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2022-12-31-accounts

MAGHERALIN PARISH CHURCH

Annual Report and Financial Statements

For the year ended 31 December 2022

Charities Number: NIC 101224

MAGHERALIN PARISH CHURCH

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

Contents

Pages
References and administrative details of the Charity 3
Trustees’ Annual report 4 - 8
Independent Auditors Report to the Trustees 9 -11
Statement of Financial activities 12
Balance Sheet 13
Notes to the financial statements 14-22

2

MAGHERALIN PARISH CHURCH

References and administrative details

Charity Name Magheralin Parish Church Charity Registration Number NIC 101224 Contact Address 3 New Forge Road Magheralin Craigavon BT67 0QJ Trustees Rev Simon Genoe Mr Alan Waddell Mr David Calvert Mr Basil O’Malley Mrs Eileen Cousins Mr Hubert Watson Mr Jamie Haughton Mr Jarleth Downey Mr Jonathan Campbell Ms Linda Dawson Mr Lindsay Dawson Miss Louise Cousins Mr Mark Bailey Mr Martin Wooster Mr Mervyn Cordner Mrs Mildred Dawson Mr Norman McKee Mr Winston Armstrong

Principal Office-bearers Clergy: Rev. Simon Genoe Church Secretary: Mrs Mildred Dawson Church Treasurer: Mr Basil O’Malley Church Warden- Clergy: Mark Turkington (Dollingstown), Louise Cousins (Magheralin) Church Warden - People: Mervyn Nicholson (Dollingstown), Lindsay Dawson (Magheralin) Auditor Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast Co Antrim BT2 8HS Principal Bankers Danske Bank South Business Centre 45-48 High Street Portadown Co Armagh BT62 1LB

3

MAGHERALIN PARISH CHURCH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's constitution, the Charities Act (NI) 2008 and "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 (FRS 102)" (effective 1 January 2019).

Governing Document and Constitution of the Charity

Chapter III of the Constitution of the Church of Ireland governs Parishes and Parochial Organisation. The Select Vestry members are the Charity Trustees.

Objectives and Activities

The charitable purpose of the Church of Ireland is the advancement of Christ's Kingdom. The principal function of Magheralin Parish is the advancement of Christ's Kingdom in the villages of Magheralin and Dollingstown. The Parish vision 'More Like Jesus' is at the heart of all we do as the church seeks to introduce more and more people in our community to Jesus.

Our mission is to reach the people in the community by showing Christ's love for them through drawing alongside them, supporting them in their difficulties and inviting them to different services and activities that take place in our buildings in Magheralin and Dollingstown each week. Occasionally we hold major free community events to which everyone in the villages is invited, for example, free family fun days. Our objective is to lead more and more people into a personal relationship with Jesus and, through teaching, worship, prayer and discussion, to deepen that relationship over time.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements, Performance & Public Benefit

Implementing the charitable purpose through Parish Activities within and outside the Parish.

Parish Activities

We welcome hundreds of people to different events weekly with the emphasis on worship, prayer and teaching within three or four services held in our two church buildings every Sunday. Extra services are conducted at Christmas and Easter.

Prayer is a key part of the daily life of the church. Along with bible teaching and group/individual bible study it is fundamental to our purpose and mission. The weekly bible teaching classes and growth of Home Groups and Alpha courses has focused the parish on the goal of growing Christ's kingdom in our villages. The wider community are invited to attend and our congregation encouraged to engage in that activity.

The Parish is under the leadership of our Rector who is supported by a number of staff members both pastoral and administrative.

Governance is provided in the form of a Select Vestry, which is democratically elected each year, by the membership at the equivalent of an AGM. In addition, we have around 200 volunteers who assist with running the various parish organisations that endeavor to welcome everyone from the two villages to the different activities. For the younger people in our community there is the Girls Friendly Society (GFS), Boys Brigade (BB), Playdays Parents and Toddlers, Engage, RED Door, Good News Club etc. For older people there are activities like the bowling club, movie nights, Knitwits, Mothers Union, lady's events and men's ministry known as MAD men.

