WELLINGTON CONGREGATION OF THE PRESBITERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL AcfiviTIES Year ended 31 December 2024 Unrestricted funds Restricted funds Endowment funds Total 2024 Total 2023 Note Income from: Donations and legacies Charitable activities Other trading activities Investment income Other income sources 506,356 5,285 28,793 3,030 387,853 894,209 5,285 28,793 4,486 19,265 901,611 4,465 24,530 3,873 18,384 1,456 19,265 Total income 543,464 408,574 952,038 952,863 Expenditure on: Raising funds Charitable activities Other 2,106 644,674 33,309 io li 462,714 14,752 255,059 17,674 717,773 32,426 Total expenditure 477,466 272,733 750,199 680,089 Net income /{expenditurel 65,998 135,841 201,839 272,774 Net movement in fund5 65,998 135,841 201,839 272,774 Reconciliation of funds Funds brought forward 20 482,903 6,193,376 182,034 6,858,313 6,585,539 Funds carried forward 20 548,901 6,329,217 182,034 7,060,152 6,858,313 All income derives from continuing activities; therefore, no statement of recognised gains or losses is given. The comparative amounts by funds have been disclosed on notes 2 & 3. The notes on pages 20 to 32 form part of these financial statements 17
WELLINGTON CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND BALANCE SHEET AS AT 31 DECEMBER 2024 Unrestricted funds Restricted funds Endowment funds Total 2024 Total 2023 Note Fixed assets Tangible assets 12 13,194 5,237,201 5,250,395 5,378,023 Total fixed assets 13,194 5,237,201 5,250,395 5,378,023 Current assets Debtors Current investments Cash at bank & in hand 13 14 15 8,089 59,230 67,319 31,468 2,181,590 51,596 31,468 1,826,505 31,468 15,182 568,004 1,598,404 576,093 1,657,634 46,650 2,280,377 1,909,569 Creditors- amounts falling due within one year 16 140,3861 116,7341 157,1201 115,7791 Net current assets 535,707 1,640,900 46,650 2,223,257 1,893,790 Inter fund debtors / {creditors) 17 1135,3841 135,384 Total assets less current liabilities 548,901 6,742,717 182,034 7,473,652 7,271,813 Creditors: amount5 falling due after more than one year 18 1413,5001 1413,5001 1413,5001 Total net assets 548,901 6,329,217 182.034 7,060,152 6,858.313 Funds carried forward 20 548,901 6,329,217 182,034 7,060,152 6,858.313 Approved by the Kirk Session at a meeting on and signed on its behalf by eoffrey Marshall n Marshall John Mcclintock The notes on pages 20 to 32 form part of these financial statements 18
WELLINGTON CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF CASH FLOWS Year ended 31 December 2024 Note 2024 2023 Net income / lexpenditurel 201,839 272,774 Adjustments to reconcile net income/ (expenditure) to net cashflowsfrom operating uctivities Depreciation of tangible fixed assets Net finance costs Capital expenditure Ilncreasel / decrease in debtors Increase / Idecreaselin creditors 12 132,445 11,915 {4,818} 115,723} 41,341 132,433 13,985 4,562 142,3391 Net cash inflow from operating activities 165,160 108,641 Investing attivities Interest received 4,486 3,873 Net cash inflow from investing activities 4,486 3,873 Financing activities Interest paid Repayment of long-term loans (16,4001 117,8581 1208,6341 Net cash (outflow) / inflow from financing activities (16,4001 1226,4921 Net increase / {decreasel in cash and cash equlvalents 355,085 158.796 Cash and cash equivalents at l January 2024 1,826,505 1,667,709 Cash and cash equivalents at 31 December 2024 15 2,181,590 1,826,505 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 2024 I. ACCOUNTING POLICIES The principal accounting policies adopted, judgements 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 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 IFRS 102) (second edition- October 2019). Wellington Congregation ofthe 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 notes. The financial statements include all transaction5 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 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 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 2024 d) Donated services and facilities In accordance with the Charities SORP IFRS 1021, the Eeneral 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. e) 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 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 terms 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 PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd Year ended 31 December 2024 Expenditure is accounted for on an accruals basis and has been classified under the following headings:_ 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 a5 part of the cost of the