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2023-12-31-annual-report

MAGHERALIN PARISH CHURCH

Annual Report and Financial Statements

For the year ended 31 December 2023

Charities Number: NIC 101224

MAGHERALIN PARISH CHURCH

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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
Rev Emma Gibson
Mr Nevin Anderson
Mr Winston Armstrong
Mr Mark Bailey
Mr Bertie Campbell
Mr Jonathan Campbell
Mr Mervyn Cordner
Mrs Eileen Cousins
Miss Louise Cousins
Mr Lindsay Dawson
Mrs Mildred Dawson
Mr Jarleth Downey
Mr Peter Greenfield
Mr Jamie Haughton
Mr Gareth McMullan
Mr Mervyn Nicholson
Mr Basil O’Malley
Mr Raymond Press
Mr Mark Turkington

Principal Office-bearers

Clergy: Rev. Simon Genoe, Rev Emma Gibson Church Secretary: Mrs Mildred Dawson Church Treasurer: Mr Basil O’Malley Church Warden- Clergy: Mark Turkington (Dollingstown), Gareth McMullan (Magheralin) Church Warden - People: Mervyn Nicholson (Dollingstown), Louise Cousins (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 2023

The trustees present their annual report and financial statements for the year ended 31 December 2023.

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. As a parish we aim to be both deep and wide in experiencing and sharing the love of Jesus in all we do so that we can 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 and the church buildings are often used for non-parish Christian events for the Diocese, Bangor Worldwide and organisations such as New Wine Ireland.

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. 2023 has seen an exciting development through the monthly PowerHouse Prayer initiative which is attended by around 50 parishioners. The weekly bible teaching classes and growth of Life 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 and bring along friends and family.

The Parish is under the leadership of our Rector and Curate who are 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 endeavour to welcome everyone from the two villages to the different activities. On Sunday mornings we run Kids Church, Youth Church and Little Church at services in both villages. For the younger people in our community during the week there is the Girls Friendly Society (GFS), Boys Brigade (BB), Playdays in both villages, Grounded, Kids Club, Kids Choir and Good News Club. For older people there are weekly activities including the Bowling club, the Safe Space, Tuesday coffee morning and Men @ 10. We also have Knitwits, Gather, Active Ladies and MadMen which run on a monthly basis.

4

MAGHERALIN PARISH CHURCH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

In order to welcome everyone in our villages to these activities, we continue to seek out new ways of doing this. For example, at least once each year we deliver a gift, newsletter and knock on the door of all 2,500 homes in our villages and surrounding area. In 2023 we delivered a Christmas gift along with invites to all our Christmas celebration services and activities.

In Summer 2022 we developed a beautiful community garden at the rear of Magheralin church which has been used to host a number of community events in 2023. This included engagement with both local primary schools who painted ‘living’ stones which were laid out in the garden and a Good Friday event was held outdoors with many attending from the local community. The garden is in daily use by parishioners and members of the community to sit and reflect. We extended the formal garden in 2023 with the introduction of a wildflower garden. The location of the garden with direct access from our graveyard has proved to be very popular with the added ‘wellbeing’ benefit for the team of volunteers who meet regularly to look after it. The parish also took part in the Big Butterfly Count in July as part of a national environmental initiative.

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 2023 it is a story of individual and corporate growth.

The Church Year

2023 was another year when 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. Corporately we met weekly in both our centres of worship via Magheralin Parish Church and St. Saviour's Dollingstown.

Achievements during the year include:

5

MAGHERALIN PARISH CHURCH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (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 seven i.e. a rector, curate, youth pastor, family pastor, office manager, caretaker, director of music 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 to ensure 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.

The level of youth activity has been increasing strongly as we have fully emerged from Covid restrictions. The Youth and Family Pastors continue to engage with young people and families 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 and organising activities indoors. They have been visual and available in our villages regularly but particularly at weekends in an attempt to build on the community trust developed over years and to help address many common issues like mental health and relationship issues.

The two main organisations for boys and girls BB & GFS have returned to normal full schedule of activities. Almost 150 boys and girls and around 30 officers are members of both organisations. The Duke of Edinburgh Award activities run by the BB leaders continue to ensure that boys remain part of the organisation well into their late teens.

The many other organisations in the parish and community which cover from babies & toddlers up to senior citizens are also back in full flow and 2022/23 has seen a number of new activities including the Safe Space, Kids Choir, Kids Club and Wellbeing events.

The Future

2023 has been a really positive year for the parish and has 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 have returned with steadily increasing numbers attending service and events. New faces are seen almost every week and we are able to plan for events that would not have been possible a few years ago.

