2019-12-31-accounts - Dungannon Congregation of the Presbyterian Church in Ireland

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church In Ireland

STATEMENT OF FINANCIAL ACTIVITY for the year ended 31 December 2019

	Notes	Unrestricted Funds	Restricted Funds	Endowment Funds	Total Funds 2019	Total Funds 2018
		£	£	£	£	£
Income and Endowments from:
Donations and legacies	2	159,972	57,479	-	217,451 218,085	217,451 218,085
Charitable activities	3	-	2,689	-	2,689	3,990
Other trading activities	4	5,147	664	-	5,811	6,030
Investments	5	-	42,979	-	42,979	26,484
Other	6	670	-	-	670	11,690
		----------	----------	----------	----------	----------
Total		165,789 103,811	165,789 103,811	-	269,600 266,279	269,600 266,279
		----------	----------	----------	----------	----------
Expenditure on:
Raising funds	7	-	-	-	-	-
Charitable activities	8	174,721	66,890	-	241,611 265,845	241,611 265,845
Other	9	645	37,489	-	38,134	27,332
		----------	----------	----------	----------	----------
Total		175,366 104,379	175,366 104,379	-	279,745 293,177	279,745 293,177
		----------	----------	----------	----------	----------
Net gains/(losses) on investments		-	-	24,865	24,865	(7,134)
		----------	----------	----------	----------	----------
Net Income / (expenditure)		(9,577)	(568)	24,865	14,720	(34,032)
Transfers between funds
Gains/(losses on revaluation of		-	-	-	-	-
fixed assets
		----------	----------	----------	----------	----------
Net movement in funds		(9,577)	(568)	24,865	14,720	(34,032)
Reconciliation of funds:
Total funds brought forward		40,554	257,079 173,703 471,336 505,368	257,079 173,703 471,336 505,368	257,079 173,703 471,336 505,368	257,079 173,703 471,336 505,368
		----------	---------	----------	----------	----------
Total funds carried forward		30,977	256,511 198,568 486,056 471,336	256,511 198,568 486,056 471,336	256,511 198,568 486,056 471,336	256,511 198,568 486,056 471,336
		======	======	======	======	======

12 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church In Ireland

BALANCE SHEET As at 31 December 2019

	Notes	Unrestricted Funds	Restricted Funds	Endowment Funds	Total Funds 2019	Total Funds 2018
		£	£	£	£	£
Fixed assets:
Tangible assets	12	-	5,800,000	-	5,800,000	5,800,000
Heritage assets
Investments	13
		----------	----------	----------	----------	----------
Total fixed assets		-	5,800,000	-	5,800,000	5,800,000
		----------	----------	----------	----------	----------
Current assets
Debtors	14	23,233	8,351	-	31,584	28,592
Current Investments		-	-	198,452	198,452	173,703
Cash at bank and in hand	15	7,744	248,160	116	258,682	287,110
		----------	----------	----------	----------	----------
Total current assets		30,977	256,511	198,568	488,718	489,405
		----------	----------	----------	----------	----------
Liabilities:
Creditors: Amounts falling due	16	-	-	-	-	(18,069)
within one year
		----------	----------	----------	----------	----------
Net current assets or liabilities		30,977	256,511	198,568	488,718	471,336
		----------	----------	----------	----------	----------
Total net assets or liabilities		30,977	6,056,511 198,568	6,056,511 198,568	6,286,056	6,271,336
		----------	----------	----------	----------	----------

13 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland BALANCE SHEET

As at 31 December 2019

£ £ £ £ £ Funds of the charity Endowment funds 18 - - 198,568 198,568 173,703 Restricted income funds 18 - 6,056,511 - 6,056,511 6,057,079 Unrestricted funds 18 30,977 - - 30,977 40,554 Revaluation reserve 18 - - - - - ---------------------------------------------Total charity funds 30,977 6,056,511 198,568 6,286,056 6,271,336 ----------

Approved by the Kirk Session at a meeting on Monday 12[th] October, 2020 and signed on its behalf by

Name: Rev Alan Thompson Name: Mr Kenneth Mullan Date: 12[th] October, 2020 Date: 12[th] October, 2020 Signature: Alan S. Thompson Signature: K. Mullan

14 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland

NOTES TO THE ACCOUNTS

31 December 2019

1. ACCOUNTING POLICIES

BASIS OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Ireland (FRS102) (effective 1 January 2015).

The financial statements have been prepared under the historical cost convention except for investment assets, which are shown at market value. The financial statements include all transactions, assets and liabilities for which the congregation is responsible in law. They do not include the accounts of church groups that owe their affiliation to another body, nor those that are informal gatherings of church members.

