First Presbyterian Church Belfast
Financial Statements Year Ended 31[st] December 2024
Committee Report
First Presbyterian Church, Belfast Year Ended 31st December 2024 Contents
| Page | |
|---|---|
| Revenue Account - Income | 1 |
| Revenue Account - Expenditure | 2 |
| Balance Sheet | 3 |
| Notes to the Financial Statements | 4-6 |
Revenue Account
Page 1
| Income Note Offerings (Incl. Gift Aid) Gifts, Bequests & Donations 8 Hire of Church & Central Hall 13 Special Projects & Charities 9 Interest & Dividends Received 10 Grant Income 11 Rents: Shops Car Park Total Income |
Unrestricted Restricted 2024 2023 Funds Funds £ £ 12,105 12,105 18,446 100 - 100 3,170 11,126 11,126 14,085 - 1,279 1,279 1,017 8,636 8,439 17,075 19,334 - 2,650 2,650 - |
|---|---|
| 31,967 12,368 44,335 56,052 48,667.00 - 48,667 36,772 3,845.00 - 3,845 2,602 |
|
| 52,512.00 - 52,512 39,374 |
|
| 84,479 12,368 96,847 95,426 |
Expenditure Account
Page 2
| Unrestricted | Restricted | Total Expenditure Total Expenditure | Total Expenditure Total Expenditure | ||
|---|---|---|---|---|---|
| Expenditure | Funds | Funds | 2024 | 2023 | |
| Note | £ | £ | £ | £ | |
| Salaries | 10,032 | - | 10,032 | 12,780 | |
| Musician In Residence | - | 2,750 | 2,750 | 2,500 | |
| Organist and Director of Music | 11,430 | - | 11,430 | 10,297 | |
| Pulpit Supply | 3,120 | - | 3,120 | 2,910 | |
| Banham Choristers | - | 4,400 | 4,400 | 1,950 | |
| Travelling Expenses | 1,039 | - | 1,039 | 1,782 | |
| Office Equipment & Expenditure | 7,204 | - | 7,204 | 4,806 | |
| Light, Heat & Water | 17,889 | - | 17,889 | 18,328 | |
| Advertising & Literature | 695 | - | 695 | 286 | |
| Social Functions & Gifts | 250 | - | 250 | 1,321 | |
| Organ & Music Expenditure | 680 | - | 680 | 1,890 | |
| Insurance | 7,101 | - | 7,101 | 6,756 | |
| Legal & Professional Fees | 2,365 | - | 2,365 | 2,450 | |
| Property Maintenance | 10,449 | - | 10,449 | 13,426 | |
| Cleaning | 4,138 | - | 4,138 | 3,637 | |
| Cleaning Wages | 2,340 | - | 2,340 | 1,560 | |
| Special Projects & Charitable Work | 9 | 1,859 | 1,279 | 3,138 | 45,299 |
| Grant Expenditure | 11 | - | 2,250 | 2,250 | - |
| 80,592 | 10,679 | 91,271 | 131,979 | ||
| Agents Commission | 2,303 | - | 2,303 | 1,019 | |
| Maintenance: Shops | 455 | - | 455 | 286 | |
| 2,758 | - | 2,758 | 1,304 | ||
| Total Expenditure | 83,350 | 10,679 | 94,028 | 133,283 | |
| Surplus / Deficit Before Investments | 1,129 | 1,689 | 2,819 | (37,857) | |
| Unrealised investment gain or loss | 12 | 5,262 | (4,505) | 757 | 0 |
| Net Surplus / Deficit | 6,391 | (2,816) | 3,576 | (37,857) | |
| Unrestricted | Restricted | ||||
| Net Income / (Deficit) for Year, Allocated | Funds | Funds | 2024 | 2023 | |
| Manse Fund | 3 | 8,172 | 8,172 | 13,468 | |
| Organ / Banham Music Fund | 4 | (6,918) | (6,918) | (3,083) | |
| General Purposes Fund | 5 | 1,163 | 1,163 | (5,609) | |
| Rafiki Charity Fund | 6 | - | - | (43,738) | |
| Kennedy Memorial Fund | 7 | 1 | 1 | - | |
| Rainwater Project | 11 | 400 | 400 | - | |
| Investments Gain or Loss | 12 | 5,262 | (4,505) | 757 | - |
| 6,426 | (2,849) | 3,576 | (37,857) |
