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SL Flnnlan.? Parlsh Church Cregagh Balance Sheet As at. 31 Dec8mber 2022 Asat 311171Z021 311121%A2 Flx•d assets Tv10 asgets 11 ,519 89.856 61,189 684842 720007 13 20,117 278.674 11587 197.580 C8¥h aEb2nk #nd in hand 298.791 210.1é7 14 460 Hetcurrte5Jets le¥5 tyNerti1all ?981 991183 6Y4 Totsl netaskets le55 Il¥blhll8S $92,183 930.874 Repr9ts00t•d by 15 97.672 120.5Y4 D•slgnat•d 2&.] 218,969 s.1 Restrided.Hetg4NJ Handy Fundg Dfth• ¢hvRh 991193 930.574 The mte5 on pages 13 to 22 are an h)twJrdl part Dfthe5e fjnancial s p99 11 to 12 were wpprovpd by the Board ofTnJslee5 ¢)n ments. The Financral Statements on and 8kJnod on tts beh811by: Canon J PlE-Rector nda LeThwd- Seetsry QSt. Flnnian's Parlsh Church, Cregagh 2023 12
Notes to the flnanclal 5tstements for the year ended 31st December 2022 l. Accounting polides The princlpal accountlng poliaes adopted, judgements and key sources of estlmation uncertainty in the prepardtion of the financlal ststements are as follows: al Basls of preparatlon The financlal statements have been prepared on a golng conrn basis In accordan wlth Actountlng and Reporting by Charlties: Ststement of Recommended Pfactice appliL2ble to charities preparing tbeir accounts In accordance wtth the Financial Reporting Standard applicable in the UK and Republir of Ireland {FRS 1021- (Charitles 50RP IFRS 102)), the Financlal Reporting 5tsndard applicable In the UK and Republic of Ireland IFRS 102). The Parish tneets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost and trdnsaction value unless otherwlse stated Tn the relevant accountlng policy note(s}. b) Preparation of accounts on a golng concem basi5 The Parish generally meets tts day to day working capitsl requirements from its annual income. The Trnstees have obtained and reviewed cash flow forecasts for the comlng year 2nd based on these are satisfied thatthe Parish has resources to prowde a reasonable expettatton that it can contlnue to meet its financial obli8ations as they fall due for the foreseeable future. Therefore, these financial Statements have been prepared on a going concern basis. c) Income Plate Collections and Weekly Envelopes are accounted for on a cash receipts basis as the amount is collerted. Income arlsing from the rontal of Parish Halls to third partie5 is reco8ni5ed when the parish has entitlement to the funds. any performance conditions attached to the income have been met, Èt 15 probable that the nme will be reoived, and the arnount can be measured reliably. Income from government and other grants. whether'capital, grants or'revenue. grants. is recognised when the charty has entitlement to the funds, any performance conditions attached to the grants have been rnet, it is probable that the income will be reteived, and the amount can be measured reliabty and is not deferred. Legacies are included within Income under either unrestricted or restrirted funds atcording to the terms under which the donation is made and when the amount can be quantified wkh reasonable rtainty, Donations and gifts in kind are brought into the accounts at their fair value to the Parish. St. Finnian's Parish Church, Creg3gh 2023 13
Notes to the financial statements for the year ended 31st December 2021 {continuedl l. Accounting policies {continued) d) Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, itls probable that settlementwill be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the attivity for which the expenditure was incurred. el Tangible asset5 The assets of the Parish comprise:_ Church Building and Grounds Parish Halls Rectory Curatage The Church Building and Grounds are deemed to be Heritage assets a5 defined by the Charities SORP IFR51021. These Heritage a55ets are not included on the balance Sheet a5 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 Halls were built in 1939 & 1971. There are no reliable records of the cost of this constructionl acquisition and valuation approach fDr such a building lacks sufficient reliability. As result, this building is not recognised in the parish balance sheet. The Rectory & Curatage are recognised at market valuation being the estimated fair value of the property at 01.02.2017. No depreciation ha5 been provided on the propertie5 a5 the current estimated residual value is not le55 than its carrying value and the remaining useful life currently exceed5 50 years. Fixtures and Fittings are recognised at cost and are depreciated on a 5traight-line basis at a rate of 15Yo per annum. The 055ets' 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 pr05pectively. The minimum threshold of cost for an item to be considered to be capitalised as a fixed asset 55 £1,000. Tangible assets are derecognised on disposal or when no future economic benef its are expected. On disposal, the difference between the new disposal proceeds and the carrying amount 15 recognised in the statement of financial activities and included in 'Other operating Ilosses)/gains'. Qst. Flnnian'5 Parish Church, Cregagh 2023 14