FUND ACCOUNTING

Endowment funds are funds, the capital of which must be retained either permanently or at the congregation’s discretion; the income derived from the endowment is to be used either as restricted or 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.

15 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland

NOTES TO THE ACCOUNTS

31 December 2019

1. ACCOUNTING POLICIES(cont’d)

INCOMING RESOURCES

(i) Recognition of incoming resources

These are included in the Statement of Financial Activities (SoFA) when:

the congregation becomes entitled to the resources;
the trustees are virtually certain they will receive the resources; and
the monetary value can be measured with sufficient reliably.

(ii) Incoming resources with related expenditure

Where incoming resources have related expenditure (as with fundraising income) the incoming resources and related expenditure are reported gross in the SoFA.

(iii) Grants and donations

Grants and donations are only included in the SoFA when the congregation has unconditional entitlement to the resources.

(iv) Tax reclaims on donations and gifts

Incoming resources from tax reclaims are included in the SoFA at the same time as the gift to which they relate.

(v) Contractual income and performance related grants This is only included in the SoFA once the related goods or services have been delivered.

(vi) Gifts in kind

Gifts in kind are accounted for at a reasonable estimate of their value to the charity or the amount actually realised. Gifts in kind for use by the charity are included in the SoFA as incoming resources when receivable.

16 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS

31 December 2019

1. ACCOUNTING POLICIES (cont’d)

(vii) Donated services and facilities

These are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.

(viii) Volunteer help

The value of any voluntary help received is not included in the accounts but is described in the trustees’ annual report.

(ix) Investment income

This is included in the accounts when receivable.

(x) Investment gains and losses

This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.

EXPENDITURE AND LIABILITIES

(xi) Liability recognition

Liabilities are recognised as soon as there is a legal or constructive obligation committing the congregation to pay out resources.

(xii) Governance costs

These are shown within charitable activities and include the costs of preparation and examination of accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.

(xiii) Grants with performance conditions

Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.

17 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS

31 December 2019

1. ACCOUNTING POLICIES (cont’d)

(xiv) Grants payable without performance conditions

These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity .

ASSETS

(xv) Tangible Fixed Assets

Tangible fixed assets for use by charity are capitalised if they can be used for more than one year, and cost at least £2,500. They are valued at cost or, if gifted, at the value to the charity on receipt.

Depreciation is recorded on all tangible fixed assets other than freehold land, at rates calculated to write of the cost, less estimated residual value, of each asset over its expected useful life as follows

Buildings:	- over 50 years
Fixtures, fittings and equipment	- over 10 years
Motor Vehicles	- over 4 years
Computers, software and technical equipment	- over 4 years

Employment Costs

----- Start of picture text -----
|||| |---|---|---| |£|£| |Wages and Salaries|88,644|65,173| |Social Security Costs|5,328|5,042| |Other allowances|8,295|8,778| |----------|----------| |102,267|78,993| |----------|----------| |Number of Employees| |The average number of employees, including the minister of the congregation, during the| |year was| |£|£| |Average number of employees|6|5| |---------- ----------|

----- End of picture text -----

There were no employees in receipt of employee benefits in excess of £60,000.

23 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland

NOTES TO THE ACCOUNTS (cont’d) 31 December 2019

11. PENSION COSTS

The minister of the congregation is a member of the Presbyterian Church in Ireland Pension Scheme (2009). This is a scheme operated by the Presbyterian Church in Ireland, a separate registered charity. The congregation pays an assessment to the Presbyterian Church in Ireland equivalent to the employer’s pension contribution for the Scheme and based on the stipend paid to the minister. The Presbyterian Church in Ireland Pension Scheme (2009) is a funded Scheme of the defined benefit 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 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% 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.

The contributions made by the congregation during the year were

£ £ Contributions 9,856 9,662 ---------- ----------

The congregation operates a defined pension contribution policy for its employees. The scheme and its assets are held by an independent scheme manager. The pension charge represents the contributions due from the congregation during the year

£ £ Contributions - - ---------- ----------

24 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland

NOTES TO THE ACCOUNTS (cont’d) 31 December 2019

12. TANGIBLE FIXED ASSETS

----- Start of picture text -----
|||||| |---|---|---|---|---| |£|£|£|£| |Cost or valuation| |At start of year|5,800,000|-|-|5,800,000| |Additions|-|-|-| |----------|---------- --------|----------| |At end of year|5,800,000|-|-|5,800,000| |----------|---------- --------|----------| |Depreciation| |At start of year|-|-|-|-| |Provision for year|-|-|-|-| |----------|---------- --------|----------| |At end of year|-|-|-|-| |----------|---------- --------|----------| |Net Book Value| |At start of year|5,800,000|-|-|5,800,000| |----------|---------- --------|----------| |At end of year|5,800,000|-|-|5,800,000| |----------|---------- --------|----------|

