CHARITY REGISTRATION NUMBER: NIC 101753 ST PAUL'S PARISH CHURCH- GILFORD TRUSTEES ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 St Paul's Parish Church - Gilford CONTENTS PAGE Charity Reference and Administrative Details Trustees, Annual Report Independent Examiner's Report Receipts and Payments Account Statement of Assets and Liabilities io Notes to the Financial Statements 11-15 Page 2 St Paul's Parish Church - Gilford Charity Reference and Reference and Administrative Details Year Ended 31 December 2024 Chairman Rev. Denise Caddoo Hon. Secretary Drjoanne Weir Hon. Treasurer Mr Clive Serplus Parochial Nominators Dr. Joanne Weir Mr David Francey Mr Clive Serplus Mrs Grace Mccart 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 MtBurney Mrjohn Henry Dennison Mi lan Mccart Mr Colin McElrov Mr Robert Somerville Drjoanne Weir Dr Alec Lyons (Appointed 25 April 20241 Contact Address The Vicarage 18 Scarva Road Gilford Co Down BT63 6BG Independent Examiner Kennedy & Co Chartered Certified Accountants & Registered Auditors 21 Kilmorey Street Newry Co. Down BT34 2DF 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 2024 The trustees present tlieir annual report together with the independently examined financial statements consisting of tlie Receipts and Payments Account and the statemeiit of Assets and Liabilities for St Paul's Parish Church Gilford for tlie year ended 31 December 2024. Objectives and Activities The main Charitable purpose of the Church of Ireland is for the advancement of Religioii. The principle function of St Paul's Parisli Church is to support the advancement of the Christian faith by pi'omoting through the work of tlie Vicar, Select Vestry and its parishioners the whole mission of the church. Pastoral, Evangelistic, Social and Ecumenical. A caring Churcli supporting the needs of the cominunity since 1869 tli¢ church lias continued to b¢ open and engaging with the community aiid offering suppoit for those needing help which is fundaineiital to the practical benefits of Christianity. As a result of activity in pursuit of the advanceinent 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 commuiiity. Maintenance is undertaken by the Select Vestry of St Pauls Parish Church. Achievements, Performance and Publie Benefit St Pauls Parish Church has weekly services on Sunday mornings at l E..30am and an additional early morning Communion Service at 9:30am once monthly. All services comprise of a mixture of Morning Prayer, Holy Communion, Family Service, Baptism together with otlier sp¢cial services duriiig the year Coinprising of but not limited to Lenten Services, Holy Week, Harvest Thanksgiving and Christmas Services. PastOFal Care is also provided by the Vicar with regular liome, 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 tlie work of the school to maintain good standards and practices both academically and through the advancement of Religion. The Vicar attends regular services within the Scliool. Page 4 St Paul's Parish Church - Gilford Trustees, Annual Report Year Ended 31 December 2024 Financial review The principle source of Income to St Paul's Parish Church continues to be from Free Will Offering Donations and loose plate Collections. Gift Aid income is also derived from the above source of ncome. The principle expense of St Paul's Parish Church is in respect of Vicars Stipend, Diocesan Pension and Costs as well as ChuTch Inaintenance expenses. St Paul's Parish Church had a surplus of receipts outweighing payments by £14,419 for the year ended 31 December 2024. Essential repairs to the Church, Church Hall and Vicarage are noted in the Parish report and have attributed to the decline in total cash funds from the repaTrr and development fund account. RCB investment income of £16,81 l is restricted solely for use for the Vicars Stipend. Funds reserved in Ulster Bank Accounts are restricted for use against essential maintenance and development costs lo the parish. St Paul's Church continues lo be in a healthy financial position as at 31 December 2024 with total cash funds of £55,487. St Paul's Church aims to retain sufficient reserves to meet its expected future expenditure requirements as well as potential future capital projects. The Hall Project for the replacement of the Hall Roof and Internal Redevelopinent commenced in May 2021 and wa5 completed in May 2022. We received an advance of £50.000 by way of on-going credit facility from Stramore Credit Union with monthly interest of Bank of England base plus i.9 % capped at 6 %. Loan balance as at i l December 2024 was reduced to £24,485. Funds totalling £29,399 (£21,i99 of which is restricted funding) are held in Credit Union Offset Account to reduce interest liablities on the loan. During the year, Bequests totalling £6,200 were lodged to Credit Union Offset Account at the families permission with a dividend paid by Stramore Credit Union of £595 backdated from June 2022 a5 a gesture of Goodwill. Current balance in Offset Account is £29,i99 of which £8,000 is a loan from repair account on a temporary basis to mitigate interest payments with the Bequest Balance now at £21,J99. These monies are reslricted and not for use for any purpose other than interest. The Church has set up a Discretionary Fund