CHARITY REGISTRATION NUMBER: NIC 101753 ST PAUL'S PARISH CHURCH- GILFORD TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 St Paul's Parish Church - Gilford CONTENTS PAGE Reference and Administrative Details Trustees, Annu31 Report Independent Examiner's Report Receipts and Payments Account Statement of Assets and Liabilities 10 Notes to the Financial Statements 11-15 Page 2 St Paul's Parish Church - Gilford Reference and Reference and Administrative Details Year Ended 31 December 2023 Chairman Rev. Denise Caddoo Hon. Secretary Dr Joanne Weir Hon. Treasurer Mr Clive Serplus Parochial Nominators Mr William McKeown Mr David Francey Select Vestry Mrs Grace Mccart Mr David Francey Mr Clifford John McBurney Mr William McKeown Mrs Marion Davidson Mr Clive Serplus Rev Denise Caddoo Mrs Judith Vivine McBurney Mrjohn Henry Denni50n Mr lan Mccart Mr Colin McElroy Mr Robert Somerville Drjoanne Weir Dr Alex Lyons IAppointed 25 April 2024} Contact Address The Vicarage 18 ScaNa Road Gilford Co Down BT63 6BG Independent Examiner Kennedy & Co Chartered Certified Accountants & Registered Auditors 21 Kilmorey Street Newry Co. Down BT34 2 DF Bankers Danske Bank Ltd PO Box 183 Donegall Square West Belfast, Co Antrim BTI 6JS Page 3 St Paul's Parish Church - Gilford Trustees, Annual Report Year Ended 31 December 2023 The trustees present their annual report together with the independently examined financial statements consisting of the Statement of financial activities and the statement of Assets and Liabilities for St Paul's Parish Church Gilford for the year ended 31 December 2023. Objectives and Activities The main Charitable purpose of the Church of Ireland is for the advancement of Religion. The principle function of St Paul's Parish Church is to support the advancement of the Christian faith by promoting through the work of the Vicar, Select Vestry and its parishioners the whole mission of the ¢hur¢h, Pastoral, Evangelistic, Social and Ecumenical. A caring Church supporting the needs of the Community since 1869 the church has continued to be open and engaging with the community and offering support for those needing help which is fundamental to the practical benefits of Christianity. As a result of activity in pursuit of the advancement of the Christian Faith, St Paul's Parish Church has ustody of property, records, materials and artifacts of significance to the cultural and religious heritage of the community. Maintenance is undertaken by the Select Vestry of St Pauls Parish Church. Achievements, Perforniance and Public Benefit St Pauls Parish Church has weekly services on Sunday mornings at 11:30am and an additional early morning Con]munion Service at 9..30am once monthly. All services comprise of a mixture of Morning Prayer, Holy Communion, Famiky Service, BaptÈsm together with other special services during the year comprising of but not limited to Lenten Services, Holy Week, Harvest Thanksgiving and Christmas Services. Pastoral Carc is also provided by the Vicar with regular home, hospital and care home visits. The Vicar of St Paul's Parish sits on the Board of Governors of Gilford Primary School and supports and encourages the work of the school to maintain good standards and practices both academically and through the advancement of Religion. The Vtcar attends and conducts regular services within the school. Page 4 St Paul's Parish Church - Gilford Trustees, Annual Report Year Ended 31 December 2023 Financial review Tl)e principle source of Income to Si Paul's Parish Cliiircli continLies to be froni Fite Will Offering Doiiaiions and loose plate collections. Gift Aid incoine is also derived froin the above source of income. The principle expense of St Paul's Parish Cliurch is in respect of Vicars Stipend, Diocesan Pension and Costs as lvell as Church maintenance expenses. St Paul's Parish Church had a deficit of payments outweighing receipts by £1,496 foi. the year ended J l December 202). Essential repairs to the Church, Church Hall and Vicaratre are iioted in the Parish report and have attributed to the decline in total casli funds from the repair and development fund account. RCB investment income of £15,497 is restricted solely for use for the Vtcais Stipend. Funds reserved in Ulster Bank Accounts are restricted for use agaiiist essential niaintenance and development costs to the parish. St Paul's Church continue5 to be in a healthy financial position as at ) l December 2023 with total cash funds of £41,068. St Paul's Church aims to retain sufticient reserves to meet it5 expected future expenditure requirements as well as potential future capital projects. The Hall Project for the replacement of the Hall Roof and Internal Redeveloprnent conimenced in May 2021 and was completed in May 2022. We received an advance of £50,000 by way of on-goin(y credit facility from Stramore Credit Union with monthly interest of Bank of England base plus 3.90/9 capped at 60/0. Loan balance as at 31 December 20J was reduced to £37.785.04. Funds totallintr £?9,604.44 (£14,604.44 of which is restricted funding) are held in Credit Union Offset Account to reduce interest liabliti¢s on the loan. During the year, the leoacies totalling £130 were transferred from the Repair and Development Fund to the Hall Redevelopment fund as per the families request. The Church has set up a Discretionary Fund through wliich donations are received and allocated at Éhe discretion of the Vicar to assist those wlio are in need of help, support and assistance withiii the Parish. Page 5 St Paul's Parish Church - Gilford Trustees. Annual Report Year Ended 31 December 2023 Structure, Governance and Management Going Concern The trustees have reviewed its planned expenditure for the year ahead and are satisfied that there are adequate funds in place to ensure the Parish can continue its activities and the financial statements for the year ended 31 December 2023 can be signed off as a going concem. Governing Document and Constitution of the Charity Chapter I I l of the constitution of the Church of Ireland governs Parishes and Parochial Organisations. The Select Vestry are Charity Trustees. Organisational Structure The Select Vestry consists of a member of the Clergy serving in the ParÉsh, the Church Wardens, Glebe Wardens and generally not more than twelve other members elected at General Vestry. The Select Vesty is reponsible for the day to day maTJgement of the Parish. The select vestry is chaired by the incumbent or any other member of clergy officiating within 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 can be applied within the remit of Finance, Furnishings and Fixtures. The Select Vestry meets at times fIxed by the members or the Disocesan Synod. Special meetings may be convened at any time by the chairperson or church wardens. Appointment of Select Vestry (frustees) All members of the Church of Ireland who are over the age of18 and who 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. The register of members is opened for a period of 4 weeks each February and close and validated by the Select Vestry. Being noted on the Register of Vestrypersons allows them to attend and vote at meetings of the General Vesty and stand for election to the Select Vestry. The Vicar can appoint a Vicars Church Warden and Vicars Glebe Warden with the General Vestry appointing Peoples Church Warden and Peoples Glebe Warden all of which are automatically appointed to the Select Vestry. All Select Vestry members hold their positions for a period of one year and maybe re-elected annually with no limit on the tenns to be served. Compliance Jvitb Public Benefit The Parish has given careful consideration to the Charity Commission for Northern Ireland's guidance on public benefit to ensure that activities entered into during the year have assisted to achieve the Parish's objectives and activities as well as providing public benefit. Page 6 St Paul's Parish Church - Gilford Trustees, Annual Report Year Ended 31 December 2023 SIRtement of Trustees, Responsibilities The Trustees are responsibl¢ for preparing the Triistees, annual report and the financial staternenls in accordance with the appltcable laiv and UnRted tlinodom Accouiiling Standards (Uniled Kingdoin Generally Accepted Accounting Practice). Th¢ law applicable to ¢hariti¢s in North¢rn Ireland iyiili incoi)Ic of Ics> Iliaii £?50,000 allows the trustee5 to prepare & stateinent of reGeiptS dnd pa)'m¢nis