ids Charity Registration No: NIC105586 chartered accountants PORTRUSH PRESBYTERIAN CHURCH ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1BG
ids. PORTRUSH PRESBYTERIAN CHURCH chartered accountants CONTENTS Page Legal and administrative information Trustees. report Independent examiner's report Statement of financial activities Statement of financial position 10 Notes lo the financial statements
ids. PORTRUSH PRESBYTERIAN CHURCH chartered accountants LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr 8 G H Simpson Mr R S Medcalf r S A Mccartney Mr W A Duncan MrWRDunn Professor J H Gillespie Mr W C Harpur Mr S Medcalf Mr D Mcmillan Mr W S Peake Mr S P Vandevyver Mr R Scott Rev Dr J Coulter (Appointed 1 September 20231 Charity number NIC105586 Principal addre5S 3.. 16 House 3 Main Street PORTRUSH Co Anlrim BT56 8BL Independent examiner IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 18G Bankers Danske Bank 22 The Oiamond COLERAINE Co Londondery BT52 IDE Solicitors Anderson Gillan Barr Lid Solicitors 41 New Row COLERAINE Co Londonderry BT52 1AE
ids: PORTRUSH PRESBYTERIAN CHURCH chartered accountants TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trusl&e5 present their annual report and financial slaiemenls for the year ended 31 Oecember 2023. The financial statements have been prepared in accordance with the accounting policie5 sel out in note I lo the financial slalemenls and comply with the book of the conslilulion and govemmenl of the Presbyterian Church in Ireland. the Charities Act INorthern Ireland) 2008 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" las amended for accounting periods comrnencing from 1 January 20161. Objectives and activities Portrush Presbyterian Church is a congregation of the Presbyterian Church in Ireland. The Presbyterian Church in Ireland. as a Reformed Church within the wider body of Christ, is grounded in the Scriptures. and exists lo love and honour God through failh in His Son and by the power of His Spirit, and lo enable her members to play their part in fulfilling God's mission lo our world. The Charity's mission is-. disciples of Jesus Christ. For the Glory of God to present the gospel so that others will bocome true To make this mission a reality. the Charity is cornmilled lo Ihe only God-given means of achieving it the Word of God laughl and preached simply. compa5sionalely, and faithfully. This mission guirjes the Charity's Vision, which is to see as many people of all ages come to a personal relationship with Jesus Christ and grow to become Useful Active Serving members of His church. The congregation normally meets for worship every Sunday and visitors are welcome lo join. It provides a centre for worship for the many visitors who come lo Portrush throughout the year. The Sacrament of the Lord's Supper is observed on eight occasions during the year. All those who have been baptised and who have made a profession of faith in the Lord Jesus Christ are admilled lo the Lord's Supper. The congregation hdds regular Bible study meetings and prayer meetings, and has a wide range of Ofganisalions 1ncluding'. Sunday School Youth Fellowship Boys, Brigade Girls, Brigade Tea and Tols Presbyterian Women Choir Craft Group Bowling Club New Beginnings.. a charity shop as a comrnunity service Achievements and performance Worship and prayer The congregation normally meets for worship each Sunday at 11am and 6.30pm. During the week a range of Bible study grDUPS provides an opportvnity for members lo meet together for fellowship. lo study the Scriptures, and for a time of prayer. As well as our regular seNices during the year we acknowledged God's gift of new life al four Sacraments of Baptisrn. gave thanks for faithful service, and sought to comfort those who had been bereaved during the year. Al 31 December 2023 there were 253 communicant members and 196 families connected with the congregation. The average attendance al morning worship averaged 250-300 from September to May and 450-500 from June to August. Online allendance, an imprecise measure. varied between 150 & 250.
