## **MAGHERALIN PARISH CHURCH**
**Annual Report and Financial Statements**
**For the year ended 31 December 2024**
**Charities Number: NIC 101224**
**MAGHERALIN PARISH CHURCH**
## **ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **Contents**
||Pages|
|---|---|
|References and administrative details of the Charity|3|
|Trustees’ Annual report|4 - 8|
|Independent Examiners’ Report to the Trustees|9|
|Statement of Financial activities|10|
|Balance Sheet|11|
|Notes to the financial statements|12-20|
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|(resigned 8/10/24)|
||Mr Winston Armstrong||
||Mr Mark Bailey||
||Mr David Boyce||
||Mr Bertie Campbell||
||Mr Jonathan Campbell||
||Ms Louise Wylie||
||Mr Lindsay Dawson||
||Mrs Mildred Dawson||
||Mr Jarleth Downey||
||Mr Elliott Hanlon||
||Mr Jamie Haughton||
||Mr Stephen Lyttle|(resigned 1/11/24)|
||Mr Gareth McMullan||
||Mr Mervyn Nicholson||
||Mr Basil O’Malley||
||Mr Raymond Press||
||Ms Dawn Scott|(joined 1/11/24)|
||Ms Lindsey Tate||
**Principal Office-bearers** Clergy: Rev. Simon Genoe, Rev Emma Gibson Church Secretary: Mrs Mildred Dawson Church Treasurer: Mr Basil O’Malley Church Warden- Clergy: Dawn Scott (Dollingstown), Lindsay Dawson (Magheralin) Church Warden - People: Lindsey Tate (Dollingstown), Gareth McMullan (Magheralin) **Independent Examiners** HM Chartered Accountants 6[th] Floor, East Tower Lanyon Plaza 8 Lanyon Place Belfast BT1 3LP **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 2024**
The trustees present their annual report and financial statements for the year ended 31 December 2024.
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 and SOMA.
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. 2024 has seen extension of the monthly PowerHouse Prayer initiative in Dollingstown which is attended by around 50 parishioners, to Magheralin so that it is now twice monthly. Kingdom Come is a new praise and teaching service running monthly in Dollingstown on a Sunday night which regularly attracts around 150-200 attendees. 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 Associate Minister 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 or quarterly basis.
4
**MAGHERALIN PARISH CHURCH**
## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (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. During 2024 we knocked on every door in Dollingstown and delivered a gift to everyone who responded, offering them a chat and prayer on their doorstep. In December we delivered a Christmas gift to both villages of a Wispa Gold to represent the nativity along with invites to all our Christmas celebration services and activities.
The Garden of Reflection beside the church in Magheralin continues to be used by a large number of people from both the church community and the wider community in our villages. It is used by people who come to sit quietly on their own to read, to reflect and to pray and is also used as a place to meet and chat. We are delighted that people from the local community use the space to meet for a coffee and chat or to allow their children space to play. The garden has again been used for an outdoor class for the P5 class from Maralin Village PS to learn about plants and pollinators. We hosted a Good Friday event for approximately 400 people in the garden and church, this attracted many non-parishioners.
The garden team met fortnightly throughout the Spring, Summer and early Autumn to care for the garden. This group allows people to come together focussed on a shared task and to make connections with each other. Working in the garden helps to develop the 5 steps to wellbeing. The garden team ran a very successful floral demonstration evening which attracted over 50 people from the community.
## **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.
## **The Church Year**
2024 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:
- A specific focus with a Wellbeing Sunday supported by the Garden of Reflection, Kintsugi Hope, A Safe Space and the provision of counselling services.
- Playdays programme in both locations which encourages young mothers/carers with babies and toddlers from right across our community.
-
- Baby Massage classes and Mums’ Alpha
- A new informal service initiative ‘Daybreak’ started monthly in Magheralin in the church hall to attract young families who have never been to church.
5
**MAGHERALIN PARISH CHURCH**
## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (CONTINUED)**
- A number of women’s ‘Gather’ events took place each term.
- Continued our strong youth, children’s and families work through many organisations and activities as outlined above.
