PRESBYTERIAN CHURC

EXTENDED TRIAL BAL

0.00
OPENING TRIAL BALANCE J.V AUDIT ADJUSTMENTS
ASSESSMENT INCOME DEBIT CREDIT No. DEBIT
PRESBYTERY ASSESSMENTS - Akyem Abuakwa 1,307,916.00
PRESBYTERY ASSESSMENTS - Akuapem 1,927,456.00
PRESBYTERY ASSESSMENTS - Asante 2,524,049.00
PRESBYTERY ASSESSMENTS - Asante Akyem 250,405.00
PRESBYTERY ASSESSMENTS - Brong Ahafo 1,388,227.00
PRESBYTERY ASSESSMENTS - Central 447,445.00
PRESBYTERY ASSESSMENTS - Dangme Tongu 711,323.00
PRESBYTERY ASSESSMENTS - Ga 6,041,655.00
PRESBYTERY ASSESSMENTS - Kwahu 906,363.00
PRESBYTERY ASSESSMENTS - Northern 114,729.00
PRESBYTERY ASSESSMENTS - Upper 114,729.00
PRESBYTERY ASSESSMENTS - Sekyere 481,864.00
PRESBYTERY ASSESSMENTS - Volta 252,405.00
PRESBYTERY ASSESSMENTS - West Akyem 596,593.00
PRESBYTERY ASSESSMENTS - West Brong 286,824.00
PRESBYTERY ASSESSMENTS - Western 1,000,441.00
PRESBYTERY ASSESSMENTS - Sefwi 284,529.00
PRESBYTERY ASSESSMENTS - Asante South 483,864.00 231,459.00
PRESBYTERY ASSESSMENTS - Ga West 3,067,867.00
PRESBYTERY ASSESSMENTS - Amenrica North 373,657.00
PRESBYTERY ASSESSMENTS - Europe 373,657.00
OTHER INCOME
MAIN ASSEMBLY
57000 · Worship Materials & Others
Evangelism Fund Raising Proceed 87,083.45 3,4. 14,598.00
Donations 417,585.00
Ground Rent Income 299,452.88
Proceeds from Ordination 8,458.20
HR May School Income 211,300.00
HR May School Expenses 184,608.55
Sundries 89,417.32 19. 22,598.00
GRANTS FROM OVERSEAS PARTNERS - EMS 32,953.55
INTEREST INCOME - Investment Income 66,075.00
INTEREST INCOME - Bank Account Interest 14,040.80
GENERAL ASSEMBLY
GENERAL ASSEMBLY: INCOME - Fees Comm. 535,860.40
Budgetary Allocation for GAO Expenses
GENERAL ASSEMBLY- Donations 15,424.96
GENERAL ASSEMBLY- Offertory 11,156.40
TOUR BUS OPERATION: INCOME
Brouchures/Materials 300.00
MAIN ASSEMBLY
Donations
HR May Sch. of Church Mgmt:
Evangelism Fund Raising Proceed
Net Fund Realization - PCG Cloth Sal
OTHER INCOME:56120 · Sundries
OTHER INCOME:56130 · Exchange Gain
OTHER INCOME:56150 · Rent/Ground Income
Gain on disposable investment
EPACK Investments
M Fund Investment
EXPENDITURE
COGS-Worship Materials & Others
INVENTORY
COST OF SALES 1,759,349.92
SHOPE SALES 2,469,220.52

SALARIES & ALLOWANCES

Basic Salary 12,126,523.28
Staff Allowances
Staff Allowances:60021 · Fuel 454,274.48
Staff Allowances:60022 · Vehicle 29,448.00
Staff Allowances:60023 · Responsibility 435,548.28
Staff Allowances:60024 · Hospitality 130,875.00
Staff Allowances:60025 · Transport 288,060.50
Staff Allowances:60026 · Other Allowances 881,685.36
Staff Allowances:60027 · Leave 157,981.28
Staff Allowances:60028 · Housing 299,534.62
Employer's SSF Contn 853,903.88
Agents Welfare Scheme (Employer) 254,097.69
Agents Welfare Scheme (Employee)
Pension Fund (Employer's) 242,245.33
Wisdom Allowance 868,911.07
GENERAL ASSEMBLY
Fuel 14,050.00
Printing and Stationery 8,249.00
Logistics 104,302.00
Publicity 7,900.00
Donations 400.00
Honorarium 44,220.00
Feeding 94,822.00
T&T 7,140.00
Night Allowance 21,995.00
Accomodation 272,350.72
GENENRAL AND ADMINITRATIVE EXPENSES
Stock Spoilage/ Leakage/ Obsolete
Printing & Stationery 79,374.00
Refreshment & Office Provisions 27,815.90
Charity/Donations 108,227.80
Send off 398,790.00
Audit Fees 16. 21,614.37
Legal & Professional Fees 5,085.00
Public Relations Expenses 7,150.00
Meeting Expenses (C'ttees, etc) 65,193.17
Bank Charges 27,756.32 2. 1,455.00
Maintenance of Office Furn
Clothing Allowance 16,735.00
Medical Expenses 105,758.22
Depreciation Charge - Office Eq 10,039.72 5,7,9. 145,216.47
Clearing Charges
Tithes Receipt Books 48,000.00
Rent & Accomadation 55,630.00
Computer Service Expenses 13,125.80
Training/Workshops 12,778.00
Security Guards Charges 149,112.86
Office Supplies & Consumables 5,280.00
Ministers' Expenses 23,470.00
News papers/Periodicals 12,177.50
Funeral Expenses 45,889.00
End of Service Benefit
GA Corresponding Members' fees 164,250.00
Fuel/ Transportation Exp. 5,221.00
Overtime Exp. 19,124.26
Licences,Permit & Renewals 42,712.75
GAC/GACSC/AD Hoc Committee Meeting 235,258.99
Honorarium 4,500.00
Licencing and Publications 48,400.00
Annual GA Epenses (HQ share)
Widows Allowance
Discount Allowed
ADMIN, TRAVEL & MOTOR EXP
Moderator
Clerk of General Assembly
Overseas Travel Expenses 78,200.60 1. 2,871.90
Local Travel 39,612.80
Motor Vehicle Runing & Maint'ce 102,665.49
Depreciation Charge- M/Vehicle 6. 555,983.20
Motor Insurance
Night Allowance 27,800.00
Fuel & Lubricants 55,026.31
UTILITIES
Fuel for Generator 600.00
Telecom, Postage & Intenet 152,625.60
Electricity & Gas 253,107.19 18. 36,515.70
Water 72,533.14
Subscriptions and Permits 10,515.00
PROPERTY UPKEEP
Rates and Taxes 33,641.02
Repairs to Office Building 25,818.00
Sanitation / Laundry 154,367.00
Bungalow Buildings - Repairs 151,582.30
Insurance - Building 62,468.42
Depreciation Chg-Bungalow Equip 8,21. 55,287.20
Repairs of Office Equip 9,430.00
Bungalow Equip Repairs 2,735.00
Servicing of Generator Set 8,482.75
Repairs of Furniture and Fittings 4,492.00
SCHOLARSHIP & MINIST TRAINING
T.T. Seminary- Admin. Grant 492,445.86
T.T. Seminary- Students Feeding 249,300.00
Ministerial Training (SMT etc) 176,320.00
Local- Graduates & Post Graduat 6,753.00
Ministers Outfit 77,076.00
CHURCH LIFE AND NURTURE
CLAN Committee Meetings/Logistics 25,929.87
Dev & Social Services - Health Cordination
Church Life & Nurture - Boys' and Girls' Brigade
Presby Student Union 5,000.00
Church Life& Nurture -Childrens' Service/ Youth
Lay Training Centres 1,500.00
Church Life & Nurture - Sundry Expenses
DEVELOPMENT & SOCIAL SERVICES
DSS Committee Meeting 7,658.84

