**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<br>**Note**<br>Offerings (Incl. Gift Aid)<br>Gifts, Bequests & Donations<br>8<br>Hire of Church & Central Hall<br>13<br>Special Projects & Charities<br>9<br>Interest & Dividends Received<br>10<br>Grant Income<br>11<br>**Rents:**<br>Shops<br>Car Park<br>Total Income|**Unrestricted**<br>**Restricted**<br>**2024**<br>**2023**<br>**Funds**<br>**Funds**<br>**£**<br>**£**<br>12,105<br>12,105<br>18,446<br>100<br>-<br>100<br>3,170<br>11,126<br>11,126<br>14,085<br>-<br>1,279<br>1,279<br>1,017<br>8,636<br>8,439<br>17,075<br>19,334<br>-<br>2,650<br>2,650<br>-|
|---|---|
||31,967<br>12,368<br>44,335<br>56,052<br>48,667.00<br>-<br>48,667<br>36,772<br>3,845.00<br>-<br>3,845<br>2,602|
||52,512.00<br>-<br>52,512<br>39,374|
||84,479<br>12,368<br>96,847<br>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**<br>**Note**<br>**Fixed Assets**<br>Church Buildings & Grounds<br>1<br>Shops: 33-39 Rosemary Street<br>1<br>**Investments**<br>General Purposes Fund<br>Building and Repair Fund<br>Music Fund<br>Stipend and Ministers Fund<br>Organ Fund<br>Nspci Sunday Schools Fund<br>Sunday School Fund<br>Flower Fund<br>Manse Fund<br>**Current Assets**<br>Ulster Bank Ltd: Business Reserve Account<br>3<br>Ulster Bank Ltd: Current Account<br>11<br>NS&I: Organ Fund Account<br>Kennedy Memorial Fund<br>**Total Assets**<br>**Financed By:**<br>Capital Fund: Restricted<br>2<br>Current Funds: Restricted<br>Current Funds: Unrestricted|**Unrestricted**<br>**Restricted**<br>**Funds**<br>**Funds**<br>-<br>1,025,000<br>-<br>850,000|**Page 3**<br>**2024**<br>**2023**<br>**£**<br>**£**<br>1,025,000<br>1,025,000<br>850,000<br>850,000|
|---|---|---|
||-<br>1,875,000<br>95,533<br>-<br>1,817<br>-<br>-<br>5,716<br>18,273<br>-<br>-<br>2,104<br>-<br>1,615<br>626<br>-<br>104<br>-<br>-<br>327,360|1,875,000<br>1,875,000<br>95,533<br>90,466<br>1,817<br>1,809<br>5,716<br>5,691<br>18,273<br>18,117<br>2,104<br>2,095<br>1,615<br>1,559<br>626<br>596<br>104<br>103<br>327,360<br>331,956|
||116,353<br>336,795<br>79,678<br>85,933<br>6,270<br>400<br>4,185<br>12,752<br>-<br>98|453,150<br>452,392<br>165,611<br>155,664<br>6,670<br>7,461<br>16,937<br>23,276<br>98<br>96|
||90,133<br>99,183<br>206,486<br>2,310,978|189,316<br>186,497<br>2,517,465<br>2,513,889|
|||1,875,000<br>1,875,000<br>435,979<br>459,185<br>206,486<br>179,704|
|||2,517,465<br>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**<br>**Fixed Assets**<br>Valuation at 31 Dec. 2001<br>Net Book Value At 31 Dec. 2024|**Church &**<br>**Grounds**<br>**£**<br>800,000.00<br>800,000.00|**Central**<br>**Shops**<br>**Furnishings &**<br>**Total**<br>**Hall**<br>**Equipment**<br>**£**<br>**£**<br>**£**<br>225,000.00<br>850,000.00<br>-<br>1,875,000.00|
|---|---|---|
|||225,000.00<br>850,000.00<br>-<br>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<br>**2**<br>**Capital Fund: Fixed Assets**<br>Balance at 31 December 2023 and 2024<br>**3**<br>**Manse Fund (Restricted)**<br>Balance at 1 January 2024<br>Add: Investment Income<br>Deduct: Housing Allowance<br>Balance at 31 December 2024<br>**4**<br>**Organ / Music Fund (Restricted)**<br>Balance at 1 January 2024<br>Add: Investment Income<br>Add: Mrs Marion Taylor Lagacy<br>Deduct: Organ, Music & Banham Choristers Expenditure<br>Add: Transfer from General Purposes Fund<br>Balance at 31 December 2024<br>**5**<br>**General Purposes Fund (Unrestricted)**<br>Balance at 1 January 2024<br>**Add:**<br>Offerings<br>Gifts, Bequests & Donations<br>8<br>Hire of Church<br>Investment Income<br>Special Projects & Charities<br>9<br>Rental Income<br>13<br>**Deduct Expenditure:**<br>Remuneration & supply<br>Office<br>Property Maintenance<br>Light, Heat & Water<br>Advertising, Literature & Interest<br>Social functions & gifts<br>Insurance<br>Cleaning & Cleaning Wages<br>Special Projects & Charities<br>9<br>Travelling Expenses<br>Property Rentals<br>Professional fees<br>Unrestricted Organ Spend<br>Balance at 31 December 2024|**2024**<br>**2023**<br>**£**<br>**£**<br>1,875,000<br>1,875,000<br>77,762<br>64,294<br>8,171<br>13,468|
|---|---|
||85,933<br>77,762<br>-<br>-|
||85,933<br>77,762|
||19,670<br>22,581<br>232<br>429<br>-<br>3,000|
||19,902<br>26,010<br>7,150<br>6,340|
||12,752<br>19,670<br>-<br>-|
||12,752<br>19,670|
||88,971<br>94,841<br>12,651<br>18,321<br>100<br>125<br>11,126<br>14,085<br>8,671<br>5,568<br>730<br>1,017<br>52,512<br>39,374|
||85,790<br>78,490<br>26,922<br>25,987<br>7,204<br>4,806<br>10,449<br>13,426<br>17,889<br>18,328<br>695<br>287<br>250<br>1,321<br>7,101<br>5,281<br>4,138<br>5,198<br>3,138<br>2,714<br>1,039<br>1,782<br>2,758<br>2,780<br>2,366<br>2,450<br>680<br>-|
||84,628<br>84,360|
||90,133<br>88,971|