- Newcomers’ meals when new people who have joined the parish are welcomed into a family home to enjoy a meal and meet the clergy/staff team and find out more about the parish.
- In June we also hosted a very successful community fun day, kindly hosted by Dollingstown Football Club. We saw almost many hundreds of people from the local community attend and enjoy a free BBQ, tea tent, kids’ activities, Mickey and Minnie, games, music, opportunity for prayer and ice cream, bouncy castles etc.
- As a parish we tithe and this year we increased our giving to 14% of our income donated to local and overseas missionary work. We focused on 10 charities and organisations locally and globally.
- A very successful Holiday Bible Club was held in August with around 80 children attending every evening.
- Delivery of around 500 meals to vulnerable, elderly and sick adults
- Sent 20,000 emails to parishioners advising them of services, activities and means of help.
- Delivered around 3500 Christmas gifts to every home in the parish.
- St Saviours Church reprised the previous year’s successful ‘Polar Express’ through an immerse orchestra event which was attended by 250 people.
- Christmas events - nativity, carol services including one we called 'Blue Christmas' for people for whom Christmas is not a particularly good time perhaps because of bereavement.
- A senior citizens Christmas lunch was provided free of charge with children from Magheralin Village Primary School providing musical entertainment.
- Streamed services from both locations each Sunday via YouTube for those who are unable to attend in person.
## **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, assistant minister, 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. 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 Future**
2024 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 2024 (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 surplus of £48,673 (2023: £181,195 deficit) for the year ended 31st December 2024. At the year end the parish had cash reserves of £237,352 and total net assets of £1,087,085. 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 or 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 David Boyce Mr Bertie Campbell Mr Jonathan Campbell Ms Louise Wylie Mr Lindsay Dawson Mrs Mildred Dawson Mr Jarleth Downey Mr Elliott Hanlon Mr Jamie Haughton Mr Stephen Lyttle Mr Gareth McMullan Mr Mervyn Nicholson Mr Basil O’Malley Mr Raymond Press Ms Dawn Scott Ms Lindsey Tate
7
**MAGHERALIN PARISH CHURCH**
## **TRUSTEES’ ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 (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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
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.
The trustees' report was approved by the Board of Trustees.
Mr Basil O’Malley **Trustee**
**----- Start of picture text -----**
_____________________
**----- End of picture text -----**
Rev Simon Genoe **Trustee**
Date: 23/10/2025
8
**MAGHERALIN PARISH CHURCH**
## **INDEPENDENT EXAMINER’S REPORT**
We report to the directors on our examination of the financial statements of Magheralin Parish Church (the charity) for the year ended 31 December 2024.
## **Respective responsibilities of charity directors and examiner**
As the company's directors you are responsible for the preparation of the financial statements in accordance with the Charities Act (Northern Ireland) 2008.
It is our responsibility to:
- examine the financial statements under section 65 of the Charities Act (Northern Ireland) 2008;
- follow the procedures laid down in the general Directions given by the Commission under section 65(9)(b) of the Charities Act (Northern Ireland) 2008; and
- state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
We have examined your charity financial statements as required under section 65 of the Charities Act (Northern Ireland) 2008 and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9)(b) of the Charities Act. The examination included a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also included consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as charity trustees concerning any such matters.
Our role is to state whether any material matters have come to our attention giving cause to believe that:
1. Accounting records were not kept in accordance with section 63 of the Charities Act (Northern Ireland) 2008; or
2. The financial statements do not accord with those accounting records; or
3. The financial statements do not comply with the accounting requirements of the Charities Act (Northern Ireland) 2008; or
4. There is further information needed for a proper understanding of the financial statements to be reached.
## **Independent examiner's statement**
Since the company’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 65 of the Charities Act (Northern Ireland) 2008. We confirm that we are qualified to undertake the examination because we are a member of Institute of Chartered Accountants Ireland, which is one of the listed bodies
We have completed our examination and we have no concerns in respect of the matters (1) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland, we have found no matters that require drawing to your attention.