Ecumenical & Social Rel Dept.

ESR Committee Meetings 29,610.90
Christian Council of Ghana 153,071.00
Ecumenical Co-Workers & Dues 8,255.73
ESR Workshop and Comferences 6,250.00
GENERAL EDUCATION
Education Committee Meeting 4,854.42
Audit and Finance
Finance Committee Meeting 22,809.00
Adm. And Human Res. Mgt. Dept.
Committee Meeting 39,738.14
MISSION & EVANGELISM EXPENSES
M & E Committee Meeting /Logistics 17,780.64
NUPS-G/SICE (Outreach Prog)
Ghana Evangelism Committee 53,800.00
TV Ministry 20,355.42
Evangelism Week Expenses 16,010.00
Evangelism Vans Expenses 2,420.00
Blue Cross 10,000.00
Market & Other Expenses 20,528.00
Souvenir Production & Other Exp 25,250.00
Deprive Area Support 12,450.00
DEDICATION
Dedication of Church House - Expenses
Dedication of Church House - Income
ASSETS
CASH & BANK BALANCES
Cash and Bank Balance
Dawenya Land Cash
Petty Cash On Hand 653.00
Tour Bus Cash
Main Cash On Hand 4,375.00
UNIBANK Cloth 252,371.08
UNIBANK Main 35,650.86
Ecobank PCG Cedi Main #166505 25,157.63
Ecobank PCG Salary 29,036.55
ECOBANK EVAN.FUND A/C #166502 8,341.74
GCB H/S Church Life A/C #1011130018860 106,667.12
GCB BEREKUM
GCB H/S SP LEVIES # 1011131882 59,545.55 10. 6,434.98
GCB H/S FOUNDATION/Chan of Hope 9,396.41
GCB H/S - Project Investment 301,211.60
GCB Mampong Asante
GCB High Street # 1011130010632 163,780.65
GCB Emergency Relief
GCB Mpraeso # 2191130001132 21,913.97
GCB - Konongo
GCB - Nkawkaw 6,409.23 11. 7,200.00
GCB - Kibi 120,463.60
GCB-Akropong 32,072.62
Fidelity Bank 10,005.09
SCB H/S Salary A/C #609306 3,306.60
SCB/HS HRM/MAY SCH. FUND 2,652.41
SCB - High Street #609300 7,130.23
MANYA KROBO SPECIAL ACCOUNT
FOREIGN ACCOUNTS
Ecobank US$ Foreign 421,967.90
Intercon. Dollar Tours
Ecobank Dollar Forex 26,974.88
US Dollar Cash
SCB - Euro
Ecobank- Euro Foreign 342,070.28
Ecobank Euro Forex 229,866.45
Euro Cash
Ecobank - GBP Foreign 96,957.47
Ecobank UK Pound Forex 43,904.42
Pounds Sterling Cash
ACCOUNTS RECEIVABLE AND PREPAYMENT
Depot DEBTORS 39,706.29
ACCOUNTS RECEIVABLE (Assessment) 3,340,518.09
Staff Debtors 8,182.92
Sundry Debtors 473,215.99
Rent Advance 112,509.95
Insurance Prepayments
Other Prepayments
Other Debtors 492,542.58
Non- Staff Debtors
Head Office/Institutions pensioners 4,624,584.09
INVENTORIES
INVENTORIES FOR SALE 1,955,679.68