Notes to thè flnanelal ststoments for the year ended 31st December 2022 Icontinued) l. Accountlng polldes (continued) fj Investments Fixed asset investments comprising investment properties, Investments in equitie5 and Investment in RC8ICIT Unit Trust5 3re initially recorded at cost and are then subsequently stated at fairvalue at each balance sheet date. Investments In unquoted Investments are reeordÈd at cost and are gssessed annually for Impalmient. Unrealised gains and loses represent the difference between the fair value at the beginning and end of thefinandal year or, rf purchased in the year, the dlfference between cost and fair value at the end of the year. Realised gains and losses represent the differen 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 unreallsed galns and losses in investments are reported within "Net Gains I (Losses) on Investmentg. wfthin the Statement of Financial A¢tivitles. g) Cash and cash equlvalents Cash and tash equivalents includes cash In hand, deposits held at call with banks, other short-tem) highly liqtsid investments with original Tnaturitles of three months or le55 and bank overdrafts. Bank overdrafts are shown wEthin Creditors Amounts falling due within l year. h) Flnanclal instruments The Parlsh orkly has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basit financial instruments are inrtially recogni5ed at transaction price and subsequently measured at their settlement value. i} Fund5 Funds are c]as5ified as eTther restrirted fvnds or unrestricted funds. defined as follows. Restrlcted funds are funds subjeci to specific requirements as to their use whlch rnay be declared bv the donor or with their authority or created through le831 processes, but stÈll within the wider tsbjects of the Parish. Endowment fund5 are funds which have been given on the conditlon that the original capttsl sum is not reduced, but the Income therefrom Is used for the purpose defined 7n accordance with the objects of the Parish. Unrestricted fvnds are expendable at the dlscretion of the Trustees In furtherance of the objects of the charity. If parts of the unre5trirted fijnds are earmarked at the discretion of the Trustees for a particular purpose, they are designated as a separate fund. Thls designation has an administrative purpose only and does not legally restrict the Trustees, discretion to apply the fund. 5t. Flnnlan's Parish Church. Cregagh 2023 15
Notss to the financial Statements forthe year ended 31st December 2022 {continuedl 2. Critical accountlngJudEements and estimation uncertainty EstÈmate5 and judgments made in the process of preparing the financial 5tdtements are continually evaluated and are based on historical experience 2nd other factors, induding expectations of future events believed to be reasonable under the circumstances. The Trustees do not consider that there are any crstical judgments made in applyin8 the Parish's accounting policies or that there are any critical accounting estimates or assumptions which may have a snificant risk of catssing a material adjustment tp carrying amounts of assets and liabilitie5 within the next financtal year. 3. Donatlons and legacies Unrn5tr1cted Re¥lricted ThtsY•ar La5tYoar FWO Plale Collections 141,725 3,436 31,ieii 141,725 2,438 23,193 142.828 3,047 33.402 1033 3,024 993 2B C0 Spe¢ialAppe819 oth 11B 318 IL Income from Charitsble Activities UrÈrestiicted Rostricte(t ThysY4ar LastY4ar MembErshlp feqs Organtsations Publi¢wtilbJiY WgddlrTrg & FunoJ¥15 10 1,187 1Q 1.187 210 15D 150 1.993 910 5. Investments Unreslyicied Rèstri¢*ed Yhitsyear LBstY•ar 539 81 DlYlden49 fec8tV8d 3.420 2.2 6. Other Income UnT8slrfclod Rostrfcl4d Thls Year StY• Othèr 11 311 11 St. Finnian'5 Parish Church. CregaEh 2023 16
Notes to the financlal statements for the year ended 31st December 2022 Icontlnued} 7. Analysis of Expenditure UnStr1e10d lknirfet•d Thlg Year L•stYo3r R418T#g Fund6 3.746 1746 3,745 520 847 167 4.769 Pu"0n9 88nk feÈs 1.345 829 40 019 ehatltabloAcb¥iO Wages SalaffiES 119.735 14.304 119,ns BS,83a 11108 5,186 5,416 ¢0¥ 5.942 I2,1 1724 1274 3256 a327 Hdl L¥tsts IIC¢1 CurdtagBco&s 1.274 3,011 Parbh or918000nXS t80P iY27 7F5 670 670 28.898 27.Q47 550 TotslExppndliurB 128 154 8. Galn /(Lossl on Investment Assets Thi5Ye8r La5tYw Rea1158d golnslllos¥esl on Tnvtstsn#nts 9. Taxatlon St Finnian's Cregagh is recognised as a ¢harity for the purposes of applicable taxatlon legislation and is therefore not subJertto tsxation on Its charitsble attivÈtie5. Qst. Finnian's Parish Church, Cregagh 2023 17
