St. Finnian's Parish Church Cregagh Balance sheet (Summary) As at: 31 December 2023 As at 3111212023 As at 3111212022 Notes Flxed assets Tangible assets Investments 11 614,737 64,035 632,643 61,199 12 678,772 693,842 Current assets Debtors Cash 81 bank and in hand 13 14.352 80,804 20,117 278,674 95,156 298,791 Liabilities Ciedilois." Amounts falling due in one year 450 Net current assets less current liabilitie$ 95.156 298.341 Totsl assets less current liabilities 773,928 992,183 Total net assets less liabilitles 773,928 992,183 Represented by Unrestricted Unrestricted - General fund 71,619 97,672 Designated 108.552 299,190 Restricted Restricted - Fields of Life Restricted - Ukraine Project Restricted - Allocations & Special Collections Restricted - St Finnian's Uganda Project Restricted - Property 2,279 1.468 10 5.321 590,000 590.000 Funds ofthe church 773,928 992,183 The notes on pages 13 to 23 are an integral part of these financial slalemenls. The Financial Statements on pages 1110 12 were approved by the Board of Trustees on and signed on ils behalf by.. C8non J Pierce - Rectoi Linda Leonar(f- Secretary ti. %-I-. I.'I'NIX'I.-IN'% I)Illll%l l (.'.I11-'Ilc'l l. (.'1 ) I-'CT..IC.Il120)4 Notes to the financial statements for the year ended 31 December 2023 l. Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a) Basis of preparation The financial statements have been prepared on a going concern basis in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {Charities SORP {FRS 1021}, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. The Parish meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost and transaction value unless otherwise stated in the relevant accounting policy notels}. b) Preparation of accounts on a going concern basis The Parish generally meets its day to day working capital requirements from its annual income. The Trustees have obtained and reviewed cash flow forecasts for the coming year and based on these are satisfied that the Parish has resources to provide a reasonable expectation that it can continue to meet its financial obligations 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 collected. Income arising from the rental of Parish Halls to third parties is recognised when the parish has entitlement to the funds, any performance condition5 attached to the income have been met, it Is probable that the income will be received, and the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grant5, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. Legacies are included within Income under either unrestricted or restricted funds according to the terms under which the donation is made and when the amount can be quantified with reasonable certainty. Donations and gifts in kind are brought into the accounts at their fair value to the Parish. d) Expenditure Expenditure 15 recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. [-. I:.INN.I..IN'% IJ:.1111 %[ I ( 1111 RL'I I, C:111.;('i..l( jl l ?11?4 Notes to the financial statements for the year ended 31 December 2023 (continued) l. Accounting policies (continued} e) Tangible assets 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 as defined by the Charities SORP IFRS1021. These Heritage assets are not included on the balance sheet as information on the cost orvaluation is not available and such information cannot be obtained at a cost commensurate with the benefit to the users ol the accounts and to the parish. The Parish Halls were built in 1939 & 1971. There are no reliable records of the cost of this construction/ acquisition and va luation approach for such a building lacks sufficient reliability. As a 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 has been provided on the properties as the current estimated residual value is not less than its carrying value and the remaining useful life currently exceeds 50 years. Fixtures and Fittings are recognised at cost and are depreciated on a straight-line basis at a rate of 15% per annum. The assets, 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 prospectively. The minimum threshold of c05t for an item to be capitalised as a fixed asset 15 £1,000. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the new disposal proceeds and the carrying amount is recognised in the statement of financial activities and included in 'Other operating IIOsses)/gains'. f) Investments Fixed asset investments comprising investment properties, investments in equities 3nd investment in RCB/CIT Unit Trusts are initially recorded at cost and are then subsequently stated at fair value at each balance sheet date. Inve5tment5 in unquoted investments are recorded at cost and are assessed annually for impairment. Unrealised gains and losses represent the difference between the fair value at the beginning and end of the financial year or, if purchased in the year, the difference between cost and fair value at the end of the year. Realised gain5 and losses represent the difference 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 unrealised gains and1055es in investments are reported within "Net Gains / ILosses1 on Investments" within the Statement of Financial Activities. g) Cash and cash equlvalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, Other short-term highly liquid investments with original maturitier of three months or le55 and bank overdrafts. Bank overdrafts are shown within Creditors Amounts falling due within l year. Notes to the financial statements for the year ended 31. December 2023 (continued) l. Accounting policies (continued) h) Financial instruments The Parish only has financial assets and financial liabilities of a kind that qualify as basic fi'nancial instruments. Basic financial instruments are initially recognised at transaction price and subsequently measured at their settlement value. l) Funds Funds are classified as either restricted funds or unrestricted funds, defined as follows. Restricted funds are fund5 subject to specific requirements as to their use which may be declared by the donor or with their authority or created through legal processes, but still within the wider objects of the Parish. Endowment funds are funds which have been given on the condition that the original capital sum is not reduced, but the income there from is used for the purpose defined in accordance with the objects of the Parish. Unrestricted funds are expendable at the discretion of the Trustees in furtherance of the objects of the charity. If parts of the unrestricted funds are earmarked at the discretion of the Trustees for a particular purpose, they are designated as a separate fund. This designation has an administrative purpose only and does not legally restrict the Trustees, discretion to apply the fund. 2. Critical accounting judgements and estimation uncertainty Estimates and judgments made in the process of preparing the financial statements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Trustees do not consider that there are any critical judgments made in applying the Parish's accounting policies or that there are any critical accounting estimate5 or assumptions which may have a significant risk of causing a material adjustment to carrying amounts of assets and liabilities within the next financial year. 3. Donations and legacies Unrestricted Restricted This year 142.040 142.040 3,810 3,810 31,017 33,227 3,887 39,076 222,040 Last Year 141,725 3,435 33,193 3,024 118,318 299.698 FWO Plate Collectlons Tax Recovered on Donations Speclal Appeals Other 2,210 3,887 13,887 19,984 25,189 202.056 Notes to the financial statements for the year ended 31" December 2023 (continued) 4. Income from Charitable Activities Unre$tri¢tod Restricted This year 3,899 2,640 6.539 2,406 548 Last Year Special Fund Raising Organisations Publications 10 2,406 548 1,187 646 Weddings & Funerals 250 6,853 2,640 9,493 1,993 5. Investments Unrestricted Restricted This year Last Year Bank Interest Dividends Received 960 2.015 2,975 960 2.015 2,975 539 2.881 3.420 6. Other Income Unrestricted Restricted This year Last Year Other 26.600 26.600 3,311 26,600 26,600 3.311 st Notes to the financial statements for the year ended 31 December 2023 (continued) Analysis of Expenditure Unrestricted Restricted This Year Last Year Raislng Funds Fundraising costs Office Costs 222 222 3,752 3,752 3,746 Publications 536 536 556 Bank Fees Other 337 3,316 7,941 80 6,438 6,740 417 9,754 14,681 1,385 10,019 15,706 Charitable Activities Wages and Salaries Diocesan Assessment Church Running Costs Church