----- End of picture text -----

13. INVESTMENTS

----- Start of picture text -----
|||| |---|---|---| |2019|2018| |£|£| |Listed investments|198,452|173,703| |----------|----------| |198,452|173,703|

----- End of picture text -----

25 | P a g e

DUNGANNON PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d) 31 December 2018

13. INVESTMENTS (Cont’d)

----- Start of picture text -----
|||| |---|---|---| |2019|2018| |£|£| |Value at start of year|173,703|180,837| |Additions|35,341|24,727| |Disposals|(35,728) (20,491)| |Impairment|-|-| |Gains / (Losses on revaluation)|25,136|(11,370)| |Value at end of year|198,452|173,703|

----- End of picture text -----

The investments are all valued at fair value, being the open market value as at 31 December.

----- Start of picture text -----
||| |---|---| |The following classes of investments are held:|2019 2018| |Listed investments 198,452 173,703|

----- End of picture text -----

14. DEBTORS

----- Start of picture text -----
|||| |---|---|---| |2019|2018| |£|£| |Gift Aid Recoverable|31,584|28,594| |---------- ----------| |31,584|28,594|

----- End of picture text -----

26 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d) 31 December 2018

15. CASH AT BANK AND IN HAND

	2019	2018
	£	£
First Trust current account	55,114	51,735
First Trust deposit account	186,384	217,782
Cunningham Coates	116	296
National Savings	2,353	2,334
Presbyterian Mutual Society	14,715	14,715
Cash in hand	-	233
	----------	----------
	258,682	287,095
	======	======

16. CREDITORS: amount falling due within one year

	2019	2018
	£	£
Special Collection	-	18,069
	======	======

27 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH

a Congregation of The Presbyterian Church In Ireland

NOTES TO THE ACCOUNTS (cont’d) 31 December 2019

17. FUND BALANCES AND RECONCILIATION OF FUNDS

Fund	Balance	Income	Expend.	Gains/	Transfer	Balance
	at start			Losses		at end
	£	£	£	£	£	£
Unrestricted Funds
General Account	40,554	165,389	175,366	-	400	30,977
	----------	----------	----------	----------	----------	----------
	40,554	155,933	165,910	-	400	30,977
	----------	----------	----------	----------	----------	----------
Restricted Funds
General Account	-	31,980	31,980	-	-	-
PW	5,908	4,186	4,750	-	300	5,044
Property	3,207	14,651	12,294	-	-	5,564
Sunday School	4,879	642	400	-	-	5121
Choir	138	1	-	-	-	139
Bequests	14,039	-	-	-	-	14,039
Graves	125	-	-	-	-	125
Bowling	584	260	194	-	100	240
Soul Resort	1,996	2,762	3,270	-	-	1,488
Missionary	161	6,000	6,000	-	-	161
Summer School	268	-	12	-	-	256
Gault Trust	2,032	15	-	-	-	2,047
Benevolent	4,021	2,105	1,487	-	-	4,639
McLean Bequest	213,082	42,709	43,992	-	-	211,799
Gift Aid	6,639	-	1,099	-	-	5,540
	----------	----------	----------	-----------	---------	----------
	257,079	103,811	103,979	-	400	256,511
	----------	----------	----------	----------	----------	----------

28 | P a g e

Presbyteryan

DUNGANNON PRESBYTERIAN CHURCH a Congregation of The Presbyterian Church In Ireland NOTES TO THE ACCOUNTS (cont’d) 31 December 2019

18. FUND BALANCES AND RECONCILIATION OF FUNDS

Endowment Funds Balance Income Expend. Gains/ Transfer Balance at start Losses at end £ £ £ £ £ £ McLean Fund 173,703 - - 24,749 - 198,452 -------------------------------------------------------Total 173,703 - - 24,749 - 198,452

18. RELATED PARTY TRANSACTION

One of the Trustees, the minister of the congregation received remuneration of £41,065 and expenses of £7,625 for acting in that capacity. Pension contributions of £9,856 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme (2009). None of the other trustees sought or received any remuneration during the year in connection with their duties.

During the year the congregation contributed the following amounts to Funds of the General Assembly of the Presbyterian Church in Ireland a separate charity

£17,544 for congregational assessments £14,020 towards the United Appeal £4,308 towards the Presbyterian Children Society £3,462 towards the World Development Appeal

The congregation contributed £1,187 towards Presbytery Assessments during the year There were no other related party transactions.

29 | P a g e