In order to welcome everyone in our villages to these activities, we continue to seek out new ways of doing this. For example, In 2021 we delivered a copy of our newspaper, the 'Galilee Gazette' too all 2,500 homes in our villages and surrounding area and delivered 265 Easter gifts to the older generation.

4

MAGHERALIN PARISH CHURCH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

Safeguarding People and Resources

In all our activities designed to reach out to children and young people the parish adheres to Safeguarding Trust, the Church of Ireland policy for good practice in working with children and vulnerable adults. The Parish safeguarding trust panel continues to undertake its important role. The panel interview and obtain Access NI reports for all new volunteers. In addition, each year the panel members ensure every Parish organisation is fully compliant and all their volunteers are aware of their responsibilities and standards of behaviour.

Expenditure is incurred in the provision of the activities above and in the maintenance of the church facilities and services provided to the community. This includes salaries for Clergy and Lay employees, repairs and maintenance to church properties and estate, licenses, compliance costs. professional fees and materials/equipment required for effective delivery of the activities above. The Select Vestry which is made up of our trustees seeks to steward our financial resources wisely and support the work of our mission.

Magheralin Parish Church is committed to the mission of providing pastoral care to its members and to the wider community and seeking to draw them closer to God in their daily lives.

Any report about a parish is ultimately about its people under God and their relationship with him - what they have been doing, how they are thinking, how they relate to each other and importantly how they relate to their community in the light of what their faith professes. This report is the story of two churches, Magheralin Parish Church and St. Saviour's Dollingstown, in one parish - Magheralin - and in 2021 it is a story of individual and corporate growth.

The Church Year

2021 was another year in which we experienced a number of restrictions because of the Covid 19 situation however we took every opportunity to ensure that we continued to be innovative in ensuring that we provided church ministry, pastoral care and reaching out to the community. We achieved our aim of keeping parish life as normal as possible and doing as much as restrictions would allow to support parishioners and our community in general. As restrictions allowed, we met weekly in both our centres of worship via Magheralin Parish Church and St. Saviour's Dollingstown. Our patterns of worship were back to precovid arrangements from late summer 2021.

Achievements during the year include:

5

MAGHERALIN PARISH CHURCH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

Overview

Growing Christ’s Kingdom continues to be our overall aim in the parish and beyond its boundaries.

The parish is run with a staff team of nine i.e. a rector, curate, two youth workers, a family worker and two office staff (both with different roles), director of music and Christians Against Poverty Centre Manager and is supported by many volunteers.

In our aim to be good neighbours we continue to work closely with Magheralin Community Association and with Magheralin Parish Caring Association. The work with the Caring Association in particular has helped, despite Covid restrictions, in ensuring that we have been able to help the aged, the lonely, the less well-off and the vulnerable through the provision of meals, taking services to them and providing other practical help like food, fuel vouchers and technology. We also continue to provide accommodation in our main church carpark for recycling bins.

The level of youth activity has very good despite the restrictions of Covid-19. The Youth Workers continued to engage with young people across the community. They have shown God’s love in a number of ways e.g. creating activities that can happen in an outside environment, when restrictions eased for short periods organising activities in doors. They have been visual and available in our villages regularly but particularly at weekends in an attempt to build on the trust built up over years and to help address many common issues like mental health and relationship issues.

The two main organisations for boys and girls i.e. BB & GFS whilst unable to meet for most of the year continued to be active. Some examples of what was done include some activity to do at home, regular zoom meetings, small groups meeting outside, and when restrictions allowed meeting in person to do non-contact games, bible study and badge work. From January to March, they were fully engaged carrying out their full range of activities. Almost 150 boys and girls are members of both organisations.

The many other organisations in the parish and community which cover from babies & toddlers up to senior citizens had limited activities however all of those involved in the regular organisations benefited from the general contacts and arrangements across the parish.