Renovation Project Hall Costs Grounds Rectory & Curatage Costs Rates Parish Organisation Costs Children & Young People Charitable Donations 134,404 14,364 10.343 217,682 10,345 1.176 990 2,429 2,047 361 134,404 14,364 10,343 217.682 10,345 1.176 990 2,429 2,047 361 119,735 14,304 5,942 12,061 2,724 1,274 3,256 2,327 670 1,907 41,655 43,562 34,262 Administration Cost5 11,909 11,909 7,987 Depreciation 17,906 17,906 17,906 425,863 41,655 467,518 222.448 Total Expenditure 433,804 48,395 482,199 238,154 Gain /(Loss) on Investment Assets Thi5 Year Last Year Realised gains I Ilossesl on investments 2,836 {8,6591 2,836 {8,659) Taxation St Finnian's Cregagh is recognised as a charity for the purposes of applicable taxation legislation and is therefore not subject to taxation on its charitable activities. I-.. S-I-, I.-INNlIlN'% I?.1 INI %[ I ("111 IRI-'I I. C.Ill'.(J..l(s11 ?[)•. 17 Notes to the financial statements for the year ended 31" December 2023 (continued) 10. Analysis of staff costs. trustee remuneration and expenses. and the cost of key management personnel 2023 134,404 2022 119,735 Salaries & Wages The average number of employees during the year, calculated based on a head count, was as follows.. 2023 2022 Ministerial support Administration Music staff Total There are no employees in receipt of employment benefits in excess of £60,000. Key Management and Trustees Key management are deemed to comprise the Trustees. The parish paid expenses of £1580 relating the running Costs of the Rectory {maintenance) which is occupied by the Rector and £749 relating to the Curatage. Two Trustees- the Rector & the Curate received remuneration during the year. For the year 2023 the values implemented by the Select Vestry of St Finnian's Parish Church, Cregagh were: Rector Curate 39,758 26,272 7,000 6,800 800 340 3.051 2.364 4,451 3,108 55,060 38,884 Stipend Locomotory Expenses Expense of Office Allowance Employee Pension Contribution5 Employee National Insurance Is Notes to the financial statements for the year ended 31, December 2023 (continuedl In 2023 six Trustees received reimbursement for expenses incurred on behalf of the Parish. Who Role Description Coronation Booklets Amount Canon JDM Pierce Trustee 686 Reverend Andy Hay Jim Haughey Karen Gately Trevor Smyth Geoff Harman Trustee Reid Street, Hedge Project & Quiz Night Maintenance consumables 3,653 1,267 267 Trustee Trustee Maintenance consumables & Messy Church Ukraine Project Maintenance consumables Trustee 559 Trustee 92 One trustee had a personal interest in a contract entered into by the charity during the year, this being a rental agreement for a property in Reid Street, Belfast. 11. Tangible fixed assets Fixtures, fittings and equipment Buildings Total Cost At l January 2023 Additions Disposals At 31 December 2023 590,000 119,373 709,373 590.000 119,373 709,373 Depreciation At l January 2023 Depreciation Disposals At 31 December 2023 76,730 17,906 76,730 17,906 94.636 94.636 Net book value: At 31 December 2023 At 31 December 2022 590,000 24,737 614,737 590,000 42,643 632,643 st Notes to the financial statements for the year ended 31 December 2023 {continued) 12. Investments Non-Listed Investments Balance at beginning of the year Additions during the year Disposals during the year Fair Value gain / Ilossl on investments Balance at end of the year 61,199 2.836 64,035 Analysis of Investments Investments in Col Trustees 64,035 Other Listed Investments Other unlisted investments 64,035 13. Debtors This Year 7,860 Last Year HMRCGiftAid I nsurance Prepayment Rates Prepayment Sundry Debtor5 16,013 4,264 3,577 805 527 1,423 14,352 20,117 14. Creditors Amounts Due within l Year This Year Last Year 450 Allocations 450 % I.. I.'IN'x- I,.IN'% I'..kll l.%1 l (.'1 IlJk('I l. I:111-'lJ..'l( Jl l ?{1•4 st Notes to the financial statements for the year ended 31 December 2023 (continued) 15. Analysis of Net Assets Among Funds Unrestricted Designated Funds Restricted Funds 590,000 Funds Total Fixed Assets Investments Current Assets Current Liabilities Net assets at 31st December 2023 24,737 614,737 64,035 95,156 64,035 7,584 83,815 3,757 71,619 108.552 593.757 773.928 S I.. I.'INN'.IkNN'S 1)..IINI%I I (.'] Ili Ill".1 I, (.'Ill-'l j..ICJl l 711*4 21 ory c LLY) LLcr£ uou ? ulV<-