| Balance Sheet as at 31 December 2024 Note Fixed Assets Church Buildings & Grounds 1 Shops: 33-39 Rosemary Street 1 Investments General Purposes Fund Building and Repair Fund Music Fund Stipend and Ministers Fund Organ Fund Nspci Sunday Schools Fund Sunday School Fund Flower Fund Manse Fund Current Assets Ulster Bank Ltd: Business Reserve Account 3 Ulster Bank Ltd: Current Account 11 NS&I: Organ Fund Account Kennedy Memorial Fund Total Assets Financed By: Capital Fund: Restricted 2 Current Funds: Restricted Current Funds: Unrestricted |
Unrestricted Restricted Funds Funds - 1,025,000 - 850,000 |
Page 3 2024 2023 £ £ 1,025,000 1,025,000 850,000 850,000 |
|---|---|---|
| - 1,875,000 95,533 - 1,817 - - 5,716 18,273 - - 2,104 - 1,615 626 - 104 - - 327,360 |
1,875,000 1,875,000 95,533 90,466 1,817 1,809 5,716 5,691 18,273 18,117 2,104 2,095 1,615 1,559 626 596 104 103 327,360 331,956 |
|
| 116,353 336,795 79,678 85,933 6,270 400 4,185 12,752 - 98 |
453,150 452,392 165,611 155,664 6,670 7,461 16,937 23,276 98 96 |
|
| 90,133 99,183 206,486 2,310,978 |
189,316 186,497 2,517,465 2,513,889 |
|
| 1,875,000 1,875,000 435,979 459,185 206,486 179,704 |
||
| 2,517,465 2,513,889 |
The Accounts were approved by the Annual General Meeting on:
Dr David Alderdice …...................................... Chairman
Notes to the Accounts 31 December 2024
Page 4
| 1 Fixed Assets Valuation at 31 Dec. 2001 Net Book Value At 31 Dec. 2024 |
Church & Grounds £ 800,000.00 800,000.00 |
Central Shops Furnishings & Total Hall Equipment £ £ £ 225,000.00 850,000.00 - 1,875,000.00 |
|---|---|---|
| 225,000.00 850,000.00 - 1,875,000.00 |
Church and Church Properties
Frazer Kidd and Partners, Property Consultants, vauled the above properties at Open Market Value as at 31 December 2001. The valuation of the central hall and shops as a combined unit as at 31 December 2001 was £1,875,000. Furnishings & equipment have not been valued and consequently are not included above.
| Note 2 Capital Fund: Fixed Assets Balance at 31 December 2023 and 2024 3 Manse Fund (Restricted) Balance at 1 January 2024 Add: Investment Income Deduct: Housing Allowance Balance at 31 December 2024 4 Organ / Music Fund (Restricted) Balance at 1 January 2024 Add: Investment Income Add: Mrs Marion Taylor Lagacy Deduct: Organ, Music & Banham Choristers Expenditure Add: Transfer from General Purposes Fund Balance at 31 December 2024 5 General Purposes Fund (Unrestricted) Balance at 1 January 2024 Add: Offerings Gifts, Bequests & Donations 8 Hire of Church Investment Income Special Projects & Charities 9 Rental Income 13 Deduct Expenditure: Remuneration & supply Office Property Maintenance Light, Heat & Water Advertising, Literature & Interest Social functions & gifts Insurance Cleaning & Cleaning Wages Special Projects & Charities 9 Travelling Expenses Property Rentals Professional fees Unrestricted Organ Spend Balance at 31 December 2024 |
2024 2023 £ £ 1,875,000 1,875,000 77,762 64,294 8,171 13,468 |
|---|---|
| 85,933 77,762 - - |
|
| 85,933 77,762 |
|
| 19,670 22,581 232 429 - 3,000 |
|
| 19,902 26,010 7,150 6,340 |
|
| 12,752 19,670 - - |
|
| 12,752 19,670 |
|
| 88,971 94,841 12,651 18,321 100 125 11,126 14,085 8,671 5,568 730 1,017 52,512 39,374 |
|