Supporting people who are in debt has continued to be a priority throughout the year. Through Christians Against Poverty (CAP) we have been enabled to see people being helped out of poverty. As covid restrictions eased we’ve been able to meet people again rather than speaking with them remotely. We continue to be grateful that two other churches continue to help with funding our CAP project. Their support has enabled us to retain a Debt – Coach who has continued to show compassion as she has reached out to families with debt problems. The need for our CAP service continues to grow

In 2021 we made significant investment allowing us to live stream two services each week. Our videos have been viewed for a total of 10,900 hours, with over 141,000 views over both Facebook and YouTube. Viewer demographic included the USA, Ireland, Kenya, Canada and Germany.

The Future

2021 was another challenging year but we are pleased that the extra efforts made during the recent Covid years have inspired us to look to the future with enthusiasm and expectation as we work to serve our parishioners and our local community.

We are excited to see that people are steadily returning to activities and to in house worship and that we’re able to plan for events in 2022 that in the previous two years simply would not have been possible.

Our overall aim continues to be that we will see people grow in the knowledge and love of God. We want to reach out to all in our community as well as our parishioners showing them God’s love in practical as well as in spiritual ways.

We will continue to support our local community, to be a good neighbour and to build on all of what has been done well in 2021.

It is our sincere desire that in these challenging days when we hear so much about societal problems that we will continue to be people who serve others with love, compassion, and practical help.

We commend this report to you.

6

MAGHERALIN PARISH CHURCH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

Financial review

Magheralin Parish recorded a deficit of £340,044 (2021: £122,674 surplus) for the year ended 31st December 2022. At the year end the parish had cash reserves of £508,988 and total net assets of £1,219,607. The trustees consider the year end financial position of the parish to be stable both in terms of liquidity and net asset value.

Magheralin Parish's policy is to create and retain dedicated reserves in keeping with prudent best practice planning. These reserves will need to be of sufficient size to meet the running costs for an agreed period ahead and facilitate medium and long term planning including provision for reinstatement and maintenance of all assets.

Structure, governance and management

Organisational Structure

The Select Vestry is responsible for the day to day management of the parish. The select vestry consists of the member of the clergy serving in the parish, the curate, the churchwardens, the glebe wardens and generally not more than twelve other members of the general vestry elected at the General Vestry. The select vestry is chaired by the member of clergy officiating the parish. Select vestry members are responsible for making decisions on matters of general concern and importance to the parish including deciding how parish funds are to be applied. The Select vestry meets at times fixed by the members. Special meetings may be convened at any time by the chairperson of the churchwardens.

The trustees who served during the year and up to the date of signature of the financial statements were:

Rev Simon Genoe Mr Alan Waddell Mr David Calvert Mr Basil O’Malley Mrs Eileen Cousins Mr Hubert Watson Mr Jamie Haughton Mr Jarleth Downey Mr Jonathan Campbell Ms Linda Dawson Mr Lindsay Dawson Miss Louise Cousins Mr Mark Bailey Mr Mark Turkington Mr Martin Wooster Mr Mervyn Cordner Mr Mervyn Nicholson Mrs Mildred Dawson Mr Norman McKee Mr Winston Armstrong

Recruitment and Appointment of Select Vestry

All members of the Church of Ireland who are over the age of 18 and are either resident within the parish or live elsewhere but have been accustomed members of the congregation for the last three months, may register as members of the general vestry of the parish, allowing them to attend and vote at meetings of the general vestry and to stand for election to the select vestry. Meetings of the general vestry are held at least once a year. The Select Vestry is elected as part of this General Vestry meeting. The Select Vestry will hold their positions for a period of one year. Select Vestry members may be re-elected annually and there is no limit on the number of terms which may be served.