ids PORTRUSH PRESBYTERIAN CHURCH chartered accountants TRUSTEES, REPORT {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 Pastoral care Members of the congregation who are unable to attend church due lo sickness or age are vi51ted on a regular basis by the minister, elders or by one of the congregation's pastoral visitors subject lo Covid regulations. Video and audio recordings of the morning service are distributed weekly lo those unable lo attend, and communion services held, as appropriate. in people's homes. S1nce the beginning of the pandemic, all in-person morning services have been live-streamed Counselling is available for all members of the church family, as required. and is provided by members of the Ministry team, and there is a strong emphasis on the distribution of practical support for those in need. Mission and outreach At a local level our mission is expressed by our worship, which is a key element of expressing our love for God. Ouf worship is therefore ir7clusive of age and style, and allows those whom God has so gifted lo creauvely express their love by these gifts We promote fellowship within the church and encourage each member lo see hislher responsibility lo be a catalyst lor fellowship, caring, sharing, praying, encouraging, and visiting. Th15 also challenges u5 as lo our responsibility lo develop fellowship with Christians outside our church. This is the basis for our outreach lo the whole local community in caring service and evangelism, not only as individuals and families, bul through the activities of the organisalions listed above and below The congregation supports the United Appeal for Mission, which is a Central fund of the Presbyterian Church in Ireland. ThS fund enables congregations to sUPPOrt the wider mission of the denomination and lo do mission and outreach on a denominational basis beyond what the congregation could do on ils own. The United Appeal Fund provides financial support for mission personnel al home and overseas. assists congregations with the deployrnent of locally based staff. enables church planting. provides grant support for the upkeep of church pr&mises, assists with the running costs of Union Theological College, the church's training college for ministry students. and financia15y 5UPPOrts congregations the areas of worship, discipleship, gSobal mission. outreach. leadership and pastoral care. Presbytery The congregation was represented al the regLJlar meetings of Presbytery by our minister andlor one of the elders. This provides an irnportanl link between the congregations and the wider structures of the church. General Assgmbly The min151er and one of our elders were nominated to allend the meeting of the General Assembly of the Presbyterian Church in Ireland held in Assembly Buildings. Belfast, in June. Property Early in 2023 serious leaks in the pipes for the central healing of the church led to the replacement of those pipes and the complete resurfacing of the real car park, under which the pipas were laid.
ids. PORTRUSH PRESBYTERIAN CHURCH chartered accountants TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Organisations In addition to our Sunday School, our Youth Fellowship and our Home Bible Study Groups. the a a number of thriving organisalions. In-person activities for these organisalions resumed in early autumn as pandemic restrictions eased. Our Home Bible Study Group5 and Youth Fellowship met online in the earlier part of the year. The local branch of Presbyterian Women met monthly during autumn and winter in support of missionary and discipleship woik in the church Our Girls, 8rigade Company meets each Monday Wth. on average, thirty girls of ages from four lo eighteen allending. Our 8oys' Brigade Company meets each Friday during the autumn and winter terms, with over twenty five boys ol the same age range regularfy allending. Each organisalion provides a range of activities of games. crafts, Bible leaching, and so on. Our Tea and Tols group meets every Friday orning in our halls. Fifteen children and their c8rers are regular attenders. These organisations have participants from throughout the community, as does our Bowling Club, which meet once 2 week in our halls with between fifteen and twenty regular attenders. We also have a craft group with a dozen members, who make craft items lo distribute lo those in need both at home and abroad. Reality 3.'16, our Worldview programme, mel regularly throughout the year. in person in Reality 3=16 House. with participants from all over the province engaging in significant study of the Chrislian faith in rela11Dn lo our modefn world. Volunteers The Trustees wish lo acknowledge their deep appreciation of the more than one hundred church members and others who give freely of their lime by serving on committees and helping with these organisations and other church activities. Publlc Benefit Statement The Presbyterian Church In Ireland meets the public benefit requirement by providing benefit lo ils members and the general public by making known the Chrislian Gospel of the Lord Jesus Christ through the advancement of religion. The direct benefits which flow from the purposes of the Church include the gaining of an understanding in Christian beliefs as sel out in the Bible and in the Church'5 subordinate standards Ilhe Weslminsler Confession of Faith and the Shorter and Larger Calechismsl leading lo spiritual and moral development and opportunities for response lo Bible leaching In turn, this framework leads lo practical expressions of Christian beliefs and standards in the local community, such as through the care of those in need lincluding the si¢k, disabled and bereaved). Generally. the above benefits are delivered locally by congregations and their members, or are lacililaled through presbyteries or are Drganised and delivered centrally. Local delivery is facilitated by central resources in almost all cases. Public access 15 made known through the use of noticeboards, printed material, press advertisement, websites. and social media or in other ways. The benefits are demonstrated through regular evaluation of the services and informal and ad-hoc feedback from members, their families. and members of the public. The purpose does not lead to harm. The only private benefit flowing from our purpose is related to Ministers, Missionaries. Deaconesses, Irish Mission workers and Lay Agents who receive benefits as a result of their holding office or employment. However, this is incidental and necessary in order lo further our charitablè purpose. There are no other private benefits_ The beneficiaries ol this purpose are members. their families, other individuals with whom the Presbyterian Church in Ireland is in direct and indirect contact, the community in which pastoral services are provided and other communities throughout Northern Ireland, the Republic of Ireland. and worldwide which benefit from our engagement with and support for both Christian and other secular organi5ations, charities and Individual members of the public.
