MAGILLIGAN PRESBYTERIAN CHURCH CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND
Financial Statements for the year ended 31 December 2023
Registered Charity in Northern Ireland (NIC 105576)
MAGILLIGAN PRESBYTERIAN CHURCH CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF FINANCIAL ACTIVITY (Receipts and Payments Account) for the year ended 31 December 2023
| Note Unrestricted Restricted Endowment Funds Funds Funds £ £ £ Receipts Donations and legacies 2 81,288 5,308 0 Investment Income 5 8,807 2,300 0 Other 6 0 0 0 Total Receipts 90,095 7,608 0 Payments Raising funds 7 160 0 0 Charitable activities 8 28193 9748 0 Total Payments 28353 9748 0 Net receipts / (payments) 61,742 -2,140 0 Transfers between funds 0 0 Net movement in funds 61,742 -2,140 0 Funds brought forward 27,337 119,928 224,347 (Loss)/Gain in investments 0 0 13,926 Funds carried forward 12 89,079 117,788 238,273 |
Total Total 2023 2022 £ £ 86,596 28,924 11,107 5,065 0 0 97,703 33,989 160 171 37,941 31,357 38101 31528 59,602 2,461 0 0 59,602 2,461 371,612 400,304 13,926 -31153 445,140 371,612 |
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MAGILLIGAN PRESBYTERIAN CHURCH CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND STATEMENT OF ASSETS AND LIABILITIES As at 31 December 2023
| Note Unrestricted Restricted Funds Funds £ £ Funds Reconciliation Bank and Cash at start of year 27,337 119,928 Net movement in funds 61,742 -2,140 Bank and Cash at end of year 12 89,079 117,788 Bank & Cash Balances Bank Deposit Accounts Bank Current Accounts Cash in Hand Total Bank and Cash Investments - Endowments Total Assets per Statistics Form Other Assets Fixed Assets 10 Other Investments -Land 11 Gift Aid receivable on donations est Liabilities Accruals and Sundry Creditors Total Assets |
Total Total Funds Funds 2023 2022 £ £ 147,265 144,804 59,602 2,461 206,867 147,265 0 0 206,791 147,189 76 76 206,867 147,265 238,273 224,347 445,140 371,612 1,327,428 1,148,666 374,000 90,000 7,600 3,800 1,709,028 1,242,466 -780 -570 2,153,388 1,613,508 |
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Approved by the Kirk Session on 18/ 09/ 2024 and signed on its behalf by
Rev Drewe McConnell Hugh Smyth
MAGILLIGAN PRESBYTERIAN CHURCH CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS for the year ended 31 December 2023
1. ACCOUNTING POLICIES
BASIS OF FINANCIAL STATEMENTS
As the total income of the congregation is less than £250,000 the congregation have elected in accordance with the provisions in The Charities (Accounts and Reports Regulations (Northern Ireland) 2015 to prepare its accounts on a receipts and payments basis.
FUND ACCOUNTING
Endowment funds are funds, the capital of which must be retained either permanently or at the for the year ended 31 December 2023
unrestricted income funds depending upon the purpose for which the endowment was established in the first place.
Restricted funds comprise (a) 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.