related asset, where appropriate. h) Allocation 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. i) Operating leases The Church has no operating leases. j) Tangible fixed assets Items of property, fixtures and equipment are capitali5ed if they can be used for more than one year and cost 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 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% straight line / 15/0 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 FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2024 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 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. m) Creditors and provisions 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 2024 Statement of Financial Activities: Unrestricted funds Note 2024 2023 Income from: Donations and legacies Charitable activities Other trading activities Investment income Other incorne sources 506,356 5,285 28,793 3,030 499,135 4,465 24,530 1,729 877 Total Income 543,464 530,736 Expenditure on: Raising funds Charitable activities Other 2,106 420,852 14,234 io li 462,714 14,752 Total expenditure 477,466 437,192 Net income Ilexpenditurel Transfers between funds 65,998 93,544 Net movement in funds 65,998 93,544 Reconclliation of funds Funds brought forward 20 482,903 389,359 Funds carried forward 20 548,901 482,903 24
WELLINGTON CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2024 3. Statement of Financial Activities: Restricted funds Note 2024 2023 Income from: Donations and legacies Investment income Other income sources 387,853 1,456 19,265 402,476 2,144 17,507 Total income 408,574 422,127 Expenditure on: Charitable activities Other io li 255,059 17,674 223,822 19,075 Total expenditure 272,733 242,897 Net income /lexpenditure) Transfers between funds 135,841 179,230 Net movement in funds 135,841 179,230 Reconcillation of funds Funds brought forward 20 6,193,376 6,014,146 Funds carried forward 20 6,329,217 6,193,376 DONATIONS AND LEGACIES Unrestricted funds Restricted fund5 Endowment funds Total 2024 Total 2023 Recorded giving.. Loose collections Donations and gifts Gift aid Legacies and bequests 24,964 365,311 66,357 49,724 24,964 670,430 126,691 72,124 13,213 669,719 121,495 97,184 305,119 60,334 22,400 506,356 387,853 894,209 901,611 25
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2024 5. CHARITABLE ACTIVITIES Unrestricted Funds Restrlcted funds Endowment funds Total 2024 Total 2023 Fees from weddings and funerals Sundry income Literature sales 2,925 453 1,907 2,925 453 1,907 2,555 1,910 5,285 5,285 4,465 6. OTHER TRADING AcfiviTIES Unrestricted Funds Restricted funds Endowment funds Total 2024 Total 2023 Letting of premises 28,793 28,793 24,530 28,793 28,793 24,530 7. INVESTMENT INCOME Unrestricted Funds Restricted funds Endowment funds Total 2024 Total 2023 Deposlt interest 3,030 1,456 4,486 3.873 3.030 1,456 4,486 3,873 8. OTHER INCOME Unrestricted Funds Restricted fund5 Endowment funds Total 2024 Total 2023 Other income 19,265 19,265 18,384 19,265 19,265 18,384 26
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS {cont'd) Year ended 31 December 2024 RAISING FUNDS Unrestricted Funds Restricted funds Endowment funds Total 2024 Total 2023 FWO envelopes 2,106 2,106 10. CHARITABLE ACTIVITIES Unrestricted Funds Restricted funds Endowment funds Total 2024 Total 2023 General Assembly Assessments Presbytery fees Ministry and support staff costs Congregational running expenses Donations to missions and charities Personal support Depreciation {Note 121 Governance costs 58,674 1,763 212,752 58,674 1,763 212,752 54,154 1,725 195,965 158,653 37,656 196,309 155,809 10,250 4,000 10,762 5,860 55,359 34,975 121,683 5,386 65,609 38,975 132,445 11,246 52,808 39,923 132,433 11,837 462,714 255,059 717,773 644,674 11. OTHER EXPENDITURE Unrestricted Funds Restricted funds Endowment funds Total 2024 Total 2023 Loan interest Bank charges Sundry Catering costs 16,400 273 I,ooi 16,400 699 3,524 11,803 17,858 802 3.924 10,725 426 2,523 11,803 14,752 17,674 32,426 33.309 Total 2024 Total 2023 Net Income Net income is stated after charging / Icreditingl: Auditor's remuneration 3,600 3,600 27
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2024 12. TANGIBLE FIXED ASSETS Church buildings Flxtures & Equipment Land Manse Total COST At l January 2024 Additions Disposals I,ioo,000 5,634,129 450,000 135,266 4,818 7,319,395 4,818 At 31 December 2024 I,ioo,000 5,634,129 450,000 140,084 7,324,213 DEPRECIATION At l January 2024 Charge for the year Eliminated on disposal 1,690,245 112,683 135.000 9,000 116,128 10,762 1,941,373 132,445 At 31 December 2024 1,802,928 144,000 126,890 2,073,818 NET BOOK VALUE At 31 December 2024 I,ioo,000 3,831,201 306,000 13,194 5,250,395 At 31 December 2023 I,ioo,000 3,943,884 315,000 19,138 5,378,022 13. DEBTORS 2024 2023 Gift aid recoverable CAF vouchers Sundry War loan debtor 11,426 50 20,458 35,385 9,777 50 6,384 35.385 67,319 51.596 28