SHORT TERM INVESTMENTS

SDC Investment ltd - Church 218,955.61 13. 1,703.50
Premium Bank 104,235.59 12. 92.79
Salem Financial Services 218,065.76
Databank Brokerage Ltd
City Investments Co.
Fidelity Discount House
HFC Investments
PCG/HFC Bond Escrow Account
Merban Emergency Relief Fund
FIXED ASSETS
Computers
Computers:15110 · Initial Cost 592,670.53
Computers:15120 · Accum Depn 428,882.24
Freehold Land & Buildings 1,070,892.94
Freehold Land & Buildings:15210 · Initial Cost
Motor Vehicles:15310 · Initial Cost 2,779,915.61
Motor Vehicles:15320 · Accum Depn 1,466,432.00
Office F & F/Equipment
Office F & F/Equipment · Initial Cost 332,522.41
Office F & F/Equipment· Accum Depn 29,679.73
Bungalow F & F/Equipment:15510 · Initial Cost 472,051.58 20. 80,813.10
Bungalow F & F/Equipment. Accum Depn 199,784.27
Channel of Hope Prodn Equip: · Initial Cost 34,701.00
Channel of Hope Prodn Equip. Accum Depn 20,172.10
Capital Work-In-Progress 9,590,357.51
LONG TERM INVESTMENT
SALEM WATER LTD 45,000.00
Shares in A-Riis Company Ltd 7,500.00
Share In BOPP 4,270.55
Shares in CAL Bank
Trinity Insuranrace Brokers 639,883.66
ACCOUNTS PAYABLE AND ACCRUALS
Creditors
Total Payables 3,144,163.14
30100a · Agents Pension Fund
30300a · Sundry Creditors
30300a · Sundry Creditors
31200. Dawhenya Land
30301 · HFC Investment Serv.Ltd
30400a · Accrued Expenses
Audit Fees
10% Agent's Welfare scheme 666,948.33
2.55 Agent's Welfare Scheme 166,737.15
National Minister's Conference 6,275.00
SSNIT 26,307.04
Other Accrued Payments 58,106.58 15. 35,955.14
Rent Received in Advance 5,992,619.64
Payroll Deductions
Akrofi Christaller Institute 150,000.00
Head Office/Institutions pensioners
31100 · Univ. Support Levy
32000 · Unrestricted Net Assets
40000 · ACCUMULATED SURPLUS 9,909,804.75 17. 59,196.37
41000 · EMERGENCY RELIEF FUND
42000 · CAPITAL SURPLUS 1,798,655.00
43000 · PRESBTERIAN FOUNDATION FUND
43001 · PRESBTERIAN University College 1,511,635.76
44000 · INVESTMENT FUND
45000 · EVANGELISM FUND
46000 · BUSINESS DEVELOPMENT FUND
47000 · MILLENIUM DEVELOPMENT FUND
48000 · LAND ADMINISTRATION FUND 957,341.46
49000 · PRIOR YEARS ADJUSTMENT

TOTAL 53,628,958.02 53,628,958.02 1,047,535.72

0.00 9,902.00
 PRESBYTERIAN CHURCH OF GHANA
EXTENDED TRIAL BALANCE 2018
2,535,333.33 0.00
AUDIT ADJUSTMENTS J.V FINAL TRIAL BALANCE PROFIT AND LOSS ACCOUNT
CREDIT No. DEBIT CREDIT DEBIT CREDIT
1,307,916.00 1,307,916.00
1,927,456.00 1,927,456.00
2,524,049.00 2,524,049.00
231,459.00 481,864.00 481,864.00
1,388,227.00 1,388,227.00
447,445.00 447,445.00
711,323.00 711,323.00
6,041,655.00 6,041,655.00
906,363.00 906,363.00
1.00 114,730.00 114,730.00
1.00 114,730.00 114,730.00
481,864.00 481,864.00
252,405.00 252,405.00
596,593.00 596,593.00
286,824.00 286,824.00
1,000,441.00 1,000,441.00
284,529.00 284,529.00
252,405.00 252,405.00
3,067,867.00 3,067,867.00
4,950.00 378,607.00 378,607.00
4,950.00 378,607.00 378,607.00

0.00 0.00
72,485.45 72,485.45
417,585.00 417,585.00
299,452.88 299,452.88
8,458.20 8,458.20
211,300.00 211,300.00
184,608.55 184,608.55
95,151.51 15,17. 161,970.83 161,970.83
32,953.55 32,953.55
1,796.29 12,13. 67,871.29 67,871.29
14,040.80 14,040.80

26,522.00 4,19. 562,382.40 562,382.40

0.00 0.00
15,424.96 15,424.96
11,156.40 11,156.40
0.00 0.00
 300.00 300.00

0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00

0.00 0.00
0.00 0.00

0.00 0.00

1,759,349.92 1,759,349.92
2,469,220.52 2,469,220.52

12,126,523.28 12,126,523.28
0.00 0.00
454,274.48 454,274.48
29,448.00 29,448.00
435,548.28 435,548.28
130,875.00 130,875.00
288,060.50 288,060.50
881,685.36 881,685.36
157,981.28 157,981.28
299,534.62 299,534.62
853,903.88 853,903.88
254,097.69 254,097.69
0.00 0.00
242,245.33 242,245.33
868,911.07 868,911.07

14,050.00 14,050.00
8,249.00 8,249.00
104,302.00 104,302.00
7,900.00 7,900.00
400.00 400.00
44,220.00 44,220.00
94,822.00 94,822.00
7,140.00 7,140.00
21,995.00 21,995.00
272,350.72 272,350.72
 0.00 0.00
79,374.00 79,374.00
2,871.90 1. 24,944.00 24,944.00
108,227.80 108,227.80
398,790.00 398,790.00
21,614.37 21,614.37
5,085.00 5,085.00
7,150.00 7,150.00
65,193.17 65,193.17
29,211.32 29,211.32
0.00 0.00
16,735.00 16,735.00
1,707.20 10. 104,051.02 104,051.02
155,256.19 155,256.19
0.00 0.00
48,000.00 48,000.00
55,630.00 55,630.00
13,125.80 13,125.80
12,778.00 12,778.00
149,112.86 149,112.86
772.00 3. 4,508.00 4,508.00
23,470.00 23,470.00
12,177.50 12,177.50
2,000.00 10. 43,889.00 43,889.00
0.00 0.00
164,250.00 164,250.00
5,221.00 5,221.00
19,124.26 19,124.26
42,712.75 42,712.75
235,258.99 235,258.99
4,500.00 4,500.00
48,400.00 48,400.00
0.00 0.00
0.00 0.00
0.00 0.00

