WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL AcfiviTIES Year ended 31 December 2023 Unrestrlcted fund5 Restrlcted fund5 Endowment funds Total 2023 Total 2022 Note Income from: Donations and legacies Charitable activities Other trading activities Investment Income Other income Sources 499,135 4,465 24,530 1,729 877 402,476 901,611 4,465 24,530 3,873 18,384 813,813 5,745 2,270 22,617 16,710 2,144 17,507 Total Income 530,736 422,127 952,863 861,155 Expenditure on: Raising funds Chariiable activities Other 2.106 420,852 14,234 2,106 644,674 33,309 4,962 648,444 30,317 io li 223,822 19,075 Total expendlture 437,192 242,897 680,089 683,723 Net income Ilexpenditurel 93,544 179,230 272,774 177,432 Net movement In funds 93,544 179,230 272,774 177,432 Reconciliation of funds Funds brought forward zo 389,359 6.014, 146 182,034 6,585,539 6,408,107 Funds carrled forward 20 482,903 6,193,376 182,034 6,858,313 6,585,539 All Income derlve5 from contlnulng activities. therefore, no statement of recognlsed 8alns or losse5 Is glven. The ¢omparatlve amounts by funds have been dls¢losed on notes 2 & 3. The notes on pages 20 to 32 form part of these financial statements 17
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND BALANCE SHEET AS AT 31 DECEMBER 2023 Unrestrlctod funds Restrl¢ted funds Endowment funds Note Total 202.3 Total 2022 Flxed assets TanEible assets 12 19,139 5,358,884 5,378,07.3 5,510,456 Total fixed assets 19.139 5.358,884 5,378,023 5,5 10,456 Current assets Debtors Current investments Cash al bank & in hand 13 14 15 7,463 44,133 51,596 31,468 1,826,505 56, 158 31,648 1.667,709 3 1.468 15,182 530,181 1,281,142 537,644 1,325,275 46,650 1,909,569 1,75S,335 Cieditor5.' amounts falllnB due within one year 16 115,7291 1501 115,77YI 1266,7521 Net current assets 521,915 1,325,225 46,650 1,893,790 1,488,583 Inter fund debtors I l¢redltorsl 17 158,1511 177.2331 135,384 Total asset5 less current 482,903 6,606,876 182,034 7,271,813 6,999,039 Creditors.. amounts fallin8 due after more than one vear 18 1413,5001 1413,50UI 1413,5001 Total net 355et5 482,903 6, 193,376 182,034 6,858,313 6,585,539 Funds carrled forward zo 482,903 6,193,376 182,034 6,858,313 6,585,539 Approved by the Kirk Session at a meeting on 2g/io/2oZy and signed on its behalf bv offrey Marshall Jo 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 2023 Note 2023 2022 Net In¢ome I lexpenditure} 272,774 177,432 Adjustments to reconclle net Incorne /{expendltureJ to net cash flows Arom operotlng actlvltle5 Depreclation of tangible fixed a55ets Loss I/Gainl on property disposal Net finance costs Ilncreasel / decrease in debtors Increase I Idecrea5elin Creditors 12 132,433 131,735 120,0001 18,669 3,282 8,440 13,985 4,562 142,3391 Net cash Inflow from operating actlvltles 108,641 319,558 Investing activities Interest received Proceeds from property disposals 3,873 2,617 140,000 Net cash Inflow from Investing a¢tivities 3,873 142,617 Flnanclng actlvltles Interest paid Repayment of lon8-term loans 117,8581 1208,6341 121,2861 1347,6741 Net cash loutflowl / Inflow from flnanclng actlvltle5 1226,492) 1368,9601 Net Increase / Idecreasel In cash and cash equlvalents Cash and cash equivalents at l January 2023 158,796 93,215 1,667,709 1,574,494 Cash and cash equivalents at 31 De¢ember 2023 15 1,826,505 1,667,709 The notes on pages 20 to 32 form part of these financial statements 19
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2023 I. ACCOUNTING POLICIES The principal accounting policies adopted, judgements and key sources of estimation in the preparation of the financial statements are as follows., al Basis of preparation The financial Statements have been prepared in accordance with the Charities SORP IFRS 102) Accounting and Reporting by Charities.. 