The General Presbytery of the Free Presbyterian Church of Ulster Financial Statements Year ended 31 December 2024 The Charity Commission for Northern Ireland Number: 109137 HMRC Charities Reference Number: XN7319Q
The General Presbytery of the Free Presbyterian Church of Ulster statement of Financial Activities For the year ended 31 December 2024 Unrestricted funds Restricted funds Total Total 2023 2024 Note Income frorn: Donations and legacies Charitable activitie5 Investment income Other income Total income 10,330 22,501 4,412 240,492 277,735 495,102 107,365 41,298 458 644,223 505,432 129,866 45,710 240,950 921,958 61,098 92,988 14,381 233,267 401,734 Expenditure on: Charitable activities Other costs Total expenditure 91,197 48,312 139,509 252,918 14,984 267,902 344,115 63,296 407,411 328,698 107,386 436,084 Net Incomellexpenditurel before transfers 138,226 376,321 514,547 134,3501 Transfers between funds 1103,831} 103,831 Net incomellexpendlturel for the year 34,395 480,152 514,547 {34,3501 Fund balances at ol January 2024 345,135 4,171,301 4,516,436 4,550.786 Fund balance5 at 31 Decemb@r 2024 li 379,530 4.651,453 5.030,983 4,516,436 li
The General Presbytery of the Free Presbyterian Church of Ulster Statement of Assets and Liabilities as at 31 December 2024 2024 2023 Note Fixed Assets Tangible Fixed Assets 2,644,733 2,839,733 Current Assets Debtors Bank and cash balances 66,369 2,330,931 2,397,300 66,500 1,625,918 1.692,418 Creditor5: due within one year Accruals and deferred income 111,0501 111,0501 115,7151 115,7151 Net Current As5et5 2,386.250 1,676.703 Net Assets 5,030,983 4,516,436 Income Funds Unrestricted Funds Restricted Funds General Income Capital 379,530 345,135 2,006,720 2,644,733 1,331,568 2,839,733 4,651,453 4,171,301 Retained Reserves io 5,030,983 4,516,436 The financial statements were approved by the Tru5tee5 on IS-. QL- behalf by: i>and signed on their Trustee Truste 12
The General Presbytery of the Free Presbyterian Church of Ulster Staternent of Cash Flows For the year ended 31 December 2024 Z024 2023 Note Net incomellexpenditurel for the year 514.547 134,3501 Adjustments to reconcile net income / (expenditure) to net cash flows from operating activitie5 Loss on property disposal Net finance costs 11 ncreasel / decrease in debtors Increase / Idecreasel in cred itors 52,744 145,7101 131 14,6651 114,381) 25,000 7,155 Net cash inflow / loutflowl from operating activities 517,047 116,5761 Investing activities Interest received Proceeds from property disposals 45,710 142,256 14,381 Net cash inflow from investing activlties 187,966 14.381 Net increase l (decrease) in cash and cash equivalents 705.013 12,1951 Cash and cash equivalents at 01 January 2024 1,625.918 1,628,113 Cash and cash equivalents at 31 December 2024 2,330.931 1.625,918 13
The General Presbytery of the Free Presbyterian Church of Ulster Notes to the financial statements For the year ended 31 December 2024 Principal accounting policies The principal accounting policies adopted, judgement5 and key sources of Èstimation in the preparation of the financial statements are as follows: 1.1 Basis of preparation The financial statements have been prepared in accordance with the Charitie5 SORP IFRS1021 Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accof dance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (second edition - October 2019). The General Presbytery of the Free Presbyterian Church of Ulster is 3 registered charity INIC109137) and meets the definition of a public benef it entity under FRS102. Assets and liabilities are initially recognised at historic cost or transaction value unless otherwise stated in the relevant accounting policy notes. 1.2 Income recognition All incom ing resources are included in the Statement of Financial Activitie5 when the charity 15 leEally entitled to the income after any performance conditions have been met, the amount can be measured relia bly 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 recogni5ed when receivable and are included at f3irvalue. 1.4 Legacies Legacies are accounted for when probate has been completed, the amount of the legacy can be reliably qua ntified a nd the conditions of the legacy are within the control of the Presbytery. 1.5 Investment income I nvestment income is included in the financial statements in the yea r 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 a55ets 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 C05t of these buildings. 14
