MOIRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unrestricted funds Restricted funds Notes Ineome from: Donations and legacies Other trading activities Investments Charitable activities Other income Total income 213,893 26,779 58,991 9,259 5,113 314,035 10,859 975 41,977 168,516 224,752 27,754 100,968 177,775 5,113 536,362 204,335 25,517 90,137 248,564 2,556 571,109 222,327 Expenditsre Raising funds Charitable activities Other Total expendxture 10 828 348J07 3,081 352,216 828 467,938 10,880 479,646 825 495,420 9,990 506,235 119,631 7,799 127,430 10 Net (expenditure) l income before transfers (38,181) 94,897 56,716 64,874 Transfers betiveen funds 62,576 (62,570 Net income before other recognised gains 24,395 32J21 56,716 64,874 Unrealised gain l (loss) on investhient 72,891 72,891 (85,465) Net movement in fuDds 24,395 105,212 129,607 (20,591) Reconeiliation of funds: Total funds brought forward 431J18 4,669,065 5,IOOJ83 5,120,974 Total funds carried forward 455,713 4,774,277 5,229,990 5,100,383 The Statement of Financial Activities includes all gains and losses recognised in the year. All incoming resources and resources expended derive from continuing activities. The notes on pages 18 to 36 fonn part of these financial statements. 15
MOJRA PARISH CHURCH YEAR EI NDED 31 DECEMBER 2023 BALANCE SHEET- 31 DECEMBER 2023 Notes 2023 202 Fixed assets Tangible assets Investment property Investrnents 16 17 18 2,471,635 450,000 1,618,970 4,540,605 2.481,535 410,000 1,543,140 4.434,675 Current assets Debtors Investments Cash at bank and in hand 19 20 50,765 161,957 498,414 711,136 48,394 157,821 477,772 683,987 Creditors: amounts f2lliDg due within one year Net current assets 21 13,279 670.708 694,385 Total assets less eurrent liabilities 5,234,990 5,105,383 Creditors: amouDts falling due after more than one year Net assets 22 (5,000) (5,000) 25 5229,990 5,100,383 Charity Funds Restricted Funds Unrestricted funds 23 23 4,774,277 455,713 4,669.065 431,318 Total charAty funds 5,229,990 5,100,383 The notes on pages 18 to 36 forni part of these financial statements. The financial statements were approved and authorised for issue by the trustees on ..................................... and signed on their behalf by: Rev Joanne Megarrell (Rector) William Crockett (Trustee) Date.. q 4. 2oL+ 16
MOIRA PARISH CHURCH VEAR ENDED 31 DECEMBER 2023 STATEMENT OF CASH FLOWS- 31 DECEMBER 2023 Notes 2023 2022 Cash flows from operating activities: Net cash Provided by (used in) operating activities 26 (33250) 78,965 Cash flows from investing activities: Dividends, interest and rents from investments Purchase of tangible fixed assets 53,892 53,907 (17,880) Net eash provided by (used in) investing activities 53,892 36,027 Net increase in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reportRng period 20,642 114,992 477,772 362,780 Cash and cash equivalents at the end of tbe reporting period 498,414 477,772 Analysis of cash aDd cash equivalents Cash at bank and in hand 498,414 477.772 Total cash and cash equivalents 498,414 477,772 17
MOJRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES l. Summary of significant accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows.. (a) General information and basis of preparation Moira Parish Church is a charity and is part of the regISted ¢harity, MoiralMoira/St John's/Down & Dromore/Church of Ireland which registered with The CharÉty Commission for Northern Ireland on 3rd November 2014. The address of the registered office is given in the charity inforn]ation on page l of these financial statements. The nature of the charity's operations and principal activities are the advancernent of religion. MoiratMoir&lSt John's/Down & Dromore/Church of Ireland. a charitable trust is constituted under a trust deed dated 3rd November 2014. MoiralMoira/St John'slDown & Dromore/Church of Ireland constitutes a public benefit entity as defined by FRS 102. Statement of c liance The flnancial statements have been prepared in accordance with applicable accounting standards, 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 issued tn October 2019, the Financial Reporting Standard appli¢abl¢ in the United Kingdom and