Pay and Remuneration

The incumbent receives a stipend in accordance with figures approved by the General Synod of the Church of Ireland

7

MAGHERALIN PARISH CHURCH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 (CONTINUED)

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act (NI) 2008, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Mr Basil O’Malley Trustee

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Rev Simon Genoe
Trustee
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Date: 30/10/2023

8

MAGHERALIN PARISH CHURCH

INDEPENDENT AUDITOR’S REPORT TO THE TUSTEES OF MAGHERALIN PARISH CHURCH

Opinion

We have audited the consolidated financial statements of Magheralin Parish Church (the ‘charity) for the year ended 31 December 2022 which comprise the Consolidated Statement of Financial Activities (including Income and Expenditure Account), the parent charitable company Statement of Financial Activities (including Income and Expenditure Account), the Statement of Cash Flows and the related notes. These financial statements have been prepared under the accounting policies set out therein.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

9

MAGHERALIN PARISH CHURCH

INDEPENDENT AUDITOR’S REPORT TO THE TUSTEES OF MAGHERALIN PARISH CHURCH (CONTINUED)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, was as follows:

We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including Companies Act 2006, Charities Act, data protection, anti-bribery, employment, environmental and health and safety legislation

We assessed the susceptibility of the group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

10

MAGHERALIN PARISH CHURCH

INDEPENDENT AUDITOR’S REPORT TO THE TUSTEES OF MAGHERALIN PARISH CHURCH (CONTINUED)

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

This report is made solely to the charitable group’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the group’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Angela Craigan (Senior Statutory Auditor) For and on behalf of Harbinson Mulholland

Chartered Accountants Statutory Auditors

Centrepoint 24 Ormeau Avenue Belfast Co. Antrim Northern Ireland BT2 8HS

30/10/2023

11

MAGHERALIN PARISH CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Income and endowments from:
Donations and legacies
Donations and Plate Collections
3
Grants
4
Charitable activites
Rent/Use of Hall
Investments
Bank/RCB Interest/Dividends
Other income
5
Total Income
Expenditure on:
Charitable activities
Wages and Salaries
9
Diocesan Costs
Church Running/Administration Costs
6
Charitable Donations
8
Other Expenses
7
Church Renovation Costs written off
10
Depreciation
Total Expenditure
Net gains/(losses) on
investments
Net Income/(Expenditure)
before other recognised gains
and losses
Gross transfers between funds
Net Movement of Funds
Reconciliation of funds:
Total Funds brought forward
Total Funds carried forward		 Unrestricted
Funds
2022
Restricted
Funds
2022
Endowment
Funds
2022
Total
2022
Total
2021
£
£
£
£
339,203
39,013
-
378,216
403,363
4,610
125,495
-
130,105
59,317
12,024
-
-
12,024
9,855
1,703
943
-
2,646
2,018
139,432
2,780
-
142,212
71,851
496,972
168,231
-
665,203
546,404
189,202
36,665
-
225,867
156,480
22,490
-
-
22,490
25,092
104,954
-
-
104,954
74,499
60,710
24,352
-
85,062
141,242
33,438
101,825
-
135,263
14,752
419,116
-
-
419,116
-
11,697
-
-
11,697
14,621
841,607
162,842
-
1,004,449
426,686
-
-
(798)
(798)
2,956
(344,635)
5,389
(798)
(340,044)
119,718
(167,115)
167,115
-
-
-
(511,750)
172,504
(798)
(340,044)
122,674
1,052,038
481,532
26,081
1,559,651
1,436,977
540,288
654,036
25,283
1,219,607
1,559,651

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2022

12

MAGHERALIN PARISH CHURCH

Notes
Fixed Assets
Tangible Fixed Assets
10
Investment Properties
11
Investments
12
Total Fixed Assets
Current Assets
Debtors
19
Cash and Cash equivalents
20
Total Current Assets
Creditors - amounts falling due within one year
13
Total Creditors
Net Current Assets
Total Net Assets
The Funds of the Parish
Unrestricted Funds
Restricted Funds
Endowment Funds
Total Charity Funds
14		 2022
£
2021
£
455,789
1,091,602
205,000
-
25,283
26,081
686,072
1,117,683
39,537
38,227
508,988
434,066
548,525
472,293
(14,990)
(30,325)
(14,990)
(30,325)
533,535
441,968
1,219,607
1,559,651
540,288
1,052,038
654,036
481,532
25,283
26,081
1,219,607
1,559,651

The notes on pages 14 to 22 are an integral part of these financial statements.