HM Chartered Accountants 6[th] Floor East Tower Lanyon Plaza 8 Lanyon Place Belfast BT1 3LP
23/10/2025
9
**MAGHERALIN PARISH CHURCH**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|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
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**
**2024**
**Restricted**
**Funds**
**2024**
**Endowment**
**Funds**
**2024**
**Total**
**2024**
**Total**
**2023**
**£**
**£**
**£**
**£**
439,928
21,102
-
461,030
476,977
13,400
-
-
13,400
13,127
4,467
-
-
4,467
14,492
1,779
9,526
-
11,305
13,852
8,609
-
-
8,609
8,393|
|---|---|
||468,183
30,628
-
498,811
526,841|
||195,076
-
-
195,076
229,501
25,572
-
-
25,572
23,760
86,010
35,417
-
121,427
343,948
75,973
4,290
-
80,263
73,393
20,902
112
-
21,014
28,877
7,486
-
-
7,486
9,358|
||411,019
39,819
-
450,838
708,837|
||-
-
700
700
801|
||57,164
(9,191)
700
48,673
(181,195)
14,590
(14,590)
-
-
-|
||71,754
(23,781)
700
48,673
(181,195)
535,359
476,969
26,084
1,038,412
1,219,607|
||607,113
453,188
26,784
1,087,085
1,038,412|
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 2024**
10
**MAGHERALIN PARISH CHURCH**
|**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|**2024**
**£**
**2023**
**£**
438,945
446,431
205,000
205,000
26,784
26,084|
|---|---|
||670,729
677,515|
||192,076
182,557
237,352
196,840|
||429,428
379,397|
||(13,072)
(18,500)|
||(13,072)
(18,500)|
||416,356
360,897|
||1,087,085
1,038,412|
||607,113
535,359
453,188
476,969
26,784
26,084|
||1,087,085
1,038,412|
The notes on pages 12 to 20 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 Rev Simon Genoe **Trustee Trustee**
## Date: 23/10/2025
11
**MAGHERALIN PARISH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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.
12
**MAGHERALIN PARISH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **e) Tangible assets**
The assets of the Parish comprise:-
- Church Building and Graveyard
- Parish Church Hall
- Glebe House
- Fixtures and fittings
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.
13
**MAGHERALIN PARISH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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
Warrenpoint Outreach
Renovation/Refurbishment
Gift Aid
Special Donations
Fields of Life
**4 Grants**
RCB
Diocese
Benefact Trust
ABC Council
DFC Charities|**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**£**
**£**
316,934
-
5,820
-
12,461
-
5,365
600
-
-
2000
-
14,240
20,502
78,458
-
4,650
-
-
-|**Total**
**2024**
**Total**
**2023**
**£**
**£**
316,934
282,121
5,820
4,292
12,461
17,183
5,965
6,387
-
3,493
2000
-
34,742
72,924
78,458
82,867
4,650
1,075
-
6,635|
|---|---|---|
||439,928
21,102|461,030
476,977|
||**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**£**
**£**
11,400
-
2,000
-
-
-
-
-
-
-|**Total**
**2024**
**Total**
**2023**
**£**
**£**
11,400
6,775
2,000
-
-
5,500
-
400
-
452|
||13,400
-|13,400
13,127|
14
**MAGHERALIN PARISH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**5 Other income**
Graveyard
Payments from MPCA
Miscellaneous
Legacies|**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**Total**
**2024**
**Total**
**2023**
**£**
**£**
**£**
**£**
4,410
-
4,410
7,100
154
-
154
-
2,783
-
2,783
1,293
1,262
-
1,262
-|
|---|---|
||8,609
-
8,609
8,393|
|**6 Administration costs/Church Running Costs**
Heat and light
Rates
Insurance
Repairs and maintenance
Communication and media
Printing and stationery
Cleaning|**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**Total**
**2024**
**Total**
**2023**
**£**
**£**
**£**
**£**
25,603
-
25,603
27,250
4,109
-
4,109
5,186
6,833
-
6,833
6,467
35,116
35,417
70,533
290,733
10,303
-
10,303
5,343
3,322
-
3,322
8,644
724
-
724
325|
|---|---|
||86,010
35,417
121,427
343,948|
|**7 Other expenses**
Repay Grant to EA PMCA
Payments to MPCA
Jubilee Garden/Wild Garden
Gifts
Music equipment
Accountancy/audit fees
Bank fees and interest
Miscellaneous
Legal and Professional
Rent|**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**Total**
**2024**
**Total**
**2023**
**£**
**£**
**£**
**£**
2,200
-
2,200
-
4,000
-
4,000
4,000
1,781
-
1,781
11,920
-
-
-
940
-
-
-
1,370
2,496
-
2,496
2,436
687
112
799
779
8,438
-
8,438
4,112
-
-
-
720
1,300
-
1,300
2,600|
|---|---|
||20,902
112
21,014
28,877|
Governance costs of £1,500 (2023: £1,500) were incurred during the year which relate to fees paid to the independent examiner.