Republic of Ireland (FRS 102). the Charities Act (Northern Ireland) 2008, Charities Act (Northem Ireland) 2013, The Charities (Accounts and Reports) Regulations (Northern Ir¢land) 2015 and UK Generally Accepted Accounting PractÉce. The financial statements have been prepared on the going concern basis und¢r the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £1. The significant accounting polici¢s applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. (b) PreparatioD of accounts on a going concern basis The Parish generally meets its day to day working capital requirements from its annual income. The financial statements have been pr¢pared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds h¢ld and the expected level of income and expenditure for 12 months from authorising th¢s¢ financial statements. The budgeted income and expenditure is sufficient with the level of resources for the charity to be able to continue as a going concern. 18
MOIIi4 PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) I. ACCOUNTING POLICIES (CONTINUED) l. Summary of significant accounting policies (conlinued) (c) Funds Funds are classified as either restricted funds or unrestricted funds. defined as follows. Unrestricted ndS are expendable at the discretion of the trustees in furtherance of the objects of the charity which have not been designated for other puryoses. Restricted funds are funds subject to specific requirements as to their use which may be declared by th¢ donor or with their authority or created through legal processes, but still within the wider objects of the Parish. The cost of raising and administering such funds are charged against the specific nd. (d) Income Plate Collections, Weekly Envelopes and Graveyard income are accounted for on a ¢ash receipts basis as the amount is collected. Income arising from the rental of Parish Centre facilities to third parties is recognised when the parish has entitlement to the funds, any performance Conditions attached to the incom¢ have been met, it is probable that the income will be received and the amount can be measured reliably. Income from gov¢rnment and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any perforniance conditions attached to the grants have been met, it is probable that the Income will be r¢¢¢ived and th¢ amount can be measured reliably and is not deferred. Legacies are included within income under either unrestricted or restricted ndS according to the t¢rms under which the donation is made. For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy b¢ing received. At this point income is recognised. On occasion, legacies will be notified to the charity, however, it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed. Donations and gifts in kind are brought into the accounts at their fair value to the Parish. Income from trading activities includes income earned from fundraising events and trading actlvities to raise funds for the charlty. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Investment income is earned through holding assets for investment purposes such as shares, unit trusts and property. It includes dividends, interest and rent. Wh¢r¢ it is not practicable to identify investment management costs incurred within a scheme with reasonable a¢¢uracy the investment income is reported net of these costs. Interest and dividends together with any reclaimable tax credits are included in the accounts as ceived. Rent is included in the accounts when it is receivable. 19
MOIRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) I. ACCOUNfING POLICIES (COIVTINUED) l. Summary of significant accounting policies (conÈinued) (e) Expenditure All expenditure is accounted for on an accruals basis and has been classified under headings that aggregat¢ all costs related to th¢ category. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and th¢ amount of the obligation Can be measured reliably. All expenditure is accounted for on an accruals basis and has been classifIed under headings that aggregate all costs related to the category. Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings: Cost of raising funds includes office running expenses; Expenditure on charitable activities includes wages and salaries, Diocesan assessments, church running costs, charitable donations and administration costs. and Other expenditure represents those items not falling in to the categories above. Irrecoverable VAT is charged as a cost against the activity for which the expendithre was incurred. (D Support eost allocation Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, and administrative payroll costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis Consistent with us¢ of resources. The analysis of these costs is included in note 8. (g) Tangible red assets The assets of the Parish comprise:. Parish Church and Graveyard Parish Centre Rectory Bateman Suite Old School building 6 Berwick H¢ights 27 Danesfort 53 Main Street Petrol station Glebe Land LOGIC equipment The Parish Chureh and Graveyard are deemed to be Heritage assets as defined by the Charities SORP (FRS102). These Heritag¢ assets are not included on the balance sheet as inf0rn12tion on the ¢ost or valuation ts not available and such infornlation cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the parish. 20
MOIK4 PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTIMJED) ACCOUNTING POLICIES (CONTINUED) (g) Tangible fixed assets (continued) The Parish Centre is recognised at cost of construction / acquisition. The Rectory and Bateman Suite are recognised at cost of construction. The Old School Building and propertles at 6 Berwick Heights and 53 Main Street ar¢ included at cost of purchase. The properties at 27 Danesfort and th¢ Glebe Land are included on the balance sheet on the basis of deemed cost based on a previous valuation. No depreciation has been provided on the Parish Centre. Rectory, Bateman Suite, Old School Building or the properties at 6 Benvi¢k Heights, 53 Main Street, 27 Danesfort and the Glcbe Land as the current ¢stimated residual values are not less than their carrying value and thc remaining useful life ¢urrently exceeds 50 years. Equipment and donated assets are r¢cognised at cost and are depr¢ciated on a straight line basis over their expect¢d useful life ranging from a period of 4 to 20 years. The assets, residual values and useful lives are reviewed, and adjusted, if appropriate. at the end of each reporting period. The effect of any change is accounted for prospectively. St John's Parish, Moira has set a minimum threshold of cost for an item to be considered to be capitalised as a fixed asset as £5,000. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the new disposal proceeds and the carrying amount is recognised in the statement of financial activities and included in 'Other operating (losses)/gains'. (h) Investments Fiyed asset investments comprising investment properties. investments in equities and investment in RCB/CIT Unit Trusts are initially recorded at cost and are then subsequently stated at fair value at each balance sheet date. The investment property, a filling station in Main Street, Moira, is included on the balance sheet on the basis of valuations carried out by Stewart Estate Agents, 34a Main Street, Moira as at 5 December 2023. Investments in unquoted investments are recorded at cost and are assessed annually for impairnient. Unr¢alised gains and losses represent the difference between the fair value at the beginning and end of the financial year or, if purchased in the year, the difference between cost and fair valu¢ at the end of the year. 21
MOITL4 PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) I. ACCOUNTING POLICIES (CONTINUED) (h) Investments (continued) Realised gains and losses represent the difference between the proceeds on disposal and the fair value at the start of the year or cost if purchased in the year. Both realised and unrealised gains and losses An investments are reported within "Net Gains l (Losses) on Investments" within the Statement of Financial ActivTties. Current asset investmenls are short tem investments with a maturity tenn of no greater than one year. They include bonds and short terni deposits. They are recorded at their initial cost less impairnient on the basis that they have maturity t¢mis of no oreater than one year. (i) Debtors 2nd