6

MAGHERALIN PARISH CHURCH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

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 achieved in recent years.

It is our sincere desire that in these challenging days when we hear so much about societal problems, cost of living crisis and political and budgetary issues we will continue to be people who bring God’s love and serve others with care, compassion, and practical help.

We commend this report to you.

Financial review

Magheralin Parish recorded a deficit of £181,195 (2022: £340,044 deficit) for the year ended 31st December 2023. At the year end the parish had cash reserves of £196,840 and total net assets of £1,038,412. 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 Rev Emma Gibson Mr Nevin Anderson Mr Winston Armstrong Mr Mark Bailey Mr Bertie Campbell Mr Jonathan Campbell Mr Mervyn Cordner Mrs Eileen Cousins Miss Louise Cousins Mr Lindsay Dawson Mrs Mildred Dawson Mr Jarleth Downey Mr Peter Greenfield Mr Jamie Haughton Mr Gareth McMullan Mr Mervyn Nicholson Mr Basil O’Malley Mr Raymond Press Mr Mark Turkington

7

MAGHERALIN PARISH CHURCH

TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 (CONTINUED)

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.

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.

Date: 25/10/2024

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 2023 which comprise the Statement of Financial Activities (including Income and Expenditure Account), the 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

25/10/2024

11

MAGHERALIN PARISH CHURCH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023

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
2023
Restricted
Funds
2023
Endowment
Funds
2023
Total
2023
Total
2022
£
£
£
£
£
387,538
89,439
-
476,977
378,216
13,127
-
-
13,127
130,105
14,492
-
-
14,492
12,024
3,542
10,310
-
13,852
2,646
8,393
-
-
8,393
142,212
427,092
99,749
-
526,841
665,203
206,425
23,076
-
229,501
225,867
23,760
-
-
23,760
22,490
106,191
237,757
-
343,948
104,954
63,698
9,695
-
73,393
85,062
18,763
10,114
-
28,877
135,263
-
-
-
-
419,116
9,358
-
-
9,358
11,697
428,195
280,642
-
708,837
1,004,449
-
-
801
801
(798)
(1,103)
(180,893)
801
(181,195)
(340,044)
(3,826)
3,826
-
-
-
(4,929)
(177,067)
801
(181,195)
(340,044)
540,288
654,036
25,283
1,219,607
1,559,651
535,359
476,969
26,084
1,038,412
1,219,607

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

All income and expenditure derive from continuing activities.

12

MAGHERALIN PARISH CHURCH

STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2023

Notes
Fixed Assets
Tangible Fixed Assets
10
Investment Properties
11
Investments
12
Total Fixed Assets
Current Assets
Debtors
13
Cash and Cash equivalents
14
Total Current Assets
Creditors - amounts falling due within one year
15
Total Creditors
Net Current Assets
Total Net Assets
The Funds of the Parish
Unrestricted Funds
Restricted Funds
Endowment Funds
Total Charity Funds
19		 2023
£
2022
£
446,431
455,789
205,000
205,000
26,084
25,283
677,515
686,072
182,557
39,537
196,840
508,988
379,397
548,525
(18,500)
(14,990)
(18,500)
(14,990)
360,897
533,535
1,038,412
1,219,607
535,359
540,288
476,969
654,036
26,084
25,283
1,038,412
1,219,607

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

These financial statements were approved by the Board of Trustees on and signed on its behalf by:

Date: 25/10/2024

13

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

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 2023

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 2023

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
Fields of Life		 Unrestricted
Funds
2023
Restricted
Funds
2023
£
£
282,121
-
4,292
-
17,183
-
-
6,387
-
3,493
-
-
-
72,924
82,867
-
1,075
-
-
6,635		 Total
2023
Total
2022
£
£
282,121
255,520
4,292
9,930
17,183
11,328
6,387
12,665
3,493
5,840
-
17,078
72,924
3,430
82,867
62,041
1,075
384
6,635
-
387,538
89,439		 476,977
378,216
4 Grants
Garden grant and donations
Mains Grant – Wild Garden
Diocese – Children’s and Orphans
RCB
Diocese
Jubilee Grant
Benefact Trust
ABC Council
DFC Charities		 Unrestricted
Funds
2023
Restricted
Funds
2023
Total
2023
Total
2022
£
£
£
£
-
-
-
100,495
-
-
-
10,000
-
-
-
15,000
6,775
-
6,775
2,300
-
-
-
1,910
-
-
-
400
5,500
-
5,500
-
400
-
400
-
452
-
452
-
13,127
-
13,127
130,105