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 Congregation of the Presbyterian Church in Ireland meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogn ised at historic cost or transaction value unless otherwise stated in the relevant accounting policy note5. The financial statements include all transactions assets and liabilities for which 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 going concern basis. The balance sheet is strong with continued support by member5. c) Income Income 15 recognised when the charity has entitlement to funds, conditions attached to the item(sl of income have been met, it is probable that the income will be received, and the arnount can be measured reliably. Income from government and other grants, whether capital grants or revenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Income from tax reclaims (Gift Aid) is recognised 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 2023 d) Donated services and facilities In accordance with the Charities SORP {FRS 102), the general volunteer time of the charity's volunteer5 is not recognised financially in the Statement of Financial Activities, but their valuable contribution is acknowledged in the Trustees, Report. e) Interest receSvable 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 funds 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 fund5 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. gl Expenditure and irrecoverable VAT Expenditure is recognised once there 15 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 PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS {cont'd) Year ended 31 December 2023 Expenditure 15 accounted for on an accruals basis and has been classified under the followin8 headin8S:_ 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 15 capitalized as part of the cost of the related asset, where appropriate. h) Allocatlon of support costs Support costs are those functions 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. il Operating leases The Church has no operatin8 leases. J) Tangible fixed assets Items of property, fixtures and equipment are capitalised if they can be used for more than one year and cost at least £2,000. They are stated at cost le55 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 as to write off the depreciable amount of the asset over its estimated useful life as follows.. Freehold land Property Fixtures & equipment Not depreciated 50 years 20 /0 Straight line115% 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 PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE Fif4ANCIAL STATEMENTS (cont'd) Year ended 31 December 2023 k) Debtors Operational and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid. 11 Cash at bank and in hand Cash at bank and in hand includes 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. ml Creditors and provlslons Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably 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 PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2023 2. Statement of Financlal Activities: Unrestrlcted funds Note 2023 2022 Income from: Donations and legacies Charitable activlties Other tradin8 activities Investment income Other income sources 499,135 4,465 24,S30 1,729 877 405,079 5,745 2,270 1,444 229 Total income 530,736 414,767 Expendlture on.. Raising funds Charitable activities Other 2,106 420,852 14,234 4,962 399,540 8,714 io li Total expenditure 437,192 413,216 Net Income l(expendlturel Transfers between funds 93,544 1,551 400 Net movernent In funds 93,544 1,951 ReconclllatSon of funds Funds brought forward 20 389,359 387,408 Fund5 carrled forward 20 482,903 389,359 24
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS {cont'd) Year ended 31 December 2023 3. Statement of Financial Activities: Restricted funds Note 2023 2022 Income from.. Donations and legacies Investment income Other income sovrces 402,476 2,144 17,507 408,734 21,173 16,481 Total Income 422, 127 446,388 Expenditure on.. Charitable activities Other io li 223,822 19,075 248,904 21,603 Total expendlture 242,897 270,507 Net Income Ilexpenditure) Transfers between funds 179,230 175,881 14001 Net movement in funds 179,230 175,481 Re¢onclliatlon of funds Funds brought forward 20 6,014,146 5,838,665 Funds carried foiward 20 6,193,376 6,014,146 DONATIONS AND LEGACIES Unre5trlcted funds Restrltted funds Endowment funds Total 2023 Total 2022 Recorded giving.. Loose collection5 Donations and gifts Gift aid Legacies and bequests 13,213 348,901 62,237 74,784 13,213 669,719 IZl,495 97,184 6,659 659,426 125,328 22,440 320,818 59,258 22,400 499,135 402,476 901,611 813,813 25