ids. PORTRUSH PRESBYTERIAN CHURCH chartered occountonts TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Kirk Session has had regard lo the Charily Commission's public benefit requirement slalulory guidance, The congregation of Portrush provides facilities for other Churches and Christian groups from far and wide for trips and events, and for conference facilities. The church also maintains. through the efforts of our Property committee, the extensive Grade 2 buildings on our Main Street Portrush sile, which represent some of the most important heritage buildings of the town and area. Financial review The congregation's main source of income is members, contributions through Ihe Weekly Freewill Offering. There were 137 conlribuling families during the year12022.' 1261 donating a total of £113,48512022'. £112,317). Total income of the congregation during the year was £306.416. compared lo £257,666 in the previous year. Total expenditure increased from £237,430 to £285.505. Going concern The activities ol the congregation are dependent on ongoing contributions from its members. The Trustees are of the opinion that the congregation ha8 sufficient resources al the dale of approval of these linancial slalements lo meet commitments which will arise in the year from the dale of signing this report and subject lo the continuing support from members lo fund on an ongoing basis the congregation's Curn1 activities and other financial commitments. Reserves policy The Trustees have considered the level of unrestricted reserves that il is appropriate to hold laking account of current and ongoing commilmenls. It is the policy of the Trustees to hold al least one month's normal expenditure. Al the year-end unreslncled reserves were £64.498, which represents a higher level of reserves than required by this policy. The Trustees however, consider it prudent lo hold reserves at this level as the funding of ils present activities is dependent of the ongoing financial support of mernbers. Risk review A review ol major risks has been undertaken by the Trustees and systems and procedures implemented lo manage identified risks, The principal risks are in relation lo the likelihood of reputational damage and financial risks associated wth the expectation of ongoing financial support from members. These risks are mitigated by the Trustees and the Congregational Committee regularly monitoring the various activities of the congregat50n at slated meetings and by encouraging members in Iheir regular giving. structure, governance and management The Charity is an unincorporated organisalion. The Trustees who served dunng the year and up to the date of signature of the financial slalemenls were. Mi B G H Simpson Mr R S Medcalf Mr S A Mccartney Mr W A Duncan MrWRDunn Professor J H Gille5pie Mr W C Harpur Rev J A Kirkpalnck Mr S Medcalf Mr D Mcmillan Mrw S Peake Mr S P Vandevyver Mr R Scott Rev P Boyd Rev Dr J Coulter IResigned 31 August 2023 (Resigned 31 August 20231 (Appointed 1 September 20231
ids. PORTRUSH PRESBYTERIAN CHURCH chartered accountants TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 The Kirk Sossion The charity Iruslees of the congregation are the members of ils Kirk Session. Under the congregation's governing doc¢Jment, The Code, the book of the constitution and government of the Presbyterian Church in Ireland, the Kirk Session seeks lo watch over and promote the spiritual interest of the congregation and of persons not connected with any congregation who are within ils bounds. 11 ensures pa510ral care Is In place in the congregation and seeks to further the contribution of the Church lo Christian witness and service in the local community. The Kirk Session has de5egaled lo ils Congregational Committee the temporal affairs of the congregation including administering all funds and property be1Dnging lo Ihe congregation. Members of the Kirk Session are ex-officio members of Ihe Congfegalional Cornmillee The Kirk Session consists of the ordained minister and the ruling elders of the congregations. All members are entitled lo propose, speak and exercise equal votes al meetings, except that the Moderator. the minister in active duty in the congregation, has no deliberative bul only a casting vote. Slated meetings of the Kirk Session are held al least five times a year. To be chosen for the office of the eldership in the congregation a person musl be a voting member and a regular allendanl on ils ordinances The seleclion of those proposed to be called lo the office can be either by the congregation or by the Kirk Session. Members are elected it the obtain two-thirds of those who vote. Presbytery Under the Presbyterian Church in Ireland form of governance the corporate oversight of a congregation is the responsibility of a Presbytery which superintends generally the spiritual and