through which donations are received and allocated at the discretfton of the Vicar to asslst those who are in need of help. support and assistance within ihe Parish. Page 5 St Paul's Parish Church - Gilford Trustees, Annual Report Year Ended 31 December 2024 The Parish Treasurer gave an update to the parish in June and December 2024 detailing the current progress with finances in the parish. The December update included a significant volume of repair works pending and due fo completion over the coming 5 years. Attached for reference. Structure, Governance and Management Going Concern The trustees have reviewed its planiied expenditure for the year ahead and are salisfied that there are adequate fuiids in place to ensure the Parish can continue its activities and the financial statements for the year ended 31 December 2024 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 govems Parishes and Parochial Organisations. The Select Vestry are Charity Truste¢s. Organisational Structure The Select Vestry consists of a Inember of tlie Clergy serving in the Parish, the Church Wardens, Glebe Wardens and generally not more than twelve otlier members elected at General Vestry. The Select Vestry is reponsible for the day to day mangement 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 decftsions on matters of geiieral concern and importance to the parish including deciding how parish funds can be applied wiihin the remit of Finance, Furnishings and Fixtures. The Select Vestry meets at times fixed by the Enembers or the Disocesan Synod. Special ineetings Inay be convened at any tiire by the chairperson or church wardens. Appointment of Select Vestry (Trustees) All members of the Church of Ireland wlio are over the age of18 and who are either resident within the Parish or live elsewhere but have beeii accustomed members of the congregation for at least three montlis and it is demonstrated that they have coiitributed regularly to the parish by way of Freewill Offering, may register as Inembers 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 oil the Register of Vestrypersons allows them to attend and vote at Ineetings of the General Vestry and stand for election to the Select Vestry. The Vicar can appoint a Vicars Church Warden and Vicars Glebe Warden with the General Vesty appointing Peoples Church Warden and Peoples Glebe Warden all of which are automatically appointed to the Select Veslry. All Select Vestry members hold their positions for a pertod of one year and Maybe re-elected annually with no limit on the terms to be served. Page 6 St Paul's Par15h Church - Gilford Triistees, Annu?1 Report Year Ended 31 December 2024 c.ompliance iyith Pbblie Ilenefit 'rhe Parisli h.as giv￿17 LarblÈA-. I0515ideril1ioii lo thc l-'liÉiiity Ct?nTrlllissiiiii fr01. 51 Sor*_h"rii Irelaiid's INUILl6￿ye on Jubli£ bert¥! it to eriltr¢ tliaL c1ClI'Jltie.s eniei'..d- illto dui In& yedv havkn aqsisted 10 dLhi¢v¢ il)e Paribh, Si2tement ofTriJstetts' Respon%'ibiliiie..¥ "l-lie T-: bkiees are tesponsr>Jlc !r>r pieiisl'-IMry the. ! ruRtee.£' nii£+l r¥POtY_ aiid Ikig finiJnLidl sld*¢mLRlS iri Iccord¢ince i¥iih tlie 2rpliÉ.JblL law '.Iiid Un tert in¥idL'ni dXbCOb'lliliÉ¥ >iaiidards jUDJted Kingdom GciTrei"Jlly AccLpiid AccountiiiLt PrailI￿L-). "rhe 31¥ appli¢dble ÈLI cII?c !'.tie% in ?K'or¥hern 1r.land with inL£-¥tllL' (If T￿5$ Ih.:iii ,£?ls bdha!I'-bv Clivc Sei'plus Trea_%u rer Rev. DenisL, l-'Iddoo Vicar Page 7 St. Paul's Parish, Gilford Dear Parishioners When I wrote to you in May this year I had committed to give a further update on the parish finances and also a review on the ongoing essential maintenance works that we as a parish are obligated to complete to ensure that our Church building, Church hall and Vicarage are in good condition. In terms of Parish finances whilst 2024 has been a very challenging year l arn confident we should end the year in a stable position building again on the encouraging growth and cost reductions from both 2022 and 2023. Also, we at vestry have been encouraged by the addition of new members to the parish whom I know are now very much part of our church family. Freewill Offering . Freewill Offering though envelopes and loose cash donations is trending up year on year at 7% with Weekly Donation5 averaging £929.00. Whilst this is an encouraging uplift on 2023 at present the weekly day to day running costs of the parish average approximately £1,600 weekly and we are very reliant on the income from Gift Aid and Investments however the actual deficit is currently approximately £50 per week with further increased costs due in 2025. I would encourage all parishioners to consider their weekly giving to the parish as a minimal increase of £1.00 per week from each parishioner would help close the gap and ensure the pèrish meets any increased cost5 in 2025. It would be great to aim for a target of £1,000 per week which is more than achievable. ! Hall Project Fund i am pleased to advise that the balance on our loan held with Stramore Credit Union now stands at £24.500 and l anticipate the year end balance to be around £23,000. This is a I fantastic achievement if you consider that we have been only paying off the loan in less than 3 years. I would note however that approximately 44%139 