MAGILLIGAN PRESBYTERIAN CHURCH CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (continued)
for the year ended 31 December 2023
| 2. DONATIONS AND LEGACIES Un Recorded giving Loose collections Donations and gifts Gift Aid Legacies and bequest for the year ended 31 December 2022 Un Fundraising events Membership fees Grants 4. OTHER TRADING ACTIVITIES Un Letting of premises Trading income 5. INVESTMENT INCOME Un Deposit interest General Investment Fund Conacre Lettings Other investment income 6. OTHER INCOME Un Insurance claims Other income - Graveyard 7. RAISING FUNDS Un FWO envelopes Fundraising events 8.CHARITABLE ACTIVITIES Un General Assembly Assessments (inc Stipend) Presbytery fees Ministry and support staff costs Congregational running expenses Donations to Missions and charities Repairs and Maintenance inc Assets 9. OTHER EXPENDITURE Un Investment properties expenses 10. FIXED ASSETS |
re F 15 4 2 59 81 |
stricted Restricted Endowment Total Total unds Funds Funds 2023 2022 £ £ £ £ £ ,513 4,751 20,264 17,026 ,445 0 4,445 3,496 ,218 557 2,775 4,645 0 0 0 3,757 ,112 0 59,112 0 ,288 5,308 0 86,596 28,924 stricted Restricted Endowment Total Total unds Funds Funds 2023 2022 £ £ £ £ £ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 stricted Restricted Endowment Total Total unds Funds Funds 2023 2022 £ £ £ £ £ 0 0 0 0 0 0 0 0 0 0 0 0 0 stricted Restricted Endowment Total Total unds Funds Funds 2023 2022 £ £ £ £ £ 100 695 795 359 37 0 37 22 ,598 0 8,598 3,100 72 1,605 1,677 1,584 ,807 2,300 0 11,107 5,065 stricted Restricted Endowment Total Total unds Funds Funds 2023 2022 £ £ £ £ £ 0 0 0 0 0 0 0 0 0 0 0 0 0 stricted Restricted Endowment Total Total unds Funds Funds 2023 2022 £ £ £ £ £ 160 0 160 171 0 0 0 0 160 0 0 160 171 stricted Restricted Endowment Total Total unds Funds Funds 2023 2022 £ £ £ £ £ 3262 0 13,262 12553 129 0 129 110 880 0 880 738 ,592 274 8,866 5688 936 654 2,590 3144 394 8820 12,214 9124 8193 9748 0 37941 31357 stricted Restricted Endowment Total Total unds Funds Funds 2023 2022 £ £ £ £ £ 0 0 0 0 0 |
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| re F re F re F 8 8 |
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| re F re F re F 1 8 1 3 2 |
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| re F |
The congregation owns the Church premises situated at 472 Seacoast Road,Limavady,BT49 0LF, and the associated fixtures, fittings, plant and machinery. These had an insurance value of £1,327,428 at 31 October 2023
| 68.2 acres of farmland (Valued by A Gourley 11 December 2023) | 374,000 | 90,000 |
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| 11. INVESTMENTS | Total | Total |
| 2023 | 2022 | |
| The congregation has the following investments. Amounts are shown at market valuation. | £ | £ |
| General Investment Fund (104 shares - 46 minister,58 congregation) | 1,386 | 1,271 |
| Manse Fund Trust - Davy Investments at 31/12/2022 | 235,786 | 221,745 |
| Nat West Shares (502 shares) | 1,101 | 1,331 |
| Total per Statistics Form | 238,273 | 224,347 |
MAGILLIGAN PRESBYTERIAN CHURCH CONGREGATION OF THE PRESBYTERIAN CHURCH IN IRELAND NOTES TO THE ACCOUNTS (continued) for the year ended 31 December 2023
12. FUND BALANCES per PCI
| Fund Unrestricted Funds General Fund United Appeal Missions and Charities for the year ended 31 December 2023 Restricted Funds Repair Account War Stock PW Account Manse Fund Total Restricted Endowment Funds Total |
Balance Receipts at start £ £ 27,337 90095 0 0 27,337 90,095 50,793 4,862 46,572 584 2,188 557 20,375 1,605 119,928 7,608 224,347 0 371,612 97,703 |
Payment Surplus / Transfer Balance (Deficit) Gain at end £ £ £ £ -28353 61,742 89,079 0 0 0 0 -28,353 61,742 0 89,079 -8,876 -4,014 0 46,779 0 584 0 47,156 -842 -285 0 1,903 -30 1,575 0 21,950 -9,748 -2,140 0 117,788 0 13,926 0 238,273 -38,101 73,528 0 445,140 |
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