temporal affairs of the congregations assigned to il by the General Assembly of the Presbyterian Church in Ireland. Portrush Presbyterian Church has been assigned lo the Coleraine & Limavady Presbytery of the Presbyterian Church in Ireland. The membership of the Presbytery consists mainly of the active ministers ol congregations assigned lo il by the General Assembly. ministers who have retired from active duty, and an elder appointed by the Kirk of Session ol each congregalion, The Ganeral Assembly The General Assembly is the supreme court of the Church, representing. in one body. the whole Church, and acting as its supreme legislative. adminislralion and judicial aulhonly in dealing with all matters brought before it. The General Assembly is nomially consliluled in June for worship and lo conduct ils business, Al the end of business il is dissolved. The membership of the General Assembly consists mainly of the aclive ministers of each congregation. retired ministers and a repre5enlalive elder appointed by the Kirk Session of each congregation. The Trustees. report was approved by the Kirk of Session and signed on its behalf by Professor J H Gillespie Trustee Dated.. 30 January 2024 Rev Dr J Coulter Trustee Dated.'30 January 2024
ids PORTRUSH PRESBYTERIAN CHURCH chartered accountants INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PORTRUSH PRESBYTERIAN CHURCH I report lo the Trustees on my examination of the financial statements of Portrush Presbyterian Church (the Charity) for the year ended 31 December 2023. Responsibilities and basis of report A5 the Trustees of the Charity you are responsible lor the preparation of the financial 5181emen15 accordance with the requirements of the Charities Act (Northern Ireland) 2008 Ilhe 2008 Acll. 11 is my responsibility lo.. examine the accounts under section 65 of the Charities Act INorthem Ireland) 2008., follow the procedures laid down in the general Directions given by the Charity Commission for Northern Ireland under section 65{9llbl of the Charities Act.. and stale whether particular mallers have come lo my attention. Independent examiner's statement Since the Charity s gross income exceeded £250,000 your examiner musl be a member of a listed body. I conftrm that l am qualified lo undertake the examination because l am a ember of Chartered Accountants Ireland, which is one of the listed bodies. Yovr attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts In accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities". Sialement of Recommended Practice issued on 1 April 2005 which is referred lo the extant regu5aiions bul has now been withdrawn. l understand that this has been done in order for financial statements lo provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examinalian. I confirm that no matters have come to my attention in connection with the examinalion giving me cause to believe that in any material respect". accounting records were not kept in respect of the Charity as required by section 63 of the 2008 Act; or the financial slalemenls do not accord with those records., or ltte financial slalements do not comply with the applicable requirements concerning Ihe form and contenl of accounts sel out in the Charities Act (Northern Ireiandl 2008 other than any requirernenl that the accounts give a true and faif view which is not a maller considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination lo which allenlion should be drawn in this report in order lo enable a proper understanding of the financial slalements to be reached. Alison Wallace {FCAI IOS Chartered AGcountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1BG Dated- 30 January 2024
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ids PORTRUSH PRESBYTERIAN CHURCH chartered accountants STATEMENT OF FINANCIAL POSITION AS AT31 DECEMBER 2023 2023 2022 Notes Fixed assets Property, plant and equipment Investment property Investments 15 16 17 7,064,254 158.697 119,809 1,080.000 223.859 109.866 7,342.760 1,413,725 Current assets Trade and other receivables Cash al bank and In hand 18 5.395 229,421 3.933 209.928 234,816 18051 213,861 17601 Current liabilities 19 Nel current assets 234,011 213,101 Total assets lass current liabilities 7.576,771 1.626.826 Capital funds EndDwmenl funds - general Income funds General restricted funds Revaluation reserve 80,424 71.055 215.860 7,215,989 285.598 1,231,735 7,431,849 64.498 1.517,333 38.438 Unreslricled funds 7.576,771 1,626,826 The financial statements were approved by the Trustees on 30 January 2024 Professor J H Gillespie Trustee Rev Dr J Coulter Trustee 10-