The financial statements on pages 4 to 10 were approved by the Board of Trustees on and signed on its behalf by:

Mr Basil O’Malley Trustee

Rev Simon Genoe Trustee

Date: 30/10/2023

13

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1. Accounting policies

Charity information

Magheralin Parish Church is a charity registered in Northern Ireland

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

a) Basis of preparation

The financial statements have been prepared in accordance with the charity's constitution, the Charities Act (NI) 2008, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The Parish meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy note(s).

b) Preparation of accounts on a going concern basis

The Parish generally meets its day to day working capital requirements from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied that the Parish has resources to provide a reasonable expectation that it can continue to meet its financial obligations as they fall due for the foreseeable future . Therefore these financial statements have been prepared on a going concern basis.

c) Income

Plate Collections, Weekly Envelopes, Graveyard income and Columbarium income are accounted for on a cash 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 income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Legacies are included within Income under either unrestricted or restricted funds according to the terms under which the donation is made and when the amount can be quantified with reasonable certainty. Donations and gifts in kind are brought into the accounts at their fair value to the Parish.

d) Expenditure

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.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

14

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

e) Tangible assets

The assets of the Parish comprise:-

The Church Buildings, Church halls and Graveyard are deemed to be Heritage assets as defined by the Charities SORP (FRS102).

These Heritage assets are not included on the balance sheet as information on the cost or valuation is not available and such information cannot be obtained at a cost commensurate with the benefit to the users of the accounts and to the Parish.

The Rectory at Old Forge Road, Magheralin is recognised at deemed cost, being the estimated fair value of the property placed on property for rates purposes. No depreciation has been provided on these properties as the current estimated residual value of each is not less than their carrying value and the remaining useful life of each property currently exceeds 50 years.

No 60 Belfast Road, Dollingstown is recognised at deemed cost, being the Cost of the Property when purchased No depreciation has been provided on this property as the current estimated residual value is not less than the carrying value and the remaining useful life of property currently exceeds 50 years.

5 Holly Hill, Taughrane, 3 Beechfield Hall, Lurgan and 4 acres of agricultural land at Springhill Road is recognised at deemed cost being the estimated fair value of the property placed on property by Church of Ireland Trustees valuation report. No depreciation has been provided on this property as the current estimated residual value is not less than the carrying value and the remaining useful life of each property currently exceeds 50 years. 5 Holly Hill is a restricted property.

Fixtures and fittings are recognised at cost and are depreciated on a reducing balance basis at 20% per annum. 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.

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’.

f) Fixed asset Investments

Fixed 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. Investments in unquoted investments are recorded at cost and are assessed annually for impairment. Unrealised 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 value at the end of the year. 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 in investments are reported within “Net Gains / (Losses) on Investments” within the Statement of Financial Activities.

g) Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within Creditors Amounts falling due within 1 year.

h) 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.

15

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

i) Funds

Funds are classified as either restricted funds or unrestricted funds, defined as follows.

Restricted funds are funds subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the Parish.

Endowment funds are funds which have been given on the condition that the original capital sum is not reduced, but the income there from is used for the purpose defined in accordance with the objects of the Parish.

Unrestricted funds are expendable at the discretion of the trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the trustees’ discretion to apply the fund.

2. Critical Accounting Judgements and estimation uncertainty

Estimates and judgements made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgements made in applying the Parish’s accounting policies or that there are any critical accounting estimates or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year.