0.00 0.00
0.00 0.00
81,072.50 81,072.50
39,612.80 39,612.80
2,727.78 10. 99,937.71 99,937.71
555,983.20 555,983.20
0.00 0.00
27,800.00 27,800.00
 55,026.31 55,026.31

600.00 600.00
152,625.60 152,625.60
289,622.89 289,622.89
72,533.14 72,533.14
10,515.00 10,515.00

33,641.02 33,641.02
25,818.00 25,818.00
154,367.00 154,367.00
80,813.10 20. 70,769.20 70,769.20
62,468.42 62,468.42
55,287.20 55,287.20
9,430.00 9,430.00
2,735.00 2,735.00
8,482.75 8,482.75
4,492.00 4,492.00

492,445.86 492,445.86
249,300.00 249,300.00
176,320.00 176,320.00
6,753.00 6,753.00
77,076.00 77,076.00

25,929.87 25,929.87
0.00 0.00
0.00 0.00
5,000.00 5,000.00
0.00 0.00
1,500.00 1,500.00
0.00 0.00

7,658.84 7,658.84

29,610.90 29,610.90
153,071.00 153,071.00
8,255.73 8,255.73
6,250.00 6,250.00

4,854.42 4,854.42

22,809.00 22,809.00
 39,738.14 39,738.14

17,780.64 17,780.64
0.00 0.00
53,800.00 53,800.00
20,355.42 20,355.42
16,010.00 16,010.00
2,420.00 2,420.00
10,000.00 10,000.00
20,528.00 20,528.00
25,250.00 25,250.00
12,450.00 12,450.00

0.00 0.00
0.00 0.00

0.00
0.00
653.00
0.00
4,375.00
252,371.08
35,650.86
25,157.63
29,036.55
8,341.74
106,667.12
0.00
(53,110.57)
9,396.41
301,211.60
0.00
163,780.65
0.00
21,913.97
0.00
13,609.23
120,463.60
32,072.62
10,005.09
735.00 2. 2,571.60
2,652.41
720.00 2. 6,410.23
0.00
 421,967.90
0.00
26,974.88
0.00
0.00
342,070.28
229,866.45
0.00
96,957.47
43,904.42
0.00

39,706.29
3,340,518.09
8,182.92
473,215.99
112,509.95
0.00
0.00
492,542.58
0.00
4,624,584.09

1,955,679.68

220,659.11
104,328.38
218,065.76
0.00
0.00
0.00
0.00
0.00
0.00

0.00
592,670.53
108,494.26 5. 537,376.50
1,070,892.94
0.00
2,779,915.61
555,983.20 6. 2,022,415.20
 0.00
332,522.41
33,252.21 7. 62,931.94
552,864.68
55,287.20 8,21. 255,071.47
34,701.00
3,470.00 9. 23,642.10
9,590,357.51

45,000.00
7,500.00
4,270.55
0.00
639,883.66

0.00
7,200.00 11. 3,151,363.14
0.00
0.00
0.00
0.00
0.00
0.00
21,614.37 16. 21,614.37
666,948.33
166,737.15
6,275.00
26,307.04
36,515.70 18. 58,667.14
5,992,619.64
0.00
150,000.00
0.00
0.00
0.00
9,850,608.38
0.00
1,798,655.00
0.00
1,511,635.76
0.00
0.00
0.00
0.00
957,341.46
 0.00

1,037,633.72 54,392,253.70 54,392,253.70 24,746,710.75 27,282,044.08

0.00 2,535,333.33

37859381.29
-37853982.24
5399.05
 TRIAL BALANCE FOR THE YEAR ENDED 31ST DECEMB
2,535,333.33
BALANCE SHEET
DEBIT CREDIT
 0.00
0.00
653.00
0.00
4,375.00
252,371.08
35,650.86
25,157.63
29,036.55
8,341.74
106,667.12
0.00
(53,110.57)
9,396.41
301,211.60
0.00
163,780.65
0.00
21,913.97
0.00
13,609.23
120,463.60
32,072.62
10,005.09
2,571.60
2,652.41
6,410.23
 421,967.90
0.00
26,974.88
0.00
0.00
342,070.28
229,866.45
0.00
96,957.47
43,904.42
0.00

39,706.29
3,340,518.09
8,182.92
473,215.99
112,509.95
0.00
0.00
492,542.58
0.00
4,624,584.09

1,955,679.68 0.00

220,659.11
104,328.38
218,065.76
0.00
0.00
0.00
0.00
0.00
0.00

0.00
592,670.53
537,376.50
1,070,892.94
0.00
2,779,915.61
2,022,415.20
 0.00
332,522.41
62,931.94
552,864.68
255,071.47
34,701.00
23,642.10
9,590,357.51

45,000.00
7,500.00
4,270.55
0.00
639,883.66

0.00
3,151,363.14
0.00 0.00
0.00
0.00
0.00
0.00
0.00
21,614.37
666,948.33
166,737.15
6,275.00
26,307.04
58,667.14
5,992,619.64
0.00
150,000.00
0.00
0.00
0.00
9,850,608.38
0.00
1,798,655.00
0.00
1,511,635.76
0.00
0.00
0.00
0.00
957,341.46
 0.00
0.00
29,645,542.95 27,110,209.62

2,535,333.33
R ENDED 31ST DECEMBER, 2014
 PRESBYTERIAN CHURCH OF GHANA
JOURNAL ENTRIES FOR 2018 ACCOUNTS
No. DETAILS DEBIT CREDIT
GH¢ GH¢
1. Overseas Travel Expenses 2,871.90
Refreshment and Office Provisions 2,871.90
Being reversal of wrong classification.

2. Bank Charges 1,455.00

Standard Chartered Accounts #609306 735.00
Standard Chartered Accounts #609300 720.00
Being bank charges on the above accounts omitted now taken up.

