St Catherlne's Parish Church Killead Trustees. Annual report and Statement of Receipts and Payments and Assets and Liabilities For the year ended 31 December 2023 Charities Number: NIC 101739 st Catherlne's Parish Church Killead Annual report and financial statements for the year ended 31 December 2023 Contents Pages References and Administrative details Trustees Report Independent Examiners report Receipts and Payments statement of assets and Liabilities Notes to the financial statements 10-11 St Catherine's Parish Church Killead Reference and administrative details Charity Name.. St Catherine's Parish Church, Killead Charity Registration Number.. NIC 101739 Trustees Stephen Musgrave Beth Musgrave Arthur Molyneaux Dorothy Molyneaux Victor Sefton Gwyn Rainey Jim White Gail White John Mccord Jacqui Mccord Elizabeth Brown Fiona Rutherford Georgina Sefton Princlpal Office-bearers Rev Derek Harrington.. Chairperson John Mccord: Treasurer Independent Examiner John Mccleary FCA Mccleary and Company Ltd Chartered Accountants Garvey Studios 14 Longstone Street Lisburn BT28 1TP Bankers Ulster Bank 8 Market Square Antrim BT414AT St Catherlne's Parish Church Killead Trustees. Annual Report for the Year Ended 31 December 2023 The trustees present the annual report and statements of Receipts and Payments and Assets and Liabilities for St Catherine's Parish Church Killead, for the year ended 31 December 2023. Objectives and Activities The charitable purpose of the Church of Ireland is the advancement of religion. The principal function of St Catherine's Parish Church Killead. is to support the advancement of the Christian religion by promoting, through the work of the congregation the whole mission of the Church, pastoral, evangelistic, social and ecumenical. Being open to and engaging with society and offering support for those needing help are fundamentsl to the practical delivery of the benefits of Christianity. As a result of activity in the pursuit of the advancement of the Christian religion. St Catherine's Parish Church, Killead has custody of certain property, records, materials and artefacts which are of significance to the cultural and religious heritage of the whole community, the maintenance of which is undertaken by the select vestry of St Catherine's Parish Church Killead. Achievements, Perforn)ance & Public Benefit The church was once again heavily involved within the local community during 2023 and this involvement will continue in the future. Financial Review The income for the church from various sources was £56,290.71 with outgoings of £46,466.59, giving an excess of income overexpenditure of £9,824.12 {2022 surplus £7,705.16). The bank and cash balances on 31 December 2023 were in surplus to the value of £94.237.95, (2022 Surplus £84.413.83)- Of this surplus, £31,002.69 relates to the Repair Fund account with a surplus of £63,235.26 in the General account. It is the trustee's policy to hold reserves adequate to cover unexpected emergencies and to have adequate reserves for church property maintenance and to further the objectives and activities of the parish. Going Concern The trustees have reviewed the budget for the year ahead and are satisfied that there are adequate funds in place to ensure the church can continue its activities and the financial statements forthe year ended 31 December 2023 can be signed off as a going concern. St Catherine's Parish Church, Klllead Trustees, Annual Report for the year ended 31 December 2023 (continued) Structure, Governance and Management Governlng Document and Constitution of the Charlty St Catherine's Parish Church Killead is governed and managed in accordance with the constitution of the church of Ireland. The select vestry members are the charity trustees. Recruitment and Appointment of Select Vestry (Trusteesj 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 at least 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. 