Parishioner5) regularly donate to this fund which has dropped from 2023. We are thankful for the hard work by the Events Committee who have worked tirelessly throughout the year organising events which have been very well supported raising £6,500 in fund5 which have helped reduce our loan liability. l am mindful that some parishioners had donated via one off giving at the beginning of the project however I would encourage all parishionets to donate to this fund if you are able. Discretionary Fund Discretionary Fund Donations have reduced this year. As I noted in May ! these envelopes were at the back of the Freewill Offering packs and have now been moved to the front to highlight this important fund which has been used by Denise to support members of our parish family in need this year whom I know have been blessed by the support given. Repair Fund Donations to the Repair Fund show a slight increase on 2023 which again is encouraging, This coming year the Repair Fund will be a vital source of income as we look to continue with repairs to both the Church Building and Vicarage. I noted within my letter in May this year that we had received the Quinquennial Inspection Report facilitated by the Representative Church Body and this has highlighted a number of urgent and short term works to be carried out. We have also received a very kind donation from a Parishioner to complete the internal lighting works within the Church building which will commence in the new year providing much needed and more efficient lighting to as51St in our electrical costs. I have detailed some of the more urgent works which Vestry will be looking to commence in 2025 31nnnciAts +r* r..- A ImiTJediate item Re-fix loose ceiling ti le to the Nave. Clean gutters. Take down and reset gutter and hopper to Transept at Oroan Loft abutment. £ 300 £ 500 B Within 12 months £1,500 Redecorate dowr]pipes where required. Hiqh level inspection of Bellcote. £ 800 £2,000 I Identify and remove asbestos downpipes (provisional). Clean tapered tsutter at Porch. Removal of neighbouring trees. £3,000 £ 100 Replace rainwater hoppers along south gutters. £Nil £1,000 Point entrance gate piers. Varnish external door5. Periodic review of the Mcmaster Memorial. £ 400 Clean gutters. £500 £ 500 C Within 2 years Take down and reset gutter and hopper to Transept at Organ Loft abutment. £Nil £1500 Fill potholes. £ 600 One of the major issues identified within the report was the Bell Tower and what appears to be a crack in the tower. You may have seen a drone recently above the church which took some further photographs and it now appears that the wood within the bell tower itself has also rotted alongside rusting bolts and requiring repairs in the near future. We have engaged with a number of contractors and estimated costs have been quoted in the region of £20,000 to complete repairs and vestry will review matters early in the new year. In addition as you will See inside Church parts of the interior walls are in need of replastering and painting now that the exterior issues have been mainly completed and the walls drying out. We have been quoted approximately £10,000 to complete these works, At present only 30%,128 parishioners) donate to the Repair Fund on a regular basis. Given the extent of the works required in the next 24 months I would encourage you to consider donating to what is a very important fund to the parish and will help to maintain and ensure our historic building is fi't for future generations. Gift Aid . Thankyou to those Parishioners who have signed up for Gift Aid this year. With your declaration we will be able to claim backdated Gift Aid on your Donations. A51 noted within my Parish Report HMRC refunds 25p back to the parish on every £1.00 for eligible donations and this remains a very important income for the parish with approximately £11,000 claimed for the financial year end December 2023. All that is required is that you pay Tax on your income either through employment including self employment, savings or Pensions. Indeed given the recent budget there is a high likelihood that some of our more elderly parishioners receiving state pension may well fall within the income tax threshold in the coming year and will therefore be eligible to sign up for Gift Aid. If any parishioner wishes to speak to me for further information please do not hesitate to speak to me directly and I will be more than happy to a55iSt. You will note in Church there are One Off Giving Envelopes now in each Pew. This is to allow any parishioner or visitors who wish to donate and also allows Gift Aid to be claimed on the donation. A5 yourTreasurer I want to thank you all for your support and encouragement over the past yearand I look forward to serving you in the year ahead as we navigate further challenging times. l am confi'dent that with your support, prayers and through the guidance of God that we will as always fulfil our ambitions as a parish. Finally, as we approach the Christmas period please remember those not so fortunate in your thoughts and prayers. As has been announced by Denise all loose plate collection donations will be donated to both Craigavon Food Bank and Southern Area Hospice. Thankyou in advance for your kind generosity. Yours in Christ CLive ro