ids. PORTRUSH PRESBYTERIAN CHURCH chartered accountants NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity information Portrush Presbyterian Church is an unincorporated charity operating in Northern Ireland. 1.1 Accounting convention The financial slalemenls have been prepared in accordance with the Charities Act (Northern Ireland) 2008 and "Accounting and Reporting by Charities". Sialemenl of Recommended Practice applicable lo chaiities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. las amended for accounting periods commencing from 1 January 20161. The Charity is a Public Benefit Enlily as defined by FRS 102_ The Charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not lo prepare a Statement of Cash Flows. The financial slalements are prepafe(l in sterling, which is the functional currency of the Charity. Monetary amounts in these financial 51atemer)Is are rounded lo the nearest £. The financia5 slalemenls have been prepared under the historical cost convention. modified to include the revaluation of freehold properties and lo include investment properties and rtain financial instruments al fair value. The principal accounting policies adopted are sel out below. 1.2 Going concern At the lime of approving the financi31 slalements. the Trustees have a reasonable expectation that the Charity has 3dequale resources lo continue In operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements 1.3 Charitable funds Unreslricled funds are available for use al the discretion of the Trustees In furtherance of their charitable objectives. Restricted lunds are subject lo specific conditions by donors as lo how they may be used. The purp)ses and uses of the reslriGled funds are set out in the notes to the hnancial slatemenls Endowment funds afe subject to specific conditions by donors that the capital must be maintained by the Charity. 1.4 Incoming resources Income is recognised when the Charity Is legally enlilled to Il after any performance conditions have been mel, the amounts can be measured reliably. and it Is probable that income will be received_ Cash donations are recognised on receipt. Other donations are recognised once the Chanty has been notified of the donation. unless performance conditions require deferral of the amount, Income lax recoverable in relation lo donations received under Gift Aid or deeds of covenant Is recognised al the lime of the donation. Legacie5 are recognised on receipt or otherwise if the Charity has been notified of an impending distribution. the amount is known, and receipt is expected. If the amount is not known. the legacy is Irealed as a conlingenl asset. Assets for distribution are recognised only when distributed. Assets given for use by the Charity are recognised when receivable. Stocks of undislribuled donated goods are not valued for balance sheet purposes. Revenue is measured al the fair value of the consideralion received or receivable and represents amounts receivable for goods and services provided in the normal course of business. nel of discounts. 11
ids. PORTRUSH PRESBYTERIAN CHURCH chartered accountonts NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.5 Resources expended Liabilities are recognised as soon as there is a legal or constructive obligation cornmitling the congregation lo pay out resources. Governance costs are shown within charitable activities and include the costs of preparation and examination of accounts. the costs of Iruslee meetings and cost of any legal advice lo trustees on governance or conslitulional mattefs. 1.6 Property. plant and equipment Property. plant and equipment are Initially rneasured al c051 and subsequently measured at cost or valuation, nel of depreciation and any impairment losses. Depfecialion is recognised so as lo write off the cost or valuation of assets Sess their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fittings Computers 00/0 slraighl line 20¢A straight line 25./0 slraighl line Land and buildings are valued al market value and are subject lo regular revaluations every 3 years and, as such, are not depreciated. 1.7 Investment properties Investment property, which is property held lo earn rentals andlor for capital appreciation. is initially recognised al cost. which includes the purchase cost and any directly allribulable expenditure. Subsequently il is measured al fair value al Ihe reportin9 end date. The surplus or deficit on revaluation 15 recognised in profil or loss. 1.8 Non-current investments Fixed asset investments are initially measured at transaction price excluding transaction costs. and are subsequently measured al fair value al each reporting date. Changes In fair value are recognised in nel incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.9 Impairment of nonrycurrent assets Al each reporting end dale, the Charity reviews the carrying amounts of Ils tangible assets to determine whether there Is any indication that those assets have suffered an impairment loss If any such indtalion exists. the recoverable amount of the asset is estimated in order lo determine the extent of Ihe impairment loss lif any). 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held al call with banks. other short-term liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities, 12-