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, any curate assistant ("the curate"). the churchwardens. the glebe wardens and generally nol more than twelve other members of the general vestry elected at the General Vestry. The select vestry is chaired by the incumbent or other member of the clergy officiating in 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 or by the diocesan synod. Special meetings may be convened at any time by the chairperson or the churchwardens. In 2023 the Select Vestry met 4 times during the year. Compliance with Public Benefit The Parish has considered the Charity Commission for Northern Ireland's guidance on public benefit to ensure that the actives entered into during the year have helped to achieve the Parish's objectives and activities, as well as providing public benefit. Statement of Trustees. Responsibllitles The trlistees are responsible for preparing the Trustees, Report and the statement of receipts and payments and statement of assets and liabilities in accordance with applicable law and regulations. The law applicable to charities in Northern Ireland with Income of less than £250.000 requires the trustees to prepare a statement of receipts and payments and a statement of assets and liabilities for each financial year. st Catherine's Parish Church, Killead Trustees, Annual Report for the year ended 31 December 2023 (continued) statement of Trustees. Responsibilities (continued) The trustees are responsible for keeping accounting records that are sufficient to show and explain the Parish's transactions and disclose with reasonable accuracy at any time the assets and liabilities of the Parish. They are also responsible for safeguarding the assets of the Parish and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on Behalf of the Trustees Trustee: Dorothy Molyneaux . Tr"")ncr Trustee.. John Mccord flcc I Date: 17 Aprll 2024 st Catherine's Parish Church, Klllead Independent Examiners Report to the Trustees of St Catherine's Parlsh Church Killead I report on the accounts for the year ended 31 December 2023 set out on pages seven to eleven. Respective responslblllties of trustees and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibility to: examine the accounts under Section 65 of the Charities Act to follow the procedures laid down in the General Directions given by the Charity Commission (under Section 65(9){b) of the Charities Act)., and to state whether particular matters have come to our attention. Basis of the independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general directions given by the Charities Commission for Northern Ireland under section 65{9)(b) of the Charities Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items of disclosures in the accounts and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: 1. That accounting records were not kept in accordance with section 63 of the Charities Act 2. That the accounts do not accord with those accounting records 3. That the accounts do not comply with the accounting requirements of the Charities Act 4. That there is further information needed for a proper understanding of the accounts to be reached. Independent examlner's statement I have completed my examination and 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. I have found no matters that require drawing to your attention. John Mccleary FCA Mccleary & Company Ltd Chartered Accountants Garvey Studios 14 Longstone Street Lisburn Co. Antrim BT28 1TP Date.. 17 April 2024 St Catherine's Parish Church Killead Recelpts and Payments Account for the year ended 31 December 2023 Unrestricted Restricted Funds Funds 2023 2022 Total 2023 Total 2022 Note Recei Freewill and Building Fund Envelopes Plate & loose Collections Donations - Listed place of worship Rev J Mcclure Collection Playground Rent of Rectory Fundraising Bank Interest Received Investment Income Charitable Contributions Grant ANBC Gift Aid Legacy Income Other Receipts 24,364.10 1,044.08 2.962.00 27,326.10 28,315.00 192.00 1,236.08 1,309.20 1,536.00 2,610.00 250.00 62.50 7,629.97 8.252.00 3,783.70 4,232.30 808.15 130.63 638.57 920.87 2,788.42 45.30 1,215.00 620.00 6,678.72 6,503.18 2,000.00 1.936.00 250.00 7,629.97 931.00 808.15 638.57 2,788.42 1.215.00 5,074.61 2,852.70 1,604.11 2.000.00 1,800.00 136.00 2,656.62 Total Recei 44,879.90 11,410.81 56,290.71 57,193.60 ments Contribution to Minister Costs Preaching Assistants New Rector Organist Diocesan Levies & Charges Electricity Water Rates 7,748.53 1,490.85 5,795.49 925.00 3.556.08 5.438.65 143.30 767.00 2,979.61 1,168.68 611.37 6.969.83 2.857.00 7,748.53 1,296.08 1,490.85 4,438.81 5.795.49 