## Annual Accounts for year ending 31[st] December 2023 Hillsborough Parish Church Charity No XN47278 NI Charity Commission No NIC101674 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** ## **Statement of Financial Activity for year ending 31[st] December 2023** The notes on pages 4 to 11 form part of these financial statements 1 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** **Balance Sheet at 31[st] December 2023** The financial statements were approved by the Board of Trustees and authorised for issue on 10[th] April 2024 and were signed on its behalf by: Revd Canon Dr Bryan A Follis – Trustee Dr Margaret P Scott - Trustee The notes on pages 4 to 11 form part of these financial statements 2 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** ## **Cash Flow Statement for year ending 31[st] December 2023** The notes on pages 4 to 11 form part of these financial statements 3 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** ## **Notes to the accounts** ## **Note (1) Accounting Policies** The Financial Statements have been prepared in accordance with the Charity SORP FRS 102. The financial statements have been prepared on the accruals basis and on the basis of historical cost. - **Restricted and Unrestricted funds.** All funds are treated as unrestricted with the following exceptions: - Specific donations to the Organ Fund and John Cochrane Mission Fund - Specific donations made to Church Funds for onward distribution to specific charities - Rector’s Discretionary Fund The Trustees are operating a Reserves policy whereby unrestricted funds held by the charity will cover ten weeks of unrestricted resources expended. For this purpose, unrestricted funds exclude fixed assets and unrestricted resources expended excludes depreciation. The Trustees believe that this level of reserves would be sufficient to continue operating the charity should there be a significant drop in funding. As at the end of December 2023, unrestricted funds covered 25 weeks of unrestricted resources expended and exceed the policy above by 15 weeks. - **Accounting for Income.** - Donations are booked to income statement based on the date received. - Gift aid associated with income is accrued based on the period to which it relates. - **Accounting for Church related organisations.** In line with guidance from the NI Charities Commission the accounts for 2023 and 2022 include the financial results of the following Church related activities: - Bellringers - Bowling club - Catering committee (Account closed 25/10/2023) - Choir **• Going Concern.** These accounts have been prepared on a “Going Concern” basis and there are no material uncertainties related to events or conditions that cast significant doubt on the charity’s ability to continue as a going concern. ## **Note(2) Incoming Resources (see page 5)** Total Income was £388.4k during the year. Although this is down by £61.0k from last year, we note that in 2022 we benefitted from the very generous legacy of £122.0k from the late John Cochrane: - Regular voluntary giving (i.e. standing orders, annual cheques and FWO) has increased by £10.6k, while the annual Harvest Appeal, at £35.0k, has increased by £22.0k. Excluding the Cochrane legacy from 2022 figures, the net total of all other donations is up by £11.1k. - Income from Church activities has increased by £10.3k, largely due to the Adoro Christmas concert, and an increase in Youth and Children’s Church activities, including Family and Youth weekends. - Activities for generating income are up by £6.6k, driven mainly by an increase in hall hire and receipt of energy grants. - Bank interest/fees is up £0.3k. 4 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** ## **Note (2) Incoming Resources (cont.)** RT: Romania Trip RDF: Rector’s Discretionary Fund JCMF: John Cochrane Mission Fund OF: Organ Fund 5 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** ## **Note (3) Resources Expended (see page 7)** Overall expenditure at £434.9k has increased by £30.9k compared to the previous year: - Charitable donations are up by £6.4k to £48.5k, partly due to the increase in incoming resources and Christmas and Egypt Appeals. - Energy costs have increased by £2.0k. - Salary and associated costs at £187.3k have increased by £4.1k. Visiting preacher and pastoral support costs have increased by £3.3k and £1.7k respectively, owing to staff turnover. - Diocesan costs have increased by £0.8k. - Increase in depreciation charges of £1.1k. - Insurance costs have increased by £1.3k, from £12.0k to £13.3k. - Net total of all other costs has increased by £10.2k, largely because of increase in various Church activities. 6 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** ## **Note (3) Resources Expended (cont.)** RT: Romania Trip RDF: Rector’s Discretionary Fund JCMF: John Cochrane Mission Fund OF: Organ Fund 7 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** ## **Note (4) Outgoing Charitable Donations** ## **Note (5) Reconcilation of Tangible Fixed Assets** 8 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** ## **Note (5) (cont)** ##  **Treatment of fixed assets** - Heritage Assets: The following assets are treated as Heritage assets in line with the guidance of the SORP. - Church land and building and contents including the two organs - Parish Room - Maginnis Room The original value of these assets is not valued or depreciated in the financial statements. However new investments in these assets post 2016 which increase the life of the assets have been capitalised. - Assets to the value of less than £1,000 are not capitalised but are written off in the year of purchase. - All remaining assets are capitalised and included in the Balance Sheet. - In order to achieve this a one-off exercise was undertaken in 2016 to create an asset register. - Depreciation has been calculated using the straight-line method based on the following asset lives: - Buildings 50 years - Plant 10 years - Fixtures & Fittings 10 years Depreciation in the year was £62.0k, which is consistent with the trend in recent years. Over the last 5 years the total capital expenditure is £27.3k, which compares to depreciation of £303.2k . ## **Note (6) Debtors & Creditors** 9 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** ## **Note (7) Reconciliation of Funds** ## **Note (8) Cash and Cash Equivalents** ## **Note (9) Investments** Investments at : 31[st] December 2023 31[st] December 2022 £ £  RB General Unit Trust 8,940 8,679 10 **Hillsborough Parish Church. Charity Commission of Northern Ireland No. 101674 Annual accounts for year ending 31[st] December 2023** ## **Note (10) Related Party Transactions** ##  **Trustees’ remuneration and benefits** - Only one trustee received remuneration in 2023 for services provided to the Parish, compared with two trustees in 2022. - The total cost incurred: - 2023 2022 £ £ - Stipend 41,304 48,951  Locomotory allowance 7,000 9,386  Expenses of office 800 951  Pension 11,277 13,838  Rent allowance 0 2,143  Employers NI 5,232 6,533  **Total Cost 65,613 81,802** ##  **Trustees’ expenses** - Three trustees have claimed expenses during the period, which relate to repayment of costs incurred in support of Church activities. - The total cost incurred was £6,381 (2022: £4,122) ##  **Trustees’ other** - One trustee received £5 re refund of deposit for Youth weekend. (2022: £2,600) ##  **Auditor’s remuneration** - No payment was received by the Independent Examiner reviewing these accounts. There were no other related party transactions during the year that required disclosure. ## **Note (11) Staff Costs** - No individual employee received benefits (excluding pension) of more than £60k in either 2023 or 2022. 11