3 Donations & Plate collections
FWO and Loose Collection
Gift Day/Bishops Appeal
Harvest
Compassion
CAP
Building For Life
Renovation/Refurbishment
Gift Aid
Special Donations		 Unrestricted
Funds
2022
Restricted
Funds
2022
Total
2022
Total
2021
£
£
£
£
255,520
-
255,520
264,111
9,930
-
9,930
8,301
11,328
-
11,328
23,927
-
12,665
12,665
2,275
-
5,840
5,840
5,150
-
17,078
17,078
16,571
-
3,430
3,430
5,445
62,041
-
62,041
67,172
384
-
384
10,411
339,203
39,013
378,216
403,363
4 Grants
Garden grant and donations
Mains Grant – Wild Garden
Diocese – Children’s and Orphans
RCB
Diocese
Jubilee Grant
Covid Grants		 Unrestricted
Funds
2022
Restricted
Funds
2022
Total
2022
Total
2021
£
£
£
£
-
100,495
100,495
-
-
10,000
10,000
-
-
15,000
15,000
20,000
2,300
-
2,300
-
1,910
-
1,910
2,600
400
-
400
-
-
-
-
36,717
4,610
125,495
130,105
59,317

16

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

5 Other income
Graveyard
Bank loan refund
Payments from MPCA
Miscellaneous
Legacies		 Unrestricted
Funds
2022
Restricted
Funds
2022
Total
2022
Total
2021
£
£
£
£
3,550
-
3,550
14,576
936
-
936
-
-
2,212
2,212
-
12,482
568
13,050
3,564
122,464
-
122,464
53,711
139,432
2,780
142,212
71,851
6 Administration costs
Heat and light
Rates
Insurance
Repairs and maintenance
Communication and media
Printing and stationery
Cleaning		 Unrestricted
Funds
2022
Restricted
Funds
2022
Total
2022
Total
2021
£
£
£
£
16,326
-
16,326
11,190
3,728
-
3,728
5,504
7,234
-
7,234
6,700
61,901
-
61,901
29,438
5,949
-
5,949
9,960
7,448
-
7,448
7,302
2,368
-
2,368
4,405
104,954
-
104,954
74,499
7 Other expenses
Payments to MPCA
Jubilee Garden
Gifts
Music equipment
Accountancy/audit fees
Bank fees and interest
Miscellaneous		 Unrestricted
Funds
2022
Restricted
Funds
2022
Total
2022
Total
2021
£
£
£
£
4,950
1,225
6,175
-
16,130
100,495
116,625
-
750
-
750
-
3,169
-
3,169
-
4,836
-
4,836
3,198
697
105
802
5,555
2,906
-
2,906
5,999
33,438
101,825
135,263
14,752

Governance costs of £1,500 (2021: £1,500) were incurred during the year which relate to fees paid to the independent auditor.

17

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

8 Charitable donations
Missions (see breakdown)
Outreach/Red Door
Total Missions expenditure is broken down as follows:
Herbertput Christian Hospital Society
Eurovangelism
St Johns Parish, Lurgan
Youth for Christ
New Wine Ireland
Barrnabus
One Mission Society
Love for Life
Crosslinks
CAP
Bishops Appeal – Ukraine
SAMS
Glo
Poppy Appeal
Kintsugi Hope
Lord Enniskillen Memorial
Simon Kinnen – Mission Trip
Hannah Trew – Mission Trip
National Church Trust
Compassion donations
9 Employee costs
Salaries and employer NIC
Pensions		 Unrestricted
Funds
2022
Restricted
Funds
2022
£
£
38,815
12,665
21,895
11,687		 Total
2022
£
51,480
33,582		 Total
2021
£
51,685
89,557
141,242
Total
2022
£
3,500
3,500
7,000
3,500
3,500
3,500
3,500
3,500
3,500
3,500
9,000
500
100
158
553
384
150
250
500
1,385
51,480
Total
2021
£
151,925
4,555
60,710
24,352		 85,062
Total
2022
£
202,198
23,669
225,867 156,480

The average number of employees during the year, calculated on the basis of head count was 9.

There are no employees in receipt of employee benefits in excess of £60,000.

Key Management and Trustees

Key Management are deemed to comprise the Trustees.