Note5 to the financlal statements for the year ended 31st December 2022 (continued) 10. Analysis of staff costs. trustee remuneration and expenses, and the cost of key management personnel Th1& Year LastYetT & Wage6 119 735 119735 65.838 The average number of employees durin8 the year, calculated on the basis of a head count. wa5 as follows-. 20Z2 1021 Mirtsterfl Adrbwnislraip uwaaff T¢Jtsl There are no employees in receipt of employee benefts in excess of £60.000. Key Manogement ond Trustees Key management are deemed to cornprise the Trustees. The parish p3id expenses of £516 relating to the running costs of the Rertory Imaintenancel which is occupied by the Rector and £758 relating to the Curatage. For the year 2022 the values approved by General Synod and Diocese of Down & Dromore and implementsd by the Selett Vestry of St Finnian's Parish Church, CreEagh were= Rertor 36.475 6.590 800 3.799 t1132 Ojrate Stlpend LocoffrtDry Eypenses Expenses Of0ffi AIIDwance Pension contrtbrtknn Employee National Insurance 23,592 6,290 2.780 In 2022 sixTrustees received reimbursementfor expense5 incurred on behalf of the parish. Some monies adwanced for the Uknaine Projett were reknrned when not needed. Who Role Descyi Qtsoen'5Jubilee expenses. Ukralne Project Costs. Rettorfs DiscretFonary Fund HEDGE and Ukralne Projects costs. ntal of hoyse for Ukralne fami Building maintenance costs, skip hlre and purchase of malntenance consumables Sklp hire, messy Church Costs MaterfalsforrEnovatloTr of churth wlndowslll Par15h funday expenses Amount CanonJDM Pierce Trustee 3.122 Reverend And Ha Jim Haughey Trustee TnJAee 5.836 Karen Gately Geoff Harman Tnjstse 596 Trurtèe Davld fAlms rrustee li St. Finnian's Parish Church, Cregagh 2023 18
Notes to the flnanclal statsments fJr the ye3r ended 31st December 2022 {contlnued) No trustee or a person related to a trustee had any personal interest In any contrart or transartion entered into by the charity during the year. 11. Tanglble fixed a55ets rilfinu5 and ¢4ulpment Buil¢Mng¥ Total At 1stJanw 2022 ifions 59O,OL 19.3n 709,373 At31stDembBr2t122 Dgprecklon At 1stJaMwty2032 68.827 17.906 [Spo85 At 318tD¢Cr2Tr22 17.6 Nèt bookvaluo At31st Dec8rnbBr2022 13761 D2ber2021 50.549 12. Invesunents Ilort Llstad r#vÈ¥ttnents Totsl a*Ke etbEwaOF1heye?r 69,B58 I)(sFx15th tjurfngthey FrvaaIws}0n BaigrK6Et endofthe year AnatysTs Of Investsnows 61.199 61.199 OIIRr iknli4t8d 61,190 Qst. Flnnian's Parish Church, Cre888h 2023 19
Notes to the flnanclal statements for the year ended 31st December 2022 Icontinuedl 13. Debtors ThlsY•4r LasYear HMRC Grft Insurance Rates preyent 16,013 3,577 527 20.117 8.247 587 14. Creditors Amounts Due wlthln l Year YNS Y88r LastY4ar AJkxa&or 450 15. Analysis of Net Assets Among Fund5 Goneral DesJgnat•d Rostricled Fund# Funds Toial 4Z643 590,000 831643 61.199 2.791 450 992.7 61.199 255,547 45D Netasset8 01318t t)&20?2 299 190 595,$21 St. Flnrtian's Parish Church, Cregagh 2023 20
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Notes to the financial statements for the year ended 31st December 2022 (continued) Pur se of R strirted Funds PRP- The fund record5 the Property owned by the Parish but vested in the Representative Church Body (RCBI and is restritted as pern)ission mtsst be soughtfrom both the RCB and the Diocese of Down and Dromore prior to disposal of and use of the re50urce5 for oiher purp05e5. ASC- A]locations & special Collections- Used for special collectlons and for distrlbution of parish allocations UGA- St Finnian's Uganda Project- Used to support work in East Africa such as school building, school support and hospTEal supporL A150 Used by PaTi5h caterers. mainlyfor cateiin8 after funern15, as a means of rdising fund5 for trnn5fer to Uwanda Projett SPR- Used for Special Projects and to ensure that funds which will be depreciated are not nderstood as available tD spend Unrestricted funds General- General Fund-for general running of the parish BCF- Bullding & Contlngency Fund- a repository for funds raised towards major projects and for general contingency LOC- Local Outreach-To be used for Outreach both with in local environs RFU - Response Fund - In years when allocations fdnnot be fully distributed used as a holding fund for use in situations including but not limited to emergency appeals DMF - Dynes Memorial Fund-To be used for Bible5 and Notes for Young People REC~ Rector'5 Discretionary Fund- Fund5 given to Rettor to be used at his discretion alone YCN - Youth Council- A Eeneric fund used to receive grants from organisations such as Education authority for use to support children'5 and youth work 17. Collertion for Third Part&e5 Th18Ytrar IA*tYpAr CMsUanAk1 IT2 420 The amounts above have been included in total income for the year under Speclal Appea15 and in total expendr(ure for the year under Expenditure on Charitable Attivities. Qsr. FinnEan's Parish Church. Cregagh 2023 22