General Assembly of the Presbyterian Church In Ireland, a separate charity.. £126,345 for congregatlonal asse55ments, whlch includes E46.327 for the minister's Stipend. £31,314 towards the United Appeal Mr Geoffrey Marshall and Mr Mark Hood, trustees of the Church are also trustees of the Elsle Steele Trust, a charitable trust, which has made a loan of £410,000 to Wellington Presbyterian Church. This is an interest only loan, wlth Interest being charged at 4% per annum and capital repayable at the end of twenty-five year5. There are nine years to run on the loan on 31 December 2022. 32