The General Presbytery of the Free Presbyterian Church of Ulster Tru5tees' Annual Report and Financial Statements Year ended 31 December 2023 The Charity Commission for Northern Ireland Number: 109137 HMRC Charities Reference Number: XN73190
The General Presbytery of the Free Presbyterian Church of Ulster Statement of Financial Activities For the year ended 31 December 2023 Unrestricted funds Restrlcted funds Total 2023 Total 2022 Note Income frorn: Donations and legacies Charitable attivities Investment income Other income Total income 9.325 51,773 92.988 11,874 306 156,941 61,098 92,988 14,381 233.267 401,734 31.158 92,358 5,650 199,246 328,412 2,507 232,961 244,793 Expenditure on: Charitable activitie5 Other costs Total expenditure 75,922 72,290 148,212 252,776 35,096 287,872 328,698 107,386 436,084 212.713 26,386 239.099 Net Income/(expenditurel before transfers 96,581 1130,9311 {34,350} 89,313 Transfers between funds 1119,8471 119,847 Net Income/lexpenditurel for the year {23,2661 (11,0841 134,350) 89.313 Fund balances at 01 January 2023 368,401 4,182,385 4,550.786 4,461.473 Fund balances at 31 December 2023 345,135 4,171,301 4.516,436 4,550,786
The General Presbytery of the Free Presbyterian Church of Ulster Statement of Assets and Liabilities as at 31 December 2023 2023 2022 Note Fixed Assets Tangible Fixed Assets 2,839,733 2,839,733 Current Assets Debtors Bank and cash balances 66,500 1,625,918 1,692,418 91,500 1,628,113 1.719,613 Creditor5: due within one year Accruals and deferred income (15,715} 115,7151 (8,5601 {8,5601 Net Current Assets 1,676,703 1,711,053 Net Assets 4.516,436 4,550.786 Income Funds Unrestrirted Funds Restricted Funds General Income Capital 345,135 368,401 1,331,568 2,839,733 1,342,652 2,839,733 4,171,301 4,182,385 Retained Reserves io 4.516,436 4,550,786 The financial statements were approved by the Trustees on 23- OcToEkR-Io behalf by: and signed on their Trust Trustee
The General Presbytery of the Free Presbyterian Church of Ulster Notes to the financial statements For the year ended 31 December 2023 Principal accounting policies The principal accounting policies adopted, judgements and key sources of estimation in the preparation of the f inancial statements are as follows: 1.1 Basis of preparation The financial Statements have been prepared in accordance with the Charities SORP IFRS102} Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition - October 20191. The General Presbytery of the Free Presbyterian Church of Ulster is a registered charity INIC1091371 and meets the definition of a public benefit entity under FRS102. Assets and liabilities are initially recognised at historic c05t or transaction value unless otherwise stated in the relevant accounting policy notes. 1.2 Income recognition All incoming resources are included in the Statement of Financial Activities when the charty is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. 1.3 Donations Donations are accounted for gross when received. Fixed asset gifts in kind are recognised when receivable and are included at fair value. 1.4 Legacies Legacies are accounted for when probate has been completed, the amount of the legacy can be reliably quantified and the conditions of the legacy are within the control of the Presbytery. 1.5 Investment income Investment income is included in the financial statements in the year in which it is receivable. 1.6 Expenditure recognition All expenditure is accounted for on an accruals basis. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that settlement will be required and the amount of the obligation can be measured reliably. 1.7 Fixed assets The tangible fixed assets are initially recorded at cost, or for donated assets, at a reasonable estimate of their value on receipt. The buildings have been recorded at the insurance value as no reliable information is available for the cost of these buildings.