16

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

5 Other income
Graveyard
Bank loan refund
Payments from MPCA
Miscellaneous
Legacies		 Unrestricted
Funds
2023
Restricted
Funds
2023
Total
2023
Total
2022
£
£
£
£
7,100
-
7,100
3,550
-
-
-
936
-
-
-
2,212
1,293
-
1,293
13,050
-
-
-
122,464
8,393
-
8,393
142,212
6 Administration costs/Church Running Costs
Heat and light
Rates
Insurance
Repairs and maintenance
Communication and media
Printing and stationery
Cleaning		 Unrestricted
Funds
2023
Restricted
Funds
2023
Total
2023
Total
2022
£
£
£
£
27,250
-
27,250
16,326
5,186
-
5,186
3,728
6,467
-
6,467
7,234
52,976
237,757
290,733
61,901
5,343
-
5,343
5,949
8,644
-
8,644
7,448
325
-
325
2,368
106,191
237,757
343,948
104,954
7 Other expenses
Payments to MPCA
Jubilee Garden/Wild Garden
Gifts
Music equipment
Accountancy/audit fees
Bank fees and interest
Miscellaneous
Legal and Professional
Rent		 Unrestricted
Funds
2023
Restricted
Funds
2023
Total
2023
Total
2022
£
£
£
£
4,000
-
4,000
6,175
1,920
10,000
11,920
116,625
940
-
940
750
1,370
-
1,370
3,169
2,436
-
2,436
4,836
665
114
779
802
4,112
-
4,112
2,906
720
-
720
-
2,600
-
2,600
-
18,763
10,114
28,877
135,263

Governance costs of £1,500 (2022: £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 2023

8 Charitable donations
Missions (see breakdown)
Outreach/Red Door
Total Missions expenditure is broken down as follows:
St Johns Parish, Lurgan
Youth for Christ
New Wine Ireland
Love for Life
CAP
Bishops Appeal
SAMS
Poppy Appeal
Kintsugi Hope
Lord Enniskillen Memorial
Compassion donations
Open Doors
CMS
SOMA
Fields of Life
Renew Wellbeing		 Unrestricted
Funds
2023
Restricted
Funds
2023
Total
2023
£
£
£
41,995
3,977
45,972
21,703
5,718
27,421		 Total
2022
£
51,480
33,582
63,698
9,695
73,393		 85,062
Total
2023
£
5,600
5,729
5,600
5,600
2,500
500
2,800
85
300
660
3,372
3,800
2,800
2,800
3,200
626
45,972
9 Employee costs
Salaries and employer NIC
Pensions		 Total
2023
Total
2022
£
£
203,045
202,198
26,456
23,669
229,501
225,867

The average number of employees during the year, calculated on the basis of head count was 9 (2022: 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 2023

10 Tangible fixed assets
No 60 Belfast Road
Rectory
Beechfield Hall
Equipment
Total tangible fixed assets		 Cost
2023
Depreciation
to date
Depreciation
for the year
Transfer
Impairment/
revaluation
Net Book
Value
31.12.2023
Net Book
Value
31.12.2022
£
£
£
£
£
£
£
69,000
-
-
-
-
69,000
69,000
145,000
-
-
-
-
145,000
145,000
195,000
-
-
-
-
195,000
195,000
121,320
(74,531)
(9,358)
-
-
37,431
46,789
530,320
(74,531)
(9,358)
-
-
446,431
455,789

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
Gift Aid
Prepaid Insurance
Loan to Moneyreagh Community Church		 Cost
Depreciation
to date
Depreciation
for the year
Transfer
Impairment/
revaluation
Net Book
Value
31.12.2023
Net Book
Value
31.12.2022
£
£
£
£
£
£
£
160,000
-
-
-
-
160,000
160,000
45,000
-
-
-
-
45,000
45,000		 Cost
Depreciation
to date
Depreciation
for the year
Transfer
Impairment/
revaluation
Net Book
Value
31.12.2023
Net Book
Value
31.12.2022
£
£
£
£
£
£
£
160,000
-
-
-
-
160,000
160,000
45,000
-
-
-
-
45,000
45,000		 Cost
Depreciation
to date
Depreciation
for the year
Transfer
Impairment/
revaluation
Net Book
Value
31.12.2023
Net Book
Value
31.12.2022
£
£
£
£
£
£
£
160,000
-
-
-
-
160,000
160,000
45,000
-
-
-
-
45,000
45,000
205,000
-
-		 - -
205,000
205,000
Value as at
31.12.2022
£
22,619
2,664		 Valuation
changes
Value as at
31.12.2023
£
£
677
23,296
124
2,788
801
26,084
2023
2022
£
£
13,179
34,204
5,666
5,333
163,712
-
182,557
39,537
25,283

During year ended 31 December 2023 the church advanced a loan to Moneyreagh Community Church £170,488. The loan is repayable and the balance outstanding at 31 December 2023 was £163,712. The amount due greater than one year amounts to £145,712. The interest charged on the loan is included in the Statement of Financial Activities under Investments – Bank/RCB interest/Dividends/Loan interest.