3. Evangelism Fund Raising Proceed 772.00

Office Suppliers and Consumables 772.00
Being reversal of wrong classification.

4. Evangelism Fund Raising Proceed 13,826.00

General Assembly - Fees Comm. 13,826.00
Being reversal of wrong classification.

5. Depreciation - Computers 108,494.26

Accumulated Depreciation - Computers 108,494.26
Being depreciation charged for the year 2018 accounts.

6. Depreciation - Motor Vehicles 555,983.20

Accumulated Depreciation - Motor Vehicles 555,983.20
Being depreciation charged for the year 2018 accounts.

7. Depreciation - Office Equipments, Furniutre and Fittings 33,252.21

Accumulated Depreciation - Office Equip. Furn. & Fittings 33,252.21
Being depreciation charged for the year 2018 accounts.

8. Depreciation - Bubgalow Equipments, Furniutre and Fittings 47,205.20

Accumulated Depreciation - Bung. Equip. Furn. & Fittings 47,205.20
Being depreciation charged for the year 2018 accounts.

9. Depreciation - Channel of Hpoe Production Equipment 3,470.00

Accumulated Depreciation - Channel of Hope Prodn. Equip 3,470.00
Being depreciation charged for the year 2018 accounts.

10. Bank - GCB Special Account #031882 6,434.98

Funeral Donation #10746 2,000.00
Medical Expenses # 10839, # 10862 1,707.20
Vehicle Servicing # 10752, #10753 2,727.78
 Being reversal of above stale cheques.

11. Bank GCB Nkawkaw 7,200.00

Winnba Presbytery 7,200.00
Being reversal of funds for Winneba Presbytery project.

12. CBG Investment 92.79

Interest on Investment 92.79
Being understatement of interest on the above investment now
rectify.

13. SDC Investment Ltd 1,703.50

Interest on Investment 1,703.50
Being understatement of interest on the above investment now
rectify.

14. West Akim Presbytery 5,361.50

Wonen's Minitsry 5,361.50
Being revsersal of wrong classification

15. Other Accrued Payments 35,955.14

Other Income 35,955.14
Being reversal of unjustifable balance in the other accrued
payments to other income.

16. Audit Fees 21,614.37

Accruals - Audit Fees 21,614.37
Being audit fees charged for the year under review.

17. Accumulated Fund 59,196.37

Sundry Income 59,196.37
Being reclassification of the entry passed.

18. Electricity 36,515.70

Accruals - Electricity for Nov. and Dec. 2018 36,515.70
Being audit fees charged for the year under review.

19. Sundry Income 12,696.00

General Assembly Fees 12,696.00
Being reclassification of the above transaction.

20. Bungalow Equipment, Furniture and Fitings 80,813.10

Bungalow Buildings Repairs 80,813.10
Being renovation work done at Tema bungalows added to
bungalow buildings repairs now rectify.
21. Depreciation - Bungalow Equip. Furn. & Fittings 8,082.00
Accu. depreciation - Bungalow Equip. Furn. & Fittings 8,082.00
Being depreciation charge on the above assets.

22. Sundry Income 9,902.00

Asante South 231,459.00
Asante Akyem 231,459.00
Northern 1.00
Upper 1.00
America 4,950.00
Europe 4,950.00
Being correction of over and under statements of the above
accounts.
 PRESBYTERIAN CHURCH OF GHANA
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31ST DECEMBER,2018
2018 2017
NOTE GH¢ GH¢
INCOME

Presbytery Assessment 2 22,945,900 19,138,250

Other Income 3 1,808,299 1,639,387

Total Income 24,754,199 20,777,637

Less: Expenditure

Salaries and Allowances 5 17,042,213 14,940,938

General and Administrative Expenses 6 1,873,445 1,428,442

Adminstrative Travels and Motor

Vehicle Running Expenses 7 864,654 743,767

Utilities 8 525,897 731,688

Properties Upkeep 9 427,491 417,628

Scholarships and Ministerial Training 10 1,001,895 1,187,133

Departments and Units Expenses 11 304,678 210,225

Mission and Evangelism Expenses 12 178,594 105,589

Total Expenditure 22,218,867 19,765,410

Excess of income over expenditure 2,535,332 1,012,227

3
 PRESBYTERIAN CHURCH OF GHANA
STATEMENT OF FINANCIAL POSITION
AS AT 31ST DECEMBER,2018
2018 2017
NOTE GH¢ GH¢
ASSETS
NON CURRENT ASSETS
Property, Plant and Equipment 13 12,052,487 12,256,876
Long term Investments 14 696,655 696,655
12,749,142 12,953,531

CURRENT ASSETS
Inventories 15 1,955,680 1,314,792
Accounts Receivable 16 9,091,260 5,907,522
Short Term Investments 17 543,053 400,952
Bank and Cash Balances 18 2,254,970 2,056,203
13,844,963 9,679,469
TOTAL ASSETS 26,594,105 22,633,000

FUNDS AND LIABILITIES

FUNDS
Accumulated Fund 19 12,385,941 9,850,609
Capital Surplus 20 1,798,655 1,798,655
Special Funds 21 957,341 176,251
15,141,937 11,825,515

CURRENT LIABILITY
Accounts Payable 23 11,452,168 10,807,485
TOTAL EQUITY AND LIABILITIES 26,594,105 22,633,000

Approved on …………………………………………….2018

………………………………………………………………….. …………………………………………………
CLEARK OF DIRECTOR
GENERAL ASSEMBLY OF PCG DEPARTMENT OF FINANCE
4
0
 PRESBYTERIAN CHURCH OF GHANA
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
GH¢ GH¢
Cash Flow from Operating Activities
Surplus for the year 2,535,332 1,012,227
Adjustment from; - 1,620,540
Depreciation charge 766,526 473,028
Gains on sale of motor vehicles - 2,619,447
Investment Income receivable (67,871) (81,072)
3,233,987 5,644,170
Add changes in working capital items:
(Increase)/Decrease in Inventories (640,888) (59,765)
(Increase)/Decrease in Accounts Receivable (3,183,738) (636,271)
Increase in Accounts Payable 644,683 (2,621,350)
Net cash inflow from operating activities 54,044 2,326,784