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2024 14. INVESTMENTS The congregation has the following investments. Amounts are shown at cost. 2024 2023 National Savings Income Bonds 31,468 31,468 31,468 31,468 15. CASH AND CASH EQUIVALENTS Cash and cash equivalents comprise the following: 2024 2023 Cash at bank and in hand 2,181,590 1,826.505 16. CREDITORS: Amounts falling due within one year 2024 2023 Accruals and deferred income Other creditors Other taxation and social security 50,654 5,191 1,275 10,991 3,695 1,093 57,120 15,779 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 2024 2023 Sundry loans Elsie Steele Trust loan 3,500 410,000 3,500 410,000 413,500 413.500 29
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2024 19. BANKAND OTHER BORROWINGS 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 4°A and has another seven year5 to run. The Elsie Steele Trust has a secondary charge over the Church premises at 28 Sourhill Road, Ballymena. Co Antrim and associated assets. 20. FUND BALANCES Balance at 01101124 Surplusl Ideficitl Balance at 31112124 Receipts Payments Transfers Unrestricted funds General fund 482,903 543,464 1477.4661 65.998 548,901 Restricted funds Old property reserve Benevolent fund Mission fund New building fund Organisations, fund 24,673 131 166,334 5.965,524 36,714 24,673 131 188,176 6,071,399 44,837 109,705 269,824 29,045 187,8621 1163,9491 120,9221 21,843 105.875 8,123 6,193.376 408,574 1272,7331 135,841 6,329,217 Endowment funds Endowments 182,034 182,034 Total funds 6,858,313 952,038 1750,1991 201,839 7,060,152 The following 15 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 developrnent 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 mlssion account is used to meet our commitments to PCI and non-congregational mlssion at home and overseas. The organisations fund is the total funds of all church organisations. 30
WELLINGTON CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2024 21. EMPLOYEES NUMBERS AND STAFF COSTS Employment costs 2024 2023 Wages and salaries Employer's social security Employer's pension contribution 173,573 10,133 14,191 197,897 157,284 9,669 13,000 179,953 Number of employees: The number of staff employed by the church on 31 December 2024 was 1012023: 91 Staff salaries are in line with the salary scales maintained by the Presbyterian Church in Ireland IPCII. No employees received remuneration in excess of £60,000. Pension costs The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme120091. This 15 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 15 a funded scheme of the defined benefits type, providing defined benefits based on career average revalued salary. The Scheme has assets held in a separatelv administered fund managed by a board of trustees. The Presbyterian Church and the scheme trustees have agreed a funding plan to ensure 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¥0 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. 2024 2023 The contributions made by the congregation during the year were as follows-. Pension costs 12,258 11,674 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 scherne manager. The contributions made by the congregation to this Scheme were, 2024.. £ 1,72112023: £1,3261. 31
WELLINGTON CONGREGATION OF THE PRESBYfERIAN CHURCH IN IRELAND NOTES TO THE FINANCIAL STATEMENTS (cont'd) Year ended 31 December 2024 22. RELATED PARTY TRANSACTIONS One of the trustees, the minister of the congregation, received remuneration of £51,075 and expenses of £8,640 for acting in that capacity. Pension contributions of £12,258 were paid by the congregation in respect of the minister. 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 following amounts to Funds of the General Assembly of the Presbyterian Church in Ireland, a separate charity: £140,385 for congregational assessments, which includes the ministerfs stipend disclosed above £32,304 towards the United Appeal Mr Geoffrey Marshall and Mr Mark Hood, trustees of the Church are also trustees of the Elsie Steele Trust, a 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 4/0 per annum and capital repayable at the end of twenty-five years. There are seven years to run on the loan on 31 December 2024. 32