19

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14 Cash and cash equivalents
General Account
Paypal Account
Building for Life
Renovation/refurbishment
Compassion
Charity
Savings
Graveyard
Project
Bowling
Choir
MPYO Community
MPYO Investment
MPYO Fixed Term Deposit
Total
15 Creditors: amounts falling due within one year
Accruals and other creditors
Accountancy
Mission
PAYE
Pension
Wages
Light and Heat
NI Water
BT
Northtech
Outreach
Stationery
16 Collections for third parties
Bishops Appeal
CAP
Fields of Life		 Balance as at
31.12.2023
£
26,960
269
1,511
31,228
16,123
-
-
12,780
-
2,001
1,573
3,554
100,841
-		 Balance as at
31.12.2022
£
13,521
-
441
178,304
15,040
(2)
2,323
5,558
7
1,943
1,602
34,526
-
255,725
196,840 508,988
2023
£
3,900
129
3,776
2,100
1,465
3,916
919
537
204
1,134
420		 2022
£
3,900
3,500
5,100
2,490
-
-
-
-
-
-
-
18,500 14,990
2023
£
2,885
3,492
6,636
13,013

20

MAGHERALIN PARISH CHURCH

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

17 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
01.01.2023
Incoming
resources
Resources
expended
Transfers
£
£
£
£
Endowment funds
Investments
25,283
-
-
-
25,283
-
-
-
Restricted funds
MPYO
290,251
10,310
(28,855)
(167,311)
Compassion
15,041
-
(4,008)
5,090
Renovation/refurbishment
178,303
20,824
(237,779)
69,880
Building for Life
441
5,570
-
(4,500)
Holly Hill
160,000
-
-
-
Wild Garden
10,000
-
(10,000)
-
General
-
63,045
-
(63,045)
Loan to Moneyreagh Parish Church
-
-
-
163,712
654,036
99,749
(280,642)
3,826
Unrestricted funds
General funds
540,288
427,092
(428,195)
(3,826)
Total funds
1,219,607
526,841
(708,837)
-		 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
01.01.2023
Incoming
resources
Resources
expended
Transfers
£
£
£
£
Endowment funds
Investments
25,283
-
-
-
25,283
-
-
-
Restricted funds
MPYO
290,251
10,310
(28,855)
(167,311)
Compassion
15,041
-
(4,008)
5,090
Renovation/refurbishment
178,303
20,824
(237,779)
69,880
Building for Life
441
5,570
-
(4,500)
Holly Hill
160,000
-
-
-
Wild Garden
10,000
-
(10,000)
-
General
-
63,045
-
(63,045)
Loan to Moneyreagh Parish Church
-
-
-
163,712
654,036
99,749
(280,642)
3,826
Unrestricted funds
General funds
540,288
427,092
(428,195)
(3,826)
Total funds
1,219,607
526,841
(708,837)
-		 2023
2022
£
£
26,084
25,283
196,840
508,988
182,557
39,537
405,481
573,808
2023
2022
£
£
-
-
(18,500)
(14,990)
(18,500)
(14,990)
Investment
gains/(losses)
Balance as at
31.12.2023
£
£
801
26,084
25,283
-
-
-		 801
26,084
290,251
10,310
(28,855)
(167,311)
15,041
-
(4,008)
5,090
178,303
20,824
(237,779)
69,880
441
5,570
-
(4,500)
160,000
-
-
-
10,000
-
(10,000)
-
-
63,045
-
(63,045)
-
-
-
163,712		 -
104,395
-
16,123
-
31,228
-
1,511
-
160,000
-
-
-
-
-
163,712
654,036
99,749
(280,642)
3,826		 -
476,969
540,288
427,092
(428,195)
(3,826)		 -
535,359
1,219,607
526,841
(708,837)
-		 801
1,038,412

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 2023

19 Analysis of net assets between funds
Fixed assets
Investments
Current assets
Current liabilities		 Unrestricted
funds
Restricted
funds
Endowment
funds
2023
2022
£
£
£
£
£
446,431
-
-
446,431
455,789
45,000
160,000
26,084
231,084
230,283
62,428
316,969
-
379,397
548,525
(18,500)
-
-
(18,500)
(14,990)
535,359
476,969
26,084
1,038,412
1,219,607

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