Cash Flow from Investing Activities

Investment Income received 67,871 81,072
Purchase of Fixed Assets (747,736) (1,012,233)
Disposal of Fixed Assets 185,599 -
Net cash outflow from investing activities (494,266) (931,161)

Cash Flow from Financing Activities

Net inflows from Special Funds Accounts 781,090 (1,964,268)
Net inflows from financial activities 781,090 (1,964,268)

Net inflow from operating, investing and

financing activities 340,868 (568,645)
Cash and cash equivalents as at1 January 2,457,155 3,025,800
Cash and cash equivalents as at 31 December 2,798,023 2,457,155
Analysis of cash and cash equivalents
Cash on hand 5,027 756
Cash at Bank 2,249,943 2,055,447
Short Term Investment 543,053 400,952
2,798,023 2,457,155

5
 PRESBYTERIAN CHURCH OF GHANA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
GH¢ GH¢
2. Presbytery Assessments and Levies
Akyem Abuakwa 1,307,916 1,090,880
Akuapem 1,927,456 1,607,613
Asante South 252,405 210,521
Asante 2,524,049 2,105,207
Asante Akyem 481,864 401,903
Brong Ahafo 1,388,227 1,157,864
Central 447,445 373,196
Dangme Tongu 711,323 593,286
Ga 6,041,655 5,039,101
Ga West 3,067,867 2,558,784
Kwahu 906,363 755,961
Northern 114,730 95,691
Upper 114,730 95,691
Sefwi 284,529 351,544
Sekyere 481,864 478,056
Volta 252,405 210,521
Western 1,000,441 834,427
West Akyem 596,593 497,595
West Brong 286,824 429,611
North America 378,607 125,399
Europe 378,607 125,399
22,945,900 19,138,250
3. Other Income
Donation Received 417,585 443,800
Rent Income 299,453 301,072
Margins on sale of Worship Materials & Souvenirs 709,871 292,973
Evangelism Fund Raising Proceeds 72,485 62,792
Grants from Overseas Partners 32,954 51,542
Profit on General Assembly Meeting (Sch. A) 13,835 56,557
Investment Income 67,871 81,072
Interest on Bank Accounts 14,041 16,925
Exchange Gain - 262,559
Sundries 180,204 38,187
Gain on Disposal of Fixed Asset - 31,908
1,808,299 1,639,387
8
(0)
 PRESBYTERIAN CHURCH OF GHANA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
GH¢ GH¢
5. Salaries and Allowances
Basic Salaries 12,126,523 10,488,048
Allowances 2,696,532 2,466,235
Widows' Allowance 868,911 792,600
Employer's Contribution - SSF/PCG Pension Scheme 853,904 977,168
Employer's Contribution- Agents' welfare Scheme 496,343 216,887
17,042,213 14,940,938

6. General and Administrative Expenses

Printing and Stationery 79,374 60,974
Office Provisions, Newspapers and Periodicals 37,122 52,820
Donations 152,117 105,460
Send-off Gifts 398,790 42,602
Audit Fees 21,614 20,000
Legal and Professional Fees 9,585 54,000
Public Relations 7,150 3,265
GAC/GAC/Ad Hoc Committee Meetings 300,452 217,896
GAO Share of General Assembly Expenses 164,250 159,590
Bank Charges 29,211 36,769
Computer Servive Expenses 13,126 9,335
Staff Clothing Allowance 16,735 31,202
Medical Expenses 104,051 115,258
Depreciation - Office Equipment and Computers 155,256 94,159
Clearing Charges - 16,860
Printing Tithe Receipt Books 48,000 130,863
Security Guards Charges 149,113 161,798
Rent and Accommodation 55,630 59,080
Training, Workshops and Seminars 36,248 22,464
Office Suppliers and Sundry Expenses 4,508 3,605
Licences,Permit & Renewals 91,113 30,442
1,873,445 1,428,442

9
 PRESBYTERIAN CHURCH OF GHANA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
GH¢ GH¢
7. Administrative Travels and Motor Vehicle Running Expenses
Local Travels 67,413 161,122
Overseas Travels 81,073 88,897
Motor Vehicle Running, Repairs and Maintenance 154,964 97,599
Depreciation - Motor Vehicle 555,983 344,276
Fuel and Transportation 5,221 -
Motor Vehicle Insurance - 51,873
864,654 743,767

8. Utilities
Telecom, Postage and Internet services 152,626 161,481
Electricity 289,623 405,342
Water 72,533 138,675
Fuel for Generator 600 7,200
Subscription 10,515 18,990
525,897 731,688

9. Properties Upkeep
Ground Rent, Rates and Taxes 33,641 41,788
Repairs to Office Building and Bungalow Equipment 39,740 55,197
Sanitation and Laundry Expenses 154,367 135,318
Repairs and Maintenance of Bungalows 73,504 99,060
Insurance on Building 62,468 46,575
Depreciation - Bungalow Equipment 55,287 34,592
Servicing of Generator 8,483 5,098
427,491 417,628

10. Scholarship and Ministerial Training

T.T. Seminary - Administrative Grant (Fees) 492,446 492,116
T.T. S. - Students Feeding Grants and Book Allowance 249,300 233,884
Special Ministerial Training (SMT/SSMT) 176,320 265,383
Ministers Outfit 77,076 76,224
Local 6,753 119,526
1,001,895 1,187,133