ids PORTRUSH PRESBYTERIAN CHURCH chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (Continued) 1.11 Financial instruments The Charity has elected lo apply the provisions of Section 11 'Basic Financial Inslrumenls, and Section 12 'Other Financial Instruments Issues, of FRS 102 10 a51 of ils financial Inslrumenls. Financial instruments are recognised in the Chari+y's balance sheet when the Charity becomes p8ty lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial slatemenls, when there Is a legally enforceable right lo sei off the recognised amounts and there Is an intention to 5ellle on nel basis or lo realise the asset and 5ellle Ihe liability 5imullaneously. Basic financial assets Basic financial assets, which include trade and other ieceivables and cash and bank balances, are inilially measured al transaction priGe including Iran5aclion costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslitules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted al a market rale of KiteSt. Financial assets classified as receivable within one year afe not amortised. 8asi¢ Ilnan¢iTal liabllitles Basic financial liabilities, including trade and olher payables and bank loans ale inilially recognised al Iran5aclion price unle55 the arrangement conslitule5 a financing Iransaclion, where the debt instrument 15 measured at the present value of the future payments discounted al a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course ol operations from suppliers. Amounts payable are classified as current liabilities if payment is due wilhin one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of financlal liabilities Financial 118bilities are derecognised when the Charity's conlraclual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the Charity's accounting policies, the Trustees are required lo make judgement5. eslimales and assumptions about the carrying amount of assets and Iiabililies Ihal are not readily apparent from other sources. The eslirnales and associated assumptions are based on hislorieal experience and other factors that a considered lo be relevant. Actual results may differ from these esiimales. The eslimales and underlying assumptions are reviewed on an ongoing basis Revisions lo accounting estimates are recognised in the period in which the estimate Is revised where the revision affects cr¢ly that period, or In the period of the revision and future penods where the revision affects both current and future periods. 13-
ids, PORTRUSH PRESBYTERIAN CHURCH chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donations and legacies Unrestrictèd Restricted funds funds Total Unrestricted Restricted funds funds Total 2023 2023 2023 2022 2022 2022 Donations and gift5 Grants received 168,748 77.754 246,502 129,232 67,125 2.600 196.357 2.600 168,748 77,754 246,502 129.232 69.725 198,957 Donations and gifts Loose Collections Donations and gifts Gift Aid Legacies and beqLtest 133,142 8,140 24,791 2.675 20,061 46.843 10,765 85 153,203 54,983 35,556 2,760 109,992 18,434 38 656 9775 260 128,426 38,656 29,015 260 19.240 168,748 77,754 246.502 129,232 67,125 196,357 Grants received EA Grant 2,600 2.600 2,600 2,600 Other trading activities Unrestricted Restricted funds funds Total Unrestricted Restricted funds funds Total 2023 2023 2023 2022 2022 2022 Church events, sale of bookslCDslDVDslchurch magazines. and New Beginnings shop 1,207 42.269 43,476 1,045 33,566 34,611 14
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ids. PORTRUSH PRESBYTERIAN CHURCH chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Raising funds Unrestricted Unrestricted funds funds 2023 2022 FWO envelopes 709 606 709 606 Charitable activities 2023 2022 General Assembly Assessments Presbytery fees Ministry and support staff costs Congregational running expenses Donations lo missions and charities 13,514 889 85.629 139.176 41.140 12.819 804 102.443 73.743 43.341 280,348 233, 150 Share of governance cosls {5ee note 91 4098 3.559 284.446 236.709 Analysis by fund Unreslricled funds Restricted funds 150.805 133,647 146,952 89.757 284.446 236,709 16-