18

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

10 Tangible fixed assets
Holly Hill
4 Acres of Agricultural Land at Springhill
No 60 Belfast Road
Rectory
Beechfield Hall
Magheralin Church – Renovation
Equipment
Total tangible fixed assets		 Cost
2022
Depreciation to
date
Depreciation
for the year
Transfer
Impairment/
revaluation
Net Book
Value
31.12.2022
Net Book
Value
31.12.2021
£
£
£
£
£
£
£
150,000
-
-
(150,000)
-
-
150,000
50,000
-
-
(50,000)
-
-
50,000
40,000
-
-
-
29,000
69,000
40,000
145,000
-
-
-
-
145,000
145,000
165,000
-
-
-
30,000
195,000
165,000
483,116
-
-
-
(483,116)
-
483,116
121,320
(62,834)
(11,697)
-
-
46,789
58,486
1,154,436
(62,834)
(11,697)
(200,000)
(424,116)
455,789
1,091,602

Note:- The Select Vestry have taken the decision to write off the repairs to Magheralin Parish Church in 2017/2018 as the repairs now form part of the heritage asset that is the Church. Note 1e explains the rationale behind not including the value of the Church in the Accounts.

Property values have been adjusted in line with Church of Ireland Trustees valuation report.

11 Investment properties
Holly Hill
4 Acres of Agricultural Land at Springhill
Total investment property
12 Investments
RCB Investments
CIT Investments
Total investments
13 Debtors
PAYE
MPCA
Gift Aid
Inter Church Accounts
Prepaid Insurance
NICVA		 Cost
Depreciation to
date
Depreciation
for the year
Transfer
Impairment/
revaluation
Net Book
Value
31.12.2022
Net Book
Value
31.12.2021
£
£
£
£
£
£
£
-
-
-
150,000
10,000
160,000
150,000
-
-
-
50,000
(5,000)
45,000
50,000		 Cost
Depreciation to
date
Depreciation
for the year
Transfer
Impairment/
revaluation
Net Book
Value
31.12.2022
Net Book
Value
31.12.2021
£
£
£
£
£
£
£
-
-
-
150,000
10,000
160,000
150,000
-
-
-
50,000
(5,000)
45,000
50,000		 Cost
Depreciation to
date
Depreciation
for the year
Transfer
Impairment/
revaluation
Net Book
Value
31.12.2022
Net Book
Value
31.12.2021
£
£
£
£
£
£
£
-
-
-
150,000
10,000
160,000
150,000
-
-
-
50,000
(5,000)
45,000
50,000
-
-
-
200,000		 5,000
205,000
200,000
Value as at
31.12.2021
£
23,039
3,042		 Valuation
changes
Value as at
31.12.2022
£
£
(420)
22,619
(378)
2,664
(798)
25,283
2022
2021
£
£
-
2,923
-
537
34,204
22,594
-
5,856
5,333
6,167
-
150
39,537
38,227
26,081

19

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

14 Cash and cash equivalents
General Account
Paypal Account
Petty Cash
Building for Life
Renovation/refurbishment
Compassion
Charity
Savings
Graveyard
Project
Bowling
Choir
MPYO Community
MPYO Investment
MPYO Fixed Term Deposit
Total		 Balance as at
31.12.2022
Balance as at
31.12.2021
£
£
13,521
94,320
-
2,531
-
160
441
31,231
178,304
432
15,040
-
(2)
-
2,323
-
5,558
-
7
-
1,943
-
1,602
-
34,526
14,505
-
887
255,725
290,000
508,988
434,066
15 Creditors: amounts falling due within one year
Accruals and other creditors
Accountancy
Mission
PAYE
Pension
Inter Church Accounts		 2022
2021
£
£
3,900
3,000
3,500
6,470
5,100
15,000
2,490
-
-
5,855
14,990
30,325
16 Collections for third parties
Bishops Appeal
CAP
Lord Enniskillen Memorial		 2022
£
800
5,840
384
7,024