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS Icont'd) Year ended 31 December 2023 CHARITABLE AcfiviTIES Unrestrlcted Funds Restrlcted fund5 Endowment funds Total 2023 Total 2022 Fees from weddings and funera15 Sundry income Literature sales 2,160 1,791 1,794 2,555 1,910 2,555 1.910 4,465 4,465 5,745 6. OTHER TRADING ACTIVITIES Unrestricted Funds Restrl¢ted fund5 Endowment funds Total 2023 Total 2022 Letting of premises 24,530 24,530 2,270 24,530 24,530 2,270 7. INVESTMENT INCOME Unrestrl¢ted Funds Restrlcted funds Endowment funds Total 2023 Total 2022 Dep051t interest Profit on ir)vestment disposal 1,729 2,144 3,873 2,617 20,000 1,729 2,144 3,873 22,617 8. OTHER INCOME Unrestricted Funds Restricted funds Endowment funds Total 2023 Total 2022 Other income 877 17,507 18,384 16,710 877 17,507 18,384 16,710 26
WELLINGTON CONGREGATION OF THE PRESBERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd Year ended 31 December 2023 RAISING FUNDS Unrestrlcted Funds Restricted fund5 Endowment funds Total 2023 Total 2022 FWO envelopes 2,106 2,106 4,962 2,106 2,106 4,962 10. CHARITABLE ACTIVITIES Unrestricted Funds Restricted funds Endowment funds Total 2023 Total 2022 General Assembly Assessments Presbytery fees Ministry and support staff costs Con8regational running expenses Donations to missions and charities Personal support Depreciation (Note 121 Governance costs 54,154 1,725 54,154 1,725 52,296 1,625 195,985 195,985 186,218 136,273 19,536 155,809 140,798 15,550 738 10,750 5,677 37,258 39,185 121,683 6,160 52,808 39,923 132,433 11,837 69,831 38,921 131,735 27,020 420,852 223,822 644,674 648,444 11. OTHER EXPENDITURE Unre5trlcted Funds Restricted funds Endowment funds Total 2023 Total 2022 Loan interest Bank charges SundTY Catering costs 17,858 382 835 17,858 802 3,924 10,725 21,286 648 1,734 6,649 420 3,089 10,725 14,234 19,07S 33,309 30,317 Total 2023 Total 2022 Net Income Net income is stated after charging / Icreditin81'. Auditor's iemuneration 3,600 3,840 27
WELLINGTON CONGREGATION OF THE PRESBrfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2023 12. TANGIBLE FIXED ASSETS Church bulldlng5 Flxtures & Equlpment Land Manse Total COST At l January 2023 Additions Disposals I,ioo,000 5,634,129 450,000 135,266 7.319,395 At 31 December 2023 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 1,577,562 112,683 126,000 9,000 105,378 10,750 1,808,940 132,433 At 31 December 2023 1,690.245 135,000 116,128 1,941,373 NET 800K VALUE At 31 December 2023 I,ioo,000 3,943,884 315,000 19,138 5,378,022 At 31 Decernber 2022 i.ioo,000 4,056,567 324,000 29.889 5,510,456 13. DEBTORS 2023 2022 Gift aid recoverable CAF vouchers Sundry War loan debtor 9,777 50 6,384 35,385 51,596 17.789 50 2,934 35,385 56,IS8 28
WELLINGTON CONGREGATION OF THE PRESBYtERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2023 14. INVESTMENTS The congregation has the following investments. Amounts are shown at cost. 2023 2022 National Saving5 Income Bonds 31,468 31,468 31,468 31,468 15. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise the followlng: 2023 2022 Cash at bank and in hand 1,826,505 1,667,709 16. CREDITORS: Amounts falling due within one year 2023 2022 Accruals and deferred income Other creditors Ulster bank loan Other taxation and Social security 10,991 3,695 15,225 41,914 208,634 979 1,093 15,779 266,752 17. Inter fund debtors/ (creditors) Inter fund debtor and creditors balances are included to represent the amounts owed between funds. 18. CREDITORS: Amounts falling due after one year 2023 2022 Sundry loans Elsie Steele Trust loan 3,500 410,000 413,500 3,500 410,000 413,500 29