15
**MAGHERALIN PARISH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**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
Sudan Bikes
Evangelical Alliance
SAMS
Bishops Bible Week
Kintsugi Hope
Air Ambulance
Compassion donations
Open Doors
CMS
SOMA
Warrenpoint Church Plant
Renew Wellbeing|**Unrestricted**
**Funds**
**2024**
**Restricted**
**Funds**
**2024**
**Total**
**2024**
**£**
**£**
**£**
48,249
4,290
52,539
27,724
-
27,724|**Total**
**2023**
**£**
45,972
27,421|
|---|---|---|
||75,973
4,290
80,263|73,393|
|||**Total**
**2024**
**£**
6,300
6,509
6,350
6,300
1,000
240
3,150
4,650
300
150
2,630
3,150
3,150
3,150
5,150
360|
|||52,539|
|**9 Employee costs**
Salaries and employer NIC
Pensions|**Total**
**2024**
**Total**
**2023**
**£**
**£**
169,795
203,045
25,281
26,456|
|---|---|
||195,076
229,501|
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.
16
**MAGHERALIN PARISH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**10 Tangible fixed assets**
No 60 Belfast Road
Rectory
Beechfield Hall
Equipment
Total tangible fixed assets|**Cost**
**2024**
**Depreciation to**
**date**
**Depreciation**
**for the year**
**Transfer**
**Impairment/**
**revaluation**
**Net Book**
**Value**
**31.12.2024**
**Net Book**
**Value**
**31.12.2023**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
69,000
-
-
-
-
69,000
69,000
145,000
-
-
-
-
145,000
145,000
195,000
-
-
-
-
195,000
195,000
121,320
(83,889)
(7,486)
-
-
29,945
37,431|
|---|---|
||530,320
(83,889)
(7,486)
-
-
438,945
446,431|
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|**Cost**
**Depreciation to**
**date**
**Depreciation**
**for the year**
**Transfer**
**Impairment/**
**revaluation**
**Net Book**
**Value**
**31.12.2024**
**Net Book**
**Value**
**31.12.2023**
**£**
**£**
**£**
**£**
**£**
**£**
**£**
160,000
-
-
-
-
160,000
160,000
45,000
-
-
-
-
45,000
45,000|
|---|---|
||205,000
-
-
-
-
205,000
205,000|
|**12 Investments**
RCB Investments
CIT Investments
Total investments
**13 Debtors**
Gift Aid
Prepaid Insurance
Loan to Moneyreagh Parish Church
HMRC – Employment Allowance Rebate
COI Re Maternity Wages|**Value as at**
**31.12.2023**
**£**
23,296
2,788|**Valuation**
**changes**
**Value as at**
**31.12.2024**
**£**
**£**
432
23,728
268
3,056|
|---|---|---|
||26,084|700
26,784|
|||**2024**
**2023**
**£**
**£**
7,689
13,179
5,833
5,666
153,559
163,712
18175
-
6,820
-
192,076
182,557|
During year ended 31 December 2023 the church advanced a loan to Moneyreagh Parish Church £170,488. The loan is repayable and the balance outstanding at 31 December 2024 was £ 153,559. The amount due greater than one year amounts to £135,559. The interest received on the loan is included in the Statement of Financial Activities under Investments – Bank/RCB interest/Dividends/Loan interest.