10
 PRESBYTERIAN CHURCH OF GHANA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
GH¢ GH¢
11. Departments and Units Expenses:
a. Development and Social Services Department
Committee Meetings and Logistics 7,659 5,111
Sub-Totals 7,659 5,111

b. Church Life and Nurture Development

Presby Student Union 5,000 -
Grants to Lay Training Centres 1,500 1,500
CLAN Committee Meetings/Logistics 25,930 23,043
Sub-Totals 32,430 24,543

c. Ecumenical and Social Relations Development

Christian Council of Ghana 153,071 80,478
Ecumenical Co-Workers and Dues 8,256 23,040
ESR Workshop and Comferences 6,250 14,260
ESR Committee Meetings 29,611 15,481
Sub-Totals 197,188 133,259

d. Education Department
Committee Meetings 4,854 16,652
Sub-Totals 4,854 16,652

e. Administration and Human Resources Management

Department
Committee Meetings 39,738 5,640
Sub-Totals 39,738 5,640

f. Finance Dept. and Internal Audit Unit

Committee Meetings and Logistics 22,809 25,020
Sub-Totals 22,809 25,020

Grand Total 304,678 210,225

11
 PRESBYTERIAN CHURCH OF GHANA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
GH¢ GH¢
12. Mission and Evangelism Expenses
NUPSG/PSICE (Outreach Programmes) - 7,597
Ghana Evangelism Committee 53,800 -
Blue Cross and Others 10,000 20,000
TV Ministry 20,355 40,673
Evangelism Van Expenses 2,420 2,065
Souvenir Production and Other Expenses 25,250 24,125
Committee Meetings and Logistics 17,781 11,129
Evangelism Week Expenses 16,010 -
Market & Other Expenses 20,528 -
Deprive Area Support 12,450 -
178,594 105,589
12
 PRESBYTERIAN CHURCH OF GHANA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018

13. Property, Plant and Equipment

Office Equip. Bungalow Chennel of
Computer & Motor Furniture & Equip. Furn. Hope Prod'n
Accessories Land Vehicle Fittings & Fittings Equipment Building Total
Cost / Valuation: GH¢ GH¢ GH¢ GH¢ GH¢ GH¢ GH¢ GH¢
Balance as at 01/01/2018 574,659 354,500 2,617,916 296,797 445,077 34,701 10,068,137 14,391,787

Additions 18,011 238,000 347,599 35,725 107,788 - 613 747,736

Disposal - - (185,599) - - - - (185,599)

Balance as at 31/12/2018 592,670 592,500 2,779,916 332,522 552,865 34,701 10,068,750 14,953,924

Depreciation:

Balance as at 01/01/2018 418,843 - 1,466,432 29,680 199,784 20,172 - 2,134,911

Charge for the year 118,534 - 555,983 33,252 55,287 3,470 - 766,526

Balance as at 31/12/2018 537,377 - 2,022,415 62,932 255,071 23,642 - 2,901,437

Net Book Value

Balance as at 31/12/2018 55,293 592,500 757,501 269,590 297,795 11,059 10,068,750 12,052,487
Balance as at 31/12/2017 155,816 354,500 1,151,484 267,117 245,293 14,529 10,068,137 12,256,876

13
 PRESBYTERIAN CHURCH OF GHANA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
GH¢ GH¢
14. Long Term Investments
Shares in A-Riis Company Ltd 7,500 7,500
Shares in BOPP 4,271 4,271
Trinity Insurance Brokers Ltd 639,884 639,884
Salem Water Ltd 45,000 45,000
696,655 696,655
15. Inventories
PCG National Cloth and Other Printed Materials 1,955,680 1,314,792

16. Account Receivables

Staff Debtors 8,183 17,478
Sundry Debtors 965,759 1,131,122
Rent and Insurance Prepayments 152,216 -
PCG Pension Scheme Current Account 4,624,584 2,897,932
Presbytery Assessment and Other Levies 3,340,518 1,860,990
9,091,260 5,907,522
17. Short Term Investments
SDC Investment Ltd 220,659 91,397
Merban Investments - 54,262
Unibank Gh Ltd - 164,337
Premium Bank Investment 104,328 90,956
Salem Financial Service 218,066 -
543,053 400,952
18. Bank and Cash Balances
Bank Current Accounts:
Local Currency 1,088,202 1,143,306
Foreign Currency 1,161,741 912,141
Cash on Hand 5,027 756
2,254,970 2,056,203
19. Accumulated Fund
Balance at 1 January 9,850,609 7,217,842
Prior Year Adjustment - 1,620,540
9,850,609 8,838,382
Surplus for the year 2,535,332 1,012,227
Balance at 31 December 12,385,941 9,850,609

14
 PRESBYTERIAN CHURCH OF GHANA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
GH¢ GH¢
20. Capital Surplus
This arose as a result of the valuation of properties located in 1,798,655 1,798,655
Accra and Tema by E. A. Larwer, a Professional Valuer, in May, 2006.

21. Special Funds

These comprise:
Balance at Additions Withdrawal Balance at
1/1/2018 in the year in the year 31/12/2018
GH¢ GH¢ GH¢ GH¢
a. Emmergency Relief fund 37,196 - (37,196) -
b. Presbyterian Foundation Fund 17,067 - (17,067) -
c. Land Administration Fund 121,988 835,353 - 957,341
176,251 835,353 (54,263) 957,341

Additional information:
a. This is to provide for emergency relief to Agents who fall into distress.
b. This represents assets taken-over on the winding-up of the Presbyterian Foundation and
subsequent interest earned on the related investments.
c. This has been set up to accumulate funds from ground rents to cater for expenses incurred on
Land related matters of the Church.