Creditors reeeivablejpayable within one year Debtors and creditors with no stated interest rate and recetvable or payable within one year are recorded at transaction pric¢. Any losses arising from impairment are recognised in expendlture. (i) Cash and casb equivalents Cash and cash equivalents includ¢s cash in hand, deposits held at Call with banks, other sliort-tem highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within Creditors Amounts falling due within l year. (k) Financial instruments The Parish only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction price and subsequently measured at their settlement value. (l) Tax As a charity, it benefits from various exemptions afforded by tax legislation. It is therefore not liable to corporation tax on income or gains falling due within those exemptions. Recovery is made of tax deducted from receipts under gift aid. The charity is not registered for VAT puOses. therefore expenditu is shown gross ofVAT. (m) Employee benefits The costs of short-terni employee benefits are recognised as a liability and an expense. unless those costs are required to be reeognÈsed as part of the cost of stock or non- current assets. The cost of any unused holiday entitlement is reeognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to ternjinate the employment of an employee or to provide termination benefits. (n) Retirement benefits Payments to defjned contribution retirement benefit schemes are charged as an expense as they fall du¢. 22
MOIRA PARISH CHURCH VEAR ENDED 31 DECEMBER 2023 2. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS In the application of the Charity's accounting poltcies, the trustees are required to make judgements, ¢stimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are bas¢d on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the ¢stimate is revised where the revision aff¢¢ts only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key source$ of estimatioll uncertainty Fixed assets The annual depreciation charge on fixed assets depends primarily on the estimated lives of each type of asset and estimates of residual values. The trustees regularly review these assets, lives and change them as necessary to reflect current thinking on remaining lives in light of prospective economic utilisation and physical condition of the assets concerned. Changes in ass¢ts' lives can have a significant impact on depreciation charges for the period. Detail of the useful lives is included in the accounting policies. Investment Propertie8 Fair value is determined annually and derived from the current market rents and investment propety yields for comparable real estate. Valuation involves some estimation uncertainty but is based on periodic advice from independent expert valuers. Support costs Judgements are made in relation to the allocation of support costs of the charity to its charitable activities. The trustees considcr it appropriate to allocate these costs based on the allocation of grant ndIng to the charitsble activities in the y¢ar. Restricted funds Judgements are made in relation to allocation of income and expenditure to restricted and unrestricted funds. The trustees consider it appropriate to allocate these thnds based on interpretation of donations received. 23
MOIIL4 PARISH CHURCH YEAR ENDED JI DECEMBER 202J NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted Total Funds funds funds 2023 Unrestricted funds Restricted Total Funds funds 2022 Weekly envelopes/FWO Building Fund Env¢lopes Loose collections Tax recovered on donations Harvest Grant LCCC Grant RCB Grant COIOCS Fundraising Ibba Donations Donations in lieu Appealslcollections 165,542 165,542 150,912 150,912 9,487 9,487 8,431 9,479 ,431 9,479 3,584 3,584 30,753 3,482 1,000 30,753 3,482 1,000 27,016 575 7.731 1.510 200 27.016 575 7,731 1,510 200 20 435 1,180 1,693 204,335 1,372 lJ72 2,500 1,435 750 20 2,500 1,435 750 213,893 435 1.180 1.693 194,836 10,859 224,752 9.499 Income from donations and lega¢ies was £224.752 (2022: £204,335) ofwhich £10,859 (2022- £9.499) was attributable to Testricted fijnds and £213,893 (2022: £194.836) was attributable lo unrestricted funds, INCOME FROM TRADING ACTIVITIES Unrestricted Restricted Total Fund5 funds funds 2023 Unrestri¢ted funds Restricted Total Funds funds 2022 Use of Parish Centre Mission stall income Car boot income 23,407 23,407 975 3,372 27,754 22,496 22.496 495 2,526 25,517 975 495 3,372 26,779 2,526 25.022 975 495 Income from trading activities wa5 £27,754 (2022.. £25.517) of which £975 (2022- £495) was attributable to restricted funds and £26,779 (2022.. £25.022) was attrfftbutable to unrestrict¢d funds. 24
MOIRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTIIVUED) INCOME FROM INVESTMENTS Unrestritted funds Restricted Total Funds Unrestricted funds 2023 funds Restricted Total Funds funds 2022 Rent Petrol Station Rent Berwick/Danesfort Bank interest re¢eived Interest Down and Dromore Board of Education RCB Scheme Income Church of Ir¢land Trustees dividend RCB Trust DFC income Land Letting Unit Trust income Interest RCB Accounts 35,000 35,000 35,000 35,000 15,900 6,286 15,900 6,286 16,400 3,836 16.400 3,836 956 956 304 956 291 956 291 304 219 320 219 326 155 241 313 241 313 159 125 30.265 155 159 125 26,840 26,840 30,265 58,991 41,977 100,968 57,162 32,975 90,137 Income from investments was £100,968 (2022." £90,137) of which £41.977 (2022: £32,975) was attrlbutable to restricted funds and £58,991 (2022: £51,250) was attributable to unrestricted fimds. 6. CHARITABLE ACTIVITIES Unrestriete d funds Restricted Total Fund$ funds 2023 Unrestricted nds Restricted Total Funds funds 2022 Graveyard in¢ome Organisation income Other income 2,520 2,520 168,516 6,739 177,775 3.610 3,610 244.954 168,516 244,954 6,739 9259 168,516 3,610 244,954 248,564 Income from ¢haritable activities was £177,775 (2022: £248,564) ofwhi¢h £168,516 (2022.. £244.954) was attributable to restricted funds and £9,259 (2022: £3,610) was attributable to unrestricted funds. 25
MOIRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 7. OTHER INCOME Unrestricted funds Restricted Total Funds funds 2023 Unrestricted fund5 Restricted Total Funds nds 2022 NIE Other 5,108 5,113 5,108 5,113 2,551 2,556 2,551 2.556 Other income was £5,113 (2022.. £2,556) of which £Nil (2022.. £Nil) w&% attributsble to restricted fjjnds and £5.113 (2022: £2,556) was attributable to unrestricted funds. 8. ALLOCATION OF SUPPORT COSTS UDres¢rieted funds Restricted Total Funds funds 2023 Unrestricted funds Restricted Total Funds funds 2022 Governance Office Costs 10,837 10,837 828 11,665 7,476 7.476 825 8,301 828 828 825 825 10,837 7,476 9. GOVERNANCE COSTS UDres¢ricted funds Restricted Total Funds funds 2023 Unrestricted funds Restricted Total Funds funds 2022 Audit and accountancy fees Legal and professional fees 8,346 8J46 7,476 7,476 10,837 10,837 7.476 7.476 26
MOIRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 10. ANALYSIS OF TOTAL EXPENDITURE Unrestricted funds Restricted Total Fund$ funds 2023 Unrestricted funds Restricted Total Funds funds 2022 Raising funds Church envelopes 828 828 828 825 825 825 825 828 Charitable Activities Salaries and Wages Diocesan Costs/Assessment Church Running Costs Charitable Donations Administration Costs Graveyard Costs Organisation expenditure Miscellaneous 205,453 205,453 234,909 234,909 22,829 52,523 24,607 15,575 2,504 22,829 52,523 24,607 15,575 2,504 22.092 58,001 22,969 12,367 1.925 22.092 58,001 22,969 12,367 1.925 118,459 1.172 119,631 118,459 25,988 467,938 126,091 126,091 17,066 495.420 24,816 348?07 17,066 369,329 126,091 Other Costs Bank interesVCharge5 Depreciation 980 2,101 3,081 980 9,900 10,880 920 ,332 2,252 920 9,070 9,990 7,799 7,799 7,738 7,738 Total Expenditure 352,216 127,430 479,646 372,406 133,829 506,235 I I. GAIN/(LOSS) ON INVESTMENT ASSETS Unrestricted Restricted Total Funds funds funds 2023 Unrestricted funds Restricted Total Funds funds 2022 Fair value gains l(losses) unit trust investment property 32,891 32,891 (85,465) (85,465) 72,891 72,891 (85,465) (85,465) 12. TAXATION St John's Parish. Moird is Tecognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. 13. AUDITOR'S REMUNERATION The auditor's remuneration amounts to an audit fee of £2,160 (2022: £2,160) and other services of £6,186 (2022: £5,316). 27