The General Presbytery of the Free Presbyterian Church of Ulster Notes to the financial statements (continued) For the year ended 31 December 2024 1.8 Funds U nrestricted funds a re available for use at the discretion of the trustees in furtherance of the general objectives of the cha rity 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 conEregations. 15
The General Presbytery of the Free Presbyterian Church of Ulster Notes to the financial statements (continuedl For the year ended 31 December 2024 Donations and legacies Unrestricted Funds Restricted Funds Total 2024 Total 2023 Donations and gifts 10,330 49S,102 505,432 61,098 10,330 495,102 505,432 61,098 Charitable activitie5 Unrestrirted Fund5 Re5trirted Funds Total 2024 Total 2023 Income from conference5 & events Income from books, magazines, etc 22,501 70,417 36.948 92,918 36.948 51,477 41,511 22,501 107,365 129.866 92,988 Investment Income Unrestricted Fund5 Restricted Fund5 Total 2024 Total 2023 Bank interesi receivable 4,412 41.298 45.710 14,381 4,412 41,298 45,710 14,381 other income Unrestricted Fund5 Restrirted Funds Total 2024 Total 2023 Funds from related charitie5 Other income 235,350 5,142 235,350 5,600 232,961 306 458 240,492 458 240,950 233,267 16
The General Presbytery of the Free Presbyterian Church of Ulster Notes to the financial statements (continued) For the year ended 31 December 2024 Cost of charitable actlvitles Unrestricted Funds Restricted Funds Total 2024 Total 2023 Salaries and pensions Oirect activity expenses Facilities expenses Travelling expenses Media and advertising Insurance Other expenses 10,747 130,266 93,217 1,230 16,031 383 10.747 182,475 93,217 14,403 16,031 26.198 1,044 11.213 160,361 75,485 22,273 16.966 38,482 3,918 52,209 13,173 25,815 1,044 91,197 252,918 344,115 328,698 Other expenditure Unrestrirted Funds Restricted Fund5 Total Total 2023 2024 Grants and donations Bank fees and charge5 Independent auditor's remuneration Legal and professional fees 26,847 134 9,666 11,665 10,865 624 37,712 758 88,137 815 6,330 12,104 9,666 15,160 3.495 48,312 14,984 63,296 107,386 Tangible fixed assets Buildings Total Cost As atol January 2024 Additions Disposa15 2,839,733 2,839.733 1195,0001 1195.0001 As at 31 December 2024 2,644,733 2,644,733 Depreciation A5 at 01 January 2024 Charge for the year As at 310ecember 2024 Net Book Value As at 310ecember 2024 2,644,733 2,644.733 As at 31 December 2023 2,839,733 2,839,733 17
The General Presbytery of the Free Presbyterian Church of U15ter Notes to the financial statements Icontinuedl For the year ended 31 December 2024 Debtors 2024 2023 Loans to Churches Prepayment5 and accrued income 60,000 6,369 66,500 66,369 66,500 10 Reserves Unrestricted fund5 Restricted funds Total 2024 Total 2023 Reserves b/fwd 345,135 4,171.301 4,516,436 4,550.786 Net movement in funds 34,395 480.152 514.547 134,3501 Reserves c/fwd 379,530 4,651,453 5,030,983 4,516,436 11 Fund balances Openlng balance Incoming resources Resources expended Closing balance Transfers Unrestricted funds General fund 345,135 277,735 1139,5091 1103,8311 379,530 34S,135 277,73S 1139.S091 1103,8311 379,530 Restrirted fund5 Education Board Loan Fund Ministers Retirement Fund Sunday School Account Hymn 8o¢k Fund Youth Council Government and Morals Pri50n Chaplains Congress Fund Consider Christ FPCNA- Current Magazine Publications and Media allygowan Graveyard Student Fellowship 24,162 398,613 3,589,365 18,781 31,180 9,039 232 4,311 6,999 36,620 10,164 21,981 Ig,184 670 30,409 426,448 27,837 441 903 62,341 3,702 11,507 13,3191 16,5351 1131,3641 51,252 818,526 3,585,838 19,222 32,062 18,469 3,903 4,313 6,999 47,124 11,787 19.415 32,304 239 loo,000 1211 156,7421 1311 111,5051 3,831 43,293 4,220 13,128 19,933 61 132,789) 12,5971 115,6941 16,813} 14921 4,171,301 644,223 1267,9021 103,831 4,651,453 18
The General Presbytery of the Free Presbyterian Church of Ulster Notes to the financial statements {continuedl For the year ended 31 December 2024 12 Analy515 of net a55et5 between funds Unrestricted funds Restricted funds Total 2024 Total 2023 Fixed assets Current assets Current liabilities 2.644,733 2,010.030 13,3101 2,644,733 2,397,300 111,0501 2,839,733 1,692,418 115,7151 387,270 17,7401 Total funds 379,530 4,651,453 5,030,983 4.516,436 19