First Bangor Congregation of the Presbyterian Church in Ireland
Latest income
£449k
Latest spending
—
Accounts read
FY2024
Financial health, per FY2024 accounts
The accounts state that total expenditure of £589,345 exceeded total income of £448,971, resulting in a net deficit for the year. The trustees note that the congregation's activities are dependent on ongoing contributions from members and that resources are sufficient subject to this continuing support. Unrestricted reserves at year-end were £1,897,040, which is above the stated policy target of £125,965.
What the accounts disclose
Going concern: doubt noted
“The activities of the congregation are dependent on ongoing contributions from its members. The Trustees are of the opinion that the congregation has sufficient resources at the date of approval of these financial statements to meet commitments which will arise in the year from the date of signing this report and subject to the continuing support from members to fund on an ongoing basis the congregation’s current activities and other financial commitments.” — page 11
Per FY2024 accounts as filed with CCNI.
Payments to trustees: Minister received £49,691 remuneration and £8,176 expenses; Associate Minister received £36,845 remuneration.
“Two of the Trustees received remuneration during 2024, the minister of the congregation received remuneration of £49,691, and expenses of £8,176, for acting in that capacity.” — page 29
Per FY2024 accounts as filed with CCNI.
Related-party transaction: Remuneration paid to Minister (Trustee)
“the minister of the congregation received remuneration of £49,691, and expenses of £8,176, for acting in that capacity. Pension contribution of £11,926 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme (2009).”
Per FY2024 accounts as filed with CCNI.
Related-party transaction: Remuneration paid to Associate Minister (Trustee)
“the minister of the congregation received remuneration of £49,691, and expenses of £8,176, for acting in that capacity. Pension contribution of £11,926 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme (2009).”
Per FY2024 accounts as filed with CCNI.
Related-party transaction: Contributions to General Assembly of the Presbyterian Church in Ireland
“the minister of the congregation received remuneration of £49,691, and expenses of £8,176, for acting in that capacity. Pension contribution of £11,926 were paid by the congregation in respect of the minister to the Presbyterian Church in Ireland Pension Scheme (2009).”
Per FY2024 accounts as filed with CCNI.
Employees paid over £60,000: 0
Per FY2024 accounts as filed with CCNI.
Reserves policy: three months normal expenditure (held: £1.9m)
“It is the policy of the Trustees to hold at least 3 months normal expenditure (£125,965 based on 2024 expenditure).”
Per FY2024 accounts as filed with CCNI.
Largest income source: Weekly Freewill Offering (47% of income)
“The congregation’s main source of income is members’ contributions through the Weekly Freewill Offering. The contributions during the year was £180,721 compared to £187,670 for the previous year.” — page 10
Per FY2024 accounts as filed with CCNI.
Independent examiner: Broad Street Advisory
Per FY2024 accounts as filed with CCNI.