ids. PORTRUSH PRESBYTERIAN CHURCH chortered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Support costs Support Govemance Costs costs 2023 2022 Annual reports Accountancy Professional fees Advertising, printing, slalionery and postage Bank interest and charges 118 840 1,045 1,503 592 118 840 1,045 1,503 592 140 840 820 1.133 626 4.098 4.098 3,559 Analysed between Charitable activities 4,098 4,098 3,559 10 Trusteos One of the Tru51ees. the minister of the congregation received remuneration of £31,83912022". £49. 5241 and expenses of £500 12022 £4.6371 for acting in that capacity. Pension contribution of £7,52212022. £10.7451 were paid by the congregation in respect of the minster lo the Presbyterian Church in Ireland Pension Scheme120091. None of the other trustees reiVed any remuneration. Several Trustees. and their related parties were reimbursed a total of £7.934 for expense5 paid on behalf of the church12022. £1 ,1621. 11 Employees The average monthly number of employees during the year was: 2023 Number 2022 Number There were no employees whose annual remuneration was more than £60,000. 12 Other Endowment Endowment funds funds general general 2023 2022 Endowment funds- mini51ry & support staff Other expenditure 15 100 350 350 115 17-
ids. PORTRUSH PRESBYTERIAN CHURCH chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Net gainslllossesl on investments Restricted Endowment fLrnds funds general 2023 Total Restricted Endowment funds funds general 2022 Total 2023 2023 2022 2022 Revaluation of iriveslmenls Revaluation of investment properties 3,842 6.101 9,943 13,8031 16.038) 19,8411 165,1621 165.1621 161,320) 6,101 155,2191 13.8031 16,0381 19,841} 14 Taxation The charity is exempt from lax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable G2ins Act 1992 to the exlenl that these are applied lo Its charitable object5. 15 Property, plant and equipment Fre•hold land Fixtures and and buildings fitting$ Computers Total Cost Al 1 January 2023 Revaluation 1,080.000 5,984,254 19,464 2,309 1,101,773 5.984,254 At 31 December 2023 7,064,254 19,464 2,309 7.086.027 Depreciation and impairment At 1 January 2023 19,464 2,309 21,773 Al 31 Decernber 2023 19,464 2,309 21,773 Carrying amount Al 31 December 2023 7,064,254 7.064.254 Al 31 December 2022 1.080,000 1,080 000 18-
ids. PORTRUSH PRESBYTERIAN CHURCH chartered accountants NOTES TO THE FINANCIAL STATEMENTS {CONTINUED> FOR THE YEAR ENDED 31 DECEMBER 2023 15 Property, plant and equipment (Continuedl The property comprises the church building. church hall, church office and the rnanse. No. 14 Mark Street. which was formerly the caretaker's house, has been rented out lo a 3rd party and re-classified as an investment property. Market value has been determined as follows.. Building Addres5 Church & church hall Main Street, Portrush Church office Main Street. Portrush Manse 1 Corrstown Park, Portrush Estimated Value Source 6,009,607 R Davis & Co 727.397 R Davis & Co 327,250 R Davis & Co R David & Co Chartered Quantity Sutveyors valued the properties in January 2024. 16 Investment property 2023 Fair value Al 1 January 2023 Net gains or losses Ihrougtt fair value adjustments 223,859 165.1621 At 31 Deceniber 2023 158,697 The Investment property is no. 14 Mark Sireel. Portrush. 11 was previously the ChUh carelakerfs house. bul was let on an arms. length basis in 2018 and was reclassified as an investment property in the year ended 31 December 2018_ The property was revalued in January 2024 by R Davis & Company. 17 Fixed asset investments Llsted investments Cost or valuation Al l January 2023 Valuation changes 109,866 9,943 Al 31 December 2023 119.809 Carrying amount Al 31 December 2023 119.809 Al 31 December 2022 109.866 19
ids. PORTRUSH PRESBYTERIAN CHURCH chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 18 Trade and other receivables 2023 2022 Amounts falling due within one year-. Other receivables Prepayments and accrued income 4.835 560 3,402 531 5,395 3.933 19 Current liabilities 2023 2022 Other laxalion and social security Accruals and deferred income 305 500 260 500 805 760 20 Retirement benefit schemes The minister of the congregation Is a member of the Presbyterian 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 lo the Presbyterian Church in IreSand equivalent lo the employerfs Fension contribution for the Scheme and based on the stipend paid to the minister, The Presbyterian Church in Ireland Pension Scheme 120091 is a funded Scheme of the defined beneFIl 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 Iruslees. The Presbyterian Church and the Scheme Trustees have agreed a funding plan lo ensure the Scheme is sufficiently funded lo 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 24010 ol pensionable salaries lo cover the accrual of benefits for future service, expenses. the cost of Insuring death in sesCe benefits and funding the scheme deficit. The contributions made by the congregation during the year were.. 2023 2022 Contributions 7.522 10.745 The congregation operates a defined pension contribution policy for ils employees. The scheme and its assets are held by an Independent scheme manager. The pension charge represents the contributions due from the congregation durin9 the year.. 2023 2022 Contributions 1,440 1,440 -20-
ids. OrnfD- chartered accountants o ¢0 En- (n ry r YJ ¢D in m ¢n m v YJ trL00 Ln a) tr) O I IN ¢ co (() f5 e4