MOIRA PARISH CHURCH YEAR ENDED 31 Dci CEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 14. TRUSTEES, AND KEY MANAGEMENT PERSONNEL REMUENRATION AND EXPENSES The trustees received remuneration in the year totalling £63,665 (2022: £59,284). The charity considers its key managemetit personnel comprise the trustees. The total amount of employee benefits received by key management personnel ts £Nil (2022- £Nil). The parish paid expenses of £Nil (2022.. £Nil) relating lo the rurffting costs of the rectory which is occupied by the rector. The Parish pays a stipend and locomotory allowance based on recommendatlon by the Representattve Church Body which recommends set amounts based on the Stipend Group assigned to the Partsh. Moira Parish Church falls within Stipend Group A. Expenses amounttng to £2.581 (2022: £3,760) were reimbursed to 3 (2022- 3) trnstee5. No trustee or a person related to a trustee had any personal interest in any contract or trdnsaction entered into by the charity during the year. 15. STAFF COSTS AND EMPLOYEE BENEFITS The average number of employees during the year was as follows: The average monthly number of employees and full time equivalent (FTE) during the year was as follows.. 2023 Number 2022 Number Ministerial Youth LOGIC Administration li 15 The total staff costs and employees. benefits was as follows: 2023 2022 Wages and salaries Social security Defined contribution penslon costs 182,955 ii,ooi 11,497 211,213 12,985 10.711 205 453 234 909 2023 2022 Allocated to- Raising funds Charitable activities 205,453 205,453 234 909 234 909 28
MOIRA PARXSH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 16. TANGIBLE FIXED ASSETS Land and buildings LOGIC LOGIC Parish Equipment Donated Asset Equipment Total Cost At l January 2023 Additions Disposals Revaluation At 31 December 2023 2,443,677 84,851 3,995 21,033 2,553,556 2 443 677 2 553 556 Depreciation At l January 2023 Charge for the year Disposals At 31 December 2023 61,974 7,531 3,729 266 6,318 2,103 72,021 9,900 Net book value At 31 December 2023 2,443,677 15,346 12,612 2,471,635 At 31 December 2022 2.443.677 22,877 266 14,715 2,481,535 2023 2022 Land and buildings: Freehold Long leasehold Short leasehold 2,443,677 2.443,677 2,443,677 2.443.677 17. INVESTMENT PROPERTY 2023 2022 Cost At l January 2023 Fair value gains on investments At 31 December 2023 410,000 410,000 450 000 410 000 Made up of: Filling station, Moira 450,000 410.000 Investment property relates to a fllling station in Moira. The filling station was valued by Stewart Estate Agents. 34a Main StreeL Moir4 BT67 OLE. 29
MOIRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 18. FIXED ASSET INVESTMENTS Other Investments Total Cost or valuation At l January 2022 Additions Revaluation At 31 December 2023 1.543,140 42,940 32,890 1,618,970 1,543,140 42,940 32,890 1,618,970 Impairment At l January 2022 Additions Revaluation At 31 December 2023 CarrySng amount At 31 Dee¢mber 2023 1,618,970 1,543.140 1,618,970 1,543,140 At 31 December 2022 Investments at fair value comprise: 2023 2022 Unit Trusis Cash held by RCB 1,131.131 487,839 1,618,970 1,070,283 472,857 1.543,140 Unit Trusts are based on stock market valuations at the end of each flnancial year. The valuations are susceptible to falls as well as rises. 19. DEBTORS 2023 2022 Gift Aid receivable Prepayments and accrued ineome Unit trust income receivable 17,044 19,839 13,882 50,76S 27,016 6.378 15,000 48,394 30
MOIIL4 PARISH CHURCH YEAR ENDED 31 DECEMBER 21123 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 20. CURRENT ASSET INVESTMENTS 2023 2022 Bonds Short terni deposits 84,735 77,222 161,957 81,752 76,069 157,821 Bonds and short-tern) deposits are measured at C05t less impainnent on the basis they represent deposits with a maturity temi greater than 3 months up to on¢ year. £84,735 was invested in a l year bond with a maturity date of 6 December 2024 with an interest rate of 5.240/0. £77,222 was invested in a 95-day notice account with an interest rate of 3.750/0. 21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Accruals and deferred income PAYE Other creditors 11,888 4,215 648 16,751 8.622 3.948 709 13.279 22. CREDITORS: AMOUNTS FALLING AFfER MORE THAN ONE YEAR 2023 2022 Parishioner loans 5,000 5,000 5,000 5,000 31
MOIRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTIJVUED) 23. FUNDS RECONCILIATION Asat J January 2023 F21r value gain / (loss) Asat 31 December 2023 Intoming Expenditure Transfers Restricted Fund$ Murdock Bequest Building Fund Ibba Fundraising Mission Trips Fund DFC Fund LOGIC Fund St Johns Bowling Club Women's Guild Land and Building5 held by RCB Investment Property held by RCB Cash held by RCB Unit Trusts Advent Fund 100,997 117,997 1.404 2.329 1,322 124,51 1.336 10,801 100,997 127,484 2.404 2.504 1,477 l 14,674 1,656 9,487 1,372 975 155 167,456 1.060 {372) (800) (125,017) (52,276) (740) (501) (10,300) 2.313.766 2J13.766 410.000 472,857 1,085,283 26,462 4,669,065 40.000 450.000 487,839 1,145,014 26,462 4,774,277 14,982 26.840 32,891 222,327 (127,430) (62,576) 72,891 Unrestricted Funds General Fund 431.318 431,318 314.035 314,035 (352,216) (352216) 62,576 62,576 455,713 4SS,713 Total Funds 5,100,383 536,362 {479,646) 72,891 5,229,990 The Murdock Bequest 15 to be used on eosts of The organ in The Parish Church The Building Fund is to be used to maintain the church property The Ibba Fundraising Fund is to b¢ used on initiatives to support the link Diocese in South Sudan The Mission Trip Fund is to be used to support young people undertaking mission trips - This nd is to be used for income from DFC foT poverty - i..nGIC funds are used to administer Logic and to support Logic programs St John's Bowling Club nd is used to support the activities of St John's Bowling Club Women's Guild fvnd is used to support Women's guild activities and provision of catering in the Parish Funds held in Land and Buildings held by RCB can only be used for capital Projects approved by RCB Funds held in Investment Property held by RCB can only be used for capital projects approved by RCB Funds held in cash by RCB can only be used for capital projects approved by RCB Unit Trusts held by RCB Can only be used for capital projects approved by RCB Advent fund is used to support the diocesan evangelist and the children's minAsty Revaluation reserve is accumulation of unrealised gain5 from inve5tm¢nt property 32
MOIRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCL4L STATEMENTS (CONTINUED) 23. FUNDS RECONCILIATION (CONTJNUEDJ Asat l January 2022 Fair value gain I (loss) Asat 31 December 2022 Incoming Expendityre Transfers Restricted Funds Murdock Bequest Building Fund Ibba Fundraisin(y Mission Trips Fund DFC Fund LOGIC Fund St Johns Bowling Club Women's Guild Land and Buildings held by RCB Investment Property held by RCB Cash held by RCB Unit Trusts Advent Fund 100,997 108,518 1,384 1.834 1,163 120,986 1,411 10,785 100,997 117,997 1,404 2.329 1,322 124.511 1,336 10.801 9,479 20 495 159 244,938 (133,754) (107,659) (75) 16 2,313,766 2,313,766 410,000 470,306 1,140,483 26,462 4,708,095 410,000 472,857 1,085,283 26,462 4,669,065 2,551 30265 (85,465) 287,923 (l33.829) (107.659) (85,465) Unrestricted Funds General Fund 412,879 412,879 283,186 283,186 (372,406) (372,406) 107,659 107,659 431,318 431,818 Total Funds 5,120,974 571,109 (506,235) (85,465) 5,100.383 - The Murdock Bequest is to be used on costs of The orgaTJ in The Parish Church The Building Fund is to be used to maintain the church property The Ibba Fundraising Fund is to be used on initiatives to support the link Diocese in South Sudan - The Mission Trip Fund is to be used to support young people undertaking mission trips - This fund is to be used for income from DFC for poverty - LOGIC funds are used to athninister Logic and to support Logi¢ programs St John's Bowling Club fund is used to support the activities of St John's Bowling Club Women's Guild fijnd is used to support Women's guild activities and provision of catering in the Parish Funds held in Land and Buildings held by RCB can only be used for capital projects approved by RCB Funds held in Investment Property held by RCB can only be used for capital projects approved by RCB - Funds held in cash by RCB can only be used for capital proje¢t5 approved by RCB Unit Trusts held by RCB can only be used for Capital projects approved by RCB Advent fund is used to support the diocesan evangelist and the children's ministy 33
MOIRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 23. FUNDS RECONCILIATION {CONTINUEDJ Fund descriptions a) Unrestricted ndS The income in the General Fund comprtses mainly of donations from collections and gift aid. Expenses within the General Fund relate lo the raising funds and charitable activities of the charity. b) Restricted funds The income and expenditure in the restricted funds relate to donations to the building fund and other specific donations during the year. 24. TRANSFERS Funds are transfeed from unrestricted funds to Testricted fvnds to cover shortfalls in restricted nd[ng. Reirnbursement of wages and running costs from the Logic fund to the Parish Church are accounted for as a transfer. During the year. £1 0,300 was transfeed from the Women's Guild Fund to the General Fund at the request of the members as the Guild meetings no longer take place. 25. ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted Unrestrllcted Total Fixed assets- tangible Fixed assets- investments cueTrt assets Current liabilities Loans Net assets as at 31 December 2023 2,329,112 2,068,970 376,195 142,523 2,471,635 2.068,970 711,136 (16,751) 334,941 (16,751) 4,774,277 455 713 5 229 990 Fixed assets- tangible Fixed assets- investments Cuent assets Current liabilities Loans Net assets as at 31 December 2022 2.336,909 1,953,140 379,016 144,626 2,481.535 1.953,140 683,987 (13,279) (5,000) 304,971 (13,279) (5.000) 4,669,065 431,318 5,100,383 34
MOIRA PARISH CHURCH YEAR ENDED 31 DECEMBER 2023 NOTES TO THE FINANCIAL STATEMENTS (COJVTJNUED) 26. RECONCILIATION OF NET INCOME TO CASH FLOW FROM OPE114TINC ACTIVITIES 2023 2022 Net income for the year 56,716 64,874 Depreciation Dividends. interest and rent from investments (Increase) /decrease in debtors Increase / (decrease) in creditors Other adjustments". Interest on fued asset investments Interest on Cuent asset investments Other non cash at bal movements 9,900 (53,892) (2,371) 3,472 9,070 (53,907) 95,569 (6,210) (41,822) (5272) 19 (33,250) (32,816) (3,414) 5,799 78,965 27. PENSIONS AND OTHER POST-RETIREMENT BENEFITS The charity operates a def¢d contribution pension scheme for employees. The assets of the scheme are held separately from those of the charity. The contributions paid by the charity during the year amounted to £l1.497 (2022 £10.711). At the balance sheet date outstanding payments to the fund totalled £648 (2022 - £709). 28. CONTINGENT LIABILTIES The charity has a contingent liability to repay grants received if certain Conditions are not met or if they are breached. 29. RELATED PARTY TRANSACTIONS There are no related party transactions in the year (2022., None). 35
MOIK4 PARISH CHURCH YEAR ENDED 31 DECEMBER 21123 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 30. FINANCIAL INSTRUMENTS The carying amounts of the charity's financial instruments are as follows". 2023 2022 Finan¢ial assels Measured at fair value through net income l expenditure: Fixed asset investments- unit trusts 1.131,131 1.070,283 Debt instruments measured at cost less impaim?ent: Fixed asset investments- Cash held by RCB 487,839 472,857 Cuent asset investments - l year matyrity bonds 95 day notice account 84,735 77,222 1,780,927 81,752 76,069 1.700,961 The income, expenses. net gains and net losses attributable the charity's fmancial instruments are summarised as follows: 2023 2022 Income and (expenses).. Financial assets measured at fair value through net incom¢ I cxpenditure.. Fixed &8set investments - unit trusts 28,800 32.225 Debt insrnments measured at cost less impairnient: Fixed asset investments- Cash held by RCB 14,982 2,551 Current asset investment5 - 1 year Marity bonds 95 day notice account 2.984 1,153 47,919 1,009 811 36,596 Net gains and (losses).. Financial assets measured at fair value through net in¢ome l expenditure: Fixed asset investments - invesiment property Fixed asset investments- unit trusts 40,000 32,891 {85,465) Current asset investments - l year maturity bonds 95 day notice account 72,891 (85,465) Details of interest income and interest expenses Teflected in net income are shown within notes 5 and 10 respectively in the notes to the financial statements. 36