WELLINGTON CONGREGATION OF THE PRES8rfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2023 19. BANK AND OTHER BORROWINGS On the 25, June 2015 the Ulster Bank provided the congregation of Wellington Presbyterlan Church with a loan of £2,480,000. The loan was repaid in the year. The loan was 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 - year period. The loan is at a fixed rate of 4Yo and has another ei8ht years to run. The Elsie Steele Trust has a secondary charge over the Churth premises at 28 Sourhlll Road, Ballymena. Co Antrim and associated assets. 20. FUND BALANCES Balance at 01101123 Surplus / Ideflcltl Balance at 31112123 Receipts Payments Transfers Unrestrlcted funds General fund 389,359 530,736 1437,1921 93,544 482,903 Restrlcted funds Old property reserve Benevolent fund Mission fund New building fund Organisations, fund 24,673 131 119,036 5,836,139 34,167 24,673 131 166,334 5,965,524 36,714 122,693 269,178 30,256 175,3951 1139,7931 127,7091 47,298 129,385 2,547 6,014,146 422,127 1242,8971 179,230 6,193,376 Endowment funds Endowments 182,034 182,034 Total funds 6,585,539 952,863 1680,0891 272,774 6,858,313 The following is a list of the restricted funds in use tO8ether with a description of their use.. The old property fund 15 used to fund capital projects and the on-going maintenance and development of the properties owned and used by the congregation in its mission. The new building fund was launched to fund the move to the New Premises where the Church is now located. The benevolent fund is used for social outreach programmes into the local community. The mission account is used to meei our commitments to PCI and non-congregatlonal 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 2023 21. EMPLOYEES NUMBERS AND STAFF COSTS Employment costs 2023 2022 Wages and salaries Employer's social security Employer's pension contribution 157,284 9,669 13,000 179,953 147,090 9,452 12,294 168,836 Number of employees: The number of staff employed by the church on 31 December 2023 was 912022.. 91 Staff salaries are ir) line with the salary scales malntained by the Presbyterian Church in Ireland IPCII. No employee5 received remuneration in excess of £60,000. Penslon ¢osts The minister of the congregation is 3 member of the Presbyterlan Church in Ireland Pension Scheme120091. This 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'5 penslon contribution for the Scheme and based on the stipend paid to the minister. The PCI Scheme120091 is a funded scheme of the defined benefit5 type, provlding 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 trustee5 have agreed a fundlng plan to ensure the Scheme is sufficiently funded to meet current and future obligations. A formal schedule of contribLFtlons 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 benefils for future service, expenses, the cost of insuring death in service benefits and funding the scheme deficit. 2023 2022 The contributions made by the congregation during the year were as follows- Pension costs 11,674 11,118 All other slaff employed by the congregation are automatically enrolled in the SMART PENSSON scheme. This scheme and its assets are held by an independent scheme manager. The contrSbution5 made by the congregation to this scheme were, 2023.. £1,32612022.' £1, 1761 31
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2023 19. RELATED PARTY TRANSAcfioNS One of the trustees, the minister of the con8re8ation, received remuneration of £48,643 and expenses of El,458 for actin8 In that capacity. Pension contributlons of £11,674 were paid by the congregation in respect of the minister. Another trustee, Mr Mervyn Orr received remuneration of £5,299 as a result of his employment by the church. No other charity trustee, other than the minister mentioned above, received payment for professional or other services supplied to the charity. During the year the Congregation contributed the followlng amounts to Funds of the General Assembly of the Presbyterian Church in Ireland. a separate charitv.. E129,896 for congregational assessments, which includes £48.643 for the minister's stipend. E33,361 towards the United Appeal Mr Geoffrey Marshall and Mr Mark Hood, trustees of the Church are also trustees of the Elsie Steele Trust, charitable trust, which has made a loan of £410,000 to Wellington Presbyterian Church. This is an interest only loan, with interest being charged at 4Yo per annum and capital repayable at the end of twenty-five years. There are eight years to run on the loan on 31 December 2023. 32