**Notes to the Accounts 31 December 2024 (Continued)** 

**Page 5** 

|**6**<br>**Rafiki Charity Fund (Restricted)**<br>Balance at 1 January 2024<br>Add:<br>Donations (Incl. Gift Aid)<br>Investment Income: Interest Received<br>Deduct:<br>Donation for Projects<br>Missionary Expenses<br>Balance at 31 December 2024<br>**7**<br>**Kennedy Memorial Fund (Restricted)**<br>Balance at 01 January 2024<br>Add:<br>Interest Received<br>Deduct:<br>Gift to Sunday School<br>Balance at 31 December 2024<br>**8**<br>**Gifts, Bequests & Donations (Unrestricted)**<br>Sunday School Donation<br>Total<br>**9**<br>**Special Projects & Charitable Work**|**2024**<br>**£**<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>97<br>1<br>98<br>-<br>98<br>**£**<br>100<br>100|**2023**<br>**£**<br>42,542<br>-<br>42|
|---|---|---|
|||42,584<br>42,584<br>-|
||||
|||-|
|||96<br>1|
|||97<br>-|
||||
|||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**<br>**Investment and Interest  Income**<br>Stipend & Ministers Fund<br>Manse Fund<br>Music<br>Building Fund<br>Flower Fund<br>Organ Fund<br>General Purposes Fund<br>Sunday School Memorial Dividends<br>NSPCI Sunday School<br>Business Reserve Account Interest<br>NS&I: Organ Fund Account<br>Kennedy Memorial Fund 00124751|**Unrestricted**<br>**Restricted**<br>**£**<br>561<br>-<br>561<br>-<br>8,171<br>8,171<br>-<br>34<br>34<br>22<br>-<br>22<br>1<br>-<br>1<br>-<br>25<br>25<br>5,744<br>-<br>5,744<br>31<br>-<br>31<br>-<br>37<br>37<br>2,277<br>-<br>2,277<br>-<br>173<br>173<br>-<br>-<br>-|
|---|---|
||8,636<br>8,439<br>17,075|



|**11**<br>**Grant Income & Expenditure  (Restricted)**<br>Rainwater Project|**Balance at 01.01.2024**<br>**Income**<br>**Expenditure**<br>**Balance at 31.12.2024**|
|---|---|
||-<br>2,650.00<br>(2,250)<br>400.00|
||2,650<br>400<br>1,850<br>-<br>400|



## **12 Investment Accounts** 

|**Investment Accounts**|||
|---|---|---|
|**Unrestricted Funds**<br>General Purposes Fund<br>Building and Repair Fund<br>Stipend and Ministers Fund<br>Sunday School Fund<br>Flower Fund<br>**Restricted Funds**<br>Music Fund<br>Organ Fund<br>Nspci Sunday Schools Fund<br>Manse Fund<br>**Hire of Church Buildings / Grounds**|**Balance As At 01.01.2024**<br>90,466<br>1,809<br>18,117<br>596<br>103<br>5,691<br>2,095<br>1,559<br>331,956|**Gain or Loss in period**<br>**Balance As At 31.12.2024**<br>5,067<br>95,533<br>8<br>1,817<br>156<br>18,273<br>30<br>626<br>1<br>104<br>25<br>5,716<br>9<br>2,104<br>56<br>1,615<br>(4,596)<br>327,360|
||452,392<br>BBC Home services<br>Belfast City Council<br>Belfast Film Festival<br>Belfast Philharmon<br>Black Dog Television<br>Cahal Masterson<br>Cathedral Quarter<br>DALG 3 Productions<br>David Holmes<br>Dumbworld Ltd<br>Experience Belfast<br>G Danby<br>Jack McGinley<br>James Swamm<br>James Swann<br>Joseph Pond<br>LM Walker<br>NI Opera<br>Oh Yeah Music<br>Rachel Joy Heater<br>Rachel Masterson<br>Rebecca Murphy<br>Reclaim the English Harps<br>Rotary Club<br>Salwan Cartwright<br>Spark Opera<br>Stewart Thomas - 12 Step<br>Sundry<br>The Belfast Ensemble<br>The Conservatoire<br>Ulster Consort<br>Ulster Orchestra<br>Ulster University|757<br>453,150<br>£<br>60<br>200<br>520<br>50<br>400<br>120<br>560<br>160<br>50<br>120<br>150<br>2,446<br>80<br>90<br>50<br>400<br>150<br>500<br>320<br>90<br>90<br>320<br>150<br>100<br>200<br>365<br>200<br>810<br>1,480<br>120<br>120<br>455<br>200<br>11,126|



## **13 Hire of Church Buildings / Grounds**