The General Presbytery of the Free Presbyterian Church of Ulster Notes to the financial statements (contlnued) For the year ended 31 December 2023 1.8 Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for specific purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 1.9 Preparation of accounts on a going concern basis The General Presbytery of the Free Presbyterian Church of Ulster has prepared the financial statements on a going concern basis. The balance sheet IS strong with continued support from donors and member congregations. io
The General Presbytery of the Free Presbyterian Church of Ulster Note5 to the financial statements (continued) For the year ended 31 December 2023 Donations and legacies Unrestricted Funds Restrlrted Funds Totsl 2023 Total 2022 Donations and gifts 9.325 51,773 61,098 31,158 9,325 51,773 61,098 31,158 Charitable activitses Unrestrlcted Funds Restricted Funds Totsl 2023 Total 2022 Income from conferences & events Income from books, magazines, etc 51,477 41.511 51.477 41,511 51,059 41,299 92,988 92,988 92,358 Investment income Unrestricted Funds Restricted Funds Totsl 2023 Total 2022 Bank interest receivable 2,507 11.874 14,381 5,650 2,507 11,874 14.381 5,650 Other Income Unrestricted Funds Restrirted Funds Total 2023 Total 2022 Funds from related charities Other income 232.961 232,961 306 197,555 1,691 306 232,961 306 233.267 199,246 li
The General Presbytery of the Free Presbyterian Church of Ulster Notes to the financial statement5 (continued) For the year ended 31 December 2023 Cost of charltable activities 2023 2022 Salaries and pensions Direct activity expenses Facilities expenses Travelling expenses Media and advertising Insurance Other expenses 11,213 160.361 75,485 22,273 16,966 38,482 3,918 13,712 110,969 38,041 14,817 17,993 15,749 1,432 328,698 212,713 Other expenditure 2023 2022 Grants and donations Bank fees and charge5 Independent examiner's remuneration Legal and professional fee5 88,137 815 6,330 12,104 15,448 766 6,090 4,082 107,386 26,386 Tansible fixed assets Buildings Total Cost As at Oljanuary 2023 Additions Revaluations 2,839,733 2,839,733 As at 31 Dember 2023 2.839,733 2,839,733 Depreciation As at 01 January 2023 Charge for the year £ at 31 December 2023 Net Book Value As at 31 December 2023 2,839,733 2,839,733 As at 31 December 2022 2,839,733 2.839,733 12
The General Presbytery of the Free Presbyterian Church of Ulster Notes to the flnancial statements Icontinuedl For the year ended 31 December 2023 Debtors 2023 2022 Loan5 to Churches 66,500 91,5CKI 66,5(Ki 91,500 10 Reserves Unrestrlcted funds Restricted funds Total 2023 Totsl 2022 Reserves bld 368,401 4,182,385 4,550,786 4,461,473 Net movement in funds 123,2661 111,0841 134,3501 89,313 Reserves clfvid 345,135 4,171,301 4.516,436 4,550,786 11 Fund balances Openlng balance Incoming resources Resources expended Closing balance Transfers Unrestrlrted funds General fund 368,401 244,793 1148,2121 1119.8471 345,135 368.401 244,793 (148,2121 1119,8471 345,135 Restricted funds Education Board Loan Fund Ministers Retirement Fund Sunday School Account Ministers Pension Fund Hymn Book Fund Youth Council Government and Morals Prison Chaplains Congress Fund Consider Christ FPCNA- Current Magazine Publications and Media Ballygowan Graveyard Student Fellowship 29,378 392,792 3,556,531 18,753 16 31,353 17,945 261 5,446 7,022 45,455 11,264 24,301 40,662 1,206 22,165 5,855 10,417 28 127,3811 1341 177,5991 24,162 398,613 3.589,349 18,781 16 31,180 9.039 232 4,311 6.999 36,620 10,164 21,981 19,184 670 loo,000 14 42,856 11871 171,6091 1291 112,3991 1301 131,0501 15,7501 117,3811 {43,6361 17871 19,847 11,264 22,215 4,650 15,061 22.158 251 4,182,385 156,941 1287,8721 119,847 4,171,301 13
The General Presbytery of the Free Presbyterian Church of Ulster Notes to the flnancial statements (continued) For the year ended 31 December 2023 12 Analysls of net assets between lunds Unrestrlcted funds Restricted funds Total 2023 Total 2022 Fixed assets Current assets Current liabilities 2,839,733 1,340,953 19,3851 2,839,733 1,692,418 115,7151 2,839.733 1,719,613 18,5601 351,465 16,3301 Total funds 345,135 4,171,301 4.516,436 4,550,786 14