| 85,790 78,490 26,922 25,987 7,204 4,806 10,449 13,426 17,889 18,328 695 287 250 1,321 7,101 5,281 4,138 5,198 3,138 2,714 1,039 1,782 2,758 2,780 2,366 2,450 680 - |
|
| 84,628 84,360 |
|
| 90,133 88,971 |
Notes to the Accounts 31 December 2024 (Continued)
Page 5
| 6 Rafiki Charity Fund (Restricted) Balance at 1 January 2024 Add: Donations (Incl. Gift Aid) Investment Income: Interest Received Deduct: Donation for Projects Missionary Expenses Balance at 31 December 2024 7 Kennedy Memorial Fund (Restricted) Balance at 01 January 2024 Add: Interest Received Deduct: Gift to Sunday School Balance at 31 December 2024 8 Gifts, Bequests & Donations (Unrestricted) Sunday School Donation Total 9 Special Projects & Charitable Work |
2024 £ - - - - - - - 97 1 98 - 98 £ 100 100 |
2023 £ 42,542 - 42 |
|---|---|---|
| 42,584 42,584 - |
||
| - | ||
| 96 1 |
||
| 97 - |
||
| 97 | ||
Income £ Charity Collections (Incl. Gift Aid) 430 Carol Collections 549 Quiz Night Collection (Cork Unitarian Church) 300 Total 1,279 Expenditure £ Extra Care 120 N I Hospice 120 Alzeimers Society 120 N I Childrens Cancer Unit 120 Parkinsons NI 120 Assisi Animal Sanctuary 120 Chest, Heart & Stroke Soc. 120 Marie Curie Cancer Care 120 Welcome Organisation 120 Mae Murray Foundation 120 Book Trust NI 120 Malvern Primary School 120 Benevolnt Fund 20 NSPCI Fund 1,678 Total 3,138
Notes to the Accounts 31 December 2024 (Continued)
Page 6
| 10 Investment and Interest Income Stipend & Ministers Fund Manse Fund Music Building Fund Flower Fund Organ Fund General Purposes Fund Sunday School Memorial Dividends NSPCI Sunday School Business Reserve Account Interest NS&I: Organ Fund Account Kennedy Memorial Fund 00124751 |
Unrestricted Restricted £ 561 - 561 - 8,171 8,171 - 34 34 22 - 22 1 - 1 - 25 25 5,744 - 5,744 31 - 31 - 37 37 2,277 - 2,277 - 173 173 - - - |
|---|---|
| 8,636 8,439 17,075 |
| 11 Grant Income & Expenditure (Restricted) Rainwater Project |
Balance at 01.01.2024 Income Expenditure Balance at 31.12.2024 |
|---|---|
| - 2,650.00 (2,250) 400.00 |
|
| 2,650 400 1,850 - 400 |
12 Investment Accounts
| Investment Accounts | ||
|---|---|---|
| Unrestricted Funds General Purposes Fund Building and Repair Fund Stipend and Ministers Fund Sunday School Fund Flower Fund Restricted Funds Music Fund Organ Fund Nspci Sunday Schools Fund Manse Fund Hire of Church Buildings / Grounds |
Balance As At 01.01.2024 90,466 1,809 18,117 596 103 5,691 2,095 1,559 331,956 |
Gain or Loss in period Balance As At 31.12.2024 5,067 95,533 8 1,817 156 18,273 30 626 1 104 25 5,716 9 2,104 56 1,615 (4,596) 327,360 |
| 452,392 BBC Home services Belfast City Council Belfast Film Festival Belfast Philharmon Black Dog Television Cahal Masterson Cathedral Quarter DALG 3 Productions David Holmes Dumbworld Ltd Experience Belfast G Danby Jack McGinley James Swamm James Swann Joseph Pond LM Walker NI Opera Oh Yeah Music Rachel Joy Heater Rachel Masterson Rebecca Murphy Reclaim the English Harps Rotary Club Salwan Cartwright Spark Opera Stewart Thomas - 12 Step Sundry The Belfast Ensemble The Conservatoire Ulster Consort Ulster Orchestra Ulster University |
757 453,150 £ 60 200 520 50 400 120 560 160 50 120 150 2,446 80 90 50 400 150 500 320 90 90 320 150 100 200 365 200 810 1,480 120 120 455 200 11,126 |