17
**MAGHERALIN PARISH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**14 Cash and cash equivalents**
General Account
Paypal Account
Building for Life
Renovation/refurbishment
Compassion
Graveyard
Bowling
Choir
MPYO Community
MPYO Investment
Total|**Balance as at**
**31.12.2024**
**Balance as at**
**31.12.2023**
**£**
**£**
91,353
26,960
681
269
7,361
1,511
11,303
31,228
14,952
16,123
2,359
12,780
1,785
2,001
1,545
1,573
3,493
3,554
102,520
100,841|
|---|---|
||237,352
196,840|
|**15 Creditors: amounts falling due within one year**
Accruals and other creditors
Accountancy
Mission
PAYE
Pension
Wages
Light and Heat
NI Water
BT
Repairs
Outreach
Stationery
General|**2024**
**2023**
**£**
**£**
3,900
3,900
-
129
-
3,776
2,149
2,100
3,806
1,465
1,905
3,916
228
919
110
537
162
204
212
1,134
-
420
600
-|
|---|---|
||13,072
18,500|
## **16 Collections for third parties**
Bishops Bible Week
**2024 £** 4,650
18
**MAGHERALIN PARISH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **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**
**01.01.2024**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**£**
**£**
**£**
**£**
**Endowment funds**
Investments
26,084
-
-
-
26,084
-
-
-
**Restricted funds**
MPYO
104,395
1,679
(61)
-
Compassion
16,123
-
(4,321)
3,150
Renovation/refurbishment
31,228
15,252
(35,437)
260
Building for Life
1,511
5,850
-
-
Holly Hill
160,000
-
-
-
Loan to Moneyreagh Parish Church
163,712
7,847
-
(18,000)
476,969
30,628
(39,819)
(14,590)
**Unrestricted funds**
General funds
535,359
468,670
(411,506)
14590
**Total funds**
**1,038,412**
**499,298**
**(451,325)**
**-**|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**
**01.01.2024**
**Incoming**
**resources**
**Resources**
**expended**
**Transfers**
**£**
**£**
**£**
**£**
**Endowment funds**
Investments
26,084
-
-
-
26,084
-
-
-
**Restricted funds**
MPYO
104,395
1,679
(61)
-
Compassion
16,123
-
(4,321)
3,150
Renovation/refurbishment
31,228
15,252
(35,437)
260
Building for Life
1,511
5,850
-
-
Holly Hill
160,000
-
-
-
Loan to Moneyreagh Parish Church
163,712
7,847
-
(18,000)
476,969
30,628
(39,819)
(14,590)
**Unrestricted funds**
General funds
535,359
468,670
(411,506)
14590
**Total funds**
**1,038,412**
**499,298**
**(451,325)**
**-**|**2024**
**2023**
**£**
**£**
26,784
26,084
237,352
196,840
192,076
182,557|
|---|---|---|
|||456,212
405,481|
|||**2024**
**2023**
**£**
**£**
-
-
(13,072)
(18,500)|
|||(13,072)
(18,500)|
|||**Investment**
**gains/(losses)**
**Balance as at**
**31.12.2024**
**£**
**£**
700
26,784|
||26,084
-
-
-|700
26,784|
||104,395
1,679
(61)
-
16,123
-
(4,321)
3,150
31,228
15,252
(35,437)
260
1,511
5,850
-
-
160,000
-
-
-
163,712
7,847
-
(18,000)|-
106,013
-
14,952
-
11,303
-
7,361
-
160,000
-
153,559|
||476,969
30,628
(39,819)
(14,590)|-
453,188|
||535,359
468,670
(411,506)
14590|-
607,113|
||**1,038,412**
**499,298**
**(451,325)**
**-**|**700**
**1,087,085**|
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.
19
**MAGHERALIN PARISH CHURCH**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|**19 Analysis of net assets between funds**
Fixed assets
Investments
Current assets
Current liabilities|**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**2024**
**2023**
**£**
**£**
**£**
**£**
**£**
438,945
-
-
438,945
446,431
45,000
160,000
26,784
231,784
231,084
136,240
293,188
-
429,428
379,397
(13,072)
-
-
(13,072)
(18,500)|
|---|---|
||607,113
453,188
26,784
1,087,085
1,038,412|
## **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.
20