GH¢ GH¢
22. Accounts Payable
Sundry Creditors 3,151,363 2,039,647
Accrued Charges and Provisions 946,549 1,251,636
Universities Support Levies 1,361,636 1,263,034
Rent Advance 5,992,620 6,253,168
11,452,168 10,807,485

15
 PRESBYTERIAN CHURCH OF GHANA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
GH¢ GH¢
Schedule A - Statement of Accounts for General
Assembly Meeting
Income:
Fees from Commissioners 562,382 313,033
Budgetary Allocation for GAO Expenses - 159,590
Donation Received 15,425 18,781
Offering 11,156 7,345
Brouchures/Materials 300 -
Total Income 589,264 498,749

Less: Expenditure:
Fuel, T&T and Allowances 43,185 40,155
Printing, Stationery and Logistics 112,551 69,840
Media and Publication 7,900 5,200
Donations 400 37,726
Honorarium 44,220 40,665
Accommodation and feeding 367,173 248,606
Total Expenditure 575,429 442,192
Net Surplus/(Deficit) 13,835 56,557

16
 PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF PRESBYTERIES ASSESSMENT FOR 2018 FINANCIAL YEAR
2018 2017
PRESBYTERY AMOUNT GH¢ AMOUNT GH¢
1. Akyem Abuakwa 1,307,916 1,090,880
2. Akuapem 1,927,456 1,607,613
3. Asante 2,524,049 2,105,207
4. Asante Akyem 250,405 401,903
5. Brong Ahafo 1,388,227 1,157,864
6. Central 447,445 373,196
7. Dangme Tongu 711,323 593,286
8. Ga 6,041,655 5,039,101
9. Kwahu 906,363 755,961
10. Northern 114,729 95,691
11. Upper 114,729 95,691
12. Sekyere 481,864 478,056
13. Volta 252,405 210,521
14. West Akyem 596,593 497,595
15. West Brong 286,824 429,611
16. Western 1,000,441 834,427
17. Sefwi 284,529 351,544
18. Asante South 483,864 210,521
19. Ga West 3,067,867 2,558,784
20. Amenrica North 373,657 125,399
21. Europe 373,657 125,399
22,935,998 19,138,250
PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF TOTAL PAYABLES FOR 2018 FINANCIAL YEAR
2018
DETAILS Refrence AMOUNT GH¢
Withholding Tax - GRA L 31 18,056
Paper & Link L 33 (7,242)
Adwinsa publication (GH) Ltd L 34 34,000
Bible Societe of Ghana L 35 36,611
Blue Cross L 36 (11,127)
Children 's Ministry L 38 89,779
Dawenya Land L 39 552,033
Education Week L 40 23,879
ESR Sponsored programmes L 41 (6,279)
Ghana Evangelism Committee (GEC) L 42 54,800
Health Services Committee L 43 43,142
Kuntuse Land L 44 119,000
Kwahu Presbytery L 45 6,276
Men's Ministry L 46 71,903
Metaba Enterprise L 47 6,500
Moderator's Fund L 48 73,370
Outreach Minitry L 49 14,584
PPA Media L 50 7,900
Presby Press Limited L 55 167,850
Premium Africa Textiles L 50 8,665
Sortware Church House L 51 55,100
Sundry Creditors L 57 720,818
Trinity Seminary L 58 45,474
Unidentified Lodgements L 59 199,909
Upper Presbytery L 60 194,815
Winneba District L 61 17,246
Women's Minitry L 62 62,180
YAF L 63 15,406
Youth Minitry L 64 41,721
Ledger Adjustment Account L 70 494,996
3,151,363
 PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF MOTOR VEHICLES
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
DETAILS GH¢ GH¢

Balance brought forward 2,617,916 2,790,906

Additions 347,599 7,550

Disposal (185,599) (180,540)

Balance as at 31/12/2018 2,779,916 2,617,916

 PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF COMPUTER AND ACCESSORIES
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
DETAILS GH¢ GH¢

Balance brought forward 574,659 532,889

Additions 18,011 41,770

Balance as at 31/12/2018 592,670 574,659

 PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF FREEHOLD LAND AND BUILDINGS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
DETAILS GH¢ GH¢

Balance brought forward 832,280 2,486,283

Additions 238,613 832,280

Disposal - (2,486,283)

Balance as at 31/12/2018 1,070,893 832,280

 PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF OFFICE EQUIPMENT, FURNITURE AND FITTINGS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
DETAILS GH¢ GH¢

Balance brought forward 296,797 277,068

Additions 35,725 296,797

Disposal - (277,068)

Balance as at 31/12/2018 332,522 296,797

 PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF BUNGALOW EQUIPMENT, FURNITURE AND FITTINGS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
DETAILS GH¢ GH¢

Balance brought forward 445,077 335,430

Additions 26,975 109,647

Balance as at 31/12/2018 472,052 445,077

 PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF CHANNEL OF HOPE PRODUCTION EQUIPMENT
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
DETAILS GH¢ GH¢

Balance brought forward 34,701 32,301

Additions - 2,400

Balance as at 31/12/2018 34,701 34,701

 PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF KIKU HILL OFFICE COMPLEX - WIP
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
DETAILS GH¢ GH¢

Balance brought forward 9,590,357 9,868,568

Additions - 6,106

Disposal - (284,317)

Balance as at 31/12/2018 9,590,357 9,590,357

 PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF SHORT TERM INVESTMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
DETAILS GH¢ GH¢

SDC Investment Ltd 220,659 91,397

Merban Investments - 54,262

Unibank Gh Ltd / CBG 104,328 164,337

City Investments Co. - 90,956

Salem Financial Service Ltd 218,066 -

TOTAL 543,053 400,952

 PRESBYTARIAN CHURCH OF GHANA
SCHEDULE OF LONG TERM INVESTMENTS
FOR THE YEAR ENDED 31ST DECEMBER, 2018
2018 2017
DETAILS GH¢ GH¢

Shares in A-Riis Company Ltd 7,500 7,500

Shares in BOPP 4,271 4,271

Trinity Insurance Brokers Ltd 639,884 639,884

Salem Water Ltd 45,000 45,000

TOTAL 696,655 696,655

24,754,199.00 24,082,151.00 672,048.00 2.790648
22,218,865.00 24,078,741.00 (1,859,876.00) -7.724141
2,535,334.00 3,410.00 2,531,924.00 74249.97
24,754,199.00 20,777,637.00 3,976,562.00 19.13866
22,218,865.00 19,765,410.00 2,453,455.00 12.41287
2,535,334.00 1,012,227.00 1,523,107.00 150.4709