20

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

17 Financial instruments

The Charity has the following financial instruments:

The Charity has the following financial instruments:
Investments
Cash and cash equivalents
Sundry debtors
Financial liabilities measured at amortised cost
Bank loans and overdrafts
Accruals and other creditors
18 Funds
Balance as at
01.01.2022
Incoming
resources
Resources
expended
Transfers
£
£
£
£
Endowment funds
Investments
26,081
-
-
-
26,081
-
-
-
Restricted funds
MPYO
305,532
18,155
(43,296)
8,860
Dollingstown Carpark
10,000
-
-
(10,000)
Compassion
15,000
568
(527)
-
Renovation/refurbishment
150,000
3,390
(19)
24,932
Building for Life
-
5,710
-
(5,269)
Holly Hill
-
-
-
160,000
Jubilee Garden
-
100,495
(100,495)
-
Wild Garden
-
10,000
-
-
General
-
29,913
(18,505)
(11,408)
481,532
168,231
(162,842)
167,115
Unrestricted funds
General funds
1,052,038
496,972
(841,607)
(167,115)
Total funds
1,559,651
665,203
(1,004,449)
-		 The Charity has the following financial instruments:
Investments
Cash and cash equivalents
Sundry debtors
Financial liabilities measured at amortised cost
Bank loans and overdrafts
Accruals and other creditors
18 Funds
Balance as at
01.01.2022
Incoming
resources
Resources
expended
Transfers
£
£
£
£
Endowment funds
Investments
26,081
-
-
-
26,081
-
-
-
Restricted funds
MPYO
305,532
18,155
(43,296)
8,860
Dollingstown Carpark
10,000
-
-
(10,000)
Compassion
15,000
568
(527)
-
Renovation/refurbishment
150,000
3,390
(19)
24,932
Building for Life
-
5,710
-
(5,269)
Holly Hill
-
-
-
160,000
Jubilee Garden
-
100,495
(100,495)
-
Wild Garden
-
10,000
-
-
General
-
29,913
(18,505)
(11,408)
481,532
168,231
(162,842)
167,115
Unrestricted funds
General funds
1,052,038
496,972
(841,607)
(167,115)
Total funds
1,559,651
665,203
(1,004,449)
-		 2022
2021
£
£
25,283
26,081
508,988
434,066
39,537
38,227
573,808
498,374
2022
2021
£
£
-
-
(14,990)
(30,325)
(14,990)
(30,325)
Investment
gains/(losses)
Balance as at
31.12.2022
£
£
(798)
25,283
26,081
-
-
-		 (798)
25,283
305,532
18,155
(43,296)
8,860
10,000
-
-
(10,000)
15,000
568
(527)
-
150,000
3,390
(19)
24,932
-
5,710
-
(5,269)
-
-
-
160,000
-
100,495
(100,495)
-
-
10,000
-
-
-
29,913
(18,505)
(11,408)		 -
290,251
-
-
-
15,041
-
178,303
-
441
-
160,000
-
-
-
10,000
-
-
481,532
168,231
(162,842)
167,115		 -
654,036
1,052,038
496,972
(841,607)
(167,115)		 -
540,288
1,559,651
665,203
(1,004,449)
-		 (798)
1,219,607

Purpose of Endowment Funds:

RCB Investments - These relate to various permanent endowments that the Church has received that are invested with the Representative Church Body with the income each year from such investments being paid to the Church for general church purposes.

21

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

19 Analysis of net assets between funds
Fixed assets
Investments
Current assets
Current liabilities		 Unrestricted
funds
Restricted
funds
Endowment
funds
2022
2021
£
£
£
£
£
455,789
-
-
455,789
891,602
45,000
160,000
25,283
230,283
226,081
54,489
494,036
-
548,525
472,293
(14,990)
-
-
(14,990)
(30,325)
540,288
654,036
25,283
1,219,607
1,559,651

20 Taxation

Magheralin Parish Church is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities.

22