925.00 742.85 3,556.08 3,903.47 5.438.65 8,258.49 143.30 129.87 767.00 965.00 2,979.61 2,711.91 1,168.68 1,312.79 611.37 50.00 8,109.83 15,557.55 2,857.00 770.30 1,950.00 4,750.00 2.610.00 253.89 942.18 432.00 Insurance Rates Gifts Building Work Charitable Donations Repairs at Rectory Rev J Mcclure Bank Interest & Charges Sundry Accountancy CCLI Music Licence Envelopes 1,140.00 1.950.00 217.32 1.780.69 438.00 366.82 122.37 217.32 1,780.69 438.00 366.82 122.37 363.25 Total Pa ments 43,376.59 3,090.00 46.466.59 49.488.44 Excess of Recelpts over Payments for the year before transfers 1.503.31 8.320.81 9.824.12 7.705.16 Transfers Excess of Receipts over Payments for the year 1.503.31 8,320.81 9,824.12 7,705.16 On Behalf of the Trustees Trustee: Dorothy Molyneaux 4L£k (u Trustee: John Mccord Date: 17 April 2024 st Catherine's Parish Church Killead Statement of Assets and Liabilities as at 31 December 2023 Unrestrlcted Funds 2023 Restricted Funds 2023 Total 2023 Total 2022 Rectory 270,007.66 270,007.66 270,007.66 Cash Funds General Account Building Repair Account Total Cash Funds 63,235.26 63,235.26 31,002.69 94,237.95 61,731.95 22,681.88 84,413.83 31,002.69 31,002.69 63.235.26 Total Funds 333,242.92 31,002.69 364,245.61 354.421.49 On Behalf of the Trustees Trustee: Dorothy Molyneaux Trustee: John Mccord Date: 17 April 2024 St Catherine's Parish Church Klllead Notes to the financial statements for the year ended 31 December 2023 1. Accounting pollcles Set out below are the principal accounting policies which have been adopted in the compilation of the Receipts and Payments Account and the Statement of Assets and Liabilities (a) Receipts and Payments Account All items of income and expenditure included within the Receipts and Payments Account have been accounted for on a cash receipts basis. (b) Statement of Assets and Liabilities (i) Assets retained for the Parlsh's own use The assets of the Parish. retained *or its own use comprise of.. Church Building and Graveyard Parish Centre Rectory The Church Building and Graveyard are deemed to be Heritage assets as defined by the Charities SORP {FRS102) These Heritage assets are not included in the statement of assets and liabilities 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 Parish Centre is not separable as an individual asset. As such it is deemed to be a Heritage asset and no value is ascribed to it in the statement of assets and liabilities. The Rectory is recognised at deemed cost. being the estimated fair valuation of the property for rates purposes. No depreciation has been provided on the Rectory as the current estimated residual value is not less than the carrying value and the remaining usefiJl life currently exceeds 50 years. li) Investments Fixed asset investments comprising investment properties, investments in equities (ordinary shares) and investment in RCBICIT Unit Trusts are initially recorded at cost and are then subsequently stated at fair value at each year end date. Investments in unquoted investments are recorded al cost and are assessed annually for impairment. 10 St Catherine's Parish Church, Killead Notes to the flnancial statements for the year ended 31 December 2023 (continued) 2. Reconciliation of Cash Funds Total Cash Funds at Beginning of the year Receipts for the Year Payments for the Year 84.413.83 56.290.71 (46.466.59) Total Cash Funds at end of the year 94.237.95 3. Movement In Funds At31 Dec 2023 At1Jan 2023 Incoming Resources Outgoing Resources Transfers Restricted funds Buildings Fund 22,681.88 22,681.88 11,410.81 11,410.81 3,090.00 3,090.00 31,002.69 31,002.69 Unrestricted funds General Fund 61,731.95 61.731.95 44,879.90 44,879.90 43.376.59 43,376.59 63.235.26 63,235.26 Total funds 84,413.83 56,290.71 46,466.59 94.237.95 Pur oses of Restricted Funds Building Fund.. This is a fund to assist with the maintenance and repair of the church buildings. Transactions with the Trustees No trustee received any remuneration or reimbursement of expenses during the year. No trustee or a person related to a trustee had any personal interest in any contract or transaction entered into by the charity during the year. s Governance Costs Governance costs of £438.00 were incurred during the year. all of which relates to fees paid to the independent examiner.